Overview - The core viewpoint of the article highlights the growing demand for traditional Chinese medicine (TCM) transdermal patches due to their advantages such as no first-pass effect, minimal gastrointestinal damage, low toxicity, prolonged efficacy, and ease of use, particularly among populations that cannot take oral medications, like the elderly and children [1][4][8]. Market Size - The market size of TCM transdermal patches in China is projected to reach 14 billion yuan by 2024, accounting for 65.34% of the overall medicinal patch market [1][8]. Market Policies - The Chinese government has implemented various policies to support the development of the TCM industry, including measures to enhance scientific regulation, promote innovation, and improve healthcare quality from 2023 to 2025 [5][6]. Industry Chain - The upstream of the TCM transdermal patch industry includes suppliers of raw materials such as Chinese medicinal herbs, rubber, and various excipients, while the midstream consists of manufacturers of TCM transdermal patches, and the downstream includes medical institutions, retail pharmacies, and online pharmacies [6][7]. Sales Channels - Medical institutions are the primary sales channel for TCM transdermal patches, accounting for over 60% of sales. By the end of 2024, there will be approximately 1.092 million medical institutions in China, with a 2.0% year-on-year growth [7][8]. Competitive Landscape - The top five companies in the TCM transdermal patch market as of Q1 2025 include Qizheng Group, Yunnan Baiyao, Lingrui Pharmaceutical, Hillman Pharmaceutical, and China Resources Pharmaceutical, with Qizheng Group and Yunnan Baiyao leading the market [10][11]. Company Analysis - Qizheng Tibetan Medicine Co., Ltd. is a leading modern Tibetan medicine company with a revenue of 1.175 billion yuan in the first half of 2025, of which 824 million yuan (70.11%) comes from transdermal patch sales [12]. - Lingrui Pharmaceutical Co., Ltd. reported a total revenue of 2.099 billion yuan in the first half of 2025, with a gross profit of 1.707 billion yuan and a gross margin of 81.33% [13]. Development Trends - The demand for TCM transdermal patches is expected to grow due to the aging population and increasing prevalence of musculoskeletal and cardiovascular diseases. Additionally, the shift in health consciousness and the rise of online sales channels will further expand the market [13].

Core Viewpoint - Qizheng Tibetan Medicine has shown stable trading activity with a slight increase in financing buy-ins, indicating investor interest and potential growth in the company's stock performance [1][2]. Financing and Trading Activity - On September 17, Qizheng Tibetan Medicine's stock price remained unchanged at 0.00%, with a trading volume of 95.95 million yuan. The financing buy-in amounted to 10.52 million yuan, while the financing repayment was 8.26 million yuan, resulting in a net financing buy-in of 2.27 million yuan [1]. - As of September 17, the total financing and securities lending balance for Qizheng Tibetan Medicine was 189 million yuan, with the financing balance accounting for 1.21% of the circulating market value, indicating a high level compared to the past year [1]. - The company had no securities lent or repaid on the same day, with a remaining securities lending volume of 5,000 shares and a balance of 137,000 yuan, which is low compared to the past year [1]. Financial Performance - For the first half of 2025, Qizheng Tibetan Medicine reported a revenue of 1.175 billion yuan, reflecting a year-on-year growth of 16.36%. The net profit attributable to shareholders was 358 million yuan, marking a 10.04% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 3.02 billion yuan in dividends, with 905 million yuan distributed over the last three years [3]. Shareholder Information - As of September 10, the number of shareholders for Qizheng Tibetan Medicine was 36,000, a decrease of 0.90% from the previous period. The average circulating shares per person increased by 1.10% to 15,864 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 2.9896 million shares, an increase of 919,900 shares from the previous period [3].

Market Overview - The Shanghai Composite Index closed at 3877.55 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Technical Analysis - A total of 127 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - COFCO Technology: 5-day MA at 11.41 yuan, 10-day MA at 11.52 yuan, difference of -0.92% [1] - Jiuri New Materials: 5-day MA at 27.35 yuan, 10-day MA at 27.59 yuan, difference of -0.86% [1] - Potential Energy Trust: 5-day MA at 20.44 yuan, 10-day MA at 20.59 yuan, difference of -0.77% [1] Individual Stock Performance - COFCO Technology: Today's change of 0.09%, trading volume of 1.13% [1] - Jiuri New Materials: Today's change of 1.49%, trading volume of 1.84% [1] - Potential Energy Trust: Today's change of 0.34%, trading volume of 1.64% [1] - Other notable stocks with death crosses include: - Tongzhou Electronics: Today's change of -0.42%, trading volume of 2.40% [1] - ST Long Pharmaceutical: Today's change of -2.50%, trading volume of 2.14% [1] - Jin Hong Shun: Today's change of -1.44%, trading volume of 2.07% [1]

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, proposing a payment of 2.20 RMB per 10 shares to all shareholders [1] - The dividend distribution is based on a total share capital of 570,025,753 shares after excluding 2,092,450 repurchased shares [1] - The record date for the dividend is set for September 19, 2025, and the ex-dividend date is September 22, 2025 [1]

Core Viewpoint - Qizheng Tibetan Medicine announced a revision of its share repurchase price ceiling from 31.27 yuan per share to 31.05 yuan per share, effective from September 22, 2025 [2] Company Summary - The adjusted maximum repurchase price is now set at 31.05 yuan per share, down from the previous 31.27 yuan per share [2] - The effective date for this adjustment is September 22, 2025 [2]

