证券代码：600750 证券简称：江中药业 公告编号：2025-023 根据《公司法》和《公司章程》相关规定，经公司董事会审计委员会、提名 委员会事前审议通过，董事会聘任周违莉女士（简历附后）为公司财务总监，任 期与公司第十届董事会任期一致。 特此公告。 江中药业股份有限公司董事会 2025 年 4 月 26 日 附件： 周违莉：女，汉族，1982 年出生，中共党员，硕士，高级会计师。曾任江 中药业财务部会计、会计主管、财务经理、会计总监，江西江中制药（集团）有 限责任公司财务部高级财务经理、审计部审计总监，江西江中医药投资发展有限 公司财务管理中心总监。现任江中药业财务部负责人。 江中药业股份有限公司 关于财务总监辞职暨聘任财务总监的公告 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。 江中药业股份有限公司（以下简称"公司"）董事会于近日收到公司财务总 监李小俊先生的书面辞职报告。因工作变动原因，李小俊先生申请辞去公司财务 总监职务。辞职报告自送达董事会之日起生效。辞职后，李小俊先生不再担任公 司任何职务，继续担任公司 ...

江中药业股份有限公司 2025 年度"提质增效重回报"行动方案 为深入贯彻落实党的二十大、二十届二中、三中全会精神和中央 经济工作会议精神，持续落实国务院国资委提高央企控股上市公司质 量工作有关部署，积极响应上海证券交易所《关于开展沪市公司"提 质增效重回报"专项行动的倡议》，江中药业股份有限公司（以下简 称"公司"）于 2024 年 4 月披露了《江中药业 2024 年度"提质增效 重回报"行动方案》，并分别于 2024 年 7 月及 12 月对行动方案的执 行效果进行了评估。为进一步提升公司经营发展质量、创新效能、公 司治理质效、市值管理水平，公司结合自身发展和经营情况，制定了 《2025 年度"提质增效重回报"行动方案》，具体措施如下： 一、聚焦主营业务，提升经营质量 公司践行"让人类充分享受健康的快乐"的企业使命，以"中医 药传承与创新的引领者"为愿景，坚持战略引领，聚力打造 OTC、健 康消费品、处方药三大核心业务，将内生发展和外延拓展相结合，以 品牌驱动和创新驱动引领公司高质量发展，巩固核心竞争力。2024 年，公司努力克服行业政策及业务调整的影响，实现营业收入443,545 万元，同比下降 2. ...

江中药业（600750）公告，2025年第一季度营收为11.84亿元，同比下降7.03%；净利润为2.85亿元，同 比增长5.91%。 ...

Company and Industry Summary Company Overview - The company operates in the pharmaceutical industry, focusing on various segments including prescription drugs and health consumer products. The overall market is experiencing pressure, with a decline in hospital markets and a shift towards online sales growth [1][2]. Key Financial Performance - In 2024, the company reported a revenue of 4.435 billion yuan, a decrease of 2.59% year-on-year. However, net profit increased by 9.67% to 788 million yuan [2]. - The weighted average return on equity was 19.58%, up by 1.9 percentage points year-on-year, indicating improved profitability [2]. - Research and development (R&D) investment intensity reached 10.82%, an increase of 0.53 percentage points year-on-year, reflecting a commitment to innovation [2]. Industry Dynamics - The pharmaceutical industry is facing overall pressure with localized breakdowns. The consumer market is growing cautiously, while the hospital market is expected to decline [1]. - The online market is maintaining rapid growth, presenting both opportunities and challenges for the company [1]. Product Performance - The pharmaceutical industrial revenue decreased by 2.79%, but the gross margin remained stable. Key products in the gastrointestinal and respiratory categories contributed over 60% of total revenue [2]. - The company’s health consumer products segment is undergoing restructuring, with a focus on high-end and functional products. However, this segment has seen a decline in revenue due to increased competition [6]. Cost Management - Sales expenses decreased by approximately 8.89% to 1.495 billion yuan, with a sales expense ratio of 33.7% [3]. - Management expenses remained stable at 229 million yuan, with a management expense ratio of 5.16% [3]. Strategic Initiatives - The company is enhancing R&D capabilities, with a 9.31% increase in R&D investment and a focus on building strategic partnerships with research institutions [8]. - A digital transformation strategy is being implemented to improve operational efficiency and enhance marketing capabilities [10]. - The company is committed to sustainable practices, aiming for carbon neutrality and increasing the use of green energy [9]. Future Outlook - For 2025, the company aims to achieve double-digit growth in both revenue and profit, focusing on strengthening core competitiveness and optimizing business operations [11]. - The company plans to accelerate investment and acquisition opportunities to enhance external growth capabilities [11]. Additional Insights - The company maintains a robust dividend policy, with a cumulative cash dividend payout exceeding 60% since its listing [3]. - The health consumer products segment is adopting a strategic model to enhance brand positioning and operational capabilities [6]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, industry challenges, strategic initiatives, and future outlook.

