（文章来源：证券日报） 证券日报网讯 2月26日，嘉事堂在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东共2 万8千余户。 ...

Core Viewpoint - The article highlights a significant trend in the A-share market, where there has been a surge in control changes among listed companies, reflecting increased market activity and strategic repositioning by various stakeholders [2][12]. Group 1: Control Changes in Listed Companies - Since 2025, at least 150 listed companies have announced plans for control changes, averaging one company every two days [2][3]. - As of 2026, over 60 companies have reported progress on control changes, indicating a continuation of this trend [2]. - The majority of control changes are occurring in traditional industries such as chemicals, textiles, and consumer goods, with acquirers including individuals, state-owned enterprises, and investment firms [2][5]. Group 2: Industry Distribution of Control Changes - The distribution of control changes shows that traditional industries dominate, with 12.77% of changes in the oil and petrochemical sector, and significant activity in environmental services, construction, and light manufacturing [5][7]. - Other sectors like agriculture, textiles, and real estate also show notable percentages of control changes, indicating a broad impact across various industries [5][7]. Group 3: Market Capitalization of Companies Involved - A significant portion of companies undergoing control changes are small-cap firms, with 169 companies having a market capitalization below 10 billion yuan, accounting for nearly 80% of the total [8][9]. - Companies with a market cap below 5 billion yuan represent 47.44%, while those between 5 billion and 10 billion yuan make up 31.16% [9][10]. Group 4: Motivations Behind Control Changes - The motivations for these control changes include financial distress among original controlling shareholders, strategic shifts in traditional industries, and pressures from debt [12][14]. - The trend is also driven by the need for new capital and resources to enhance company governance and operational efficiency [11][12]. Group 5: Types of Acquirers - The acquirers in these control changes are primarily state-owned enterprises, industrial capital, and limited partnership firms, with state-owned entities frequently taking over to optimize industrial layouts and stabilize the market [14]. - Industrial capital is also a significant player, often seeking to enhance synergies and expand into new business areas [14].

Group 1: Core Insights - Tongrentang Group is accelerating its capital deployment by planning to acquire Jiasitang for 1.461 billion yuan, aiming to fill its commercial distribution gap [2][3] - The group is also attempting to spin off Tongrentang Yiyang to the Hong Kong Stock Exchange, which would position it as the largest private traditional Chinese medicine hospital in China [2][6] - If both transactions are successful, Tongrentang will control five listed companies, creating a diversified capital structure across industry, commerce, and healthcare [2][3] Group 2: Financial Performance - Jiasitang reported a net profit of 161 million yuan in 2024, a decline of 35.75%, with revenue experiencing its first negative growth since listing at -19.93% [3][5] - Tongrentang's revenue and net profit both declined by 3.7% and 12.78% respectively in the first three quarters of 2025 [5] - Tongrentang Yiyang, despite being the largest private TCM hospital, has the lowest profitability within the group, with a gross margin of only 18.9% in 2024 [7][9] Group 3: Market Dynamics - The pharmaceutical industry is facing a slowdown, with revenue for major pharmaceutical manufacturing companies declining by 1.2% in 2025, prompting a trend of integration between manufacturing and distribution [6] - The merger between Tongrentang and Jiasitang is seen as a strategic move to enhance market coverage and operational synergy [6][5] - The integration of resources and optimization of management will be crucial for long-term success, as merely acquiring distribution channels may not suffice [6] Group 4: IPO Challenges - Tongrentang Yiyang has faced difficulties in its IPO process, having submitted its application twice without success, raising concerns about its independence and financial health [2][12] - The company’s profitability is heavily reliant on acquisitions, with a significant portion of its revenue coming from recently acquired assets [11][12] - The dual role of Tongrentang as both a supplier and a customer raises questions about the sustainability of its business model, which could hinder its IPO prospects [13]

