登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600085 证券简称：同仁堂 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ 注：本报告期内，面对复杂多变的市场环境波动，公司有效采取提质增效措施，仍然实现了营业收入和 归属于上市公司股东的净利润的同比增长，公司经营基本面展现出较强的韧性和抗风险能力，经营业务 保持稳健发展。经营活动产生的现金流量净额本期为8.33亿元，较上年同期增加了10.84亿元，主要是公 司不断优化原料采购节奏，库存结构更趋合理，整体采购支出趋于平稳，经营活动产生的现金流量净额 同比增长。 (二)非经常性损益项目 ...

金十数据4月30日讯，同仁堂表示，公司持续关注进口牛黄政策，其实施需结合政府部门的政策调整。 目前尚未对公司的日常经营产生重大影响。 同仁堂：持续关注进口牛黄政策 ...

Group 1 - The second "Jiawei Xiaoyao Wan - Pharmacy Speaker" event, sponsored by Tongrentang Technology Development Co., Ltd., will start on May 8 and aims to enhance the professional skills of pharmacy staff over a five-month competition [1][3] - The event focuses on empowering pharmacy talent development and improving service quality, aligning with the growing consumer health demands in the domestic market [3][5] - The competition will include various stages such as online preliminaries, online rematch, semifinals, and finals, with opportunities for participants to win cash prizes and gifts [7] Group 2 - The event emphasizes "professional enhancement" and "customer attraction," using Tongrentang's flagship product, Jiawei Xiaoyao Wan, to help pharmacy staff understand product characteristics and market trends [5][3] - Participants can win up to 5,000 yuan in cash rewards and additional prizes for outstanding performance, which can also help drive traffic to their stores [7][5] - The competition format includes PK mode, group challenges, practical exercises, and professional skill contests to comprehensively improve pharmacy operations [5][7]

Core Insights - In Q1 2025, Tongrentang Technology Company focused on market demand, enhancing product variety and channel development to stimulate marketing momentum [1] Group 1: Product Strategy - The company emphasized "focusing" on major products, directing promotional resources towards key varieties such as Yao Medicine 300 Years, Ejiao, and children's medicine, creating a clear product structure [1] - Core products like Xihuang Pill, Jingzhi Niuhuang Jiedu Pian, and Liuwuwei Dihuang Wan series have optimized pricing systems and operational strategies, achieving coverage in over 30 provinces [9] Group 2: Marketing Initiatives - The "Flag Planting Action" marketing campaign covered 10 key provinces, conducting 206 events and nearly 1500 terminal promotion activities, successfully enhancing product shelf presence and awareness [9] - The company targeted younger audiences with innovative marketing strategies, such as the "Beijing Tongrentang Super Good Pill" campaign during the JD Super Brand Day, appealing to their health-conscious yet skeptical mindset [11] Group 3: Community Engagement - The company engaged in community education about product knowledge, leveraging events like the Winter Olympics to promote health trends, particularly in Harbin [11][14] - Creative marketing slogans and campaigns, such as the AI-themed short films, resonated with younger demographics, making products like Jingzhi Niuhuang Jiedu Pian and Ejiao popular during the spring health season [12][14]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,275,676,318.68, a slight increase of 0.16% compared to CNY 5,267,289,154.73 in the same period last year[5]. - Net profit attributable to shareholders was CNY 582,207,170.28, reflecting a year-on-year growth of 1.10% from CNY 575,877,577.58[5]. - The net profit attributable to shareholders for the first quarter of 2025 was CNY 8.97 billion, an increase from CNY 8.39 billion in the same period last year, showing a growth of around 6.93%[19]. - Total operating revenue for Q1 2025 was approximately ¥5.28 billion, a slight increase from ¥5.27 billion in Q1 2024, representing a growth of 0.02%[22]. - Net profit for Q1 2025 was approximately ¥840.89 million, compared to ¥862.53 million in Q1 2024, reflecting a decrease of 2.5%[23]. - The company reported a total comprehensive income of approximately ¥832.54 million for Q1 2025, compared to ¥857.77 million in Q1 2024, a decrease of 2.94%[24]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 832,580,698.58, a significant increase of CNY 1,084,346,919.00 compared to a negative cash flow of CNY 251,766,221.42 in the previous year[6]. - Cash flow from operating activities for Q1 2025 was approximately ¥832.58 million, a significant improvement from a negative cash flow of ¥251.77 million in Q1 2024[26]. - Cash and cash equivalents amounted to CNY 11.38 billion, up from CNY 10.76 billion, marking an increase of approximately 5.67%[17]. - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥11.12 billion, down from ¥12.30 billion at the end of Q1 2024, a decrease of 9.57%[26]. - The company experienced a net cash outflow from investing activities of approximately ¥48.26 million in Q1 2025, an improvement from a net outflow of ¥97.52 million in Q1 2024[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 32,311,700,391.06, representing a 3.57% increase from CNY 31,197,524,019.77 at the end of the previous year[5]. - As of March 31, 2025, the total assets of Beijing Tongrentang Co., Ltd. amounted to CNY 32.31 billion, an increase from CNY 31.20 billion as of December 31, 2024, representing a growth of approximately 3.56%[17]. - The company's current assets reached CNY 24.88 billion, up from CNY 23.70 billion, indicating a growth of about 4.97%[17]. - The total liabilities stood at CNY 10.55 billion, compared to CNY 10.30 billion in the previous period, reflecting an increase of approximately 2.43%[19]. Shareholder Equity - Shareholders' equity attributable to the parent company increased by 4.38% to CNY 13,774,196,050.31 from CNY 13,196,323,218.06[5]. - The total equity attributable to shareholders rose to CNY 13.77 billion, compared to CNY 13.20 billion, reflecting an increase of about 4.24%[19]. - The total number of ordinary shareholders at the end of the reporting period was 117,085[12]. - The company has no significant changes in the top ten shareholders or their relationships, indicating stability in ownership structure[14]. Operational Efficiency - The company implemented effective measures to optimize raw material procurement, leading to improved cash flow and inventory management[6]. - The company reported a 34.11% increase in accounts receivable, attributed to the rolling use of customer credit limits[8]. - The company reported a decrease in accounts receivable from CNY 1.32 billion to CNY 1.77 billion, which is an increase of approximately 34.38%[17]. - The inventory level was CNY 10.87 billion, slightly up from CNY 10.73 billion, indicating a growth of about 1.30%[17]. - The company experienced a 51.41% increase in long-term borrowings due to new loans taken by subsidiaries during the reporting period[10]. - The company's long-term borrowings increased to CNY 1.89 billion from CNY 1.25 billion, representing a significant rise of approximately 51.38%[19]. - Total operating costs for Q1 2025 were approximately ¥4.30 billion, up from ¥4.28 billion in Q1 2024, indicating a growth of 0.03%[22]. - Sales expenses for Q1 2025 increased to approximately ¥1.02 billion, compared to ¥840.17 million in Q1 2024, reflecting a growth of 21.7%[23]. - Research and development expenses for Q1 2025 were approximately ¥36.47 million, down from ¥41.58 million in Q1 2024, indicating a decrease of 12.3%[23]. Earnings Per Share - The basic earnings per share for the period was CNY 0.425, up 1.19% from CNY 0.420 in the same period last year[5]. - Basic earnings per share for Q1 2025 was ¥0.425, slightly up from ¥0.420 in Q1 2024, showing an increase of 1.19%[24].

