证券代码：600085 证券简称：同仁堂 公告编号：2025-006 北京同仁堂股份有限公司 2024 年度利润分配预案公告 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： 每股分配比例：每股派发现金红利 0.50 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将 在权益分派实施公告中明确。 在实施权益分派的股权登记日前，北京同仁堂股份有限公司（以下简称公司） 的总股本如发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将另 行公告具体调整情况。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称 《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示 的情形。 一、利润分配预案内容 (一) 利润分配方案的具体内容 经中审众环会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日， 公司合并报表期末未分配利润为人民币 8,386,175,950.07 元，母公司报表中期末 未分配利润为人民币 3,804 ...

Financial Performance - The company's operating revenue for 2024 reached CNY 1,859,728.16 million, representing a 4.12% increase compared to CNY 1,786,089.15 million in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 152,627.49 million, a decrease of 8.54% from CNY 166,883.45 million in 2023[23]. - The net cash flow from operating activities for 2024 was CNY 76,098.53 million, down 59.29% from CNY 186,949.19 million in 2023[23]. - The total assets as of the end of 2024 amounted to CNY 3,119,752.40 million, an increase of 3.68% from CNY 3,008,945.02 million at the end of 2023[23]. - Basic earnings per share for 2024 decreased by 8.55% to CNY 1.113 compared to CNY 1.217 in 2023[24]. - The weighted average return on equity fell to 11.49% in 2024, down 1.93 percentage points from 13.42% in 2023[24]. - The total cash dividends distributed to shareholders for 2024 will amount to CNY 1,371,470.26 million, representing 89.86% of the net profit attributable to shareholders[7]. - The company has completed its semi-annual profit distribution for 2024, totaling CNY 685,735.13 million[7]. Operational Highlights - The company has maintained a consistent growth trajectory in total assets over the past three years, increasing from CNY 2,705,412.32 million in 2022 to CNY 3,119,752.40 million in 2024[23]. - The company has not reported any significant risks that could materially affect its operations during the reporting period[10]. - The company is focusing on high-quality development and implementing its "14th Five-Year Plan" goals, emphasizing service and innovation[34]. - The company aims to enhance its image and service capabilities through strategic initiatives and party leadership integration[34]. - The company is actively exploring multi-dimensional cooperation models to accelerate project implementation and development of new productive forces[34]. - The company has established a professional medical team and sales channels to expand its business in the medical field, focusing on developing core markets such as hospitals and community medical institutions[37]. Research and Development - The company is focusing on R&D projects for new products and secondary development of existing products, including the classic prescription and key varieties like Ba Jitian oligosaccharide capsules[84]. - The company has several ongoing clinical studies for new products, including the Renshen Guipi Wan and Tianwang Buxin Wan, which are expected to enhance market offerings[85]. - The company’s R&D investment amounted to 2,314.68 million RMB for clinical research on various products, reflecting an increase of 89.72% compared to the previous year[94]. - The company is actively pursuing R&D in traditional Chinese medicine, with a focus on integrating key technology for production quality control[84]. - The company’s R&D investment as a percentage of net assets was 1.96%, indicating a moderate level of investment relative to its asset base[92]. Market Expansion and Strategy - The company actively expanded its overseas market presence, with products like Yang Yin Qing Fei Wan and Shi Yi Qing Wen Wan receiving product registration in Canada[42]. - The company is focusing on enhancing its e-commerce channels and has partnered with platforms like JD Health and Alibaba Health for cross-border sales[41]. - The company is committed to the internationalization of traditional Chinese medicine, leveraging brand culture and public welfare initiatives to enhance market promotion[41]. - The company is focusing on expanding its market presence and enhancing its competitive edge through strategic mergers and acquisitions[110]. - The company aims to accelerate the upgrade of its entire industry chain and improve innovation efficiency in response to market demands and policy support[111]. Environmental and Social Responsibility - The company invested 34.39 million yuan in environmental protection during the reporting period[181]. - Total wastewater discharge was 356,900 tons, with COD emissions of 237,100 tons and ammonia nitrogen at 2,680 tons, all within regulatory limits[182]. - The company has established wastewater treatment facilities at all branches, which are operated by a professional company and are functioning normally[184]. - The company has committed to resolving any potential industry competition issues arising from its acquisition of a 60% stake in Tianjin Tongrentang Group[200]. - The company has actively engaged in ESG practices, receiving recognition as an outstanding case in ESG responsibility and governance awards for its sustainable development efforts[40]. Governance and Compliance - The company has established a robust internal control system to enhance information disclosure quality and protect the rights of all shareholders[125]. - The board of directors is responsible for strategic decision-making and risk management, with specialized committees in place to support effective governance[126]. - The company is committed to legal compliance and has established a legal advisory system to ensure lawful operations and management[127]. - The company has a comprehensive evaluation system for the legal compliance of its subsidiaries, achieving a 100% coverage rate[178]. - The company has not faced any penalties from securities regulatory authorities in the past three years[147].

