Group 1 - The core viewpoint of the news is that southbound funds have increased their holdings in China Traditional Chinese Medicine (00570.HK) by 632,000 shares, while experiencing a net reduction of 6.684 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 10 days of net increases in holdings by southbound funds, totaling 10.742 million shares [1] - As of now, southbound funds hold 1.594 billion shares of China Traditional Chinese Medicine, accounting for 31.65% of the company's total issued ordinary shares [1] Group 2 - China Traditional Chinese Medicine Holdings Limited primarily engages in the manufacturing and sales of traditional Chinese medicine [2] - The company operates through four divisions, focusing on the production and sales of traditional Chinese medicine formula granules, health products, and traditional Chinese medicine slices [2] - The Tianjiang division also provides healthcare solutions related to traditional Chinese medicine through offline medical institutions, including consultations and prescriptions [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA TRADITIONAL CHINESE MEDICINE HOLDINGS CO. LIMITED 暫停辦理股份過戶登記手續 茲提述中國中藥控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為2025年 11月25日之公告，內容有關更新持續關連交易（「該公告」）。除文義另有所指外，本公告 所用詞彙與該公告所界定者具相同涵義。 董事會宣佈，股東特別大會訂於2026年2月2日（星期一）舉行，以考慮並酌情批准該等協 議及其各自項下擬進行之交易。 為釐定股東享有出席股東特別大會並投票之身份，本公司將於2026年1月28日（星期三）至 2026年2月2日（星期一）（首尾兩天包括在內）暫停辦理股份過戶登記手續，期間不會登記 任何股份轉讓。為確保符合資格出席股東特別大會並投票，所有填妥之股份過戶文件連 同有關股票最遲須於2026年1月27日（星期二）下午四時三十分前存放在本公司香港股份過 戶登記 ...

Investment Highlights - The company, China Traditional Chinese Medicine (00570), is given a neutral rating with a target price of HKD 2.40, corresponding to P/E ratios of 34.5 and 16.3 for 2026 and 2027 respectively [1] - There is increasing policy support for the development of the traditional Chinese medicine industry, with the State Council issuing measures to accelerate its growth, which is expected to enhance the traditional Chinese medicine service system [1] - The company has a solid layout in the traditional Chinese medicine industry chain, currently undergoing a restructuring phase, focusing on core products like traditional Chinese medicine formula granules and expanding into various segments [1] Business Strategy - The company is actively engaged in marketing reforms and business restructuring to adapt to policy impacts such as centralized procurement, aiming for collaborative development across different segments [1][2] - The company is enhancing its technological innovation system to address industry challenges, focusing on the development of innovative traditional Chinese medicines and secondary development of existing products [1] Market Outlook - The market is concerned about potential profit declines due to centralized procurement; however, the company is optimistic about controlling expense ratios through marketing reforms and evidence-based medical research [2] - The company forecasts EPS of -0.11, 0.06, and 0.13 for 2025 to 2027, with current stock price corresponding to P/E ratios of 31.0 and 14.7 for 2026 and 2027, indicating an 11.1% upside potential [2]

Core Viewpoint - CICC has initiated coverage on China Traditional Chinese Medicine (00570) with a neutral rating and a target price of HKD 2.40, corresponding to 34.5x and 16.3x P/E for 2026 and 2027 respectively [1] Group 1: Policy Support - The government is increasingly supporting the development of the traditional Chinese medicine (TCM) industry, with policies expected to enhance the TCM service system [2] - The "14th Five-Year Plan" is anticipated to further promote the development of TCM, and the company has a solid layout in the TCM industry chain [2] Group 2: Technological Innovation - The company is focusing on building a technological innovation system to address industry policies such as centralized procurement and medical insurance cost control [3] - Emphasis is placed on the development of innovative TCM drugs and the secondary development of proprietary Chinese medicines to enhance academic competitiveness and new product reserves [3] Group 3: Market Differentiation - While the market is concerned about profit declines due to centralized procurement, the company is actively enhancing marketing reforms and evidence-based medical research, which could help control expense ratios in the long term [4] - Potential catalysts include successful marketing reforms and breakthroughs in the development of new TCM drugs [4] Group 4: Profit Forecast and Valuation - The company’s EPS is projected to be -0.11 CNY, 0.06 CNY, and 0.13 CNY for 2025, 2026, and 2027 respectively [5] - The current stock price corresponds to 31.0x and 14.7x P/E for 2026 and 2027, and given the business adjustment period and the higher P/E compared to the average of Hong Kong TCM stocks, a neutral rating and a target price of HKD 2.40 is reiterated, indicating an upside potential of 11.1% [5]

