Group 1: Domestic News - President Xi Jinping and US President Trump had a phone call, emphasizing the importance of stable and positive Sino-US relations and the need for cooperation to benefit both nations and the world [2] - The People's Bank of China (PBOC) conducted a 1 trillion yuan MLF operation, marking the ninth consecutive month of increased net issuance, aligning with market expectations [2] Group 2: Bond Market Dynamics - The interbank market saw significant participation from private enterprises, with over 5.3 billion yuan in sci-tech bonds issued, representing more than 10% of the total issuance in the interbank market [3] - The bond market experienced narrow fluctuations, with the yield on the 10-year government bond slightly decreasing to 1.8120% [9] Group 3: Credit Bond Events - Several companies announced delays in bond repayments, including Fanghai Holdings, which postponed the repayment of approximately 3.56 billion USD in overseas notes until May 2026 [11] - Other companies, such as Fangyuan Real Estate and Xian Construction Group, also reported adjustments to repayment dates or overdue debts, indicating potential credit risks in the market [12][18] Group 4: Convertible Bonds - The convertible bond market saw a collective rise in major indices, with the market's trading volume increasing significantly to 618.80 billion yuan, indicating a rebound following previous declines [19] - Notable individual convertible bonds, such as Zhuomei Convertible Bond, experienced a surge of 57%, while others like Tianci Convertible Bond saw declines [19]

证券代码：600129 证券简称：太极集团 公告编号：2025-087 重庆太极实业（集团）股份有限公司 关于全资子公司破产清算的进展公告 本次法院受理破产申请，尚未指定破产管理人。 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）全资子 公司内蒙古阿鲁科尔沁旗国太牧业有限公司（以下简称：国太牧业） 于近日收到内蒙古自治区阿鲁科尔沁旗人民法院（以下简称：科尔沁 法院）送达的《民事裁定书》（（2025）内 0421 破申 1 号），科尔 沁法院裁定受理国太牧业的破产申请。 一、国太牧业破产清算情况概述 公司于 2025 年 10 月 23 日召开第十届董事会第三十二次会议， 审议通过《关于全资子公司拟申请破产清算的议案》。由于市场竞争 及外部环境变化等因素，国太牧业经营业绩持续下滑，导致严重亏损， 资产已不足以偿付全部负债，为更好地聚焦主业发展，降低经营风险 和减少损失，维护公司及股东利益，公司董事会同意国太牧业向法院 申请破产清算。具体内容详见公司于 2025 年 10 月 ...

Core Viewpoint - The incidence of rhinitis in China is rising due to environmental changes and increased life stress, leading to a growing demand for rhinitis medications, particularly traditional Chinese medicine (TCM) products, which are favored for their convenience and fewer side effects. The sales of TCM rhinitis medications are projected to reach 3.27 billion yuan in 2024, representing a year-on-year growth of 12.06% [1][7]. Market Policy - The Chinese government has issued several policies to support the development of the TCM industry, including measures to enhance scientific regulation, promote innovation, and improve the quality of TCM products, creating a favorable environment for the growth of the TCM rhinitis medication sector [3][4]. Industry Chain - The upstream of the TCM rhinitis medication industry includes suppliers of traditional Chinese medicinal materials such as Cang'erzi, Xinyi, Baizhi, and Peppermint, as well as suppliers of pharmaceutical excipients and production equipment. The midstream consists of manufacturers of TCM rhinitis medications, while the downstream includes medical institutions, retail pharmacies, online pharmacies, and end consumers [5][6]. Development Status - The demand for rhinitis medications is increasing, with TCM products gaining popularity due to their ease of use and lower side effects. The market is seeing accelerated innovation and development, with new TCM products entering the market, such as Yiling Pharmaceutical's Qifang Nasal Tablets and Kangyuan Pharmaceutical's Suxin Tongqiao Granules [7][11]. Competitive Landscape - The market for TCM rhinitis medications in China is highly concentrated. In retail pharmacies, the top five companies (CR5) hold a market share of 57.27%, with Tai Chi Group having the largest share at 16.96%. In public medical institutions, the CR5 market share is even higher at 62.48%, with Lunan Pharmaceutical leading at 22.05% [8][9]. Industry Representative Companies - Lunan Pharmaceutical Group is a comprehensive pharmaceutical company with a strong presence in the TCM rhinitis medication market, particularly with its product Nasal Congestion Granules, which has seen significant sales growth. Tai Chi Group also plays a major role in the market, with a diverse product range and substantial revenue from both pharmaceutical manufacturing and commercial operations [10][11]. Development Trends - The future of TCM rhinitis medications will focus on clinical research to validate efficacy and safety through large-scale, multi-center, randomized controlled trials. There is also potential for TCM rhinitis medications to enter international markets, with companies expected to enhance international cooperation and adhere to global standards in research, production, and quality control [11][12].

