Group 1 - China Resources Pharmaceutical (03320.HK) announced the establishment of a joint venture fund named China Resources Pharmaceutical (Chengdu) Innovation Investment Fund Partnership (Limited Partnership) with a proposed scale of RMB 1 billion and a total duration of seven years [1] - The group's proposed capital contribution will be approximately RMB 245 million, accounting for about 24.5% of the total fund capital [1] - The fund is expected to primarily engage in equity investment, venture capital, and investment management activities, focusing on the pharmaceutical and health industry as well as strategic emerging sectors [1] Group 2 - The fund will target investments in areas such as chemical innovative drugs, biological drugs (including vaccines), high-end medical devices (including IVD), traditional Chinese medicine supplements, and synthetic biology, among other strategic emerging fields [1] - The company believes it can leverage the fund's professional investment team resources to effectively control risks associated with mergers and acquisitions and innovation projects, ensuring the quality of target companies and accelerating strategic mergers and acquisitions in the pharmaceutical industry [2] - This strategy aims to enhance the company's long-term sustainable development capabilities within the pharmaceutical sector [2]

本次交易构成与关联方及专业投资机构共同投资，不构成《上市公司重大资 产重组管理办法》规定的重大资产重组。 交易实施尚需履行的审批及其他相关程序：本次交易无需提交股东大会审议， 无需经过有关部门批准。 过去 12 个月内，除日常关联交易外，公司与东阿阿胶股份有限公司（以下 简称"东阿阿胶"）全资子公司东阿阿胶医药贸易有限公司投资签订合资经营协议， 共同参与设立华润（甘肃）中药科技有限公司，其中东阿阿胶医药贸易有限公司持 股占比 39%，本公司出资 500 万元，持股占比 10%。东阿阿胶为公司关联方，前述交 易属于《上海证券交易所股票上市规则》规定的公司在连续 12 个月内发生的与同一 关联人进行的交易。 风险提示： 1 证券代码：600750 证券简称：江中药业 公告编号：2025-037 江中药业股份有限公司 关于参与设立华润医药产业投资基金二期 暨关联交易的公告 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。 重要内容提示： 交易简要内容：江中药业股份有限公司（以下简称"江中药业""公司"或 "本公司"）拟与普通合伙 ...

表决情况：3 票同意，0 票反对，0 票弃权。通过本议案。 监事会认为，公司本次以自有资金参与设立华润医药产业投资基金二期暨 关联交易事项符合公司战略发展规划，不会对公司财务及经营状况产生重大不 利影响。本次关联交易的审议及决策程序合法合规，不存在损害公司及股东、 特别是中小股东利益的情形。监事会同意公司参与设立华润医药产业投资基金 二期暨关联交易的事项。 特此公告。 证券代码：600750 证券简称：江中药业 公告编号：2025-036 江中药业股份有限公司 第十届监事会第六次会议决议公告 本公司监事会及全体监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"）第十届监事会第六次会议于 2025 年 7 月 16 日在公司会议室以现场结合视频方式召开，会议通知于 2025 年 7 月 11 日以书面形式发出，应参会监事 3 人，实到 3 人。会议召集召开符合 《公司法》和《公司章程》的有关规定。 会议由监事会主席周娇女士主持，经与会监事认真讨论，审议通过以下议 案： 一、关于参与设立华润医药产业投资基金 ...

