1 二、对外投资进展情况 证券代码：600085 证券简称：同仁堂 公告编号：2025-023 北京同仁堂股份有限公司 关于对外投资的进展公告 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。 一、对外投资前期情况概述 北京同仁堂股份有限公司（以下简称公司或本公司）于 2024 年 10 月 29 日 召开第十届董事会第三次会议，审议通过了《关于北京同仁堂商业投资集团有限 公司对外投资的议案》，同意本公司之控股子公司北京同仁堂商业投资集团有限 公司（以下简称同仁堂商业）受让红惠（北京）科技有限公司（以下简称红惠科 技）持有的红惠医药有限公司（现更名为北京同仁堂宏德医药有限公司，以下简 称红惠医药）51%股权，转让价款为人民币 10,463.72 万元，具体内容详见公司 于 2024 年 10 月 30 日披露的《对外投资公告》（公告编号：2024-028）。 同仁堂商业与红惠科技、北京道培宏德医疗投资有限公司、红惠医药、王德 生及王爱晓（以下简称交易各方）共同签署了《关于红惠医药有限公司之股权转 让协议》（以下简称《股权转让协议 ...

金融界消息 截至2025年8月1日收盘，同仁堂（600085）报收于36.78元，上涨2.2%，换手率1.23%，成 交量16.91万手，成交金额6.22亿元。 天眼查商业履历信息显示，北京同仁堂股份有限公司，成立于1997年，位于北京市，是一家以从事医药 制造业为主的企业。企业注册资本137147.0262万人民币，实缴资本71930.85万人民币。公司法定代表人 为邸淑兵。 资金流向方面，今日主力资金净流入3864.77万元，占比成交额6.22%。其中，超大单净流入2937.82万 元、占成交额4.73%，大单净流入926.95万元、占成交额1.49%，中单净流出流出2172.72万元、占成交 额3.49%，小单净流出1692.05万元、占成交额2.72%。 同仁堂最新一期业绩显示，截至2025一季报，公司营业总收入52.76亿元、同比增长0.16%，归属净利润 5.82亿元，同比增长1.10%，扣非净利润5.81亿元，同比增长1.66%，流动比率3.450、速动比率1.943、 资产负债率32.65%。 通过天眼查大数据分析，北京同仁堂股份有限公司共对外投资了19家企业，参与招投标项目297次，知 识产 ...

金融界消息 截至2025年7月31日收盘，同仁堂（600085）报收于35.99元，下跌2.15%，换手率0.87%， 成交量11.98万手，成交金额4.34亿元。 资金流向方面，今日主力资金净流出2807.13万元，占比成交额6.47%。其中，超大单净流出1916.51万 元、占成交额4.42%，大单净流出890.61万元、占成交额2.05%，中单净流出流入2042.91万元、占成交 额4.71%，小单净流入764.21万元、占成交额1.76%。 同仁堂最新一期业绩显示，截至2025一季报，公司营业总收入52.76亿元、同比增长0.16%，归属净利润 5.82亿元，同比增长1.10%，扣非净利润5.81亿元，同比增长1.66%，流动比率3.450、速动比率1.943、 资产负债率32.65%。 天眼查商业履历信息显示，北京同仁堂股份有限公司，成立于1997年，位于北京市，是一家以从事医药 制造业为主的企业。企业注册资本137147.0262万人民币，实缴资本71930.85万人民币。公司法定代表人 为邸淑兵。 通过天眼查大数据分析，北京同仁堂股份有限公司共对外投资了19家企业，参与招投标项目297次，知 识 ...

Group 1 - The core viewpoint of the news is that the Shanghai Stock Exchange 300 Pharmaceutical Index has shown significant growth, with a 12.60% increase over the past month, 13.11% over the past three months, and 19.34% year-to-date [1] - The Shanghai Stock Exchange 300 Pharmaceutical Index is composed of listed companies in the pharmaceutical sector selected from the Shanghai and Shenzhen 300 Index, reflecting the overall performance of these companies [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the Shanghai Stock Exchange 300 Pharmaceutical Index include: Heng Rui Medicine (44.25%), Pian Zai Huang (9.6%), Yunnan Baiyao (7.98%), Kelun Pharmaceutical (6.66%), East China Pharmaceutical (6.13%), Fosun Pharmaceutical (5.62%), New Harmony (5.46%), Baillie Tianheng (4.07%), Tong Ren Tang (3.93%), and China Resources Sanjiu (3.33%) [1] - The market share of the index's holdings is 70.43% from the Shanghai Stock Exchange and 29.57% from the Shenzhen Stock Exchange [1] - The composition of the index by industry shows that drug formulations account for 66.73%, traditional Chinese medicine for 27.81%, and raw materials for 5.46% [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which occur at the same time [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 688766 | 普冉股 | 7.79 | 5.03 | 64.60 | 68.94 | 6.72 | | | 份 | | | | | | | 300679 | 电连技 术 | 8.00 | 4.36 | 47.49 | 50.50 | 6.34 | | 300045 | 华力创 | 6.25 | 8.30 | 20.24 | 21.25 | 4.99 | | | 通 | | | | | | | 600238 | *ST椰岛 | 4.93 | 3.25 | 7.03 | 7.23 | 2.85 | | 300761 | 立华股 | 2.54 | 0.92 | 19.35 | 19.79 | 2.29 | | | 份 | | | | | | | 000703 | 恒逸石 化 | 2.13 | 0.30 | 6.09 | 6.22 | 2.09 | | ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.

