Group 1 - The 2025 China-France Brand Week and the 11th China-France Brand Summit will be held at the Eiffel Tower in Paris from September 24 to 26, coinciding with the 50th anniversary of China-Europe diplomatic relations, marking a significant opportunity for brand, cultural, and business exchanges [1] - The theme of the Brand Week is "Breaking the Deadlock: High Premium Brands Going to Europe," focusing on how to promote Chinese brands with high premiums into the European market, achieving global high value and cultural resonance [3] - The event will gather important figures from politics, business, and culture from both China and Europe, including CEOs/CMOs of leading brands, renowned creatives, local KOLs, and mainstream media, to share insights and experiences on opening the European market for Chinese brands [3][5] Group 2 - The Brand Week will feature two core segments: "Master Forum" and "Roundtable Forum," providing high-quality discussions and practical insights [5] - The Master Forum will invite industry leaders to share valuable experiences and insights on challenges in international markets and building high premium brand value [5] - The Roundtable Forum will focus on hot topics related to brand expansion, facilitating interactions among multinational companies, creatives, and policy experts to provide actionable paths for Chinese brands to break into the European market [5] Group 3 - Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. will participate in the Brand Week as a cooperative brand, representing Chinese medicine culture and its internationalization efforts [5] - The company has been promoting its products in international markets, including France, since the Belt and Road Initiative, enhancing international exchanges and cooperation in traditional Chinese medicine [5]

证券日报网讯 9月23日晚间，片仔癀发布公告称，2025年半年度利润分配方案为A股每股现金红利1.4元 （含税），股权登记日为2025年9月29日，除权（息）日为2025年9月30日。 （文章来源：证券日报） ...

| 股份 | 股权登记日 | 最后 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 类别 | | 交易日 | | | | A 股 | 2025/9/29 | － | 2025/9/30 | 2025/9/30 | 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 2025 年 6 月 20 日，漳州片仔癀药业股份有限公司（以下简称"公 司"）召开2024年年度股东大会，审议通过《公司关于 2024 年度利润 分配预案》，授权董事会在符合相关前提下决定 2025 年内的利润分配 方案并实施。 证券代码：600436 证券简称：片仔癀 公告编号：2025-031 漳州片仔癀药业股份有限公司2025年半年度 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1.40元（含税）。 相关日期： 2025 年 8 月 28 日，公司召开第七届董事会第三十三次会议，审议 通过《公司 2025 年中期利润分 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The adjustment of medical insurance and commercial insurance directories will enter the price negotiation stage, and attention should be paid to the progress of subsequent stages [7] - The market performance of the traditional Chinese medicine sector has shown a decline, with the TCM index dropping by 2.13% last week [3][12] - The demand for traditional Chinese medicinal materials remains relatively stable, while supply has increased due to the new harvest, leading to a slight decrease in price indices [6] Market Performance - The traditional Chinese medicine sector reported a decline of 2.13%, while the overall pharmaceutical sector fell by 2.07% [3][12] - The performance of individual companies varied, with leading companies including Weikang Pharmaceutical and Wanbangde, while companies like Jiuzhitang and Xintian Pharmaceutical lagged behind [4] Valuation - The TCM sector's PE (ttm) is 27.92X, down by 0.6X week-on-week, with a one-year maximum of 30.26X and a minimum of 22.85X [5] - The PB (lf) stands at 2.36X, also down by 0.06X week-on-week, with a one-year maximum of 2.65X and a minimum of 2.02X [5] Investment Suggestions - The report suggests focusing on three main investment lines: 1. Price governance, emphasizing the importance of price reduction and market share for competitive products [8][9] 2. Consumption recovery, driven by macroeconomic improvement and increased health awareness among the aging population [10] 3. State-owned enterprise reform, which presents investment opportunities through performance enhancement [10] - Recommended stocks include Zhaoli Pharmaceutical, Pizaihuang, and Shouxiangu [10]

