6月3日—5日，由中国中药协会灵芝专业委员会主办、冠县人民政府承办的"中国中药协会灵芝专业委员 会2025年会暨政产学研协同创新促进灵芝产业高质量发展研讨会"在山东冠县举办。来自全国各地的灵 芝学术界和产业界的专家学者、行业领军、业界代表等110余人参加会议，共筑诚信体系，深化协同创 新，共绘发展新图。 中国中药协会常务副会长吴宪；中国中药协会秘书长王桂华；中国中药协会灵芝专委会名誉主任委员， 原北京医科大学副校长林志彬；中国保健协会副理事长兼秘书长张志强；中国中药协会灵芝专委会主任 委员、北京大学基础医学院教授杨宝学；聊城市人民政府副市长 张建军；冠县县委书记张学宏；聊城 市卫生健康委员会党组书记、主任张月莲；冠县县委副书记、县长张庆辉；聊城市农科院党组书记、理 事长刘瑞峰出席。张学宏、张建军、杨宝学、吴宪先后致辞。 年会上，正式发布了《中国灵芝产业诚信公约》，从经营、栽培、生产、市场、流通等多环节提出行业 诚信公约，以维护灵芝产业市场秩序，推动产业健康可持续发展，保障消费者权益，促进产学研用协同 创新。在主旨报告环节，与会专家围绕"食药同源物指开放利用与食用产业发展""基于新质生产力的中 药品牌建设""冠 ...

在本次换届选举中，上海中医药大学附属曙光医院王肖龙教授当选为新一届主任委员，山东大学齐鲁医院卜培莉教授等32名候选人当选为副主任委员，广 西中医药大学附属瑞康医院陈广琴教授等64名候选人当选为常务委员。 随后，新当选的阮小芬副秘书长宣读了《中国中药协会微循环用药专业委员会管理办法(审议版)》。该办法明确了专委会的性质、业务范围、会员管理、 组织架构、财务管理等关键内容，规定了全体委员会议为最高议事机构，设立了主任委员、副主任委员、常务委员、委员等职位，并明确了秘书处的职责 和工作机制。办法强调专委会在协会统一领导下开展工作，需遵守国家法律法规和协会章程，经全体委员会议通过后报协会批准实施。 5月10日晚，中国中药协会微循环用药专业委员会第二届换届会举办。第二届主任委员王肖龙教授介绍了第二届专委会的五年工作规划。规划涵盖四个方 面：第一，协同创新促进领域发展，包括换届选举、党建活动及继续承办"匠医国药创新发展大会"等品牌会议；第二，深化中医药研究与应用，通过学术 活动、专家研讨会等形式制定专家共识和用药指南；第三，学术传播与品牌建设，开展健康敬老月等公益活动及跨学科合作提升影响力；第四，政策研究 与行业规范，形 ...

中国中药协会（以下简称"协会"）是2000年12月18日经民政部批准成立的全国性社团组织，旨在服务中药产业，其宗旨为"服务国家、服务社会、服务民 众、服务行业"。目前，协会已有900多家企业会员、67个分支机构，凝聚了逾万名中药领域的专家，在多个重要领域担任关键角色。2018年，协会批准成立 微循环用药专业委员会，在首届主委上海中医药大学王峥涛教授、原上海和黄药业有限公司周俊杰总裁以及全体委员的共同努力下，专委会在推动微循环用 药规范化及标准化发展，促进微循环领域的学术研究与交流等方面，取得了积极成效。 房书亭主任委员在致辞中对微循环用药专业委员会换届大会的召开表示祝贺。他强调，微循环用药领域是中医药现代化的重要方向，具有广阔的发展前景， 也是推动中医药高质量发展的关键领域。他回顾了中国中药协会在推动中医药事业发展中的"开放、创新"态度，强调科学引领和创新驱动的重要性，并对新 一届专委会提出期望，希望他们继承和发扬优良传统，推动微循环用药领域的研究与实践，为中医药事业的现代化、国际化贡献力量。 微循环用药专委会第一届专委会工作总结 嘉宾致辞：微循环用药领域是中医药现代化的关键方向 2025年5月10日晚，中国 ...