Group 1 - The core viewpoint of the news is that the Shanghai Stock Exchange 300 Pharmaceutical Index has shown significant growth, with a 6.10% increase over the past month, 5.82% over the past three months, and 11.74% year-to-date [1] - The Shanghai Stock Exchange 300 Pharmaceutical Index is composed of listed companies in the pharmaceutical sector selected from the Shanghai and Shenzhen 300 Index, reflecting the overall performance of these companies [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the Shanghai Stock Exchange 300 Pharmaceutical Index include: Heng Rui Medicine (42.46%), Pian Zai Huang (10.28%), Yunnan Baiyao (8.39%), Kelong Pharmaceutical (6.44%), East China Pharmaceutical (6.28%), New Hualian (5.68%), Fosun Pharmaceutical (5.54%), Baile Tianheng (4.14%), Tong Ren Tang (4.13%), and China Resources Sanjiu (3.51%) [1] - The market share of the index's holdings is 69.70% from the Shanghai Stock Exchange and 30.30% from the Shenzhen Stock Exchange [1] - The composition of the index's holdings by industry shows that drug formulations account for 64.85%, traditional Chinese medicine for 29.47%, and raw materials for 5.68% [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which occur at the same time as the regular sample adjustments [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Group 1 - The conference "Advancing Together, Expanding the Future" organized by Beijing Tongrentang Commercial Investment Group aims to enhance collaboration in the traditional Chinese medicine industry, focusing on policy trends, market opportunities, and challenges [1] - The Vice President and General Manager of Beijing Tongrentang Group, Di Shubing, emphasized the need for close cooperation and deep integration among upstream and downstream enterprises in the pharmaceutical industry for high-quality development [1] - The group plans to focus on three main areas: promoting ecological integration, accelerating industrial structure upgrades, and assisting the transformation of time-honored brands to drive high-quality development in the traditional Chinese medicine sector [1] Group 2 - Wang Ping, Vice President and General Manager of Beijing Tongrentang Commercial Investment Group, presented the achievements of the first half of 2025, highlighting collaboration results, store revitalization, training empowerment, product strength enhancement, and scenario-based displays [2] - The company will continue to implement its guiding principles of "integration empowerment, transformation and upgrading, diversified integration, and breakthrough development" in the second half of 2025, focusing on the transformation of "four new" areas: new products, new retail, new medical services, and new business formats [2] - A strategic cooperation agreement was signed between Beijing Tongrentang Commercial Investment Group and Beijing Tongren Medical Technology during the conference, aiming to meet the growing health demands of the public [2]

Group 1 - The event "She Health, Beautiful Protection for Her" health market was launched in Shanghai, featuring Beijing Tongrentang as a strategic partner of Meituan's women's health public welfare program [1] - Beijing Tongrentang created an interactive health experience area, attracting many women to participate in activities that combined stamp collection, fun challenges, and health benefits [1][3] - The event included limited-time discounts on Tongrentang products, covering health supplements and health teas, making health benefits easily accessible [1] Group 2 - In addition to fun interactions, Beijing Tongrentang set up a public welfare consultation area with experienced traditional Chinese medicine (TCM) practitioners providing free health consultations and personalized advice [3][4] - The activities focused on common sub-health issues among urban women, such as emotional stress and liver qi stagnation, integrating TCM culture into everyday life in a relatable manner [4] Group 3 - As an important partner in Meituan's women's health public welfare program, Beijing Tongrentang actively practices the "She Health" initiative through health markets, public welfare consultations, and health knowledge dissemination [6] - The company emphasizes that these efforts are not only a practical response to the "Healthy China" strategy but also a continuation of its core philosophy of "benefiting the world through health" [6] - Since its establishment in 1669, the company has adhered to the principle of meticulous craftsmanship and quality, embedding public welfare into its development ethos [6] Group 4 - Beijing Tongrentang integrates social responsibility into its corporate actions, aiming to leverage TCM's unique advantages to contribute to the improvement of public health [8]