"秋冬进补，来年打虎"，以膏滋为代表的食补文化深植于国民养生观念。在"肾为先天之本"的传统理论 影响下，滋阴补肾类产品始终拥有稳定的市场基础。行业数据显示，补肾类中成药市场规模持续增长， 显示出强大的消费惯性。据中国中药协会数据，2024年全国补肾类中成药市场规模达487.3亿元，同比 增长9.2%，占整体中成药市场的12.6%。 然而，市场增长背后是消费场景与习惯的深刻变迁，快节奏的都市生活导致的疲劳、精力下降等问题在 年轻职场人群中凸显，他们对健康产品的需求转向高效、便捷与体验友好。12月25日，华润江中旗下六 味地黄膏在阿里健康首发。该产品是对经典名方"六味地黄丸"的剂型革新，由传统丸剂转变为膏剂形 态，独立条状包装，可开袋即饮或温水冲服，旨在精准契合当代职场人群快节奏、场景化的日常调理需 求。 华润江中推出的六味地黄膏延续了传统膏滋形态，同时采用独立条状包装，携带与服用更为便捷。这 一"口袋化、轻养生"的设计，在随时随地满足养生需求的同时，也注重口感体验——产品中添加优质蜂 蜜，入口味甜微酸，清新适口。华润江中相关负责人表示："此次剂型创新，是江中践行'家中常备 药'理念、满足现代人便捷健康需求的具体 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangzhong Pharmaceutical, indicating a potential upside of 36% based on a target market value of 214 billion yuan compared to the current market value of 157 billion yuan [7][8]. Core Insights - Jiangzhong Pharmaceutical is positioned as a leader in gastrointestinal health, with a diversified business model encompassing OTC, prescription drugs, and health consumer products. The company has successfully built a strong brand presence with its well-known trademarks "Jiangzhong" and "Chuyuan" [5][16]. - The company has a robust product portfolio, including major products in the OTC market such as the 1 billion yuan "Jiangzhong Digestive Tablets" and the 500 million yuan "Lactobacillus Tablets" [7][36]. - The financial outlook is positive, with projected net profits for 2025-2027 expected to grow at compound annual growth rates of 8.3%, 10.0%, and 11.9%, respectively [6][8]. Summary by Sections Company Overview - Jiangzhong Pharmaceutical was established in 1969 and became publicly listed in 1998. The company has undergone significant restructuring and acquisitions, including the purchase of Jisheng Pharmaceutical and Sanghai Pharmaceutical, to enhance its market position [5][16]. - The company has a stable shareholding structure, with China Resources Group as the largest shareholder, which strengthens its operational capabilities and risk management [18][19]. Financial Data and Profit Forecast - The total revenue for 2024 is projected at 4.435 billion yuan, with a slight decline expected in 2025 before a recovery in subsequent years, reaching 5.089 billion yuan by 2027 [6]. - The gross profit margin is expected to remain stable around 65%, with the OTC segment showing a slight increase in profitability due to product mix optimization [26]. Investment Highlights - The company is focusing on expanding its OTC market presence by leveraging its strong brand and developing new product categories. The gastrointestinal product line is expected to maintain stable growth, while the health consumer products segment is anticipated to benefit from demographic trends such as aging populations [7][32]. - Jiangzhong Pharmaceutical's prescription drug segment is also expected to grow as the company continues to enhance its product offerings through acquisitions and strategic partnerships [7][32]. Market Position and Competitive Landscape - The company has maintained a leading market share in the OTC segment, particularly with its flagship product, the Jiangzhong Digestive Tablets, which ranked second in sales among digestive system medications in urban pharmacies [38][44]. - The competitive landscape for gastrointestinal products is fragmented, but Jiangzhong Pharmaceutical's brand strength allows it to maintain a dominant position [42][44].