Financial Performance - The company's revenue for the fiscal year 2024 was RMB 16.51 billion, a decrease of 8.9% compared to RMB 18.12 billion in 2023[16]. - Net profit for the fiscal year 2024 was RMB 0.21 billion, down 98.5% from RMB 12.85 billion in 2023[16]. - The gross profit margin for 2024 was 47.59%, a decline from 51.18% in 2023[8]. - The operating profit margin dropped to 2.03% in 2024 from 7.88% in 2023[8]. - The total assets as of December 31, 2024, were RMB 35.06 billion, down from RMB 37.07 billion in 2023[8]. - The group's revenue for the year ended December 31, 2024, was approximately RMB 16.51 billion, a decrease of 8.9% compared to RMB 18.12 billion in the previous year, primarily due to policy impacts on the granule industry and intensified market competition[23]. - The gross profit was approximately RMB 7.86 billion, down 15.3% from RMB 9.27 billion in the same period last year, with a gross margin of 47.6%, a decline of 3.6 percentage points year-on-year[24]. - The group's profit for the year ended December 31, 2024, was approximately RMB 20,771,000, a decrease of 98.5% compared to RMB 1,396,070,000 in 2023, with a net profit margin of 0.1%[77]. - The adjusted profit for the year ended December 31, 2024, was approximately RMB 635,540,000, a decline of 54.5% from RMB 1,396,070,000 in 2023[79]. - Basic earnings per share for the 12 months ended December 31, 2024, were RMB 0.0107, a decrease of 95.8% from RMB 0.2552 in 2023[81]. Market and Business Strategy - The company maintained a stable market share despite the overall decline in profitability due to macroeconomic fluctuations and increased competition[16]. - The company aims to strengthen its core business areas, including traditional Chinese medicine granules and proprietary Chinese medicines, to explore new growth opportunities[17]. - The company is focusing on five major business segments: production and operation of traditional Chinese medicine materials, traditional Chinese medicine pieces, traditional Chinese medicine granules, proprietary Chinese medicines, and traditional Chinese medicine health products[25]. - The company is focusing on digital transformation and innovation in traditional Chinese medicine, with ongoing projects in new drug development and supply chain management improvements[17]. - The company aims to enhance its core competitiveness and overall strength through resource integration and reform transformation[19]. Research and Development - The group has established 2 national enterprise technology centers, 2 academician workstations, and 3 national medicine master studios, among other research facilities, as of December 31, 2024[36]. - The group achieved breakthroughs in traditional Chinese medicine resource research, with new varieties "Guo Qiao No. 1" and "Gui Tong Rou Mao No. 1" authorized by the Ministry of Agriculture and Rural Affairs of China[37]. - A total of 172 patents have been applied for, with 126 granted, including 68 invention patents, supporting technological innovation and product upgrades[38]. - The company has 2 new traditional Chinese medicine drugs and 17 classic formulas at different stages of research and development, holding 814 production licenses for pharmaceuticals[196]. - The R&D agreements aim to leverage expertise to develop new products and enhance the company's product portfolio, benefiting sustainable development[137]. Compliance and Governance - The company is committed to ESG governance, enhancing compliance and risk management, and promoting sustainable development initiatives[18]. - The company has established a comprehensive compliance review system, achieving zero major risk events during the reporting period[44]. - The company is committed to high standards of corporate governance, adhering to the Corporate Governance Code[156]. - The independent non-executive directors collectively possess extensive expertise in finance, accounting, and management, contributing to independent judgment on strategic and risk