Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to 14, focusing on health and wellness services with the theme "Smart Leading Future, Healthy Life" [1] - The health and wellness service section will feature two main display experience areas: "Smart Therapy Cloud Matrix" and "National Health Service Matrix" [1] - Major global companies such as Elsevier and GE Healthcare will participate, with a participation rate of 54% from Fortune 500 companies and 53% internationalization rate [1] Group 2 - The Health Priority Zone will showcase innovative projects from local medical institutions, focusing on the integration of medical and elderly care services [2] - A record 48 traditional Chinese medicine institutions will participate, with 27 offline, highlighting the modernization and international potential of traditional Chinese medicine [2] - The Capital International Medical Conference will take place during the trade fair, discussing technology innovation and the development of the medical and health industry [3]

中国驻瑞典大使崔爱民与瑞典北京同仁堂工作人员合影。中国驻瑞典大使馆供图 崔爱民表示，中医药根植于中华传统优秀文化，体现着中国人的健康理念，是长期临床实践积累形成的诊疗保健体系，推动了东西方文明交流互鉴， 为人类健康事业作出了贡献。希望大家立足当地、因地制宜，扩大中医药文化影响力，探索中华传统医学与现代医学有机结合的新形式、新常态，增进中 瑞两国人民友好，为构建人类卫生健康共同体作出更大贡献。 人民网斯德哥尔摩8月12日电 （记者殷淼）8月12日，中国驻瑞典大使崔爱民走访瑞典北京同仁堂和Norden Kinamedicin等中医药诊疗保健机构，实地 了解中医药在瑞发展情况，并就推动中医药发展国际化进行交流。中国驻瑞典大使馆负责科技事务的参赞崔玉亭和领侨处主任杨冠达陪同参加了有关活 动。 中国驻瑞典大使崔爱民与瑞典Norden Kinamedicin工作人员合影。中国驻瑞典大使馆供图 有关机构负责人表示，将加强与瑞典当地民众的交流互动，不断弘扬中医药文化，进一步展示中医药独特魅力。 ...

Core Viewpoint - Tongrentang Medical Investment Co., Ltd. is making a third attempt to submit its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor, which could lead to the establishment of the fourth listed company under the Tongrentang Group [1][3] Group 1: Company Overview - Tongrentang Medical has become the largest non-public Chinese traditional medicine hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% [3] - The company reported revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan for the years 2022, 2023, and 2024, respectively, with adjusted net profits of -9.23 million yuan, 47.87 million yuan, and 61.73 million yuan [3] - The acquisition of Sanxi Tang has significantly contributed to Tongrentang Medical's performance, with revenues from Sanxi Tang accounting for 21.9%, 31.2%, and 31.8% of total revenues in 2022, 2023, and 2024, respectively [3][4] Group 2: Financial Performance - Sanxi Tang contributed to Tongrentang Medical's gross profit, with figures of 64 million yuan, 96.9 million yuan, and 91.8 million yuan for the years 2022, 2023, and 2024, representing 44.8%, 44.6%, and 41.3% of the total gross profit [3] - The gross margin for Tongrentang Medical has been declining, with rates of 39.6%, 20.2%, and 17.9% for the years 2022, 2023, and 2024, respectively [7] Group 3: Strategic Acquisitions and Partnerships - In 2024, Sanxi Tang obtained exclusive sales rights for the Tongrentang brand's An Gong Niu Huang Wan series products to retailers in Zhejiang Province, which is expected to boost sales [6] - The sales revenue from An Gong Niu Huang Wan for 2024 is projected to be 73.149 million yuan, with Sanxi Tang's wholesale revenue from this product accounting for 31% of Tongrentang Medical's health products sales [6][7] Group 4: Shareholder Dynamics - Following multiple shareholding changes, as of March 2024, Tongrentang Medical holds a 75% stake in Sanxi Tang, with the original controlling shareholders also retaining a stake [4][5] - The original controlling shareholders, Zhu Zhibiao and Pan Songqin, became shareholders of Tongrentang Medical through capital increase in March 2024, holding a combined 3.87% stake [5]

