Meeting Details - The meeting is scheduled for September 3, 2024, from 15:00 to 16:30 [2] - The location for the meeting is an online platform, specifically the Panoramic Roadshow [2] - Investors can submit questions via email to drt600329@163.com by August 30, 2024, at 17:00 [3] Participants - Key attendees include Chairwoman Zhang Mingrui, General Manager Wang Lei, Independent Director Representative, Chief Financial Officer Ma Jian, and Board Secretary Jiao Yan [3] Participation Method - Investors can participate directly through the online platform during the meeting time [4] - The company will respond to common investor inquiries within the scope of information disclosure [4] Contact Information - Contact persons are Wang Jian and Jiang Ling [4] - Phone number: 022-27020892 [4] - Email: drt600329@163.com [4] Additional Information - After the meeting, investors can view the meeting details and main content on the Panoramic Roadshow platform [4] - The announcement is made by the Board of Directors of Tianjin Pharmaceutical Darentang Group Co., Ltd. on August 28, 2024 [4]

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it indicates a neutral outlook for the stock performance relative to the market index over the next six months [10][13]. Core Insights - The company reported a revenue of 3.97 billion yuan for the first half of 2024, a decrease of 3.0% year-on-year, and a net profit attributable to shareholders of 658 million yuan, down 9.0% year-on-year [3]. - The company has shown a strong performance in its main products, particularly in Guangdong and Jiangsu provinces, with significant growth in sales for key products [3]. - The gross profit margin improved to 49.93%, an increase of 3.07 percentage points, with traditional Chinese medicine products achieving a gross margin of 60.26% [3]. - The company has implemented 128 cost-reduction projects, leading to a 2.7% increase in overall equipment efficiency and a projected 13.6% decrease in energy consumption [3]. - The company is actively pursuing secondary development of existing drugs, with 25 papers published in the first half of 2024, including 7 in SCI journals [3]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was 3.97 billion yuan, a decrease of 3.0% year-on-year [3]. - Net profit attributable to shareholders was 658 million yuan, down 9.0% year-on-year, while the net profit excluding non-recurring items was 634 million yuan, a decrease of 11.0% [3]. - The company achieved a gross profit margin of 49.93%, up 3.07 percentage points, with traditional Chinese medicine products showing a gross margin of 60.26% [3]. Business Development - The commercial segment generated 1.58 billion yuan in revenue, a decline of 14.5%, influenced by the diversification of the business model post-pandemic [3]. - The industrial segment reported revenue of 2.62 billion yuan, reflecting a growth of 4.25% [3]. - The company has successfully launched 7 new products and has resumed production of 10 dormant varieties [3]. Future Outlook - The company anticipates continued profit growth, projecting net profits of 1.18 billion yuan, 1.46 billion yuan, and 1.75 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20x, 16x, and 14x [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [6][5]. Core Insights - In H1 2024, the company reported revenue of 3.965 billion yuan, a year-on-year decrease of 3.02%, and a net profit attributable to shareholders of 658 million yuan, down 8.97% year-on-year [1][2]. - The industrial segment achieved a revenue of 2.62 billion yuan, reflecting a growth of 4.25% despite a high base, while the commercial segment saw a decline of 14.5% with a revenue of 1.58 billion yuan [2]. - The company continues to expand its core product channels, with significant growth in terminal development for key products, including a doubling of revenue from Qingyan Diban and extensive outreach for other products [3]. Financial Performance - The gross profit margin for H1 2024 was 