Core Viewpoint - Tong Ren Tang Technologies (01666.HK) announced the appointment of Xiao Yao Xi as an independent non-executive director of the company, effective from February 6, 2026, while Li Zhao Bin will resign from the same position on the same date [1] Group 1 - Li Zhao Bin's resignation as the chairman of the Audit Committee, as well as a member of the Remuneration Committee and the Strategy and Planning Committee, will also take effect on February 6, 2026 [1] - The board has resolved to appoint Xiao Yao Xi as the chairman of the Audit Committee, and as a member of the Remuneration Committee and the Strategy and Planning Committee, with all appointments effective on the same date [1]

Core Viewpoint - Tongrentang Technology (01666) announced the appointment of Mr. Xiao Yaoxi as an independent non-executive director of the company’s ninth board of directors, effective from February 6, 2026, while Mr. Li Zhaobin will resign from the position of independent non-executive director on the same date [1] Group 1 - Mr. Li Zhaobin's resignation as chairman of the audit committee, as well as a member of the remuneration committee and the strategic and planning committee, will also take effect on February 6, 2026 [1] - The board has resolved to appoint Mr. Xiao Yaoxi as the chairman of the audit committee, as well as a member of the remuneration committee and the strategic and planning committee, with all appointments effective on the same date [1]

Core Viewpoint - Tongrentang Medical Investment Co., Ltd. is making another attempt to go public on the Hong Kong Stock Exchange after multiple delays since its initial filing in June 2024, despite having turned a profit in 2023 [1] Group 1: IPO Progress and Financial Performance - The company submitted its prospectus for the fourth time, indicating ongoing efforts to secure an IPO [1] - In the first three quarters of 2025, the company reported revenue of approximately 858 million yuan, a year-on-year increase of about 3%, while net profit decreased by 9.8% to around 24 million yuan [1][3] - The revenue growth rate has slowed significantly, dropping from approximately 26.56% in 2023 to less than 2% in 2024, with only about 3% growth in the first three quarters of 2025 [3] Group 2: Business Operations and Acquisitions - Tongrentang Medical's main business includes traditional Chinese medical services, management services, and health product sales [3] - The company has made several acquisitions, contributing significantly to its revenue, with total contributions of approximately 2 billion yuan, 3.61 billion yuan, 4.78 billion yuan, and 3.52 billion yuan from 2022 to the first three quarters of 2025, accounting for 22.1%, 31.3%, 40.7%, and 41% of total revenue respectively [4] - The company sold its stake in Shijiazhuang Tongrentang Traditional Chinese Medicine Hospital for approximately 17.1 million yuan in August 2024, which impacted net profit figures when excluding this one-time gain [4] Group 3: Profitability and Cost Structure - The net profit margin decreased from 3.2% in the first three quarters of 2024 to 2.8% in 2025, indicating declining profitability despite previous asset sales [5] - The cost of sales has been rising, with the cost of drugs and medical supplies consistently accounting for over 54% of total costs [5][6] - Employee welfare expenses have also increased, amounting to approximately 183 million yuan in the first three quarters of 2025, representing 22.6% of total costs [5][6] Group 4: Financial Health and Cash Flow - As of September 30, 2025, the company's cash and cash equivalents were approximately 225 million yuan, a decrease of about 71 million yuan from the end of 2024 [6] - The company has pledged significant equity stakes in its subsidiaries to secure bank financing, indicating reliance on external funding for capital expenditures and operational needs [6] - The asset-liability ratio increased from 39.7% in 2022 to 46.6% by September 30, 2025, reflecting a growing financial burden [7]

Core Viewpoint - Tongrentang Technology has successfully launched its key cardiovascular drug, the Kuanxiong Aerosol, which has entered the production phase, reflecting the company's commitment to innovation in modern pharmaceutical technology [1][4]. Group 1: Product Development - The Kuanxiong Aerosol is developed based on traditional Chinese medicine theories, targeting the root causes of cardiovascular diseases such as coronary heart disease and angina [3]. - The aerosol employs an innovative sublingual spray delivery method, allowing active ingredients to be rapidly absorbed into the bloodstream, enhancing the drug's efficacy [4]. - The production process incorporates advanced technology to improve drug stability and minimize the degradation of active components, ensuring consistent therapeutic effects [4]. Group 2: Market Position and Future Plans - Tongrentang Technology currently offers over 20 types of cardiovascular medications, including Guanxin Suhe Pills and Compound Danshen Tablets, focusing on the growing demand for cardiovascular treatments [4]. - The company is accelerating the development of its innovative traditional Chinese medicine, Qishen Granules, aimed at treating chronic heart failure, which has successfully completed Phase II clinical trials [4].

