Macro Strategy - Recent international gold prices are fluctuating at high levels, with domestic jewelry gold prices also remaining elevated. There is a new trend in gold consumption favoring lighter products like gold bars. Short-term gold prices are expected to maintain high volatility. Consumers should pay attention to international gold price fluctuations if investing, and choose purchasing timing based on their budget for wearing needs [2][3] - From January to October, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%. The national general public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2%. Securities transaction stamp duty revenue was 162.9 billion yuan, a year-on-year increase of 88.1% [2] - By the end of 2024, the total asset scale of urban commercial banks in China is projected to be 60.15 trillion yuan, a 134-fold increase since 1995, accounting for 13.53% of the banking financial institutions, with a market share increase of 8.24 percentage points. The non-performing loan ratio is 1.76%, and the provision coverage ratio is 188.08% [2] Industry and Company Medical Services Industry - The medical and biological sector rose by 3.29%, ranking fifth among the 31 first-level industries. The Shanghai and Shenzhen 300 Index fell by 1.08%, indicating that the medical sector outperformed the index by 4.37 percentage points [6] - The PE (ttm) of the medical services sector is 33.47X, with a PB (lf) of 3.37X. The PE increased by 0.51X and the PB increased by 0.05X compared to the previous week [7][8] - The TIDES CRDMO market is expected to grow significantly, with the global market projected to increase from 2.1 billion USD in 2018 to 5.5 billion USD in 2023, with a CAGR of 20.9%, and further to 37.3 billion USD by 2032, with a CAGR of 23.8%. The Chinese market is expected to grow from 200 million USD in 2018 to 800 million USD in 2023, with a CAGR of 37.1%, and to 6.2 billion USD by 2032, with a CAGR of 25.5% [9] - Investment recommendations for the medical services sector include focusing on high-growth companies in the ADC CDMO and TIDES CDMO areas, as well as companies in the third-party testing laboratories and consumer medical sectors [10] Traditional Chinese Medicine Industry - The traditional Chinese medicine sector rose by 4.08%, ranking third among secondary sub-sectors. Companies such as Te Yi Pharmaceutical and Zhongsheng Pharmaceutical performed well, while others like *ST Changyao and ST Huluwa performed poorly [12] - The PE (ttm) for the traditional Chinese medicine sector is 29.25X, with a PB (lf) of 2.47X, indicating a slight increase from the previous week [13][14] - The market for traditional Chinese medicinal materials is experiencing volatility, with an overall supply surplus due to increased arrivals from new harvests. Recent weather conditions have also impacted harvesting [15] - The steady advancement of centralized procurement in the traditional Chinese medicine industry aims to reduce patient medication costs and shift competition towards cost control and quality standards [16][17] - Investment recommendations for the traditional Chinese medicine sector include focusing on companies with competitive advantages in product quality and cost, as well as those benefiting from national reforms and centralized procurement policies [18][19]

Meeting Details - The fourth temporary shareholders' meeting of Henan Tailong Pharmaceutical Co., Ltd. was held on November 14, 2025, at the company's conference room in Zhengzhou [1] - All 9 current directors attended the meeting, along with the board secretary and other senior executives [2] - The meeting was conducted in compliance with the Company Law and the company's articles of association, using a combination of on-site and online voting [1][2] Resolutions Passed - The profit distribution plan for the first three quarters of 2025 was approved [1] - The proposal to apply for the registration and issuance of medium-term notes was also approved [1] Legal Verification - The meeting was witnessed by Henan Qianwen Law Firm, confirming that the procedures and resolutions were in accordance with relevant laws and regulations [4] Company Changes - The wholly-owned subsidiary, Tongjuntang Pharmaceutical Co., Ltd., completed changes in its legal representative, board members, and business scope, and obtained a new business license from the Zhejiang Provincial Market Supervision Administration [6][7] - The registered capital of Tongjuntang Pharmaceutical Co., Ltd. is RMB 250 million, and it was established on November 30, 2005 [7]