Core Viewpoint - Beijing Chuyuan Dairy Technology Co., Ltd. was fined 100,000 yuan for misleading labeling of its "Niumaijia High Calcium Milk Compound Protein Drink," which falsely advertised itself as high calcium milk despite being a plant-based protein drink with over 50% plant protein content [1][6]. Group 1: Administrative Penalty - The product in question was labeled as "High Calcium Milk Compound Protein Drink," but it does not meet the standards for milk products, which require a minimum of 80% milk content [5][6]. - The company has acknowledged the penalty and stated that the product has been removed from the market and corrective actions have been taken, but it disputes the penalty and has filed a lawsuit [2][7]. Group 2: Product Details - The drink is classified as a "compound protein drink (low sugar)" with ingredients including water, soybean paste, full-fat milk powder, and calcium carbonate, but lacks sufficient milk content to be classified as milk [3][5]. - The packaging prominently features "High Calcium Milk," which misleads consumers regarding the product's true nature [4][5]. Group 3: Trademark Issues - Beijing Chuyuan Dairy has faced multiple trademark disputes, with several of its registered trademarks being declared invalid or not registered due to similarities with existing trademarks [9][11]. - The company has a history of registering names that closely resemble well-known brands, raising concerns about potential trademark infringement and market confusion [15][16]. Group 4: Company Background - Established in 2016, Beijing Chuyuan Dairy has undergone significant changes in registered capital, reducing from 9.8 million yuan to 1 million yuan over the years [8]. - The company's shareholders have been linked to multiple companies with names similar to established brands, indicating a pattern of "brand squatting" [15][16].

Group 1 - Credit is the cornerstone of the consumer market and an invisible engine for consumption enhancement, with Nanchang's Business Bureau promoting a credit system to foster a trustworthy business environment and boost consumer confidence [1] - The initiative aims to cultivate honest and trustworthy brand enterprises, accelerating the development of consumer brands and enhancing the consumption of high-end dining establishments, with three restaurants recognized in the "Black Pearl Restaurant Guide" [2] - By mid-2025, over 50 new brand stores are expected to be introduced, contributing to a vibrant economic atmosphere and improved shopping experiences [2] Group 2 - The integration of credit with consumer scenarios is being actively promoted, with commercial complexes like Nanchang Tianhong and T16 Shopping Center expanding credit application scenarios to stimulate consumption [4] - Nanchang Tianhong has implemented a "Credit + Consumption" program, allowing consumers to use credit points for benefits such as free parking and shopping discounts, distributing 530 million credit points from January to May 2025 [4] - This program enhances public perception of credit construction and creates a favorable environment for consumption [4] Group 3 - The initiative encourages trade enterprises to leverage credit to stimulate consumption and economic growth, focusing on enhancing core business districts and commercial streets in Nanchang [7] - Nanchang Baisheng Shopping Center exemplifies integrity in operations, ensuring consumer safety and transparency in pricing, while participating in local integrity-building activities [7] - The goal is to create a vibrant city image that appeals to both locals and visitors, promoting a trustworthy consumption environment [7]

Core Insights - The report indicates that over 150 million people in China suffer from liver-related issues such as fatty liver and hepatitis, with 80% of early liver damage showing no obvious symptoms [1][2][5] - The rising awareness of health management has led to a diversified demand for health products, particularly liver health products, which are gaining traction among younger consumers [1][2][4] - The liver health market in China is projected to exceed 80 billion yuan this year, positioning it as a star segment within the broader health market [5] Market Trends - The liver health product market has been experiencing rapid growth since 2012, driven by core demands such as metabolism promotion, dietary regulation, and improvement of physical and mental states [4][6] - The demographic of liver health product consumers is shifting, with 35% of consumers in 2023 aged between 26 and 35, making this age group the largest and fastest-growing segment [4][6] Product Offerings - Various forms of liver health products are emerging, including liver tea, liver protection tablets, liver capsules, and health-enhanced gummies, catering to different age groups and health conditions [6] - Natural ingredient-rich liver health products are particularly favored by consumers [4] Sales Channels - Traditional direct sales are declining, with pharmacies, shopping malls, and online platforms becoming the primary purchasing channels, especially e-commerce, which is expected to continue growing due to the younger generation's health consciousness [6][7] - Local brands are achieving significant sales, with some health products surpassing 500 million yuan in annual sales [7]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The bone health probiotics market is experiencing rapid growth, with the market size increasing from 9.188 billion to 14.883 billion from 2018 to 2023, reflecting a compound annual growth rate (CAGR) of 10.13% [8] - The demand for bone health probiotics is driven by an aging population and increasing health awareness, particularly among middle-aged and elderly consumers [4][11] - The report highlights the significant role of probiotics in improving bone metabolism, promoting bone integration, increasing bone density, and reducing periodontal disease [4][5] Market Background - The probiotics market has gained popularity due to increased consumer health awareness and the convenience of probiotic foods [4] - Research indicates that probiotics can significantly improve bone health, making bone health probiotics a popular niche within the broader probiotics category [4] - China has surpassed the US in the number of probiotic-related patent applications, indicating strong domestic research and development momentum [4][10] Market Status - The market size for bone health probiotics in China is projected to grow from 15.858 billion to 20.004 billion from 2024 to 2028, with an expected CAGR of 5.98% [8] - The elderly population in China, which is projected to reach 20.1% by 2023, is a significant consumer group for bone health probiotics [11][32] Market Competition - The report identifies ten leading brands in the bone health probiotics market, including汤臣倍健, 伊利, 同仁堂, and 云南白药, among others [12][17] - The competitive landscape is characterized by a focus on technological innovation, product differentiation, and strategic marketing [12][13][14] - The first-tier companies dominate the market, while second-tier companies are also gaining traction [17] Development Trends - The report notes a trend towards increased domestic research and development of probiotic strains to reduce reliance on overseas sources [30] - The rising proportion of the elderly population is expected to further drive demand for bone health products [32]