management matters[160]. - The board has adopted a diversity policy to enhance its effectiveness through various diversity aspects, including gender, age, and professional experience[176]. Operational Efficiency - The company has implemented a comprehensive quality control system to improve product quality and accessibility[18]. - The company has implemented a digital transformation strategy, with the "Longyin AI" model developed to enhance business efficiency and promote industrial intelligence[42]. - The group conducted 1,705 safety training sessions, significantly improving employee safety operation capabilities and reducing accident rates[43]. - The company has established a comprehensive training program for employees, covering various aspects such as marketing, production, human resources, and financial management[195]. - The company has implemented strict internal controls to ensure effective risk management and compliance with relevant regulations in relation to the agreements[127]. Financial Position and Investments - The group's current assets as of December 31, 2024, were approximately RMB 18,839,503,000, with a current ratio of 2.4 times, up from 2.1 times in 2023[81]. - The group utilized RMB 800 million in bank loans in the first half of 2024 and RMB 865 million in external financing in the second half for debt rollover and liquidity support[83]. - The group had unutilized bank loan facilities of approximately RMB 9,490,055,000 as of December 31, 2024, indicating a strong liquidity position[83]. - The total remuneration for employees during the reporting period was approximately RMB 2,412,832,000, compared to RMB 2,387,329,000 for the year ending December 31, 2023[88]. - The company aims to enhance its financial structure and diversify funding channels through the factoring service agreement[127]. Market Trends and Challenges - The revenue from traditional Chinese medicine granules decreased by 23.5% year-on-year to approximately RMB 6.97 billion, representing 42.2% of total revenue[23]. - The revenue and profit levels of the Chinese herbal formula granules segment have declined due to price reductions from centralized procurement and increased market competition[30]. - The revenue from traditional Chinese medicine pieces increased by 17.9% year-on-year to approximately RMB 3.31 billion, accounting for 20.1% of total revenue[23]. - The company reported that 316 national drug standards for Chinese herbal formula granules have been issued, which is significant for standardization and modernization of the industry[32]. - The company has expanded its "Traditional Chinese Medicine Health" business, with 34 new stores and over 160,000 patient visits in its integrated health services[35]. Shareholder and Management Information - The company has appointed Yang Jun as the executive director and chairman effective September 27, 2024[121]. - The company has appointed Li Hongjian as the executive director and president effective September 27, 2024[121]. - The board consists of 11 members, including 2 executive directors, 5 non-executive directors, and 4 independent non-executive directors, ensuring compliance with listing rules[160]. - The company has disclosed changes in director information as per the listing rules, with several appointments and resignations effective in 2024 and 2025[120]. - The independent non-executive directors have reviewed the ongoing related party transactions and confirmed compliance with the listing rules[139].

近期，"养无极牌补肺丸"被中央电视台中文国际频道评为"值得信赖的中国中药品牌"，现已重磅亮相 CCTV-4《中国新闻》、《今日亚洲》、《新闻联播》等黄金时段栏目，向全球华人传递中药补肺的健 康生活方式，推动传统中药文化与现代肺部健康需求深度融合发展。 依托1331年金元时期《永类钤方》中的经典古方"补肺汤"改良，"养无极牌补肺丸"是直接以"补肺"命名 的中成药，具有补肺益气、补强肺功能、止咳平喘的作用。 其组方甄选道地药材蜜炼成大蜜丸，药性温和、易吸收。在传承古法炮制技艺的基础上，引入现代制药 技术，并通过ISO、GMP等国际标准认证，确保从药材采购到生产全过程的高品质。 2.科研验证，肺病患者福音 2024年，中国中医科学院等科研机构开展的《基于HPLC-Q-TOF-MS/MS和网络药理学的补肺丸入血成 分、肺病治疗潜能及新型冠状病毒感染恢复期的应用机制研究》证实：补肺丸对慢阻肺、慢支、肺气 肿、肺纤维化、肺结核、COVID-19、肺炎、哮喘等多种肺部疾病起到防治及缓解咳嗽、气短乏力等症 状的作用，实现了"古方科学化"发展，为临床用药提供学术依据。 厚植品质口碑，夯实品牌信赖根基 "养无极牌补肺丸"在市场上 ...