业绩摘要：2024 年公司实现营业收入185.97 亿元/+4.12%，归母净利15.26亿元/-8.54%），扣非归母净 利14.82 亿元/-10.55%；其中24Q4 实现营业收入47.78 亿元/+15.41%，归母净利润1.76 亿元/-36.65%。 医药工业：核心产品增长亮眼，毛利率有所承压。2024 年公司医药工业实现收入119.12 亿元/+7.52%， 公司大力推进营销改革，积极开拓市场，收入增长稳健，实现毛利率43.75%/-3.22pct，毛利率有所承 压，主要系中药材价格上涨使产品成本增加，其中前五名系列实现营收56.07 亿元/+13.22%，毛利率为 47.56%/-7.26%pct。细分领域看，心脑血管/补益/清热/妇科类产品分别实现营收51.46/21.27/7.33/4.77 亿 元， 同比+17.26%/+22.98%/+19.27%/+26.63%。2025 年3 月，同仁堂科技公司立足传统，充分发挥道地 药材与科研创新优势，推出安宫牛黄丸（体培有机版），提升了产品的市场竞争力，并形成了产品梯队 化配置，能够满足不同人群的个性化需求，将覆盖更多的消费群体与客户，进一步挖 ...

Group 1 - Suzhou's unique "medicine and food homology" culture reflects traditional Chinese health wisdom, integrating wellness into daily life [1] - The collaboration between Yili and Tongrentang has launched new products that cater to the health needs of consumers, emphasizing "precise nutrition + Chinese health preservation" [2][11] - The new product line includes five specialized milk powders targeting key health concerns such as blood sugar control, sleep, bone health, cardiovascular health, and nourishing qi and blood [2][11] Group 2 - The partnership with RT-Mart has resulted in a successful sales growth of 16% annually over three years, establishing a model for collaboration between manufacturers and retailers [4] - The new products have received positive feedback from consumers, particularly the elderly, who find them more approachable than traditional supplements [5] - The marketing strategy includes immersive experiences and educational activities that make health concepts tangible and relatable for consumers [7] Group 3 - Yili's donation of nutritional milk powder worth 445,000 yuan to five organizations demonstrates its commitment to corporate social responsibility and community health [9] - The collaboration between Yili and Tongrentang represents a response to the rising trend of "Chinese health preservation," aligning with local consumer habits and preferences [11]

