北京同仁堂股份有限公司 2025 年半年度报告 公司代码：600085 公司简称：同仁堂 北京同仁堂股份有限公司 2025 年半年度报告 1 / 172 北京同仁堂股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人张朝华、主管会计工作负责人潘宝侠及会计机构负责人（会计主管人员）王燕 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在本报告中详细 描述了存在的风险事项，请查阅本报告第三节"管理层讨论 ...

Core Viewpoint - The company is actively transforming the traditional Chinese medicine industry through scientific and standardized practices, showcasing its capabilities in national strategic research and innovation [1][3]. Group 1: Research and Development Initiatives - The company has been approved as the leading unit for a national pharmacopoeia standard research project, focusing on the "Guiding Principles for the Determination of Biological Activity of Traditional Chinese Medicine" [1]. - The project aims to establish a "component-activity-efficacy" evaluation system to enhance quality control in traditional Chinese medicine, addressing common industry challenges [1][3]. - The innovative drug "Qi Shen Granules," a completely new type of traditional Chinese medicine, has successfully completed Phase II clinical production and is intended for chronic heart failure treatment [3]. Group 2: Quality Control and Standards - The company has implemented three new group standards for traditional Chinese medicine traceability in collaboration with the China Traditional Chinese Medicine Association [3]. - The company has achieved CNAS accreditation for its testing centers, indicating compliance with international standards and enhancing its competitive edge in both domestic and international markets [4][7]. - The focus on "zero defect quality management" is reinforced by high-quality inspection levels and ongoing improvements in laboratory standardization [4]. Group 3: Future Directions - The company plans to continue driving high-quality development through a dual-engine strategy of "quality" and "innovation," increasing resource investment to enhance its core competitiveness [7].

Core Insights - Tongrentang Technology is leveraging data assets as a core strategic resource and value growth engine, enhancing operational efficiency and quality control through a deep integration of data across the entire value chain from cultivation to terminal sales [1][8] - The company has established a comprehensive traceability system for over 40 traditional Chinese medicine varieties, ensuring quality control and enhancing brand value through transparent data management [2][4] - A national sales data direct connection system has been implemented, allowing real-time aggregation of inventory and sales data from over 600 distributors and 4,000 retail terminals, enabling agile decision-making and market responsiveness [2][4] Data-Driven Decision Making - The sales data system allows for rapid response to market changes, exemplified by a 20% increase in sales of a specific product due to local weather conditions, leading to timely adjustments in inventory and distribution [4][7] - The integration of a production visualization system and SCADA technology has transformed production processes into data-driven operations, significantly improving efficiency and reducing labor costs [7][8] Quality Control and Production Efficiency - The production management dashboard provides real-time monitoring of key production metrics, enhancing the ability to identify and address bottlenecks quickly [5][7] - Post-implementation of the data-driven production system, the company reported a 40% increase in packaging line capacity and a 25% reduction in labor costs, while maintaining high product quality standards [7][8] Future Outlook - Tongrentang Technology plans to continue investing in digital operations, focusing on the integration of AI, predictive maintenance, and IoT technologies to further enhance efficiency and create sustainable long-term value [8]

Core Viewpoint - The development of high-quality talent is essential for the growth of the traditional Chinese medicine (TCM) industry, with a focus on cultivating high-skilled professionals to support the sector's innovation and quality improvement [2][4]. Group 1: Talent Development and Competitions - The "Tongrentang Cup" skills competition was held to enhance talent cultivation and selection, promoting the inheritance of TCM culture [3][5]. - A total of 724 employees participated in the competition, showcasing a strong commitment to mastering skills and contributing to the company's culture [3]. - Outstanding participants will have the opportunity to become representatives of intangible cultural heritage (ICH) within the company by 2025 [4]. Group 2: Intangible Cultural Heritage and Innovation - Tongrentang Group currently has 15 ICH projects, including 4 national-level projects, and has recently recognized new representatives of ICH [4][5]. - The company actively engages in various events to promote its ICH projects, enhancing their visibility and relevance in modern contexts [5]. - Future plans include recognizing at least 300 foundational ICH inheritors and 150 representative inheritors within the next five years, ensuring the continuity and vitality of traditional skills [5].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit growth aligning with expectations, driven by a recovery in the Hong Kong market and strategic channel expansions [1][2]. Financial Performance - Revenue for 1H25 reached HKD 762 million, a year-on-year increase of 14.6% - Net profit attributable to shareholders was HKD 235 million, corresponding to earnings per share of HKD 0.28, up 6.9% year-on-year [1] - The gross profit margin stood at 60.8%, a decrease of 7.2 percentage points year-on-year [2] Market Trends - The Hong Kong market showed a robust recovery, with revenue of HKD 430 million, up 30.3% year-on-year, attributed to an increase in store count and product sales [1] - The mainland China market generated HKD 120 million in revenue, reflecting a modest growth of 1.4% year-on-year [1] - Overseas market revenue was HKD 210 million, down 2.6% year-on-year, primarily due to currency fluctuations [1] Cost Management - The sales expense ratio decreased to 13.5%, down 5.9 percentage points year-on-year, due to reduced retail terminal costs and marketing activities [2] - The management expense ratio increased slightly to 11.6%, up 0.4 percentage points year-on-year [2] Operational Metrics - Accounts receivable turnover days increased by 14 days to 173 days [2] - Inventory turnover days rose by 54 days to 923 days, attributed to strategic raw material reserves [2] - Accounts payable turnover days decreased by 37 days to 35 days [2] Strategic Initiatives - The company is actively promoting its traditional Chinese medicine products and culture, engaging in various cultural promotion activities [2] - There is a focus on deepening R&D innovation and expanding the product line to create new growth engines [2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 5.2% to HKD 535 million and HKD 589 million, respectively, with expected growth rates of 7.0% and 10.0% [2] - The current stock price corresponds to a P/E ratio of 14.9x for 2025 and 13.5x for 2026, with a target price of HKD 10.50, indicating a potential upside of 10.3% [2]