• 中国中药 2024 年派发特别股息每股人民币 0.32 元，总股息人民币 7.98 亿 元，总金额达人民币 4.02 亿元。中药材生产经营、中药配方颗粒、中医药 大健康板块均实现增长，中药医院板块同比增长 13%，中成药板块增长显 著。 • 截至 2024 年末，中国中药流动资产为人民币 188.4 亿元，较 2023 年末减 少 5%，总资产为人民币 310.6 亿元，总负债减少至人民币 100.3 亿元。公 司通过深化改革、强化合规建设，推进中药产业现代化，并成功获得中华 老字号认定。 • 中成药板块销售额约为人民币 45.3 亿元，占总营业额的 20.6%，毛利率达 36%，得益于销量增长和规模效应。公司推出枣仁安神胶囊等新产品，并进 行临床测试以提升市场竞争力。大健康产品通过线上线下统筹运营模式扩 展市场，运营 30 家门店，销售额显著增长。 • 中国中药将继续深化改革，强化合规建设，坚定推进人才强企战略，强化 安全环保责任制，优化资源配置，提高生产效率，持续推进品牌差异化发 展，加强市场营销力度，完善现代化治理结构，通过科技赋能提高整体竞 争力，实现可持续发展目标。 • 2025 年，中国中药将 ...

中国中药利润大跌98.5%背后：过亿补税侵蚀业 绩，合规漏洞凸显 头顶"国"字头的中国中药，却在税务稽查与自查过程中补税过亿元，不仅严重侵蚀了企业利润，更暴露 出合规管理方面的深层漏洞。3月25日晚，中国中药发布2024年度的业绩报告显示，2024年该公司营收 165.1亿元，同比下降8.9%；净利润仅2077万元，同比锐减98.5%，创下近五年来最大跌幅。这份近 乎"归零"的成绩单，不仅折射出中药企业在集采常态化与市场需求结构性变化下的挑战，更将中国中药 自身的战略困局推向台前。 | 業績摘要 | | | | | --- | --- | --- | --- | | | 2024年 人民幣千元 人民幣千元 | 截至12月31日止年度 2023年 | 變動 | | 管業額 | | | | | 中藥材生產及經營 | 1.386.669 | 1.855.534 | -25.3% | | 中華飲片 | 3.314.794 | 2.811.368 | 17.9% | | 中藥配方顆粒 | 6.972.013 | 9.108.382 | -23.5% | | 中成夢 | 4.552.955 | 3.994.333 | 1 ...

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 16,509.71 million, a decrease of 8.9% compared to RMB 18,121.86 million in 2023[4]. - The net profit for the year was RMB 20.77 million, down 98.5% from RMB 1,396.07 million in the previous year[4]. - The gross profit was RMB 7,856.31 million, a decline of 15.3% from RMB 9,274.49 million, with a gross margin of 47.6%, down 3.6 percentage points from 51.2%[10]. - The company reported a net profit attributable to ordinary shareholders of RMB 54,067,000 for 2024, a significant decrease from RMB 1,285,200,000 in 2023, reflecting a decline of approximately 95.8%[91]. - The group's profit for the year was approximately RMB 20,771,000, a decrease of 98.5% from RMB 1,396,070,000, with a net profit margin of 0.1%, down 7.6 percentage points from 7.7%[103]. Revenue Breakdown - Revenue from traditional Chinese medicine production and operation was RMB 1,386.67 million, a decrease of 25.3%[10]. - Revenue from traditional Chinese medicine decoction pieces increased by 17.9% to RMB 3,314.79 million[10]. - Revenue from traditional Chinese medicine formula granules was RMB 6,972.01 million, down 23.5%[10]. - Revenue from proprietary Chinese medicine was RMB 4,552.96 million, an increase of 14.0%[10]. - Revenue from the traditional Chinese medicine health sector was RMB 283.28 million, a decrease of 19.6%[10]. Market and Industry Insights - The company is optimistic about overcoming short-term performance fluctuations based on insights into the long-term development trends of the traditional Chinese medicine industry[5]. - The comprehensive 200 index for Chinese medicinal materials rose from approximately 2,700 points at the end of 2022 to a peak of over 3,000 points in August 2023, indicating significant volatility and high instability in the market[13]. - The company is focusing on the modernization of traditional Chinese medicine, aligning with national strategies and policies to drive industry growth[17]. Operational Efficiency and Innovation - The company is focusing on digital transformation and innovation to enhance operational efficiency and market competitiveness[6]. - The company has established 165 cooperative production bases across 22 provinces, covering 108 varieties of medicinal materials, with a total area exceeding 470,756 acres[14]. - The company has established 26 direct-operated "Shared Chinese Medicine · Intelligent Distribution Centers" across 20 provinces, improving its operational efficiency[16]. - The company has launched a fresh medicinal slice series to diversify its product offerings and meet the varied demands of the market[16]. Research and Development - The company is focused on research and development of new products and technologies in the Chinese medicine sector[62]. - The company has completed research on 34 out of 51 newly issued national drug standards for traditional Chinese