北京同仁堂股份有限公司 内部控制审计报告 众环审字(2026)0203020号 二、注册会计师的责任 一、同仁堂公司对内部控制的责任 内部控制审计报告 众环审字(2026)0203020 号 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，北京同仁堂股份有限公司于 2025 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 北京同仁堂股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了北 京同仁堂股份有限公司（以下简称"同仁堂公司"）2025 年 12 月 31 日的财务报告内部控制 的有效性。 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控 ...

北京同仁堂股份有限公司 审 计 报 告 众环审字(2026)0203018号 目 录 审计报告 | 财务报表 | | | --- | --- | | 合并资产负债表 | 1 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5 | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | | 财务报表附注补充资料 | 132 | 起始页码 审 计 报 告 众环审字(2026)0203018 号 北京同仁堂股份有限公司全体股东： 一、审计意见 我们审计了北京同仁堂股份有限公司（以下简称"同仁堂公司"）财务报表，包括 2025 年 12 月 31 日的合并及公司资产负债表，2025 年度的合并及公司利润表、合并及公司现金 流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 同仁堂公司 2025 年 12 月 31 日合并及公司的财务状况以及 2025 年度合并及公司的经营成果 和现金流量。 二、形成审计 ...

Summary of Tong Ren Tang Conference Call Company Overview - **Company**: Tong Ren Tang - **Industry**: Traditional Chinese Medicine (TCM) Key Points and Arguments Product Development and Market Expansion - In March 2026, Tong Ren Tang completed the first import of natural bezoar in China, establishing a South America office to address the supply bottleneck of core raw materials and stabilize the production of classic medicines like An Gong Niu Huang Wan [2][4] - An Gong Niu Huang Wan received market approval in Cambodia in 2025, with plans for large-scale sales in 2026, aiming to accelerate product registration and penetration in ASEAN countries and the Belt and Road region [2][3] - The company launched a high-end herbal toothpaste in September 2025 and received health food registration for broken wall Ganoderma spore powder, enhancing its health product portfolio [2][3] Financial Performance - The gross profit margin for 2025 is projected at 61.2%, with a net profit margin of 27.5%. Future profitability will be maintained through consolidating market share of major products, introducing new products, and leveraging cross-border e-commerce channels [2][6] - The company has significantly increased its dividend payout ratio, supported by strong operating cash flow and the brand value of "Made in Hong Kong and Macau" [2][7] Strategic Planning and Innovation - The growth engine for the company will focus on product, service, and cultural innovation, with a commitment to enhancing product research and development [3][4] - The company aims to deepen the integration of traditional Chinese medicine with modern technology, solidifying its supply chain, research, and corporate governance [4][5] - Plans include upgrading store networks across 26 countries and regions to enhance cultural dissemination and competitive differentiation [4] International Expansion - The company has established a South America office to secure stable supply for core medicines and is focused on building an international raw material supply chain [5] - The Macau cultural experience center, which combines culture, dining, and health services, will serve as a model for expansion into Southeast Asia and the Belt and Road region [5] Southeast Asia Market Strategy - An Gong Niu Huang Wan's registration in Cambodia marks a significant breakthrough in the Southeast Asian market, with plans to strengthen its presence in ASEAN countries [6] - The company has established stores in Singapore and Brunei, with ongoing efforts to support local sports teams and enhance brand visibility [6] Profitability and Shareholder Returns - The company aims to maintain a stable gross profit margin and ensure profitability through refined management and product structure optimization [7] - The increase in dividend payout reflects a commitment to shareholder returns, supported by a healthy cash flow and asset structure [7] Additional Important Content - The company is focused on promoting TCM culture through flagship stores and innovative service models, aiming to attract younger consumers with engaging experiences [5] - Future plans include replicating successful models from Macau in other regions, integrating TCM services and cultural experiences to enhance brand loyalty [5]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on companies with validated