Core Viewpoint - Recently, Tailong Pharmaceutical announced changes in its wholly-owned subsidiary Tongjuntang Pharmaceutical, including alterations in its legal representative, board members, and business scope, along with the completion of relevant registration procedures [2] Group 1 - Tailong Pharmaceutical's subsidiary Tongjuntang Pharmaceutical has undergone changes in its legal representative and board of directors [2] - The company has completed the necessary business registration changes and updated its articles of association [2] - A new business license has been issued by the Market Supervision Administration of Tonglu County, Hangzhou, Zhejiang Province [2]

格隆汇11月14日丨太龙药业(600222.SH)公布,公司全资子公司桐君堂药业有限公司根据经营发展需要对 其法定代表人、董监高人员以及经营范围进行了变更，同时完成上述工商变更登记及《公司章程》的相 关备案登记手续，并取得浙江省杭州市桐庐县市场监督管理局换发的《营业执照》。 ...

证券代码：600222 证券简称：太龙药业 公告编号：临 2025-060 河南太龙药业股份有限公司 关于全资子公司完成工商变更登记并换发营业执照的公告 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。 近日，河南太龙药业股份有限公司（以下简称"公司"）全资子 公司桐君堂药业有限公司根据经营发展需要对其法定代表人、董监高 人员以及经营范围进行了变更，同时完成上述工商变更登记及《公司 章程》的相关备案登记手续，并取得浙江省杭州市桐庐县市场监督管 理局换发的《营业执照》，具体情况如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 法定代表 | 李金宝 | 胡志权 | | 人 | | | | 高级管理 | 李金宝（董事长）、李景亮（董事）、赵 | 胡志权（董事长）、李景亮（董事）、赵海 | | 人员备案 | 海林（董事）、苏风山（监事） 许可项目：药品批发；第三类医疗器械经 | 林（董事） 许可项目：药品批发；第三类医疗器械经营； | | | 营；食品经营（销售预包装食品）；道路 | 道路货物 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 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： (一)股东会召开的时间：2025 年 11 月 14 日 证券代码：600222 证券简称：太龙药业 公告编号：2025-059 河南太龙药业股份有限公司 2025年第四次临时股东会决议公告 (二)股东会召开的地点：郑州高新技术产业开发区金梭路 8 号公司一楼会议室 (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 | 272 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 150,902,963 | | 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 | 27.2918 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，董事长王荣涛先生主持，以现场投票和网络 投票相结合的方式进行表决。本次股东会的召集、召开及表决方式符合《 ...

河南仟问律师事务所关于河南太龙药业股份有限公司 2025 年第四次临时股东会的法律意见书 仟 问 律 师 事 务 所 CHAINWINLAWFIRM 网址(URL)：http://www.chainwinlaw.com 电邮(E-mail):qwlss@126.com 仟见字【2025】573 号 关于河南太龙药业股份有限公司 2025 年第四次临时股东会的法律意见书 致：河南太龙药业股份有限公司 河南仟问律师事务所（以下简称"本所"）接受河南太龙药业股份有限公司（以 下简称"公司"）的委托，委派本所律师出席公司 2025 年第四次临时股东会（以 下简称"本次股东会"），就本次股东会的召集和召开程序，出席本次股东会人员 的资格，审议事项及其表决程序等相关事宜出具法律意见。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东会的文件、 材料。公司保证其向本所提供的文件和材料是完整、真实和有效的，且一切足以 影响本法律意见书的事实、文件和材料均已向本所披露，无任何隐瞒、疏漏之处。 有鉴于此，本所律师根据《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》" ...

