> 数据图表各位网友请教一下化药：化药板块内部分化显著，仿转创业绩呈向上趋势2025-9-3化药：化药板块内部分化显著，仿转创业绩呈向上趋势◼ 化药：板块内部分化显著，传统仿转创提供向上增量，整体行业仍受集采影响◼ 从细分领域看，仿转创逻辑的创新药企表现较好，恒瑞医药创新转型显著，得益于首付款确认，25H1收入同比增长15.9%。◼ 我们认为，化药板块内部分化显著，在集采影响、医药销售合规监管趋严的大环境下，化药板块或进一步加速分化，真正具备临床价值的优质性价比产品有望在合规的销售模式下胜出，有持续创新能力的药企有望中长期受益、脱颖而出。表：2023、2024、2025H1化药公司收入和归母净利润同比增速情况代码600276.SH000963.SZ600196.SH002653.SZ002422.SZ002294.SZ300255.SZ002773.SZ600521.SH000513.SZ600079.SH300723.SZ300204.SZ002262.SZ300199.SZ000766.SZ600380.SH002755.SZ300436.SZ600062.SH公司名称恒瑞医药华东医药复星医药海思科科伦药业信立泰常山药业康弘药业华海药业丽珠集团人福医药一品红舒泰神恩华药业翰宇药业通化金马健康元奥赛康广生堂华润双鹤20237.3%7.7%-5.8%11.3%12.7%-3.4%-39.6%16.8%0.5%-1.6%9.8%9.8%-33.7%17.3%-38.8%0.2%-2.9%-22.9%9.6%6.2%收入增速202422.6%3.2%-0.8%10.9%1.7%19.2%-26.9%12.5%14.9%-5.0%3.7%-42.1%-10.8%13.0%36.8%-10.2%-6.2%23.2%4.4%-0.9%2025H115.9%3.4%-4.6%18.6%-23.2%4.3%-13.4%7.0%-11.9%-0.2%-6.2%-36.0%-31.1%8.9%114.9%0.1%-4.1%9.2%-4.3%-3.2%202310.1%13.6%-36.0%6.5%44.0%-9.0%-7181.5%16.5%-28.9%2.3%-14.1%-36.5%-102.5%15.1%-38.7%45.7%-4.0%34.2%-173.6%13.0%归母净利润增速202447.3%23.7%16.1%34.0%19.5%3.7%79.9%14.0%34.7%5.5%-37.7%-392.5%63.7%10.3%66.2%28.5%-3.9%207.9%55.2%-2.6%2025H129.7%7.0%39.0%-21.8%-44.4%6.1%38.0%5.4%-45.3%9.4%3.9%-258.3%-619.7%11.4%1504.3%34.8%1.1%111.6%-85.1%-6.8%数据来源：Wind，华源证券研究华源证券健康医疗
