Group 1 - Rongchang Biopharma's "Taitasip" is proposed for priority review by CDE for treating adult patients with primary IgA nephropathy, showing significant reduction in proteinuria levels [1] - "Taitasip" has already been approved for three indications in China, including myasthenia gravis, rheumatoid arthritis, and systemic lupus erythematosus, with a recent application for Sjögren's syndrome also accepted [1] Group 2 - Baiyunshan and Guangzhou Pharmaceutical Phase II Fund signed a strategic investment agreement to acquire over 144 million shares of Nanjing Pharmaceutical, making it the second-largest shareholder with an 11.04% stake [2] - This strategic investment aims to enhance market competitiveness through resource integration and synergy, potentially impacting Nanjing Pharmaceutical's governance structure and market performance [2] Group 3 - Pian Zai Huang's Chief Financial Officer Yang Haipeng resigned due to work adjustments, with Deputy General Manager He Wei temporarily taking over the CFO duties [3] - The long-term brand value and market position of Pian Zai Huang remain strong, and if the management transition is smooth, the impact on the company's long-term development may be limited [3] Group 4 - Former Chief Technology Officer of Kailai Ying, Hu Xinhui, has joined Hengrui Medicine as Vice President and Chief Technology Officer, indicating a strategic move to strengthen R&D capabilities [4] - Hu Xinhui's appointment is expected to bring new opportunities for Hengrui Medicine's R&D system upgrades, technological breakthroughs, and international development [4] Group 5 - The former Chairman of Guangzhou Pharmaceutical Group, Li Chuyuan, has been reported for violations of discipline and law, leading to his expulsion from the party and public office [5] - This incident highlights governance and internal oversight issues within Guangzhou Pharmaceutical Group, which may affect investor trust and subsequently impact its stock performance and market reputation [5]

Core Viewpoint - The announcement details the resignation of Yang Haipeng as a director and chief accountant of Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd., and the company's decision to invest in the Zhongjin Medical Fund, which aligns with its long-term development strategy and aims to enhance its core competitiveness and overall value [1][4][5]. Group 1: Management Changes - Yang Haipeng has submitted his resignation due to work adjustments, but will continue to serve as an advisor [1]. - His resignation does not affect the legal number of board members and will not disrupt the company's normal operations [2]. - The company expresses gratitude for Yang's contributions during his tenure [2]. Group 2: Investment in Zhongjin Medical Fund - The company plans to invest RMB 200 million in the Zhongjin Medical Fund, which has a target fundraising scale of RMB 1 billion, making the company's contribution 20% of the total [6][10]. - The investment focuses on the healthcare sector, including traditional Chinese medicine, biomedicine, medical devices, and related industries [6][34]. - The investment is a joint effort with related parties and does not constitute a major asset restructuring as defined by regulations [6][11]. Group 3: Approval Process - The investment proposal has been approved by the company's independent directors, audit committee, and board of directors, ensuring compliance with legal and regulatory requirements [41][42][44][45]. - The decision to invest does not require submission to the shareholders' meeting [5][41]. Group 4: Financial Impact - The investment is not expected to have a significant adverse impact on the company's financial status or operational performance [8][40]. - The funding for the investment will come from the company's own or raised funds, ensuring that operational capital needs are met [40]. Group 5: Fund Management and Structure - Zhongjin Medical Fund will be managed by Zhongjin Capital, a subsidiary of China International Capital Corporation, which has a strong reputation in private equity investment [39][12]. - The fund's management structure includes an investment decision committee responsible for major investment decisions [29]. Group 6: Compliance and Fairness - The investment transaction adheres to principles of fairness, voluntariness, and reasonableness, ensuring no harm to the interests of the company and minority shareholders [5][38].