Core Viewpoint - The Chinese traditional medicine sector is experiencing a significant boost due to favorable policies, leading to a strong market performance and increased trading volume in related ETFs and stocks [1][5]. Policy Developments - On February 5, eight departments jointly issued the "Implementation Plan for the High-Quality Development of the Traditional Chinese Medicine Industry (2026-2030)," outlining goals and measures for the next five years to enhance the entire industry chain [5]. - The plan aims to establish a collaborative development system for the traditional Chinese medicine industry by 2030, focusing on stable supply of key raw materials, technological breakthroughs, and the cultivation of leading enterprises [5]. Market Performance - The leading traditional Chinese medicine ETF (560080) opened with a jump of over 2%, marking a strong upward trend with significant trading volume exceeding 160 million yuan within the first 20 minutes of trading [1]. - Notable stocks in the sector include Longshen Rongfa, Shanghai Kaibao, and Panlong Pharmaceutical, which saw increases of over 6%, while Hongri Pharmaceutical and Yiling Pharmaceutical rose by over 5% and 4%, respectively [2][3]. Investment Opportunities - Pacific Securities highlights the rapid growth of the traditional Chinese medicine market, driven by comprehensive policy support across various aspects, including registration, quality control, and cultural promotion [6]. - The sector is expected to benefit from a recovery in consumer demand, particularly due to aging demographics and increased health awareness, which will drive sales of consumer-oriented traditional Chinese medicine products [8]. Strategic Focus Areas - Three main investment themes are identified: 1. Price governance, focusing on companies with competitive advantages that can benefit from price reductions [8]. 2. Consumption recovery, driven by macroeconomic improvement and increased domestic demand [10]. 3. State-owned enterprise reform, which presents opportunities for performance improvement through efficiency gains [10]. Future Outlook - The traditional Chinese medicine industry is anticipated to undergo a reshuffling, with a focus on classic formulations and evidence-based medicine, positioning leading companies favorably for future growth [7].

Core Insights - The Jilin Provincial Public Resource Trading Center has initiated a price verification for 48 drugs with significantly higher listed prices compared to retail channels, marking a significant step in addressing the issue of hospital prices exceeding those in pharmacies [2][14] - The price discrepancies range from 1.3 times to 5.2 times, with notable examples including the inhaled budesonide suspension showing a 5.2 times difference and the An Gong Niu Huang Wan from Shandong Hongjitang and Beijing Tongrentang exceeding 4 times [2][15] - This initiative reflects a broader trend in drug price governance, indicating a shift from centralized procurement to comprehensive price management across all channels by 2026 [2][9] Price Discrepancy Details - The inhaled budesonide suspension has a procurement price of 388.11 yuan per mg in medical institutions, while the retail price is only 75 yuan, resulting in a 5.2 times price difference [3][15] - An Gong Niu Huang Wan produced by Shandong Hongjitang has a procurement price of 434.9 yuan per unit, compared to a retail price of 99 yuan, leading to a 4.4 times difference [7] - The price verification process is based on the "mode price," which reflects the most frequently occurring price after excluding outliers, ensuring a fair assessment of market prices [7][8] Industry Context - The rapid development of retail pharmacies and online drug purchasing platforms has intensified price competition, yet procurement prices in medical institutions remain high, exacerbating the price gap [2][8] - The National Medical Insurance Administration's upcoming initiatives, including monitoring online drug prices, aim to address these discrepancies and enhance price transparency [8][9] - The Jilin province's actions are part of a larger national strategy to improve drug pricing systems, with expectations for similar initiatives to be adopted by other provinces in the near future [12][14]

（嘉事堂公告） 近日，嘉事堂发布公告称，2026年2月2日，公司股东光大实业、光大健康与中国北京同仁堂（集团）有限责任公司 （以下简称"同仁堂集团"）签署了《股份转让协议》，协议约定光大实业、光大健康分别将其持有的公司41,180,805股 股份、41,876,431股股份转让给同仁堂集团。本次交易完成后，公司控股股东将变更为同仁堂集团，实际控制人将变 更为北京市人民政府国有资产监督管理委员会。 ...

