证券代码：600436 证券简称：片仔癀 公告编号：2025-016 漳州片仔癀药业股份有限公司 关于召开2024年年度股东大会的通知 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： 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段， 即 9:15-9:25,9:30-11:30， 无。 非累积投票议案 《公司关于聘任会计师事务所及确定其报酬事项 的议案》 《公司 2024 年度财务决算及 2025 年度财务预算 报告》 《公司 2025 年度董事、监事、高级管理人员薪酬 额度的议案》 本次股东大会还将分别听取各位独立董事《公司 2024 年度独立 董事述职报告》 。 上述议案已经公司第七届董事会第二十八次会议和第七届监事 会第二十次会议审议通过，相关决议公告及文件已按照规定和要求在 上海证券交易所网站（www.sse.com.cn）及公司选定的中国证监会指 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | | | 投票股 ...

证券代码：600436 证券简称：片仔癀 公告编号：2025-016 漳州片仔癀药业股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 6 月 20 日 09 点 00 分 召开地点：漳州市芗城区漳州芗江酒店二楼芝山厅 1 股东大会召开日期：2025年6月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日 的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者 ...

股票代码：600436 股票简称：片仔癀 漳州片仔癀药业股份有限公司 2024 年年度股东大会会议材料 福建·漳州 二〇二五年六月二十日 0 漳州片仔癀药业股份有限公司 2024 年年度股东大会会议材料 漳州片仔癀药业股份有限公司 2024 年年度股东大会事项、表决方法说明 各位股东、股东代表： 根据中国证券监督管理委员会《上市公司股东会规则》和《漳州片仔 癀药业股份有限公司章程》（以下简称"《公司章程》"）等有关规定， 公司 2024 年年度股东大会会议事项、投票表决等规定如下： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议 工作人员将对出席会议者的身份进行必要的核对，请被核对者给予配合。 二、股东及股东代表应于会议开始前入场；中途入场者，应经会议工作 人员的许可。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利。股东 参加股东大会应认真履行其法定义务，不得侵犯公司和其他股东的合法权 益，不得扰乱股东大会的正常秩序。 四、要求发言的股东，应当按照会议的议程，经会议主持人许可方可发 言。有多名股东同时要求发言时，先举手者发言；不能确定先后时，由主 持人指定发言者。会议进行中只接受股 ...

Group 1 - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Pharmaceutical and Biotechnology Index reported at 7798.06 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has increased by 4.26% in the past month, 2.71% in the past three months, and 4.75% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (25.23%), WuXi AppTec (16.45%), Pian Zai Huang (6.51%), Yunnan Baiyao (5.3%), Kelun Pharmaceutical (5.04%), East China Pharmaceutical (3.91%), New Horizon (3.59%), Changchun High-tech (3.57%), Shanghai Raist (3.34%), and Fosun Pharmaceutical (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.57% from the Shanghai Stock Exchange and 36.43% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: Chemical drugs (43.24%), Pharmaceutical and Biotechnology services (21.56%), Traditional Chinese medicine (18.83%), and Biological drugs (16.37%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to changes in industry classification and subsequent adjustments to the CSI 300 industry index samples [2]

证券研究报告 | 金融工程 2025 年 05 月 24 日 刚需+出海+历史低位，多重因素凸显制药价值 ——华宝中证制药 ETF 投资价值分析 随着保健意识的提升及国内人口老龄化趋势的发展，药品作为人们生活中的刚 性需求，其市场需求量日益增长。从供给端来看，原研药专利集中到期，创新 药频获出海订单，中药受政策大力扶持，各细分领域药企均迎来发展机遇。时 逢相关标的位于历史的价格低位，药品制造业显示出一定的投资机会。华宝中 证制药 ETF（认购代码：562053.OF）通过紧密跟踪中证制药指数，一键式配 置制药行业优质上市企业，值得投资者关注。 任瞳 S1090519080004 rentong@cmschina.com.cn ❑ 风险提示：本报告仅作为投资参考，基金产品过往业绩并不预示其未来表 现，亦不构成投资收益的保证或投资建议，新发基金无历史业绩可参考。 敬请阅读末页的重要说明 专题报告 ❑ 在新兴市场经济快速发展和各国医疗保障制度的逐渐完整之下，全球医药 市场规模仍旧维持着稳定增长态势。而据统计，我国的人均药品用量仍远 低于世界发达国家水平，国内药品用量的需求增长仍然具有较大的空间。 ❑ 在供给端，各细 ...

