> 数据图表你知道1 港股医药行业2026上半年业绩总览——全行业表现2026-9-51 港股医药行业2026上半年业绩总览——全行业表现 2026H1 全行业销售费用率为 8.87%（-0.48pp），管理费用率为 8.14%（+0.76pp），研发费用率为 4.78%（-0.02pp）。 疫苗、创新药、化学制剂三个板块销售费用率最高，分别为 36.17%、24.12%、24.05%； 疫苗、创新药、医疗器械三个板块管理费用率最高，分别为 68.78%、33.72%、21.18%； 疫苗、创新药、化学制剂三个板块研发费用率最高，分别为 49.50%、32.25%、14.84%。销售费用率管理费用率研发费用率2025全年2025H12026H12025全年2025H12026H12025全年2025H12026H139.68%46.51%36.17%69.13%105.70%68.78%52.07%81.55%49.50%28.19%27.54%24.12%38.89%38.28%33.72%41.70%42.30%32.25%26.98%27.52%24.05%21.86%17.81%20.96%16.15%15.24%14.84%23.70%23.08%22.09%22.70%22.33%21.18%2.67%14.15%13.72%13.06%疫苗创新药化学制剂医疗器械CXO药店中药原料药医疗服务流通全行业14.01%13.69%12.02%3.21%6.32%3.48%6.09%8.39%5.83%3.49%9.62%7.74%5.53%3.35%9.35%5.75%13.74%7.73%6.17%3.50%4.42%5.38%3.24%4.22%5.81%3.33%6.48%14.80%13.57%15.50%3.30%8.87%1.85%8.84%1.75%7.38%1.75%8.14%数据来源：iFinD，西南证券整理 *按2026H1研发费用率排序9.97%4.65%2.52%1.48%1.28%0.45%0.34%5.20%9.69%4.40%2.40%1.26%1.11%0.40%0.27%4.81%7.80%4.33%2.32%1.37%1.09%0.43%0.26%4.78%8西南证券健康医疗
