在人才与传承体系上，公司着力搭建老中青相结合的传承人队伍，不仅培育了国家级非遗传承人、大国 工匠等多层次技术人才，更与国医大师合作共建传承创新工作室，确保中医文化和技艺的有效传承。在 此基础上，公司系统梳理中药药典和传统方剂，深化中药正源研究，为后续的守正创新奠定了坚实基 础。 中国上市公司协会联合中国基金报等媒体，开展"我在'十四五'这五年，上市公司在行动"主题宣传活 动。日前，记者走进重庆太极实业（600667）（集团）股份有限公司（以下简称太极集团（600129）或 公司，股票代码：600129.SH），多方位了解"十四五"期间太极集团在推动中医药产业高质量发展中的 创新与坚守。 关于"出新"，太极集团逐年加大研发投入。2025年上半年，公司研发投入1.37亿元，同比增长18.12%。 战略引领：锚定"世界一流的中药企业"愿景 "十四五"期间，太极集团提出"做世界一流的中药企业"的企业愿景，确立"关爱生命呵护健康"的企业理 念，心怀"国药泽华夏，太极济苍生"的企业使命。 "在战略方向上，公司聚焦'4+1'重点产品管线，加大中药大品种二次开发及中药创新药研发，并通过全 产业链数字化转型升级，不断提升现代中 ...

中药行业框架 长江证券研究所医药研究小组 2025-09-29 %% %% %% %% research.95579.com 1 分析师 彭英骐 分析师 张楠 SAC执业证书编号：S0490524030005 SAC执业证书编号：S0490524070006 SFC执业证书编号：BUZ392 分析师及联系人 • 证券研究报告 • 评级 看好 首次 %% %% %% %% research.95579.com 2 01 中药行业概览 02 中药政策分析 03 未来发展趋势 目 录 04 风险提示 %% research.95579.com 3 01 中药行业概览 1.1 中药定义、分类 1.2 中药发展历程 1.3 中药产业链拆分 %% %% %% %% research.95579.com 4 1.1 中药基于传统医药理论，产品主要分为5类 定义：中药是指以中国传统医药理论指导采集、炮制、制剂，说明作用机理，指导临床应用的药物；中药主要来源于天然药及其加 工品，包括植物药、动物药、矿物药及部分化学、生物制品类药物。 分类：产品分类方面，根据加工程度，中药产品主要包括 中药材、中药饮片、中药配方颗粒、中成药和中 ...

Core Insights - The consumption health industry is currently experiencing a short-term adjustment due to a complex economic environment and ongoing reforms in procurement and medical insurance payment methods, but the long-term growth logic remains solid [1][2] - The Chinese consumption health market is expected to continue expanding, with significant policy support and increasing consumer demand for OTC drugs and personal care products [1][3] Industry Overview - The Chinese life and health industry grew from 68.3 trillion yuan to 100.3 trillion yuan from 2018 to 2023, with projections to reach 160 trillion yuan by 2030, while the consumption health industry increased from approximately 660.3 billion yuan to about 931.4 billion yuan, with an average annual growth rate of 7% [2] - The adjustment in the Chinese medicine sector has led to increased performance disparities among companies, with leading firms benefiting from brand and channel advantages while smaller firms face profit declines [2][5] Policy and Demand Drivers - The government's emphasis on building a hierarchical medical system and promoting self-care is expected to stimulate market demand for OTC products [1][3] - Consumer health awareness is rising, driven by an aging population and the emergence of younger consumers, leading to increased spending on healthcare [3] Company Performance and Strategies - Leading companies like China Resources Sanjiu are demonstrating resilience during the industry adjustment, with reported revenue growth despite challenges [5][6] - China Resources Sanjiu's CHC (Consumer Health Care) business is a core strength that helps it navigate industry fluctuations, supported by a strong brand portfolio [6][8] Market Trends and Innovations - The integration of "Internet + healthcare" is driving digital sales channel upgrades, with online pharmacy sales reaching 66.3 billion yuan in 2023, reflecting a compound annual growth rate of 45.5% from 2018 to 2023 [3][7] - The industry is shifting towards a competitive landscape that emphasizes a combination of products and services, moving beyond simple product competition [5][8] Future Outlook - The industry is entering a deep reshuffling phase, with leading firms expected to maintain steady growth through brand barriers, channel advantages, and innovation [2][8] - China Resources Sanjiu is increasing its R&D investment, with a reported 68.99% year-on-year increase, and has numerous projects in the pipeline to support future growth [8][9]

