Core Insights - Beijing Tongrentang's Shengmai Drink participated as the official health partner in the "Symphony Youth" music festival, aiming to engage with university students and promote traditional Chinese medicine in a modern context [1][8] - The event featured interactive areas like the "Vitality Diagnosis Research Institute" and "Extreme Challenge Training Camp," allowing students to experience the health benefits of Shengmai Drink through creative engagement [3][8] - The festival coincided with Father's Day, enhancing emotional connections through a collective performance of "Father's Prose Poem," which elevated the event's atmosphere [5][10] Company and Industry Summary - Beijing Tongrentang Shengmai Drink's "Vitality Supply Station" became a focal point at the festival, attracting a large number of students eager to learn about health and traditional Chinese medicine [5][6] - The company effectively combined professional Chinese medicine consultations with a vibrant music festival, breaking down barriers between traditional culture and younger audiences [8][12] - The event highlighted the brand's commitment to innovation and cultural transmission, showcasing its role in the creative transformation and development of traditional Chinese medicine in contemporary society [8][12]

Core Viewpoint - The annual shareholder meeting of Beijing Tongrentang Technology Development Co., Ltd. highlighted the company's steady growth and future strategic planning despite a complex market environment [1][2]. Group 1: Company Performance - The company maintained a stable development trajectory over the past year by deepening internal management reforms, optimizing production processes, and enhancing product quality and service levels [1]. - The company increased its investment in research and development to drive product innovation and meet the diverse needs of the market [1]. Group 2: Shareholder Engagement - During the interactive session, shareholders actively discussed the company's performance, market presence, and long-term development strategies, providing valuable feedback and suggestions for future growth [2]. - The new management team demonstrated an open and positive attitude, carefully listening to shareholder concerns and responding sincerely, which strengthened shareholder trust in the management [2]. Group 3: Shareholder Appreciation - Following the meeting, the company organized a health consultation and a product showcase for attending shareholders, where traditional Chinese medicine experts provided health advice and cultural knowledge [4]. - The product showcase featured a variety of high-quality products, creating a warm and harmonious atmosphere for the event [4]. Group 4: Future Outlook - The company aims to use this meeting as a new starting point to remember its original intentions and strive for high-quality development [6].

Core Viewpoint - The recognition of Li Ning as a representative inheritor of the traditional production technique of Tongrentang's Xihuangwan signifies the importance of preserving and innovating traditional Chinese medicine practices in Beijing's cultural heritage [1][15]. Group 1: Company Overview - Tongrentang Technology Development Co., Ltd. has been involved in the traditional production of Chinese medicine, specifically Xihuangwan, which is a significant product in their portfolio [1]. - The company emphasizes the integration of traditional craftsmanship with modern techniques to enhance production efficiency and product quality [11]. Group 2: Skills and Techniques - Li Ning has mastered various intricate techniques in the production of Xihuangwan, including precise mixing of medicinal powders, careful control of ingredient ratios, and quality assurance through visual and tactile assessments [4][7]. - The production process involves multiple steps such as mixing, screening, drying, and coating, all of which require a high level of skill and attention to detail [5][9]. Group 3: Innovation and Adaptation - Li Ning has adapted the production techniques to meet modern standards, including the introduction of methods to ensure the stability of key components like bilirubin in the final product [9]. - The company has responded to increasing market demand by optimizing production processes, which has significantly improved yield rates and ensured a stable supply of Xihuangwan [11]. Group 4: Cultural Heritage and Education - Li Ning has taken on the role of mentor, establishing a skills master studio to pass on the traditional techniques to apprentices, thereby ensuring the continuity of this cultural heritage [13]. - The company actively participates in cultural events to promote traditional Chinese medicine and its values, enhancing public awareness and appreciation of its heritage [15].

北 京 大 成 律 师 事 务 所 关 于 北 京 同 仁 堂 股 份 有 限 公 司 2 024 年 年 度 股 东 大 会 的 法 律 意 见 书 大成证字[2025]第 131 号 北 京 大 成 律 师 事 务 所 www.dentons.cn 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，对本次股东大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，出席了本次股东大会，出具法律意见如下： 北京市朝阳区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 2024 年年度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 ...

北京同仁堂股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：600085 证券简称：同仁堂 公告编号：2025-015 (一) 股东大会召开的时间：2025 年 6 月 16 日 (二) 股东大会召开的地点：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 号北京同仁堂股份有限公司会议室 | (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 | 1,283 | | 2.出席会议的股东所持有表决权的股份总数（股） | 746,375,744 | | 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 54.4216 | | | 总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长邸淑兵先生主持。会议采用现场投票 和 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 无所乐誉 来源：雪球 继续复习投资理念 ， 继续强化思想 ， 买入那些护城河很深的股票 ， 片仔癀 、 同仁堂 、 达仁 堂 、 泸州老窖 、 陕西煤业和海洋石油 ， 这几家公司都是我的持仓 ， 我认为这几家公司都有 很深的护城河 ， 所以今天继续识别护城河 。 在投资中 ， 许多人容易将短期优势误认为长期壁垒 。 根据巴菲特的观察 ， 最常见的四个认知 误区是 ： 优质产品 、 高市场份额 、 有效执行和卓越管理 。 我认为这些误区之所以危险 ， 在 于它们往往掩盖了企业真正的核心竞争力 。 要判断企业能否长期盈利 ， 需要关注两点 ： 一是所处行业是否稳定或处于上升期 ， 二是企业 自身是否具备难以复制的竞争优势 。 行业趋势相对容易判断 ， 比如科技领域的持续增长或传统 行业的萎缩 。 真正的难点在于 ， 如何穿透表象 ， 识别出那些能抵御竞争侵蚀的护城河 。 我认为真正的护城河大致可分为六类 ： 品牌溢价 、 网络效应 、 规模成本优势 、 用户高转换 成本 、 核心技术壁垒 以及 资源独占性 。 例如 ， ...

