中证报中证网讯（记者 罗京）1月19日晚，片仔癀（600436）发布公告称，公司近日收到通知，旗下公 司参与发起的中金医疗基金已在中国证券投资基金业协会完成私募投资基金备案手续，并取得《私募投 资基金备案证明》。 据介绍，中金医疗基金由片仔癀全资子公司漳州片仔癀投资管理有限公司（下称"片仔癀投资"）与中金 资本运营有限公司、漳州市产业股权投资有限公司等多方共同发起设立，目标募集规模10亿元。其中， 片仔癀投资作为有限合伙人以自有资金认缴出资2亿元，占基金比例的20%。 值得注意的是，此次片仔癀参与设立的中金医疗基金，是漳州市"圆山计划"下设的第四只产业基金。该 计划于2024年4月由漳州市政府启动，旨在推动两岸医药、医疗、医养、医旅融合发展，进一步壮大中 医药产业。根据规划，"圆山计划"将分批次组建总规模50亿元的产业基金，以地方政府与国资为主导， 引导社会资本共同投入。 近年来，片仔癀持续推动医药主业与相关产业投资双向发力。一方面，公司围绕中成药、化药创新药、 大单品、医药商业、日化美妆五大方向强化主业；另一方面，通过并购与投资延伸产业链，发挥品牌 与"链主"作用，构建以片仔癀为核心的大健康产业生态圈。片仔 ...

Group 1 - The core viewpoint of the articles indicates a mixed performance in the medical and healthcare sector, with the China Medical and Medical Device Innovation Index experiencing a decline of 0.85% as of January 20, 2026, while certain stocks like Xinhecheng and Xingqi Eye Medicine showed gains [1] - The medical innovation ETF saw a decrease of 0.80%, with the latest price at 0.37 yuan, reflecting the overall market sentiment [1] - The brain-computer interface concept is gaining traction, supported by a significant investment of over 730 billion yuan in technology loans by the China Export-Import Bank, focusing on AI, brain-computer interfaces, humanoid robots, and high-end instruments [1] Group 2 - According to J.P. Morgan's conference, over 20 Chinese companies participated, highlighting the growing global interest in domestic innovative drugs and medical devices, which is expected to boost industry sentiment [1] - The China Medical and Medical Device Innovation Index includes 30 companies with strong profitability and growth potential, with the top ten stocks accounting for 63.75% of the index [2] - Recent data shows a net inflow of 1.8727 million yuan into the medical innovation ETF, with a total of 59.7643 million yuan over the past five trading days, indicating a positive trend in investor interest [2]

Group 1 - The core viewpoint of the article is that the company Pianzaihuang (600436) confirmed there has been no change in its accounting policies regarding inventory valuation, which continues to use the weighted average method [1]

证券日报网讯1月19日，片仔癀（600436）在互动平台回答投资者提问时表示，公司高度重视品牌管理 和质量控制，致力于通过自身的研发、生产和销售体系来维护品牌价值和市场声誉。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向片仔癀提问："贵公司年报在财务报表的编制基础中指出 '发出存货的计价方法 采用加权平均法核算'。那么，公司在使用牛黄时计入在产品科目，是采取加权平均法还是先进先出 法？" 针对上述提问，片仔癀回应称："尊敬的投资者，感谢您对片仔癀的关注！公司的会计政策暂未发生变 化，在发出存货的计价方法仍是加权平均法。谢谢！" ...

证券代码：600436 证券简称：片仔癀 公告编号：2026-002 漳州片仔癀药业股份有限公司 本次投资参与中金医疗基金，为公司战略发展的前瞻性布局。在 保证公司主营业务稳健发展的前提下，以基金投资为抓手，充分借助 专业投资机构的资源、管理及平台优势，加速医药产业聚集，加强公 司在产业链上下游的整合能力，实现资源共享、优势互补，进一步激 发创新活力，提升公司核心竞争力。 关于投资参与中金医疗基金的进展公告 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、 对外投资概述 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"）与中金资 本运营有限公司（以下简称"基金管理人"）、漳州市产业股权投资 有限公司、漳州高鑫发展有限公司、漳州片仔癀资产经营有限公司、 漳州市旅游投资集团有限公司等共同发起设立中金（漳州）医疗产业 投资合伙企业（有限合伙）（以下简称"中金医疗基金"）。其中， 片仔癀投资作为有限合伙人以自有资金认缴出资20,000万元，占中金 医疗基金的比例为20.0 ...

