证券代码：600750 证券简称：江中药业 公告编号：2025-048 江中药业股份有限公司 关于控股股东及其一致行动人权益变动触及 1%刻度 的提示性公告 华润江中制药集团有限责任公司及其一致行动人保证向本公司提供的 信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加 | 比例减少□ | | --- | --- | --- | | 权益变动前合计比例 | 42.84% | | | 权益变动后合计比例 | 43.13% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 | | 是否触发强制要约收购义务 | 是□ | 否 | | | | | |  | 控股股东/实控人 | | | --- | --- | --- | --- | | 华润江中制药集团有 | □ | 控股股东/实控人的一致 | _91360000705507602N_ | | 限责任公司 | 行动人 | | □ 不适用 | | | □ | 其他直接持股股东 | | 3.一致行动人信息 注：变动 ...

Group 1 - The company held its shareholder meeting on September 8, 2025, at its conference room located at 788 Torch Avenue, High-tech Development Zone, Nanchang, Jiangxi Province [1] - The meeting was presided over by Chairman Liu Weiquan and utilized a combination of on-site and online voting methods, which complied with the Company Law and the Articles of Association [1] - All 9 current directors and 3 current supervisors attended the meeting, along with the board secretary and other senior executives [1] Group 2 - The first resolution regarding the 2025 semi-annual profit distribution plan was approved [2] - The second resolution concerning the reappointment of the auditing firm for 2025 was also approved [2] - Both resolutions required separate voting for minority investors [2] Group 3 - The legal firm Guohao Law Firm (Shanghai) provided witness services for the meeting, with lawyers Zhang Letian and Wu Haonan present [3] - The legal opinion confirmed that the meeting's convening and procedures complied with legal regulations and the Articles of Association, and that the qualifications of the conveners and attendees were valid [3]

致：江中药业股份有限公司 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于江中药业股份有限公司 2025 年第一次临时股东大会的法律意见书 江中药业股份有限公司（以下简称"公司"）2025 年第一次临时股东大会（以 下简称"本次股东大会"）现场会议定于 2025 年 9 月 8 日下午 14:50 在江西省南 昌市高新开发区火炬大街 788 号公司会议室召开，国浩律师（上海）事务所（以 下简称"本所"）接受公司的委托，指派本所律师出席会议，并依据《中华人民共 和国证券法》、《中华人民共和国公司法》和《江中药业股份有限公司章程》（以 下简称《公司章程》）出具本法律意见书。 本所律师已经按照有关法律、法规的规定对本次股东大会召集、召开程序是 否合法及是否符合《公司章程》、股东大会召集人资格的合法有效性、出席会议 人员资格的合法有效性和股东大会表决程序、表决结果等发表法律意见。法律意 见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规的规定而出具。 本所律师同意将本法律意见书作为公司本次 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-047 江中药业股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 8 日 (二)股东大会召开的地点：江西省南昌市高新开发区火炬大街 788 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 908 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 301,753,931 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 47.5206 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 会议由董事长刘为权先生主持，采取现场投票与网络投票相结合的表决方式。 表决方式符合《公司法》及《公司章程》的有关规定。 (五)公司董事、 ...

Investment Rating - The report maintains an "Overweight" rating for the traditional Chinese medicine sector [4]. Core Viewpoints - The traditional Chinese medicine sector is experiencing short-term performance pressure, but there are expectations for demand recovery in the future [7][10]. - The overall revenue and profit decline in the sector has narrowed compared to 2024, indicating a gradual recovery in industry sentiment [10]. - The report highlights the importance of brand OTC products, which are expected to see market share increases despite current demand pressures [7][26]. Summary by Sections 2025H1 Performance - In 2025H1, the total revenue of traditional Chinese medicine companies reached 172.9 billion yuan, a year-on-year decrease of 4.95% [10]. - The net profit excluding non-recurring items was 19.1 billion yuan, down 9.31% year-on-year [10]. - The operating cash flow improved significantly, reaching 16.96 billion yuan, an increase of 30.77% year-on-year [10]. OTC Market Analysis - The OTC segment is under pressure, with a median revenue growth rate of -7.6% and a net profit decline of -19.7% in Q2 2025 [26]. - The retail market for pharmaceuticals and non-pharmaceuticals in China saw a slight decline, with a total of 296.1 billion yuan in H1 2025, down 2.2% year-on-year [26][29]. - The report notes that the concentration of leading OTC brands is increasing, with significant market share gains for products like Huaren Sanjiu's Ganmaoling Granules [26][31]. Cost and Margin Outlook - The median gross margin for the sector in 2025H1 was 42.05%, a decrease of 1.01 percentage points year-on-year [10]. - The report anticipates a recovery in gross margins in H2 2025 as the pressure from high-priced raw materials eases [13]. - The median expense ratio for the sector was 44.5%, reflecting a stable cost structure despite slight increases in certain areas [15]. R&D and Innovation - The median R&D expense ratio for the sector remains around 3%, with leading companies like Kangyuan Pharmaceutical and Tian Shili investing over 10% of their revenue in R&D [24]. - The report emphasizes the potential for revaluation of innovative pipelines as companies increase their R&D investments [7].