Core Viewpoints - The Chinese medicine industry is expected to see a performance turning point, with significant improvements in revenue and profit growth anticipated in Q2 2025 compared to Q1 2025, and continued growth in H2 2025 [3][7] - The industry exhibits characteristics similar to the banking sector, including high cash reserves, substantial dividends, and low profit volatility, with minimal impact from overseas situations [3][7] Key Indicators Tracking - Influenza data has stabilized, reducing revenue growth pressure on companies [11] - The price index of Chinese medicinal materials has declined, which is expected to alleviate gross margin pressure [13] - Institutional holdings are low, with the proportion of fund holdings in the Chinese medicine sector dropping to 0.46% as of Q1 2025, indicating potential for increased investment interest under favorable tariff policies in the U.S. [18] - The sector's valuation is slightly above the average level since 2021, with a TTM price-to-earnings ratio of 27.78x as of June 12, 2025 [21] Investment Recommendations - Companies with stable and rapid profit growth and new consumption logic include Dong'e Ejiao and Lingrui Pharmaceutical, with a focus on Mayinglong [30] - High-barrier, large-cap state-owned enterprises with light institutional positions include Tianshili, Yunnan Baiyao, Tongrentang, and Pianzaihuang [30][6] Mid-Year Performance Outlook - The report provides a forecast for the first half of 2025, indicating expected year-on-year growth rates for various companies, with Dong'e Ejiao projected to grow by approximately 20% in Q2 2025 [34]

Core Viewpoint - Beijing Tongrentang Technology Development Co., Ltd. is actively participating in cultural tourism events to enhance consumer experiences through its creative fragrance products, emphasizing the integration of traditional Chinese medicine with modern lifestyle aesthetics [1][8]. Product Offerings - The company’s creative fragrance products are based on the "medicinal fragrance origin" concept, combining traditional pharmaceutical techniques with intangible cultural heritage of incense-making, featuring over 100 products across seven series, including incense, bracelets, pendants, sachets, and essential oils [3][8]. - Notable products include the "Anping Fragrance" and "Ankang Fragrance" sachets, which are designed to offer blessings for health during the Dragon Boat Festival, and seasonal incense products aimed at providing natural protection against summer ailments [10]. Market Engagement - The company’s booth at the event attracted numerous visitors, showcasing a variety of creatively designed fragrance products that appealed to different age groups, particularly younger consumers [3][10]. - The innovative liquid fragrance products, such as "Xinyue" and "Wuyu," have gained popularity for their modern interpretations of traditional scents, facilitating a transition from time anxiety to a state of tranquility [8]. Cultural Integration - The company’s products reflect a blend of traditional Chinese medicine and contemporary lifestyle, aiming to make traditional culture more accessible and relevant to modern consumers [8][10]. - The "Four Seasons Combined Fragrance" incense gift box is designed based on traditional Chinese medicine principles, aligning with seasonal changes and promoting a connection to nature [10].

北京同仁堂股份有限公司 2024年年度股东大会会议资料 北京同仁堂股份有限公司 2024 年年度股东大会 会议资料 二零二五年六月 | | | 北京同仁堂股份有限公司 2024 年年度股东大会会议资料 北京同仁堂股份有限公司 2024 年年度股东大会注意事项 尊敬的各位股东及股东代表： 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券 法》（以下简称《证券法》）、中国证券监督管理委员会（以下简称中国证监会）《上 市公司股东会规则》和《北京同仁堂股份有限公司章程》（以下简称《公司章程》） 等有关规定，为保障北京同仁堂股份有限公司（以下简称公司）股东大会的公平性 和严肃性，敬请各位拟参加公司 2024 年年度股东大会的股东及股东代表注意以下事 项： 一、为确认出席大会的股东及股东代表或其他出席者的出席资格，会议工作人 员将对参会人员的身份进行必要的核对，请予配合。 二、股东及股东代表应于会议开始前入场；中途入场者，应经会议工作人员许 可。除符合条件出席会议的股东及股东代表、公司董事、监事、高级管理人员、公 司聘请的律师外，公司有权依法拒绝其他人员进入会场。 三、股东发言由大会主持人组织，股 ...

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。 证券代码：600085 证券简称：同仁堂 公告编号：2025-013 北京同仁堂股份有限公司 第十届董事会第十次会议决议公告 本事项已经公司第十届董事会提名委员会 2025 年第一次会议审核通过，尚 需提交公司股东大会审议，关于召开股东大会的信息将另行公告。 (二) 审议通过了《关于聘任公司高级管理人员的议案》 一、会议召开情况 北京同仁堂股份有限公司（以下简称公司）第十届董事会第十次会议于 2025 年 6 月 4 日在公司会议室以现场结合通讯会议方式召开。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 9 人，实际出席 9 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》的有关规定。 二、会议审议情况 (一) 审议通过了《关于选举公司第十届董事会非独立董事的预案》 同意选举陈加富先生（简历附后）为 ...