Core Viewpoint - Tong Ren Tang Yi Yang is making a third attempt to submit its prospectus for a Hong Kong IPO, with CICC as the sole sponsor, aiming to become the fourth listed company under the Tong Ren Tang Group [1] Group 1: Company Overview - Tong Ren Tang Yi Yang has become the largest non-public Chinese medicine hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% [2] - The company reported revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of -9.23 million yuan, 47.87 million yuan, and 61.73 million yuan [2] - The acquisition of Sanxi Tang has significantly contributed to the company's performance, generating revenues of 199 million yuan, 360 million yuan, and 374 million yuan from 2022 to 2024, accounting for 21.9%, 31.2%, and 31.8% of total revenue [2] Group 2: Acquisition and Shareholding Structure - In June 2022, three companies under the Tong Ren Tang Group became shareholders of Sanxi Tang, including Tong Ren Tang Yi Yang [3] - By March 2024, the shareholding of Tong Ren Tang Yi Yang in Sanxi Tang increased to 75% after other shareholders exited [3] - The original controlling shareholders of Sanxi Tang became shareholders of Tong Ren Tang Yi Yang through capital increase, holding a combined 3.87% stake [3] Group 3: Product Sales and Financial Performance - In January 2024, Sanxi Tang obtained exclusive sales rights for the An Gong Niu Huang Wan series in Zhejiang Province, contributing 73.149 million yuan in sales revenue for the year [6] - The sales price for An Gong Niu Huang Wan (natural version) is 860 yuan per box, with 60,000 boxes sold in 2024 [6] - The gross profit margin for Tong Ren Tang Yi Yang has been declining, with rates of 39.6%, 20.2%, and 17.9% from 2022 to 2024, attributed to reduced sales of high-margin products [7] Group 4: Related Party Transactions - In 2024, Tong Ren Tang and its controlled company contributed 20.252 million yuan in revenue to Tong Ren Tang Yi Yang [8] - The company plans to significantly increase its procurement from the Tong Ren Tang Group, with projected purchases of approximately 70 million yuan and 95 million yuan in 2025 and 2026 respectively [7]

Core Points - The forum titled "Integration of Industry, Academia, and Research on Classic Chinese Medicine Formulas" was held in Zhuhai, focusing on the internationalization of traditional Chinese medicine (TCM) [1][3] - The project "Pharmacological Verification and Formulation Optimization of Classic Formulas Huangqi Guizhi Wuwu Decoction and Taohong Siwu Decoction" was officially launched during the forum [1][21] - The event was co-hosted by the Macau University of Science and Technology and Beijing Tongrentang Group, highlighting the collaboration between academia and industry [1][3] Industry Development - The forum aimed to promote the industrialization and academic research of classic TCM formulas, facilitating cross-border exchanges [1][3] - Experts discussed the current state of the TCM industry and the development practices of classic formulas, providing strategies for modernization and internationalization [9][13] - The project received funding of over 12 million Macanese Patacas from the Macao SAR government, indicating strong governmental support for TCM development [21] Collaboration and Future Prospects - The collaboration between Macau University of Science and Technology and Tongrentang Group is seen as a significant step towards modernizing and internationalizing TCM [5][28] - The forum included discussions on the advantages of the Hong Kong-Macao TCM industry and the role of modern technology in TCM research [24][26] - Future efforts will focus on enhancing the international influence of the Tongrentang brand and expanding its market presence globally [7][28]

Group 1 - The Chinese medicine ETF (159647) has seen a continuous inflow of funds, totaling 30.03 million yuan over the past five days, with a net inflow of 22.14 million yuan since August [1] - The China Traditional Chinese Medicine Index (930641) has increased by 0.77%, with notable gains from companies such as Kang En Bei (600572) up 5.41% and Zhong Sheng Pharmaceutical (002317) up 4.80% [1] - The release of the "Chinese Atrial Fibrillation Management Guidelines (2025)" recommends the use of Tongluo drugs, specifically the Shen Song Yang Xin capsule, for maintaining sinus rhythm in paroxysmal atrial fibrillation [1] Group 2 - Jiang Hai Securities highlights that the labeling of expiration dates on traditional Chinese medicine pieces enhances product transparency, boosting consumer confidence and potentially expanding the market [2] - The top ten weighted stocks in the China Traditional Chinese Medicine Index account for 54.58% of the index, with major companies including Yunnan Baiyao (000538) and Tong Ren Tang (600085) [2] - The Chinese medicine ETF closely tracks the China Traditional Chinese Medicine Index, which reflects the overall performance of listed companies involved in the production and sale of traditional Chinese medicine [2]