Group 1 - The company Pianzaihuang (600436.SH) has recently obtained a new invention patent authorization for a method to evaluate the quality of "An Gong Niu Huang Wan" based on the biological effects of STAT3 protein [2] - The patent application number is CN202210749748.6, and the authorization date is September 19, 2025 [2] - This invention has undergone methodological optimization and validation, demonstrating high accuracy and reflecting the clinical effectiveness of "An Gong Niu Huang Wan," thereby enhancing its quality control system with practical application value [2]

人民财讯9月19日电，企查查APP显示，近日，嘉昀达(福建)新材料有限责任公司成立，法定代表人为谢 建军，注册资本6000万元，经营范围涉及非金属矿物制品制造、普通玻璃容器制造、新材料技术研发 等。企查查股权穿透显示，该公司由上海嘉博梵信息科技有限公司、燕皇世家(中国)有限公司、片仔癀 （600436）旗下福建片仔癀化妆品股份有限公司共同持股。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 275.64, indicating a potential upside of 37% from the current price of RMB 201.47 [1][16]. Core Insights - The company is experiencing short-term profit pressure, with a reported revenue of RMB 5.379 billion for 1H25, a year-on-year decline of 4.81%, and a net profit of RMB 1.442 billion, down 16.22% year-on-year. However, the core product, Pian Zai Huang, continues to show steady growth, supported by channel structure optimization [5][12]. - The report highlights that the company's core product for liver disease treatment achieved revenue of RMB 2.896 billion in 1H25, reflecting a year-on-year growth of 9.70%, despite a decline in gross margin due to rising raw material costs [6][10]. - The company is actively enhancing its channel structure and terminal sales, with a strategy to deepen its core position in the market, which is expected to support long-term performance recovery [7][10]. Financial Performance Summary - For 1H25, the company reported a revenue of RMB 5.379 billion, a decrease of 5% compared to 1H24, and a net profit of RMB 1.442 billion, down 16% year-on-year. The gross margin was reported at 40.46%, a decline of 4.3 percentage points [11][12]. - The company has adjusted its earnings forecasts for 2025E and 2026E, with expected revenues of RMB 10.550 billion and RMB 10.636 billion, respectively, reflecting a downward adjustment of 16% and 23% from previous estimates [14][16]. - The report projects that the sales revenue for liver disease medications will grow by 10% in 2025E and 11% in 2026E, driven by the strong performance of the core product [13][16]. Valuation - The report employs a two-stage DCF valuation method, resulting in an updated target price of RMB 275.64, which corresponds to a P/E ratio of approximately 54x for 2025, higher than the average of comparable companies [16][17]. - The valuation reflects the company's focus on optimizing its operations and enhancing profitability through strategic initiatives in production, inventory management, and sales [16][17].

Core Insights - The Medical Health Index (980016) closed at 7114.13 points on September 17, with a slight increase of 0.22% and a trading volume of 34.146 billion yuan, indicating a turnover rate of 1.06% [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 18 stocks rose while 30 stocks fell on the same day [1] - Bai Li Tian Heng led the gains with a rise of 4.08%, while Junshi Biosciences recorded the largest decline at 2.52% [1] Group 2: Top Constituents - The top ten constituents of the Medical Health Index are as follows: - WuXi AppTec (603259) with a weight of 13.58%, latest price at 109.29 yuan, and a market cap of 322.57 billion yuan, increased by 2.09% [1] - Hengrui Medicine (600276) with a weight of 10.87%, latest price at 70.13 yuan, and a market cap of 465.47 billion yuan, increased by 1.42% [1] - Mindray Medical (300760) with a weight of 8.17%, latest price at 66.66 yuan, and a market cap of 290.25 billion yuan, decreased by 0.09% [1] - United Imaging Healthcare (688271) with a weight of 4.14%, latest price at 151.60 yuan, and a market cap of 124.94 billion yuan, decreased by 0.90% [1] - Other notable constituents include Pianzai Shou (600436), Aier Eye Hospital (300015), and Fosun Pharma (600196) [1] Group 3: Capital Flow - The Medical Health Index constituents experienced a net outflow of 601 million yuan from major funds, while retail investors saw a net inflow of 615 million yuan [1] - Detailed capital flow for major stocks indicates that WuXi AppTec had a net inflow of 4.28 million yuan from major funds, while Hengrui Medicine saw a net outflow of 3.43 million yuan [2]