49.93%, an increase of 3.07 percentage points year-on-year, while the net profit margin was 16.42%, a decrease of 1.06 percentage points [4]. - The company implemented 128 lean cost reduction projects, resulting in a 2.7% improvement in overall equipment efficiency (OEE) and an expected 13.6% reduction in energy consumption [4]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised down from 9.294 billion, 10.472 billion, and 11.820 billion yuan to 8.504 billion, 9.368 billion, and 10.354 billion yuan respectively [5]. - Net profit forecasts for the same period have also been adjusted down from 1.163 billion, 1.379 billion, and 1.649 billion yuan to 1.094 billion, 1.267 billion, and 1.461 billion yuan respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 39.65 billion yuan for H1 2024, a decrease of 3.02% year-on-year, with a net profit attributable to shareholders of 6.58 billion yuan, down 8.97% year-on-year [3][4] - The company has maintained growth in self-operated business despite a high base from the previous year, with self-operated net profit increasing by 2% [4] - The company is focusing on brand building and has made significant progress in developing medical terminals for key products, with some products seeing revenue doubling year-on-year [5] Financial Summary - For 2024, the company is projected to achieve revenues of 84.36 billion yuan, with a growth rate of 3% [8] - The net profit attributable to shareholders is expected to be 11.27 billion yuan, reflecting a growth rate of 14% [8] - The price-to-earnings (P/E) ratio is projected to be 21.12 for 2024, decreasing to 14.38 by 2026 [9]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on maintaining a positive outlook for the company's performance in the coming years [1]. Core Viewpoints - The company reported a revenue of 39.65 billion yuan for the first half of 2024, reflecting a year-over-year decline of 3.02%. The net profit attributable to shareholders was 6.58 billion yuan, down 8.97% year-over-year [1]. - The decline in revenue is primarily attributed to a significant drop in the commercial segment, which saw a 14.5% decrease, while the industrial segment showed resilience with a growth of 4.25% [1]. - The report highlights that the decrease in investment income from joint ventures, particularly from companies like Sino-American Shanghai, has put short-term pressure on profits. However, the company's self-operated net profit increased by 2% when excluding these investment losses [1]. Summary by Sections Financial Performance - For 2024H1, the company achieved a total revenue of 39.65 billion yuan, with a net profit of 6.58 billion yuan and a non-recurring net profit of 6.34 billion yuan. The second quarter alone contributed 18.79 billion yuan in revenue and 2.70 billion yuan in net profit [1]. - The company anticipates revenues of 80.53 billion yuan, 84.8 billion yuan, and 89.41 billion yuan for the years 2024 to 2026, with expected growth rates of -2%, 5%, and 5% respectively. The net profit for the same period is projected to be 10.71 billion yuan, 12.32 billion yuan, and 14.16 billion yuan, with growth rates of approximately 9%, 15%, and 15% [1][2]. Brand and Service Development - The company is focusing on enhancing its brand power, service capabilities, and product strength. Key initiatives include launching five major brand projects, upgrading brand strategies, and hosting significant industry conferences that attracted over 3,500 participants [1]. - The company has also initiated a nationwide tour to promote its health guidelines and has developed a digital platform for evidence-based medical information, indicating a strong commitment to service improvement [1]. Product Development - The company has seen rapid growth in key provinces, with significant developments in product lines such as throat lozenges and other traditional Chinese medicine products. The revenue from these products has doubled year-over-year, showcasing strong market demand [1].

