【导读】 专访桂林三金副总裁李春：以非遗技艺铸品质，以创新战略启新程 见习记者 荧墨 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，记者在广西壮族自治区桂林市临桂区的桂林三金（002275.SZ）厂区内，与该公司副 总裁李春畅聊"十四五"期间桂林三金的创新与改变。 坚守惠民初心 "薄利多销"赢市场 李春向记者表示，桂林三金的风格及管理理念，是"赚取合理的利润"，将惠民初心融入产品 定价与市场运营中。 "非遗"技艺赋能 民族药焕发新光彩 "公司的拳头产品是三金西瓜霜，西瓜霜是味有200多年历史的古药。最早记载的古籍，是清 代乾隆年间名医顾世澄所著的《疡医大全》。"李春向记者介绍，桂林三金在传承传统制作技 艺的基础上，结合现代中医药理论加以改进，并持续创新，研制出具有三金特色的西瓜霜现 代炮制技艺。 这一非遗技艺的背后，是桂林三金对工艺细节的极致追求。李春表示，传统西瓜霜炮制依赖 人工操作，生产周期长且品质不稳定。而三金创制的新工艺不仅解决了传统工艺生产周期长 的问题，在国内外独家实现了西瓜霜的工业化生产，且新工艺生产的西瓜霜还具有纯度高、 效果好、周期 ...

【导读】专访桂林三金副总裁李春：以非遗技艺铸品质，以创新战略启新程 这一非遗技艺的背后，是桂林三金对工艺细节的极致追求。李春表示，传统西瓜霜炮制依赖人工操作，生产周期长且品质不稳定。而三金创制的新工艺不 仅解决了传统工艺生产周期长的问题，在国内外独家实现了西瓜霜的工业化生产，且新工艺生产的西瓜霜还具有纯度高、效果好、周期短、无"三废"污染 等特点，成为国内首个获国家发明保密专利的中药制药（炮制）技术。 2024年，"桂林三金西瓜霜制作技艺"成功入选桂林非遗名录。三金获评"中华老字号"，是对企业传承中医药文化的肯定，更让这一古老技艺在新时代焕发 出新的生命力。 "在民族药领域，桂林三金成果丰硕。"李春介绍道，公司的三金片、桂林西瓜霜含片、眩晕宁片、脑脉泰胶囊、蛤蚧定喘胶囊等22个产品被认定为首批广 西民族药，成为展现广西民族医药特色的重要名片。 "十四五"期间，桂林三金的两个相关科研项目分别获2022年度、2023年度广西科技进步奖二等奖，彰显了企业强劲的科研创新实力。 "桂林三金是国内深耕中医药OTC（非处方药）市场多年的品牌企业。在'十四五'期间，公司布局'一体两翼'战略，涵盖中药、化学药、大健康产品及生物 ...

Core Insights - The 2025 China International Service Trade Fair, themed "Digital Intelligence Leading the Way, Service Trade Renewed," focuses on health and wellness services, showcasing innovations in the medical and healthcare sectors [1][2] Group 1: Health and Wellness Innovations - The health service exhibition features advancements in artificial intelligence, digital healthcare applications, and medical service solutions, allowing attendees to experience the impact of technology on health management [3] - Notable innovations include a home medical-grade ECG monitoring device developed by a team from Fuwai Hospital and a groundbreaking electromagnetic-driven intramedullary nail created in collaboration with Tsinghua University [3][4] - The "Liver and Gallbladder Super Doctor Intelligent System" from Tsinghua Chang Gung Hospital provides specialized knowledge support for liver disease diagnosis and treatment, enhancing the capabilities of primary care physicians [4] Group 2: Integration of Traditional Chinese Medicine (TCM) and Technology - TCM institutions showcased the integration of traditional practices with modern technology, such as the "Guangyi·Qizhi Model 2.0" that enhances TCM diagnostic processes through AI [5] - Beijing Tongrentang presented a variety of health service experiences, including a smart medication service that offers tailored health solutions for different demographics [6][7] - The introduction of herbal toothpaste "Yin Yang Su" reflects TCM's adaptation to modern health needs, emphasizing natural ingredients for oral health [7] Group 3: Elderly Care Solutions - The aging population's needs are addressed through diverse and personalized elderly care solutions, such as the "Five-in-One" service system by Shoushan Fuhai, which integrates care, medical services, nutrition, housing, and support [8] - Xinyue Health introduced the "Home Elderly Care Kit" and "Ten Thousand Doctors" health service model, focusing on professional and precise home care solutions [8]

