Core Viewpoint - Pianzaihuang has invested 200 million RMB to establish an investment fund, collaborating with related parties to enhance its presence in the health industry [2][5][12]. Investment Activities - Pianzaihuang's subsidiary, Pianzaihuang Investment, is investing 200 million RMB in the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership, accounting for 20% of the fund's target size [2]. - This is not the first time Pianzaihuang has partnered with related parties to set up funds; previous investments include the Zhangzhou Yuanshan Health Industry Investment Fund and the Pianzaihuang Yingke Fund, both with similar investment amounts and ownership percentages [5][7]. - In March 2023, Pianzaihuang Investment also committed 200 million RMB to the Zhaoying Fund, which has a planned scale of 1 billion RMB, focusing on biomedicine and medical services [9]. Shareholder Involvement - The controlling shareholder of Pianzaihuang is Jiulongjiang Group, which has consistently participated as a core investor in the funds established by Pianzaihuang [13][15]. - In the Yuanshan Fund, Jiulongjiang Group's subsidiary contributed 150 million RMB, while another subsidiary contributed 30 million RMB [15]. Financial Performance - In Q1 2023, Pianzaihuang reported revenue of 3.142 billion RMB, a year-on-year decline of 0.92%, marking the first quarterly negative growth in nearly a decade [18]. - The net profit attributable to shareholders was 1 billion RMB, an increase of 2.59% year-on-year, but the gross margin faced significant pressure, particularly in the liver disease medication segment, which saw a decrease of 12.39 percentage points [18][20]. Cost Pressures - The decline in gross margin is attributed to rising costs of key raw materials, with the price of natural cow bile remaining high at 1.6 million RMB per kilogram [20]. - Pianzaihuang plans to closely monitor changes in raw material prices and industry policies to improve risk management and enhance profit levels [20].

Group 1: Policy and Regulatory Developments - The Shanghai regulatory authorities issued 18 measures to promote the high-quality development of commercial health insurance, focusing on expanding coverage to include new medical technologies and services [1] - The National Medical Products Administration is seeking public opinion on the draft guidelines for the quality management of medical device online sales, aiming to standardize inspection practices [2] Group 2: Company Announcements and Developments - Heng Rui Medicine announced that its product, injection of Rui Kang Qu Mo Zhu single antibody, received orphan drug designation from the FDA, which may provide policy support for its development and commercialization [3] - Di Zhe Medicine received Fast Track Designation from the FDA for its innovative drug DZD8586, aimed at treating relapsed refractory chronic lymphocytic leukemia [4] - Tuo Jing Life Sciences' subsidiary obtained two medical device registration certificates for diagnostic kits, enhancing its competitiveness in the in vitro diagnostic field [5] - Sino Medical's subsidiary received breakthrough medical device designation from the FDA for its intracranial drug-coated stent system, marking a significant achievement in domestic neurointerventional devices [6] Group 3: Financial Performance - BeiGene reported a net profit of 450 million yuan for the first half of 2025, marking a turnaround with a 45.8% increase in product revenue [7] - Tian Tan Biology's net profit decreased by 12.88% year-on-year, despite a 9.47% increase in total revenue, attributed to declining product prices and reduced interest income [8] Group 4: Investment Activities - Pian Zai Huang plans to invest 200 million yuan in the Gao Xin Run Xin Fund, which targets a total fundraising goal of 1 billion yuan, reflecting the company's strategy in the health industry [9] Group 5: Industry Collaborations - Jing Tai Technology and DoveTree established a collaboration worth 47 billion HKD for AI drug development, setting a new record in the AI pharmaceutical sector [10] Group 6: Shareholder Actions - Qian Hong Pharmaceutical announced plans for shareholders to reduce their holdings by up to 20.9 million shares, representing 1.63% of the total share capital [11] - Shu Yu Ping Min's controlling shareholder plans to reduce their stake by up to 2%, amounting to 804,730 shares [12]

Policy Developments - Shanghai has introduced 18 measures to promote the high-quality development of commercial health insurance, focusing on expanding coverage to include new medical technologies, drugs, and devices [1] Drug and Device Approvals - Heng Rui Medicine's injection of Rukang Qutuo Zhun Tan has received orphan drug designation from the FDA for use in gastric cancer, which had 968,400 new cases globally in 2022 [3] - DIZHE Pharmaceutical's DZD8586, a dual-target inhibitor, has received Fast Track Designation from the FDA for treating relapsed chronic lymphocytic leukemia [4] - Sainuo Medical's subsidiary has received breakthrough device designation from the FDA for its self-expanding intracranial drug-coated stent system, marking a first for domestic neuro-interventional devices [7] Financial Reports - BeiGene reported a net profit of 450 million yuan for the first half of 2025, reversing losses from the previous year, with product revenue increasing by 45.8% to 17.36 billion yuan [8] - Tiantan Biological's net profit for the first half of 2025 decreased by 12.88% to 633 million yuan, attributed to declining product prices and reduced interest income [9] Capital Market Activities - Pianzaihuang plans to invest 200 million yuan in the Gao Xin Run Xin Fund, which aims to raise 1 billion yuan, representing 20% of the fund's target size [10] Industry Developments - Jingtai Technology has entered a 47 billion HKD collaboration with DoveTree for AI drug development, setting a new record in the AI pharmaceutical sector [11] Shareholder Actions - Qianhong Pharmaceutical's shareholder plans to reduce holdings by up to 20.9 million shares, representing 1.63% of the total share capital [11] - Shuyupingmin's controlling shareholder intends to reduce holdings by up to 804,730 shares, accounting for 2% of the total share capital [12]