证券代码：600329 证券简称：达仁堂 编号：临 2024-024 号 公司将持续聚焦资源，突出核心工业板块，聚能"三核九翼"产 品，不断提升品牌力、产品力、创新力、服务力，打造清晰的战略发 展目标体系，通过健康中国系列行动有序落地，分阶段做强主品，提 高硬实力，过程中，循序渐进做好品牌引领和数字赋能等软实力提升 工作。充分挖掘老字号和非遗价值内核，2024 年将有序落实《大国品 牌》、"中医药文化守护官"等 5 个品牌项目。公司从业务数字化向数 字业务化迈进，推进数智化基座建设，包括 iPaas, 主数据，数据中台， 混合云等。 津药达仁堂集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 二、关注股东回报，共享发展红利 积极通过现金分红，提高投资者回报水平。2022 年度、2023 年 度连续两年高比例分红。自 2001 年在上交所上市至 2024 年中，公司 为推动公司高质量发展，更好回报投资者，津药达仁堂集团股份 有限公司（以下简称"公司"）深入贯彻 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has maintained stable growth in the industrial sector despite a high base in the first half of the year, with Q2 performance facing short-term pressure [1] - The company reported a revenue of 3.965 billion yuan for the first half of 2024, a year-on-year decrease of 3.02%, and a net profit attributable to shareholders of 658 million yuan, down 8.97% year-on-year [1] - The company is expected to achieve revenues of 9.12 billion, 10.18 billion, and 11.38 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 11%, 12%, and 12% [2][3] Financial Performance Summary - In Q2 2024, the company achieved a revenue of 2.70 billion yuan, a year-on-year decrease of 15.95%, and a net profit of 258 million yuan, down 18.68% year-on-year [1] - The overall gross margin for the first half of 2024 was 49.93%, an increase of 3.07 percentage points year-on-year [1] - The operating cash flow net amount was 555 million yuan, a significant increase of 353.48% year-on-year [1] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders is 1.15 billion, 1.39 billion, and 1.70 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17%, 21%, and 23% [2][3] - The company’s P/E ratios are projected to be 22X, 18X, and 15X for 2024, 2025, and 2026 respectively [2] Market and Product Development - The company has seen significant growth in key markets such as Guangdong and Jiangsu, with its core product, "速效救心丸," expanding its presence in over 600 medical terminals [1] - The company is advancing its innovation in traditional Chinese medicine and has initiated the construction of a self-research platform for classic formulas [1]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,964,740,785.30, a decrease of 3.02% compared to CNY 4,088,308,842.02 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 657,719,254.85, down 8.97% from CNY 722,491,488.60 year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 633,831,191.83, reflecting an 11.01% decrease compared to CNY 712,210,199.94 in the previous year[16]. - Basic earnings per share for the first half of 2024 were CNY 0.85, a decrease of 9.57% from CNY 0.94 in the same period last year[17]. - The weighted average return on net assets was 9.49%, down 1.05 percentage points from 10.54% in the previous year[17]. - The company reported a net profit margin of approximately 15% for the first half of 2024, consistent with the previous year's performance[118]. - The company reported a total comprehensive income of CNY 649,392,228.01 for the first half of 2024, compared to CNY 715,838,377.52 in the same period of 2023[127]. - The net profit for the first half of 2024 is CNY 660,852,627.42, a decrease of 12.6% compared to CNY 756,300,446.31 in the same period of 2023[129]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to CNY 555,214,560.54, a 353.48% rise from CNY 122,433,735.29 in the same period last year[16]. - The company's cash and cash equivalents at the end of the period amounted to CNY 3,454,125,554.42, representing a 62.53% increase from CNY 2,125,200,012.92 at the end of the previous year[45]. - The net cash flow from investing activities for the first half of 2024 is CNY 65,073,705.72, compared to a negative cash flow of CNY -487,182,638.67 in the first half of 2023[132]. - The net cash flow from financing activities for the first half of 2024 is CNY 719,898,704.49, a recovery from a negative cash flow of CNY -344,434,848.42 in the same period of 2023[132]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,901,105,307.25, representing a 16.33% increase from CNY 10,230,100,940.68 at the end of the previous year[16]. - The company's total liabilities were CNY 5,249,986,848.95, up from CNY 3,232,922,380.45, which is an increase of approximately 62.4%[119]. - Short-term borrowings surged to CNY 802,200,000.00 from CNY 81,800,000.00, indicating