格隆汇1月23日丨江中药业(600750.SH)公布2025年年度业绩快报，报告期内，面对行业结构性调整压 力，公司持续加强品牌打造，围绕"大单品、强品类"夯实核心业务根基；丰富营销策略，强化投入回 报，优化费用结构，并深化精益制造，推进降本增效，助力盈利水平提升。2025年，公司实现营业收入 42.20亿元，同比减少4.87%；实现归属于上市公司股东的净利润9.06亿元，同比增长14.96%。 ...

人民财讯1月23日电，江中药业(600750)1月23日发布业绩快报，2025年公司实现营业总收入42.2亿元， 同比下滑4.87%；归属于上市公司股东的净利润9.06亿元，同比增长14.96%。 转自：证券时报 ...

从一颗消食片，到一颗营养软糖，变化的不仅仅是形态和口感，更是一个老字号面向新发展阶段的姿态与答案。 真正的传承，不是对过去的简单复刻，而是用今天的方式，让传统的智慧在新的消费生活中重新活起来，为健康中国贡献一份来自老字号的新力 量。 曾经，我们对"养生"的印象，或许是保温杯里的枸杞，或是药罐里熬煮的汤剂。但今天，越来越多的年轻人，开始通过一颗益生菌冻干粉，一包Q 弹的营养软糖来实践他们的健康理念。当这股"轻养生"的风潮兴起，一家拥有五十多年历史、以"健胃消食片"闻名的江西老字号——华润江中，选择 躬身入局。 记者：彭菁 余刚 新华社音视频部制作 【纠错】 【责任编辑:邱丽芳】 ...

1月20日，江中药业发布公告称，公司已完成工商变更登记手续并取得江西省市场监督管理局换发 的《营业执照》，拟向上海证券交易所申请将证券简称由"江中药业"变更为"华润江中"，证券代码保持 600750不变。 全面纳入华润品牌体系 公司表示，此次更名旨在强化与华润集团的品牌协同，提升品牌辨识度和市场影响力。目前，证券 简称变更尚需获得上海证券交易所批准，存在不确定性。 第二增长曲线待发力 激烈的行业竞争，让健胃消食片销售额日渐"疲乏"。该核心产品并非独家品种，国家药监局官网显 示，相关批文达56个，云南白药、修正药业、悦康药业等多家药企均有同类产品布局。同时，吗丁啉、 保和丸等功能相似的中西药进一步分流市场份额，叠加终端需求变化，江中药业的市场主导地位受到挑 战。为维持竞争力，公司近年来持续加大营销投入，2023年-2024年销售费用合计超30亿元，占营收比 例近三分之一，远超同仁堂、华润三九等同行，营销驱动增长的模式难以为继。 如今，华润系高管已经彻底入主江中药业，如何破解增长瓶颈成了最主要的问题。除了核心单品健 胃消食片，江中药业的处方类药物可能被给予"第二增长曲线"的重任。2024年全年，受部分产品集采未 ...

Group 1 - The company has completed the registration process for a name change to "China Resources Jiangzhong Pharmaceutical Co., Ltd." and will change its stock abbreviation to "China Resources Jiangzhong" while retaining its stock code [1][2] - This name change is seen as a significant step in the brand integration of the Chinese medicine sector under the China Resources Group, enhancing brand recognition and market influence [1][2] - Alongside the name change, there have been significant management and governance changes, including the resignation of the general manager and financial director, and the restructuring of the board [1] Group 2 - For the first three quarters of 2025, the company reported revenue of 2.933 billion yuan, a year-on-year decline of 6.28%, with a more pronounced drop in the third quarter [2] - The core over-the-counter drug business saw a revenue decrease to 2.086 billion yuan in the third quarter, down 10.65% year-on-year, raising concerns about the sustainability of its growth model [2] - The market is closely watching how the newly named "China Resources Jiangzhong" will consolidate its existing advantages while seeking new growth paths [2]

