> 数据图表如何了解中药：短期营收利润承压，业绩拐点可期2025-9-3中药：短期营收利润承压，业绩拐点可期◼ 中药：板块基本面有望加速改善，看好业绩反转趋势◼ 2025H1板块整体业绩承压、内部结构性分化，细分龙头实现业绩快速增长，佐力药业、马应龙、羚锐制药、方盛制药等公司在核心产品放量驱动下业绩亮眼，华润三九、济川药业等受到核心产品呼吸用药高基数影响,短期业绩承压。◼ 展望2025年下半年，板块基本面有望逐步改善,市场需求稳步复苏，院外渠道库存去化，院内集采产品以价换量叠加新药放量。投资主线：1）国企改革提质增效，建议关注华润三九、天士力、昆药集团、太极集团、东阿阿胶；2）品牌OTC龙头，具备提价属性或拥有第二增长曲线的公司，建议关注马应龙、羚锐制药、健民集团、同仁堂；3）院内市场中，政策持续支持的中药创新药以及基药相关标的，建议关注康缘药业、以岭药业、方盛制药。表：2023、2024、2025H1中药公司收入和归母净利润同比增速情况收入增速归母净利润增速收入增速归母净利润增速202320242025H1202320242025H1202320242025H1202320242025H1600436.SH片仔癀000538.SZ 云南白药000999.SZ 华润三九600085.SH同仁堂000423.SZ 东阿阿胶600566.SH 济川药业002603.SZ 以岭药业600535.SH天士力600329.SH达仁堂15.7%7.3%-4.8%13.1%6.4%-16.2%7.2%2.4%3.9%36.4%16.0%13.9%36.8%11.6%5.0%16.5%18.1%-24.3%16.2%4.1%0.1%16.9%-8.5%-7.4%16.7%25.6%11.0%47.5%35.3%10.7%7.3%-17.0%-31.9%30.0%-10.3%-45.9%-17.7%-36.9%-12.3%-42.8%-153.6%26.0%0.4%-2.0%-1.9%505.3%-10.8%17.0%-0.3%-11.1%-33.1%14.5%125.9%193.1%600285.SH 羚锐制药600422.SH 昆药集团600129.SH 太极集团600993.SH马应龙600976.SH 健民集团603998.SH 方盛制药300181.SZ 佐力药业600557.SH 康缘药业600750.SH 江中药业10.3%5.7%10.1%22.1%27.2%14.9%-7.0%-0.3%-11.7%16.0%19.9%-26.9%10.6%-20.7%-27.6%132.0%-96.8%-71.9%-11.2%18.9%1.1%-7.4%19.1%10.0%15.7%-16.8%-10.2%27.8%-30.5%-7.8%-9.1%9.1%-8.3%-34.6%36.6%23.7%7.6%32.7%12.0%40.3%32.6%26.2%11.9%-19.9%-27.3%23.5%-15.6%-40.1%13.0%-2.6%-5.8%18.4%9.7%5.8%数据来源：Wind，华源证券研究华源证券健康医疗
