Core Viewpoint - Jiangzhong Pharmaceutical (600750.SH) plans to acquire 70% of Anhui Jingcheng Huyao Pharmaceutical Co., Ltd. for 70.78393 million yuan, aiming to enhance its product matrix in the traditional Chinese medicine sector [1][2]. Financial Summary - Jingcheng Huyao's net assets are 41.9824 million yuan, with an assessed value of 101.1199 million yuan, resulting in an appraisal appreciation rate of 140.86% [2][3]. - In 2024, Jingcheng Huyao reported revenue of 64.0429 million yuan and a net profit of 6.47825 million yuan, with total equity at 38.5961 million yuan [2]. - For the first half of 2025, Jingcheng Huyao's revenue was 27.3895 million yuan, with a net profit of 2.8072 million yuan [3]. Acquisition Context - The acquisition is part of Jiangzhong Pharmaceutical's strategy to integrate traditional Chinese medicine products and expand its offerings [2]. - The transfer of Jingcheng Huyao's 70% stake was completed on September 29, 2025, following a public bidding process [2][4]. Operational Insights - Jingcheng Huyao has signed exclusive national market agency agreements for four products, ensuring a stable revenue stream [4]. - The company has faced financial difficulties, including a bankruptcy restructuring in 2024, which was not disclosed in Jiangzhong Pharmaceutical's announcement [6][8]. Strategic Direction - Jiangzhong Pharmaceutical emphasizes a dual strategy of "internal development and external mergers" to enhance its operational efficiency and product range [9]. - The company is also optimizing its asset portfolio by planning to divest stakes in its subsidiaries, including a complete transfer of its holdings in Sanghai Pharmaceutical and Jisheng Pharmaceutical [10].

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-8月，江西省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为19367 个，和上年同期相比，增加了572个，同比增长3.04%，占全国的比重为3.71%。 2016-2025年1-8月江西省工业企业数统计图 数据来源：国家统计局，智研咨询整理 上市公司：江西铜业（600362），安源煤业（600397），九丰能源（605090），中国稀土（000831）， 仁和药业（000650），富祥药业（300497），同和药业（300636），江中药业（600750），煌上煌 （002695），甘源食品（002991），阳光乳业（001318），百胜智能（301083），南矿集团 （001360），江铃汽车（000550） 相关报告：智 ...

Core Viewpoint - A total of 19 A-shares are undergoing equity registration today, with notable dividend distributions from Fuyao Glass, Jiangzhong Pharmaceutical, and Zhongji Xuchuang [1] Group 1: Dividend Distribution - Fuyao Glass is distributing a dividend of 9.00 CNY per 10 shares [1] - Jiangzhong Pharmaceutical is distributing a dividend of 5.00 CNY per 10 shares [1] - Zhongji Xuchuang is distributing a dividend of 4.00 CNY per 10 shares [1]

Core Insights - The article discusses the evolution of food consumption on trains in China, highlighting the shift from traditional snacks like instant noodles to more diverse and experiential food options that cater to modern consumer preferences [4][6][9]. Group 1: Historical Context - In 1999, the introduction of the "Golden Week" holiday led to a surge in domestic travel, with 28 million trips taken that year, generating 14.1 billion yuan in tourism revenue [5]. - By 2024, domestic travel during the National Day holiday reached 765 million trips, with total spending hitting 700.8 billion yuan [5][6]. - The transition from traditional green trains to high-speed trains has significantly reduced travel times, enhancing the travel experience [6]. Group 2: Changing Consumer Preferences - Consumers are increasingly seeking food and beverages that offer aesthetic appeal and emotional satisfaction during travel, moving beyond mere sustenance [6][9]. - New food items like specialty milk teas and creative snacks are becoming popular, reflecting a shift towards experiential consumption [7][9]. Group 3: Evolution of Train Food - Instant noodles, particularly brands like Kang Shifu, became iconic in train dining due to their convenience and affordability, with Kang Shifu's beef noodles launched in 1992 [12][14]. - The introduction of various snacks, including spicy chicken feet and ready-to-drink congee, has diversified the food options available on trains [18][20]. - The development of packaging technologies, such as modified atmosphere packaging, has improved the freshness and convenience of ready-to-eat foods like marinated meats [27][28]. Group 4: Regional and Cultural Influences - The rise of regional specialty foods on trains reflects a growing consumer desire for local experiences, with products like beef jerky and traditional snacks gaining popularity [42][47]. - The introduction of themed creative ice creams on trains showcases the blending of cultural elements with food offerings, enhancing the travel experience [38][39].

