（文章来源：证券日报） 证券日报网讯 11月24日晚间，江中药业发布关于2021年限制性股票激励计划首次授予部分第三个解除 限售期解锁暨上市的公告称，公司本次股票上市类型为股权激励股份；股票认购方式为网下，本次股票 上市流通总数为1，392，949股。本次股票上市流通日期为2025年12月1日。 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-059 江中药业股份有限公司 关于 2021 年限制性股票激励计划首次授予部分 第三个解除限售期解锁暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,392,949股。 本次股票上市流通总数为1,392,949股。 本次股票上市流通日期为2025 年 12 月 1 日。 江中药业股份有限公司（以下简称"公司"）第十届董事会第九次会议和第十 届监事会第八次会议审议通过了《关于公司 2021 年限制性股票激励计划首次授予 部分第三个解锁期解锁条件成就的议案》。根据《2021 年限制性股票激励计划（2022 年 11 月修订稿）》（以下简称"激励计划"）的有关规定和公司 2021 年第二次临时 股东大会的授权，公司董事会认为公司激励计划规定的首次授予部分限制性股票 第三个解除限售期解除限售条件已经成就。具体内容详见 2025 年 10 月 25 日公司 刊登于上海证券报、 ...

■ 江中药业股份有限公司 关于变更审计项目合伙人、签字注册会计师及 质量控制复核人的公告 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个别及连带责任。 新任项目合伙人、签字注册会计师孙文举先生，2009年取得中国注册会计师资格，2001年开始在毕马威 华振执业，2001年开始从事上市公司审计，从2025年开始为公司提供服务。孙文举先生近三年签署或复 核上市公司审计报告1份。 新任签字注册会计师王习文先生，2013年取得中国注册会计师资格。王习文先生2023年起开始在毕马威 华振执业，2015年开始从事上市公司审计，从2025年开始为公司提供审计服务，王习文先生近三年未签 署或复核上市公司审计报告。 新任质量控制复核人陈怡女士，2011年取得中国注册会计师资格，2001年开始在毕马威华振执业，2002 年开始从事上市公司审计，从2025年开始为公司提供审计服务。陈怡女士近三年签署或复核上市公司审 计报告4份。 2、诚信记录 本项目合伙人、签字注册会计师孙文举先生、签字注册会计师王习文先生与质量控制复核人陈怡女士最 近三年均未因执业行为受 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-058 江中药业股份有限公司 关于变更审计项目合伙人、签字注册会计师及质量控制 复核人的公告 新任质量控制复核人陈怡女士，2011 年取得中国注册会计师资格，2001 年开始 在毕马威华振执业，2002 年开始从事上市公司审计，从 2025 年开始为公司提供审计 服务。陈怡女士近三年签署或复核上市公司审计报告 4 份。 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个别及连带责任。 江中药业股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日召开第十届董 事会第七次会议和第十届监事会第七次会议，并于 2025 年 9 月 8 日召开 2025 年第一 次临时股东大会，审议通过了《关于续聘 2025 年度审计机构的议案》，同意续聘毕马 威华振会计师事务所（特殊普通合伙）（以下简称"毕马威华振"）为公司 2025 年度 审计机构，负责本公司年度财务报告审计、内部控制审计及相关专项审计工作（以下 简称"本项目"），聘用期为一年。具体内容详见公司于 2025 年 8 ...

Core Insights - Jiangzhong Pharmaceutical has established itself as a leader in the traditional Chinese medicine (TCM) sector, particularly with its flagship product, Jiangzhong Gastrointestinal Tablets, which has achieved over 10 billion yuan in annual sales and has sold more than 5 billion boxes over 30 years [1][5]. Group 1: Business Performance - Jiangzhong Gastrointestinal Tablets has maintained its position as the top-selling TCM digestive product in China for 21 consecutive years, reflecting strong brand loyalty and market presence [1]. - The company has reported a compound annual growth rate (CAGR) of 16% in revenue and 13% in net profit during the 14th Five-Year Plan period [1]. Group 2: Technological Innovation - The Jiangzhong Bay manufacturing base features an intelligent production line that automates the entire process from raw material handling to packaging, significantly reducing labor requirements from 200 to just over 10 personnel in liquid formulation [2][3]. - The company has achieved over 95% automation in its TCM extraction and production processes, marking a significant shift from traditional methods to smart manufacturing [3]. Group 3: Product Development - Jiangzhong Pharmaceutical has innovated traditional formulas, such as the "Shengmai San," by integrating modern ingredients to create products like "Huangqi Shengmai Drink," enhancing their appeal and efficacy [4]. - The company has focused on improving the taste and palatability of its products, such as the Jiangzhong Gastrointestinal Tablets, through advanced flavor masking and purification techniques [5]. Group 4: Cultural Integration - The company has launched initiatives like the "Jiangzhong Night Consumption Season," which creatively combines TCM ingredients with popular food trends, such as a digestive hot pot that incorporates elements from Jiangzhong Gastrointestinal Tablets [6]. - Jiangzhong Pharmaceutical aims to enhance the public's understanding and appreciation of TCM through cultural exhibitions and immersive experiences, thereby promoting the integration of traditional medicine into modern lifestyles [7].