Core Strategy - The company is focusing on its "big product" strategy, reallocating resources to core products that demonstrate strong market potential and clinical value [1][2] - Since the implementation of the "big product" strategy in 2020, the company has identified over 20 high-value traditional Chinese medicine products from nearly 200 options, categorized into various therapeutic series [1] Product Development - The company has selected five core products, including Jingzhi Niuhuang Jiedu Pian and Liuwei Dihuang Wan, and is implementing differentiated marketing strategies to enhance their market share [2] - The "Yuyao 300 Years" series is being positioned as a key component of marketing activities, aiming to strengthen market presence through partnerships with major retail chains [2] Market Expansion - The company plans to cultivate a range of small to medium-sized products that align with market demands, focusing on preventive health interventions [2] - In the non-pharmaceutical sector, the company aims to explore market potential for health products like Ejiao food series and Pi Pa Lu, leveraging existing sales channels for broader market reach [2]

Core Insights - The article highlights the strategic initiatives of Beijing Tongrentang Technology Development Co., Ltd. to enhance its channel resources and improve market efficiency through data empowerment [1] Group 1: Channel Strategy - The company has established a direct data collection and analysis system to monitor product flow and sales speed, allowing for rapid adjustments in marketing strategies [1] - A shift towards a more agile marketing model is planned, focusing on a "flat" configuration to shorten sales chains and improve distribution efficiency [1] - The company aims to enhance "channel profitability" by deeply integrating resources with strategic partners, terminal channels, and e-commerce channels, implementing targeted marketing strategies based on region, product type, and channel [1] Group 2: Terminal Store Development - The company is developing flagship stores with standardized management processes, including specific requirements for product variety, promotional activities, and product placement [2] - High-cohesion flagship stores will incorporate AI health screening services to provide personalized medication recommendations to customers [2] - The company plans to launch an upgraded version of its market penetration initiatives, focusing on core products to enhance brand image and promote sales [2] Group 3: Brand and Cultural Promotion - The company will continue to leverage its unique brand value and core product influence by enhancing the appeal of its "Traditional Chinese Medicine Culture in Schools" program [2] - Activities such as the "Tongrentang Pharmacy Workshop" will train pharmacy staff, improving their knowledge of products and skills, thereby strengthening brand penetration at the grassroots level [2]

Core Insights - Tong Ren Tang Guo Yao achieved a revenue of HKD 1.612 billion, representing a year-on-year growth of 5.7%, and a net profit of HKD 529 million for the reporting period [2] Group 1: Business Performance - The company launched several new products, including the NMN anti-aging series and other traditional Chinese medicine products, enhancing its product matrix [3] - Revenue from the Hong Kong market reached HKD 1.07 billion, showing a significant year-on-year increase of 16.9% despite challenges in the retail sector [6] - The company expanded its retail presence in Hong Kong, increasing the number of retail terminals to 29, a net addition of 2 stores compared to the previous year [6] Group 2: Research and Development - Tong Ren Tang Guo Yao strengthened its R&D efforts, achieving significant results in product innovation and safety studies, including the approval of Danggui Blood Supplement Granules [3][4] - The company signed a cooperation agreement with Macau University of Science and Technology to enhance research collaboration and product registration [3] Group 3: Marketing and Brand Promotion - The company actively engaged in marketing activities, including the "Tong Ren Tang Day" and the "9th Tong Ren Care Against Stroke" series, to promote its brand and cultural heritage [5][7] - Tong Ren Tang Guo Yao emphasized its commitment to public welfare as a core aspect of its brand culture, conducting health-related activities in collaboration with local institutions [7] Group 4: Future Outlook - For 2025, the company aims to focus on "adjustment and recovery, cost reduction, and efficiency enhancement," implementing strategies to optimize management, products, investments, and finances [7]