Summary of Key Points from the Conference Call Industry Overview - The current consumer market is expected to recover gradually, with many companies entering a bottoming phase. The liquor industry is projected to see a turning point by Q1 2026, while health foods, dairy products, and small-cap companies present significant investment opportunities [17][19] Core Insights and Arguments - **Food and Consumer Stocks**: Anticipated decline in holdings for food and consumer stocks to historical lows in Q3 2025, with active holdings expected to be very low. This trend may continue for several quarters, eventually forming a bottom [3] - **Investment Opportunities in Food Stocks**: Significant investment opportunities are expected in food stocks next year, with valuations potentially dropping below 15 times earnings and price-to-sales ratios between 1 to 3 times, especially for companies with stable revenues and strong market shares [5][12] - **Liquor and Traditional Consumer Goods**: The liquor industry may have recovery opportunities next year if Q4 reports show positive results. The traditional Chinese medicine sector, despite poor performance this year, has low valuations and strong pricing power, suggesting a faster recovery than other sectors [6][8] - **Health Food Sector**: The health food sector has performed well this year, with companies like Chengfang Bio, Baihe, Xianle, and Jindawei showing promise. The integration of pet-related businesses may further enhance growth opportunities [9][11] Noteworthy Companies and Valuations - **Yili Co., Ltd.**: Valuation is attractive, with expected price-to-sales ratios dropping to 1.5-1.7 times next year. The company has a strong cash reserve of over 50 billion to 60 billion, indicating potential for value creation during bull markets [12] - **Vitasoy International**: Notable for its low price-to-sales ratio of only 2 times and strong cash position, with revenue recovering to 5-6 billion. The company is expected to enhance profitability through management optimization [10] - **Small-Cap Companies**: Companies like Xingye Technology and Tiantie are highlighted for their governance improvements and strong technological capabilities, indicating potential for significant growth [15][16] Challenges and Market Dynamics - **Traditional Consumer Goods**: The traditional consumer sector, including liquor and Chinese medicine, faces challenges due to insufficient product innovation and economic volatility. Many companies are postponing new product launches until 2026 [2][7] - **Market Sentiment**: There is growing concern in the market regarding the performance of traditional consumer goods, particularly with the decline in prices for premium liquor brands like Moutai [2][7] Future Outlook - **Policy Support for Traditional Medicine**: The Chinese medicine sector may improve with policy support and increased capital involvement. Companies with strong cash reserves and high dividend payouts are expected to perform better [8][14] - **Investment Strategy**: The focus will remain on increasing the proportion of small-cap stocks and closely monitoring developments in food, Chinese medicine, non-alcoholic beverages, and liquor sectors [20]

Core Points - Jiangzhong Pharmaceutical Co., Ltd. announced a cash dividend of 0.5 yuan per share for the first half of 2025, approved at the temporary shareholders' meeting on September 8, 2025 [1][3]. Distribution Plan - The total cash dividend distribution amounts to 317,498,011 yuan based on a total share capital of 634,996,022 shares [3]. - The distribution is applicable to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [2]. Implementation Details - The cash dividends will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, with shareholders who have designated trading able to receive their dividends on the payment date [4]. - For shareholders who have not designated trading, the dividends will be held by China Securities Depository and Clearing Corporation Limited until they complete the designation [4]. Taxation Information - Individual shareholders holding shares for over one year are exempt from personal income tax on dividends, while those holding for less than one year will have tax deducted upon transfer of shares [7][8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.45 yuan per share [9]. Recent Board Decisions - The board approved the acquisition of 70% of Jingcheng Huyao's shares for no more than 70.78393 million yuan to enhance the company's OTC product matrix [13]. - The board also approved the initiation of the second phase of the Smart Decoction Center project with an estimated investment of 11.15 million yuan to expand production capacity [14]. - A decision was made to reduce investment in Sanghai Pharmaceutical by transferring 51.0044% of its shares, with a capital reduction of 39 million yuan [15]. - The board agreed to adjust the disposal plan for the Sangji Project Company, opting for an absorption merger instead of a public transfer [17].