Core Viewpoint - The development trajectory of Zhaoli Pharmaceutical during the "14th Five-Year Plan" reflects the company's integration into national strategies and industry trends, showcasing its growth from 300 million yuan in total assets in 2010 to nearly 4 billion yuan in 2024, and from 911 million yuan in revenue in 2019 to 2.578 billion yuan in 2024 [1][3] Group 1: Strategic Development - Zhaoli Pharmaceutical emphasizes the importance of focusing on "a category of demand" rather than just "a single drug," aligning with national policies to promote the innovation and development of traditional Chinese medicine [3][4] - The company has expanded its business model by acquiring companies and launching new products, such as the introduction of medicinal fungi and traditional Chinese medicine granules, to meet the growing demand for chronic disease management and health care [4][5] Group 2: Innovation and Technology - Zhaoli Pharmaceutical is addressing the challenge of innovation in traditional Chinese medicine by combining traditional advantages with modern technology, focusing on new drug development and core product enhancements [6][7] - The company has invested 910 million yuan in 2022 for the establishment of smart production bases and digital operation systems, significantly improving production efficiency and product quality through real-time monitoring and data-driven management [7][8] Group 3: Market Expansion and Consumer Focus - The company is pursuing a dual strategy of expanding into the OTC market and developing functional health foods, leveraging its brand advantages to penetrate both traditional and online sales channels [5][9] - Zhaoli Pharmaceutical's approach to digital transformation is seen as essential for survival in the industry, as it aims to provide standardized production and intelligent management to meet consumer demands for quality [8][9] Group 4: Shareholder Returns and Corporate Responsibility - Zhaoli Pharmaceutical has maintained a strong commitment to shareholder returns, with over 70% cash dividend payout in the past three years and a clear plan for future returns, emphasizing the importance of trust and transparency in corporate governance [9][10] - The company integrates social responsibility into its mission, focusing on health promotion and community support, aligning its operations with national health strategies and contributing to social welfare [11][12]

Core Viewpoint - The biopharmaceutical industry is a key sector in the new global technological revolution and competition, with Huangpu District in Guangzhou transforming from a "follower" to a "leader" in this field, showcasing China's robust capabilities in biopharmaceutical innovation [1][4]. Industry Overview - The biopharmaceutical industry in Huangpu has grown to a scale exceeding 240 billion yuan, with over 4,800 enterprises, and the traditional Chinese medicine (TCM) sector is projected to reach an industrial output value of 5.2 billion yuan by 2024 [3][4]. - Huangpu has a total of 1,243 TCM product approvals, accounting for 37% of the city and 11% of the province, indicating a strong foundation for innovation [4]. Development Initiatives - Huangpu has launched the "1369 Project" to promote the integration of TCM with modern medical practices and industry, aiming to create a model for TCM innovation and development [5][12]. - The district is focusing on the dual development of TCM and intelligent medical equipment, with significant government support for projects that enhance TCM's industrialization and modernization [5][10]. Talent and Education - Huangpu is implementing a "Pu Ju Ming TCM" initiative to attract renowned TCM practitioners and establish a mentorship system to cultivate a new generation of TCM professionals [12][13]. - The district is also fostering interdisciplinary talent that combines traditional medical knowledge with modern technological skills, essential for advancing TCM practices [13][14]. Technological Integration - The integration of artificial intelligence (AI) in TCM is being explored, with the development of intelligent diagnostic tools and treatment systems, which are expected to revolutionize the industry [10][11]. - Huangpu has established a collaborative framework for TCM research and development, focusing on the commercialization of traditional formulations and enhancing the efficiency of new drug development [6][9]. Market Trends - There is a growing demand for TCM services, with 40% of patients in Huangpu opting for TCM treatments, reflecting a robust and efficient service system [12][14]. - The district is actively working to improve the conversion efficiency of hospital-based formulations into marketable TCM products, leveraging local enterprises for innovation [9][14].

Core Insights - The 2025 China International Service Trade Fair featured the third Traditional Chinese Medicine (TCM) Conference organized by Beijing Tongrentang, focusing on "Intelligent TCM Leading Health, Innovative Services for the Future" [1] - The conference aimed to accelerate the integration of TCM with digital intelligence and to create a new blueprint for high-quality development in the TCM sector, contributing to global health governance [1][8] Group 1: Conference Highlights - The conference gathered over 1,300 TCM professionals and more than 50,000 online participants, showcasing the importance of TCM in health services [1] - Keynote speeches from prominent experts emphasized the need for TCM modernization while maintaining its core principles, discussing the opportunities and challenges presented by artificial intelligence [5][6] - A new key laboratory focusing on TCM theories for epidemic prevention and treatment was launched, aiming to enhance research and innovation in TCM [6] Group 2: Strategic Directions - The leadership from the National Administration of Traditional Chinese Medicine and other officials praised Beijing Tongrentang for its role in TCM innovation and its "three-in-one" treatment system [3] - The conference emphasized the importance of collaboration and shared development in TCM, aiming to create a comprehensive service network that integrates wisdom and culture [3][4] - The event featured a structured agenda with multiple forums covering various TCM specialties, promoting academic exchange and practical experience sharing [7] Group 3: Future Outlook - The successful hosting of the conference is seen as a new starting point for the TCM industry, focusing on innovation through tradition and aiming for greater contributions to public health and international TCM development [8]