Policy Developments - The State Administration for Market Regulation has approved the national standard for "Classification and Determination of Traditional Chinese Medicine Constitution," which will be implemented from April 1. This standard categorizes nine basic types of TCM constitution and aims to enhance health literacy and optimize health service models [2]. Medical Device Approvals - Opcon Vision's application for the registration of "soft hydrophilic contact lenses" has been accepted by the National Medical Products Administration, currently in the acceptance phase [4]. - Livzon Pharmaceutical announced that its clinical trial application for injectable brexpiprazole microspheres for treating schizophrenia has been accepted by the National Medical Products Administration [5]. Capital Markets - AstraZeneca will acquire the remaining 50% equity of Westman Biotech's GPC3 armored CAR-T therapy in China, with a potential payment of up to $630 million, including upfront and milestone payments [7]. - Aote Biological's controlling shareholder has proposed a share buyback plan using funds from its IPO, with a total amount between RMB 100 million and RMB 200 million [8]. Industry Developments - Alibaba Health has launched its self-developed AI medical model "Hydrogen Ion," which is now in practical application, targeting clinical and research fields. This move complements Alibaba's existing health service strategies [10][11]. - Jiangzhong Pharmaceutical has changed its name to "China Resources Jiangzhong Pharmaceutical Co., Ltd." and will also change its stock abbreviation to "China Resources Jiangzhong," while keeping the stock code unchanged [12]. Shareholder Actions - Liaoning He Eye Hospital Group has received a notice from a major shareholder planning to reduce its stake by up to 3,106,074 shares, representing 1.97% of the total share capital, between February 7 and May 6, 2026 [14].

Core Viewpoint - The company has approved a change in its name and stock abbreviation to enhance brand recognition and market influence, with the new name being China Resources Jiangzhong Pharmaceutical Co., Ltd and the new stock abbreviation being China Resources Jiangzhong [2][3][4]. Group 1: Company Name Change - The company has changed its name from Jiangzhong Pharmaceutical Co., Ltd to China Resources Jiangzhong Pharmaceutical Co., Ltd [3]. - The company has completed the business registration change and obtained a new business license reflecting the name change [4]. - The new unified social credit code is 91360000158307408H, and the registered capital is 634.953289 million [4]. Group 2: Stock Abbreviation Change - The company plans to change its stock abbreviation from Jiangzhong Pharmaceutical to China Resources Jiangzhong, while the stock code remains 600750 [3][4]. - The change in stock abbreviation aims to strengthen brand recognition and market influence, and it is expected to have no significant impact on the company [4].