a significant increase of about 878.4%[119]. - The total equity of the company as of June 30, 2024, was CNY 6,651,118,458.30, reflecting an increase from CNY 6,997,178,560.23 at the end of 2023[118]. Research and Development - Research and development expenses decreased by 10.33% to CNY 46,652,469.50 from CNY 52,028,961.65 in the previous year[42]. - The company published 25 papers in the first half of 2024, including 7 in SCI journals, highlighting its commitment to research and innovation in traditional Chinese medicine[40]. - The company has established partnerships with several academic institutions to advance research on key products, including the effectiveness of its fast-acting heart rescue pill[40]. Market and Industry Trends - The pharmaceutical manufacturing sector has seen a 2.0% year-on-year increase in industrial added value for large-scale enterprises in the first half of 2024[28]. - The consumer price index for healthcare increased by 1.4% year-on-year, while the traditional Chinese medicine subcategory rose by 5.3%[28]. - The Chinese herbal medicine price index rose from 1246.17 points in January 2020 to 2250.73 points in June 2024, indicating significant cost pressures on the industry[30]. - The national drug procurement policy has led to an average price reduction of over 50% for 374 types of drugs, impacting the pricing power of pharmaceutical companies[30]. Corporate Governance and Compliance - The company reported no non-operating fund occupation by controlling shareholders or related parties[4]. - There were no violations of decision-making procedures regarding external guarantees[4]. - The company has not proposed any profit distribution or capital reserve transfer plans for the half-year period[61]. - The company has no significant litigation or arbitration matters during the reporting period[81]. Environmental and Sustainability Initiatives - The company has been recognized as a green factory by Tianjin City, reflecting its commitment to sustainable development and energy efficiency[39]. - The company has implemented various pollution control facilities, including activated carbon adsorption systems and wastewater treatment facilities, which are currently operating normally[67]. - The company has initiated a comprehensive green factory creation project since 2023, focusing on energy conservation, waste reduction, and resource recycling[72]. Shareholder Information - The company has a total of 47,012 ordinary shareholders as of the end of the reporting period[108]. - Tianjin Pharmaceutical Group holds 331,120,528 shares, accounting for 42.994% of total shares, with 70,000,000 shares frozen[110]. - The company has not experienced any changes in its share capital structure during the reporting period[108]. Financial Reporting and Accounting Policies - The financial statements were prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[154]. - The company follows the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect the true financial condition as of June 30, 2024[156]. - The company has established specific accounting policies for financial asset impairment, inventory measurement, and revenue recognition[155].

证券代码：600329 证券简称：达仁堂 编号：临 2024-023 号 津药达仁堂集团股份有限公司 关于续聘审计机构的公告 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。 津药达仁堂集团股份有限公司（以下简称"公司"）于2024年8 月13日召开了2024年第三次董事会会议，审议通过了续聘中审华会计 师事务所（特殊普通合伙）为公司2024年度境内审计师，续聘胡官陈 有限责任合伙会计师事务所（FKT）为公司2024年度境外审计师，并 提请股东大会授权董事会确定其聘金的议案。 一、拟聘任境内审计师的基本情况 （一）机构信息 成立日期：2000 年 9 月 19 日 组织形式：特殊普通合伙 注册地址：天津经济技术开发区第二大街 21 号 4 栋 1003 室 首席合伙人：黄庆林 2023 年度末合伙人数量：99 人 2023 年度末注册会计师人数：517 人 2023 年度末签署过证券服务业务审计报告的注册会计师人数： 124 人 2023 年收入总额（经审计）：82,765 万元 1 1. 基本信息 机构名称：中审华会计师事务所 ...

关于津药达仁堂集团股份有限公司 继续使用部分闲置募集资金暂时补充流动资金的核查意见 中国银河证券股份有限公司（以下简称"银河证券"或"保荐机构"）作为 津药达仁堂集团股份有限公司1（以下简称"达仁堂"或"公司"）2015 年非公开发 行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》、《上市公司 监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《上海证券交 易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 11 号——持 续督导》、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有 关规定，对达仁堂使用部分闲置募集资金暂时补充流动资金的情况进行了认真、 审慎的核查，具体核查情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会"证监许可[2015]1072 号"《关于核准天津中 新药业集团股份有限公司非公开发行股票的批复》，达仁堂获准非公开发行不超 过人民币普通股(A 股)65,166,000 股。实际非公开发行人民币普通股(A 股)29,564,356 股，每股发行价格为人民币 28.28 元，股款以人民币缴足，共计人 民币 836,079,987.6 ...