Core Insights - The Chinese medicine clinic industry is experiencing explosive growth, with the number of private clinics reaching 86,317 in 2023, a year-on-year increase of 16% [1][8] - The industry is supported by favorable government policies aimed at expanding the number of clinics and improving healthcare services [4][20] - The market is expected to continue expanding, with projections indicating that the number of private clinics could reach around 90,000 by 2024 [1][8] Industry Overview - Chinese medicine clinics provide healthcare services based on traditional Chinese medicine theories, utilizing both herbal and non-drug therapies [1] - The clinics serve as a platform for the promotion of Chinese culture and are part of the national strategy for developing grassroots healthcare [1] Industry Environment - Recent government policies have shifted from encouraging pilot programs to establishing mandatory targets, driving the expansion of Chinese medicine clinics [4] - The demand for healthcare services is increasing due to an aging population, urbanization, and rising health awareness [1][4] Industry Status - The number of private Chinese medicine clinics has seen a significant increase, with a 4.2-fold growth in the rate of new openings compared to 2022 [1][8] - The average spending per visit at Chinese medicine clinics has also risen, indicating a shift towards higher-quality services [10] Competitive Landscape - Capital investment in the Chinese medicine clinic sector is increasing, with successful public listings of companies attracting more attention [12] - Major players in the industry include Guoshengtang, Tongrentang, and Yuenanqing, which are expanding their clinic networks into second and third-tier cities [12][15] Future Trends - The market size of the Chinese medicine clinic industry is expected to continue expanding, driven by an increase in service quality and a shift towards self-paid services [17] - Digital transformation and the adoption of technologies such as AI and big data are anticipated to enhance service efficiency and patient experience [18] - Government support for the industry is expected to facilitate the integration of the supply chain and promote international expansion [20]

现代研究表明，牛黄具有广泛的药理作用。牛黄为许多常用或名贵中成药的重要配方 组成之一，例如牛黄上清丸、牛黄解毒片、牛黄降压丸、安宫牛黄丸、片仔癀、至宝 丹等。 艾媒咨询CEO兼首席分析师张毅告诉2 1世纪经济报道记者，早期试点进口量相对不大，对同 仁堂、片仔癀等高端中成药企业是重大利好，缓解原材料供应风险，稳定产品产能，满足大型 企业生产需求。长期则可能形成供应链分层化，中小药企天然牛黄原材料获取能力较弱，会倒 逼其在差异化市场发力。 作 者丨李佳英 编 辑丨季媛媛 图 源丨IC p h o t o 近日，国家药监局、海关总署联合发布《关于允许进口牛黄试点用于中成药生产有关事项的公 告》，宣布开展牛黄进口使用试点，对于来自不存在疯牛病疫情禁令国家（地区），且符合我 国海关检疫要求和药品质量检验要求的牛黄，允许其试点用于中成药生产。 紧接着，海关总署公告称， 自2 0 2 5年4月2 3日起，允许符合要求的阿根廷牛黄进口 。 牛黄究竟为何物？其源于动物牛的干燥胆结石，始载于《神农本草经》，具有清心、 豁痰、开窍、凉肝、息风、解毒之功效，用于热病神昏、中风痰迷、惊痫抽搐、癫痫 发狂、咽喉肿痛、口舌生疮等。 仅从原 ...

从现金流情况看，2024年，同仁堂经营活动现金流净额同比锐减59.29%至7.61亿元，创十年来最低水 平。与此同时，应收票据及应收款项增至15.73亿元，同比增幅21.56%，而合同负债（预收账款）大幅 降低至3.14亿元，反映出下游经销商采购意愿下降和回款周期拉长的双重压力。由于中药材保质期仅2- 3年，若销售增速无法匹配存货增长，未来存货减值风险或显著上升。 品牌管理漏洞难掩 产品质量问题频发 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2024年，中药行业老字号同仁堂交出了一份"增收不增利"的成绩单。年报显示，公司全年实现营业收入 185.97亿元，同比增长4.12%；但归母净利润同比下滑8.54%至15.26亿元，扣非净利润降幅更达 10.55%。这是同仁堂自2020年以来首次出现净利润负增长，打破了此前连续四年增长的纪录，2020- 2023年归母净利润同比增幅分别为4.67%、19%、16.29%、16.92%。 原材料价格飙升 核心产品毛利率失守 分板块来看，医药工业和医药商业两大核心业务收入均实现增长。其中，医药工业营收119.12亿元，同 比增长7.52%；医 ...