Group 1: Poly Development - Poly Development expects a net profit of 1.026 billion yuan for 2025, a decrease of 79.49% year-on-year [1] - The net profit excluding non-recurring gains and losses is projected to be 628 million yuan, down 85.25% year-on-year [1] - The decline in performance is attributed to a decrease in gross profit margin from real estate project transfers and an estimated asset impairment loss of approximately 6.9 billion yuan [2] Group 2: Huichuan Technology - Huichuan Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and brand image [3] Group 3: Guizhou Platinum Industry - Guizhou Platinum Industry's non-public stock issuance has been approved, aiming to raise up to 1.291 billion yuan for technology innovation and working capital [4] Group 4: Yingfang Micro - Yingfang Micro intends to acquire 100% of Shanghai Xiaokeli and First Technology China through a combination of share issuance and cash payment [5][6] Group 5: ST New Power - ST New Power received a regulatory letter from the Shenzhen Stock Exchange due to inconsistencies in the voting results of a recent shareholder meeting [7] Group 6: Zhengfan Technology - Zhengfan Technology received a warning letter from the Shanghai Securities Regulatory Bureau for irregularities in its management and investment operations [8] Group 7: Trina Solar - Trina Solar expects a net loss of 6.5 billion to 7.5 billion yuan for 2025, impacted by supply-demand imbalances and rising raw material costs [9] Group 8: China Great Wall - China Great Wall anticipates a net loss of 35 million to 70 million yuan for 2025, although it expects to significantly reduce its losses compared to the previous year [10] Group 9: Liangpin Shop - Liangpin Shop forecasts a net loss of 120 million to 160 million yuan for 2025, with losses widening due to store closures and reduced product prices [11] Group 10: Sun Energy - Sun Energy expects a net profit of 182 million to 259 million yuan for 2025, a decrease of 81% to 87% year-on-year, primarily due to falling coal prices [12] Group 11: Chengdu Huami - Chengdu Huami anticipates a net profit of 213 million to 255 million yuan for 2025, an increase of 74.35% to 108.73% year-on-year, driven by increased demand in the special integrated circuit industry [13][14] Group 12: Shui Jing Fang - Shui Jing Fang expects a net profit of 392 million yuan for 2025, a decrease of 71% year-on-year, due to a challenging environment in the liquor industry [15] Group 13: Xian Dao Ji Dian - Xian Dao Ji Dian projects a net loss of 138 million to 92 million yuan for 2025, a shift from a profit of 108 million yuan in the previous year [16] Group 14: Tian Tong Co. - Tian Tong Co. expects a net loss of 120 million to 170 million yuan for 2025 [17] Group 15: Hunan YN - Hunan YN anticipates a net profit of 1.15 billion to 1.4 billion yuan for 2025, a growth of 93.75% to 135.87% year-on-year, driven by the rapid development of the new energy vehicle market [18] Group 16: Qi Yi Er - Qi Yi Er forecasts a net loss of 350 million to 550 million yuan for 2025 [19] Group 17: Ding Long Co. - Ding Long Co. expects a net profit of 700 million to 730 million yuan for 2025, an increase of 34.44% to 40.20% year-on-year, supported by strong growth in semiconductor and display materials [20] Group 18: Wan Tong Development - Wan Tong Development anticipates a net loss of 500 million to 750 million yuan for 2025, with losses widening due to strategic shifts and impairment losses [21] Group 19: Hua Ce Testing - Hua Ce Testing expects a net profit of 1.013 billion to 1.021 billion yuan for 2025, a growth of 10% to 11% year-on-year, driven by strategic advancements and operational improvements [22] Group 20: Nanwang Energy - Nanwang Energy projects a net profit of 300 million to 360 million yuan for 2025, marking a turnaround from a loss in the previous year [24] Group 21: Fang Da Carbon - Fang Da Carbon anticipates a net profit of 60.44 million to 101 million yuan for 2025, a decrease of 45.85% to 67.51% year-on-year [25] Group 22: Datang Telecom - Datang Telecom expects a net loss of 39 million to 56 million yuan for 2025 [26] Group 23: Huajian Group - Huajian Group forecasts a net profit of 62 million to 80.6 million yuan for 2025, a decrease of 79.4% to 84.2% year-on-year, due to competitive pressures [27] Group 24: Shanghai Petrochemical - Shanghai Petrochemical expects a net loss of approximately 1.289 billion to 1.576 billion yuan for 2025, a shift from profit due to declining oil prices and reduced demand [28] Group 25: Jiangzhong Pharmaceutical - Jiangzhong Pharmaceutical has changed its name to Huaren Jiangzhong Pharmaceutical, with the stock code remaining the same [29] Group 26: Hebang Bio - Hebang Bio anticipates a net loss of 470 million to 570 million yuan for 2025 [30] Group 27: Mingtai Aluminum - Mingtai Aluminum expects a net profit of 1.95 billion to 2 billion yuan for 2025, a growth of 12% to 14% year-on-year, driven by advancements in low-carbon products [31]

