事件：公司2026年上半年实现收入19.59亿元（+4.78%，括号内为同比，下同），实现归母净利润2.45亿元（-20.67%），扣非归母净利润2.42亿元（-9.31%）。单Q2实现收入10.4亿元（+20.82%），实现归母净利润1.51亿元（-8.29%），扣非归母净利润1.52亿元（+23.82%）。业绩符合市场预期。
　　原料药新旧动能切换，海外布局逐步兑现。2026H1原料药与中间体实现收入7.4亿元（+1.5%），其中自营原料药收入4.13亿元（-2.4%），意大利子公司收入3.26亿元（+7%）。原料药行业普遍承压，公司展现出较强的韧性。我们认为，公司是为数不多积极布局海外高端原料药产能的公司，意大利子公司Newchem和Effechem在原料药普遍降价的环境下仍实现增长，我们看好公司海外产能创造品牌效应，持续兑现业绩。
　　制剂管线储备丰富，创新属性提升。2026H1妇科计生类制剂产品销售收入2.04亿元（-1%）；麻醉肌松类制剂产品销售收入0.49亿元（-18%）；呼吸类制剂产品销售收入4.62亿元（+4%）；皮肤科制剂产品销售收入1.35亿元（+12%）；普药制剂产品销售收入2.43亿元（+4%）。上半年公司完成多条管线申报、获批：1）与奥默医药合作的1类新药阿更葡糖钠注射液于7月1日获批上市；2）倍他米松磷酸钠注射液、甲磺酸倍他司汀片等取得境内生产药品注册证书；3）新产品噻托溴铵奥达特罗吸入喷雾剂药品注册申请获受理；4）黄体酮注射液、炔雌醇环丙孕酮片及醋酸甲羟孕酮片通过一致性评价。我们认为公司深耕优势领域，管线储备丰富，制剂业务有望进一步增长。
　　根据26年中报，我们下调公司原料药、制剂收入和毛利率预测，预测公司26-28年每股收益分别为0.50/0.60/0.70元（原26-27年预测0.70/0.86元）。根据可比公司平均市盈率，给予26年21倍PE，对应目标价10.50元（原目标价12.81），维持“买入”评级。
　　风险提示
　　原料药跌价风险、行业竞争加剧、汇率波动等风险。

The company announced that 1H26 revenue/attributable net profit(NP)/recurring attributable NP were RMB1,960/240/240mn(+4.8/-20.7/-9.3%YoY).For 2Q26,revenue/attributable NP/recurring attributable NP were RMB1,040/150/150mn(+20.8/-8.3/+23.8%YoY).The company strengthened expense control,with the overall expense ratio down 9.9pp YoY.The decline in recurring NP was mainly due to falling API prices and asset impairment losses.Considering the clearing of volume-based procurement(VBP)risks,accelerated volume ramp-up of specialty formulations entering an intensive approval cycle,and the NDA filing for Omecamtiv mecarbil sodium,a class-1 new drug,we maintain BUY.
API revenue continued to recover
For 1H26,revenue from APIs and intermediates was RMB740mn(+1.5%YoY),including RMB413mn(+2.4%YoY)from proprietary APIs.We expect growth in the company’s API business to pick up again as pricing pressure in the non-regulated API market eases.Newchem revenue was RMB326mn(+7%YoY),and the trading company’s revenue was RMB1.36mn.We are positive on Newchem maintaining high-single-digit growth in 2H26 as overseas economies recover.
Formulations contributed arising share of revenue
For 1H26,formulation revenue was RMB1,197mn(+6.2%YoY),including RMB1,139mn(+3%YoY)from proprietary products and RMB61mn from distribution sales of the pharmaceutical expansion department.By department,sales revenue of gynecology and family planning formulation products was RMB204mn(-1%YoY),sales revenue of anesthesia and muscle relaxant formulation products was RMB49mn(-18%YoY),sales revenue of respiratory formulation products was RMB462mn(+4%YoY),sales revenue of dermatology formulation products was RMB135mn(+12%YoY),sales revenue of general-drug formulation products was RMB243mn(+4%YoY),and sales revenue of other externally purchased agency products was RMB5mn.With volume ramp-up of new products such as norethisterone enanthate,drospirenone and ethinylestradiol,and estradiol valerate,we expect formulation revenue to maintain growth momentum in 2H26.