Core Insights - The new production line for Tongrentang Technology's "An Gong Niu Huang Wan" has received GMP certification, indicating readiness for production and expected capacity increase of over 30% [1][3] Company Overview - Tongrentang's "An Gong Niu Huang Wan" is a flagship product, holding approximately 50% market share in the segment [3] - The company is accelerating capacity enhancement to meet rising market demand for "An Gong Niu Huang Wan" [3] Production Capacity and Efficiency - The new production line allows for clearer division of labor, with each line dedicated to a specific product type, thus reducing the workload associated with switching between different types [3] - The production area has been expanded and optimized, improving overall production efficiency by shortening distances between processes [5] Technological Advancements - The company has introduced advanced smart production equipment, enhancing the appearance and weight consistency of the pills [5][6] - Implementation of quantum cloud coding and laser marking technology provides each pill with a unique ID, ensuring precise management and traceability throughout the production and sales process [6] - The use of quantum cloud codes enhances anti-counterfeiting measures, allowing for easy verification even if packaging is damaged, thus ensuring consumer safety [6]

Group 1 - The core viewpoint of the article emphasizes the potential investment opportunities in Tong Ren Tang Guo Yao, driven by its solid financial performance and growth prospects in the traditional Chinese medicine sector [1][2][3] - The company reported a revenue of HKD 1,611.6 million for 2024, a 5.7% increase from HKD 1,524.9 million in 2023, with significant growth in the Hong Kong market [3][4] - The compound annual growth rate (CAGR) for revenue since its listing in 2013 is 8.38%, while net profit CAGR is 7.27%, indicating a stable growth trajectory [4] Group 2 - The company maintains a low debt ratio of 2.9% and has a strong cash flow, with cash and cash equivalents amounting to HKD 18.20 billion in 2024 [5] - The gross profit margin has averaged around 69% over the past five years, supported by key products like An Gong Niu Huang Wan and Lingzhi, which contribute significantly to cash accumulation [4][5] - The dividend payout ratio for 2024 reached 58.6%, reflecting the company's commitment to returning value to shareholders [5] Group 3 - The traditional Chinese medicine industry is expected to experience accelerated growth due to increasing recognition of Chinese medicine culture and supportive government policies [6] - The market for traditional Chinese medicine in China is projected to exceed CNY 1 trillion in 2023, driven by an aging population and rising health awareness [6] Group 4 - An Gong Niu Huang Wan, a core product of the company, has a strong brand presence and is recognized for its unique therapeutic properties, contributing to a solid competitive advantage [7][8] - The company is expanding its overseas market presence, with over 160 retail outlets established across various regions, including Asia, Oceania, North America, and Europe [12] Group 5 - The company is actively pursuing product registration in international markets, enhancing its global footprint and tapping into the growing demand for traditional Chinese medicine [13][14] - Recent collaborations with academic institutions aim to modernize traditional Chinese medicine and facilitate its acceptance in Western markets [14] Group 6 - The company is focusing on product innovation, launching new products such as anti-aging series and herbal formulations, which are expected to enhance its product portfolio [15][16] - The company is also strengthening its online sales channels, partnering with major e-commerce platforms to expand its market reach [17] Group 7 - The Hong Kong pharmaceutical sector is undergoing a revaluation, with Tong Ren Tang Guo Yao positioned as a strong candidate for investment due to its growth potential and historical low valuation [18][19] - The company is anticipated to benefit from a "Davis Double Play," where both valuation and performance are expected to improve simultaneously [20]