Group 1: Industry Development - The provincial government is focusing on developing county-level industries to enhance local economic growth, particularly in Sanmenxia City [3] - Le's Tongren Sanmenxia Pharmaceutical Co., Ltd. is highlighted as a high-tech enterprise integrating traditional Chinese medicine cultivation, research, production, and sales [3] - Emphasis is placed on leveraging local medicinal materials and promoting collaborative innovation in traditional Chinese medicine and modern science [3] Group 2: Environmental Protection - A recent provincial meeting addressed the need for enhanced ecological environment protection measures [4] - Liu Ning emphasized the importance of ecological restoration in mining areas as part of the political responsibility to implement Xi Jinping's ecological civilization thoughts [4] - The focus is on a systematic approach to pollution control, including source reduction, process control, and end treatment [4] Group 3: Cultural and Tourism Integration - The Daxian Pit Courtyard is recognized as a national intangible cultural heritage, with efforts to protect and develop it scientifically [6] - There is a call to integrate local customs and culture into tourism development, aiming to create a pillar industry from cultural tourism [6] - The government aims to promote rural revitalization through urban-rural integration and the development of a modern industrial system [6]

Group 1: Financial Performance - The company reported a revenue of 1.265 billion and a net profit attributable to shareholders of 144 million for the first half of 2025, indicating strong financial performance [1] - Operating cash flow net amount increased by 191.72% compared to the same period last year, reflecting improved profitability and operational efficiency [1] Group 2: Management Changes - The company underwent significant changes in its shareholding structure and management, with the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission becoming the new actual controller on January 10 [1] - In July, the company held its first extraordinary general meeting for 2025, electing Wang Lifeng as the new chairman and legal representative, marking a new development phase for the company [1] Group 3: Innovation in Drug Development - The company is advancing multiple innovative drug projects, notably YB209, a novel anticoagulant with high efficacy and low bleeding risk, which has completed Phase I clinical trials [2] - Another project, YB211, targeting drug-resistant bacterial infections, has entered Phase II clinical trials after completing necessary preclinical studies [2] Group 4: Stem Cell Research Progress - The company, through its subsidiary Beijing Meike, has made significant strides in stem cell treatments for ischemic stroke and autoimmune pulmonary alveolar proteinosis, completing patient enrollment for Phase IIa trials [3] - The company received approval for clinical trials of bone marrow mesenchymal stem cell injections for autism, expanding its application of stem cell technology [3] Group 5: Traditional Chinese Medicine Development - The company is actively responding to national calls for innovation in traditional Chinese medicine, increasing efforts in developing new Chinese patent medicines and conducting real-world studies on existing products [4] - The development of classic Chinese medicine formulas YB106 and YB107 is progressing as planned, with significant results from real-world studies on Xuexutong injection [4] - The company aims to transition from a traditional Chinese medicine manufacturer to a modern biopharmaceutical solution provider, supported by the new actual controller [4]

Group 1 - The core viewpoint of the news is that Jiuzhitang Co., Ltd. has shown significant financial growth and advancements in its research and development projects during the first half of 2025, following a change in its controlling shareholder and leadership [1][2][3] - Jiuzhitang reported a revenue of 1.265 billion yuan and a net profit attributable to shareholders of 144 million yuan, with operating cash flow increasing by 191.72% compared to the same period last year [1] - The company has made progress in its organizational structure optimization, marketing reforms, and accelerated innovation in R&D, particularly in its stem cell projects and new drug candidates YB209 and YB211 [1][2] Group 2 - The YB209 project, a novel anticoagulant drug with complete independent intellectual property rights, has completed the development and validation of immunogenicity research methods and is nearing the end of Phase I clinical trials [1] - The YB211 project, a new cyclic lipopeptide antibiotic targeting drug-resistant bacterial infections, has initiated Phase II clinical trials with 44 subjects enrolled so far [1][2] - Jiuzhitang's subsidiary, Beijing Meike, has completed the enrollment of all 45 subjects in the Phase IIa clinical trial for stem cell treatment of ischemic stroke and has received approval for a clinical trial on autism treatment [2][3] Group 3 - Beijing Meike is exploring the application of stem cell therapy in more disease areas and has established a large-scale stem cell drug R&D production base compliant with GMP standards in China, the US, and the EU [3] - Jiuzhitang is actively investing in the development of new traditional Chinese medicine products and conducting real-world studies on existing key products, including the classic Chinese medicine formulas YB106 and YB107 [3] - The company aims to clarify the advantageous treatment areas of its key products through evidence-based research, supporting the upgrade of its traditional Chinese medicine varieties and fostering the development of major products [3]