证券研究报告 | 行业动态点评 2025 年 04 月 11 日 食品饮料 政策明确健康消费方向，推荐食品和中药四大主线 事件：4 月 9 日，商务部、国家卫生健康委等 12 部门联合印发《促进健康 消费专项行动方案》，明确了促进健康消费发展的具体行动举措。 布局大健康产业升级，重点推荐四大核心赛道。《促进健康消费专项行动方 案》围绕健康饮食、健身运动、养老服务、新型健康服务业态等领域，从供 给侧改革、消费场景扩容、服务能力提升、智能制造等方面提出重点举措。 我们推荐重点关注四大核心赛道： （1） 功能食品与精准营养 保健食品：《方案》提到要完善保健食品事前审评和事后评价机制，畅通保 健食品新功能及产品审查注册，引导零售药店拓展健康促进、营养保健等功 能。根据沙利文，2023 年中国保健食品市场规模为 3282 亿元，5 年复合增 长率高达 10.18%。随着公众健康意识的提升和人口老龄化趋势的加剧，保 健品市场规模有望持续增长。我们重点推荐消费复苏传导较快的保健品代工 企业——百合股份，公司拥有近 20 年在保健食品行业的深厚积淀与经验， 能够及时根据市场和终端需求调整产品结构，产品和剂型的创新能力较强， ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the A-share market and various sectors within the Chinese economy, including pharmaceuticals, real estate, and technology. Core Points and Arguments 1. **April as a Critical Month for A-shares**: April is highlighted as a month where the A-share market focuses on fundamental performance, suggesting that investors should look for opportunities based on economic indicators and sector performance [12][18][14]. 2. **Market Trends and Economic Indicators**: The manufacturing PMI for March is reported at 50.5%, indicating a slight increase, which suggests ongoing economic recovery. However, there are concerns about the breadth of this recovery across different sectors [14][56]. 3. **Sector Performance Expectations**: - High growth is expected in sectors such as consumer services, midstream manufacturing, and specific industries like non-ferrous metals, automotive, electronics, and agriculture [13]. - Areas with price increases (e.g., industrial metals, certain chemicals) and improved sales (e.g., construction machinery, medical devices) are anticipated to perform well [13]. 4. **Impact of Policy on Economic Recovery**: The recovery is largely attributed to supportive government policies, including consumption incentives and fiscal measures. Investors are advised to be patient as the effects of these policies unfold [14][15]. 5. **Pharmaceutical Sector Growth**: The innovative pharmaceutical companies are accelerating their international expansion, with licensing deals becoming a mainstream model for rapid capital recovery and clinical trial advancement [26]. 6. **Real Estate Sector Recovery**: Signs of stabilization in real estate sales are noted, with property stocks expected to benefit from high cash flow and dividend yields, indicating a potential investment opportunity [26]. 7. **Investment Strategies for April**: Investors are encouraged to focus on sectors that show resilience and potential for improvement in earnings, particularly those benefiting from recent policy changes [14][15]. Other Important but Possibly Overlooked Content 1. **Global Economic Uncertainty**: The call mentions increasing global economic and political uncertainties, which could impact market sentiment and foreign investment flows into A-shares [12][19]. 2. **Increased New A-share Accounts**: There has been a significant increase in new A-share accounts, with March 2025 seeing 3.07 million new accounts, reflecting growing investor interest [58]. 3. **Potential Risks from U.S. Tariff Policies**: The U.S. has announced new tariffs, which could lead to retaliatory measures from other countries, adding to market uncertainties [54][59]. 4. **Long-term Gold Market Trends**: The discussion touches on the ongoing bull market for gold, driven by central bank purchases and geopolitical tensions, which may influence investment strategies [62][69]. This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and potential investment opportunities.

