Market Performance - The market continued to rise last week, with the Shanghai Composite Index up 0.69%, the Shenzhen Component Index up 2.04%, and the ChiNext Index up 3.17% [1] - The China Securities Xinhua National Brand Index increased by 1.63%, closing at 1706.67 points [1] Strong Stock Performance - Several constituent stocks performed strongly last week, including: - Zhongji Xuchuang up 24.33% - Xinlitai up 20.86% - Ecovacs up over 20% - Woer Biotech and AVIC Shenfei up 15.42% and 12.78% respectively [1] - Year-to-date performance shows: - Xinlitai up 78.17% - WuXi AppTec up 53.33% - Ecovacs up over 50% [2] Market Outlook - Institutions believe the Shanghai Composite Index has stabilized above 3500 points, indicating strong bullish momentum [2] - Increased market profitability is expected to attract more external funds, supported by ample liquidity and positive trading sentiment [2] - The current market may be at the beginning of a new bull market, driven by domestic policy support and improving fundamentals [2] Focus on Earnings and Policies - The upcoming earnings season is expected to significantly impact individual stock performance [3] - Market attention will shift towards domestic policies and Federal Reserve actions, which may form the basis for mid-term trends [3] - Structural opportunities are anticipated to be key for A-share investments in the second half of the year, with a focus on core A-share assets [3]

Core Viewpoint - The company DaRenTang is experiencing significant fluctuations in its financial performance, primarily due to the sale of its stake in Tianjin Shike, which has historically been a major source of profit. However, the company is facing challenges with declining revenue and quality control issues in its core business operations [1][4][9]. Financial Performance - DaRenTang expects a net profit attributable to shareholders of 1.84 billion to 2 billion yuan for the first half of 2025, representing a year-on-year increase of 180% to 204% [1]. - The net profit excluding non-recurring gains is projected to be 560 million to 620 million yuan, reflecting a decrease of 12% to 2% year-on-year [1]. - The substantial increase in net profit is mainly due to the sale of its stake in Tianjin Shike, which generated a post-tax profit of 1.31 billion yuan [1][5]. Stake Sale Details - DaRenTang sold 13% of its stake in Tianjin Shike to Haleon (China) for 1.759 billion yuan, completing the transaction by the end of December 2024 [2]. - In April 2025, the company announced the sale of an additional 4.6% and 7.4% stakes in Tianjin Shike for 622 million yuan and 1 billion yuan, respectively, completing the transactions by June 2025 [3]. Revenue Decline - The company has reported a continuous decline in revenue over the past two years, with revenues of 8.222 billion yuan, 7.307 billion yuan, and 1.455 billion yuan for 2023, 2024, and the first quarter of 2025, respectively, indicating year-on-year declines of 0.33%, 11.14%, and 30.22% [6]. - In 2024, the net profit excluding non-recurring gains fell by 21.62% to 746 million yuan, with both major business segments experiencing revenue declines [6]. Product Performance - Among the top ten products, eight experienced varying degrees of sales decline in 2024, with significant drops in sales volume for key products such as Jingwanhong Ointment and Qingfei Xiaoyan Wan [7]. - The inventory levels for several products surged dramatically, indicating potential overproduction or reduced demand [7]. Quality Control Issues - DaRenTang has faced multiple regulatory penalties related to drug production quality and compliance issues, including fines and warnings from authorities such as the FDA [9]. - The company has received numerous consumer complaints regarding product quality and service, highlighting ongoing challenges in maintaining standards [9]. Strategic Adjustments - In response to declining performance, DaRenTang has divested from its commercial business by transferring its stake in Tianjin Zhongxin Pharmaceutical Co., Ltd. to focus on core operations [8].