Core Viewpoint - The Chinese medicine sector is experiencing a mixed performance, with the leading Chinese medicine ETF (560080) showing resilience despite market fluctuations, attracting significant capital inflows and demonstrating strong growth potential in the context of regulatory changes and industry innovation efforts [1][4][6]. Market Performance - The Chinese medicine ETF (560080) recorded a slight decline but maintained a premium throughout the day, with a trading volume exceeding 71 million yuan. Over the past 10 days, it has seen net inflows on 9 occasions, totaling over 150 million yuan, and its latest scale has surpassed 2.4 billion yuan, leading its peers [1][4]. - Major components of the ETF index mostly experienced pullbacks, with Renhe Pharmaceutical declining over 1%, while Panlong Pharmaceutical rose over 1% [3][5]. Financing and Investment Trends - Leveraged funds are increasingly utilizing the ETF to invest in the high-value Chinese medicine consumer sector, with the latest financing balance approaching 80 million yuan and a financing buy-in amount exceeding 12 million yuan as of September 16, 2025 [4]. - The Chinese medicine industry is viewed as having stable cash flow and high dividends, with companies like Huaren Sanjiu and Jiangzhong Pharmaceutical showing strong performance in their incentive plans, which are expected to drive new growth [7][8]. Regulatory Developments - The National Medical Products Administration has announced new regulations for Chinese medicine production supervision, effective March 1, 2026, emphasizing quality control throughout the entire production process [5]. Innovation and Growth Strategies - Chinese medicine companies are actively pursuing innovation and transformation into chemical and biological pharmaceuticals through self-research, mergers and acquisitions, and strategic partnerships, aiming to create a second growth curve [6]. - The industry is expected to see improved performance in the second half of 2025, driven by reduced cost pressures from declining raw material prices and enhanced operational efficiencies [7][9]. Dividend and Profitability Insights - A significant number of central state-owned enterprises in the Chinese medicine sector are projected to have dividend yields exceeding 3% in 2024, with Jiangzhong Pharmaceutical and Dong'e Ejiao leading in dividend rates [8][9]. - Despite facing growth pressures in the first half of 2025, many companies have managed to achieve positive growth in net profit through quality improvement and efficiency enhancement strategies [9]. Market Sentiment and Future Outlook - The Chinese medicine index is gradually recovering, with institutional holdings remaining light. The sector is expected to attract more capital as it combines attributes of new consumer demand and pharmaceutical needs [10][12].

Core Viewpoint - The company has officially launched a real-world study involving its exclusive product, Yindan Pinggan capsules, aimed at liver and gallbladder diseases, marking a significant milestone in the development of traditional Chinese medicine [1][2] Group 1: Research Overview - The real-world study is a large-scale research project involving 3,000 participants, focusing on modern diseases such as metabolic-associated fatty liver disease and alcoholic liver disease [2] - The study aims to collect clinical efficacy data in real-world treatment settings, specifically evaluating the capsules' effectiveness in reducing liver fat content, alleviating chronic cholecystitis pain, and improving liver function [2] Group 2: Strategic Implications - The successful initiation and participant enrollment in the study highlight the company's commitment to advancing traditional Chinese medicine through scientific innovation and secondary development [2] - The company plans to continue promoting evidence-based research in traditional Chinese medicine, aiming to enhance the brand strength of liver and gallbladder medications and provide new treatment strategies for liver diseases [2]