Core Viewpoint - Jiangzhong Pharmaceutical Co., Ltd. is holding its first extraordinary general meeting of shareholders in 2025 to discuss key proposals including the profit distribution plan for the first half of 2025 and the reappointment of the auditing firm for the year [1][4]. Meeting Procedures - The meeting will be conducted in accordance with relevant laws and regulations to ensure the rights of shareholders and maintain order [1][2]. - Only authorized shareholders and specific invited personnel are allowed to attend the meeting, and registration is required prior to the meeting [1][2]. - Shareholders have the right to speak, inquire, and vote, but must register to speak in advance and adhere to time limits [2][3]. Meeting Agenda - The meeting is scheduled for September 8, 2025, at 14:50 in Nanchang, Jiangxi Province [1][4]. - The agenda includes the profit distribution plan for the first half of 2025 and a proposal to reappoint KPMG Huazhen as the auditing firm for 2025 [1][4]. Profit Distribution Plan - The company proposes a cash dividend of 5 yuan (including tax) for every 10 shares, which amounts to a total distribution of approximately 317.5 million yuan based on the total share capital of 634,996,022 shares as of June 2025 [4][5]. - This cash dividend represents 60.78% of the net profit attributable to the parent company for the first half of 2025 [4][5]. Auditing Firm Reappointment - The company intends to reappoint KPMG Huazhen as its auditing firm for 2025, ensuring continuity and stability in audit services [6][8]. - KPMG Huazhen has a strong track record, with over 41 billion yuan in total revenue for 2024, of which over 40 billion yuan was from audit services [6][7]. - The firm has audited 127 listed companies in 2024, with a total audit fee of approximately 682 million yuan [7][8].

2025 年第一次临时股东大会会议材料 南 昌 二〇二五年九月 江中药业股份有限公司 2025 年第一次临时股东大会会议材料 江中药业股份有限公司 江中药业股份有限公司 2025 年第一次临时股东大会会议材料 议案目录 | 议案一：公司 | 2025 | 年半年度利润分配方案 | 6 | | --- | --- | --- | --- | | 议案二：关于续聘 | | 2025 年度审计机构的议案 | 7 | 二、会议期间全体出席会议人员应以维护股东合法权益、确保大会正 常秩序、提高议事效率为原则，认真履行法定职责。 三、为保证股东大会的严肃性和正常秩序，除依法出席会议的公司股 东（或其授权代表）、董事、监事、董事会秘书、高级管理人员、聘请的 律师和董事会邀请参会的人员外，公司有权依法拒绝其他人士入场。 四、出席会议的股东（或其授权代表）必须在会议召开前十分钟向大 会秘书处办理签到、登记手续。 五、出席会议的股东（或其授权代表）依法享有发言权、质询权和表 决权等各项股东权益。股东（或其授权代表）要求发言的，应当在股东大 会召开前十分钟至大会秘书处进行发言登记，大会秘书处将按股东发言登 记时间先后顺序，安排股东 ...

Group 1 - The core viewpoint of the article highlights the significant changes in stock holdings by securities firms during the second quarter, with a focus on industries such as basic chemicals, machinery, automotive, and pharmaceuticals [1] - Securities firms collectively increased their positions in 63 stocks during the second quarter, with notable additions including Zhongke Titanium White, New Mileage, Jiangzhong Pharmaceutical, and Yuntianhua [1] - Several companies, including Chuanheng Co., Furan Energy, Ruida Futures, and Zhejiang Huaye, received attention from at least three securities firms, indicating strong interest [1] Group 2 - In terms of holding scale, data from Choice shows that Jiangsu Bank, Yong'an Futures, CITIC Securities, and Sinopec have the highest total shareholdings among securities firms [1] - As of the closing price on June 30, 2025, Jiangsu Bank leads with a holding market value of 11.026 billion yuan, followed by CITIC Securities and Yong'an Futures with 9.208 billion yuan and 6.507 billion yuan respectively [1] - Other companies such as Muyuan Foods, Cangge Mining, Sinopec, and Guangqi Technology also have significant market values in securities holdings [1]