Innovative pipelines on track
1)Gynecology:Products including drospirenone and ethinylestradiol,approved in April 2023;estradiol valerate,approved in July 2024;desogestrel and ethinylestradiol tablets;dydrogesterone,approved in May 2025;medroxyprogesterone acetate tablets,approved in April 2026;and estradiol tablets,approved in September 2025,are likely to ramp up rapidly after approval.The combined packaging of estradiol tablets/estradiol and dydrogesterone tablets,for which the company filed an NDA in December 2025,has entered review.
2)Anesthesia:Adamgammadex Sodium,a class-1 new drug,was approved for launch in June 2026,and we expect its peak sales to exceed RMB2bn.In January 2026,the company authorized Aspen China as the exclusive commercialization service provider in China.The company and Adamerck will each receive 50%of commercialization milestone payments and commercial benefits.The company has filed an NDA for CZ1S,a class-2 new drug for postoperative analgesia,in 1H26.CZ006,a class-2 new drug for postoperative analgesia,is in phase-I clinical trial.
3)Respiratory drugs:CZ4D,a class-2 new drug for pulmonary aspergillosis,is in phase-I clinical trial,while tiotropium bromide and olodaterol inhalation spray is in BE clinical trial.
Maintain BUY
We maintain our earnings forecasts and project 2026/2027/2028 attributable NP of RMB475/543/617mn(+5.55/+14.46/+13.63%YoY).Based on SOTP valuation,we value the company at RMB11,365mn(previous:RMB11,172mn),implying atarget price of RMB11.49(previous:RMB11.29).We raise our target price as generics peers trade at ahigher valuation multiple on average.Maintain BUY.
Risks:lower-than-expected product sales,price cuts,slower-than-expected R&D progress.

　　事项：
　　公司发布2026年半年报，2026年上半年实现营收19.59亿（+4.78%），归母净利润2.45亿元（-20.67%），扣非归母净利润2.42亿元（-9.31%）；经营活动现金流净额3.60亿元，同比大幅改善（去年同期-33万元）；加权平均ROE4.02%，同比下降1.10pct。
　　评论：
　　制剂业务稳健增长，呼吸科与皮肤科表现亮眼。2026H1公司制剂业务实现营收11.97亿元（+6.2%），其中制剂自营产品销售收入11.39亿元（+3%）。分板块看：呼吸类制剂收入4.62亿元（+4%），继续保持增长；皮肤科制剂收入1.35亿元（+12%），表现突出；普药制剂收入2.43亿元（+4%），企稳回升；妇科计生类制剂收入2.04亿元（-1%），降幅明显收窄；麻醉肌松类制剂收入0.49亿元（-18%），仍承压。产品端，噻托溴铵奥达特罗吸入喷雾剂药品注册申请获受理，进一步丰富呼吸科产品梯队；倍他米松磷酸钠注射液、甲磺酸倍他司汀片取得境内生产药品注册证书；黄体酮注射液、炔雌醇环丙孕酮片、醋酸甲羟孕酮片顺利通过一致性评价，仿制药存量品种竞争力持续夯实。
　　原料药业务拐点初现，海外子公司贡献核心增量。2026H1公司原料药及中间体实现收入7.4亿元（+1.5%），扭转此前下滑态势。其中主要自营原料药销售收入4.13亿元（-2.4%），仍略有承压；意大利子公司销售收入3.26亿元（+7%），表现稳健；仙曜贸易公司销售收入136万元。展望未来，依托Newchem与Effechem的全球化布局及合成生物平台建设，公司原料药业务有望随行业景气回暖实现持续修复。