Core Viewpoint - Jiangzhong Pharmaceutical Co., Ltd. announced a cash dividend of 0.7 yuan per share, totaling approximately 444.5 million yuan, to be distributed to shareholders on June 20, 2025 [1][5]. Dividend Distribution Plan - The cash dividend distribution is based on a total share capital of 634,996,022 shares, with a total cash dividend payout of 444,497,215.4 yuan [1]. - The key dates for the dividend distribution are as follows: - Record date: June 19, 2025 - Ex-dividend date: June 20, 2025 - Cash dividend payment date: June 20, 2025 [1]. Taxation on Dividends - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax [3][4]. - For shares held between one month and one year, a tax of 0.07 yuan per share will be deducted, while shares held for one month or less will incur a tax of 0.14 yuan per share [4]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.63 yuan per share [4][5]. Contact Information - For inquiries regarding the dividend distribution plan, shareholders can contact the company's investment securities department at 0791-88169323 [5].

证券代码：600750 证券简称：江中药业 公告编号：2025-035 江中药业股份有限公司 2024年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： 3. 分配方案： 本次利润分配以方案实施前的公司总股本634,996,022股为基数，每股派发现 金红利0.7元（含税），共计派发现金红利444,497,215.4元。 三、相关日期 每股分配比例 A 股每股现金红利0.7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 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 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 5 月 16 日的2024年年度股东大会审议通过。 二、分配方案 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 ...

Core Points - The company has completed the initial grant registration of its second phase restricted stock incentive plan, granting 6,128,000 shares at a price of 13.70 yuan per share to 165 eligible participants [1][2][5] - The plan's effective period lasts up to 120 months, with a lock-up period of 24, 36, and 48 months for the granted shares [7][8] - The total subscription amount received from the participants is 83,953,600 yuan, which will be used to supplement the company's working capital [15][17] Grant Details - The initial grant date was set for May 16, 2025, with the actual number of shares granted adjusted to 6,128,000 due to three participants voluntarily giving up their shares [2][5] - The stock source is from the company's directed issuance of A-share common stock [3] - The registration of the granted shares was completed on June 6, 2025 [15] Lock-up and Release Conditions - The lock-up period for the granted shares is divided into three phases, with restrictions on transfer, collateral use, or debt repayment during this time [8] - The release of the shares is contingent upon meeting specific performance conditions at both the company and individual levels over the assessment period from 2025 to 2027 [12][14] Financial Impact - The company will recognize the cost of the stock grants based on the fair value determined at the grant date, impacting its financial statements [16][17] - The total share capital will increase by 6,128,000 shares, leading to a dilution of the controlling shareholder's stake from 43.25% to 42.84% without affecting control [15][17]