medicine formula granules, accounting for 67%[25]. - The company has developed and launched new traditional Chinese medicine products, including the "Danggui Blood Nourishing Soup Granules," which received approval for market entry[25]. Compliance and Governance - The company has established a comprehensive compliance review system, achieving zero major risk events during the reporting period[31]. - The company has maintained compliance with the corporate governance code throughout the year ending December 31, 2024[120]. - The audit committee consists of five members, including four independent non-executive directors, and has reviewed the audited financial results for the year ending December 31, 2024[123]. Future Outlook and Strategic Planning - The company is expected to benefit from the ongoing reforms in centralized procurement, which aim to enhance transparency and efficiency in the pharmaceutical industry[34]. - Future outlook includes plans for market expansion and potential mergers and acquisitions to enhance growth[62]. - The company aims to enhance user data analytics to improve customer engagement and service delivery[126].

证券时报网讯，摩根士丹利发布报告称，中国中药发布盈利警告，业绩远低于市场预期，因此将其评级 从"与大市同步"下调至"减持"，目标价从2.6港元降至1.7港元，大摩将2024年盈利预测下调80%，并将 2025至2030年的盈利预测下调22%至34%，原因包括价格下调、市场竞争加剧和原材料成本上涨等因素 对销售和利润的影响。 校对：姚远 ...

Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately RMB 8,385,473,000, a decrease of 9.9% compared to RMB 9,302,957,000 in the same period last year[8]. - Gross profit was approximately RMB 4,061,254,000, down 14.6% from RMB 4,757,976,000 year-on-year, with a gross margin of 48.4%, a decline of 2.7 percentage points from 51.1% in the previous year[8]. - The net profit for the period was approximately RMB 214,143,000, a decrease of 65.3% from RMB 616,960,000 in the same period last year, with a net profit margin of 2.6%[60]. - Basic earnings per share were RMB 0.0419, a decline of 63.5% from RMB 0.1149 in the same period last year, reflecting a significant drop in profit attributable to equity holders[61]. - The company reported a total comprehensive income of RMB 213,958,000, down from RMB 624,763,000, a decrease of 65.75%[85]. - Operating profit decreased significantly to RMB 384,582,000 from RMB 814,046,000, representing a decline of 52.77%[85]. - The group recorded other losses of approximately RMB 64,768,000, compared to losses of RMB 14,004,000 in the same period last year, primarily due to a substantial increase in late fees[52]. - The group’s credit impairment losses were approximately RMB 158,768,000, a significant increase from RMB 47,768,000 in the same period last year, with accounts receivable growing by 6.7%[53]. Revenue Breakdown - The revenue contribution from traditional Chinese medicine formula granules was approximately RMB 3,479,735,000, accounting for 41.5% of total revenue[8]. - The revenue from traditional Chinese medicine (TCM) production and operation was RMB 754,277,000, down 14.3% from RMB 880,585,000, accounting for 9.0% of total revenue[42]. - The revenue from TCM decoction pieces increased by 20.8% to RMB 1,576,914,000 from RMB 1,305,191,000, representing 18.8% of total revenue[44]. - The revenue from TCM formula granules decreased by 29.4% to RMB 3,479,735,000 from RMB 4,930,591,000, with a gross profit margin of 59.1%[45]. - The revenue from TCM proprietary medicines was RMB 2,418,349,000, an increase of 18.9% from RMB 2,034,759,000, with a sales cost of RMB 853,221,000[41]. - The revenue for traditional Chinese medicine health sector was approximately RMB 156,198,000, an increase of 2.9% from RMB 151,831,000 in the same period last year, accounting for 1.9% of total revenue[49]. Strategic Initiatives - The company aims to enhance its competitive advantage across the entire industry chain, focusing on sustainable development and quality management of traditional Chinese medicine resources[11]. - The company has completed mid-term