Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a significant decline in performance in Q1 2025, with total revenue of 2.828 billion yuan, down 32.79% year-on-year, and a net profit attributable to shareholders of 75 million yuan, down 69.8% [8] - Despite the short-term performance pressure, the company is undergoing comprehensive reforms and expects a rebound in performance in 2025 as it gradually digests the high base from the first half of the year [8] - The company has successfully integrated 13 products into various medical guidelines and has focused on brand building and marketing reforms to adapt to market changes [8] Financial Summary - Total revenue forecast for 2023 is 15.623 billion yuan, with a projected decline to 12.386 billion yuan in 2024, followed by a recovery to 14.164 billion yuan in 2025 [1] - The net profit attributable to shareholders is expected to drop significantly from 822.13 million yuan in 2023 to 26.65 million yuan in 2024, before rebounding to 513.46 million yuan in 2025 [1] - The earnings per share (EPS) is projected to be 1.48 yuan in 2023, dropping to 0.05 yuan in 2024, and recovering to 0.92 yuan in 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance is under pressure in 2024, with a revenue forecast of 12.39 billion yuan, a year-on-year decrease of 20.72%, and a net profit of 27 million yuan, down 96.76% [4] - The company is optimistic about the potential of marketing reforms to drive business development and maintain a "Buy" rating despite the current challenges [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 553 million yuan, 622 million yuan, and 700 million yuan respectively [4] Financial Performance Summary - In 2024, the company achieved a revenue of 12.39 billion yuan, with a net profit of 27 million yuan and a gross margin of 39.32% [4][7] - The revenue breakdown shows a significant decline in the pharmaceutical industry segment, with a revenue of 7.04 billion yuan, down 32.25%, while the health and international business segment grew by 39.43% to 461 million yuan [5] - The company's expenses include a sales expense ratio of 26.54%, a management expense ratio of 5.49%, and a research and development expense ratio of 2.26% [4] Marketing and Business Transformation - The company is deepening its marketing reforms, focusing on academic foundations and enhancing marketing collaboration [6] - It aims to improve brand image and reach younger audiences through innovative marketing strategies [6] Financial Projections - The company forecasts revenues of 12.68 billion yuan in 2025, 13.23 billion yuan in 2026, and 14.07 billion yuan in 2027, with corresponding net profits of 553 million yuan, 622 million yuan, and 700 million yuan [7][9] - The projected EPS for 2025, 2026, and 2027 is 0.99 yuan, 1.12 yuan, and 1.26 yuan respectively [4][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance is under pressure in 2024, with a revenue of 12.39 billion yuan (down 20.72% year-on-year) and a net profit of 27 million yuan (down 96.76% year-on-year). The first quarter of 2025 shows a revenue of 2.83 billion yuan (down 32.79% year-on-year) and a net profit of 75 million yuan (down 69.80% year-on-year). The company is optimistic about the long-term growth potential driven by marketing reforms [4][5] - The company is undergoing a marketing transformation, focusing on academic foundations and enhancing marketing collaboration, which has led to 13 products entering 10 treatment guidelines and 19 expert consensus documents [6] Financial Performance Summary - In 2024, the company achieved a revenue of 123.86 billion yuan, with a gross margin of 39.32% (down 9.28 percentage points) and a net margin of 0.41% (down 5.05 percentage points) [4] - The revenue forecast for 2025-2027 is adjusted to 5.53 billion yuan, 6.22 billion yuan, and 7.00 billion yuan respectively, with corresponding EPS of 0.99 yuan, 1.12 yuan, and 1.26 yuan [4][7] - The company's pharmaceutical industrial revenue in 2024 was 70.38 billion yuan (down 32.25%), while the health and international business revenue grew by 39.43% to 4.61 billion yuan [5] Marketing and Transformation Efforts - The company is deepening its marketing reforms, enhancing brand communication, and targeting younger audiences through various media channels to improve brand image and consumer engagement [6]

证券代码：600129 证券简称：太极集团 公告编号：2025-034 重庆太极实业（集团）股份有限公司 关于聘任副总经理的公告 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）于 2025 年 4 月 23 日召开了第十届董事会第二十八次会议，审议通过了《关 于聘任公司副总经理的议案》。根据《公司章程》相关规定。经公司 总经理于宗斌先生提名，董事会拟聘任郑洪涛先生为公司副总经理， 任期自本次董事会审议通过之日起至第十届董事会届满时止。 郑洪涛先生的任职资格符合《公司法》《上海证券交易所股票上 市规则》等相关法律法规及《公司章程》的相关要求，不存在受到中 国证监会、上海证券交易所及其他有关部门处罚的情形。 个人简历： 郑洪涛，男，1980 年出生，中共党员，西安建筑科技大学暖通 专业本科，高级工程师。历任中国医药集团武汉医药设计院公用工程 室副主任，中国医药集团联合工程有限公司咨询设计事业部副总经理， 中国医药集团联合工程有限公司公用工程室主任，中国医药集团联合 工程有限公司 ...