Core Viewpoint - Tongrentang Technology is focusing on a large variety cluster strategy to drive high-quality growth in the traditional Chinese medicine industry, particularly in high-growth areas such as respiratory, cardiovascular, and tonic products by leveraging core products and refined channel management [1][3]. Group 1: Market Focus and Product Strategy - The domestic traditional Chinese medicine market is concentrated, with over 60% of the market share held by five major categories: respiratory medications (22.3%), cardiovascular medications (18.1%), digestive medications (15.7%), tonic medications (14.5%), and exclusive specialty medications (9.4%) [3]. - Tongrentang Technology is developing a product matrix that includes core products such as the Six Flavor Rehmannia Pill series, Kidney Qi Pill series, Xihuang Pill, and Jingzhi Niuhuang Jiedu Pian, achieving significant sales growth: 48% for Six Flavor Rehmannia Pill series, 20% for Kidney Qi Pill series, and 4% for Jingzhi Niuhuang Jiedu Pian compared to the same period last year [3][5]. - The company is breaking away from reliance on single blockbuster products by constructing a six-dimensional growth engine that targets specific user groups and channels, allowing over 200 traditional Chinese medicine products to find their effective market segments [5][7]. Group 2: Sales Performance and Marketing Strategies - In the first half of the year, Tongrentang Technology achieved sales exceeding 100 million RMB for four products, with 28 products generating sales between 10 million and 100 million RMB, and 10 products between 5 million and 10 million RMB, establishing a robust growth moat [7]. - The company is implementing differentiated marketing strategies for its "mid-line product group," which includes 35 products with broad market potential, and is focusing on optimizing terminal control and enhancing channel capabilities for its "royal medicine products" [7][8]. - The sales of health products, particularly the Ejiao cake, have seen a remarkable increase of 286% year-on-year, indicating successful expansion in the health sector [7]. Group 3: Future Plans and Product Development - In the second half of the year, Tongrentang Technology plans to continue precise strategies around its product matrix to enhance operational quality, with increased investments in commercial channels for core products like Jingzhi Niuhuang Jiedu Pian and Xihuang Pill [8]. - The company aims to define product positioning and target demographics for high-potential products like "Royal Medicine 300 Years," focusing on sustainable development and activating growth engines [8].

面对市场日益激烈的竞争态势，2025年上半年，北京同仁堂科技发展股份有限公司（以下简称"同仁堂 科技"）深化营销体系改革，以"六控"重塑渠道架构，提升营销动能与产品获利能力，构建起了抵御市 场波动的韧性屏障。 渠道"六控"：优质供给匹配高效流通 零售终端同质化厮杀，同仁堂科技将营销渠道的深化变革定为破局核心。开年伊始，企业提出了以控渠 道、控终端等六项内容在内的针对性措施。 技梳理渠道资源，提升营销动能 图说：同仁堂科 而对于这些改革措施，感触最深的恐怕莫过于各级经销商。同仁堂科技以开发能力、管控水平、区位优 势三维指标重构合作体系，筛选优质经销商作为开拓市场的"尖兵"，全面整合经销商渠道效能。 针对核心一级商与重点终端连锁客户，企业一方面在品种供应上予以优先保障，在营销资源和政策上给 予重点倾斜，确保合作伙伴的获利能力。与此同时，持续强化经销商动态管理机制，通过数据直连体 系，加大对品种流向、流速等关键指标的实时监控，建立常态化监督与动态化考核体系，严格规范渠道 准入与退出机制，确保经销商队伍的质量与活力。 终端突围构筑渠道壁垒 在医保政策调整、药店分级分类管理持续深化的背景下，终端市场已成为企业竞争的"红 ...