江中药业股份有限公司 2025 年第二次临时股东大会会议材料 江中药业股份有限公司 2025 年第二次临时股东大会会议材料 南 昌 二〇二五年十二月 1 江中药业股份有限公司 2025 年第二次临时股东大会会议材料 议案目录 | 议案一：关于变更公司名称及证券简称、变更注册资本、取消监事会 | | | --- | --- | | 并修订《公司章程》的议案 | 7 | | 议案二：关于修订公司《股东会议事规则》的议案 12 | | | 议案三：关于修订公司《董事会议事规则》的议案 21 | | | 议案四：关于修订公司《关联交易管理办法》的议案 27 | | | 议案五：关于修订公司《董事会提案管理细则》的议案 36 | | | 议案六：关于修订公司《独立董事制度》的议案 39 | | | 议案七：关于增补公司第十届董事会非独立董事的议案 46 | | | 议案八：关于增补公司第十届董事会独立董事的议案 49 | | 2 江中药业股份有限公司 2025 年第二次临时股东大会会议材料 江中药业股份有限公司 股东大会会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效 率，根据《中华人民共和国公司法》 ...

Group 1 - The core viewpoint of the news is that Jiangzhong Pharmaceutical has shown a positive stock performance with a year-to-date increase of 15.86% and a recent uptick of 2.05% in its stock price [1][2] - As of December 18, the stock price reached 24.91 yuan per share, with a market capitalization of 15.817 billion yuan and a trading volume of 75.7848 million yuan [1] - The company's main business revenue composition includes over-the-counter drugs at 72.40%, prescription drugs at 16.81%, and health consumer products at 10.67% [2] Group 2 - For the period from January to September 2025, Jiangzhong Pharmaceutical reported a revenue of 2.933 billion yuan, a year-on-year decrease of 1.30%, while the net profit attributable to shareholders increased by 7.74% to 683 million yuan [2] - The company has distributed a total of 4.843 billion yuan in dividends since its A-share listing, with 2.304 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 7.29% to 41,900, while the average circulating shares per person decreased by 6.79% to 14,986 shares [2]

Core Viewpoint - China Resources Pharmaceutical (华润医药) has acquired a controlling stake in Jiangzhong Pharmaceutical (江中药业), changing its actual controller from Jiangxi State-owned Assets Supervision and Administration Commission to China Resources Limited [2][5]. Group 1: Acquisition and Control Changes - In May 2018, China Resources Pharmaceutical signed a strategic restructuring agreement with Jiangxi State-owned Assets Supervision and Administration Commission [2][5]. - In February 2019, China Resources Pharmaceutical's wholly-owned subsidiary invested approximately 4.2 billion yuan to acquire 51% of Jiangzhong Group, thus becoming its controlling shareholder [2][5]. - Jiangzhong Pharmaceutical's actual controller changed from Jiangxi State-owned Assets Supervision and Administration Commission to China Resources Limited following the acquisition [2][5]. Group 2: Management Changes - Jiangzhong Pharmaceutical announced the resignation of three board members due to work adjustments, effective immediately for one and pending for the others until a new board is elected [2][5]. - New board candidates have been nominated by the controlling shareholder, including experienced professionals from various sectors [6]. Group 3: Business Overview - Jiangzhong Pharmaceutical's main business segments include over-the-counter drugs, prescription drugs, and health consumer products [6]. - The flagship product, Jianwei Shoushi Pian (健胃消食片), has been a top seller since its launch in 1994, achieving 169 million boxes sold last year [6]. - The revenue from the over-the-counter drug segment decreased by 10.14% year-on-year in the first half of this year, which is higher than the overall revenue decline of the company [6].