Core Insights - The traditional Chinese medicine sector experienced a slight increase of 0.24% on November 13, with Panlong Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Stock Performance Summary - Panlong Pharmaceutical (002864) closed at 39.20, with a significant increase of 9.99% and a trading volume of 237,700 shares, amounting to a transaction value of 864 million [1] - Huasheng Technology (000790) rose by 5.09% to close at 4.54, with a trading volume of 524,900 shares [1] - Tailong Pharmaceutical (600222) saw a 4.91% increase, closing at 7.90 with a trading volume of 793,400 shares [1] - Other notable performers include Te Yi Pharmaceutical (002728) up 3.13% to 13.83, and Enwei Pharmaceutical (301331) up 2.68% to 32.62 [1] Declining Stocks Summary - ST Changyao (300391) decreased by 3.90% to 2.22, with a trading volume of 582,400 shares [2] - ST Huluwa (6655569) fell by 2.34% to 9.62, with a trading volume of 77,100 shares [2] - Weikang Pharmaceutical (300878) dropped by 2.33% to 28.05, with a trading volume of 70,500 shares [2] Capital Flow Analysis - The traditional Chinese medicine sector saw a net outflow of 681 million from main funds, while retail investors contributed a net inflow of 523 million [2]

Core Viewpoint - TaiLong Pharmaceutical has experienced a significant stock price increase, with a 13.75% rise over the past four days, indicating strong market interest and potential investor confidence [1]. Group 1: Company Overview - TaiLong Pharmaceutical Co., Ltd. is located in Zhengzhou, Henan Province, and was established on August 31, 1998, with its listing date on November 5, 1999 [1]. - The company operates in the pharmaceutical manufacturing sector, focusing on traditional Chinese medicine, chemical drug manufacturing, and pharmaceutical wholesale, alongside preclinical research services [1]. - The revenue composition of the company includes 70.59% from drug manufacturing, 14.71% from drug research services, 14.42% from drug material circulation, and 0.28% from other sources [1]. Group 2: Fund Holdings - FuGuo Fund's top holding is TaiLong Pharmaceutical, with the FuGuo CSI 2000 ETF (563200) holding 16,900 shares, representing 0.39% of the fund's net value [2]. - The fund has realized a floating profit of approximately 6,422 yuan today, with a total floating profit of 15,400 yuan during the four-day price increase [2]. - The FuGuo CSI 2000 ETF was established on September 28, 2023, with a current scale of 28.1262 million yuan and has achieved a year-to-date return of 41.07% [2]. Group 3: Fund Manager Information - The fund manager of FuGuo CSI 2000 ETF is Niu Zhidong, who has a tenure of 10 years and 188 days [3]. - The total asset size of the fund is 24.849 billion yuan, with the best return during the manager's tenure being 124.69% and the worst being -88.81% [3].

Transaction Overview - On December 26, 2023, the board of directors of Henan Tailong Pharmaceutical Co., Ltd. approved a proposal for joint acquisition of fund shares and change of fund manager, allowing its wholly-owned subsidiary, Hangzhou Tailong Jintang Enterprise Management Co., Ltd., to acquire 0.67% of the ordinary partnership shares of the Henan Jinggang Advanced Manufacturing Equity Investment Fund for RMB 2.1979 million [2] - The company’s wholly-owned subsidiary Zhengzhou Longhua Pharmaceutical Industry Fund Partnership will acquire 82.33% of the limited partnership shares of the Jinggang Fund for RMB 190.9653 million, resulting in a total holding of 55% partnership shares [2] - The fund manager will be changed to Tibet Jinyuan Investment Management Co., Ltd. [2] Transaction Progress - By August 2024, the transaction payment and share transfer will be completed, and a new partnership agreement will be signed with all partners, officially changing the fund manager to Tibet Jinyuan Investment Management Co., Ltd. [3] - The fund will complete its business registration and obtain a business license [3] - The fund management change has been registered with the Asset Management Association of China, confirming the new management structure [5] Fund Structure Changes - After the changes, the partnership structure of the Jinggang Fund will be updated, with the management company renamed to Jinyu Maowu (Tibet) Venture Capital Management Co., Ltd. [4] - This name change does not affect the rights and obligations under the partnership agreement [4]