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by more than 15% over the next six months [4][17]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.84 to 2.00 billion yuan in the first half of 2025, representing a year-on-year growth of 180% to 204%. However, the non-net profit attributable to shareholders is projected to decline by 12% to 2% [2][3]. - The increase in net profit is primarily due to the sale of a 12% stake in a joint venture, generating a disposal gain of 1.54 billion yuan, with a net profit after tax of 1.31 billion yuan [2]. - The company has successfully developed the "Jing Wan Hong Skin Factor," transforming traditional Chinese medicine into effective skincare ingredients, launching the "Jing Wan Hong Comfort and Resilience Skin" series [3]. Financial Summary - The company's revenue for 2023 is projected at 8,222 million yuan, with a year-on-year growth rate of -0.3%. The revenue is expected to decline to 4,890 million yuan in 2025, with a significant drop of 33.1% [1][9]. - The net profit attributable to shareholders for 2023 is estimated at 987 million yuan, with a year-on-year growth of 14.5%. However, it is expected to decrease to 2,162 million yuan in 2025, reflecting a decline of 3% [1][9]. - The company's return on equity (ROE) is projected to be 14.6% in 2023, increasing to 28.2% in 2024, but declining to 10.9% by 2026 [1][9]. - The earnings per share (EPS) for 2023 is expected to be 1.28 yuan, increasing to 2.89 yuan in 2024, and then decreasing to 1.28 yuan in 2026 [1][9]. Product Development - The company is focusing on skin wound repair, with the Jing Wan Hong ointment as a key product, and is expanding into the functional skincare market [3]. - The newly launched Jing Wan Hong Comfort and Resilience Skin series includes cream, mask, and spray, catering to diverse consumer needs and has successfully completed regulatory filings [3].

Performance Forecast - The company expects a net profit attributable to shareholders of 1.84 billion to 2 billion yuan for the first half of 2025, representing an increase of 1.18228 billion to 1.34228 billion yuan compared to the same period last year, which is a year-on-year increase of 180% to 204% [2][4] - The expected net profit excluding non-recurring gains and losses is projected to be 560 million to 620 million yuan, which is a decrease of 73.83 million to 13.83 million yuan compared to the same period last year, reflecting a year-on-year decrease of 12% to 2% [3][4] Previous Year Performance - In the same period last year, the total profit was 747.6489 million yuan, and the net profit attributable to shareholders was 657.7193 million yuan, with a net profit excluding non-recurring gains and losses of 633.8312 million yuan [3] Reasons for Performance Increase - The significant increase in net profit is primarily due to the sale of a 12% stake in the joint venture Tianjin SmithKline Beecham Pharmaceuticals Co., Ltd. to Helion (China) Co., Ltd. and Haleon CH SARL, resulting in a disposal gain of 1.54 billion yuan. The company will not recognize investment income from this joint venture in the current period, which previously contributed 110 million yuan to investment income [3][4]

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts H1 2025 net profit attributable to shareholders to significantly increase due to one-time gains, while core business net profit is expected to decline 2025 H1 Performance Forecast | Indicator | 2025 H1 Forecast | YoY Change | YoY Growth Rate | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 1.84 billion CNY - 2.00 billion CNY | Increase of 1.182 billion CNY - 1.342 billion CNY | +180% to +204% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 560 million CNY - 620 million CNY | Decrease of 13.83 million CNY - 73.83 million CNY | -2% to -12% | - The data contained in this performance forecast has not been audited by a certified public accountant[5](index=5&type=chunk) [Prior Period Operating Performance and Financial Status](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) This section reviews H1 2024 financial performance, including net profit attributable to shareholders, non-recurring adjusted net profit, and earnings per share 2024 H1 Operating Performance | Indicator (2024 H1) | Amount | | :--- | :--- | | Net Profit Attributable to Owners of Parent Company | 657.72 million CNY | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 633.83 million CNY | | Earnings Per Share | 0.85 CNY | [Primary Reasons for Performance Increase in Current Period](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Performance%20Increase%20in%20Current%20Period) The significant increase in net profit is attributed to a one-time gain from an equity sale, while the decline in core net profit is due to the cessation of associate investment income - The substantial increase in net profit attributable to shareholders is primarily due to the sale of a 12% equity stake in associate company Sino-American Tianjin SmithKline Pharmaceutical Co., Ltd., realizing a post-tax net profit of **1.31 billion CNY**[7](index=7&type=chunk) - Net profit excluding non-recurring items decreased year-over-year, mainly because investment income from Tianjin SmithKline is no longer recognized after the equity sale, whereas this income was **110 million CNY** in the prior year period[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company highlights that the performance forecast is a preliminary, unaudited estimate, though no significant uncertainties are identified - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, but the company believes there are no significant uncertainties[8](index=8&type=chunk) [Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) Investors are advised that the forecast data is preliminary, and final accurate financial figures will be based on the official 2025 semi-annual report - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, and investors are reminded to be aware of investment risks[9](index=9&type=chunk)[10](index=10&type=chunk)