Group 1: Jiangzhong Pharmaceutical - Jiangzhong Pharmaceutical's flagship product, Jianwei Digestive Tablets, has achieved cumulative sales of over 5 billion boxes and has been the top-selling OTC digestive medicine in China for 21 consecutive years [20][21] - The company aims to enhance quality through innovation, focusing on three main business areas: OTC products, health consumer goods, and prescription drugs, achieving a compound annual growth rate (CAGR) of 16% in revenue and 13% in net profit during the 14th Five-Year Plan period [20][21] - The company has implemented smart manufacturing technologies, achieving over 95% automation in its production processes, significantly improving efficiency and reducing labor costs [22][23] Group 2: Technological Innovation - Jiangzhong Pharmaceutical has developed a unique MVR concentration technology that enhances the extraction efficiency of active ingredients from traditional Chinese medicine to over 90% [22] - The company has established a national key laboratory for modern Chinese medicine creation, focusing on the innovative transformation of classic formulas into modern products [24] - The introduction of innovative flavors and purification techniques has transformed traditional herbal medicines into more palatable products, appealing to a broader consumer base [25] Group 3: Cultural Integration and Market Expansion - Jiangzhong Pharmaceutical has launched a "Healthy Hot Pot" concept that incorporates traditional medicinal ingredients, aiming to modernize and popularize traditional Chinese medicine among younger consumers [26][27] - The company plans to continue expanding its cultural outreach and application of traditional Chinese medicine through various channels, including tourism and dining [27] Group 4: Fushite Company - Fushite has positioned itself in the hydraulic pipeline sector, with a strategic focus on the mining after-market, anticipating a market size of $19.33 billion by 2030 [28][30] - The company has established a comprehensive service system that includes industrial maintenance and heavy spare parts supply, expanding its service capabilities beyond just hydraulic pipeline repairs [32] Group 5: Naipu Mining Machinery - Naipu Mining Machinery has developed a global service network covering over 50 countries, focusing on wear-resistant materials and mining machinery [34][36] - The company has successfully transitioned from basic spare parts production to advanced wear-resistant materials, leveraging new material technologies to enhance product performance [35][36] - Naipu's international strategy includes establishing production bases in Peru to meet the growing demand for mining equipment and spare parts in South America [39][40] Group 6: Sanxin Medical - Sanxin Medical has transformed from a traditional infusion and injection company to a significant player in the blood purification medical device sector, achieving a CAGR of 29.82% in net profit over the past five years [42][45] - The company has expanded its product offerings in blood purification, with revenue from this segment increasing from 20% in 2015 to 81% in 2024 [45] - Sanxin Medical is actively pursuing global market expansion, with overseas revenue growing by 39.70% in 2024, indicating a strong international presence [48][49]

Core Insights - Recently, the establishment of China Resources (Chengdu) Pharmaceutical Industry Equity Investment Fund Partnership (Limited Partnership) was announced, with a total investment of 1 billion RMB, focusing on venture capital in the pharmaceutical sector [1] Group 1: Fund Establishment - The fund is executed by China Resources Pharmaceutical Technology (Chengdu) Partnership (Limited Partnership) and has a registered capital of 1 billion RMB [1] - The fund's partners include Chengdu Major Industrialization Project Phase II Equity Investment Fund Co., Ltd., Boya Bio (300294), Dong-E E-Jiao (000423), China Resources Double Crane (600062), and Jiangzhong Pharmaceutical (600750) [1] Group 2: Investment Focus - In July, several listed companies under China Resources announced plans to jointly invest in the establishment of China Resources Pharmaceutical (Chengdu) Innovation Investment Fund Partnership (Limited Partnership) [1] - This new fund will focus on the main responsibilities of the pharmaceutical health sector and strategic emerging industries [1]

Core Insights - Recently, China Resources (Chengdu) Pharmaceutical Industry Equity Investment Fund Partnership (Limited Partnership) was established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes venture capital, specifically limited to investments in unlisted companies [1] - The fund is jointly funded by several companies, including Fosun Pharma, Dong-E E-Jiao, Boya Bio, China Resources Double Crane, and Jiangzhong Pharmaceutical [1] Company Contributions - Fosun Pharma's wholly-owned subsidiary, Shanghai Fosun Pharmaceutical Industry Development Co., Ltd., is a key contributor to the fund [1] - Other contributors include Dong-E E-Jiao, Boya Bio, China Resources Double Crane, and Jiangzhong Pharmaceutical, indicating a collaborative investment approach among major players in the pharmaceutical industry [1] Investment Focus - The fund is specifically focused on venture investments, which suggests a strategic interest in supporting early-stage pharmaceutical companies [1] - The emphasis on unlisted companies may provide opportunities for high-growth potential investments within the pharmaceutical sector [1]

证券代码：600750 证券简称：江中药业 公告编号：2025-057 2025 年 10 月 28 日，公司与本基金及参与本基金的其他合伙人共同签署了 《合伙协议》，本次签订的《合伙协议》与前次披露的合伙协议主要条款未发生 重大变化。 三、对公司的影响及拟采取的应对措施 江中药业股份有限公司 关于参与设立华润医药产业投资基金二期 暨关联交易的进展公告 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。 重要内容提示： | 投资标的名称 | 华润（成都）医药产业股权投资基金合伙企业（有限合伙） | | --- | --- | | | （暂定名，以工商核准名为准，原暂定名称为华润医药(成 | | | 都）创新投资基金合伙企业（有限合伙），以下简称"本基 | | | 金"或"该基金") | | 投资金额（万元） | 4,000 | | 投资进展情况 | 完成 终止 交易要素变更 进展 | | | 1、该基金待办理工商注册登记并于中国证券投资基金业协 会（以下简称"中基协）备案后，方可开展对外投资活动， | | | 实施过程存在 ...

Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]