Investment Rating - The report gives a "Buy" rating for Tongrentang [11][15]. Core Views - Tongrentang is a representative of high-quality traditional Chinese medicine with a history of 356 years, focusing on the production, sales, research, and distribution of traditional Chinese medicine [3][26]. - The company has a stable product portfolio, with its top five products consistently contributing around 46% to its pharmaceutical sales, and it maintains a strong market share in key products like the An Gong Niu Huang Wan [4][10]. - The report highlights the company's comprehensive supply chain management, from raw material sourcing to retail, ensuring product quality and operational efficiency [4][5]. Summary by Sections Company Overview - Founded in 1669, Tongrentang has evolved into a large-scale enterprise integrating production, sales, research, and distribution of traditional Chinese medicine [3][26]. - The company produces over 400 types of traditional Chinese medicine, with key products including An Gong Niu Huang Wan and Liu Wei Di Huang Wan, which support its brand development and stable operations [3][29]. Business Model - Tongrentang employs a "big variety" strategy, focusing on high-margin products, with its top five products showing stable sales growth [4][12]. - The company has established a full industry chain covering the cultivation of medicinal materials, production of traditional Chinese medicine, and retail, ensuring quality control and operational efficiency [4][5]. Market Dynamics - The report notes a decline in the prices of medicinal materials, which alleviates cost pressures for the company [5][6]. - The introduction of a pilot program for importing natural cow bile is expected to ease supply constraints for key raw materials [5][6]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 187.7 billion, 203.3 billion, and 222.7 billion yuan, with corresponding net profits of 16.7 billion, 19.4 billion, and 22.6 billion yuan [11][15]. - The report indicates that Tongrentang's price-to-earnings ratio for 2024 is approximately 30 times, slightly above the industry average, justifying the "Buy" rating [11][15].

Investment Rating - The report indicates a positive investment outlook for the white peony health food industry, driven by increasing consumer health awareness and supportive government policies [1]. Core Insights - The white peony health food industry is in its early development stage, with significant growth potential due to rising demand from the aging population and the "silver economy" [1][35]. - White peony, as a traditional Chinese medicine, has diverse pharmacological effects, which enhances its application in health products [11][36]. - The market for white peony health foods is expected to grow from 5.25 billion RMB in 2023 to 6.79 billion RMB by 2028, with a compound annual growth rate (CAGR) of 4.61% [32]. Industry Definition - White peony health foods are defined as products primarily made from white peony that aim to regulate bodily functions and promote health rather than replace medical treatment [2][10]. Industry Classification - The white peony health food industry can be categorized into various forms, including capsules, tablets, oral liquids, and granules [3][4][5][6][7]. Industry Characteristics - The industry benefits from resource and policy support, strict regulation, and broad application prospects [8][9]. Development History - The Chinese health food industry has evolved significantly since 1996, with regulatory improvements and market optimization leading to increased maturity [12][13][14][15]. Supply Chain Analysis - The supply chain consists of upstream raw material provision, midstream production and sales, and downstream consumer sales [16]. - Ensuring high-quality raw material supply is crucial for market competitiveness [17]. - Midstream efficiency and quality control are key drivers for industry innovation [18]. Market Size and Growth - The market size for white peony health foods has grown from 4.34 billion RMB in 2019 to 5.25 billion RMB in 2023, with a CAGR of 4.87% [32][33]. - The increase in market size is attributed to rising raw material prices and strong consumer acceptance of high-quality health products [33][34]. Future Market Drivers - The aging population and government support for the silver economy are expected to significantly expand the market for white peony health foods [35]. - The diverse pharmacological properties of white peony contribute to its growing market demand [36]. Competitive Landscape - The industry is still in its early stages, with no significant brand effects or market concentration [41]. - Leading companies include Xianle Health and Tongrentang, which have extensive experience and product offerings in the health food sector [42]. Company Overview - Major players in the white peony health food market include Tongrentang, Xianle Health, and others, with varying revenue growth and profit margins [46][48].

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

证券代码：600085 证券简称：同仁堂 公告编号：2025-002 北京同仁堂股份有限公司 关于控股股东承诺事项的补充公告 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（以下简称同仁堂、上市公司或本公司）控股股东 中国北京同仁堂（集团）有限责任公司（以下简称同仁堂集团或控股股东）于近 日取得了天津同仁堂集团股份有限公司（以下简称天津同仁）60%股份的控制权（以 下简称本次交易）。 同仁堂集团作为本公司的控股股东，为保障本公司及本公司股东的合法权益， 特就本次交易涉及的解决和避免与本公司及其控制的企业产生同业竞争事宜，向 本公司出具了《关于解决和避免与北京同仁堂股份有限公司同业竞争的承诺函》 （以下简称《承诺函》）。因天津同仁与本公司存在个别非主要产品相同的情况， 控股股东承诺，交易完成后五年内，按照法定程序通过采取股权转让、资产转让、 托管相关业务或资产、天津同仁或其控制的企业停止相关业务、调整产品结构、 设立合资公司等方式，进一步解决天津同仁与本公司个别非主要产品相同的情况。 以上情况详见上市公司 ...