　　研发投入稳健，高端复杂制剂与创新药布局打开长期空间。研发投入保持稳健，高端复杂制剂与创新药持续推进。2026H1研发投入1.21亿元（-4.29%），主要系委外研发费减少所致。公司在研管线持续推进：呼吸科领域，噻托溴铵奥达特罗吸入喷雾剂完成药械联合申报；仿制药领域，醋酸甲羟孕酮片、黄体酮注射液、炔雌醇环丙孕酮片相继过评，多个新品种获注册证书；公司继续从传统仿制药企向高壁垒复杂制剂和创新药企转型，长期成长空间可期。
　　投资建议：根据2026年半年报及最新经营情况，我们预计2026-2028年公司归母净利润分别为4.94、5.92和7.12亿元，同比增长9.9%、19.8%和20.2%；EPS分别为0.50、0.60和0.72元。当前股价对应2026-2028年PE分别为17、15和12倍。考虑到公司的中长期增长前景，以及甾体激素赛道壁垒较高、参与者较少、发展空间较大的行业特点，参考可比公司估值，给予公司2026年23倍PE，对应目标价约11.5元，维持“强推”评级。
　　风险提示：1、海外子公司经营不及预期及商誉减值风险。2、麻醉、呼吸科等制剂研发进度不达预期。3、原料药产品竞争加剧。

　　公司公告1H26收入、归母净利、扣非归母19.6、2.4、2.4亿元（+4.8%、-20.7%、-9.3%yoy），其中2Q26收入、归母净利、扣非归母10.4、1.5、1.5亿元（+20.8%、-8.3%、+23.8%yoy）。公司加大费用管控，三项费用率同比-9.9pct，原料药价格下行、计提资产减值损失为扣非净利润下滑主因。考虑到集采风险出清+特色制剂进入密集获批周期加速放量+1类新药奥美克松钠已申报上市，维持“买入”评级。
　　原料药收入持续修复
　　1H26公司原料药及中间体收入7.4亿元（+1.5%），自营原料药4.13亿元（+2.4%），我们预计随着原料药非规市场价格逐步缓解，公司原料药业务增速有望再度提升。Newchem收入3.26亿元（+7%yoy）、贸易公司收入136万。我们看好随海外经济恢复，2H26Newchem维持高个位数增速。
　　制剂占比持续提高，呼吸、皮肤科为主要增量
　　1H26制剂收入11.97亿元（+6.2%yoy），其中自营产品11.39亿元（+3%yoy），医药拓展部配送销售收入0.61亿元。分科室来看，1H26妇科计生类制剂产品销售收入2.04亿元，同比下降1%；麻醉肌松类制剂产品销售收入0.49亿元，同比下降18%；呼吸类制剂产品销售收入4.62亿元，同比增长4%；皮肤科制剂产品销售收入1.35亿元，同比增长12%；普药制剂产品销售收入2.43亿元，同比增长4%；其他外购代理产品0.05亿元。伴随庚酸炔诺酮、屈螺酮炔雌醇、戊酸雌二醇等新品放量，我们预计2H26制剂收入维持增长势头。
　　创新管线有序推进
　　1）妇科：屈螺酮炔雌醇（4M23获批）、戊酸雌二醇（7M24获批）、去氧孕烯炔雌醇片、地屈孕酮（5M25获批）、醋酸甲羟孕酮片（4M26获批）、雌二醇片（9M25获批）等获批后有望快速放量，雌二醇片/雌二醇地屈孕酮片复合包装（12M25申报上市）进入评审；2）麻醉：1类新药奥美克松钠6M26获批上市，我们预计峰值20+亿元；1M26授权爱施健中国境内独家推广服务商，仙琚和奥默各获得未来商业化里程碑和商业化收益的50%、2类新药CZ1S（术后镇痛）已于1H26申报NDA、2类新药CZ006（术后镇痛）处于临床1期；3）呼吸：2类新药CZ4D（肺曲霉菌病）处于临床1期，噻托溴铵奥达特罗吸入喷雾剂处于BE临床。
　　维持“买入”评级
　　我们维持盈利预测，预计公司26-28年归母净利润4.75/5.43/6.17亿元（+5.55%、+14.46%、+13.63%yoy），基于SOTP估值，给予公司目标估值113.65亿元（前值111.72亿元），对应目标价11.49元（前值11.29元，上调主因仿制药业务可比公司估值上升）。
　　风险提示：产品销售不及预期，产品降价的风险，研发进度不达预期。

Zhejiang Xianju Pharmaceutical(Xianju)has reported 2025 revenue of RMB3.8bn(-6.04%YoY),an attributable NP of RMB450mn(+13.21%YoY),and an ex-nonrecurring NP of RMB349mn(-36.50%YoY).For 4Q25,revenue reached RMB933mn(+22.22%YoY),while the attributable NP was RMB43.0mn,compared with aloss for the same period last year.The decline in the ex-nonrecurring NP mainly reflected lower API prices.The gap between the attributable NP and the ex-nonrecurring profit mainly came from RMB70mn of insurance compensation recognized in 4Q25 as non-recurring gains and losses.Given that volume-based procurement(VBP)risk has largely played out,specialty formulations are entering adense product approval cycle and should accelerate sales ramp-up,and Class 1innovative drug adamgammadex has already filed for listing,we maintain BUY.