Core Viewpoint - The 2025 Service Trade Fair in Beijing showcased Beijing Tongrentang Group's innovative approach to traditional Chinese medicine, emphasizing its commitment to cultural heritage, technological integration, and global expansion [1][19]. Classic Inheritance - Beijing Tongrentang highlighted its dedication to traditional practices through the "Classic Inheritance" section, showcasing its renowned products like An Gong Niu Huang Wan and various herbal medicines, emphasizing quality and historical significance [2][3]. - The company has revived two previously dormant products, Jie Yu Wan and An Shen Wan, after extensive research to meet public health needs [2]. Technological Empowerment - The establishment of a key laboratory for innovative research in traditional medicine demonstrates the company's commitment to integrating technology with traditional practices, aiming to enhance disease prevention and treatment [4][5]. - The "Smart Health Service Zone" introduced interactive experiences for consumers, allowing them to engage with traditional medicine in a modern context [4][5]. National Trend and Global Expansion - The launch of the "Yin Yang Su" toothpaste series reflects the company's strategy to merge traditional Chinese medicine with contemporary consumer trends, focusing on natural ingredients and health benefits [9][10]. - International collaborations were highlighted, including the licensing of An Gong Niu Huang Wan in Cambodia and a memorandum of understanding with Uruguay for traditional medicine cooperation, showcasing the global outreach of Chinese medicine [13][14]. Academic Leadership - The third Traditional Chinese Medicine Conference held during the fair served as a platform for academic exchange, featuring discussions on innovative research and traditional practices, reinforcing the company's role in advancing the industry [15][16]. Public Welfare Practices - The company implemented a dual online and offline health service model during the fair, promoting easy access to health products and personalized health management solutions [18][19]. - The "Weight Management Zone" provided tailored weight loss plans based on traditional Chinese medicine principles, demonstrating the company's commitment to public health [19].

Core Viewpoint - Tai Long Pharmaceutical demonstrates strong operational resilience in a complex environment, focusing on enhancing its core businesses and sustainable development capabilities, laying a solid foundation for long-term high-quality growth [1] Financial Performance - In the first half of 2025, Tai Long Pharmaceutical achieved operating revenue of 762 million yuan, with a total profit of 24.36 million yuan, representing a year-on-year increase of 11.94%, and a net profit attributable to shareholders of 19.35 million yuan [2] - The company's net assets reached 1.6 billion yuan, up 1.63% from the end of the previous year, while total assets grew by 2.56% to 3.579 billion yuan, indicating steady asset expansion [2] - Sales and management expenses decreased by 32.81% and 12.96% respectively, showcasing effective cost control that supports profit margins [2] - The gross profit margin of the traditional Chinese medicine segment increased by 2.18 percentage points, contributing to further net profit growth [2] Business Segments - Tai Long Pharmaceutical operates four core business segments: pharmaceutical formulations, traditional Chinese medicine pieces, pharmaceutical research services, and drug and material circulation, creating a comprehensive "R&D-production-circulation" advantage [3] - The pharmaceutical formulation segment, led by "Shuanghuanglian Oral Liquid," covers multiple therapeutic areas and has successfully participated in national procurement, enhancing competitive barriers [3] - The subsidiary Tongjun Tang has secured procurement supply in key regions and is actively expanding into the "Chinese medicine +" and "food-medicine homology" markets [3] - The subsidiary Beijing New Leading has made breakthroughs in high-end formulations and innovative drug R&D, adding numerous registration applications and production approvals [3] Growth Drivers - The drug and material circulation business saw a revenue increase of 113.87% year-on-year, with a gross profit margin improvement of 1.94 percentage points, becoming a new growth engine for the company [4] - The company emphasizes innovation and industry chain extension as core drivers for long-term development, with significant investments in high-value sectors such as biomedicine and medical devices [5] - Tai Long Pharmaceutical is well-positioned to benefit from structural opportunities in the industry due to its comprehensive industry chain layout, exclusive product advantages, and R&D service capabilities [5]

