Sou Hu Cai Jing·2025-08-29 11:16Group 1 - The core viewpoint of the report is that Tonghua Pharmaceutical (300636.SZ) is rated as a "buy" due to strong recovery in revenue and profit in Q2, with significant improvement in profitability on a quarter-on-quarter basis [1] - The company has seen continuous growth in new product sales, and regulatory approvals for market registration are ongoing [1] - The first phase of production capacity in the second factory is being released, with two workshops in the second phase expected to begin trial production within the year [1] Group 2 - The report highlights potential risks including intensified industry competition, risk of product price decline, underperformance in capacity deployment, environmental risks, and exchange rate risks [1]