China National Medicines (CNM) has reported 1H26 revenue/attributable net profit/ recurring net profit of RMB26,728/880/880mn, down by 4.3/7.3/5.6% YoY. In 2Q26, revenue/attributable net profit/recurring net profit were RMB13,173/406/415mn, down by 2.0/17.2/14.5% YoY. Certain subsidiaries saw earnings pressure due to factors such as volume-based procurement (VBP), weighing on the overall performance. We think that the company’s core business remains solid with a stable long-term growth trajectory. Maintain BUY.
1H26 distribution business scale rose
In 1H26, the company consolidated its national market share through professional services, with the narcotics business maintaining stable revenue growth overall. In the direct-sales business, grassroots market revenue declined YoY due to factors such as VBP price reductions. CNM continued to deepen strategic cooperation with key medical institutions, consolidating in-hospital delivery guarantees for VBP drugs, nationally negotiated innovative drugs, and biologics, while accelerating the implementation of SPD in-hospital supply chain service projects, driving stable overall revenue in the direct-sales segment. CNM accelerated product-mix optimization, continued to increase the introduction of high-quality products such as innovative drugs, and expanded channel sales through national retail chains and online pharmaceutical e-commerce platforms, with distribution business revenue scale improving
Leading pharma distributor with stable operations; BUY
We maintain our earnings forecasts, projecting attributable net profits of RMB2.02/2.08/2.14bn for 2026/2027/2028 (+1.3/2.6/2.9% YoY), with EPS of RMB2.68/2.75/2.83. Despite a temporary drag from subsidiary performance, given the company’s leading market share in the domestic narcotics distribution market, stable performance of its Beijing generic drug delivery business, and steady growth in both core operations and investment income, we apply 13x 2026E PE (vs its peers’ average of 12x on Wind consensus). Our target price is unchanged at RMB34.86.
Risks: slower narcotics segment growth than we expect; weaker drug delivery revenue in Beijing than we expect.

　　公司1H26收入/归母净利润/扣非归母净利润267.28/8.80/8.80亿元，同比+4.3%/-7.3%/-5.6%。2Q26收入/归母净利润/扣非归母净利润131.73/4.06/4.15亿元，同比+2.0%/-17.2%/-14.5%。公司部分子公司因集采等影响业绩承压、拖累整体业绩表现，我们认为公司基本业务稳固，长期增长逻辑稳健，维持买入评级。
　　1H26麻精药品领先地位稳固、收入稳定增长，分销业务规模提升
　　1H26公司依托专业化服务巩固全国市场份额，麻精药品业务整体收入规模保持稳定增长。直销业务中，基层市场收入受集采降价等因素影响，同比有所下降；公司持续深化与重点医疗机构的战略合作，巩固集采药品、国谈创新药及生物制剂的院内配送保障，加快推进SPD院内供应链服务项目落地，驱动直销板块整体收入保持稳定。公司加速推进产品结构优化，持续加大创新药等优质品种的引进力度，积极拓展全国零售连锁与线上医药电商的渠道销售，分销业务收入规模有所提升。
　　1H26投资收益同比略下滑，部分子公司拖累业绩表现
　　1H26公司对联营企业投资收益2.66亿元，同比-2.4%。按母公司报表来看，母公司1H26收入130.92亿元（同比+9.1%），净利润8.85亿元（同比+16.6%）。部分子公司表现拖累整体业绩：1）国控北京：收入71.38亿元，同比-0.3%，净利润1.03亿元，同比-25.5%；2）北京华鸿：收入30.23亿元，同比+0.9%，净利润0.22亿元，同比-29.4%；3）北京康辰：收入15.04亿元，同比-13.7%，净利润0.44亿元，同比-11.5%；4）天星普信：收入26.73亿元，同比+5.9%，净利润0.31亿元，同比-13.3%；5）国药前景：收入0.75亿元，同比+13.9%，净利润0.35亿元，同比+20.1%；6）国瑞药业：部分产品因集采和降价而收入和利润双降，1H26收入1.78亿元，同比-10.7%，利润端净亏损1.23亿元（1H25同期亏损0.08亿元）。
　　1H26公司费用率基本稳定，毛利率同比下降
　　1H26销售/管理/研发/财务费用率为1.19%/0.77%/0.09%/-0.03%，同比+0.00/-0.02/-0.02/+0.02pct。1H26毛利率5.98%，同比-0.16pct，我们认为毛利率同比下降主要由于国瑞药业等子公司受集采降价影响。
　　经营稳健的医药流通龙头，维持“买入”评级
　　我们维持盈利预测，预测公司26-28年归母净利润分别为20.2/20.8/21.4亿元，同比+1.3%/+2.6%/+2.9%，对应EPS2.68/2.75/2.83元。考虑到公司精麻分销市占率领先，北京普药配送业务稳固，短期子公司业绩波动不改长期增长逻辑，我们给予公司26年13xPE估值（可比公司26年Wind一致预期均值12x），对应目标价34.86元，维持目标价。
　　风险提示：精麻产品业绩不及预期；北京地区医药配送收入增长不如预期。

