8月22日，苏州玉森新药开发有限公司与四川省现代中药创新技术有限公司在苏州正式签署产品合作协 议，宣布就"消腺止鼾口服液"与"天丹定眩颗粒"两大中药1.1类创新药展开深度合作，并隆重举行签约 仪式。此次合作标志着双方在中医药创新领域迈出关键步伐，将共同推动中药新药研发与产业化进程。 消腺止鼾口服液针对儿童腺样体肥大，以桔梗、鱼腥草等组方清热化痰、调畅气机，临床定位3—7岁痰 热内蕴患儿，兼具疗效与安全性，填补中成药市场空白。天丹定眩颗粒由经典名方化裁而成，专注风痰 上扰型眩晕症的治疗，以天麻、丹参为核心，兼具化痰息风与活血通络之效，满足老龄化趋势下眩晕治 疗需求。两产品均以创新处方和临床优势，分别瞄准40亿腺样体肥大及12亿眩晕市场，体现中药"标本 兼治、副作用小"的特色，预计2026年陆续进入临床，为儿科与慢病领域提供安全高效的新选择。 玉森新药董事长玄振玉教授指出："此次合作不仅是技术与产业的结合，更是跨区域创新生态的协同。 我们将基于玉森新药中药创新药现代化研究的深厚积累，以及四川省现代中药创新技术公司的产业化优 势，共同构建从实验室研究到临床应用的完整创新闭环。" 四川省现代中药创新技术有限公司董事长 ...

Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. announced that its subsidiary, Guangdong Fangsheng R&D Pharmaceutical Co., Ltd., received approval for clinical trials of the innovative traditional Chinese medicine, Ziying Granules, aimed at treating chronic pelvic pain due to pelvic inflammatory disease [1][6]. Group 1: Drug Information - The drug Ziying Granules is classified as a Class 1.1 traditional Chinese medicine and is intended for clinical trials to treat chronic pelvic pain resulting from pelvic inflammatory disease [1][2]. - The cumulative R&D investment for this drug project is approximately 8.4717 million yuan (about 1.2 million USD) as of the announcement date [3]. Group 2: Market Situation - The market for traditional Chinese medicine in gynecological diseases has shown stability, with sales remaining around 5.7 billion yuan from 2020 to 2023, and a growth rate of 3.38% in the first three quarters of 2024 [4]. - The market share for gynecological regulation drugs is 47.38%, with a year-on-year sales growth of 6.61%, while gynecological inflammation drugs account for 35.02% of the market, with a slight decline in sales by 1.75% [4]. - The demand for drugs treating chronic pelvic pain is significant, with various existing products in the market, including Fuke Qianjin Tablets and Guizhi Fuling Capsules, which have notable sales figures [4][5]. Group 3: Approval Process - Following the receipt of the clinical trial approval, Fangsheng R&D will conduct the necessary clinical trials and compile the application materials for product registration and market launch [6].

Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. announced that its subsidiary, GuangDong Fangsheng R&D Pharmaceutical Co., Ltd., received approval for clinical trials of its innovative traditional Chinese medicine, Ziying Granules, aimed at treating chronic pelvic pain due to pelvic inflammatory disease [2][3]. Drug Information - Drug Name: Ziying Granules - Dosage Form: Granule - Registration Category: Traditional Chinese Medicine Class 1.1 - Application Matter: Clinical Trials - Acceptance Number: CXZL2500030 - Approval Conclusion: The clinical trial application for Ziying Granules was accepted on May 22, 2025, and is approved to proceed with trials for chronic pelvic pain [2][3]. New Drug Details - Ziying Granules are based on clinical experience for treating pelvic inflammatory disease and are intended for chronic pelvic pain with symptoms including lower abdominal pain, lumbar discomfort, and abnormal discharge [3]. Market Situation for Similar Drugs - The market for traditional Chinese medicine in gynecological diseases has maintained sales around 5.7 billion yuan from 2020 to 2023, with a growth rate of 3.38% in the first three quarters of 2024. The market share for gynecological regulation drugs is 47.38%, with a year-on-year sales increase of 6.61% [3]. - The demand for drugs treating pelvic inflammatory disease is significant, with over 3.2 billion yuan in sales for traditional Chinese medicine gynecological drugs in urban pharmacies in the first three quarters of 2024, despite a 6.40% year-on-year decline [3]. Competitor Products - Current treatments for chronic pelvic pain include various products such as Fuke Qianjin Tablets/Capsules, Guizhi Fuling Capsules/Pills/Tabs, and others, with sales data indicating significant market presence [4][5].

