中药行业-蓄势待发价值回归

0%2025年中药行业在阵痛中筑底，业绩与剪刀差。需求复苏缓慢、集采对价格端压制、渠道及社会库存高企、高基数效应等多重因素导致行业收入端整体承压，但企业通过降本增效、优化产品结构等措施，在收入收缩下实现了利润微政策端，顶层设计定调、供给端优化、集采常态化、基药目录调整等多维政策重塑行业格局；估值端，机构持仓与估值均处于历史底部，安全边际净利润同比增长69.86%，但剔除低基数后改善幅在较高水平（60.52%研发费用率保持4.91%的行业领先水平货及经营性现金流均呈现头部改善、分化加剧的特点，以岭药业、天士力2收账款周转水平体现出消费类中药的商业模式优势。经营性现金流质量亦2026年是中药行业从规模扩张向价值重循证医学证据、研发创新能力、质量控制优势和品牌护城河的院外市场把握库存企稳驱动的OTC品种恢复费类中药修复机会，关注库存压力较小、边际改善明显的企业，以及具备院内市场把握基药催化与创新驱动两条主线。中药创新药凭势具备更强的入基潜力，而进入基药后的放量效应又1 3 4 4 52.3营运能力：周转效率改善，库存底初步 53赛道分析：OTC、处方中药与消费中药 7 8 14 18 20 20 21 212 3 3 4 6 8 9 10 11 12 13 15 16 16 17 18 19 19 193渠道库存高企以及高基数效应等多重压力下，经历了较为深刻的一轮调整。然45毛利率改善的核心驱动因素是中药材价格系统性回落，同时，集年第一季度的较优水平。期间费用率下降的原因主要来自：集采的推进使得处方药的销售模式从带金销售转向以价换量；数字力、康缘药业的研发费用率显著高于行业平均水平，体现了其在中药创新药领6存和优胜劣汰，下游零售药店的资金链和经营状况正在恢复，上游企业回款改收账款周转天数的改善相互印证，共同指向渠道库存底的形成。康恩贝、马应龙、寿仙谷、方盛制药等公司的7康恩贝8特殊（多元化经营、中药饮片流通业务等原因不纳入三大类进行对比分析。2025年第四季度营收同比增长4.28%，202连续两个季度保持4%以上的增长，企稳回升态势较为明确。归母净利润同比降幅已收窄至5.07%99.89%58.13%58.09%42.81%-9.50%46.10%5.07%14.57%-9.41%-14.57%36.70%15.78%14.23%0.66%20.80%64.69%41.53%60.59%20.62%32.83%2.54%18.62%-9.16%-15.29%57.68%14.88%33.30%4.20%0.55%73.89%60.32%77.96%17.55%53.49%3.66%1.06%-19.13%-19.13%45.89%10.13%30.92%2.54%12.55%18.64%18.64%82.26%23.68%34.69%10.14%0.56%25.13%25.77%83.93%23.19%57.06%3.69%4.46%14.31%5.87%55.39%21.53%24.60%3.76%-2.25%241.17%241.17%79.30%14.59%50.68%3.40%12.24%34.78%36.11%74.96%9.08%66.27%2.54%-2.11%13.65%16.92%37.13%10.81%19.81%2.25%-28.89%-18.39%-18.39%60.99%12.28%40.96%4.41%27.19%96.79%93.11%56.34%13.72%33.96%2.77%-11.06%-30.26%-30.36%54.85%9.77%37.25%1.54%-11.34%-28.37%-18.74%59.93%13.65%33.52%9.20%-10.59%-12.11%-11.97%35.79%2.61%30.46%2.02%8.34%-12.01%69.95%26.22%0.66%20.05%4.81%10.32%14.17%13.61%78.19%21.97%49.51%2.80%3.58%-1.81%-2.06%20.31%7.83%9.89%0.68%-6.92%0.85%-0.57%53.24%18.70%26.63%3.21%-3.46%16.42%41.10%48.93%8.68%35.04%4.02%13.10%5.19%4.78%56.74%10.65%39.50%2.58%-28.44%-153.45%-214.57%57.92%-8.07%56.21%3.75%-15.12%6.16%-25.09%54.76%6.96%42.78%0.00%-12.49%1.71%1.10%68.13%30.11%30.98%2.76%17.04%5.84%4.96%67.89%14.23%48.08%2.07%-2.13%-20.47%-20.37%65.20%10.11%53.76%2.44%4.46%4.41%4.43%48.20%21.66%21.26%1.69%-23.07%179.65%221.12%33.93%23.42%57.95%3.41%-6.57%6.12%5.88%71.77%11.82%55.46%0.62%-61.29%-344.45%-338.99%0.37%-99.61%56.13%4.75%10.69%-0.97%0.15%75.33%18.99%43.83%7.82%4.19%-2.56%-5.07%39.50%10.80%23.47%2.11%15.97151.53-0.0453.7697.890.1190.64339.271.1574.65131.9625.8831.62175.410.20147.85277.740.8023.36152.482.7619.66185.632.2786.65136.671.16105.88288.140.8488.072987.950.57120.33152.360.9063.87184.010.5322.90151.613.55164.4768.21-0.26127.55130.160.3796.62123.104.18168.52102.091.3672.16197.530.63103.7876.3017.4037.97113.471.1759.1882.502.3772.01147.834.1181.68277.030.53254.62143.030.4339.3395.17-0.03108.85656.29-0.0392.6974.321.3536.7756.201.51171.39175.57-0.0789.91132.401.15-2113.89555.980.9948.09242.131.60合计90.87113.35113.3534.52117.140.2932.1263.768.51101.20185.004.2686.1175.0055.1330.2650.751.29124.7485.450.0915