股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國中藥控股有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00570 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 5,035,801,852 | | 0 | | 5,035,801,852 | | 增加 / 減少 ...

Core Insights - In May 2025, China's import of traditional Chinese medicinal materials reached 23,100 tons, representing a year-on-year increase of 7.1% [1] - The import value for the same period was $48 million, showing a year-on-year growth of 10.3% [1] - China's export of traditional Chinese medicinal materials in May 2025 was 10,000 tons, with a year-on-year increase of 6.1% [1] - The export value for this period was $8.3 million, reflecting a year-on-year growth of 11.3% [1]

Core Viewpoint - Morgan Stanley anticipates a decline in Chinese traditional medicine stocks over the next 30 days due to a profit warning issued by the companies, projecting a year-on-year net profit drop of 165% to 175% for the first half of 2025 [1] Summary by Relevant Categories Financial Performance - The decline in net profit is primarily attributed to the shrinking of the traditional Chinese medicine formula granule business, which is facing price reductions from centralized procurement and intensified competition [1] - The net profit is expected to decrease by 50% to 60% year-on-year, significantly below market consensus [1] Market Conditions - The centralized procurement process is only halfway completed, indicating that the pressure on the companies will likely persist [1] - There is a further downside risk to the projected price-to-earnings ratio for 2026 due to ongoing market pressures [1] Investment Recommendation - Morgan Stanley has set a target price of HKD 1.6 and has rated the stocks as "underweight" [1]

Group 1: Copper Market Overview - LME three-month copper closed at $9,635.00 per ton, down $10.50 or 0.11%, retreating from a recent high of over $10,000 on July 2 [1] - Investors are focusing on the potential increase in copper supply, with no new supply disruption factors currently pushing prices up [5] - LME copper inventory increased by 10,525 tons on Wednesday, marking a 33% surge over the past two and a half weeks [5] Group 2: Global Copper Production and Consumption - The World Bureau of Metal Statistics reported a global refined copper production of 2.3775 million tons and consumption of 2.2933 million tons for May 2025, resulting in a surplus of 84,200 tons [5] - For the first five months of 2025, global refined copper production was 11.2979 million tons, with consumption at 11.0344 million tons, leading to a surplus of 263,400 tons [5] - Rio Tinto announced a 9% year-on-year increase in quarterly copper production, forecasting that annual production will reach the high end of its guidance range [5] Group 3: Impact of U.S. Tariffs and Currency Fluctuations - Following the announcement of a 50% tariff on copper imports by the U.S. effective August 1, traders expecting tariffs have gradually reduced copper exports to the U.S. [5] - A weaker U.S. dollar typically makes dollar-denominated commodities cheaper for buyers holding other currencies, potentially influencing demand [4] Group 4: Other Base Metals Performance - Three-month tin fell by $513.00 or 1.54%, closing at $32,799.00 per ton, amid concerns over supply surplus [7] - The International Tin Association indicated that tin shipments from Myanmar's Wa State are expected to resume in the coming months after nearly two years of mining bans [8]

Group 1 - The core viewpoint of the news is that Rio Tinto has achieved significant production milestones in Q2 2023, with record iron ore output and strong performance in copper and bauxite production [2][3]. - In Q2 2023, Rio Tinto's Pilbara iron ore production reached approximately 83.7 million tons, marking a 5% year-on-year increase and a 20% quarter-on-quarter increase [2]. - The copper production for the same period was 229,000 tons, reflecting a 15% year-on-year growth, while bauxite production reached about 15.6 million tons, up 6% year-on-year [2]. Group 2 - The Simfer joint venture, which includes Rio Tinto and Chalco, is set to begin production at the Simandou iron ore project in Guinea, with an expected annual output of 120 million tons, potentially disrupting the current duopoly in the iron ore market [3][4]. - The first shipment of iron ore from the Simandou project is now anticipated to occur by November 2025, with an estimated shipment volume of between 500,000 to 1 million tons in that year [4]. - The project is significant as it represents the largest overseas investment by Chinese enterprises in iron ore and is expected to complete all infrastructure by the end of 2025 [3][4]. Group 3 - A key management change was announced, with Simon Trott appointed as the new CEO of Rio Tinto, effective August 25, 2025, succeeding Jakob Stausholm [4][5]. - Trott, currently the CEO of Rio Tinto's iron ore business, has been recognized for his role in enhancing operational efficiency and strategic customer relationships [4]. - The current CEO, Stausholm, will step down from his position and the board upon Trott's official appointment [4].

