同仁堂商业下属零售药店主要开设在全国重点城市和地区，并逐步向周边发展，以线下直接服务客户群体为主，主要 销售中西成药及饮片、保健品及食品、医疗器械等。根据药店所处地区消费水平、消费特点，零售药店调整和丰富产 品结构，满足消费者的差异化需求。 报告期内，零售药店通过销售中西成药及饮片获得的销售收入占零售总收入的 81.87%，其次为保健品及食品。零售药 店在 2024 年从前 5 名供应商处采购中西成药及饮片，共计约 48.45 亿元，较上年同期增加 21.89%。零售药店中，有 720 家设立了中医医疗诊所，占零售药店总数 57.55%；有 809 家取得"医疗保险定点零售药店"资格，占公司零售药店 总数 64.67%。 近日，同仁堂发布2024年财报。披露公司去年营收增长4.12%至185.97亿元，归属净利减少8.54%至15.26亿元。 截至报告期末，同仁堂商业共设立零售门店 1,251 家，2024 年内新增门店数量 250 家，其中新设 252 家，闭店 2 家。 主要地区变动情况如下：公司零售总部地处华北地区核心地带，品牌及公司文化对周边地区影响力较强，报告期内新 增店铺 97 家，年底达到 51 ...

老字号企业北京同仁堂股份有限公司（以下简称"同仁堂"，股票代码600085.SH）营收净利背离。 长江商报消息 ●长江商报记者 沈右荣 4月3日晚，同仁堂披露了2024年年报。公司实现营业收入约186亿元，同比增长逾4%；归属母公司股东的净利润 （简称"归母净利润"）逾15亿元，同比下降近9%。其中，第四季度，营业收入增长超过15%，而归母净利润下降 幅度接近37%。 归母净利润下降，这是2020年以来的首次。 同仁堂主要从事中成药的生产与销售，拥有完整的产业链条。 对于2024年归母净利润下降，公司解释称，主要是中药材价格上涨使产品成本增加。 与之对应的是，公司综合毛利率、净利率均较上年有所下降。 不缺钱的同仁堂大幅提高分红比例。2024年全年，公司将合计派发现金红利13.71亿元，较2023年翻了一倍，分红 率接近90%。 根据长江商报记者粗略测算，2024年，同仁堂的员工平均薪酬约19.99万元，较上年下降约2.37%。而包括总经理 在内的9名董监高，薪酬均有明显上涨。 时隔四年净利润再现下降 时隔四年，同仁堂的归母净利润再度出现下降。 根据年报，2024年，同仁堂实现营业收入185.97亿元，同比增长 ...

Group 1 - The company plans to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares, amounting to a total of 1,371,470,262.00 yuan, which represents 44.93% of the net profit attributable to the parent company for the year 2024 [12][13][68] - The company achieved a net profit of 1,526,274,925.98 yuan for the year 2024, with a total revenue of 1,859,728.16 yuan, reflecting a year-on-year growth of 4.12% [6][7][12] - The total assets of the company reached 3,119,752.40 million yuan, an increase of 3.68% year-on-year, while the net assets attributable to shareholders grew by 1.06% [7][12] Group 2 - The company operates in the traditional Chinese medicine sector, focusing on the production and sales of traditional Chinese medicine products, with over 400 varieties in its portfolio [3][5][6] - The company is committed to high-quality development and has implemented strategies to enhance production efficiency and investor returns [6][27][30] - The regulatory environment for traditional Chinese medicine is evolving, with new standards and guidelines being introduced to promote quality and innovation in the industry [4][5][6] Group 3 - The company has a complete industrial chain that includes planting, processing, research and development, production, logistics, and retail of traditional Chinese medicine [5][6] - The company has received approval for its profit distribution plan from the board of directors and the supervisory board, pending shareholder approval [12][54][71] - The company has engaged Zhongshun Zhonghuan Accounting Firm for auditing services, with a proposed fee of 2.56 million yuan for the 2025 fiscal year [80][89][91]