.0049.997.0817.4847.287.3086.1586.063.41118.3598.072.4588.25933.340.99151.56141.241.8475.04107.642.4424.56105.015.75166.6636.980.63123.6066.350.6276.1187.075.84217.4179.230.4750.6552.505.5479.0163.44-2.3239.8369.635.7452.2154.844.8060.2676.819.4388.75105.292.57209.0782.630.1250.3553.309.71104.22222.261.9887.9237.212.7532.5134.266.00180.49109.25-0.17162.5965.141.651303.99374.073.2252.1790.183.85合计82.6576.72163.2429.92120.30-0.2430.2057.941.2567.27209.961.1591.25162.1210.5625.58176.560.68143.6988.94-0.3634.63204.840.0644.17438.52-1.6389.16146.730.36125.54349.69-0.1084.043176.030.32163.29197.440.5668.86271.790.1210.46155.270.78218.08102.200.93125.51143.000.2494.63123.34-4.02296.11142.19-1.9853.63151.932.6873.1962.12-22.1833.01102.661.8653.9988.75-1.0254.72126.482.2188.32324.010.45308.15181.01-0.1951.36117.490.3270.95413.041.1288.3691.010.4640.0750.592.39215.76257.980.33174.30179.380.141230.49649.370.6448.50271.690.80合计80.06101.55-1.32价权和客户粘性；二是渠道管控能力决定的回款效率和现金质量；三是销售费院内处方中成药依赖医生的处方习惯和医院的药品目录，受集采政策影响方中成药的竞争优势在于集采中以价换量的能力、研发投入0.12%，基本持平，显示出板块盈利正从恢复性增长向常态化增长品多为独家或竞争格局较好有关。净利率从2025年全年的10.00%提升至从经营性现金流来看，院内处方药板块整体现金流呈恢复性增长。根据002082.SZ万邦德722.44571.625.67002317.SZ众生药业173.18110.491.50002390.SZ信邦制药162.9074.462.71002603.SZ以岭药业59.81296.574.98002873.SZ新天药业128.06285.88-0.32300026.SZ红日药业284.691650.402.75300039.SZ上海凯宝102.70279.510.29300158.SZ振东制药135.48169.701.42300181.SZ佐力药业99.33152.031.46300519.SZ新光药业17.67125.040.18300534.SZ陇神戎发84.18137.880.74300878.SZ维康药业142.07239.020.24301111.SZ粤万年青82.28204.540.12301331.SZ恩威医药46.4377.590.33600252.SH中恒集团169.35389.881.37600329.SH达仁堂84.97292.83-1.29600422.SH昆药集团162.85108.771.13600535.SH天士力53.84198.665.52600557.SH康缘药业45.12179.572.64600566.SH济川药业72.4678.294.95603858.SH步长制药14.75335.963.4394.22205.4039.84002082.SZ002317.SZ002390.SZ002603.SZ002873.SZ300026.SZ300039.SZ300158.SZ300181.SZ300519.SZ300534.SZ300878.SZ301111.SZ万邦德众生药业信邦制药以岭药业新天药业红日药业上海凯宝振东制药佐力药业新光药业陇神戎发维康药业粤万年青268.68160.71162.8457.20145.62189.09139.6188.1782.6615.2897.57212.6187.7567.4966.1567.6196.0077.89123.1183.4083.7081.2798.6653.48100.6891.236.043.057.3317.770.848.112.31-4.604.120.69-0.070.670.11301331.SZ600252.SH600329.SH600422.SH600535.SH600557.SH600566.SH603858.SH恩威医药中恒集团达仁堂昆药集团天士力康缘药业济川药业步长制药53.11100.4577.14175.2142.0754.92128.1424.0946.94135.31112.2184.1983.8459.8837.20157.091.10-0.194.612.8914.256.1111.9811.58合计97.0795.5398.68002082.SZ万邦德174.90124.671.08002317.SZ众生药业189.95121.401.42002390.SZ信邦制药171.3674.070.46002603.SZ以岭药业46.61130.826.11002873.SZ新天药业137.50304.210.44300026.SZ红日药业191.75251.840.91300039.SZ上海凯宝132.59322.570.48300158.SZ振东制药115.03195.35-3.04300181.SZ佐力药业88.58152.110.80300519.SZ新光药业9.0864.580.52300534.SZ陇神戎发106.78114.800.04300878.SZ维康药业174.16184.52-0.21301111.SZ粤万年青108.45219.51-0.09301331.SZ恩威医药70.09132.87-0.03600252.SH中恒集团103.66344.300.08600329.SH达仁堂76.41294.514.22600422.SH昆药集团368.22201.24-6.14600535.SH天士力51.27207.094.65600557.SH康缘药业51.59196.860.66600566.SH济川药业122.45141.628.80603858.SH步长制药22.