Overview - The women's health supplement market in China is projected to reach a market size of 268.28 billion yuan in 2024, driven by increased health awareness and disposable income among women [1][10] - The market is segmented into various categories, with nutritional supplements accounting for approximately 30.5%, beauty and skincare products for 22.2%, and weight loss supplements for 21.2% [1][10] Market Policies - Recent policies such as the "Quality Strong Country Construction Outline" and "Measures to Restore and Expand Consumption" have been implemented to improve market order and support the women's health supplement industry [3][4] Industry Chain - The upstream of the women's health supplement industry includes suppliers of raw materials like herbal medicine, biological agents, and plant extracts, which significantly impact production costs [6] - The downstream consists of various sales channels including pharmacies, supermarkets, specialty stores, and e-commerce platforms [6] Consumer Demographics - In 2024, the female population in China is estimated to be 689.19 million, representing 48.94% of the total population, providing a solid consumer base for the women's health supplement industry [8] Competitive Landscape - The industry features numerous participants, including domestic companies like汤臣倍健 (Tongrentang) and东阿阿胶 (Dong'e Ejiao), as well as international brands like Swisse and Amway [12][14] - Tongrentang has established itself as a leader with a diverse product line and strong nutritional research capabilities, while Dong'e Ejiao focuses on traditional products catering to specific demographic needs [12][14][16] Industry Trends - Future demand for women's health supplements is expected to shift from single-function products to multi-dimensional solutions, focusing on immune support, weight management, and beauty [18] - There is a growing preference for natural ingredients and products that combine traditional Chinese health elements with modern formulations [18]

Industry Overview - Chinese herbal medicine is a unique drug used in traditional Chinese medicine for disease prevention and treatment, encompassing both herbal medicine and traditional Chinese drugs [1][5] - The market size of Chinese herbal medicine planting in China is projected to grow from 156.3 billion yuan in 2019 to 295.68 billion yuan in 2024, with a year-on-year growth rate of 30.2% [9] - The planting area for Chinese herbal medicine has increased from 52.5 million mu in 2019 to 59.56 million mu in 2024, reflecting a year-on-year growth rate of 5.87% [5][9] Industry Chain - The upstream of the industry chain includes the planting of Chinese herbal medicine, breeding of medicinal animals, and collection of raw materials, with key players such as Baiyunshan, Kangmei Pharmaceutical, and Yunnan Baiyao [2] - The midstream involves the processing and manufacturing of Chinese herbal products, including traditional Chinese medicine and herbal pieces, with companies like Kangmei Pharmaceutical and Huaren Sanjiu leading this segment [2] - The downstream focuses on the distribution and sales of Chinese herbal products through traditional pharmacies and e-commerce platforms [2] Market Dynamics - The demand for Chinese herbal medicine is increasing due to factors such as industrialization, urbanization, and an aging population, alongside supportive government policies [9] - The recognition of traditional Chinese medicine in international markets is also on the rise, contributing to the industry's rapid growth [9] Competitive Landscape - The competitive landscape of the Chinese herbal medicine planting industry is tiered based on registered capital, with the first tier exceeding 1 billion yuan, including companies like Yunnan Baiyao and Kunming Pharmaceutical [11][13] - The second tier has registered capital between 500 million to 1 billion yuan, featuring companies like Yibai Pharmaceutical and Dong'e Ejiao [11][13] - The third tier consists of companies with registered capital below 500 million yuan, such as Foci Pharmaceutical and Zhendong Pharmaceutical [11][13] Development Trends - The establishment of geographical indication and ecological planting models is accelerating the construction of authentic medicinal material protection zones [17] - The standardization of seeds and seedlings is expected to overcome industry bottlenecks, with significant improvements in the coverage of quality seeds [17] - International certifications such as EU organic certification and US NOP standards are becoming essential for export enterprises, enhancing the competitiveness of Chinese herbal products in global markets [18]