Core Viewpoint - Pianzaihuang has invested 200 million yuan to establish an investment fund, marking its continued collaboration with related parties in the health industry [2][4][6]. Investment Activities - Pianzaihuang's wholly-owned subsidiary, Pianzaihuang Investment, plans to invest in the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership, contributing 200 million yuan, which represents 20% of the fund's target size [2]. - This is not the first time Pianzaihuang has partnered with related parties to set up funds; in September 2024, it announced a similar investment in the Zhangzhou Yuanshan Health Industry Investment Fund, also contributing 200 million yuan for a 20% stake [4]. - In November of the same year, Pianzaihuang Investment participated in the establishment of the "Pianzaihuang Yingke Fund," investing 290 million yuan for a 29% share [6]. - In March of this year, Pianzaihuang announced another investment of 200 million yuan in the Zhaoying Fund, which has a planned scale of 1 billion yuan, focusing on biomedicine and medical services [8]. Strategic Goals - The company aims to leverage fund investments to enhance its integration capabilities across the industry chain, promote resource sharing, and stimulate innovation, all while ensuring the stability of its core business [8]. - Pianzaihuang's major shareholder, Jiulongjiang Group, has been a key contributor in the funds established by Pianzaihuang, indicating a strong alignment in strategic interests [10][12]. Financial Performance - In the first quarter of this year, Pianzaihuang reported revenue of 3.142 billion yuan, a year-on-year decline of 0.92%, marking its first quarterly negative growth in nearly a decade [15]. - The company's net profit attributable to shareholders was 1 billion yuan, reflecting a year-on-year increase of 2.59% [15]. - The gross margin has been under pressure, particularly in the liver disease medication segment, which saw a decrease of 12.39 percentage points [15][16]. Raw Material Costs - The increase in raw material costs has significantly impacted profit margins, with the price of natural cow bile remaining high at 1.6 million yuan per kilogram [17]. - Pianzaihuang plans to closely monitor changes in raw material prices and industry policies to improve risk management and enhance profitability [17].

Core Viewpoint - The company is actively seeking new growth points by investing in the healthcare sector through the establishment of the GaoXin RunXin Fund, which aims to enhance industrial synergy and competitive capabilities while ensuring the development of its main business [1][2]. Investment Details - The GaoXin RunXin Fund has a total scale of 1 billion yuan, with an initial operating period of 7 years, extendable twice for 1 year each [1]. - The fund's primary investment areas include pharmaceuticals, medical devices, healthcare supply chains, health food, synthetic biology, chemical materials, and consumer healthcare, with investments outside healthcare limited to 10% of the fund's total commitment [1]. - The company plans to contribute 200 million yuan, representing 20% of the fund's target fundraising scale, while other partners include CITIC Securities Capital Management and Zhangzhou GaoXin Development Co., Ltd. [1][2]. Strategic Implications - The investment in the GaoXin RunXin Fund is part of the company's strategic development, aimed at leveraging professional investment resources to accelerate the concentration of the pharmaceutical industry and enhance integration capabilities along the supply chain [2]. - The fund is managed by CITIC Securities Capital Management, which has extensive experience in the healthcare investment sector, facilitating deep integration of industry and capital [2]. Financial Considerations - The investment will not be included in the company's consolidated financial statements and will be funded through the company's own or raised funds, ensuring that it does not adversely affect the company's financial and operational status [3]. - The company maintains a stable profitability and low debt ratio, with sufficient bank credit lines, allowing for this investment without impacting normal business operations [3].

（文章来源：证券日报） 证券日报网讯 8月6日晚间，片仔癀发布公告称，公司第七届监事会第二十二次会议审议通过了《公司 关于全资子公司与专业投资机构共同投资设立高鑫润信基金暨关联交易的议案》。 ...