adjustments to its "14th Five-Year" strategic plan, focusing on five major business segments: production and operation of medicinal materials, traditional Chinese medicine pieces, formula granules, proprietary Chinese medicines, and health products[9]. - The company launched a brand strategy for "Chinese Medicinal Materials," promoting key products through major media channels to enhance brand value and influence[10]. - The company is actively adapting to the centralized procurement trend and enhancing its competitive advantages through differentiated product strategies[17]. - The company is focusing on the development of key products and has published 15 new guidelines and consensus documents to support sales growth[19]. Compliance and Quality Management - The company has successfully passed compliance checks for several varieties under the new traditional Chinese medicine GAP standards, leading the nation in the number of compliant varieties[11]. - The company has completed the qualification certification for 47 varieties of fresh-cut medicinal materials, enhancing the quality assurance of traditional Chinese medicine[14]. - The company aims to improve compliance management and risk control mechanisms, ensuring no major risk events occurred during the reporting period[28]. - The company has maintained the highest number of national and provincial standard approvals in the industry, reinforcing its market share[18]. Research and Development - The company has developed 5 new excellent varieties and holds 108 patents related to standardized production techniques for traditional Chinese medicine[11]. - Research and development expenses for the period were RMB 267,925,000, compared to RMB 313,614,000 in the previous year, showing a reduction of 14.58%[85]. - The company established a new CNAS laboratory, bringing the total to 7, and collaborated with Guizhou University to publish research in the journal Nature[22]. Market Trends and Regulatory Environment - The National Medical Insurance Administration issued a notice on January 12, 2024, emphasizing the importance of ensuring supply security for selected products in centralized procurement, requiring provinces to monitor supply and rectify issues[31]. - The National Health Commission's action plan for 2024-2027 aims to shift health work focus from "disease-centered" to "health-centered," promoting traditional Chinese medicine (TCM) as a cultural awareness for health improvement[35]. - The National Administration of Traditional Chinese Medicine's notice on June 6, 2024, emphasized the development of rehabilitation services in TCM hospitals to meet the growing demand for TCM rehabilitation services[35]. Financial Position and Liquidity - As of June 30, 2024, the group's current assets amounted to approximately RMB 20,552,746,000, an increase from RMB 19,799,846,000 as of December 31, 2023[62]. - The group's cash and cash equivalents and bank deposits were approximately RMB 3,771,999,000, up from RMB 3,267,276,000 as of December 31, 2023[62]. - The company had approximately RMB 10,035,352,000 in unused bank loan facilities as of June 30, 2024, indicating a strong liquidity position[65]. - The company’s total liabilities decreased to RMB 9,888,531,000, a rise of 5.97% from RMB 9,332,600,000 as of December 31, 2023[87]. - The company’s total equity attributable to owners increased to RMB 21,371,097,000, compared to RMB 21,160,135,000 as of December 31, 2023, reflecting a growth of 1.00%[87]. Human Resources and Corporate Governance - The company received the "2024 Outstanding Human Resource Management Award" from 51job and was recognized as a favorite employer brand among Chinese university students[24]. - The company is committed to building a comprehensive employer brand and enhancing talent management capabilities[38]. - The company maintained compliance with the corporate governance code throughout the reporting period[79].