Core Viewpoint - The Chinese medicine sector shows resilience with the Chinese Medicine ETF (560080) rising by 0.28% despite market fluctuations, indicating strong investor interest and a net inflow of over 220 million yuan in the past 10 days [1][3]. Market Performance - The Chinese Medicine ETF (560080) has maintained a premium, closing with a premium rate of 0.14%, and has seen a total trading volume exceeding 1 billion yuan [1]. - Major stocks within the ETF, such as Dong'e Ejiao and Yunnan Baiyao, have shown positive performance, with Dong'e Ejiao increasing by over 1% [3][4]. Index Performance - The Chinese medicine index has experienced a negative return of -2.86% year-to-date, with a decline of 8.13% projected for 2024 [4]. - The index has shown a pattern of alternating performance, with three consecutive years of gains from 2019 to 2021, followed by three years of declines from 2016 to 2018 [4]. Valuation Metrics - The TTM price-to-earnings ratio for the Chinese Medicine ETF (560080) stands at 24.86, placing it at the 20.6% percentile of the past decade, suggesting a favorable valuation [6]. Financing and Investment Trends - Leveraged funds are increasingly utilizing the ETF for exposure to the higher-value Chinese medicine consumer sector, with the latest financing balance exceeding 91 million yuan, maintaining historical highs [7]. - The overall sentiment in the Chinese medicine sector is expected to improve, driven by stable market demand and accelerated innovation [9]. Future Outlook - The Chinese medicine sector is anticipated to benefit from innovation and transformation, with a focus on new product development and cost reductions in raw materials [9][10]. - The sector is positioned to leverage its advantages in preventive healthcare and as a complementary treatment alongside Western medicine [10]. Corporate Governance and Incentives - Recent corporate governance improvements and incentive plans in state-owned enterprises are expected to drive growth in the Chinese medicine sector, with companies like Huaren Sanjiu and Jiangzhong Pharmaceutical implementing effective incentive programs [11][12]. Dividend Yield - Several Chinese medicine companies are projected to have dividend yields exceeding 3% in 2024, with state-owned enterprises leading in this regard, indicating strong cash flow and shareholder returns [13][14].

Core Viewpoint - The Chinese Medicine ETF (560080) has shown resilience despite a recent market downturn, with significant capital inflow and a leading position in its category [1][7]. Market Performance - The Chinese Medicine ETF (560080) experienced a nearly 1% decline after a significant opening drop, with a total trading volume exceeding 110 million yuan [1]. - The ETF has seen a net inflow of over 170 million yuan in the last 10 days, bringing its total size to nearly 2.4 billion yuan, leading its peers [1]. Component Stocks - Most component stocks of the Chinese Medicine ETF (560080) closed in the red, with notable declines including Jilin Aodong (-1.44%), Yunnan Baiyao (-1.01%), and Dong'e Ejiao (-1.22%) [3][4]. Yearly Index Performance - The Chinese Medicine Index has shown negative returns year-to-date, with a decline of 3.27% this year and an 8.13% drop in 2024, marking a four-year streak of negative annual performance [4]. Valuation Metrics - The TTM price-to-earnings ratio for the Chinese Medicine ETF (560080) stands at 25.11, which is at the 22.28% percentile of the past decade, indicating a more favorable valuation [6]. Leverage and Financing - Financing activities remain robust, with the latest financing balance for the ETF exceeding 84 million yuan, maintaining historical highs [7]. Industry Outlook - According to CITIC Securities, channel adjustments in the Chinese medicine sector are nearing completion, with expectations for demand recovery in the fourth quarter [9]. - The demand for traditional Chinese medicine products is anticipated to stabilize, with a gradual recovery expected as external pressures ease [9]. New Drug Developments - The number of new drug applications in the Chinese medicine sector is on the rise, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [10][12]. - Recent approvals for new drugs from companies like Fangsheng Pharmaceutical and Tianzhihui are expected to contribute positively to their growth [12].

2025年10月13日，北京同仁堂（600085）股份有限公司在优质运营、创新突破、社会贡献等指标中表现 优异，入围《经济观察报》2024—2025年度受尊敬企业。根据经观中国上市公司综合价值评估体系，营 业收入、总资产连续三年实现正增长。 ...