Core Viewpoint - Taiji Group completed a share buyback on September 22, 2025, repurchasing 5.4726 million shares for a total expenditure of 120 million yuan, with the shares being canceled on September 24, 2025 [2] Summary by Category - **Share Buyback Details** - The company repurchased 5.4726 million shares [2] - Total funds used for the buyback amounted to 120 million yuan [2] - The cancellation of the repurchased shares was completed on September 24, 2025 [2] - **Changes in Capital Structure** - Following the buyback and cancellation, the total share capital decreased from 556,890,744.4 shares to 551,418,185 shares [2] - The registered capital changed from 556,890,744.4 yuan to 551,418,185 yuan [2]

Core Viewpoint - The company does not produce "Ganmaoling Granules" and clarifies its product offerings related to flu prevention and treatment [2]. Product Offerings - The company’s subsidiaries produce the following products: - Ganmao Qingre Granules - Ganmao Kousou Granules - Ganmao Zhike Granules - Sangju Ganmao Granules - Children's Ganmao Granules [2]. Flu Prevention and Treatment Products - The company’s main products for flu prevention and treatment include: - Huoxiang Zhengqi Oral Liquid - Lingyang Ganmao Granules/Tablets - Qingre Jiedu Oral Liquid - Children's Ganmao Granules - Compound Banlan Gen Granules - Refined Yinqiao Jiedu Tablets - Vitamin C Yinqiao Tablets - Compound Acetaminophen and Amantadine Capsules - Ankang Huangmin Tablets - Phenacetin and Acetaminophen Tablets - Chlorpheniramine and Acetaminophen Tablets - Compound Acetaminophen Tablets - Sustained-release Ibuprofen Tablets - Acetaminophen and Phenobarbital Injection - Compound Licorice Oral Solution - Compound Licorice Tablets - Meiyu Pseudoephedrine Oral Solution - Children's Acetaminophen and Chlorpheniramine Granules - Children's Acetaminophen, Caffeine Tablets [2].

Core Viewpoint - Taiji Group (600129.SH) currently does not produce Ganmaoling granules, but offers a variety of other cold and flu-related products [1] Product Offerings - The company produces the following products: - Ganmao Qingre granules - Ganmao Kousou granules - Ganmao Zhike granules - Sangju Ganmao granules - Children's Ganmao granules [1] Flu Prevention and Treatment - The company's main products for flu prevention and treatment include: - Huoxiang Zhengqi oral liquid - Lingyang Ganmao granules/tablets - Qingre Jiedu oral liquid - Children's Ganmao granules - Compound Banlan Gen granules - Refined Yin Qiao Jiedu tablets - Vitamin C Yin Qiao tablets - Compound Acetaminophen and Amantadine capsules - Ankang Huangmin tablets - Phenacetin and Acetaminophen tablets - Chlorpheniramine and Acetaminophen tablets - Compound Paracetamol tablets - Ibuprofen sustained-release tablets - Acetaminophen and Phenobarbital injection - Compound Glycyrrhiza oral solution - Compound Glycyrrhiza tablets - Meiyu Weima oral solution - Children's Acetaminophen and Huangnamin granules - Children's Acetaminophen, caffeine tablets [1]

Group 1 - The third extraordinary general meeting of shareholders was held on November 13, 2025, at the company's conference room in Chongqing [2] - All 12 current directors attended the meeting, along with the board secretary and other senior management [3] - The meeting was convened and presided over by the chairman, Mr. Yu Min, and complied with the relevant provisions of the Company Law and the Articles of Association [2][3] Group 2 - Two non-cumulative voting proposals were reviewed and approved: the proposal to add a director and the proposal to change the registered capital and amend the Articles of Association [4] - The second proposal was a special resolution that required more than two-thirds of the voting rights to pass, which it achieved [5] Group 3 - The meeting was witnessed by lawyers from Taihe Tai (Chongqing) Law Firm, who confirmed that the meeting's procedures and resolutions were in compliance with legal requirements [6]

泰和泰（重庆）律师事务所 关于 重庆太极实业（集团）股份有限公司 2025 年第三次临时股东会 之 法律意见书 中国 • 重庆市两江新区财富大道 1 号财富金融中心 36 层 36/F, Fortune Financial Center, No. 1 Fortune Avenue Liangjiang New Area, Chongqing, People's Republic of China 电话| TEL: 86-23-67887666 www.tahota.com 关于 重庆太极实业（集团）股份有限公司 2025 年第三次临时股东会 之 法律意见书 （2025）泰律意字（太极集团）第 002 号 致：重庆太极实业（集团）股份有限公司 一、本次股东会的召集、召开程序及召集人资格 （一）经核查，公司于 2025 年 10 月 25 日在《上海证券报》《中 国证券报》《证券时报》《证券日报》和上海证券交易所网站 （www.sse.com.cn）上公告了《重庆太极实业（集团）股份有限公司 关于召开 2025 年第三次临时股东会的通知》（以下简称"《会议通 知》"），该通知公告了本次股东会的召开时间、地点、审议 ...

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 (一)股东会召开的时间：2025 年 11 月 13 日 (二)股东会召开的地点：重庆市渝北区恒山东路 18 号公司 1201 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 | 630 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 171,633,634 | | 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 | | | 份总数的比例（%） | 31.1258 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 证券代码：600129 证券简称：太极集团 公告编号：2025-086 重庆太极实业（集团）股份有限公司 2025年第三次临时股东会决议公告 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | ...

Group 1 - The company stated that its stock price is influenced by various factors, including internal factors such as operational performance and development potential, as well as external factors like macroeconomic conditions, market fluctuations, and investor confidence [2] - The company emphasized its commitment to fulfilling information disclosure obligations in accordance with the relevant requirements of the Shanghai Stock Exchange [2]