证券代码：600436 证券简称：片仔癀 公告编号：2025-032 漳州片仔癀药业股份有限公司 关于公司董事、高级管理人员变动的公告 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、关于董事、高级管理人员变动的基本情况 漳州片仔癀药业股份有限公司（以下简称"公司"）董事会于近日收到董事、总会计师杨海鹏先生提交的 书面辞职报告。杨海鹏先生因工作调整原因，辞去公司董事及总会计师等职务。辞职后，杨海鹏先生仍 担任顾问职务。具体情况如下： ■ 二、本事项对公司的影响 根据《中华人民共和国公司法》《漳州片仔癀药业股份有限公司章程》（以下简称"《公司章程》"）等 相关规定，杨海鹏先生的辞职未导致公司董事会成员低于法定人数，不会影响公司董事会正常运作和日 常经营。杨海鹏先生的辞职报告自送达至公司董事会之日起生效。公司将按照法定程序尽快完成选聘总 会计师的相关工作。 杨海鹏先生在担任公司董事、总会计师期间，恪尽职守、忠诚履职，勤勉尽责、兢兢业业，以良好专业 的素养和创新的理念，有力推动了公司的规范运作、财务管理及健康发展，作出了重要贡献 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The initiation of the real-world comprehensive value evaluation pilot work by the National Medical Insurance Administration is expected to enhance the clinical evaluation system for traditional Chinese medicine (TCM) [8][9][10] - The TCM sector has shown a relative performance decline compared to the broader pharmaceutical sector, with a 1.95% drop last week [4][14] - The TCM sector's current Price-to-Earnings (PE) ratio is 27.38X, reflecting a slight decrease, while the Price-to-Book (PB) ratio stands at 2.32X [6] Market Performance - The TCM index closed at 6449.62 points, down 1.95% last week, while the overall pharmaceutical sector fell by 2.2% [4][14] - The performance of individual companies within the TCM sector varied, with notable gainers including Fangsheng Pharmaceutical and Tianmu Pharmaceutical, while companies like Zhongsheng Pharmaceutical and Zhendong Pharmaceutical lagged [5][20][22] Valuation Metrics - The TCM sector's PE (ttm) is at 27.38X, down 0.54X week-on-week, with a one-year range of 24.72X to 30.26X [6] - The PB (lf) is recorded at 2.32X, also showing a slight decrease, with a one-year range of 2.17X to 2.65X [6] Supply Chain Insights - The demand for TCM materials has increased, particularly for gift-giving purposes, leading to a slight rise in the price index [7] - The overall price index for TCM materials was 237.22 points, reflecting a 0.4% increase from the previous week [7] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11][12] - Specific investment targets include companies with strong R&D capabilities and unique products, as well as those less affected by centralized procurement [11][12]

Core Viewpoint - The company, Pianzaihuang, is actively seeking new growth opportunities by investing in the Zhongjin Medical Fund, which aligns with its strategy to enhance industrial synergy and competitive capabilities in the health industry [2][4]. Group 1: Investment Details - Pianzaihuang plans to invest 200 million yuan in the Zhongjin Medical Fund, which has a target fundraising scale of 1 billion yuan, making the company's contribution 20% of the total [2]. - The investment has been approved by the company's board and supervisory board, and the fund is currently in the preparatory stage [2]. - The fund is managed by Zhongjin Capital, a leading private equity investment management platform in China [2]. Group 2: Strategic Context - The Zhongjin Medical Fund is part of the "Yuanshan Plan" initiated by Zhangzhou City to promote the integration of medical, healthcare, and tourism industries, with a total planned scale of 5 billion yuan for the industry fund [3]. - Pianzaihuang has previously invested in three other funds under the "Yuanshan Plan," each with an investment of 200 million yuan and a 20% share [3]. - The fund will focus on the healthcare sector, including traditional Chinese medicine, biomedicine, medical devices, and related industries, which may include projects within Pianzaihuang's industrial chain [3]. Group 3: Company Strategy - Pianzaihuang is enhancing its pharmaceutical operations and related investments, leveraging its brand value and resources in the biopharmaceutical supply chain [4]. - The company aims to strengthen its core competitiveness in the traditional Chinese medicine sector and solidify its leading position through strategic investments and acquisitions [4].