Core Viewpoint - Beijing Tongrentang's collaboration with the Guangzhou Tianhe District Fire Rescue Bureau highlights a new paradigm in public welfare, merging traditional Chinese medicine with fire safety education to promote social responsibility [1][11]. Group 1: Event Overview - The event featured a public welfare short film that creatively combined the wisdom of traditional Chinese medicine with fire safety concepts, emphasizing the idea of prevention [1]. - A painting competition during the event engaged over a hundred students, showcasing their creativity and enthusiasm for public welfare [3]. - Awards such as the "Jingniu Firelight Award," "Jingniu Spark Award," and "Jingniu Fire Award" were established to encourage student participation [5]. Group 2: Educational Initiatives - A unique "health and fire prevention" workshop was conducted, integrating traditional Chinese health wisdom with practical advice for students [5][11]. - Interactive zones were set up to enhance engagement, including activities like using water guns to knock down "fire symptom" signs and quizzes on fire safety [9]. - On-site health consultations were provided by experts from Beijing Tongrentang, addressing common health issues faced by university students [11]. Group 3: Brand Engagement and Impact - The "Jingniu Fire Prevention Station" effectively reached the core campus demographic, generating positive responses and deepening brand message penetration [7]. - The event's design transformed traditional education into an immersive experience, aligning with the brand's commitment to engage with younger audiences [11]. - Beijing Tongrentang aims to continue its efforts in revitalizing its brand while contributing to public welfare initiatives [11].

证券代码：600085 证券简称：同仁堂 公告编号：2025-034 北京同仁堂股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 二、 议案审议情况 (一)非累积投票议案 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 9 日 (二)股东会召开的地点：北京市东城区崇外大街 42 号同仁堂大厦 5 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1. | 出席会议的股东和代理人人数 | 2,234 | | --- | --- | --- | | 2. | 出席会议的股东所持有表决权的股份总数（股） | 741,880,176 | | 3. | 出席会议的股东所持有表决权股份数占公司有表决权股份总 | 54.0938 | | 数的比例（%） | | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集。公司董事长张朝华女士因工作 ...

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 三 次 临 时 股 东 会 的 法 律 意 见 书 大成证字[2025]第 227 号 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 年第三次临时股东会的法律意见书 本所律师根据《股东会规则》第六条的要求，按照律师行业公认的业务标准、 道德规范和勤勉尽责的精神，对本次股东会所涉及的有关事项和相关文件进行了 必要的核查和验证，出席了本次股东会，出具法律意见如下： 一、本次股东会的召集、召开的程序 （一）本次股东会的召集程序 本次股东会由董事会提议并召 ...

Core Insights - Tong Ren Tang Group's subsidiary, Tong Ren Tang Medical and Health, is undergoing a listing hearing on the Hong Kong Stock Exchange, with CICC as the sponsor [1] - In the first five months of this year, Tong Ren Tang Medical and Health reported revenue of 477 million yuan, a year-on-year increase of 6.1%, and a net profit of 10.04 million yuan, up 146% year-on-year [1] - If successfully listed, Tong Ren Tang Medical and Health will become the fourth publicly listed company under Tong Ren Tang Group, joining Tong Ren Tang Co., Ltd., Tong Ren Tang Technology, and Tong Ren Tang Guoyao [1] Company Overview - Tong Ren Tang Medical and Health focuses on traditional Chinese medical services, operating 12 owned medical institutions and one internet hospital, while also managing 10 offline medical institutions [1] - Other subsidiaries of Tong Ren Tang Group primarily engage in the production and sale of traditional Chinese health products, providing limited medical services such as in-store consultations by traditional Chinese medicine practitioners [1] - Tong Ren Tang Medical and Health distinguishes itself from other group members in terms of scale, positioning, service scope, and target customers, thus not considering itself a significant competitor to the group's overall business [1] Shareholding Structure - Tong Ren Tang Group holds approximately 84% of the shares in Tong Ren Tang Medical and Health, with the remaining shares owned by investors such as Bozhou Yipin De, Jining Yinling, and Bingrong Investment [1]

