Meeting Information - The company will hold its third extraordinary general meeting of 2025 on October 9, 2025, at 9:30 AM [2] - The meeting will be convened by the board of directors and will utilize a combination of on-site and online voting methods [2] - The on-site meeting will take place at the company's headquarters in Beijing [2] Voting Procedures - Online voting will be conducted through the Shanghai Stock Exchange's shareholder meeting network voting system, available from 9:15 AM to 3:00 PM on the day of the meeting [3] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] Agenda and Resolutions - The meeting will review various proposals, with one proposal specifically for small and medium investors to vote separately [6] - There are no special resolutions or related party voting issues to be addressed [6] Attendance and Registration - Shareholders registered by the close of trading on the registration date are entitled to attend the meeting, and they may appoint proxies to vote on their behalf [10] - Registration for the meeting will occur from September 26 to September 30, 2025, at the company's office [11] Additional Services - The company will provide a reminder service for small and medium investors to ensure they can participate in the voting process [7] - Shareholders with multiple accounts can aggregate their voting rights across all accounts [7][8]

北京同仁堂股份有限公司 2025 年第三次临时股东会 会议资料 二零二五年九月 1 | 一、2025年第三次临时股东会注意事项 | | --- | | 二、2025年第三次临时股东会会议议程 | | 三、2025 年第三次临时股东会会议文件 | | 1 关于选举干兴武先生为第十届董事会非独立董事的议案 | 北京同仁堂股份有限公司 2025 年第三次临时股东会会议资料 北京同仁堂股份有限公司 2025 年第三次临时股东会注意事项 尊敬的各位股东及股东代表： 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》、中国证券监督管理委员会（以下简称中国证监会）《上市公司股东会规则》和 《北京同仁堂股份有限公司章程》等有关规定，为保障北京同仁堂股份有限公司（以 下简称公司或本公司）股东会的公平性和严肃性，敬请各位拟参加公司 2025 年第 三次临时股东会的股东及股东代表注意以下事项： 一、 为确认出席会议的股东及股东代表或其他出席者的出席资格，会议工作 人员将对参会人员的身份进行必要的核对，请予配合。 3 北京同仁堂股份有限公司 2025 年第三次临时股东会会议资料 北京同仁堂股份有限公司 2 ...

证券代码：600085 证券简称：同仁堂 公告编号：2025-030 北京同仁堂股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次：2025年第三次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 9 日 9 点 30 分 召开地点：北京市东城区崇外大街 42 号同仁堂大厦 5 层会议室 (五) 网络投票的系统、起止日期和投票时间。 至2025 年 10 月 9 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投 ...

Core Viewpoint - The China Tong Ren Tang Group hosted the third Traditional Chinese Medicine Conference, showcasing its commitment to innovation and high-quality development in traditional Chinese medicine through a comprehensive display of products and research achievements [1] Product Matrix Presentation - Tong Ren Tang Technology Company presented over twenty major products, including Xihuang Pills, Jingzhi Niuhuang Jiedu Tablets, Liuwei Dihuang Pills, and others, covering categories such as anti-cancer, tonics, kidney diseases, and detoxification [3] - The company has developed a "six-dimensional product matrix" around its more than 200 traditional Chinese medicine products, ensuring that each product meets specific consumer needs [5] Rich Product Categories - The diverse range of health products, including Ejiao honey dates, herbal essence masks, and weight loss teas, attracted significant attention from medical professionals and researchers [5] - The company emphasizes the integration of traditional techniques with modern innovation, showcasing its commitment to quality and consumer health [5] Attention to Processing Techniques - The "intangible cultural heritage" exhibition highlighted the company's traditional processing techniques, which enhance the efficacy and adaptability of traditional Chinese medicine [6][8] - The processing methods, such as the treatment of herbs to improve absorption and reduce adverse effects, were demonstrated, showcasing the company's dedication to maintaining the integrity of traditional practices [10] Research and Innovation Driving Development - The company presented solid laboratory data on major products at the conference, enhancing consumer and client understanding of product efficacy [11] - Ongoing research includes clinical studies on various traditional Chinese medicine products, providing a scientific basis for their clinical applications [11]

Core Viewpoint - The event successfully combined Hanfu culture with traditional Chinese medicine, showcasing a unique cultural experience that emphasizes health and wellness through the lens of historical wisdom [1][10]. Group 1: Event Overview - The event, hosted by Sohu Video, was the Central China finals of the National Style Awards and the Hanfu Model Competition, held at the Longting Scenic Area in Kaifeng [1]. - Beijing Tongrentang's "Additive Xiaoyao Pill" provided significant support for the event, integrating Hanfu culture with traditional Chinese medicine [1][10]. Group 2: Cultural and Health Integration - The "National Style Festival Traditional Chinese Medicine Flash Event" attracted a large audience, highlighting the cultural heritage of Kaifeng, the ancient capital of the Northern Song Dynasty [3]. - The event successfully conveyed dual values of culture and health, with interactive activities encouraging audience participation and engagement with traditional Chinese medicine [3][5]. Group 3: Interactive Activities - The event featured popular interactive games, such as "Xiaoyao Tossing," where participants enjoyed traditional games while learning about medicinal herbs [5]. - A "Traditional Chinese Medicine Pulse Diagnosis" area provided an immersive experience, allowing attendees to receive personalized health advice from professional practitioners [6]. Group 4: Historical Context and Product Innovation - The competition showcased participants in various Hanfu styles, evoking the cultural richness of the Song Dynasty and its understanding of emotional well-being [8]. - The "Additive Xiaoyao Pill" builds on the ancient formula "Xiaoyao San," enhancing its effectiveness for modern health needs by incorporating additional herbs [10]. Group 5: Modern Relevance - The event illustrated how ancient cultural practices and traditional medicine have become integral to contemporary life, promoting a balanced lifestyle [11].