Core Viewpoint - China Traditional Chinese Medicine (CTCM) is rated as neutral by CICC, with a target price of HKD 2.40, corresponding to P/E ratios of 34.5 and 16.3 for 2026 and 2027 respectively [1] Group 1: Policy Support - The Chinese government is increasingly supporting the development of the traditional Chinese medicine industry, as indicated by the policies released in January 2021 [2] - The "14th Five-Year Plan" is expected to further promote the development of traditional Chinese medicine, with the company having a solid layout in the industry chain [2] Group 2: Technological Innovation - The company is focusing on the development of innovative traditional Chinese medicine and the secondary development of proprietary Chinese medicines to enhance its internal potential [3] - The emphasis on R&D is expected to improve the company's academic competitiveness and strengthen its new product reserve capabilities [3] Group 3: Market Differentiation - While the market is concerned about profit declines due to centralized procurement, the company is actively enhancing its marketing reforms and evidence-based medical research, which could help control costs in the long term [4] - Potential catalysts include successful marketing reforms and breakthroughs in the development of new traditional Chinese medicines [4] Group 4: Profit Forecast and Valuation - The company’s EPS is projected to be -0.11, 0.06, and 0.13 for the years 2025 to 2027 [5] - The current stock price corresponds to P/E ratios of 31.0 and 14.7 for 2026 and 2027, respectively, with a neutral rating and a target price of HKD 2.40, indicating an upside potential of 11.1% [5]

Core Viewpoint - The report by Zhiyan Consulting highlights the trends and statistics of the Chinese traditional Chinese medicine (TCM) material industry, indicating a decline in imports and an increase in exports for November 2025 [1] Import and Export Statistics - In November 2025, the import volume of Chinese TCM materials was 0.84 million tons, representing a year-on-year decrease of 26.6% [1] - The import value for the same period was 0.26 million USD, showing a year-on-year decline of 9.8% [1] - Conversely, the export volume of Chinese TCM materials reached 1 million tons in November 2025, marking a year-on-year increase of 7.6% [1] - The export value for November 2025 was 1.04 million USD, reflecting a year-on-year growth of 13.5% [1] Industry Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and customized reports [1] - The firm emphasizes its commitment to delivering high-quality services and market insights to empower investment decisions in the TCM sector [1]

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12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: | 2026年1月2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 (-) | | | | ...

据介绍，中国中药协会自2019年举办首届中国中药品牌建设大会以来，已连续成功举办六届，发布中药 材、中药饮片、中成药品牌超1100个，凭借持续的品牌培育与推广，形成了较强的行业影响力，助力产 业高质量发展。(经济日报记者吴佳佳) 会上发布了2025年度中药行业品牌信息公告，公告涵盖中药材、中药饮片两大类别，包括13个道地药材 品牌、8个生态中药材品牌、40家中药饮片品牌企业以及53个中药饮片品牌产品，同步揭晓了对应的品 牌及企业名单。 中国中药协会主办的第六届中国中药品牌建设大会暨中医药品牌集群年会近日在京举办。来自全国各地 的专家学者、企业代表及中医药品牌集群成员出席大会，共话中药品牌建设发展之路。本届大会设置了 专家主题报告、企业品牌经验分享、圆桌对话等环节，与会嘉宾围绕中药品牌建设的理念思考、实践路 径、成果转化与生态构建进行了深入交流。 ...

该信息由智通财经网提供 智通财经APP获悉，摩根士丹利发布研报称，将中国中药(00570)2025至2030年盈利预测下调10%至 14%，以反映更多与中药配方颗粒降价相关的减值拨备; 目标价由1.6港元降至1.5港元，维持"减持"评 级。 该行指，公司业绩持续逊于市场预期，且盈利质素有所下降。去年备受市场关注的交易终止事 件，可能令投资者对公司管治的观感趋负面。该行料股份沽压将持续，因事件推动型的投资者很可能继 续减持其剩余持股。 ...

Core Viewpoint - Morgan Stanley has downgraded the profit forecast for China Traditional Chinese Medicine (00570) for 2025 to 2030 by 10% to 14%, reflecting increased impairment provisions related to the price reduction of Chinese medicine formula granules [1] - The target price has been reduced from HKD 1.6 to HKD 1.5, maintaining a "Reduce" rating [1] Financial Performance - The company's performance continues to fall short of market expectations, and the quality of earnings has declined [1] - The termination of a highly publicized transaction last year may negatively impact investor perception of the company's governance [1] Market Sentiment - Ongoing selling pressure on the stock is anticipated, as event-driven investors are likely to continue reducing their remaining holdings [1]