Core Insights - Tongrentang reported a revenue of 18.597 billion yuan for 2024, a year-on-year increase of 4.12%, while net profit attributable to shareholders decreased by 8.54% to 1.526 billion yuan [1] - The company experienced significant growth in its core business, particularly in cardiovascular products and tonics, with revenues of 5.146 billion yuan and 2.127 billion yuan respectively, reflecting year-on-year increases of 17.26% and 22.98% [1] - The company has increased its self-operated pharmacy count by 250 to a total of 1,251, showing a notable improvement compared to previous years [1] Financial Performance - In Q4 2024, Tongrentang achieved a revenue of 4.778 billion yuan, a year-on-year increase of 15.41%, but net profit fell by 36.65% to 176 million yuan [1] - The company's gross margin for cardiovascular products decreased by 8.31 percentage points to 49.31%, marking the first time it has fallen below 50% in five years, primarily due to rising raw material costs [2] - The company plans to increase cash dividends to 1.371 billion yuan, representing 89.86% of the net profit attributable to shareholders, indicating a commitment to shareholder returns despite declining profits [3] Future Outlook - The gross margin pressure is expected to improve by 2025 due to potential cost relief from imported raw materials and possible price adjustments for key products [2] - The company maintains a "buy" rating, with projected net profits of 1.815 billion yuan, 2.102 billion yuan, and 2.429 billion yuan for 2025-2027, reflecting year-on-year growth rates of 18.90%, 15.84%, and 15.55% respectively [3]

Group 1 - Fudan University Zhongshan Hospital has developed a bile duct cancer precision testing kit that has received approval from the Shanghai Municipal Drug Administration, achieving an 86% increase in overall detection rate and reducing average testing time from 17.6 days to 5 days [1] - Jianyou Co., Ltd. announced that its liraglutide injection has received FDA approval, which may enhance its competitiveness and brand influence in the international market [2] - Jiangsu Lifeng Biotechnology was fined a total of 37.73 million yuan for falsifying registration documents for medical devices, highlighting the regulatory body's zero-tolerance policy towards fraud [3] Group 2 - Tongrentang reported a 4.12% increase in total operating revenue for 2024, reaching 18.597 billion yuan, but its net profit decreased by 8.54% to 1.526 billion yuan, attributed to rising raw material costs and imbalances in marketing and R&D investments [4]

Industry Overview - Chinese herbal medicine is a unique drug used in traditional Chinese medicine for disease prevention and treatment, encompassing both herbal medicine and traditional Chinese drugs [1][5] - The market size of Chinese herbal medicine planting in China is projected to grow from 156.3 billion yuan in 2019 to 295.68 billion yuan in 2024, with a year-on-year growth rate of 30.2% [9] - The planting area for Chinese herbal medicine has increased from 52.5 million mu in 2019 to 59.56 million mu in 2024, reflecting a year-on-year growth rate of 5.87% [5][9] Industry Chain - The upstream of the industry chain includes the planting of Chinese herbal medicine, breeding of medicinal animals, and collection of raw materials, with key players such as Baiyunshan, Kangmei Pharmaceutical, and Yunnan Baiyao [2] - The midstream involves the processing and manufacturing of Chinese herbal products, including traditional Chinese medicine and herbal pieces, with companies like Kangmei Pharmaceutical and Huaren Sanjiu leading this segment [2] - The downstream focuses on the distribution and sales of Chinese herbal products through traditional pharmacies and e-commerce platforms [2] Market Dynamics - The demand for Chinese herbal medicine is increasing due to factors such as industrialization, urbanization, and an aging population, alongside supportive government policies [9] - The recognition of traditional Chinese medicine in international markets is also on the rise, contributing to the industry's rapid growth [9] Competitive Landscape - The competitive landscape of the Chinese herbal medicine planting industry is tiered based on registered capital, with the first tier exceeding 1 billion yuan, including companies like Yunnan Baiyao and Kunming Pharmaceutical [11][13] - The second tier has registered capital between 500 million to 1 billion yuan, featuring companies like Yibai Pharmaceutical and Dong'e Ejiao [11][13] - The third tier consists of companies with registered capital below 500 million yuan, such as Foci Pharmaceutical and Zhendong Pharmaceutical [11][13] Development Trends - The establishment of geographical indication and ecological planting models is accelerating the construction of authentic medicinal material protection zones [17] - The standardization of seeds and seedlings is expected to overcome industry bottlenecks, with significant improvements in the coverage of quality seeds [17] - International certifications such as EU organic certification and US NOP standards are becoming essential for export enterprises, enhancing the competitiveness of Chinese herbal products in global markets [18]