Group 1 - Beijing Beida Pharmaceutical's subsidiary, Beijing Beida Medicine, has suspended its main business since June 2025 due to the termination of a long-term service contract with Peking University International Hospital [1] - The termination reflects the subsidiary's weak business structure and inability to diversify its client base, which may lead to operational sustainability issues and potential personnel adjustments [1] - The parent company may experience short-term performance impacts as a result of this development [1] Group 2 - Huaxi Biological's fermentation-derived chondroitin sodium has successfully completed the main document registration with the National Medical Products Administration, marking it as the first compliant fermentation-derived chondroitin sodium in China [2] - This new pharmaceutical-grade raw material can be applied in Class II and III medical devices, potentially expanding the company's raw material business applications and serving as a new growth point for performance [2] - Future market expansion and downstream customer integration will be critical for the commercial success of this product [2] Group 3 - Tongrentang announced a change in leadership, with the resignation of Chairman Di Shubing and the election of Zhang Zhaohua as the new chairman [3] - This leadership change is part of normal internal rotation and may indicate a strategic management strengthening and business development push for the company [3] Group 4 - *ST Wuzhong has initiated arbitration against Regen Biotech, Inc. for breach of contract, with the Shenzhen International Arbitration Court accepting the case [4] - The arbitration seeks to confirm the validity of the exclusive agency agreement and may involve a preliminary claim for damages amounting to RMB 1.6 billion, covering various losses [4] - The outcome of this arbitration could significantly impact *ST Wuzhong's operational pressure and stock price, depending on the ruling [4] Group 5 - Rongchang Bio's RC148 has been proposed for inclusion in the breakthrough therapy designation program for treating advanced or metastatic non-small cell lung cancer [5] - This PD-1/VEGF dual antibody is the fourth of its kind to receive such designation, following competitors like Kangfang Biotech and Promis [5] - The competitive landscape for multi-target dual antibodies is intensifying, and Rongchang's progress may further drive technological advancements in the industry [5]

Core Viewpoint - Tongrentang Medical Investment Co., Ltd. is making a third attempt to submit its prospectus for an IPO in Hong Kong, with CICC as the sole sponsor, which could lead to the establishment of the fourth listed company under the Tongrentang Group [1] Group 1: Company Performance - In 2022, 2023, and 2024, Tongrentang Medical achieved revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan, with adjusted net profits of -9.233 million yuan, 47.869 million yuan, and 61.732 million yuan respectively [2] - The acquisition of Sanxi Tang contributed significantly to the performance of Tongrentang Medical, with revenues from Sanxi Tang in 2022, 2023, and 2024 being 199 million yuan, 360 million yuan, and 374 million yuan, accounting for 21.9%, 31.2%, and 31.8% of total revenue [2] Group 2: Market Position - Tongrentang Medical has become the largest private traditional Chinese medicine hospital group in China, with a market share of 1.7% based on total outpatient and inpatient visits in 2024 [1] Group 3: Strategic Acquisitions - The acquisition of Sanxi Tang by Tongrentang Medical in 2022 has been a key driver for its revenue, with Sanxi Tang contributing over 40% to the total gross profit of Tongrentang Medical [1][2] - Following multiple changes in shareholding, as of March 2024, Tongrentang Medical holds a 75% stake in Sanxi Tang, with the original controlling shareholders also becoming shareholders of Tongrentang Medical [3] Group 4: Product Sales and Margins - The sales of the flagship product, An Gong Niu Huang Wan, generated revenue of 73.149 million yuan for Tongrentang Medical in 2024, with Sanxi Tang's wholesale revenue from this product amounting to 51.6 million yuan, representing 31% of the sales revenue from health products [5][6] - The gross margin for health products has been declining, with rates of 39.6%, 20.2%, and 17.9% for 2022, 2023, and 2024 respectively, attributed to reduced wholesale volumes of high-margin products [6] Group 5: Related Party Transactions - In 2024, Tongrentang Medical significantly increased its procurement from the Tongrentang Group, with procurement amounts projected to reach approximately 70 million yuan and 95 million yuan in 2025 and 2026 respectively [6] - The Tongrentang Group and its subsidiaries contributed 20.252 million yuan in revenue to Tongrentang Medical in 2024, indicating a dual role as both supplier and customer [6]