Core Viewpoint - The report highlights the financial performance of Shaanxi Kanghui Pharmaceutical Co., Ltd. for the first half of 2025, indicating a significant decline in revenue and net profit compared to the same period in the previous year, alongside ongoing challenges in the pharmaceutical industry [2][3]. Company Overview and Financial Indicators - Company Name: Shaanxi Kanghui Pharmaceutical Co., Ltd. [2] - Stock Code: 603139 [2] - Total Revenue: CNY 247.53 million, a decrease of 6.83% from CNY 265.67 million in the previous year [2][3]. - Total Profit: CNY -56.79 million, a decline of 474.73% from CNY -9.88 million [2][3]. - Net Profit Attributable to Shareholders: CNY -40.20 million, down 362.01% from CNY -8.70 million [2][3]. - Net Assets: CNY 817.16 million, a decrease of 4.68% from CNY 857.32 million [2][3]. - Total Assets: CNY 1.87 billion, a decrease of 1.14% from CNY 1.89 billion [2][3]. Industry and Main Business Situation - The pharmaceutical industry is a crucial pillar of China's economy, with a growing market size, making China one of the largest biopharmaceutical markets globally [3][4]. - The traditional Chinese medicine sector is emphasized in national policies, promoting the integration of traditional and modern medicine, which is expected to enhance the strategic position of the industry [4][5]. - The company primarily operates in the pharmaceutical manufacturing and distribution sectors, focusing on traditional Chinese medicine, chemical intermediates, and biological products [6][7]. Business Model and Sales Strategy - The company employs a production model based on sales forecasts, ensuring timely supply of materials and adherence to quality standards during production [8][9]. - Sales are organized through a combination of direct sales teams and distributor partnerships, covering a wide range of regions across China [9][10]. - The company has established a comprehensive marketing network, leveraging both traditional and online sales channels to enhance market reach [10][11]. Financial Performance Analysis - The company reported a significant loss primarily due to high depreciation and interest expenses from its subsidiaries, alongside a decline in market demand for its products [11][12]. - Sales expenses increased significantly, reflecting the company's efforts to adapt to market changes and enhance sales performance [11][12]. - The company is actively adjusting its operational strategies to maintain sales of core products while expanding its product offerings through partnerships and new market channels [12][13]. Competitive Advantages - The company has a diverse product portfolio with over 100 approved drug production licenses, focusing on unique formulations and patented products [14][15]. - The brand has been recognized as a leading trademark in China, enhancing its market presence and consumer trust [14][15]. - The company emphasizes technological innovation and quality control, with established research platforms to support product development and compliance with industry standards [15].

Core Viewpoint - Longshen Rongfa (300534) reported a net profit increase of 27.48% for the first half of 2025, despite a decline in total revenue by 8.21% compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 496 million yuan, down from 541 million yuan in 2024, representing an 8.21% decrease [1] - Net profit attributable to shareholders reached 27.96 million yuan, up from 21.93 million yuan in 2024, marking a 27.48% increase [1] - The gross profit margin decreased to 66.19%, down 13.38% year-on-year, while the net profit margin increased to 8.25%, up 18.99% [1] - Total operating expenses (selling, administrative, and financial) amounted to 248 million yuan, accounting for 50.05% of revenue, a decrease of 20.43% [1] - Earnings per share rose to 0.09 yuan, a 27.52% increase from 0.07 yuan in 2024 [1] Cash Flow and Debt - Operating cash flow per share was -0.21 yuan, a significant decrease of 129.82% year-on-year, attributed to reduced sales collections and increased payments related to operating activities [1][3] - The company’s monetary funds decreased by 39.05% to 215 million yuan, while accounts receivable increased by 27.52% to 235 million yuan [1] Business Model and Product Development - The company relies heavily on research and marketing to drive performance, with a historical return on invested capital (ROIC) of 5.51%, indicating average capital returns [3] - Longshen Rongfa is focused on the development of its main products, including the unique "Yuanhu Zhitong Dwan," which has been recognized for its efficacy in treating various types of pain [5][6] - The company is actively pursuing the second development of major products and enhancing its technological barriers through various research projects [6] Market Strategy and Future Outlook - The company is optimistic about the health sector and is expanding its product offerings in this area, including various health products [7] - It aims to leverage its advantages in the traditional Chinese medicine industry, supported by recent government policies promoting the sector [9] - The company plans to enhance its quality management system and increase R&D investments to develop more high-quality products [9]