platforms and effective innovative drugs, indicating a positive outlook for certain segments within the industry [2]. Core Insights - The pharmaceutical and biotechnology sectors are experiencing a shift towards a multi-layered overseas strategy, with Chinese companies increasingly recognized by global multinational corporations (MNCs) for their research capabilities and technology platforms [2]. - Recent significant business development (BD) deals include China National Pharmaceutical Group's exclusive licensing agreement for the drug Rovabatinib worth $1.53 billion and the collaboration between Deqi Pharmaceutical and UCB for the CD19/CD3 bispecific T cell engager ATG-201, valued at over $1.18 billion [2][10]. - The report highlights the performance of the in vitro diagnostics sector, which was the only sub-sector to see a gain of 0.18%, while other segments like medical device and vaccine sectors faced declines [7][8]. Market Weekly Review - The pharmaceutical and biotechnology sector fell by 2.78% from March 2 to March 6, underperforming the Wind All A index (-2.3%) and the CSI 300 index (-1.07%) [7]. - Notable stock performances included Yahui Pharmaceutical (+38.1%), Zhejiang Pharmaceutical (+12.8%), and Zhongyuan Xiehe (+12.7%) as top gainers, while Tianzhihang-U (-14.8%), Furui Medical (-13.1%), and Haoyuan Pharmaceutical (-12.3%) were the biggest losers [10]. Industry News and Key Company Announcements - On March 6, Xianweida Biopharmaceutical and Pfizer announced the approval of a new indication for their GLP-1 receptor agonist, Enoglutide, for long-term weight management in adults [10]. - China National Pharmaceutical Group's licensing agreement for Rovabatinib includes a $135 million upfront payment and potential milestone payments based on sales performance [10]. - Deqi Pharmaceutical's agreement with UCB for ATG-201 includes an upfront payment of $80 million and potential milestone payments exceeding $1.1 billion [10]. - Wanbangde reported a significant increase in net profit for Q1 2026, reaching 165 million yuan, a year-on-year growth of 985.4% [11].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The goji berry health food market is expected to grow significantly due to increasing health awareness, an aging population, and innovation in product development [4][9] - The market size is projected to increase from 17.247 billion RMB in 2020 to 19.620 billion RMB in 2024, with a compound annual growth rate (CAGR) of 3.27%, and further to 23.955 billion RMB by 2029, with a CAGR of 4.26% [8] - The industry is transitioning from traditional nourishment to precise health solutions, focusing on scientific validation and functional differentiation [29] - The supply chain is evolving from traditional cultivation to a comprehensive industry chain, enhancing quality and sustainability [30] - Consumer demand is diversifying, with a shift from single goji berry products to a variety of health-focused applications [11][12] Market Background - Goji berry health foods are primarily made from goji berries, known for their health benefits such as lowering blood pressure and enhancing immunity [4][5] - The market has evolved through distinct phases, starting from its inception in the late 1990s to a rapid growth phase expected to continue until 2025 [6][7] Market Status - The market is experiencing a significant transformation in supply and demand dynamics, with a shift towards integrated supply chains and diverse product offerings [10] - The demand for goji berry health foods is increasing as consumers seek natural and effective health management options [11] Market Competition - The industry is characterized by severe product homogeneity, with leading companies including China Resources Sanjiu, Tongrentang, and Harbin Pharmaceutical Group [16][17] - The report identifies ten recommended brands based on economic returns, profitability, and industry depth [13][14][15] Development Trends - The industry is moving towards high-quality development across the entire supply chain, ensuring product quality and value enhancement [30] - Consumption scenarios for goji berry health foods are expanding beyond traditional uses to include modern lifestyle applications [31]