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - The Chinese medicine sector experienced a significant decline, with the Chinese medicine index dropping by 2.03% last week, while other pharmaceutical sub-sectors also faced declines, except for medical services which saw a 1.67% increase [1][19] - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.17X, down by 0.55X week-on-week, while the price-to-book (PB) ratio is 2.29X, down by 0.04X week-on-week [2] - The demand for flu-related and tonic herbs has increased, leading to a rise in the price index of Chinese medicinal materials, which is expected to continue to rise slightly in the future [3] - The national medical insurance work conference highlighted the restructuring of prices and market patterns as a major direction for the Chinese medicine industry in 2026, emphasizing the importance of collective procurement and support for innovation in the industry [4][9] Summary by Sections Market Performance - The Chinese medicine index closed at 6372.09 points, down 2.03% last week, with only the medical services sector recording positive returns [1][19] Valuation - The current PE ratio for the Chinese medicine sector is 27.17X, with a year-high of 30.26X and a year-low of 24.72X, placing it at the 28.41% percentile since 2013 [2] Supply Chain Insights - The price index for Chinese medicinal materials rose to 225.57 points, a 0.4% increase from the previous week, driven by increased demand due to the flu outbreak and winter tonic herbs [3] Policy and Market Trends - The 2026 direction for the Chinese medicine industry includes continued promotion of collective procurement and support for innovation, with an emphasis on price governance and market restructuring [4][10] - The focus on long-term care insurance is expected to increase demand for Chinese medicine products, particularly in the context of an aging population [9] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, with specific recommendations for companies with strong R&D capabilities and unique products [10][11]

Group 1 - The company Jiangzhong Pharmaceutical Co., Ltd. has announced a name change to China Resources Jiangzhong Pharmaceutical Co., Ltd. to enhance brand recognition and market influence [1][4] - The stock abbreviation will change to "华润江中" while the stock code remains unchanged [1][4] - The name change is part of a broader strategy following the acquisition by China Resources Group, which has been progressively taking control of Jiangzhong Group since 2018 [1][2] Group 2 - The decision to change the company name was approved during the 10th meeting of the 10th Board of Directors, with unanimous support from the board members [3] - The company aims to strengthen brand synergy with China Resources, which is expected to improve its market presence [1][4]

证券代码：600750 证券简称：江中药业 公告编号： 2025-064 江中药业股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关规定执行。 股东大会召开日期：2025年12月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现 ...

证券代码：600750 证券简称：江中药业 公告编号：2025- 061 本公司监事会及全体监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"）第十届监事会第九次会议于 2025 年 12 月 12 日在公司会议室以现场结合视频方式召开，会议通知于 2025 年 12 月 7 日以书面形式发出，应参会监事 3 人，实到 3 人。会议召集召开符合 《公司法》和《公司章程》的有关规定。 会议由监事会主席周娇女士主持，经与会监事认真讨论，审议通过以下议 案： 一、关于取消监事会并修订《公司章程》的议案 表决情况：3 票同意，0 票反对，0 票弃权。通过本议案。 为进一步规范公司运作、完善公司治理，根据《公司法》《上市公司章程指 引》等相关法律法规、规范性文件的规定，同意公司不再设置监事会，由董事 会审计委员会行使监事会的职权，公司《监事会议事规则》相应废止，并对 《公司章程》及相关制度同步进行修订。 在公司股东大会审议通过取消监事会事项前，公司第十届监事会仍将严格 按照《公司法》等法律法规和规范性文件的要求， ...

证券代码：600750 证券简称：江中药业 公告编号：2025- 060 江中药业股份有限公司 第十届董事会第十次会议决议公告 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个别及连带责任。 江中药业股份有限公司（以下简称"公司"或"江中药业"）第十届董事会 第十次会议于 2025 年 12 月 12 日在公司会议室以现场结合视频方式召开，会议 通知于 2025 年 12 月 7 日以书面形式发出，会议应到董事 9 人，实到董事 9 人。 公司监事和高级管理人员列席。本次会议召集召开符合《公司法》和《公司章 程》的有关规定。 会议由公司董事长刘为权先生主持，经与会董事充分研究和讨论，审议通 过以下议案： 一、关于变更公司名称及证券简称、变更注册资本、取消监事会并修订 《公司章程》的议案 表决情况：8 票同意，0 票反对，0 票弃权，通过本议案。 为强化与华润的品牌协同认知，进一步提升公司品牌辨识度和市场影响力， 公司拟将中文名称变更为"华润江中药业股份有限公司"，英文名称变更为 "China Resources Jiangzhong P ...