Core Insights - The article discusses the transformation of mooncakes from traditional sweet treats to health-oriented products, driven by changing consumer preferences among both the Z generation and the elderly population [2][21]. Group 1: Market Trends - The mooncake market is evolving into a 5 billion yuan new segment, influenced by the health consciousness of consumers [2]. - The search volume for "medicinal food mooncakes" surged by 287% year-on-year, with consumers aged 25-35 making up over half of the searches [18]. - The sales of self-use mooncake gift boxes are projected to grow by 81% year-on-year in 2024, with products containing functional ingredients showing the highest repurchase rates [18]. Group 2: Consumer Behavior - The new consumer groups exhibit distinct characteristics, such as a focus on functional ingredients, diverse consumption scenarios, and a strong interest in cultural narratives [23]. - The elderly demographic prioritizes practical benefits, as seen in products like low-sugar buckwheat mooncakes that cater to their dietary needs [25]. Group 3: Supply Chain Innovations - Traditional brands are rapidly adapting to new demands, with companies like Tongrentang extending their pharmaceutical expertise into food products [25]. - Innovations include the use of microencapsulation technology to mask bitter flavors while retaining over 90% of active ingredients [25][34]. Group 4: Industry Dynamics - The mooncake sales landscape is shifting from seasonal sales to year-round availability, with a notable increase in breakfast and afternoon tea consumption scenarios [18][30]. - The integration of technology in production processes has improved the stability and taste of functional mooncakes, enhancing consumer acceptance [34]. Group 5: Cultural Significance - Mooncakes are increasingly viewed as cultural carriers, with products reflecting traditional craftsmanship and health philosophies [39][41]. - The narrative around mooncakes is evolving, emphasizing health and cultural identity, which resonates with modern consumers [41].

Core Viewpoint - The company, Beijing Tongrentang Co., Ltd., has demonstrated resilience and strategic growth in the first half of 2025, achieving stable revenue and profit amidst industry adjustments and external challenges, while focusing on quality improvement and international expansion [2][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 9.769 billion yuan, a slight increase of 0.06% year-on-year, with a net profit attributable to shareholders of 945 million yuan [2][3]. - The pharmaceutical manufacturing segment showed strong performance with a main business revenue of 6.562 billion yuan, up 1.38%, and a gross margin increase of 2.6 percentage points to 43.99% [3]. - The company effectively controlled costs, with operating costs decreasing by 0.64% to 5.443 billion yuan, while sales expenses rose by 12.69% to 1.857 billion yuan due to marketing reforms [3]. Strategic Initiatives - The company has implemented a "big product strategy" and a "fine product strategy," focusing on core products and enhancing market presence through innovative marketing strategies [4]. - It has optimized its e-commerce channels and expanded into the medical field, utilizing various media platforms to enhance brand awareness [4]. - The company has established a financial shared service center to improve data integration between business and finance, enhancing management efficiency [4]. Research and Development - The company is focusing on expanding drug indications and exploring the value of traditional products, with ongoing research on key products like Baijitian polysaccharide capsules and Tongrentang's traditional Chinese medicine [8]. - It is also advancing the integration of traditional medicine with modern technology, enhancing production quality and efficiency [8]. International Expansion - The company is actively pursuing international market opportunities, with new store openings in Hong Kong and ongoing product registration efforts abroad [10][11]. - It aims to leverage national policies that support the development of traditional Chinese medicine to enhance its global presence [11]. Cultural and Brand Development - The company is enhancing its cultural presence through various initiatives, including immersive experiences that promote traditional Chinese medicine culture [9]. - It is also modernizing its brand image to resonate with younger consumers, thereby expanding its market reach [9].

Core Insights - The 2025 China International Service Trade Fair featured the third Traditional Chinese Medicine (TCM) Conference organized by Beijing Tongrentang, focusing on "Intelligent TCM Leading Health, Innovative Services for the Future" [1] - The conference aimed to accelerate the integration of TCM with digital intelligence and to create a new blueprint for high-quality development in the TCM sector, contributing to global health governance [1][8] Group 1: Conference Highlights - The conference gathered over 1,300 TCM professionals and more than 50,000 online participants, showcasing the importance of TCM in health services [1] - Keynote speeches from prominent experts emphasized the need for TCM modernization while maintaining its core principles, discussing the opportunities and challenges presented by artificial intelligence [5][6] - A new key laboratory focusing on TCM theories for epidemic prevention and treatment was launched, aiming to enhance research and innovation in TCM [6] Group 2: Strategic Directions - The leadership from the National Administration of Traditional Chinese Medicine and other officials praised Beijing Tongrentang for its role in TCM innovation and its "three-in-one" treatment system [3] - The conference emphasized the importance of collaboration and shared development in TCM, aiming to create a comprehensive service network that integrates wisdom and culture [3][4] - The event featured a structured agenda with multiple forums covering various TCM specialties, promoting academic exchange and practical experience sharing [7] Group 3: Future Outlook - The successful hosting of the conference is seen as a new starting point for the TCM industry, focusing on innovation through tradition and aiming for greater contributions to public health and international TCM development [8]