Core Viewpoint - Jiuzhitang (000989) is making significant progress in both traditional Chinese medicine and innovative drug development, particularly in stem cell therapy and new drug projects, as evidenced by its recent financial performance and ongoing clinical trials [1][2][3] Financial Performance - For the first half of 2025, Jiuzhitang reported a revenue of 1.265 billion yuan and a net profit attributable to shareholders of 144 million yuan, with operating cash flow increasing by 191.72% compared to the same period last year [1] Corporate Governance - In January 2025, the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission became the new controlling shareholder of Jiuzhitang. In July, the company appointed Wang Lifeng as the new chairman and legal representative [1] Innovation and R&D Progress - Jiuzhitang is optimizing its organizational structure and accelerating marketing reforms while advancing its innovative research and development efforts, particularly in stem cell projects and drug candidates YB209 and YB211 [1] - The YB209 project, a novel anticoagulant drug with complete independent intellectual property rights, has completed method development and verification for immunogenicity studies, with Phase I clinical trials nearing completion [1] - The YB211 project, targeting antibiotic-resistant bacterial infections, has initiated Phase II clinical trials with 44 subjects enrolled, following the completion of clinical sample preparation and toxicity tests [1] Stem Cell Research - Jiuzhitang's subsidiary, Beijing Meike, has completed enrollment for 45 subjects in a Phase IIa clinical trial for ischemic stroke treatment using allogeneic bone marrow mesenchymal stem cells. Additionally, a clinical trial for treating autoimmune pulmonary alveolar proteinosis has enrolled 10 subjects [2] - Beijing Meike has received approval for a clinical trial using bone marrow mesenchymal stem cell injection for autism treatment, further expanding the application prospects of its stem cell technology [2] Commitment to Traditional Chinese Medicine - Jiuzhitang is actively engaged in the innovation and development of new traditional Chinese medicines, with ongoing research on classic formulas YB106 and YB107, and real-world studies for products like Shuxuetong injection [3] - The company is conducting clinical evidence-based research on several key products, which will clarify their therapeutic advantages and support the upgrade of its traditional Chinese medicine offerings [3]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the pharmaceutical industry and a need for strategic adjustments to maintain competitiveness [2][4][16]. Company Overview and Financial Indicators - Company name: Guizhou Bailing Pharmaceutical Group Co., Ltd. - Stock code: 002424 - Total assets at the end of the reporting period: 6.86 billion RMB, down 3.80% from the previous year [2][3]. - Revenue for the reporting period: 1.46 billion RMB, a decrease of 31.77% compared to the previous year [2][16]. - Net profit attributable to shareholders: 13.85 million RMB, down 57.48% year-on-year [2][3]. - Basic earnings per share: 0.04 RMB, a decrease of 33.33% [3]. Industry Position and Business Operations - The company is a leading enterprise in the Guizhou province's new pharmaceutical industry and the largest producer of苗药 (Miao medicine) in China [5][6]. - The main products include银丹心脑通软胶囊 (Yindan Xinnao Tong Soft Capsules), 咳速停糖浆 (Kesu Ting Syrup), and various other traditional Chinese medicine products, which hold significant market shares in their respective categories [4][5][6]. - The company aims to strengthen its position in the苗药 sector and enhance its competitiveness in the traditional Chinese medicine market [6][12]. Market Trends and Challenges - The pharmaceutical industry is facing pressure due to a decline in sales across various distribution channels, with a reported 2.3% decrease in drug sales in public hospitals and retail pharmacies [4][12]. - The overall revenue of large-scale pharmaceutical manufacturing enterprises decreased by 1.2% in the first half of 2025, with profit margins also declining [4][12]. - The company is adapting to these challenges by enhancing its research and development capabilities and focusing on digital transformation in healthcare [6][10]. Strategic Initiatives and Innovations - The company has established a comprehensive technical innovation system and has received multiple national recognitions for its research capabilities [10][11]. - Ongoing projects include the development of new drugs targeting various therapeutic areas, which are expected to enhance the company's product portfolio and competitive edge [11][12]. - The company is also expanding its production capacity and improving its manufacturing processes to meet market demands more effectively [14][15]. Marketing and Distribution - The company has built a professional marketing team and established a nationwide distribution network covering all provinces and regions in China [13]. - It has developed strategic partnerships with over 60,000 terminal customers, including hospitals and pharmacies, to enhance market penetration [13][14]. - The company is actively expanding its presence in grassroots medical institutions, which is crucial for future sales growth [13].

