> 数据图表如何解释3.2 化学制剂： Q2收入仍承压，利润略有回落2026-9-23.2 化学制剂： Q2收入仍承压，利润略有回落 小型化学制剂重点公司26H1收入同样受仿制药集采影响，利润端压力受到研发支出等影响大于收入端，Q2利润端情况略好，但整体趋势一致。 细分来看，恩华药业精麻业务壁垒高，集采背景下收入仍相对稳定，净利率相对稳定。奥赛康业绩承压主要受集采降价及研发费用高企影响，核心在研项目正顺利推进。京新药业地达西尼延续增长态势。汇宇制药26H1国外收入增速显著，费用管控成效显著。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扣非净利率202420257.3%12.9%-7.5%6.7%20252026H1 2026Q2202420252026H1 2026Q2一品红恩华药业 13.0%3.7%奥赛康23.2%0.1%广生堂4.4%-5.7%京新药业4.0%-2.1%上海谊众 -51.8% 82.1%福元医药3.2%1.7%苑东生物 20.8%-1.4%汇宇制药-W 18.0%-8.8%2026H1 2026Q22024-42.1% -35.7% -15.8% -48.6% -340.8% -31.4% -21.3% -4.2% -19.9% -40.7% -26.7% -121.0%20.1% 17.9% 23.2% 26.6%7.6%7.1%-9.3% -45.2% -54.2% -32.7% -36.3%-5.1% -12.7% 15.6% 17.5% 17.2% 17.5%19.5% 23.0% 24.8%9.0%12.9% 15.6% 14.2% 16.7%14.2% 16.7%7.0%6.9%-13.5% -22.0% 155.5% 55.8% -24.4% -69.5%5.4%-1.5%3.4%4.7%0.7%21.8% 32.0% 39.5%-9.7%62.5% 245.7% 8.4%43.7% -13.0% -1.5%21.4% 10.1%9.4%0.3%-2.9% -97.6% 1479.9% 2.8%11.9%-4.6%-3.6%10.9% 19.0%-7.6%-1.9% -34.0% -40.6% 13.3% 12.9% 10.0%11.1% 12.2%-3.2%-1.9%2.2%8.5%资料来源：Wind、中邮证券研究所请参阅附注免责声明23中邮证券健康医疗