其他情况 根据公司公告，2025年上半年，公司毛利率为60.8%，同比-7.2个百分点；公司销售费用率为13.5%，同比-5.9个百分点，主要由于零售终端的相关费用以及营销推广活动减少；管理费用率为 责任编辑：史丽君 根据公司公告，2025年上半年，公司应付账款周转天数同比下降37天至35天；公司积极宣传同仁堂中医药产品和文化，积极投身各项中医药文化推广活动中去。该行认为，公司有望通过深化研 中金发布研报称，考虑同仁堂国药（03613）下半年费用投入，维持跑赢行业评级，考虑到公司积极拓展线上与线下销售渠道，持续丰富销售网络布局，该行维持目标价10.50港币，对应2025 中金主要观点如下： 香港市场恢复良好增长态势，积极拓展销售渠道 根据公司公告，1H25，公司中国香港市场收入为4.3亿港币，同比+30.3%，主要由于香港门店增加产品群销售，公司积极进行香港线下门店改造，全方位换新零售终端风貌。1H25，公司中国内 2025年上半年，销售费用率同步下降 ...

Core Insights - The core viewpoint of the articles highlights the impressive sales performance of Tongrentang Technology's product cluster, particularly the Liuwei Dihuang Wan, which saw a sales revenue increase of approximately 47.99% year-on-year [1][3]. Group 1: Sales Performance - Liuwei Dihuang Wan leads the urinary and kidney supplement product cluster, driving significant sales growth for related products such as Jinkui Shenqi Wan (19.55% increase) and others achieving double-digit growth [1][3]. - The market demand for these products is fueled by lifestyle changes leading to increased issues related to kidney deficiency, as well as a growing elderly population experiencing related symptoms [3]. Group 2: Product Characteristics - Liuwei Dihuang Wan's formulation is based on the work of Song Dynasty physician Qian Yi, featuring a balanced combination of six key herbs that work synergistically [3]. - The unique formulation, high-quality ingredients, and advanced manufacturing techniques of Tongrentang provide strong support for the effectiveness of these products [3]. Group 3: Marketing and Distribution Strategy - Tongrentang Technology has implemented targeted marketing strategies and operational policies to enhance product visibility in the market, focusing on community engagement through initiatives like the "flag-planting action" [4]. - The company has expanded its market coverage to 31 provinces, reaching nearly 3,000 retail chains [4]. - A differentiated promotional strategy has been developed for products like Liuwei Dihuang Wan, utilizing popular social media platforms to engage younger consumers and achieve significant market share growth [6]. Group 4: Future Plans - In the second half of the year, Tongrentang Technology plans to continue strengthening its product cultivation and precise strategies for building its major product cluster matrix, aiming for high-quality growth in performance [6].

Core Viewpoint - CICC maintains an "outperform" rating for Tong Ren Tang (600085) and China National Pharmaceutical (03613), with a target price of HKD 10.50, indicating a 10.3% upside potential based on the company's proactive expansion of online and offline sales channels and continuous enhancement of its sales network layout [1] Group 1: Financial Performance - In the first half of 2025, the company reported revenue of HKD 762 million, a year-on-year increase of 14.6%, and a net profit attributable to shareholders of HKD 235 million, corresponding to an earnings per share of HKD 0.28, which is a 6.9% increase year-on-year, aligning with CICC's expectations [1] - The gross profit margin for the first half of 2025 was 60.8%, a decrease of 7.2 percentage points year-on-year, while the sales expense ratio was 13.5%, down 5.9 percentage points, primarily due to reduced retail terminal costs and marketing activities [3] Group 2: Market Expansion and Strategy - The Hong Kong market showed a strong recovery with a revenue of HKD 430 million in the first half of 2025, reflecting a year-on-year growth of 30.3%, driven by an increase in product sales from new store openings and renovations [2] - The company is actively expanding both online and offline sales channels and has signed a strategic cooperation agreement with China Duty Free Group to explore international market development [2] - The company is also updating product packaging, such as for its Rhodiola Rosea capsules, to enhance market appeal [2] Group 3: Operational Efficiency - The accounts payable turnover days decreased by 37 days to 35 days year-on-year in the first half of 2025, indicating improved operational efficiency [4] - The management expense ratio was 11.6%, reflecting a slight increase of 0.4 percentage points year-on-year [3]