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025 compared to the same period last year, while the net profit excluding non-recurring gains and losses is projected to decrease slightly [1] Group 1: Profit Expectations - The company anticipates a net profit attributable to shareholders of the parent company between 1.84 billion to 2 billion yuan for the first half of 2025, representing an increase of 1.182 billion to 1.342 billion yuan year-on-year, which corresponds to a growth of 180% to 204% [1] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between 560 million to 620 million yuan, indicating a decrease of 73.83 million to 138.3 million yuan year-on-year, which translates to a decline of 12% to 2% [1]

证券代码：600329 证券简称：达仁堂 编号：临 2025-026 号 近日，公司已收到该转让股权交易的全部价款，天津史克的工商 变更登记手续已经完成。至此，本次交易已完成，公司不再持有天津 史克的股权。 特此公告。 津药达仁堂集团股份有限公司董事会 2025 年 6 月 28 日 1 津药达仁堂集团股份有限公司 关于公司转让中美天津史克制药有限公司 12%股权 交易完成的公告 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。 一、交易概述 公司分别于 2025 年 4 月 14 日召开 2025 年第二次董事会、2025 年 6 月 9 日召开 2025 年第一次临时股东大会，会议审议通过了"公 司转让所持有中美天津史克制药有限公司（以下简称"天津史克"） 12%股权暨签订《股权转让协议》的议案"。具体内容详见公司于 2025 年 4 月 16 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于转让参股公司股权的交易公告》（公告编号：临 2025-014 号）。 二、交易进展 ...

证券代码：600329 证券简称：达仁堂 公告编号：2025-025 号 津药达仁堂集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利1.28元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/3 | － | 2025/7/4 | 2025/7/4 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/3 | － | 2025/7/4 | 2025/7/4 | 四、 分配实施办法 1. 实施办法 公司 A 股股东的红利（除天津市医药集团有限公司外）委托中国结算上海分公司通过其 资金清算系统向股权登记日上海 ...

Group 1 - Daren Tang has experienced a continuous decline for 9 trading days, with a cumulative drop of -6.10% [1] - The company is listed under Tianjin Pharmaceutical Group and operates as an A+S share company [1] - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Daren Tang, having reduced its holdings in the first quarter of this year [1] Group 2 - The year-to-date return for Daren Tang is -0.12%, ranking 1693 out of 3426 in its category [2] - The performance comparison shows that the average return for similar funds is 1.83% year-to-date, while the CSI 300 index has a return of -1.96% [2] - The fund's performance over the past week, month, and three months shows declines of -1.43%, 1.03%, and -4.21% respectively [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who holds master's degrees in Mathematical Finance and Computer Science from US universities [3][4] - Luo Wenjie has extensive experience in quantitative analysis and has held various managerial positions within Southern Fund since 2008 [3][4] - The total assets under management for Luo Wenjie amount to 122.258 billion yuan, with a return of 105.99% during her tenure [4]

Core Points - The company held its fourth board meeting of 2025 on June 20, with all 9 directors present, complying with legal requirements [1] - The board approved related party transactions, including a share custody agreement with Tianjin Pharmaceutical Asset Management Co., Ltd. and a lease agreement with Tianjin Pharmaceutical Taiping Co., Ltd. [1][2] - The board appointed Zhao Liyang as the company's securities affairs representative, with a background in management and experience in various pharmaceutical companies [2]