Market Performance - The Shanghai Composite Index rose by 0.15%, while the ChiNext Index increased by 0.24%. The STAR Market 50 Index and STAR Market 100 Index performed well, with increases of 1.12% and 1.14% respectively [4][5] - The healthcare, food and beverage, basic chemicals, banking, and electronics sectors showed positive performance, with returns of 1.88%, 0.84%, 0.72%, 0.46%, and 0.36% respectively. In contrast, the non-ferrous metals, comprehensive, steel, machinery, and construction sectors experienced declines [5][7] Market Sentiment - At the market close, there were 53 stocks hitting the upper limit and 30 stocks hitting the lower limit. Stocks that were limit-up yesterday showed weak performance today, with a closing return of -0.90%. Stocks that were limit-down yesterday had a closing return of -3.86% [9][12] - The sealing rate was 61%, down 15% from the previous day, and the consecutive sealing rate was 13%, down 11% from the previous day, marking a new low for the past month [14] Market Capital Flow - As of March 26, 2025, the margin trading balance was 1.9297 trillion yuan, with a financing balance of 1.9184 trillion yuan and a securities lending balance of 11 billion yuan. The margin trading balance accounted for 2.4% of the circulating market value [18][20] Premium and Discount - On March 26, 2025, the ETF with the highest premium was the Xinchang 50 ETF, with a premium of 0.77%. The ETF with the highest discount was the Penghua STAR Market Comprehensive Index ETF, with a discount of 0.39% [22][23] - The average discount rate for block trades over the past six months was 5.37%, with a discount rate of 10.33% on March 26, 2025, marking a new low for the past six months [26] Institutional Attention and Rankings - The stocks with the most institutional research in the past week included Huida Technology, Xindong Link, and Tangchen Beijian, with Huida Technology being researched by 126 institutions [32] - The stocks with the highest net inflow from institutional special seats on March 27, 2025, included C Huayuan, Hongbaoli, and Lixing Shares. Conversely, the stocks with the highest net outflow included Xinlai Yingcai and Sanwei Communication [35][38]

Market Overview - The A-share market maintained a volatile trend on March 26, with the Shanghai Composite Index closing at 3368.7 points, down 0.04%, the Shenzhen Component Index at 10643.82 points, down 0.05%, and the ChiNext Index at 2139.9 points, down 0.26% [1] - The total trading volume of both markets was 11543.05 billion, a decrease of 1039.64 billion compared to the previous trading day [1] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was nearly 10 billion, with a net outflow of 96.65 billion for the day [2][4] - The net outflow for the CSI 300 was 29.5 billion, while the ChiNext saw a net outflow of 34.74 billion [4] Recent Capital Flow Trends - Over the last five trading days, the main funds have consistently shown a net outflow trend, with the highest outflow recorded on March 21 at 832.70 billion [3][5] - The net inflow and outflow data for various sectors indicate a significant trend, with the automotive sector seeing a net inflow of 29.60 billion, while the computer sector experienced a net outflow of 39.10 billion [7] Sector Performance - The automotive industry had a positive performance with a 1.80% increase and a net inflow of 29.60 billion, led by Jianghuai Automobile [7] - Other sectors with net inflows included agriculture, forestry, animal husbandry, and fishery (23.34 billion), and electric power equipment (21.11 billion) [7] - Conversely, the computer sector saw a decline of 0.41% with a net outflow of 39.10 billion, followed by non-ferrous metals and banking sectors with outflows of 25.85 billion and 25.49 billion, respectively [7] Institutional Investment - The top stocks with significant institutional net purchases included Huachen Equipment (7103.78 million), Sanwei Communication (6119.19 million), and Foshan Lighting (4384.09 million) [10] - Institutions have shown interest in stocks like Guoyao Co. with a target price of 41.76, indicating a potential upside of 38.51% from the latest closing price [12]