2025 年 第 一 次 临 时 股 东 大 会 的 法 律 意 见 书 大成证字[2025]第 002 号 北 京 大 成 律 师 事 务 所 关 于 北 京 同 仁 堂 股 份 有 限 公 司 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） ZT International Center, No.10, Chaoyangmen Nandajie, Dongdaqiao Road Chaoyang District, 100020, Beijing, China Tel:+8610-58137799 Fax:+8610-58137788 北京大成律师事务所 关于北京同仁堂股份有限公司 2025 年第一次临时股东大会的法律意见书 致：北京同仁堂股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和 国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东 大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他 有关规范性文件的要求， ...

Core Insights - Tongrentang Medical and Health has a market share of 1.8% in China's non-public traditional Chinese medicine hospital medical service industry based on total outpatient and inpatient visits [1] - The total number of visits increased from 1 million in 2021 to 18 million in 2023, representing a compound annual growth rate (CAGR) of 30.7% [1] - The company has established a medical service network that includes chain hospitals, grassroots medical institutions, and internet hospitals, providing modern and customized traditional Chinese medical services [1] - Tongrentang Medical and Health has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1]

Core View - Tongrentang (600085) announced that it will sign a three-year "Brand Licensing Framework Agreement" with Tongrentang Group to pay for the use of the "Tongrentang" brand, ensuring stable production and operation while protecting state-owned assets [1] Transaction Details - The agreement involves Tongrentang, its subsidiaries Tongrentang Technology and Tongrentang Commerce, and other enterprises using the "Tongrentang" brand [1] - Tongrentang Group holds 52 45% of the company's shares, making it the controlling shareholder, and this transaction constitutes a related-party transaction [2] Brand Licensing - The "Tongrentang" trademark and brand name are owned by Tongrentang Group, and the licensing agreement aims to reasonably protect the value of state-owned assets [1]

证券代码：600085 证券简称：同仁堂 公告编号：2024-038 北京同仁堂股份有限公司 第十届董事会第六次会议决议公告 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。 一、 会议召开情况 北京同仁堂股份有限公司（以下简称公司）第十届董事会第六次会议于 2024 年 12 月 27 日在公司会议室以现场会议方式召开。本次会议通知已提前送达全体 董事，与会各位董事均已知悉与本次会议所议事项的相关必要信息。本次董事会 会议应出席董事 11 人，实际出席 11 人。公司全体监事及部分高级管理人员列席 了本次会议。会议由董事长邸淑兵先生主持，会议的召开和表决程序符合《中华 人民共和国公司法》及《北京同仁堂股份有限公司章程》（以下简称《公司章程》） 的有关规定。 二、 会议审议情况 表决结果：回避 4 票，同意 7 票，反对 0 票，弃权 0 票。 该项议案已经公司第十届董事会独立董事 2024 年第二次专门会议及第十届 董事会审计委员会 2024 年第四次会议审议通过。具体内容详见公司同日于上海证 券交易所网站（www.sse.c ...

证券代码：600085 证券简称：同仁堂 公告编号：2024-041 北京同仁堂股份有限公司 关于公司及控股子公司物业租赁暨关联交易的公告 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。 重要内容提示： 2025 年，北京同仁堂股份有限公司（以下简称公司或本公司）及控股子公司 北京同仁堂商业投资集团有限公司（以下简称同仁堂商业）拟向中国北京同仁堂 （集团）有限责任公司（含其附属企业，不含本公司合并范围，以下简称同仁堂 集团）承租物业，用于满足生产经营及日常办公需求，年度租金合计不超过 2,000 万元；公司拟向同仁堂集团出租物业，以提高公司部分闲置物业经营能力，年度 租金合计不超过 500 万元。 本次交易构成关联交易，但不构成上市公司重大资产重组。本次交易事项已 经公司第十届董事会第六次会议及第十届监事会第五次会议审议通过，无需提交 公司股东大会审议。 至本次关联交易为止，除日常关联交易及已披露的其他关联交易外，过去 12 个月内，公司及控股子公司与同仁堂集团或与其他不同关联人之间相同交易类别 下标的相关的关联交易未达到 3 ...

证券代码：600085 证券简称：同仁堂 公告编号：2024-039 北京同仁堂股份有限公司 第十届监事会第五次会议决议公告 本公司监事会及全体监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。 二、 会议审议情况 （一） 审议通过了《关于与关联方签订<"同仁堂"品牌使用许可框架协议> 的议案》 公司及控股子公司北京同仁堂科技发展股份有限公司、北京同仁堂商业投资 集团有限公司（以下简称同仁堂商业）拟与中国北京同仁堂（集团）有限责任公 司（以下简称同仁堂集团）分别签订《"同仁堂"品牌使用许可框架协议》，协议 期限为三年。 监事会认为：公司董事会关于本次关联交易的审议和表决程序符合相关法律、 法规及《公司章程》的规定，交易条款内容遵循了公平、合理的原则，不存在损 害公司及全体股东，特别是中小股东利益的情形。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 （二） 审议通过了《关于公司及控股子公司物业租赁暨关联交易的议案》 1 2025 年，公司及控股子公司同仁堂商业拟向同仁堂集团及其附属企业承租 物业，用于满足生产经营及日常办公需求，年度租金合计 ...