Core Viewpoint - On May 19, 39 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kun Pharmaceutical Group, Yongxi Electronics, and Taotao Vehicle, reflecting significant growth potential in the traditional Chinese medicine, semiconductor, and motorcycle industries respectively [1][2]. Group 1: Target Price Increases - Kun Pharmaceutical Group saw a target price increase of 55.14%, with a latest rating of "Buy" from Huatai Financial Holdings (Hong Kong) [2]. - Yongxi Electronics experienced a target price increase of 47.45%, rated "Buy" by CITIC Securities [2]. - Taotao Vehicle's target price rose by 46.25%, also rated "Buy" by Huatai Financial Holdings (Hong Kong) [2]. Group 2: Brokerage Recommendations - A total of 86 listed companies received brokerage recommendations on May 19, with Tongwei Co. receiving recommendations from 4 brokerages, and Huasheng Group and Kunlun Wanwei each receiving 2 recommendations [2]. - The highest number of recommendations indicates strong interest and confidence in these companies within their respective sectors [2]. Group 3: Rating Adjustments - On May 19, there was one upgrade in ratings, with Huachuang Securities raising the rating for Tianwei Food from "Recommended" to "Strongly Recommended" [3]. - There were two downgrades, including Huachuang Securities lowering the rating for BioShares from "Strongly Recommended" to "Recommended," and Huatai Securities downgrading Tongwei Co. from "Buy" to "Increase" [3]. Group 4: First-Time Coverage - On May 19, 12 companies received first-time coverage, including Semir Apparel and Bright Dairy, which were rated "Increase" by Industrial Securities [4]. - Other companies like Wens Foodstuffs received a "Buy" rating, indicating a positive outlook for these newly covered firms [4].

Company Overview - Weifang Tongzhitang Pharmaceutical Co., Ltd. operates a Pi Zai Huang experience center in Weifang, affiliated with Fujian Zhangzhou Pi Zai Huang Pharmaceutical Co., Ltd. It is the sole partner in the Weifang region, offering a range of products under the Pi Zai Huang brand, including Pi Zai Huang, Pi Zai Huang capsules, and various health and skincare products [3][4]. Product Offerings - The main ingredients of Pi Zai Huang include Niu Huang, She Xiang, San Qi, and She Dan, which are known for their effects in clearing heat and detoxifying, cooling blood and resolving stasis, and alleviating pain. It is used for conditions such as viral hepatitis, abscesses, and various inflammations [6]. - Pi Zai Huang capsules serve the same purpose as the traditional tablets, designed for convenience for travelers who may find it difficult to carry the original form [6]. - An Gong Niu Huang Wan is effective in clearing heat and detoxifying, used for high fever, convulsions, and various severe conditions. It is recommended for middle-aged individuals under stress, those with unhealthy lifestyles, and those with a family history of cardiovascular diseases [8]. - The company offers two main types of bird's nest products: Bai Yan Zhan and ready-to-eat bird's nest, sourced from Indonesia and Malaysia, ensuring purity and quality through advanced production techniques [10]. - Skincare products are categorized into anti-aging, whitening, hydration, and acne treatment, adhering to pharmaceutical-grade standards and available in both individual and gift sets [12].

Core Insights - The company Pianzaihuang has been recognized as the "No. 1 in national sales of pearl cream" and "No. 1 brand of pearl cream" by iiMedia Research, a leading third-party data mining and analysis agency [1][2] - The Chinese cosmetics industry is projected to reach a market size of 545.8 billion yuan in 2024, with a year-on-year growth of 5.6%, and is expected to grow to 579.1 billion yuan in 2025 [1] - The rise of domestic beauty brands, rooted in traditional culture and combined with modern technology, has become a significant highlight in the Chinese cosmetics market [1] Company Overview - Pianzaihuang has a rich cultural heritage and product quality, making it a representative of Chinese skincare aesthetics [2] - The brand has sold nearly 30 million bottles of its flagship product, the Pianzaihuang Pearl Cream, in 2024, with cumulative sales exceeding 100 million bottles [2] - The company has established a comprehensive research and development system, including five research centers and three ingredient co-construction bases, focusing on traditional Chinese herbal culture and modern skincare technology [4] Market Position and Strategy - Pianzaihuang has implemented the "Oriental New National Makeup" strategy, enhancing its marketing layout and focusing on core products [7] - The brand is addressing industry challenges such as insufficient technological innovation and severe homogenization by building differentiated competitive barriers through innovative research on Chinese ingredients [7] - The company aims to promote the wisdom of Eastern skincare and create a healthy quality of life, continuously deepening its presence in the domestic beauty sector [7]