Group 1 - The independent director, Wang Guihua, has been serving since June 25, 2021, and has not exceeded six years in this role, maintaining independence and compliance with regulations [1][2] - During the reporting period, the independent director attended all meetings and actively participated in discussions, ensuring objective and independent opinions were provided [2][3] - The independent director emphasized the importance of communication with the board and management to safeguard the interests of minority shareholders [1][4] Group 2 - The independent director participated in various committees, including the Nomination Committee and the Remuneration and Assessment Committee, attending all scheduled meetings and voting in favor of all proposals [2][3] - Key issues addressed included related party transactions and commitments from controlling shareholders to avoid competition, with independent opinions provided to ensure compliance with legal standards [4][7] - The independent director maintained communication with external auditors and internal audit departments to ensure accurate financial reporting and effective internal controls [5][9] Group 3 - The company has implemented a robust process for selecting and appointing auditors, with the independent director overseeing compliance with relevant laws and regulations [5][10] - The independent director has been actively involved in the evaluation of the company's internal control systems and has encouraged ongoing improvements [9][11] - The independent director has also engaged with minority shareholders through various forums, enhancing transparency and trust [6][12] Group 4 - The independent director has committed to continuing to uphold independence and diligence in fulfilling responsibilities, focusing on governance and operational decisions [12] - The independent director aims to provide valuable insights and recommendations to support the company's sustainable growth and protect shareholder interests [12]

Core Viewpoint - Beijing Tong Ren Tang Co., Ltd. plans to distribute a cash dividend of 0.50 RMB per share (including tax), based on the total share capital registered on the dividend distribution date [1] Profit Distribution Plan - The company intends to distribute a cash dividend of 5.00 RMB for every 10 shares held, amounting to a total cash dividend of approximately 44.93% based on the total share capital of 1,371,470,262 shares as of December 31, 2024 [1][2] - The total undistributed profits as of December 31, 2024, are reported at 8,386,175,950.07 RMB for the consolidated financial statements and 3,804,841,930.31 RMB for the parent company [1][2] Historical Cash Dividends - The total cash dividends for the last three fiscal years are as follows: - Current year: 1,371,470,262.00 RMB - Previous year: 685,735,131.00 RMB - Year before last: 438,870,483.84 RMB [2] - The cumulative cash dividends over the last three years amount to 2,496,075,876.84 RMB [2] Decision-Making Process - The company's board of directors approved the profit distribution plan during the seventh meeting of the tenth board on April 2, 2025, confirming it aligns with the company's profit distribution policy [3] - The supervisory board also agreed with the profit distribution plan, emphasizing its consideration of the company's profitability, operational needs, and reasonable returns for shareholders [3]

Meeting Overview - The sixth meeting of the 10th Supervisory Board of Beijing Tongrentang Co., Ltd. was held on April 2, 2025, combining in-person and telecommunication methods [1] - All five supervisors attended the meeting, and it was presided over by Chairman Wang Xingwu [1] Resolutions Passed - The 2024 Financial Settlement Report was approved with a unanimous vote of 5 in favor [2] - The 2024 Profit Distribution Plan was approved, considering the company's profitability, operational needs, and reasonable returns for shareholders, and will be submitted to the shareholders' meeting for review [1][2] - The 2024 Supervisory Board Work Report was approved with a unanimous vote of 5 in favor [2] - The 2024 Annual Report and its summary were approved, confirming compliance with legal and regulatory requirements, and reflecting the company's actual operational situation accurately [2] - The 2024 Internal Control Evaluation Report was approved with a unanimous vote of 5 in favor [2] - The 2024 Environmental, Social, and Governance (ESG) Report was approved with a unanimous vote of 5 in favor [2] - The proposal regarding the 2024 Supervisory Board remuneration was approved with 3 votes in favor and 2 abstentions [2] Additional Notes - The first, second, third, fourth, and seventh resolutions will be submitted to the 2024 Annual Shareholders' Meeting for further review [2]