Core Points - Jiangzhong Pharmaceutical Co., Ltd. held its 8th meeting of the 10th Board of Directors on September 25, 2025, where several key resolutions were passed [1] Group 1: Acquisition and Investment - The company approved the acquisition of 70% equity in Jingcheng Huyao for a maximum price of 70.78393 million yuan, aiming to enhance its OTC product matrix in traditional Chinese medicine [2] - The company plans to reduce its investment in Sanghai Pharmaceutical by decreasing its registered capital by 39 million yuan, maintaining its shareholding ratio [4] - The company will adjust the disposal plan for its subsidiary, Jisheng Pharmaceutical, by merging it with the Sangji Project Company instead of transferring its equity [6] Group 2: Project Development - Jiangzhong Pharmaceutical's subsidiary, Jiangzhong Decoction Pieces Co., Ltd., will initiate the second phase of the Smart Decoction Center project with an estimated investment of 11.15 million yuan [3] Group 3: Dividend Distribution - The company announced a cash dividend of 0.5 yuan per share for the first half of 2025, totaling 317.498 million yuan based on a total share capital of 634,996,022 shares [9] - The dividend distribution plan was approved at the company's first extraordinary general meeting on September 8, 2025 [8]

证券日报网讯 9月26日晚间，江中药业发布公告称，2025年半年度权益分派方案为A股每股现金红利0.5 元（含税），股权登记日为2025年10月10日，除权（息）日为2025年10月13日。 （文章来源：证券日报） ...

A 股每股现金红利 0.5 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/10 | － | 2025/10/13 | 2025/10/13 | 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 证券代码：600750 证券简称：江中药业 公告编号：2025-050 江中药业股份有限公司 2025 年半年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 本次利润分配方案经江中药业股份有限公司（以下简称"公司"）2025 年 9 月 8 日的 2025 年第一次临时股东会审议通过。 二、分配方案 1.发放年度：2025 年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的 ...

Core Viewpoint - Jiangzhong Pharmaceutical (600750) announced the acquisition of 70% equity in Anhui Jingcheng Huyao Pharmaceutical Co., Ltd. for a price not exceeding 70.78393 million yuan, aiming to enhance its OTC product matrix with traditional Chinese medicine products [1] Group 1: Acquisition Details - The acquisition will allow Jiangzhong Pharmaceutical to supplement its product offerings in the traditional Chinese medicine sector, particularly in the health supplement category [1] - Anhui Jingcheng Huyao, established in November 2013 with a registered capital of 51 million yuan, focuses on the R&D, production, and sales of traditional Chinese medicine [1] - The core products of Jingcheng Huyao include Liuwei Dihuang Oral Liquid, Nao Li Jing Syrup, and Nao Li Jing Capsules [1] Group 2: Company Background - Jingcheng Huyao was previously known as Bengbu Traditional Chinese Medicine Factory, founded in 1968, and was fully acquired by Peitian Group in 2015 [1] - The company was listed on the Specialized and New Board of Anhui Stock Custody Center in October 2021 [1] Group 3: Operational Challenges - Peitian Group, the current owner of Jingcheng Huyao, has faced operational difficulties due to poor management, market changes, and heavy debt burdens, leading to a debt crisis in 2018 [3] - The company underwent a restructuring process initiated by the government and asset management companies to address its financial issues [3] - As part of the restructuring plan, the court approved a merger and restructuring plan for Peitian Group and its subsidiaries, including Jingcheng Huyao, in September 2024 [3]