Group 1 - The core point of the article is that Fangsheng Pharmaceutical (603998.SH) announced that its subsidiary, Guangdong Fangsheng R&D Pharmaceutical Co., Ltd. (referred to as "Fangsheng R&D"), has received the clinical trial approval notice from the National Medical Products Administration for its innovative traditional Chinese medicine project, Ziying Granules [1] - The Ziying Granules are developed based on years of clinical experience in treating pelvic inflammatory disease and are specifically aimed at addressing chronic pelvic pain as a sequela of pelvic inflammatory disease [1] - The symptoms targeted by the Ziying Granules include lower abdominal pain, lumbar and sacral discomfort, increased vaginal discharge with yellow and thick characteristics, fluctuating low fever, exacerbated abdominal pain during menstruation, chest tightness, poor appetite, dry mouth, loose stools or constipation, and yellowish urine [1]

Group 1 - The core point of the article is that Fangsheng Pharmaceutical's subsidiary, Fangsheng R&D, has received approval from the National Medical Products Administration for the clinical trial of its innovative traditional Chinese medicine, Ziying Granules [1] - Ziying Granules is classified as a Class 1 innovative traditional Chinese medicine and has not yet been launched in domestic or international markets as of the announcement date [1] - The product is developed based on years of clinical experience in treating pelvic inflammatory disease and is specifically aimed at alleviating chronic pelvic pain associated with pelvic inflammatory disease sequelae [1]

Transaction Overview - The company signed a technology transfer agreement with Shanxi Traditional Chinese Medicine Research Institute for the new Chinese medicine project "Chaiqin Ning Shen Granules" for a total of RMB 22 million [2][16] - The agreement includes the clinical trial approval, patent rights, and related technical materials for the drug [2][4] Counterparty Information - Shanxi Traditional Chinese Medicine Research Institute, established in 1957, is a leading institution in TCM research and has received numerous accolades and approvals for its contributions to the field [3] - The institute has undertaken over 1,033 research projects and has been recognized with multiple provincial and national awards [3] Product Details - The product "Chaiqin Ning Shen Granules" is classified as a Category 1.1 new drug and is designed to treat insomnia and anxiety symptoms [4][5] - The drug received clinical trial approval from the National Medical Products Administration in January 2025 [5] Agreement Details - The agreement stipulates that the company will pay the total amount of RMB 22 million based on milestone achievements related to the drug's development [6][11] - The payment structure includes specific amounts tied to the completion of various stages of clinical trials and regulatory approvals [12] Impact on the Company - The acquisition of the new drug's clinical trial approval and patent rights is expected to enhance the company's R&D pipeline and improve its competitive edge in the market [16] - The company aims to expedite the development of new products, aligning with its strategic goals and benefiting shareholders [16]

Core Viewpoint - The company has signed a technology transfer agreement for a new traditional Chinese medicine, which is expected to enhance its R&D capabilities and competitiveness in the market [1] Group 1: Agreement Details - On August 4, 2025, the company signed a technology transfer agreement with Shanxi Traditional Chinese Medicine Research Institute [1] - The company acquired the clinical trial approval, patent rights, and related technical materials for the Class 1 new drug "Chaiqin Ning Shen Granules" for a total of 22 million RMB [1] - This transaction does not constitute a related party transaction and does not require approval from the board of directors or shareholders [1] Group 2: Strategic Implications - The acquisition is expected to facilitate the rapid expansion of the company's pipeline for innovative traditional Chinese medicine [1] - It aims to accelerate the development of new products, thereby enhancing the company's core competitiveness and sustainable development capabilities [1] - The transaction aligns with the company's development strategy and benefits all shareholders [1] Group 3: Financial Impact - The transaction is not expected to have a significant impact on the company's operating performance in the short term [1]