Core Viewpoint - The company, Tibet Qizheng Tibetan Medicine Co., Ltd., announced an adjustment to the maximum repurchase price of its shares following the implementation of its 2025 semi-annual profit distribution plan, reducing the price from 31.27 CNY to 31.05 CNY per share effective September 22, 2025 [1][4]. Group 1: Share Repurchase Overview - On February 27, 2025, the company's board approved a share repurchase plan using its own funds, with a total repurchase amount between 90 million CNY and 160 million CNY, and a maximum price of 31.65 CNY per share [2]. - The previous adjustment of the repurchase price limit from 31.65 CNY to 31.27 CNY was effective from July 10, 2025, due to the 2024 annual profit distribution [2]. Group 2: Semi-Annual Profit Distribution Details - On August 21, 2025, the board approved a profit distribution plan, distributing a cash dividend of 2.20 CNY per 10 shares (including tax), with a total cash dividend amounting to approximately 125.41 million CNY [3]. - The cash dividend per share, calculated based on the total share capital after excluding repurchased shares, is approximately 0.2192 CNY [3]. Group 3: Adjustment of Repurchase Price Limit - The new maximum repurchase price limit is calculated by subtracting the cash dividend per share from the previous limit, resulting in an adjusted price of approximately 31.05 CNY per share [4]. - As of August 31, 2025, the company had repurchased 2,673,910 shares, accounting for 0.47% of the total share capital, with a total transaction amount of approximately 83.70 million CNY [4]. - The estimated remaining repurchase amount allows for the acquisition of approximately 325,530 shares at the upper limit and about 100,090 shares at the lower limit, subject to actual repurchase quantities by the end of the repurchase period [4].

2、调整后回购股份价格上限：31.05 元/股 证券代码：002287 证券简称：奇正藏药 公告编号：2025-092 西藏奇正藏药股份有限公司 关于 2025 年半年度权益分派实施后调整回购股份价格上限的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、调整前回购股份价格上限：31.27 元/股 公司 2025 年半年度权益分派方案股权登记日为 2025 年 9 月 19 日，除权除 息日为 2025 年 9 月 22 日，详见同日刊登在《证券时报》、巨潮资讯网 （http://www.cninfo.com.cn）上的《2025 年半年度权益分派实施公告》（公告 编号：2025-091）。 3、回购股份价格上限调整生效日期：2025 年 9 月 22 日（2025 年半年度权 益分派除权除息日） 一、回购股份的基本情况 西藏奇正藏药股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召开 第六届董事会第九次会议，审议通过了《关于回购股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购公司 A 股股份，回购的公司股份 ...

证券代码：002287 证券简称：奇正藏药 公告编号：2025-091 西藏奇正藏药股份有限公司 2025 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 西藏奇正藏药股份有限公司（以下简称"公司"）本次利润分配方案为：以 公司实施利润分配时股权登记日当天的总股本（扣除回购账户中的股份）为基数， 向全体股东每10股派发现金红利2.20元（含税），送红股0股（含税），不以公积 金转增股本。 本次权益分派实施后，按公司总股本折算每股现金红利及除权除息参考价如 下：按总股本折算每股现金分红=实际现金分红总额/总股本（含回购股份） =125,405,665.66元/572,118,203股=0.2191953元/股（保留七位小数，最后一位 直接截取，不四舍五入）；除权除息参考价格=股权登记日（2025年9月19日）收 盘价-0.2191953元/股。 公司2025年半年度权益分派方案已获2025年8月21日召开的第六届董事会第 十三次会议审议通过，该方案在公司2024年度股东会对董事会的授权范围内，无 需再次提交股东会审议。现将权 ...

联合资信评估股份有限公司 二〇二五年九月十一日 联合〔2025〕9175 号 联合资信评估股份有限公司 关于终止西藏奇正藏药股份有限公司主体及相关债项信用评级的公告 受西藏奇正藏药股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下 简称"联合资信"）对公司主体及"奇正转债"进行了信用评级。根据最新的评级结果，公司主体 长期信用等级为 AA，"奇正转债"债项信用等级为 AA，评级展望为稳定，评级结果有效期为相应 债券到期兑付日。 根据公司于 2025 年 9 月 11 日披露的《关于"奇正转债"摘牌的公告》，截至 2025 年 9 月 11 日，"奇正转债"已全部赎回并在深圳证券交易所摘牌，不再存续。根据有关法规、监管规定、自 律规则及联合资信《终止评级制度》，自本公告发布之日起，联合资信终止对公司及"奇正转债" 债项的信用评级，并将不再更新公司及上述债项的评级结果。 特此公告 主体长期信用评级报告 ...

| 证券代码：002287 | 证券简称：奇正藏药 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：128133 | 债券简称：奇正转债 | | 西藏奇正藏药股份有限公司 关于"奇正转债"摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、"奇正转债"赎回日：2025年9月3日 3、"奇正转债"摘牌原因：存续期内可转债全部赎回 一、可转换公司债券基本情况 1、可转债发行情况 经中国证券监督管理委员会《关于核准西藏奇正藏药股份有限公司公开发行 可转换公司债券的批复》（证监许可【2020】1766号）核准，公司公开发行可转 换公司债券，每张面值为人民币100元，共计800万张，按面值发行，发行总额8.00 亿元。 2、可转换公司债券上市情况 2、"奇正转债"摘牌日：2025年9月11日 经深圳证券交易所（以下简称"深交所"）"深证上[2020]952号"文同意， 公司8.00亿元可转换公司债券于2020年10月27日起在深交所挂牌交易，债券简称 "奇正转债"，债券代码"128133"。 3、可转 ...