Core Viewpoint - The Chinese medicine ETF (560080) has shown positive performance with most constituent stocks rising, indicating a favorable market sentiment towards the Chinese medicine sector [1][6]. Group 1: Stock Performance - Major stocks in the Chinese medicine ETF have seen significant gains, with Da Ren Tang rising over 4%, Pian Zai Huang over 3%, and Tong Ren Tang over 2% [1]. - The estimated weights and performance of key stocks include: - Yunnan Baiyao at 10.56% with a 1.47% increase - Pian Zai Huang at 9.21% with a 3.78% increase - Dong E E Jiao at 6.18% with a 0.73% increase [2]. Group 2: Technological Advancements - The launch of the first "Traditional Chinese Medicine Brain-Machine Interface" equipment marks a significant technological advancement, aimed at treating neurological disorders [3]. - This technology integrates brain-machine interface with acupuncture, showcasing innovation in the field of traditional medicine [3]. Group 3: Policy Developments - The implementation of the "Drug Administration Law Implementation Regulations" emphasizes a review system for traditional Chinese medicine based on traditional theories, human experience, and clinical data [4]. - The regulations aim to ensure the safety and traceability of traditional Chinese medicine products, which may lead to industry consolidation and growth for leading companies [4]. Group 4: Investment Opportunities - Three main investment themes in the Chinese medicine sector are identified: 1. Price governance, focusing on competitive products and companies that can leverage price reductions for volume growth [5]. 2. Consumption recovery, driven by macroeconomic improvement and an aging population, benefiting companies with strong brand and product advantages [7]. 3. State-owned enterprise reform, which may enhance performance through efficiency improvements in state-controlled companies [8]. Group 5: Market Activity - The Chinese medicine ETF (560080) has seen increased trading activity, with a transaction volume nearing 1 billion yuan and significant capital inflow over recent days [6].

若此次收购完成，同仁堂（600085）集团将构建一条涵盖药材种植、药品生产、终端配送及医疗服务的全闭环医药产业链，但这能否缓解"贴牌"之痛还有 待观察。 2月4日，嘉事堂（002462）发布公告称，公司股票于当日复盘。 当天，嘉事堂开盘涨停至18.04元/股，后续一路下跌，最终报收16.88元/股，涨幅2.8%，总市值49.18亿元。 2月3日晚间，嘉事堂公告称，公司股东光大实业、光大健康已经与中国北京同仁堂集团签署了《股份转让协议》。协议约定，光大实业、光大健康分别将 其持有的公司4118.08万股股份、4187.64万股股份转让给同仁堂集团，转让价款总计为14.61亿元。 本次交易完成后，嘉事堂的控股股东将变更为同仁堂集团，持股比例28.48%，实际控制人将变更为北京市人民政府国有资产监督管理委员会。嘉事堂股 票于1月28日停牌，截至1月27日收盘，嘉事堂股价报16.4元/股，市值为47.8亿元。 若后续交易顺利，光大系将彻底退出，同时嘉事堂将成为同仁堂集团旗下继同仁堂、同仁堂科技和同仁堂国药后的第4家上市公司。 公开资料显示，嘉事堂是北京医药商业龙头，原本是由共青团中央直接经营的企业，于2010年在深交 ...

停牌期间，2月2日，"光大系"与同仁堂集团签署了股权转让协议，同仁堂集团拟通过协议转让方式获得 嘉事堂83057236股股份，占嘉事堂股份总数的28.48%。本次交易每股转让价格为17.59元，股份转让价 款合计约14.61亿元。 嘉事堂在药品销售领域是北京市第四大医药商业集团，销售网络覆盖北京地区医疗单位90%以上，在北 京二级以上医院覆盖率超过95%。2010年，嘉事堂在深交所上市，2018年进入光大体系，是光大大健康 业务板块主要平台。 目前，嘉事堂面临不小的业绩压力。上市以来至2023年，嘉事堂营业收入持续增长，从2010年的13.42 亿元增至2023年的300亿元。但2024年营收降至240.2亿元，2025年前三季度营收为144.6亿元，同比下滑 21.8%。批发业务减少是导致营收下滑的主要原因，该业务营收占嘉事堂营收百分比高达96.12%。归母 净利润同样出现下滑情况，2024年归母净利润减少至1.61亿元，2025年前三季度大幅下滑38.81%至1.41 亿元。其业绩下滑的主要原因与医药流通行业受"两票制""带量采购"等政策影响以及医疗行业反腐等密 切相关。嘉事堂表示，为保证经营合规，公司主 ...