Core Insights - The article discusses the ongoing initiatives of the "Party Building and Industry Innovation Joint Construction Mechanism" (referred to as "Party Building Joint Construction") in Beijing, emphasizing its role in enhancing industrial collaboration and public services [1][2][5] Group 1: Party Building Joint Construction Activities - The Party Building Joint Construction has expanded its activities into enterprises, campuses, and communities, demonstrating a commitment to high-quality development through high-quality party building [1][4] - In September, the initiative hosted a series of events, including a traditional Chinese medicine cultural festival and a campus integration event, which collectively served over 2,000 residents [2][4] - The activities included health services, product showcases, and job recruitment, effectively bridging the gap between industry needs and community services [3][4] Group 2: Collaboration with Educational Institutions - The partnership with Beijing Technology and Business University marks a significant step in integrating education with industry, establishing a framework for long-term collaboration [3][5] - The signing of a joint construction agreement aims to enhance the connection between education, talent development, and industry needs, fostering a collaborative ecosystem [3][5] - The campus market event featured over 40 booths offering health consultations, product sales, and employment information, showcasing the tangible benefits of the collaboration [3][4] Group 3: Societal Impact and Future Directions - The initiative reflects a dual empowerment model where enterprises provide quality products and services while local governments support business development, enhancing community well-being [5][6] - The Party Building Joint Construction is positioned to continue expanding its reach, aiming for a regularized approach to integrating health knowledge, quality products, and job opportunities into various sectors [6] - This model not only addresses the challenges of integrating party building with business operations but also supports the development of new productive forces, contributing to both economic and social benefits [6]

Core Viewpoint - Beijing Tongrentang Medical Investment Co., Ltd. (Tongrentang Medical) is focusing on traditional Chinese medicine (TCM) healthcare services and has passed the listing hearing on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Tongrentang Medical is a subsidiary of the Tongrentang Group, strategically focused on providing comprehensive TCM healthcare services to individual clients and standardized management services to institutional clients, along with various pharmaceutical and other products [5]. - The company combines "medicine" and "nurturing" to offer modern and customized TCM healthcare services [5]. - As of September 23, 2025, the company has established a tiered TCM healthcare service network, including 12 self-owned offline medical institutions and one internet hospital, as well as 10 offline managed medical institutions [5]. Market Position - By total outpatient and inpatient visits in 2024, Tongrentang Medical is the largest private TCM hospital group in China, holding a market share of 1.7%. By total medical service revenue in 2024, it ranks second in the private TCM hospital sector with a market share of 0.2%, capturing 46.5% of the total market size of TCM healthcare services in China for that year [5]. Revenue Growth - Revenue from TCM healthcare services increased from RMB 815 million in the year ending December 31, 2022, to RMB 995 million in the year ending December 31, 2023, representing a growth of 22.1%. Revenue from management services surged from RMB 1.9 million to RMB 9.6 million during the same period. Revenue from health products and other products rose by 57.0%, from RMB 87.7 million to RMB 138 million [6]. Financial Performance - The company reported revenues of approximately RMB 911 million, RMB 1.15 billion, RMB 1.18 billion, and RMB 477 million for the years 2022, 2023, 2024, and the five months ending May 31, 2025, respectively. The corresponding profits (losses) were -RMB 9.23 million, RMB 42.63 million, RMB 46.2 million, and RMB 13.06 million [7][8].

Core Viewpoint - Beijing Tongrentang Healthcare Investment Co., Ltd. (Tongrentang Healthcare) is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as its sole sponsor [1]. Company Overview - Tongrentang Healthcare is a subsidiary of Tongrentang, focusing on traditional Chinese medicine (TCM) healthcare services, providing comprehensive TCM medical services to individual clients and standardized management services to institutional clients [5][6]. - The company combines "medicine" and "nurturing," offering modern and customized TCM healthcare services [5]. Market Position - As of September 23, 2025, the company has established a tiered TCM healthcare service network, including 12 self-owned offline medical institutions and one internet hospital, along with 10 offline managed medical institutions [5]. - By 2024, Tongrentang Healthcare is the largest non-public TCM hospital group in China by outpatient and inpatient visits, holding a market share of 1.7%. It ranks second in the non-public TCM healthcare service industry by total medical service revenue, with a market share of 0.2%, capturing 46.5% of the total market size of the TCM healthcare industry in China [5]. Financial Performance - Revenue from TCM medical services increased from RMB 815 million in 2022 to RMB 995 million in 2023, representing a growth of 22.1%. Revenue from management services surged from RMB 1.9 million to RMB 9.6 million, while revenue from health products and other products rose by 57.0% from RMB 87.7 million to RMB 138 million during the same period [6]. - The company's revenue for the fiscal years 2022, 2023, 2024, and the first five months of 2025 was approximately RMB 911 million, RMB 1.153 billion, RMB 1.175 billion, and RMB 477 million, respectively. The corresponding net profits were -RMB 9.23 million, RMB 42.63 million, RMB 46.2 million, and RMB 13.06 million [7][8].