Group 1 - Xiansheng Pharmaceutical announced that its insomnia treatment drug Daridorexant (brand name: Kewiko®) has been approved for marketing in China, enhancing patient access and supporting long-term use [1] - HAP Pharmaceutical entered a global strategic collaboration with Otsuka Pharmaceutical to develop a BCMAxCD3 bispecific T-cell engager, receiving an upfront payment of $47 million and potential additional payments up to $623 million based on future milestones [1] - Baotai announced a licensing agreement with Stein for the commercialization rights of BAT2406 (Dupilumab) in Latin America, with total upfront and milestone payments potentially reaching $10 million [1] Group 2 - David Medical received a medical device registration certificate for its electric stretcher, which offers significant advantages over traditional manual devices, improving operational efficiency and reducing the burden on healthcare personnel [2] - Hanyu Pharmaceutical's subsidiary received approval for the listing of its active pharmaceutical ingredient Acetate Degarelix, which is used to treat advanced prostate cancer [3] - China Traditional Chinese Medicine reported that its innovative TCM drug Yushudapin's registration application has been accepted, showing significant efficacy in improving early symptoms of depressive disorders [4]

Core Viewpoint - The announcement highlights that the application for the innovative traditional Chinese medicine, Yushuda Tablets, has been accepted by the National Medical Products Administration of China, indicating a significant step towards its market introduction [1] Group 1: Product Development - Yushuda Tablets are designed to invigorate the spleen, transform dampness, and regulate qi, showing significant efficacy in alleviating symptoms of emotional distress such as depression [1] - Clinical studies confirm that Yushuda Tablets demonstrate notable effectiveness, particularly in improving early mild to moderate depressive symptoms [1] Group 2: Clinical Trials - The Phase III clinical trial results completed by Tongjitang Pharmaceutical in 2024 indicate that Yushuda Tablets exhibit good safety and efficacy in treating mild to moderate depression [1] - The efficacy of Yushuda Tablets is reported to be significantly superior to that of the placebo group [1]

Core Viewpoint - The Sixth Du Zhong Conference, themed "Du Zhong Assisting Healthy China - Du Zhong and the Prevention and Treatment of Impotence," aims to promote the high-quality development of the Du Zhong industry and contribute to the Healthy China initiative [1][13]. Group 1: Conference Overview - The conference took place in Beijing from June 20 to 21, 2025, organized by the China Traditional Chinese Medicine Association [1]. - Over 300 representatives from national ministries, research institutions, and media attended the conference, highlighting the significance of the Du Zhong industry [3][12]. - The conference featured academic reports from notable figures, including former Deputy Director of the National Medical Products Administration Zhao Jun-ning and several Chinese Academy of Engineering academicians [3][12]. Group 2: Industry Insights - The Du Zhong industry is recognized for its innovative and high-quality development, becoming a key resource in the health industry, particularly in traditional Chinese medicine, food, health products, and daily chemicals [9][11]. - The industry has seen rapid growth in standardized planting and breakthroughs in breeding and processing technologies, enhancing its market position [9][11]. - The conference emphasized the importance of technological innovation, quality control, market expansion, and talent cultivation for the sustainable development of the Du Zhong industry [11]. Group 3: Academic Contributions - The conference included specialized sessions focusing on the treatment of impotence and the development of the Du Zhong industry, facilitating in-depth discussions among experts [12][13]. - The event has become a significant platform for academic exchange and collaboration, having successfully convened six times since 2019, attracting over 2,000 experts and enhancing the industry's influence [13][14].

Group 1 - The conference on the high-quality development of the Ganoderma industry was held in Guancun County, Shandong, with over 110 experts and representatives from academia and industry attending [1] - The China Ganoderma Association officially released the "China Ganoderma Industry Integrity Convention" to maintain market order and promote sustainable development [2] - Guancun County has become the largest Ganoderma cultivation and trading base in China, with over 10,000 acres of cultivation and an annual production of over 15,000 tons of fruiting bodies and spores [2] Group 2 - The conference featured reports from industry leaders and researchers on topics such as brand trust, cultivation techniques, and pharmacological studies related to Ganoderma [3] - The local government aims to develop the Ganoderma industry into a 10 billion yuan industry cluster, integrating various sectors and enhancing the value chain [3]

Group 1 - The core viewpoint of the news is the successful re-election of the Microcirculation Medication Professional Committee of the China Traditional Chinese Medicine Association, which aims to enhance the development and application of microcirculation in traditional Chinese medicine [1][5] - The second term work plan includes four main areas: promoting collaborative innovation, deepening research and application of traditional Chinese medicine, academic dissemination and brand building, and policy research and industry standards [1][8] - The new committee consists of 215 members, with Professor Wang Xiaolong elected as the new chairman and 32 vice-chairmen elected from various institutions [7] Group 2 - The first committee's work was summarized, highlighting the close relationship between microcirculation and various diseases, and the need for interdisciplinary collaboration [3] - The newly elected committee's management regulations were announced, clarifying its nature, business scope, member management, organizational structure, and financial management [7] - The emphasis on the importance of microcirculation research in the inheritance and innovation of traditional Chinese medicine was reiterated, along with expectations for the new committee to focus on disease prevention and treatment challenges [8]