证券代码：600129 证券简称：太极集团 公告编号：2025-033 重庆太极实业（集团）股份有限公司 关于受让下属子公司股权的公告 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"或"太 极集团"）拟以非公开协议方式受让控股子公司重庆桐君阁股份有限 公司（以下简称：桐君阁股份）和重庆中药材有限公司（以下简称： 中药材公司）分别持有的重庆中药饮片厂有限公司（以下简称：中药 饮片厂）3.92%、1.96%的股权。 ●本次股权转让均为公司与控股子公司之间进行，不涉及外部股 东，不会导致公司合并报表范围发生变化，不会对公司财务及经营状 况产生不利影响。 ●本次中药饮片厂股权转让事宜已经公司第十届董事会第二十 八次会议审议通过。根据《公司章程》规定，该事项无需提交公司股 东大会审议。 为了整合内部资源，优化股权架构与管理关系。公司拟分别以现 金115万元、58万元的价格受让桐君阁股份和中药材公司分别持有的 1 中药饮片厂3.92%和1.96%股权。 （二）决策与审 ...

1 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 之《第六号—医药制造》的相关规定，现将公司 2025 年第一季度主要经营数 据披露如下： 一、报告期内分行业经营数据 单位：万元 币种：人民币 | | 主营业务收入 | | | 主营业务成本 | | 增长 | 毛利率% | | 同比增 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 2025 年 | 2024 年 | 增长率% | 2025 年 | 2024 年 | 率% | 2025 年 | 2024 年 | 长百分 | | | 1-3 月 | 1-3 月 | | 1-3 月 | 1-3 月 | | 1-3 月 | 1-3 月 | 点 | | 医药工业 | 146,738.3 | 269,332.36 | -45.52 | 81,830.27 | 94,544.60 | -13.4 | 44.23 | 64.90 | -20.67 | | | 2 | | | | | 5 | | | | | 医药商业 | 161,814.3 | 191,066 ...

证券代码：600129 证券简称：太极集团 公告编号：2025-036 重庆太极实业（集团）股份有限公司 关于召开2025 年第一季度业绩说明会的公告 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： 会议召开时间：2025 年 5 月 21 日(星期三)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 14 日(星期三)至 5 月 20 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 tjzq@taiji.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 重庆太极实业（集团）股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日发布公司 2025 年第一季度报告，为便于广大投资 者更全面深入地了解公司 2025 年第一季度经营成果、财务状况，公 司计划于 2025 年 5 ...