Core Insights - The company reported a revenue of 2.141 billion yuan for the first half of 2025, a year-on-year decrease of 5.79%, while the net profit attributable to shareholders was 522 million yuan, an increase of 5.80% [1] - The company has seen a significant increase in profitability, with a net profit margin of 26.41% in Q2 2025, up by 1.03 percentage points year-on-year [3] Sales Performance - Over the first half of 2025, the company's over-the-counter (OTC) drug products generated revenue of 1.550 billion yuan, a decline of 10.14%, but with a gross margin of 76.14%, which increased by 1.09 percentage points [2] - Prescription drug products achieved revenue of 360 million yuan, reflecting a year-on-year growth of 7.44%, with a gross margin of 43.05%, up by 1.21 percentage points [2] - Health consumer products and others saw revenue of 228 million yuan, a growth of 17.35%, although the gross margin decreased by 2.04 percentage points to 38.82% [2] Profitability and Dividends - The company maintained a gross margin of 64.60% in Q2 2025, despite a year-on-year decrease of 4.79 percentage points, while the sales expense ratio improved by 10.15 percentage points to 24.72% [3] - The company declared an interim dividend of 5 yuan per 10 shares (tax included), amounting to 317 million yuan, which represents 60.78% of the net profit attributable to shareholders for the first half of 2025 [3] Investment Outlook - The company is projected to achieve revenues of 4.902 billion yuan, 5.409 billion yuan, and 5.956 billion yuan for the years 2025 to 2027, with year-on-year growth rates of 10.52%, 10.34%, and 10.11% respectively [4] - The net profit attributable to shareholders is expected to be 891 million yuan, 1.004 billion yuan, and 1.136 billion yuan for the same period, with growth rates of 12.98%, 12.80%, and 13.10% respectively [4]

Core Viewpoint - The increasing prevalence of throat diseases due to environmental pollution, lifestyle changes, and an aging population is driving the demand for throat traditional Chinese medicine (TCM), with the market expected to reach 7.4 billion yuan in 2024, reflecting a year-on-year growth of 7.49% [1][9]. Overview - Throat diseases are primarily caused by various factors such as wind-heat invasion and internal heat, leading to symptoms like sore throat and hoarseness. Throat TCM is made from traditional Chinese medicinal ingredients and is used to treat throat-related ailments, characterized by stable efficacy and minimal side effects [1][3]. Development History - The throat medicine industry in China began relatively late, with significant advancements in chronic pharyngitis research in the 1980s leading to the development of throat medications. The market was initially fragmented, but the introduction of products like Guangxi Jinsongzi's throat lozenges in 1995 marked a turning point, establishing a competitive landscape [4][5]. Market Policy - The Chinese government has implemented various policies to support the development of the TCM industry, creating a favorable environment for throat TCM growth. These include measures to enhance TCM regulation and promote innovation [5][6]. Industry Chain - The throat TCM industry consists of an upstream segment focused on medicinal herb cultivation, a midstream segment for manufacturing, and a downstream segment involving sales through medical institutions, pharmacies, and e-commerce platforms. The primary consumer groups include individuals who use their voices frequently and patients with chronic throat conditions [6][7][8]. Current Market Situation - The throat TCM market is experiencing rapid growth, with a projected sales figure of 7.4 billion yuan in 2024. Tablets represent the largest segment at 41.65%, followed by granules and pills [1][9]. Competitive Landscape - The throat TCM market is characterized by high concentration, with the top five companies holding over 50% market share in retail pharmacies. Guangxi Jinsongzi leads with a market share of 16.95% [10][11]. Key Companies - Guangxi Jinsongzi Group is a major player in the throat TCM market, with a projected revenue of 1.185 billion yuan in 2024 and a gross profit margin of 75.46% [12]. - Guilin Sanjin Pharmaceutical Co., Ltd. is another key player, with a projected revenue of 2.194 billion yuan in 2024 and a gross profit margin of 73.41% [12]. Future Trends - The throat TCM industry is expected to focus on improving the quality of raw materials and production processes to meet rising consumer demands for high-quality products. Additionally, there is potential for international market expansion, particularly in Southeast Asia, as awareness and acceptance of TCM grow [13].