Group 1 - Aier Eye Hospital clarified that it has no direct equity or operational management relationship with Xiangyang Hengtai Kang Hospital, which is a joint venture established by Aier Medical Investment Group and other investors [1] - Aier Medical Investment does not participate in the daily operations of Xiangyang Hengtai Kang Hospital, and there is no equity control or business relationship with Hunan Hengtai Kang Rehabilitation Medical Industry Development Co., Ltd [1] Group 2 - Eli Lilly reported a total revenue of $65.179 billion for 2025, a 45% year-on-year increase, with its star product, Tirzepatide, generating $36.507 billion in sales [2] - The company provided guidance for 2026, expecting revenue to reach between $80 billion and $83 billion, with non-GAAP EPS projected between $33.50 and $35.00 [2] Group 3 - Novo Nordisk's revenue for 2025 is projected to grow by 6% to 309.1 billion Danish Krone, with a 10% increase at fixed exchange rates [3] - Sales in the Greater China region for rare diseases grew by 84% year-on-year at fixed exchange rates, driven by sales in rare blood diseases [3] - The company plans to propose a dividend of 7.95 Danish Krone per share for 2025, totaling 11.70 Danish Krone for the year, and has initiated a stock buyback program of up to 15 billion Danish Krone [3] Group 4 - Innovent Biologics achieved total product revenue of approximately 11.9 billion Yuan in 2025, a year-on-year increase of about 45% [4] - The company expanded its oncology product portfolio to 13 products, with core products like Tyvyt (sintilimab injection) showing steady growth [4] - The company successfully entered the chronic disease commercialization field, with key products contributing significantly to revenue growth [5] Group 5 - Sequoia China completed the global acquisition of moxifloxacin business, establishing Hangzhou Sequoia Biopharmaceutical Co., Ltd, with former Pfizer executive Jin Xiaodong appointed as CEO [6] - The acquisition includes specific assets related to moxifloxacin, ensuring a solid foundation for the product's continued supply and future development [6] Group 6 - Jiashitang announced a change in its controlling shareholder to Tongrentang Group, following a share transfer agreement with Everbright Industrial and Everbright Health [7] - The transfer involves significant shareholdings, leading to a change in the actual controller to the State-owned Assets Supervision and Administration Commission of Beijing [7]

（嘉事堂公告） 近日，嘉事堂发布公告称，2026年2月2日，公司股东光大实业、光大健康与中国北京同仁堂（集团）有限责任公司 （以下简称"同仁堂集团"）签署了《股份转让协议》，协议约定光大实业、光大健康分别将其持有的公司41,180,805股 股份、41,876,431股股份转让给同仁堂集团。本次交易完成后，公司控股股东将变更为同仁堂集团，实际控制人将变 更为北京市人民政府国有资产监督管理委员会。 ...

Group 1 - The acquisition of Jiatang by Tongrentang Group aims to create a complete closed-loop pharmaceutical industry chain covering herbal planting, drug production, terminal distribution, and medical services, but its effectiveness in alleviating the "private label" pain remains to be seen [1][7] - On February 3, Jiatang announced that its shareholders, Everbright Industrial and Everbright Health, signed a share transfer agreement with Tongrentang Group, transferring a total of 83.05 million shares for 1.461 billion yuan [3] - Following the transaction, Tongrentang Group will become the controlling shareholder of Jiatang with a 28.48% stake, and the actual controller will change to the State-owned Assets Supervision and Administration Commission of Beijing [3][4] Group 2 - Jiatang has faced financial pressure, with revenue figures from 2020 to 2024 showing a decline in net profit, particularly a drop to 161 million yuan in 2024, marking a ten-year low [5] - For the first three quarters of 2025, Jiatang reported a revenue of 14.46 billion yuan, a year-on-year decrease of 21.8%, and a net profit of 141 million yuan, down 38.81% year-on-year [6] - Tongrentang, founded in 1669, currently has multiple listed companies and is actively pursuing the listing of Tongrentang Medical and Health, which could enhance its capital presence [7] Group 3 - The merger is viewed as a "strong union," combining Tongrentang's brand strength and product resources with Jiatang's extensive distribution network, potentially allowing Jiatang to return to its core pharmaceutical operations [7] - Tongrentang has recently faced a trust crisis due to a product quality issue, which has negatively impacted its stock price and overall performance, with a revenue decline of 3.70% and a net profit drop of 12.78% in the first three quarters of 2025 [8]