Group 1: Report Overview - The report is about a research on Jianmin Group in the traditional Chinese medicine industry, with a research date of July 1, 2025 [1][2] Group 2: Research Basic Information - The research object is Jianmin Group, belonging to the traditional Chinese medicine industry, and the reception time was on July 1, 2025. The company's reception personnel included the company's director and president Wang Jun, board secretary Zhou Jie, securities affairs representative Cao Hong, and securities affairs assistant Wang Miao [17] Group 3: Detailed Research Institutions - The research institution is Liuhe Investment, a fund management company [20] Group 4: Main Content Product Sales - In 2025, the company optimized its marketing assessment system, advancing from "net sales assessment" to "net sales + profit". It overcame factors like consumption decline and reduced pharmacy foot - traffic in Q1 and achieved growth in pharmaceutical industry sales revenue. Longmu Zhuanggu Granules saw increased sales revenue and improved sales structure, while Biantong Capsules and Jianpi Shengxue Granules maintained good momentum. Hospital - line product sales were stable, and new product sales grew [22] Emerging Business - The company's traditional Chinese medicine diagnosis and treatment and big - health business are emerging. The traditional Chinese medicine diagnosis and treatment business developed healthily, with one new clinic opened in H1 and a total of four clinics in operation in Hanyang, Hankou, Wuchang, and Optics Valley. The big - health business focused on children's healthy growth, increasing core variety cultivation and differentiated product development [23] Innovative Traditional Chinese Medicine Sales - Since 2021, the company has successively obtained approvals for three innovative drugs. In 2025, it accelerated the commercialization of new products like Xiao'er Zibei Xuanfei Syrup and Qirui Weishu Capsules, with smooth market development. Xiao'er Niuhuang Tuire Plaster was newly approved, and its listing preparations are on schedule and will participate in this year's medical insurance negotiation. The company also increased R & D investment, advanced new drug projects, and optimized its product pipeline [24][25] Future Development Plan - The company will continue to focus on the core business of traditional Chinese patent medicine manufacturing, accelerate the incubation of emerging businesses, and achieve the "1 + N" strategic goal. Specific strategic measures are detailed in the company's "2024 Annual Report" and "June 2025 Investor Relations Activity Record" [26] Advertising and Marketing - As an OTC brand pharmaceutical company, it will strengthen brand power, create "Longmu" children's medicine brand and "Jianmin" chronic disease/family - essential medicine brand. It uses multiple advertising channels such as long - form videos, short - form videos, variety shows, CCTV, and elevator media, with advertising volume similar to last year [27] Marketing System Reform - In 2024, the company carried out a comprehensive marketing system reform. In 2025, it added profit contribution assessment on the basis of net sales assessment. It optimized the organizational structure, promoted digital construction, and reduced terminal inventory. As of the end of 2024, the channel inventory of Longmu Zhuanggu Granules on the OTC line and major products on the prescription line had basically returned to a reasonable level [28] Impact of Chinese Herbal Medicine Price - The overall decline in Chinese herbal medicine prices is beneficial for the company's cost reduction and profit improvement. The company's manufacturing center uses multiple procurement models and strengthens cooperation with upstream suppliers to ensure stable raw material supply [29][30]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1]. Core Insights - The company is expected to face short-term impacts from centralized procurement, but sales are anticipated to improve post-implementation. The net profit for the first half of 2025 is projected to be between -77 million and -66 million yuan, primarily due to delayed procurement timelines and price reductions on core products, leading to a 57% decline in revenue and a 64% drop in gross profit year-on-year [3][4]. - The company has made significant progress in the development of innovative traditional Chinese medicine, with a key milestone achieved in the clinical trial of Qingjiang Hewei Granules, which targets a complex syndrome of non-erosive gastroesophageal reflux disease [5]. - The company holds a 17.0211% stake in Zhejiang Tereis, which is developing a first-in-class ADC product, TRS005, showing promising clinical results for treating relapsed or refractory CD20-positive diffuse large B-cell lymphoma [6][7]. Summary by Sections Financial Performance - The company is expected to see a revenue decline in 2025, with projections of 1.984 billion yuan, followed by a recovery to 2.823 billion yuan in 2026 and 3.066 billion yuan in 2027. The earnings per share (EPS) are forecasted to be 0.07 yuan in 2025, 0.50 yuan in 2026, and 0.54 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 185.9, 24.8, and 23 respectively [8][10]. Market Position and Growth Drivers - The company’s core products are expected to regain sales momentum following the implementation of centralized procurement, which is anticipated to positively impact revenue in the latter half of 2025 [4]. - The innovative drug development and the ADC platform are seen as potential growth drivers for the company, with the ADC product expected to receive regulatory approval in 2024 [6][8]. Investment Outlook - The report suggests that despite short-term challenges due to procurement policies, the company’s innovative drug pipeline and strategic partnerships could lead to significant growth in the coming years, justifying the "Buy" rating [8].

Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. plans to increase capital in its subsidiary Fangsheng R&D Co. with a total investment of 24 million yuan from the company and its partners, aiming to enhance its drug research and development capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [2][3][12] Summary by Sections 1. Transaction Overview - Fangsheng Pharmaceutical intends to invest 24 million yuan in Fangsheng R&D Co., with New Yuan Investment contributing 46 million yuan, and both Tongmu Technology and the core talent holding entity contributing 5 million yuan each. Post-investment, the shareholding structure will be Fangsheng Pharmaceutical 35%, New Yuan Investment 55%, Tongmu Technology 5%, and the core talent holding entity 5% [2][3] - The investment is classified as a related party transaction due to the involvement of New Yuan Investment, which is an affiliated entity. Related directors abstained from voting [2][3] - The investment does not constitute a major asset restructuring as per regulations, and it has been approved by the independent directors and the board of directors without needing shareholder approval [2][4] 2. Purpose and Reason for the Capital Increase - The capital increase aims to support the company's strategic development in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging local resources and policies to accelerate the R&D of traditional Chinese medicine projects and mitigate R&D risks [3][12] 3. Related Party Information - New Yuan Investment is controlled by the same individual as Fangsheng Pharmaceutical, establishing a related party relationship. The core talent holding entity will consist of key personnel from the company, which may include current directors and senior management [6][7] 4. Capital Increase Details - The registered capital of Fangsheng R&D Co. will increase from 20 million yuan to 100 million yuan, with the new capital structure reflecting the contributions from all parties involved [9][10] - The governance structure will include a board of directors with three members, where Fangsheng Pharmaceutical appoints two directors and the chairman [10][12] 5. Impact on the Company - Following the capital increase, Fangsheng R&D Co. will remain under the control of Fangsheng Pharmaceutical, allowing it to consolidate its financial statements. This move is expected to enhance the sustainability of R&D investments and facilitate the commercialization of innovative traditional Chinese medicine [12]