Core Viewpoint - The article discusses the active participation of pharmaceutical companies, particularly Pianzaihuang, in the primary market as limited partners (LPs) in various investment funds, highlighting their strategies to seek new growth opportunities amid fluctuating performance [4][10][12]. Group 1: Pianzaihuang's Investment Activities - Pianzaihuang has committed to invest RMB 200 million as a limited partner in the CICC (Zhangzhou) Medical Industry Investment Partnership, representing 20% of the fund's target size of RMB 1 billion [4][6]. - This marks Pianzaihuang's third investment as an LP since 2025, following previous investments in the "Zhaoying Huikang Fund" and the "Gaoxin Runxin Fund," both with a scale of RMB 1 billion [4][11]. - The company has a strong cash reserve of nearly RMB 5 billion as of June 2025, allowing it to actively engage in investment activities despite recent declines in revenue and profit [12]. Group 2: Fund Details and Partners - The CICC Medical Fund aims to invest in sectors such as traditional Chinese medicine, biomedicine, medical devices, and health services, with a focus on projects related to Pianzaihuang's industry chain [6][8]. - The fund has seven limited partners, with several having connections to Pianzaihuang, indicating a strategic alignment within the investment ecosystem [8]. Group 3: Broader Industry Trends - Other pharmaceutical companies, such as Taige Pharmaceutical and Jiuzhoutong, are also becoming active LPs in the primary market, reflecting a trend among biopharmaceutical firms to diversify their investment portfolios [4][13]. - Companies like Hengrui Medicine and Kanglong Huacheng are also establishing significant investment funds, indicating a robust interest in the primary market driven by strong financial performance [14][16]. - The trend of pharmaceutical companies acting as LPs is seen as a positive signal for the venture capital and private equity landscape, providing much-needed capital to startups and investment firms [17].

Core Insights - In the autumn of 2025, Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd. represents Chinese traditional medicine in the global market, showcasing its full product matrix at significant international venues like Times Square and the Eiffel Tower [1] - Pien Tze Huang cosmetics highlight the contemporary value of Eastern aesthetics through two key products, emphasizing craftsmanship and innovation [1] Group 1: Product Highlights - The "Pearl Cream" has become a cultural icon in China, with cumulative sales exceeding 100 million bottles over 45 years, reflecting consumer trust in its efficacy and quality [2] - The "Empress Xuan's Splendid Gift Box" reinterprets aesthetics with modern design, featuring traditional Chinese elements and incorporating extracts from Cordyceps, snow lotus, and purple fungus [4] Group 2: Cultural Significance - The Paris event serves not only as a product showcase but also as a demonstration of cultural confidence, marking a shift for Chinese brands from "manufacturing abroad" to "cultural export" and from "price competition" to "value output" [6]

Policy Developments - The National Medical Products Administration (NMPA) has approved industry standards for medical devices utilizing brain-computer interface technology, specifically for closed-loop implantable neurostimulators [1] Drug and Device Approvals - Yipinhong has received a drug registration certificate for oral L-carnitine solution, which is expected to generate approximately 1.257 billion yuan in sales in 2024 within urban and county-level public hospitals in China [2] - Aojing Medical has obtained registration for its absorbable composite bone repair material, enhancing its product lineup in the bone repair sector [3] Capital Market Activities - Pianzaihuang plans to invest 200 million yuan in the CICC (Zhangzhou) Medical Industry Investment Partnership, focusing on sectors such as traditional Chinese medicine, biomedicine, and medical devices [4] - Baiyunshan's subsidiary has signed a share transfer agreement to acquire 11.04% of Nanjing Pharmaceutical for 749 million yuan, aiming to strengthen its strategic cooperation and enhance its competitive advantage in the pharmaceutical distribution business [5] Industry Milestones - The first domestically produced quadrivalent HPV vaccine has been approved for market release, marking a significant advancement in cervical cancer prevention in China [6][7] Public Sentiment Alerts - Duori Pharmaceutical has announced a potential change in control, leading to a temporary suspension of its stock trading [8] - Asia-Pacific Pharmaceutical is also planning a change in control, resulting in a similar stock trading suspension [9]

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].

Group 1 - The core announcement is that Pianzaihuang plans to invest in the Zhongjin Medical Fund, aiming to enhance its competitive capabilities within the health industry while ensuring the development of its main business [1] - The target fundraising scale for the Zhongjin Medical Fund is set at 1 billion yuan, with Pianzaihuang's subsidiary committing to invest 200 million yuan, representing 20% of the total fundraising goal [1] - The fund is still in the preparatory stage, pending the signing of formal agreements and registration with relevant authorities [1] Group 2 - The Zhongjin Medical Fund is part of the "Yuanshan Plan" initiated by Zhangzhou City, which aims to promote the integration of medical, healthcare, and tourism industries, with a total fund size of 5 billion yuan planned [2] - Pianzaihuang has previously invested in three other funds under the "Yuanshan Plan," each with an investment of 200 million yuan and a 20% share [2] - The fund will focus on the healthcare sector, covering areas such as traditional Chinese medicine, biomedicine, medical devices, and wellness industries, including projects related to Pianzaihuang's own industrial chain [2] Group 3 - Pianzaihuang is actively promoting its pharmaceutical business and related investments, leveraging its brand value and resources in the biopharmaceutical supply chain to strengthen its market position [3] - The company aims to build a comprehensive "big pharmaceutical" ecosystem by expanding its operations through mergers and acquisitions, thereby enhancing its core competitiveness in the traditional Chinese medicine sector [3] - The establishment of the "Yuanshan Plan" funds and subsequent investments are expected to reinforce Pianzaihuang's leading position in the traditional Chinese medicine industry [3]

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。 ...