Investment Rating - The report maintains a "Recommendation" rating for Tongrentang (600085) with a target price of 42.3 CNY [2][10]. Core Views - The company achieved a revenue of 9.77 billion CNY in 1H25, reflecting a year-on-year increase of 0.1%. However, the net profit attributable to shareholders decreased by 7.4% to 950 million CNY, primarily due to the challenging consumer environment, increased marketing expenses, and ongoing reforms [2][9]. - The report highlights the resilience of the company amid deepening reforms and emphasizes the potential for operational improvements in the coming years [9][10]. Financial Performance Summary - **Revenue and Profitability**: - 1H25 total revenue was 9.77 billion CNY, with a slight increase of 0.1% year-on-year. The net profit attributable to shareholders was 950 million CNY, down 7.4% year-on-year [2][9]. - The second quarter of 2025 saw revenue of 4.49 billion CNY, a decrease of 0.1% year-on-year, and a net profit of 360 million CNY, down 18.4% year-on-year [2][9]. - **Financial Projections**: - The projected total revenue for 2025 is 18.61 billion CNY, with a growth rate of 0.1%. The net profit is expected to remain flat at 1.53 billion CNY [5][10]. - For 2026 and 2027, the revenue is projected to grow to 20.52 billion CNY and 22.62 billion CNY, respectively, with net profit expected to reach 1.75 billion CNY and 2.02 billion CNY [5][10]. - **Valuation Metrics**: - The report assigns a target price based on a historical valuation of 38 times the expected earnings for 2025, leading to a target price of 42.3 CNY [9][10]. Segment Performance Summary - **Traditional Chinese Medicine Segment**: - The revenue for the traditional Chinese medicine segment in 1H25 was 3.02 billion CNY, showing a year-on-year increase of 16.1%. The gross margin improved by 3.1 percentage points to 44.7% [9]. - **Technology Group**: - The technology segment reported revenue of 3.74 billion CNY in 1H25, down 7.7% year-on-year, with a net profit of 480 million CNY, a decrease of 16.9% [9]. - **Commercial Group**: - The commercial segment generated revenue of 5.69 billion CNY, up 1.1% year-on-year, but net profit fell by 21.6% due to high base effects and consumer pressure [9]. Cash Flow and Financial Health - The report indicates a significant improvement in operating cash flow, which reached 1.95 billion CNY in 1H25, compared to only 0.1 billion CNY in the same period last year [9]. - The company's total assets are projected to grow from 31.20 billion CNY in 2024 to 36.92 billion CNY by 2027, with a debt-to-equity ratio of 21.5% in 2024, increasing to 26.9% by 2027 [10].

Core Viewpoint - The 2025 Service Trade Fair in Beijing showcased Beijing Tongrentang Group's innovative approach to traditional Chinese medicine, emphasizing its commitment to cultural heritage, technological integration, and global expansion [1][19]. Classic Inheritance - Beijing Tongrentang highlighted its dedication to traditional practices through the "Classic Inheritance" section, showcasing its renowned products like An Gong Niu Huang Wan and various herbal medicines, emphasizing quality and historical significance [2][3]. - The company has revived two previously dormant products, Jie Yu Wan and An Shen Wan, after extensive research to meet public health needs [2]. Technological Empowerment - The establishment of a key laboratory for innovative research in traditional medicine demonstrates the company's commitment to integrating technology with traditional practices, aiming to enhance disease prevention and treatment [4][5]. - The "Smart Health Service Zone" introduced interactive experiences for consumers, allowing them to engage with traditional medicine in a modern context [4][5]. National Trend and Global Expansion - The launch of the "Yin Yang Su" toothpaste series reflects the company's strategy to merge traditional Chinese medicine with contemporary consumer trends, focusing on natural ingredients and health benefits [9][10]. - International collaborations were highlighted, including the licensing of An Gong Niu Huang Wan in Cambodia and a memorandum of understanding with Uruguay for traditional medicine cooperation, showcasing the global outreach of Chinese medicine [13][14]. Academic Leadership - The third Traditional Chinese Medicine Conference held during the fair served as a platform for academic exchange, featuring discussions on innovative research and traditional practices, reinforcing the company's role in advancing the industry [15][16]. Public Welfare Practices - The company implemented a dual online and offline health service model during the fair, promoting easy access to health products and personalized health management solutions [18][19]. - The "Weight Management Zone" provided tailored weight loss plans based on traditional Chinese medicine principles, demonstrating the company's commitment to public health [19].