Core Viewpoint - Yiling Pharmaceutical has been selected for the Xinhua News Agency Brand Project, which aims to support the development of national enterprises and enhance Chinese brand building through a comprehensive service platform [1][2]. Group 1: Company Overview - Yiling Pharmaceutical, founded in 1992, focuses on technological innovation as the foundation of its business, aiming to transform innovation into brand success [1]. - The company has established a new discipline in traditional Chinese medicine, the theory of meridian diseases, and has published educational materials that are taught in over 40 higher education institutions globally [1][2]. Group 2: Innovation Focus - The company emphasizes three main areas of innovation: theoretical innovation, technological innovation, and open innovation [2]. - Yiling Pharmaceutical has created a national key laboratory for the transformation of meridian disease theory, conducting research on cardiovascular diseases, respiratory diseases, and aging, which has led to the development of 17 innovative patented traditional Chinese medicines [2]. - The Tongxinluo capsule, developed under the guidance of meridian theory, has been clinically proven to reduce the risk of death from acute myocardial infarction by 30% and the annual recurrence risk by 74%, marking a significant breakthrough for traditional Chinese medicine on the global stage [2]. Group 3: Achievements and Recognition - Over the past 30 years, Yiling Pharmaceutical has received six major scientific achievement awards, including the National Science and Technology Progress Award First Class, and has filled multiple industry gaps [2]. - The company has been recognized as one of the top 100 Chinese brand value enterprises, demonstrating the effectiveness of its brand building through "technological innovation + quality assurance + social responsibility" [2]. Group 4: Future Outlook - Yiling Pharmaceutical plans to leverage its selection for the Xinhua News Agency Brand Project to further promote and innovate traditional Chinese medicine, accelerating the internationalization of its brand and culture [2].

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) was held from July 16 to 20 in Beijing, showcasing vibrant cooperation between domestic and foreign enterprises in the health and wellness sector [1] - Starbucks China participated for the third consecutive time, forming a carbon reduction alliance with strategic partners and showcasing its ready-to-drink business for the first time at the expo [2] - L'Oréal, the only foreign beauty company at the expo, highlighted its innovative capabilities in the daily chemical and beauty industry, with 62% of its sales coming from products manufactured in China [2][4] Group 2 - Tsingtao Group presented its complete supply chain system at the expo, celebrating the 50th anniversary of China-Thailand diplomatic relations and emphasizing the importance of China in the global supply chain [3] - The CEO of Tsingtao Group expressed confidence in China's economic prospects and the unique advantages of its supply chain, viewing the expo as a valuable opportunity for international collaboration [3] - Traditional Chinese medicine companies showcased innovative health experiences, with Yiling Pharmaceutical presenting a series of innovative traditional Chinese medicines based on the theory of collateral diseases [4] Group 3 - China Resources Group exhibited its comprehensive health industry ecosystem, focusing on the theme of "Guarding Health Across the Chain, Creating a Better Life" through multimedia interactions and core product displays [5] - Guangdong province, as the guest province, showcased 64 enterprises, including China Resources Group and TCL, highlighting the integration of traditional medicine and modern technology [5] - The health life chain exhibition area demonstrated China's core position in the global health industry chain and the innovative fusion of traditional medicine with modern technology [5]