Core Viewpoint - Pianzaihuang (片仔癀) is actively participating in the establishment of the GaoXin RunXin Fund, which aims to invest in the health industry, aligning with local government initiatives to promote the development of traditional Chinese medicine and health sectors in Zhangzhou [1][2][3] Group 1: Investment Details - Pianzaihuang Investment Management Co., Ltd. will contribute 200 million yuan to the GaoXin RunXin Fund, representing 20% of the fund's total target size of 1 billion yuan [1] - The GaoXin RunXin Fund will focus on investments in pharmaceuticals, medical devices, health supply chains, health food, synthetic biology, chemical materials, and consumer healthcare, with non-health-related investments capped at 10% of the total fund size [1] Group 2: Policy Context - The establishment of the GaoXin RunXin Fund is part of the "Yuan Mountain Plan," which aims to enhance the traditional Chinese medicine industry in Zhangzhou and promote cross-strait integration in healthcare [1][2] - The Zhangzhou Yuan Mountain Health Industry Fund has a total scale of 5 billion yuan, with plans to establish five funds, each with a size of 1 billion yuan [1] Group 3: Market Impact - Pianzaihuang is a key player in the local market, having invested 200 million yuan in two other funds, each representing a 20% stake [2] - The success of the Yuan Mountain Fund is exemplified by Guangshentang (广生堂), which saw its stock price increase by over 300% following the fund's investment, highlighting the potential for significant returns in the health sector [2][3] Group 4: Strategic Advantages - Pianzaihuang is expected to benefit from policy support and enhance its integration capabilities within the industry chain, fostering resource sharing and innovation [3]

监事会认为：公司本次与中信建投资本管理有限公司共同投资高 鑫润信基金暨关联交易事项符合公司长期发展战略，有利于提升公司 核心竞争力和整体价值。本次关联交易遵循公平、自愿、公允的原则， 相关审议及决策程序合法合规，不存在损害公司和中小股东利益的情 形。 参加表决的监事 5 票同意,0 票反对，0 票弃权。议案内容详见公 司同日在上海证券交易所网站披露的《公司关于投资参与高鑫润信基 金暨关联交易的公告》（2025-022 号）。 本议案无需提交至公司股东大会审议。 特此公告。 漳州片仔癀药业股份有限公司 第七届监事会第二十二次会议决议公告 证券代码：600436 证券简称：片仔癀 公告编号：2025-023 本公司监事会及全体监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。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届监事 会第二十二次会议于 2025 年 8 月 6 日（星期三）上午 11：00 在公司 片仔癀大厦 21 楼会议室以通讯会议方式召开。会议通知和议案以专 人送达、电子邮件方式发出。本次会议应参加表决的监事 5 名，实际 表决的 ...

Core Viewpoint - The company plans to invest in the Gao Xin Run Xin Fund, focusing on the healthcare sector, with an investment amount of RMB 200 million, representing 20% of the fund's target size of RMB 1 billion [1][3][20]. Investment Overview - The Gao Xin Run Xin Fund will primarily invest in the healthcare sector, including pharmaceuticals, medical devices, and health-related supply chains, with non-healthcare investments capped at 10% of the fund's total contributions [1][19]. - The investment will be made by the company's wholly-owned subsidiary, Zhangzhou Pian Zai Huang Investment Management Co., Ltd., as a limited partner [1][3]. Related Transactions - This investment constitutes a related party transaction with Zhangzhou Pian Zai Huang Asset Management Co., Ltd. and Zhangzhou Tourism Investment Group Co., Ltd., but does not qualify as a major asset restructuring under relevant regulations [2][4]. - In the past 12 months, the company has engaged in two transactions with the same related party, totaling RMB 400 million, excluding this investment [2][4]. Approval Process - The investment has been approved by the company's independent directors and the board of supervisors, with related directors abstaining from voting [2][21][23]. - The investment does not require approval from the shareholders' meeting [2][21]. Financial Impact - The investment is not expected to have a significant impact on the company's financial status or operating performance for the current year [2][20]. - The company will not consolidate the Gao Xin Run Xin Fund into its financial statements [3][20]. Management and Compliance - The fund's management will be handled by CITIC Jin Investment Management Co., Ltd., which has extensive experience in the healthcare investment sector [20]. - The fund's investment decisions will require approval from an investment decision committee, ensuring compliance with legal and regulatory standards [16][19]. Purpose and Strategic Importance - The investment aims to enhance the company's core competitiveness and facilitate resource sharing and synergy within the healthcare industry [20]. - The company seeks to leverage the expertise of professional investment institutions to accelerate growth and innovation in the pharmaceutical sector [20].

Core Viewpoint - The company, Pianzaihuang (600436.SH), is actively seeking new growth points within the health industry chain while ensuring the development of its main business by investing in the Zhangzhou Gaoxin Runxin Health Industry Investment Partnership (Limited Partnership) with a target fundraising scale of 1 billion yuan [1] Group 1: Investment Details - The company’s wholly-owned subsidiary, Pianzaihuang Investment, plans to invest 200 million yuan, accounting for 20% of the target fundraising scale of the Gaoxin Runxin Fund [1] - The primary investment areas of the fund include the healthcare sector, covering pharmaceuticals, medical devices, upstream supply chains, health food, synthetic biology, chemical materials, and consumer healthcare [1] - Investments outside the healthcare sector will not exceed 10% of the fund's subscribed capital [1]