Core Viewpoint - Tong Ren Tang (600085.SH) has received a Traditional Medicine Registration License from the Ministry of Health of the Kingdom of Cambodia, allowing its subsidiary Beijing Tong Ren Tang Guo Yao Co., Ltd. to sell "Tong Ren Tang An Gong Niu Huang Wan" in Cambodia [1] Group 1 - The approval from the Cambodian authorities marks a significant step for the company in expanding its international market presence [1] - The product "Tong Ren Tang An Gong Niu Huang Wan" is a traditional Chinese medicine, indicating the company's commitment to promoting traditional medicine abroad [1]

2025 年 9 月 27 日，北京同仁堂股份有限公司公告，其控股孙公司北京同仁堂国药有限公司收到柬埔寨 卫生部药品与食品司颁发的《传统药品注册许可证》，准许"同仁堂安宫牛黄丸"在柬出售。许可证编号 为 CAMN00041T - 25，有效期至 2028 年。此前该药品已获柬进口许可证，此次获注册许可有助于丰富 分销渠道、拓展市场，但暂不会对公司生产经营和业绩产生重大影响。同时，药品销售受政策、汇率、 竞争等因素影响，提醒投资者注意风险。 ...

同仁堂9月26日公告，公司控股孙公司同仁堂国药收到柬埔寨卫生部药品与食品司颁发的《传统药品注 册许可证》，准许将同仁堂国药的"同仁堂安宫牛黄丸"在柬埔寨出售。药品销售受多种因素影响，投资 者需注意投资风险。 ...

Core Viewpoint - Company Tong Ren Tang has received a Traditional Medicine Registration License from the Ministry of Health of the Kingdom of Cambodia, allowing the sale of "Tong Ren Tang An Gong Niu Huang Wan" in Cambodia, which will enhance the distribution channels for the company's key products and support market expansion [1] Group 1 - The license permits the sale of "Tong Ren Tang An Gong Niu Huang Wan" under the guidance of licensed traditional Chinese medicine practitioners [1] - The Ministry of Health of Cambodia had previously issued an import license for "Tong Ren Tang An Gong Niu Huang Wan" [1] - The acquisition of the license will not have a significant immediate impact on the company's production operations and performance [1] Group 2 - The sales of the medicine may be influenced by changes in Cambodia's policy environment, exchange rate fluctuations, and market competition [1]

同仁堂（600085）(600085.SH)公告，公司控股孙公司北京同仁堂国药有限公司(同仁堂国药)收到柬埔寨 王国(柬埔寨)卫生部药品与食品司颁发的《传统药品注册许可证》，准许将同仁堂国药的"同仁堂安宫 牛黄丸"在柬埔寨出售。 ...

智通财经APP讯，同仁堂国药(03613)发布公告，公司于近日收到柬埔寨王国(柬埔寨)卫生部药品与食品 司颁发的《传统药品注册许可证》("许可证")，准许将公司的"同仁堂安宫牛黄丸"在柬埔寨出售。 "同仁堂安宫牛黄丸"应遵照持证的中医师的指导下使用。另外，早前柬埔寨卫生部亦已颁发"同仁堂安 宫牛黄丸"进口许可证。 本次公司取得柬埔寨卫生部药品与食品司签发的许可证后，公司的"同仁堂安宫牛黄丸"可在柬埔寨出 售，有助于丰富公司重点产品的分销渠道，有利于公司的市场拓展。上述许可证的取得暂不会对公司生 产经营和业绩产生重大影响。药品销售容易受到柬埔寨政策环境变化、汇率波动、市场竞争等因素的影 响。 ...

格隆汇9月26日丨同仁堂国药(03613.HK)发布公告，公司于近日收到柬埔寨卫生部药品与食品司颁发的 《传统药品注册许可证》，准许将公司的"同仁堂安宫牛黄丸"在柬埔寨出售。本次本公司取得柬埔寨卫 生部药品与食品司签发的许可证后，公司的"同仁堂安宫牛黄丸"可在柬埔寨出售，有助于丰富公司重点 产品的分销渠道，有利于公司的市场拓展。 ...

Core Viewpoint - The company has received a Traditional Medicine Registration License from the Ministry of Health of the Kingdom of Cambodia, allowing the sale of "Tong Ren Tang An Gong Niu Huang Wan" in Cambodia, which will enhance distribution channels and market expansion [1] Group 1 - The registration number for the product is CAM N0004IT-25, and the license is valid until September 11, 2028 [1] - This license acquisition is expected to enrich the company's key product distribution channels [1] - The move is beneficial for the company's market expansion efforts [1]

天风证券研报指出，同仁堂上半年归母净利润9.45亿元，同比-7.39%；2025Q2单季度实现归母净利润3.63亿元，同比-18.38%。核心板块表现稳健，深耕品种品规培育。公司持续深化营销改 ...

Core Insights - The Tianjin Municipal Medical Procurement Center has initiated a price risk management program targeting 104 traditional Chinese medicine products, highlighting the increasing pressure on pricing in the industry [2][6] - A strict pricing control system has been established, categorizing products into yellow and red labels based on their price relative to the lowest price of similar products, which could lead to suspension from the market if prices remain excessively high [2][6] - The traditional Chinese medicine market is undergoing significant changes as nearly 20 provinces have joined the price governance movement, indicating a nationwide trend towards price adjustments [2][6] Pricing Control Measures - The new pricing control measures classify products with prices exceeding three times the lowest price as yellow label, and those exceeding five times as red label, with a direct suspension for prices above ten times [2][6] - The focus of this governance is on the commonly used Da Huo Luo Wan, which has seen drastic price variations, with some brands priced as high as 200 yuan per box compared to around 40 yuan for others [2][3] Market Dynamics - Major traditional brands like Tong Ren Tang and Da Ren Tang have been able to maintain higher prices due to their use of premium raw materials, but they are now facing increased scrutiny and pressure to lower prices [3][4] - The market share of these brands is concentrated in regions outside Tianjin, with significant sales in provinces like Jiangsu and Hebei, indicating a potential vulnerability to price governance measures [4][6] Financial Performance - The financial performance of traditional Chinese medicine companies has been under pressure, with 36 companies reporting declines in profits in the first half of 2025, and notable drops in net profits for companies like Huasheng Technology and Weikang Pharmaceutical [7][8] - Tong Ren Tang reported a slight increase in revenue but a decrease in net profit, while Da Ren Tang's profit growth was largely due to one-time gains from asset sales [7][8] Industry Challenges - The complexity of traditional Chinese medicine, with its varied ingredients and production processes, complicates pricing governance, as it cannot be easily evaluated like chemical drugs [5][6] - There are concerns that strict price controls may lead to a decline in quality, as companies may be forced to cut costs to comply with pricing regulations [5][6] Future Directions - Experts suggest that establishing a pricing evaluation system that considers raw material costs, production complexity, and clinical value is essential for balancing price governance and maintaining quality [9][10] - The case of Da Huo Luo Wan illustrates the need for a value-based pricing system rather than simple price cuts, aiming to benefit patients while ensuring the sustainability of quality products [10]