花园生物2026年中报管理层讨论与分析：维生素板块量增价压，药品集采承压延续，研发投入力度加大-焦点日报

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业务板块2026H1收入同比变动2026H1毛利率毛利率同比变动2025年全年收入2025年全年同比变动维生素产品359,104,233.17+19.21%49.84%-13.15pct613,544,276.26+5.62%胆固醇及其衍生物178,430,380.00+38.95%21.93%-1.85pct250,445,152.31+19.12%药品144,532,311.95-24.73%64.50%-4.63pct354,618,301.81-17.29%其他10,040,639.20-26.65%18.50%+0.67pct18,790,790.53-19.68%

指标2026H1同比变动2025年全年2024年全年研发投入金额60,534,079.62元+30.28%110,762,348.04元102,976,350.82元研发投入占营收比例约8.75%-8.95%8.28%

2026年上半年研发投入同比增长30.28%，增速显著高于营收增速（8.93%）。管理层对此的解释为"加大研发投入所致"。

指标2026H12025H1同比变动2025年全年2024年全年营业收入692,107,564.32635,361,170.79+8.93%1,237,398,520.911,243,283,228.76归母净利润131,924,015.28161,547,089.80-18.34%304,864,608.69309,212,798.15扣非归母净利润125,833,858.92149,525,626.58-15.84%290,179,777.09256,888,423.11经营现金流净额194,720,346.89274,857,064.08-29.16%474,738,253.78466,406,332.89基本每股收益0.24元0.30元-20.00%0.56元0.57元加权平均ROE3.72%4.92%-1.20pct9.10%10.17%

郑重声明：相关内容不构成任何投资建议，股市有风险，投资需谨慎。