证券代码：600129 证券简称：太极集团 公告编号：2025-032 重庆太极实业（集团）股份有限公司 第十届监事会第二十三次会议决议公告 2、公司 2025 年第一季度报告的内容和格式符合上海证券交易所的 各项规定，报告的内容能够真实、准确、完整地反映公司的实际情况， 不存在虚假记载、误导性陈述或重大遗漏。 3、在公司监事会提出本意见前，未发现参与 2025 年第一季度报告 编制和审议的人员有违反保密规定的行为。 表决情况：同意 4 票，反对 0 票，弃权 0 票；表决结果：通过。 二、关于受让重庆中药饮片厂有限公司 5.88%股权的议案（具体内 容详见公司披露的《太极集团关于受让下属子公司股权的公告》；公告 编号：2025-033） 为了整合内部资源，优化股权架构与管理关系，公司拟分别以现金 115 万元和 58 万元受让控股子公司重庆桐君阁股份有限公司（以下简 本公司监事会及全体监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。 重庆太极实业（集团）股份有限公司（以下简称：公司）第十届监 事会第二十三次会议于 2025 年 4 月 16 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,828,016,217.23, a decrease of 32.79% compared to ¥4,207,673,289.91 in the same period last year[4] - Net profit attributable to shareholders was ¥74,544,042.01, down 69.80% from ¥246,838,634.18 year-on-year[4] - The basic earnings per share decreased by 70.45%, from ¥0.44 to ¥0.13[4] - Total operating revenue for Q1 2025 was approximately ¥2.83 billion, a decrease of 32.7% compared to ¥4.21 billion in Q1 2024[16] - Net profit for Q1 2025 was approximately ¥75.14 million, a decline of 69.8% from ¥249.14 million in Q1 2024[17] - Basic earnings per share for Q1 2025 were ¥0.13, compared to ¥0.44 in Q1 2024, reflecting a decrease of 70.5%[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥14,187,886,342.44, an increase of 0.93% from ¥14,057,759,232.64 at the end of the previous year[5] - The total current assets as of March 31, 2025, amounted to CNY 6,779,318,522.09, showing a slight increase from CNY 6,704,246,213.35 as of December 31, 2024[11] - Total liabilities as of March 31, 2025, were CNY 10,481,254,404.95, slightly up from CNY 10,424,314,127.00[13] - The company's total assets increased to CNY 14,187,886,342.44 from CNY 14,057,759,232.64, marking a growth of about 0.9%[12] - The company's total equity rose to CNY 3,706,631,937.49 from CNY 3,633,445,105.64, indicating an increase of about 2.0%[13] Cash Flow - The net cash flow from operating activities was negative at -¥164,614,854.87, slightly improved from -¥166,876,620.52 in the previous year[4] - Cash flow from operating activities for Q1 2025 was negative at approximately -¥164.61 million, slightly improved from -¥166.88 million in Q1 2024[19] - Cash flow from investing activities for Q1 2025 was negative at approximately -¥167.32 million, compared to -¥203.57 million in Q1 2024[20] - Cash flow from financing activities for Q1 2025 was positive at approximately ¥211.06 million, a significant improvement from -¥83.34 million in Q1 2024[20] - The ending cash and cash equivalents balance for Q1 2025 was approximately ¥559.89 million, down from ¥1.20 billion in Q1 2024[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,886[7] - The largest shareholder, Taiji Group Co., Ltd., holds 27.62% of the shares, amounting to 153,812,354 shares[8] Operational Adjustments - The company adjusted its marketing model, which contributed to the decline in sales revenue[4] - Research and development expenses for Q1 2025 were approximately ¥76.45 million, an increase of 36.8% from ¥55.89 million in Q1 2024[16] - Sales expenses for Q1 2025 were approximately ¥404.38 million, a decrease of 70.0% compared to ¥1.39 billion in Q1 2024[16] Other Financial Metrics - The weighted average return on net assets decreased by 4.48 percentage points, from 6.59% to 2.11%[4] - Non-recurring gains and losses totaled -¥5,897,102.37 for the period[6] - Accounts receivable increased significantly to CNY 2,619,049,182.59, up from CNY 2,089,551,541.83, indicating a growth of about 25.4%[11] - Inventory decreased to CNY 2,507,145,440.27 from CNY 2,726,720,129.18, reflecting a reduction of approximately 8.1%[11] - The long-term borrowings increased to CNY 313,487,097.82 from CNY 302,776,850.36, reflecting a growth of approximately 3.7%[13] - The company reported a decrease in other current liabilities to CNY 33,648,102.98 from CNY 37,053,887.57, a decline of about 9.8%[13]

证券代码：600129 证券简称：太极集团 公告编号：2025-031 重庆太极实业（集团）股份有限公司 第十届董事会第二十八次会议决议公告 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）第十届 董事会第二十八次会议于 2025 年 4 月 16 日以邮件方式发出书面通知， 于 2025 年 4 月 23 日以现场及视频方式召开。本次会议由董事长俞敏 先生主持，会议应到董事 13 人，实到董事 13 人，公司监事和高级管 理人员列席了会议。本次会议的召集、召开程序符合《公司法》和《公 司章程》的有关规定，会议合法有效。会议审议并通过了如下议案： 一、公司《2025 年第一季度报告》（具体内容详见公司披露的 《2025 年第一季度报告》） 财务报告部分已经公司第十届董事会审计委员会第十六次会议 审议通过。 表决情况：同意 13 票，弃权 0 票，反对 0 票；表决结果：通过。 根据《公司章程》相关规定。经公司总经理于宗斌先生提名，董 事会拟聘任郑洪涛先生为公司副总经理，任期自 ...