> 数据图表如何了解3.2 化学制剂：集采影响趋缓，创新转型势在必行2025-9-13.2 化学制剂：集采影响趋缓，创新转型势在必行➢ 小型化学制剂重点公司业绩波动较大，整体看25H1收入端仍处于承压态势，如一品红儿童用药持续受到集采影响，京新药业虽地达西尼放量，但集采扩围仍使得公司25H1收入同比下滑。上海谊众则摆脱24年医保降价影响，重回快速增长轨道。苑东生物和汇宇制药业绩同样受到集采干扰。图表28：小型化学制剂重点公司经营数据比较营业收入增速扣非归母净利润增速2024H120242024H10.8%2025H120232025H120232024-42.1% -36.0% -45.7% -67.7% -340.8% -410.2% 4.8%一品红舒泰神奥赛康广生堂京新药业上海谊众 52.7% 69.6% -51.8% 31.5% 56.7% -29.1% -97.6% 11.7% 44.7% 27.2%福元医药3.1%苑东生物 -4.6%2025H1202420239.8%-19.9% -18.5%-33.7% -26.2% -10.8% -31.1% 98.0% -92.6% -62.2% 334.8% -111.6% -3.5% -47.3% -22.1%9.2%-22.9% -8.7%14.0%-4.3% 168.0% 62.5% -43.7% 47.0% -83.8% -22.1% -45.2% -33.9%13.3%9.6%5.8%14.8%-6.2% -11.6% 21.6% 21.4%13.3% 15.6% 15.6% 17.9%23.1%14.3% 16.6% 13.3% 15.8%14.1% 17.0% 12.9% 15.9%7.1%10.6%-20.4% 1816.4% -155.5% 155.7% -15.8%23.2%4.4%4.0%-6.0%-8.7%汇宇制药-W -37.9% -36.1% 18.0% -14.9% -66.7% -70.6% 39.5% 11.6%3.2%7.3%16.4% 20.8%15.3% 42.0%8.2%-4.3%-3.6%10.9%-1.3%-2.3%2024H16.0%7.1%8.1%8.4%7.8%资料来源：Wind、中邮证券研究所请参阅附注免责声明23扣非净利率3.8%AtYvg2gB8xMJKfqJsSndK/xNPvPAOe91Q8WlcrcbfOXlGwXz3i+/bx6EAA7Ole+U2.2%中邮证券健康医疗