Meeting Overview - The 12th meeting of the 10th Board of Directors of Beijing Tongrentang Co., Ltd. was held on August 11, 2025, with all 9 directors present [2] - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association [2] Resolutions Passed - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Fund Management System" with unanimous consent [3] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Audit Committee Work Rules" with unanimous consent [4] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Nomination Committee Work Rules" with unanimous consent [5] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Compensation and Assessment Committee Work Rules" with unanimous consent [6] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Strategic and Investment Committee Work Rules" with unanimous consent [7] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Legal Construction Committee Work Rules" with unanimous consent [8] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. General Manager Work Rules" with unanimous consent [9] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Secretary of the Board Work Rules" with unanimous consent [10] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Board Authorization Management Measures" with unanimous consent [11] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Management System for Directors and Senior Management Holding Company Shares" with unanimous consent [12] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. External Director Management Measures" with unanimous consent [13] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Internal Control System" with unanimous consent [14] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Board Meeting Proposal Management Measures" with unanimous consent [15] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Investor Relations Management System" with unanimous consent [16] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Insider Information Registrant Management System" with unanimous consent [17] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. Information Disclosure Management System" with unanimous consent [18] - The board approved the revision of the "Beijing Tongrentang Co., Ltd. External Director Support Service Management Measures" with unanimous consent [19] - The board approved the establishment of the "Beijing Tongrentang Co., Ltd. Information Disclosure Postponement and Exemption Management Measures" with unanimous consent [20] - The board approved the establishment of the "Beijing Tongrentang Co., Ltd. Securities Investment Management Measures" with unanimous consent [21] - The board approved the establishment of the "Beijing Tongrentang Co., Ltd. Entrusted Financial Management System" with unanimous consent [22] Leadership Changes - The board accepted the resignation of former chairman Di Shubing due to work adjustments, effective immediately upon delivery of the resignation report [23][36] - Zhang Chaohua was elected as the new chairman of the board, effective from the date of the board's approval until the end of the current board's term [23][36] - The board will handle the necessary changes for the legal representative registration [24][36] Board Member Adjustments - The board approved the election of Wang Xingwu as a non-independent director, pending shareholder approval [25][41] - The board made adjustments to the members of the Strategic and Investment Committee, Legal Construction Committee, and Nomination Committee [27][42] - The new committee members' terms will last until the end of the current board's term [30][43]

Group 1 - Wanhua Chemical reported a 25.10% decrease in net profit for the first half of 2025, with revenue of 90.90 billion yuan, down 6.35% year-on-year [1][2] - The company's net profit attributable to shareholders was 6.12 billion yuan, while the net profit excluding non-recurring items was 6.24 billion yuan, both showing significant declines [1][2] - Despite challenges such as weak international demand and geopolitical tensions, the chemical industry in China maintained stable development due to domestic consumption upgrades and diversified export markets [2] Group 2 - Satellite Chemical achieved a 33.44% increase in net profit for the first half of 2025, with total assets reaching 69.30 billion yuan, up 5.58% year-on-year [4][5] - The company reported revenue of 23.46 billion yuan, a 20.93% increase compared to the previous year, demonstrating resilience in a complex environment [4][5] - The company is focusing on technological innovation and plans to invest 3 billion yuan in high-performance catalyst projects [5] Group 3 - Shengnong Development reported a 22.02% increase in sales revenue for July 2025, reaching 2.13 billion yuan, with significant growth in both poultry and processed meat segments [6][7] - The company noted a strong performance in high-value channels, with retail channel revenue growing over 30% year-on-year [7] Group 4 - Desay SV reported a 45.82% increase in net profit for the first half of 2025, with revenue of 14.64 billion yuan, up 25.25% year-on-year [8] - The smart cockpit and smart driving businesses contributed significantly to the revenue growth, with sales of 9.46 billion yuan and 4.15 billion yuan respectively [8] Group 5 - New Qianglian reported a remarkable 496.60% increase in net profit for the first half of 2025, with revenue of 2.21 billion yuan, up 108.98% year-on-year [16] - The company demonstrated strong growth in its financial performance, indicating effective operational strategies [16] Group 6 - Fuda Co. reported a 98.77% increase in net profit for the first half of 2025, with revenue of 937 million yuan, up 30.26% year-on-year [18] - The company showed significant growth in net profit excluding non-recurring items, indicating strong operational performance [18] Group 7 - Tianzhun Technology reported a revenue increase of 10.32% for the first half of 2025, reaching 597 million yuan, but still recorded a net loss of 14 million yuan [19] - The company’s total assets grew by 9.99% year-to-date, indicating a positive trend in asset management [19] Group 8 - Huafeng Chemical reported a 35.23% decrease in net profit for the first half of 2025, with revenue of 12.14 billion yuan, down 11.7% year-on-year due to industry downturns [28] - The company faced challenges with declining product prices across various segments, impacting overall profitability [28] Group 9 - The company Zhishang Technology plans to acquire 99.86% of Hengyang Data for 1.15 billion yuan, focusing on AI and cloud computing solutions [29] - This acquisition aims to enhance the company's capabilities in intelligent computing and data processing [29] Group 10 - Huangshanghuang plans to acquire 51% of Lixing Food for 495 million yuan, which will allow it to gain control over the food manufacturing company [30] - This acquisition is part of the company's strategy to expand its product offerings and market presence [30] Group 11 - Beida Pharmaceutical faces significant revenue and profit declines due to the termination of its business cooperation with Peking University International Hospital, projecting a loss of approximately 600 million yuan in sales [31] - The company is exploring new directions for transformation, but faces uncertainty regarding its future operations [31]