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]

Core Viewpoint - The company emphasizes the importance of brand management and quality control to maintain brand value and market reputation through its own R&D, production, and sales systems [1] Group 1 - The company is committed to brand management [1] - The company prioritizes quality control [1] - The company aims to uphold brand value and market reputation [1]

Group 1 - The company confirmed that its accounting policy for inventory valuation remains unchanged, utilizing the weighted average method for inventory accounting [1] - In response to an investor inquiry, the company clarified that the same weighted average method applies when accounting for products containing cow bile [1]

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].

Core Viewpoint - The company Pianzaihuang (片仔癀) has announced the completion of the first subject enrollment for its Phase II clinical trial of "Wenfei Dingchuan Granules" aimed at treating stable chronic obstructive pulmonary disease (COPD) [1] Group 1: Clinical Trial Details - The clinical trial is randomized, double-blind, placebo-controlled, dose-exploration, and multi-center [1] - The trial focuses on the treatment of COPD characterized by lung and kidney qi deficiency with phlegm and blood stasis [1] Group 2: Product Information - Wenfei Dingchuan Granules are derived from clinical experience and are intended to supplement lung and warm kidney, stop cough and relieve asthma, and resolve phlegm and eliminate stasis [1] - The product is aimed at symptoms such as cough, sputum, wheezing, fatigue, lower back and knee soreness, aversion to wind, cold intolerance, and specific tongue and pulse characteristics [1]

Group 1 - Shoukai Co. achieved a signed area of 125.72 million square meters and a signed amount of 17.845 billion yuan in 2025 [1] - Tongda Hai expects a net loss for the year 2025 [2] - Jiuri New Materials' subsidiary has entered the trial production phase for a project with an annual capacity of 350 tons of hydroxy ketone [3] Group 2 - Jixin Technology's shareholder plans to reduce their stake by up to 1% [4] - Fulai New Materials received approval from the CSRC for a stock issuance [5] - Yaqi International plans to sign a strategic cooperation framework agreement with Zhongnong Holdings [6] Group 3 - Sanwei Co.'s controlling shareholder plans to transfer up to 5.10% of shares [7] - Lekai Film's subsidiary plans to invest 97.6675 million yuan in a TAC functional film production line [8] - China Power Construction's subsidiary signed two major contracts totaling approximately 15.589 billion yuan [9] Group 4 - Shunhao Co. plans to increase its investment in a subsidiary by 74.98 million yuan [10] - Jieneng Wind Power reported a cumulative power generation of 12.417 billion kWh in 2025, a year-on-year increase of 1.43% [11] - Zhongjian Technology's H-share issuance application has been accepted by the CSRC [12] Group 5 - Hendi Pharmaceutical expects a net profit decrease of 57.4% to 66.14% in 2025 [13] - Haopeng Technology anticipates a net profit increase of 113.69% to 141.09% in 2025 [14] - Lingang Co. expects a net loss of 1.45 billion to 1.67 billion yuan in 2025 [15] Group 6 - Chuan Investment Energy reported a cumulative power generation of 6.627 billion kWh in 2025, a year-on-year increase of 13.85% [16] - Tengyuan Cobalt expects a net profit increase of 50.02% to 69.87% in 2025 [17] - Huazhi Jie plans to repurchase shares worth 30 million to 50 million yuan [18] Group 7 - Opto has won a bid for a 120 million yuan project from GoerTek [19] - Shanghai Construction reported a new contract amount of 252.942 billion yuan in 2025, a year-on-year decrease of 34.98% [20] - Hangfa Control expects a net profit decrease of 52.02% to 58.02% in 2025 [22] Group 8 - Shimao Energy is planning a change in control and will continue to suspend trading [23] - Shenwan Hongyuan Securities received approval for a bond issuance of up to 60 billion yuan [24] - Jingjiawei signed a strategic cooperation letter of intent with Jing'an Technology [25] Group 9 - Pianzaihuang completed the first subject enrollment for a clinical trial of a new drug [26] - Placo's subsidiary received a new veterinary drug registration certificate [27] - Zhongli Co. plans to reduce its stake by up to 0.75% [28] Group 10 - Solar Energy received renewable energy subsidies of 3.318 billion yuan in 2025, a year-on-year increase of 142.9% [29] - Palm Co. has filed a lawsuit to recover 144 million yuan in project payments [30][31] - Yongjin Co. plans to invest 2.658 billion yuan in a new stainless steel project [32] Group 11 - BAIC Blue Valley plans to increase its stake by 14.5 million to 16.4 million yuan [33] - Lingyun Light's stock issuance application has been approved by the CSRC [34] - Hongbo New Materials expects a net loss in 2025 [35] Group 12 - Shanghai Pharmaceuticals received approval for the listing of a new antifungal drug [36] - Changjiang Electric reported a net profit of 34.167 billion yuan in 2025, a year-on-year increase of 5.14% [37] - Weilan Bio received a new veterinary drug registration certificate [38] Group 13 - Pingzhi Information's subsidiary is expected to win a procurement project worth approximately 37.5884 million yuan [39]

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： 漳州片仔癀药业股份有限公司（以下简称"公司"）温肺定喘 颗粒Ⅱ期临床试验完成首例受试者入组对公司本年度的财务状况和 经营业绩无重大影响。 由于药品研发的特殊性，具有周期长、环节多、风险大、投入 高的特点，容易受到政策、技术、市场等多方面因素的影响，审评政 策及产品未来市场竞争形势等存在诸多不确定性风险。 公司将密切关注该药物研发事项的后续进展情况，及时履行信 息披露义务。敬请广大投资者谨慎决策，注意防范投资风险。 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。现将相关内容公告如下： 一、药物的基本情况 药物名称：温肺定喘颗粒 剂型：颗粒剂 证券代码：600436 证券简称：片仔癀 公告编号：2026-001 漳州片仔癀药业股份有限公司关于温肺定喘颗 粒Ⅱ期临床试验完成首例受试者入组的公告 1 / 3 临床受理号：CXZL24 ...