China National Medicines has reported 1Q26 revenue/attributable net profit/recurring net profit of RMB13,555/474/465mn,up by resilient 6.6/3.3/4.2%YoY.Maintain BUY,given the company’s solid fundamentals and sustainable growth trajectory.
1Q26 investment income grew steadily YoY
Equity investment income from associates reached RMB112mn in 1Q26(+8.9%YoY),a stable performance.Excluding investment income,1Q26 attributable net profit would have been RMB362mn(+1.7%YoY).We note certain subsidiaries continued weighing on overall performance during the quarter.
1Q26 expense ratios improved YoY,gross margin dipped
Under cost discipline,the 1Q26 selling/administrative/R&D/financial expense ratios came in at 1.07/0.74/0.09/-0.02%(-0.13/-0.03/-0.01/+0.03pp YoY).However,gross margin declined 0.22pp YoY to 6.10%,which we attribute to:1)lower contribution from higher-margin industrial operations;and 2)pricing pressure on wholesale business from volume-based procurement,in our view.
Leading pharma distributor with stable operations;BUY
We maintain our earnings forecasts,projecting attributable net profit of RMB2.02/2.08/2.14bn for 2026/2027/2028(+1.3/2.6/2.9%YoY),with EPS of RMB2.68/2.75/2.83.Despite temporary drag from subsidiary performance,given the company’s leading market share in the domestic narcotics distribution market,stable performance of its Beijing generic drug delivery business,and steady growth in both core operations and investment income,we apply a13x 2026E PE(vs peer average of 12x per Wind consensus).Our target price is unchanged at RMB34.86.
Risks:slower narcotics segment growth than we expect;weaker drug delivery revenue in Beijing than we expect.

　　公司1Q26收入/归母净利润/扣非归母净利润135.55/4.74/4.65亿元，同比+6.6%/+3.3%/+4.2%。公司1Q26业务稳健，收入及净利润稳定增长。我们认为公司基本业务稳固，长期增长逻辑稳健，维持买入评级。
　　1Q26投资收益同比稳定增长
　　1Q26对联营企业投资收益1.12亿元，同比+8.9%，保持稳定增长。若剔除投资收益，1Q25归母净利润为3.62亿元，同比+1.7%。我们认为1Q26仍有部分子公司拖累整体业绩表现。
　　1Q26公司销售、管理及研发费用率同比降低，毛利率同比略下降
　　1Q26销售/管理/研发/财务费用率分别为1.07%/0.74%/0.09%/-0.02%，同比-0.13/-0.03/-0.01/+0.03pct。公司持续控制费用，销售、管理及研发费用率同比降低。1Q26毛利率为6.10%，同比-0.22pct，我们认为或由于毛利率较高的工业业务收入占比降低，以及批发业务受集采控费影响。
　　经营稳健的医药流通龙头，维持“买入”评级
　　我们维持盈利预测，预测公司26-28年归母净利润分别为20.2/20.8/21.4亿元，同比+1.3%/+2.6%/+2.9%，对应EPS2.68/2.75/2.83元。考虑到公司精麻分销市占率领先，北京普药配送业务稳固，公司业绩及投资收益均稳定增长，短期子公司业绩波动不改长期增长逻辑，我们给予公司26年13xPE估值（可比公司26年Wind一致预期均值12x），对应目标价34.86元，维持目标价。
　　风险提示：精麻产品业绩不及预期；北京地区医药配送收入增长不如预期。