API:pressured pricing in less-regulated markets
API revenue was RMB1.3bn in 2025(-13.5%YoY).Specifically:1)Self-operated APIs generated revenue of RMB738mn(-15.2%YoY),with stronger volume but lower prices.Given pricing pressure in less-regulated markets,we expect revenue growth to resume in 2026.2)Newchem generated revenue of RMB599mn(+1.3%YoY).As overseas economies are likely to recover,we expect Newchem to deliver single-digit revenue growth in 2026.
Formulations:steady growth;new products to support growth
Formulations revenue was RMB2.4bn in 2025(-2%YoY).We expect revenue growth of about 10%in 2026.By segment:1)Gynecology revenue was RMB422mn(-5.4%YoY).As new products such as NETE,DRSP/EE,and E2V ramp up,we expect the segment to resume growth in 2026.2)Anesthesia revenue was RMB129mn(-16.8%YoY),mainly due to price cuts under national VBP for sugammadex sodium.We expect aslight decline in 2026.3)Respiratory revenue was RMB944mn(+7.3%YoY),and we expect growth to continue in 2026.4)Dermatology revenue was RMB241mn(+3%YoY),and we expect single-digit growth in 2026.5)General medicines revenue was RMB476mn(-13%YoY),mainly because dexamethasone sodium phosphate was included in the ninth batch of VBP,while progesterone injection entered provincial VBP.We expect revenue to remain broadly flat in 2026.
Innovative drug pipeline comes to fruition
1)Gynecology:In addition to already approved products including DRSP/EE(approved in April 2023),E2V(approved in July 2024),DSG/EE tablets,DYD(approved in May 2025),MPA tablets(approved in April 2026),and E2 tablets(approved in September 2025),the company has also filed progesterone Vaginal P4 gel for listing in February 2025 and acombination package of E2/DYD tablets in December 2025.2)Anesthesia:Class 1innovative drug adamgammadex filed its NDA in September 2024,and we expect approval soon.Peak sales could exceed RMB2.0bn.In January 2026,Aspen was authorized as the exclusive promotion service provider for mainland China,and Xianju and Aomo are to each receive 50%of future commercialization milestones and commercial profits.Class 2innovative drug CZ1S,for post-operative analgesia,is in Phase III,and we expect it to file for listing in 2Q26.Class 2innovative drug CZ006,also for post-operative analgesia,is in Phase I.3)Respiratory:Class 2innovative drug CZ4D,for pulmonary aspergillosis,is in Phase I,while tiotropium bromide and olodaterol inhalation spray is in BE studies.
Earnings forecasts and valuation
Given pricing pressure in the less-regulated API markets,weaker domestic demand due to VBP,and the company’s higher R&D spending,we forecast attributable NP of RMB475mn,RMB543mn,and RMB617mn for 2026,2027,and 2028,with our 2026 and 2027 forecasts cut by 15%and 16%,respectively.Based on our SOTP valuation,we derive an equity value of RMB11.2bn,corresponding to our target price of RMB11.29(previously RMB12.16).
Risks:product sales fall short of our expectations,product price cuts exceed our expectations,and R&D progress falls short of our expectations.