Group 1 - The core viewpoint of the news is that Tongrentang Technology has made significant progress in its traditional Chinese medicine processing project in Yutian, Hebei, with over 50 sets of equipment successfully installed and operational work underway [1][2][3] Group 2 - In 2024, coinciding with the 10th anniversary of the Beijing-Tianjin-Hebei coordinated development strategy, Tongrentang Technology has initiated the construction of a traditional Chinese medicine processing workshop to enhance its processing capacity and optimize its industrial layout [2] - The project is located in the National Agricultural Science and Technology Park in Yutian County, Tangshan City, covering an area of 80 acres, primarily focusing on the preparation of raw medicinal materials [2] - The first phase of the project includes three main buildings: Factory 1, Pre-treatment Workshop 2, and Raw Material Storage 3, along with eight auxiliary buildings [2] Group 3 - Since the project's launch, multiple construction milestones have been successfully achieved, with all three main buildings completed and finishing touches on decoration and renovation underway [3] - The successful installation of production equipment marks a critical milestone, bringing the project closer to completion and production [3] - Once phase one is completed, the production base will have the capacity to produce 4 million kilograms of processed medicinal materials annually, enhancing the company's processing capabilities and supply capacity [3]

Core Viewpoint - Tongrentang Technology reported a revenue of 7.26 billion and a net profit of 0.887 billion for the fiscal year 2024, demonstrating resilience in a challenging pharmaceutical market environment [1] Group 1: Financial Performance - The company achieved a revenue of 7.26 billion and a net profit of 0.887 billion during the reporting period [1] - Despite challenges such as rising raw material prices and decreased foot traffic in stores, the company improved its overall operational quality [1] Group 2: Innovation and R&D - Tongrentang Technology increased its investment in research and development, accelerating the development of innovative drugs and classic formulas [2] - The company received clinical trial approval for Qishen Granules, marking its first clinical approval for a traditional Chinese medicine in eight years [2] - Several products underwent pharmacological mechanism studies, enhancing their market competitiveness and clinical recognition [2] Group 3: Market Strategy and Product Expansion - In response to external challenges, the company adjusted its market strategy, focusing on channel management, price stability, and terminal empowerment [3] - The company launched promotional activities for its "Yuyao 300" product line, resulting in nine products exceeding 0.1 billion in sales [3] Group 4: Channel Development - Tongrentang Technology strengthened its partnerships with major distributors and conducted over 450 promotional events in previously untapped markets [4] - The company aimed to enhance product distribution rates and terminal effectiveness through targeted market strategies [4] Group 5: Risk Management and Future Plans - The company plans to enhance its governance and core competitiveness to address risks and challenges [5] - Future initiatives include a new round of collaborative innovation in traditional Chinese medicine, aiming to complete clinical research on five products by 2025 [5]

Core Viewpoint - The traditional Chinese medicine (TCM) industry is at a new historical starting point, presenting new development opportunities for companies like Tong Ren Tang [1] Financial Performance - In 2024, Tong Ren Tang achieved revenue of HKD 1,611.6 million, a 5.7% increase from HKD 1,524.9 million in 2023, with a net profit of HKD 529.2 million [3] - The final dividend per share increased to HKD 0.35 from HKD 0.33 in 2023 [3] - The Hong Kong market contributed over 50% to the company's total revenue, with a 16.9% year-on-year growth in revenue to HKD 1,069.7 million [3] Operational Strategy - The company expanded its retail presence in Hong Kong by adding two new retail outlets, enhancing market coverage [3] - Tong Ren Tang maintains a stable gross profit margin and had a debt ratio of 2.9% with cash and cash equivalents of approximately HKD 1.82 billion [4] - The company has a history of active dividend policies, with cumulative dividends reaching HKD 3 billion, reflecting strong cash flow and profitability [4] Product Development and Innovation - Tong Ren Tang is focusing on product innovation and research, launching several new products in 2024, including anti-aging and herbal formulations [5] - The company has received multiple patents for its products, enhancing its competitive edge [6][7] International Expansion - The company is actively expanding its international presence, with a sales network covering major regions including Asia, Oceania, North America, and Europe [8] - Tong Ren Tang is registering key products in Southeast Asian countries and has established a presence in New Zealand, becoming the largest TCM chain in the region [8][9] Brand and Market Positioning - The company emphasizes balancing commercial and social value, engaging in community health initiatives and promoting TCM culture [10] - Tong Ren Tang has strengthened its brand influence through advertising and participation in global trade events, receiving multiple awards for its brand recognition [11][12] Industry Outlook - The TCM industry is benefiting from favorable policies and increasing public interest in health, positioning it as a promising sector in the pharmaceutical field [13] - The company aims to enhance retail efficiency, diversify its product matrix, and invest in core projects to capture more market share [13]