9月28日，片仔癀（600436）(600436.SH)披露关于投资参与中金医疗基金暨关联交易的公告。公司基于 大健康产业链上下游考虑，立足现有发展需求，积极寻找新增长点，增强产业协同效应，提升持续竞争 能力，在确保主营业务发展的前提下，拟投资中金(漳州)医疗产业投资合伙企业(有限合伙)(暂定名，以 工商注册为准；下称"中金医疗基金")。 值得关注的是，片仔癀公司近年来正积极推动医药主业经营及相关产业投资，一方面充分发挥自身品牌 价值以及在生物医药产业链上下游的资源优势，持续在中成药、化药创新药、大单品、医药商业、日化 美妆等五个方面下足功夫，做大做强上市公司主体规模，打造"大医药"航母集群；另一方面通过并购延 链、拓链、补链、寻求上中下、左右侧产业项目，利用品牌优势，发挥片仔癀公司链主作用，形成以片 仔癀为核心，向外辐射的大健康领域生态圈。"圆山计划"产业基金的陆续设立与对外投资，有望帮助片 仔癀公司持续强化中药领域核心竞争力，筑牢中药领域头部地位。 公告披露，本次中金医疗基金目标募集规模为10亿元。公司全资子公司片仔癀投资拟作为有限合伙人以 自有或自筹资金认缴出资2亿元，占中金医疗基金目标募集规模的比例为 ...

北京商报讯（记者 王寅浩 实习记者 宋雨盈）9月28日，片仔癀发布公告称，公司董事会于近日收到董 事、总会计师杨海鹏提交的书面辞职报告。杨海鹏因工作调整原因，辞去公司董事及总会计师等职务， 辞职后，仍担任顾问职务。 ...

格隆汇9月28日丨片仔癀(600436.SH)公布，公司拟参与投资中金(漳州)医疗产业投资合伙企业(有限合 伙)(暂定名，简称"中金医疗基金")。公司全资子公司漳州片仔癀投资管理有限公司(简称"片仔癀投资") 拟作为有限合伙人以自有或自筹资金认缴出资2亿元，占中金医疗基金目标募集规模的比例为20%。 本基金的主要投资领域为医疗大健康投资方向，主要投资于中医药、生物医药、医疗器械、医疗服务、 日化美妆和康养大健康等相关产业，包括但不限于片仔癀产业链项目、片仔癀产业园以及招商引资落地 漳州的项目。 ...

证券代码：600436 证券简称：片仔癀 公告编号：2025-032 漳州片仔癀药业股份有限公司 关于公司董事、高级管理人员变动的公告 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、关于董事、高级管理人员变动的基本情况 杨海鹏先生在担任公司董事、总会计师期间，恪尽职守、忠诚履 特此公告。 漳州片仔癀药业股份有限公司 1 / 2 职，勤勉尽责、兢兢业业，以良好专业的素养和创新的理念，有力推 动了公司的规范运作、财务管理及健康发展，作出了重要贡献。在此， 公司及董事会对杨海鹏先生的付出表示衷心感谢！ 三、董事会审计委员会意见 为确保公司财务管理工作的正常开展，在公司未正式聘任新的总 会计师期间，经公司董事会审计委员会审议，同意指定副总经理何炜 先生代行总会计师职责。 漳州片仔癀药业股份有限公司（以下简称"公司"）董事会于近 日收到董事、总会计师杨海鹏先生提交的书面辞职报告。杨海鹏先生 因工作调整原因，辞去公司董事及总会计师等职务。辞职后，杨海鹏 先生仍担任顾问职务。具体情况如下： | 董事、 杨海鹏 总会计师 | 职务 | ...

证券代码：600436 证券简称：片仔癀 公告编号：2025-033 漳州片仔癀药业股份有限公司 关于投资参与中金医疗基金暨关联交易的公告 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。 重要内容提示： 拟投资标的名称：中金（漳州）医疗产业投资合伙企业（有限 合伙）（暂定名，以市场监督管理部门核准为准；以下简称"中金医 疗基金"）。 拟投资领域：本基金的主要投资领域为医疗大健康投资方向， 主要投资于中医药、生物医药、医疗器械、医疗服务、日化美妆和康 养大健康等相关产业，包括但不限于片仔癀产业链项目、片仔癀产业 园以及招商引资落地漳州的项目。 拟投资金额：漳州片仔癀药业股份有限公司（以下简称"公司"） 全资子公司漳州片仔癀投资管理有限公司（以下简称"片仔癀投资"） 拟作为有限合伙人以自有或自筹资金认缴出资人民币 20,000 万元， 占中金医疗基金目标募集规模的比例为 20%。 本次对外投资系与关联方漳州片仔癀资产经营有限公司（以下 简称"资产经营"）、漳州市旅游投资集团有限公司（以下简称"旅 投集团"）共同投资，构成关联交易， ...