Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Core Viewpoint - After the acquisition by China National Pharmaceutical Group in 2021, Taiji Group experienced significant profit growth, but in 2024, the company faced a dramatic decline in revenue and net profit, raising concerns about its future performance and compliance issues [1][5]. Financial Performance - In 2024, Taiji Group reported revenue of 12.386 billion yuan, a year-on-year decline of 20.72%, and a net profit of 26.6527 million yuan, down 96.76% year-on-year [1]. - The company had previously set a target of achieving 50 billion yuan in revenue by the end of the 14th Five-Year Plan, but the current performance indicates a significant gap from this goal [1][8]. Tax Compliance Issues - Taiji Group's subsidiaries, Southwest Pharmaceutical and the Chinese Herbal Medicine Company, are required to pay approximately 100 million yuan in back taxes and penalties, which may further pressure the company's financial performance [2]. - Tax compliance is critical for participation in national procurement, and any decline in credit ratings due to tax issues could affect the subsidiaries' ability to win bids [2][4]. Product Performance and Market Challenges - The core product, Huoxiang Zhengqi Oral Liquid, saw a 35.34% decline in sales volume in 2024, with production halved by 51.2% [6]. - The inventory of Huoxiang Zhengqi has been increasing significantly over the past three years, indicating potential market demand issues [6][7]. - Other product lines also faced challenges, with sales of Compound Acetaminophen Tablets dropping by 54.7% [8]. Research and Development Concerns - Taiji Group's R&D efforts have stagnated, with only 10 new production approvals and 4 clinical approvals in the past decade, raising concerns about the company's ability to develop new competitive products [7]. - The company has spent approximately 620 million yuan on R&D over three years, which is less than 1/20 of its sales expenses during the same period [7].

Core Insights - The company reported a revenue of 12.386 billion, a year-on-year decline of 20.72%, and a net profit attributable to shareholders of 0.027 billion, down 96.76% year-on-year [1] - The company is facing short-term performance pressure due to high inventory levels and a high base from 2023, leading to a significant drop in sales across various therapeutic areas [2] - The company is undergoing marketing transformation aimed at revitalizing its brand and improving sales performance through innovative marketing strategies and organizational restructuring [3] - The company is projected to experience revenue growth in the coming years, with expected revenues of 13.663 billion, 15.047 billion, and 16.627 billion for 2025-2027, reflecting a compound annual growth rate of approximately 10% [4] Financial Performance - In 2024, the company achieved a revenue of 12.386 billion, a decrease of 20.72% year-on-year; net profit attributable to shareholders was 0.027 billion, down 96.76% year-on-year; and non-recurring net profit was 0.039 billion, down 95.02% year-on-year [1] - In Q4 alone, the company reported a revenue of 1.952 billion, a decline of 43.25% year-on-year, with a net loss of 0.518 billion, marking a shift from profit to loss [1] Sales Performance by Therapeutic Area - The pharmaceutical segment generated sales of 7.038 billion, a year-on-year decrease of 32.25%, with notable declines in various therapeutic areas: - Respiratory medications: 2.164 billion, down 18.11% - Digestive and metabolic medications: 1.873 billion, down 35% - Anti-infective drugs: 0.964 billion, down 48.43% - Neurological medications: 0.614 billion, down 31.65% - Health products: 0.605 billion, down 28.77% - Cardiovascular medications: 0.505 billion, down 34.12% - Anti-tumor and immune-regulating drugs: 0.205 billion, down 16.49% [2] Marketing and Organizational Changes - The company is implementing a marketing transformation that includes youth-oriented branding and cross-industry promotions, such as featuring its products at London Fashion Week [3] - The organizational structure has been revised, with the establishment of a market center and sales center, and a reduction of functional departments to 16, aimed at enhancing management efficiency and employee engagement [3] Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 13.663 billion, growth of 10.31% - 2026: 15.047 billion, growth of 10.13% - 2027: 16.627 billion, growth of 10.50% - Net profit projections for the same period are: - 2025: 0.597 billion, growth of 2138.21% - 2026: 0.732 billion, growth of 22.76% - 2027: 0.861 billion, growth of 17.55% - Earnings per share (EPS) are expected to be 1.07, 1.32, and 1.55 for 2025, 2026, and 2027 respectively [4]

风险提示：集采降价风险，渠道拓展不及预期风险。 2024 年公司研发费用2.8 亿元（+19.7%）。全年在研项目61 项，一致性评价17 项；7个品种10 个规格 通过一致性评价，取得药品注册标准10 件，盐酸羟考酮缓释片获得生产批件，获专利授权48 项。 盈利预测与投资建议：考虑到公司主业产品恢复增长。预计2025-2027 年归母利润分别5.9 亿元、7.8 亿 元和8.9 亿元，对应PE 为21 倍、16 倍和14 倍，建议保持关注。 事件：公司发布2024年年报，2024年实现营收123.9亿元（-20.7%），归母净利润为0.3 亿元 （-96.8%），扣非归母净利润0.4 亿元（-95.0%），经营性现金流量净额-6.3 亿元（-194.0%）。 多因素叠加致公司业绩承压，大健康板块表现亮眼。2024 年公司营收123.9 亿元（-20.7%），主要系高 基数、高社会库存影响。分板块看：1）医药工业营收70.4 亿元（-32.3%）。从细分领域看，消化代谢 用药/呼吸系统用药/抗感染药物/ 神经系统用药分别实现营收18.7/21.6/9.6/6.1 亿元， 同 比-35.0%/-18.1%/-4 ...