Company Announcements - Yidian Tianxia's stock will resume trading on January 20, 2026, after a suspension due to a significant price increase of over 100% during the previous trading days [2] - Hualing Cable has terminated its acquisition of Hunan Xingxin Aerospace, stating that the decision was mutual and will not adversely affect its operations or financial status [3] - Tianjian Technology expects a net loss of 176 million to 250 million yuan for 2025, which may lead to a delisting risk warning [4] - Shuijingfang anticipates a 71% decline in net profit for 2025, with Q4 performance significantly below expectations [5] Investment & Contracts - Nanshan Aluminum plans to invest approximately 4.37 billion USD to establish a 250,000-ton electrolytic aluminum project in Indonesia [13] Shareholding Changes - Jianghuai Microelectronics will have its actual controller changed to the Shanghai State-owned Assets Supervision and Administration Commission, with stock resuming trading on January 20, 2026 [16] Performance & Earnings - Hunan YN expects a net profit increase of 94% to 136% for 2025, driven by rising demand in the lithium battery sector [23] - China Great Wall anticipates a net loss of 35 million to 70 million yuan for 2025, although it expects to significantly reduce its losses compared to the previous year [24] - Dinglong Co. forecasts a net profit increase of 34.44% to 40.20% for 2025, supported by strong growth in semiconductor and display materials [26] Project Bids - Pingzhi Information is a candidate for a smart computing service project worth approximately 489 million yuan [41] Financing & Capital Increase - Jiangxi Copper plans to register and issue debt financing instruments not exceeding 250 billion yuan [44]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is the largest OTC manufacturer in China, with a strong brand presence and a projected revenue compound annual growth rate (CAGR) of 7.5% from 2019 to 2024 [6][26] - The pharmaceutical manufacturing segment ranks second in the industry, while the pharmaceutical distribution segment ranks third [6][65] - The company has a robust pipeline of acquisitions to expand its business scope, particularly in traditional Chinese medicine and healthcare products [7][38] Summary by Sections Company Overview - China Resources Pharmaceutical Group Limited is a leading integrated pharmaceutical company, covering manufacturing and distribution of pharmaceuticals, healthcare products, and medical devices [20] - The company has a significant market presence, with a market capitalization of HKD 285.23 billion and a closing price of HKD 4.54 as of January 16, 2026 [1] Financial Performance - The company’s revenue for the first half of 2025 reached CNY 1,319 billion, with a year-on-year growth of 3% [26] - The distribution business accounted for approximately 80% of total revenue, with distribution revenue of CNY 1,045 billion, growing by 2% [26] - The pharmaceutical business generated CNY 218 billion in revenue, increasing its share from 15% in 2019 to 17% in the first half of 2025 [26] Pharmaceutical Manufacturing - The company produces 944 products, including traditional Chinese medicine, chemical drugs, biological products, and medical devices, covering a wide range of therapeutic areas [32] - The pharmaceutical business is expected to grow at a CAGR of 10.4% from 2022 to 2024 [36] Pharmaceutical Distribution - The company’s distribution revenue for the first half of 2025 was CNY 1,100 billion, ranking third in the industry, behind China National Pharmaceutical Group and Shanghai Pharmaceuticals [8][65] - The distribution model is evolving from traditional distribution to a dual approach of distribution and deep marketing [8] Profit Forecast and Valuation - The projected net profit attributable to ordinary shareholders for 2025-2027 is CNY 34.9 billion, CNY 37.6 billion, and CNY 40.5 billion, respectively, with growth rates of 4.0%, 7.9%, and 7.7% [9] - The report assigns a price-to-earnings (PE) ratio of 8.7x for 2026, suggesting a market value of HKD 353 billion, indicating a 24% upside potential from the current market value [8] Key Assumptions - The pharmaceutical business is expected to grow at rates of 4.1%, 6.0%, and 6.5% from 2025 to 2027 [12] - The distribution business is projected to grow at rates of 2.6%, 5.0%, and 5.3% during the same period [12] - The retail business is anticipated to grow at rates of 11.8%, 12.0%, and 12.0% from 2025 to 2027 [12]