Core Viewpoint - The Chinese traditional medicine industry is experiencing collective anxiety due to insufficient effective demand, accelerated industry transformation, policy changes, and intense market competition [1] Industry Performance Overview - The performance of traditional Chinese medicine companies in 2024 and the first quarter of 2025 shows a diverging trend, with some companies achieving stable growth through brand advantages and product innovation, while others face revenue declines and profit pressures [1][3] - In 2024, Baiyunshan led the industry with a revenue of 749.93 billion yuan, but experienced a slight decline of 0.69% year-on-year, indicating growth challenges for traditional giants [3][6] - Yunnan Baiyao and China Resources Sanjiu followed with revenues of 400.33 billion yuan and 276.17 billion yuan, reflecting year-on-year growth rates of 2.36% and 11.63%, respectively [3][6] - In the first quarter of 2025, leading companies continued to show growth, while trailing companies remained under pressure [1][6] Profitability Insights - Yunnan Baiyao reported a net profit of 47.67 billion yuan in 2024, maintaining a growth rate of 15.63%, while Pizhou's net profit reached 29.96 billion yuan, aligning with its revenue growth [6] - Daren Tang emerged as a "profit dark horse" with a net profit increase of 128.68% year-on-year, while Dong'e Ejiao's net profit grew by 25.57% due to product price increases and channel optimization [6][1] R&D and Sales Expenses - In 2024, the highest R&D investment was from Tianshili, amounting to 1.039 billion yuan, representing 12.23% of its revenue [6][7] - Sales expenses were highest for China Resources Sanjiu at 72.20 billion yuan, followed by Baiyunshan at 56.20 billion yuan [7] - The overall R&D investment among the top 20 companies indicates a need for improvement, especially in innovative drug development and modern Chinese medicine technology applications [7] Market Challenges and Strategic Responses - The unique product strategy, once a cash cow for many companies, is now facing challenges due to adjustments in medical insurance directories and expanded centralized procurement [9][10] - Companies like Step Long Pharmaceutical have reported significant losses due to high sales expenses and declining core product revenues [1][6] - The industry is witnessing a trend where companies are either "slimming down" by divesting non-core assets or "bulking up" through mergers and acquisitions to strengthen their market position [14][15] Future Outlook - The ongoing centralized procurement and market dynamics necessitate that companies balance pricing and market share while building brand moats [12][14] - Companies with unique proprietary formulas, such as Pizhou and Yunnan Baiyao, are better positioned to withstand market fluctuations compared to those reliant on single products without strong patent protection [11][12]

Core Viewpoint - The company is actively managing its raw material supply and exploring new procurement channels for natural ingredients, particularly focusing on the import of natural cow bile from Argentina, while maintaining its commitment to product quality through the exclusive use of natural cow bile in its main product, Pizhou Huang [1][2]. Group 1: Raw Material Management - The company has two musk bases located in Sichuan and Shaanxi, with strict adherence to legal and regulatory requirements for their operation and management [1]. - To ensure a stable supply of raw materials, the company is closely monitoring market dynamics and price trends, employing diversified procurement strategies, and maintaining stable relationships with suppliers [1]. - The company is actively engaging with the new policy allowing the import of natural cow bile from Argentina, although the current import scale is small and has minimal short-term impact on domestic market prices [1]. Group 2: Product Quality and Pricing Strategy - The company exclusively uses natural cow bile in the production of Pizhou Huang, which is crucial for maintaining product quality and efficacy [2]. - The price of natural cow bile has increased significantly, with the procurement cost in 2024-2025 being over three times that of 2021, leading to increased production costs [2]. - In response to rising costs, the company adjusted the price of Pizhou Huang in May 2023, while also enhancing promotional efforts to mitigate the impact of price increases on sales [2]. Group 3: Strategic Initiatives and Corporate Development - The company is implementing the "Famous Doctors Enter Zhang" strategy to enhance healthcare services and expand its network of traditional Chinese medicine clinics, with plans to establish over 30 new clinics by Q1 2025 [3]. - The cosmetic division of the company has been progressively separated, achieving initial compliance with the five independence principles required for a listed company, and has completed its restructuring to become a joint-stock company [3].