华夏时报记者郭怡琳于娜北京报道 新董事长俞敏上任不足半年，太极集团（600129）营收净利双降，牵动着4万多名股东的心。 3月底，太极集团连发两份公告，引发市场的广泛关注和热议。因两家子公司需补税1亿元，受补税事件影响，公司2024年业绩预告更正，净利润同比降幅 从此前预告的80.98%调整至96.76%。而这一净利润规模是太极集团近十年来的最低水平(除去2014年、2019年和2021年的亏损外)。截至目前，在已发布 2024年年度报告的中医药公司中，太极集团营收增速排名倒数第二、归母净利润增速排名倒数第四、扣非后的净利润增速排名倒数第三。 据悉，太极集团去年全年非经常性损益仅亏损0.12亿元，这意味着公司业绩下滑不是由各类减值损失造成的。对此，太极集团公告称，报告期内，受2023 年同期高基数及部分产品社会库存较高，以及下属子公司补税影响，公司营业收入和净利润较同期下降。 其中，西南药业需补缴所得税8000万元，重庆中药材需补缴增值税及滞纳金2000万元。公告称，此次不涉及行政处罚，上述补缴税款及滞纳金计入2024年 度当期损益，预计将减少2024年归母净利润1亿元。 天眼查显示，西南药业成立于2015年 ...

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]

华夏时报（www.chinatimes.net.cn）记者 郭怡琳 于娜 北京报道 两家子公司补税1亿元 2025年3月26日晚间，重庆太极实业（集团）股份有限公司（下称"太极集团"）连发两则公告，引发市场的广泛关 注和热议。一是两家子公司因税务问题，需补缴税款及滞纳金1亿元；二是受补税事件影响，2024年归母净利润将 进一步下滑，预计同比暴跌96.76%。 公告披露，太极集团涉及此次补税事件的两家子公司分别是西南药业股份有限公司（下称"西南药业"）和重庆中 药材有限公司（下称"重庆中药材"）。据国家税务总局重庆市税务局第三稽查局的检查情况，以及中药材公司自 查的结果，太极集团的这两家子公司被发现存在漏缴税款的情况。 其中，西南药业需补缴所得税8000万元，重庆中药材需补缴增值税及滞纳金2000万元。公告称，此次不涉及行政 处罚，上述补缴税款及滞纳金计入2024年度当期损益，预计将减少2024年归母净利润1亿元。 新董事长俞敏上任不足半年，太极集团营收净利双降，牵动着4万多名股东的心。 3月底，太极集团连发两份公告，引发市场的广泛关注和热议。因两家子公司需补税1亿元，受补税事件影响，公 司2024年业绩预告更 ...

证券代码：600129 证券简称：太极集团 公告编号：2025-029 重庆太极实业（集团）股份有限公司 关于公司控股股东股权质押的公告 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: ●重庆太极实业（集团）股份有限公司（以下简称：公司）控股 股东太极集团有限公司(以下简称：太极有限)持有公司股份 15,381.24 万股，占公司总股本的 27.62%。本次质押后,太极有限及 其一致行动人累计质押股份 3,900.00 万股，占其所持股份的 25.36%， 占公司总股本的 7.00%。 公司于2025年4月3日接太极有限通知，获悉其所持有公司部分股 份办理质押登记手续，具体事项如下： 一、本次股份质押基本情况 1 股东 名称 是否 为控 股股 东 本次质 押股数 (万股) 是 否 为 限 售 股 是 否 补 充 质 押 质押起始日 质押到期日 质权人 占其所持 股份比例 占公 司总 股本 比例 质押 融资 资金 用途 太 极 集 团 有 限 公司 是 700 否 否 2025 年 4 月 2 日 2026 年 ...

与此同时，中国中药的业绩表现同样不容乐观。公司年报显示，受集采降价、市场竞争加剧及药材成本 偏高等多重因素影响，其核心业务中药配方颗粒的销售规模和盈利水平均受到冲击。此外，信用减值、 商誉减值、厂房减值增加，以及部分附属公司补缴税款等因素，进一步加剧了业绩的下滑。值得注意的 是，中国中药的控股股东国药集团曾多次尝试将其私有化，但均以失败告终。私有化方案的失败，不仅 影响了公司的流动性，也使得解决与太极集团同业竞争问题的进程更加复杂。 2024年，国药集团旗下的两家中药上市公司——太极集团和中国中药，均遭遇了营收与净利润的双重下 滑。太极集团发布的年报显示，公司全年实现营业收入123.86亿元，同比下降20.72%；归属于上市公司 股东的净利润仅为0.27亿元，同比下降96.76%。中国中药的年报同样不容乐观，其营业额为165.10亿 元，同比下降8.9%；净利润为0.21亿元，同比下降98.5%。这一业绩表现，使得两家公司在实现"十四 五"战略目标的道路上，面临严峻挑战。 太极集团的业绩下滑，主要受多重因素影响。公告指出，2023年同期的高基数、部分产品社会库存较 高，以及下属子公司补税等因素，直接导致了公司 ...

文｜白马商评 崩了！市值百亿的中药头部公司太极集团也扛不住了。 | 序号 | 证券代码 | 让券商称 | 营业总收入(同比增长率) | 归属母公司股东的净利润(同比增长率) | | 扣除非经 | | --- | --- | --- | --- | --- | --- | --- | | | | | [报告期] 2024年报 | [报告期] 2024年报 | | 【报告期】 | | | | | [单位] %1 | [单位] % | | [单位] % | | 1 | 600252.SH | 中恒集团 | -26.6658 | | -547.1410 | | | 2 | 600129.SH | 太极集团 | -20.7176 | | -96.7581 | | | 3 | 000989.SZ | ST九芝 | -19.9136 | | -27.3053 | | | 4 | 600976.SH | 健民集团 | -16.8085 | | -30.5450 | | | 5 | 000590.SZ | 启迪药业 | -15.1835 | | -596.9803 | | | 6 | 300534.SZ | 陇神戎发 | -3 ...