证券代码：600085 证券简称：同仁堂 公告编号：2026-003 北京同仁堂股份有限公司 关于获得加拿大产品许可证的公告 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。 北京同仁堂股份有限公司（以下简称公司）分支机构北京同仁堂股份有限公 司同仁堂制药厂（以下简称同仁堂制药厂）收到加拿大卫生部核准签发的《产品 许可证（三类）》，同仁堂制药厂产品右归丸获得加拿大产品注册。公司现将有关 情况公告如下： 持证商名称：北京同仁堂股份有限公司同仁堂制药厂 持证商地址：北京市大兴区中关村科技园区大兴生物医药产业基地天贵大街 33 号 一、 产品注册许可基本情况 产品名称：右归丸 产品剂型：丸剂 品种批准文号：80145859 产品适应症：基于传统中医理论的药物/产品/制剂；用于缓解由肾阳不足， 命门火衰引起的腰膝酸冷，精神不振，怯寒畏冷，遗精，大便溏薄等症状；传统 中药用于温补肾阳，填精。 截止本公告日，同仁堂制药厂就上述产品研发投入累计约 337.28 万元（金 额未经审计）。 二、 对公司的影响及风险提示 同仁堂制药厂右归丸取得加拿 ...

Core Viewpoint - Tongrentang Technology Company is leveraging traditional Chinese medicine and cultural heritage to promote its aromatic products internationally, particularly in Spain, as part of cultural exchange initiatives [1][3][5]. Group 1: Product Development and Offerings - The company has developed a series of aromatic products based on traditional formulas, including Anping Xiang, Ankang Xiang, Tongren Xiangli, and Suhe Yuxin [3]. - A product matrix has been established, featuring over a hundred cultural and aromatic products, including incense, herbal fragrance accessories, sachets, and essential oils [3]. - The company aims to create immersive cultural experiences through interactive activities such as incense material identification and sachet making [3]. Group 2: Cultural Exchange and International Presence - Participation in the "Happy Spring Festival" event in Madrid is seen as a significant opportunity to showcase the depth of traditional Chinese medicine culture and to provide a platform for its aromatic products to reach international markets [3][5]. - The event attracted local visitors who engaged with the products, highlighting the appeal of traditional craftsmanship and the cultural significance of the offerings [5]. - The company has previously showcased its cultural aromatic products at various international events, gaining a substantial overseas following [5]. Group 3: Future Directions - The company plans to continue focusing on traditional Chinese medicine culture while addressing consumer needs, aiming to launch more products that combine Tongrentang's unique characteristics with market appeal [6]. - There is a commitment to actively participate in the international promotion of traditional Chinese medicine culture, exploring new pathways for the innovative development of time-honored brands [6].

Core Viewpoint - Tongrentang (600085) has received approval from the Canadian Ministry of Health for product licenses for several traditional Chinese medicine products, indicating a potential expansion into the Canadian market [1] Group 1: Product Approval - The company’s subsidiary, Tongrentang Pharmaceutical Factory, has been granted a Class III product license for the following products: Erganqing Oral Liquid, Suoyang Gujing Wan, Ren Shen Jianpi Wan, and Dahuang Chongsu Wan [1] - These products must still complete additional administrative approvals, including Canadian production quality system certification, before they can be sold in Canada [1] Group 2: Impact on Business - The announcement states that the approval will not have a significant impact on the company's recent operating performance [1]

Regulatory Updates - The National Medical Products Administration (NMPA) has released the "Guidelines for Pharmaceutical Research on Chemical Drugs for Rare Diseases (Trial)" to enhance support for rare disease drug development and improve technical guidance principles [1] - Hengrui Medicine's innovative drug SHR-1918 injection has been accepted for priority review by the NMPA, aimed at treating patients with homozygous familial hypercholesterolemia [1] - CanSino Biologics has expanded the age range for its ACYW135 meningococcal polysaccharide conjugate vaccine from children aged 3 months to 3 years to those aged 3 months to 6 years, which is expected to positively impact the company's performance [2] - Tongrentang Pharmaceutical has received product registration approval from Health Canada for several products, including children's cough syrup, although further administrative approvals are required for sales [3] - Shanghai Pharmaceuticals has obtained a drug registration certificate in Singapore for rivaroxaban tablets, which are used to reduce the risk of stroke and systemic embolism in non-valvular atrial fibrillation patients [4] - Baotai has received acceptance for the marketing authorization application of its drug BAT4406F, intended for treating adult patients with AQP4 antibody-positive neuromyelitis optica spectrum disorder [5] Industry Developments - Zhejiang Medicine plans to invest 250 million yuan in a silver economy fund in collaboration with a private equity fund, focusing on the healthcare sector [6] - Zhijiang Biology has completed a strategic increase in its stake in Sanyou Biopharmaceuticals, enhancing its position in the precision medicine sector [7] - Xianweida Biopharmaceutical has entered a commercialization agreement with Pfizer China for its GLP-1 receptor agonist, which could yield up to $495 million in payments [8] Financial Performance - Sangfor Technologies reported a projected net profit increase of 317.09% for 2025, driven by a significant collaboration with Pfizer that resulted in a revenue recognition of approximately 2.89 billion yuan [9] Capital Market Activities - Duorui Pharmaceuticals announced a stock suspension following the expiration of a tender offer period, pending confirmation of the offer results [10] - Jiutian Pharmaceutical completed a share buyback of 1.24% of its total shares, with a total transaction amount of 100 million yuan [11] - Shenlian Biopharmaceutical plans to acquire controlling interest in Shiziyuan Biotechnology for 237 million yuan, aiming to expand into innovative drug business [12]

Core Viewpoint - Tongrentang (600085) is enhancing its operational efficiency through the establishment of a financial shared service center, leveraging digital and intelligent technologies for improved information management [1] Group 1 - The company is actively promoting the construction and operation of a financial shared service center [1] - The integration of digital and intelligent technologies is aimed at elevating the level of information management [1] - The initiative is expected to empower the company's operational management for more efficient operations [1]