嘉事堂药业股份有限公司 简式权益变动报告书 上市公司名称：嘉事堂药业股份有限公司 股票上市地点：深圳证券交易所 股票简称：嘉事堂 股票代码：002462.SZ 信息披露义务人之一：中国光大实业（集团）有限责任公司 住所：北京市石景山区金府路 32 号院 3 号楼 9 层 915 室 通讯地址：北京市石景山区金府路 32 号院 3 号楼 9 层 915 室 信息披露义务人之二：中国光大医疗健康产业有限公司 住所：北京市石景山区金府路 32 号院 3 号楼 9 层 912 室 通讯地址：北京市石景山区金府路 32 号院 3 号楼 9 层 912 室 股份变动性质：协议转让（减少） 2026 年 2 月 声 明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及其它相关法律、法规和规范性文件的要求编写本报 告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《证券法》《收购管理办法》《15 号准则》的规定，本报告书已全 面披露信息披露义务人在嘉事堂药业股份有限公司拥有权益的股份 ...

嘉事堂药业股份有限公司 详式权益变动报告书 上市公司名称：嘉事堂药业股份有限公司 股票上市地点：深圳证券交易所 股票简称：嘉事堂 股票代码：002462.SZ 信息披露义务人：中国北京同仁堂（集团）有限责任公司 注册地址：北京市东城区东兴隆街 52 号 通讯地址：北京市东城区东兴隆街 52 号 股份变动性质：股份增加（协议转让） 签署日期：二〇二六年二月 1 信息披露义务人声明 四、本次权益变动尚需履行的决策及报批程序，包括但不限于：国有资产监 督管理部门审核批准、国家市场监督管理总局反垄断审查机构就本次交易涉及的 经营者集中事宜出具批准或同意或出具不予进一步审查决定以及深圳证券交易 所合规性确认。目前相关方正在推进相关审批程序。本次权益变动是否能通过相 关部门审批存在一定的不确定性，提请投资者注意相关风险。 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务 人和所聘请的专业机构外，没有委托或者授权任何其他人提供未在本报告书中列 载的信息和对本报告书作出任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任 ...

中信证券股份有限公司 关于 嘉事堂药业股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 二〇二六年二月 声明 根据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券 的公司信息披露内容与格式准则第 15 号——权益变动报告书》及《公开发行证 券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等法律法 规和规范性文件的规定，中信证券股份有限公司（以下简称"本财务顾问"）按照 行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的精神，对本次权益 变动的相关情况和资料进行了核查，对信息披露义务人出具的《嘉事堂药业股份 有限公司详式权益变动报告书》所披露的内容出具核查意见，以供投资者和有关 各方参考。 为此，本财务顾问特作出以下声明： 1、本财务顾问已按照规定履行了尽职调查义务，对信息披露义务人披露的 《嘉事堂药业股份有限公司详式权益变动报告书》进行了核查，确信披露文件内 容与格式符合规定，并有充分理由确信所发表的专业意见与信息披露义务人披露 的文件内容不存在实质性差异； 2、本财务顾问有充分理由确信本次权益变动符合相关法律、行政法规的规 定，有充分理由确信信息披露义务人 ...

中国经济网北京2月4日讯 嘉事堂(002462.SZ)昨日晚间披露关于筹划控制权变更事项进展暨复牌的 公告，公司股票今日上午开市起复牌，该股开盘涨停报18.04元，截至发稿时涨幅有所收窄。 嘉事堂同时披露关于权益变动的提示性公告，公司股东光大健康、光大实业将合计持有的公司 83,057,236股股份（占公司股份总数的28.48%）转让给同仁堂集团，转让价格为人民币17.59元/股，转 让价款总计为人民币1,460,976,781.24元。其中光大健康转让价款为人民币736,606,421.29元，光大实业 转让价款为人民币724,370,359.95元。 嘉事堂表示，本次协议转让尚需经主管国有资产监督管理部门批准、通过国家市场监督管理总局经 营者集中反垄断审查、通过深圳证券交易所合规性确认及向中国证券登记结算有限责任公司深圳分公司 申请办理股份转让过户登记。该事项能否最终实施完成及完成时间尚存在不确定性，请投资者注意相关 风险。 (责任编辑：关婧) 嘉事堂于2026年1月27日接到股东中国光大实业（集团）有限责任公司（简称"光大实业"）书面通 知，光大实业及子公司中国光大医疗健康产业有限公司（简称"光大健康" ...