Investment Rating - The industry maintains a "Overweight" rating, suggesting a positive outlook for investment opportunities in the sector [6]. Core Insights - The Chinese medicine sector experienced a decline of 1% last week, with the overall pharmaceutical and biological index down by 0.68%. The only sub-sector to record positive returns was medical services, which rose by 3.29% [2]. - The price-to-earnings (PE) ratio for the Chinese medicine sector is currently at 27.11X, a decrease of 0.28X week-on-week, while the price-to-book (PB) ratio stands at 2.28X, down by 0.02X. These ratios indicate that the sector is within the 28.25% and 5.37% percentiles since 2013, respectively [3]. - The market for traditional Chinese medicine materials is experiencing reduced traffic, with a downward trend expected throughout 2025 due to supply expansion leading to a mismatch in supply and demand. The overall price index for traditional Chinese medicine materials fell by 29.31 points from the beginning to the end of 2025 [4]. - The adjustment of the essential drug list is anticipated to make significant progress in 2026, enhancing the accessibility of grassroots medications and potentially expanding the market rapidly [5]. Summary by Sections Market Performance - The Chinese medicine sector's index closed at 6350.32 points, reflecting a 1% decline last week. In comparison, the chemical pharmaceuticals and biological products sectors also saw declines of 2.4% and 1.21%, respectively [2][12]. Valuation - The current PE ratio for the Chinese medicine sector is 27.11X, with a year-high of 30.26X and a year-low of 24.72X. The PB ratio is 2.28X, with a maximum of 2.52X and a minimum of 2.17X over the past year [3]. Supply Chain Insights - The market for traditional Chinese medicine materials is currently facing a decrease in traffic, with a price index showing a downward trend. The overall price index for 2025 is expected to reflect a decline due to previous overproduction [4]. Policy Developments - The essential drug list has not been updated since 2018, but significant adjustments are expected in 2026, which may enhance the synergy between the essential drug list and medical insurance policies [5]. Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform. Companies with strong R&D capabilities and unique products are highlighted as potential investment opportunities [6][10].

Core Viewpoint - The successful import of 200 grams of natural bezoar from Argentina marks China's first import of this precious traditional Chinese medicine ingredient, reflecting the expansion of the country's import capacity for valuable Chinese medicinal materials [1][2]. Group 1: Industry Context - The import of natural bezoar is a response to the severe shortage and high demand for this ingredient in the domestic market, which has historically led to smuggling and associated risks [2]. - The domestic supply of natural bezoar is limited due to the low probability of its formation in cattle, making it rare and valuable [1][2]. - The rising prices of natural bezoar have increased the costs of related traditional Chinese medicines, creating a mismatch between raw material demand and production capacity [1][2]. Group 2: Company Impact - The successful import is significant for Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd., as it may alleviate production and supply pressures for their traditional Chinese medicines [2]. - The company plans to potentially expand its import volume of natural bezoar based on production needs, indicating a strategic move to stabilize its supply chain [2]. - As the first company to import natural bezoar, Zhangzhou Pien Tze Huang is positioned to benefit from the newly opened supply channel, which could lead to a more stable pricing environment for this ingredient [2][3].

Core Viewpoint - The announcement indicates that the company has completed the enrollment of the first subject in the Phase II clinical trial for the drug "Wenpai Dingchuan Granules," which targets chronic obstructive pulmonary disease (COPD) [2][3]. Group 1: Drug Information - Drug Name: Wenpai Dingchuan Granules - Dosage Form: Granule - Registration Category: Traditional Chinese Medicine Class 1.1 - Indication: Stable phase of chronic obstructive pulmonary disease (COPD) with lung and kidney qi deficiency and phlegm-stasis obstructing the lungs [2][3]. - Clinical Acceptance Number: CXZL2400015 - Clinical Approval Number: 2024LP01271 - Clinical Trial Phase: Phase II [2]. Group 2: Clinical Trial Details - The Phase II clinical trial is designed as a multi-center, randomized, double-blind, placebo-controlled, dose-exploration study to preliminarily evaluate the efficacy and safety of Wenpai Dingchuan Granules for treating stable COPD [3]. - The trial protocol has been approved by the ethics committee of the leading unit, Guangdong Provincial Hospital of Traditional Chinese Medicine, and the first subject was enrolled on January 5, 2026 [3]. Group 3: Financial and Market Context - As of the announcement date, the cumulative R&D investment for this project is approximately 19 million yuan (about 2.9 million USD) [4]. - The global prevalence of COPD is approximately 11.7%, with an annual death toll of about 3.5 million, and it is projected that by 2030, over 4.5 million people will die from COPD and related diseases [5]. - The Chinese COPD drug market is expected to reach 59.19 billion yuan (approximately 8.4 billion USD) by 2030 [5]. - No other companies have obtained production approval for this product, and no traditional Chinese medicine targeting stable COPD with the specified indications has been approved for market [5].

北京商报讯(记者丁宁)1月13日晚间，片仔癀（600436）发布公告称，近日，公司开展的"温肺定喘颗粒 治疗慢性阻塞性肺疾病稳定期(肺肾气虚兼痰瘀阻肺证)的随机、双盲、安慰剂平行对照、剂量探索、多 中心Ⅱ期临床试验"完成首例受试者入组，正式进入Ⅱ期临床研究。 公告显示，温肺定喘颗粒是来源于临床经验方。其功能主治拟为"补肺温肾、止咳定喘、化痰祛瘀。用 于肺肾气虚、痰瘀肺阻所致的肺胀，症见咳嗽，咳痰，喘息，神疲乏力，腰膝酸软，恶风，畏寒，痰白 黏或呈泡沫状，舌质暗、苔白，脉沉细或细弱"。 ...