> 数据图表如何了解3.9 中药：院内院外均阶段性承压2026-9-23.9 中药：院内院外均阶段性承压图表53：中药重点公司营收增速、扣非净利润增速、扣非净利率营业收入增速202315.7%16.7%7.2%-9.1%7.6%36.8%-7.0%-17.7%16.2%-0.3%10.8%10.3%20247.3%25.6%2.4%9.1%32.7%11.6%9.1%-36.9%4.1%-11.1%1.0%5.7%2025-16.6%13.2%2.9%-1.7%18.0%14.4%-21.7%20.2%-7.2%-32.7%-6.8%10.1%2026H1-18.1%0.7%-1.3%18.9%11.8%-13.5%-53.7%-2.8%-17.3%-21.4%-16.6%-5.2%202420236.6%15.3%33.2%54.7%20.2%16.4%44.6%25.4%35.9%41.1%15.0%22.2%33.5%25.1%-45.6% -162.7%18.4%-10.6%-21.6%23.8%3.6%71.9%30.6%20.2%扣非归母净利润增速2025-34.3%13.6%7.6%28.7%21.6%0.5%-74.4%-254.2%-22.6%6.6%3.2%10.8%扣非净利率2026H1-26.7%0.1%-1.3%25.0%-8.2%14.5%-353.1%2.5%-32.6%0.3%-25.5%-0.5%202328.4%23.0%9.6%8.2%19.2%11.0%4.4%12.3%9.3%11.6%17.6%16.1%202428.2%24.4%11.3%10.9%19.7%11.3%5.0%-12.2%8.0%10.2%18.1%18.3%202522.2%24.4%11.8%14.2%20.3%9.9%1.6%15.6%6.6%16.2%20.0%18.5%2026H117.9%27.7%15.1%17.8%20.2%8.0%-24.8%19.8%6.6%23.6%28.2%23.2%600436.SH000423.SZ000538.SZ603998.SH300181.SZ000999.SZ600422.SH002603.SZ600085.SH600329.SH002275.SZ600285.SH片仔癀东阿阿胶云南白药方盛制药佐力药业华润三九昆药集团以岭药业同仁堂达仁堂桂林三金羚锐制药资料来源： Wind 、中邮证券研究所图表54：中药板块毛利率90%80%70%60%50%40%30%20%10%0%胶阿阿东药白南云业药迪启东敖林吉业药和仁技科神华堂芝九德邦万九三润华药医华沃药制应嘉金三林桂药藏正奇业药生众药制华精药制邦信药制森汉灵百州贵业药盛益业药岭以药制慈佛业药一特业药花葵业药龙盘业药天新药制森华业药日红宝凯海上药制东振业药力佐业药光新发戎神陇业药康维青年万粤药医威恩份股花金堂仁同团集极太业药龙太团集恒中药制锐羚堂仁达山云白业药宝亚团集药昆癀仔片业药金千业药美康力士天业药缘康业药川济贝恩康药制佰益业药目天业药中江远誉广龙应马团集民健药制惠康力三州贵岛宝珍药制长步谷仙寿药制盛方请参阅附注免责声明资料来源： Wind 、中邮证券研究所2025H1毛利率 2026H1毛利率47中邮证券健康医疗
