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]

Transaction Overview - Company signed a technology transfer agreement with Shanxi Traditional Chinese Medicine Research Institute on August 4, 2025, for the acquisition of a new TCM drug "Chaiqin Ning Shen Granules" for RMB 22 million [1][2] - The transaction does not constitute a related party transaction and falls within the chairman's authorization [1][2] Counterparty Information - Shanxi Traditional Chinese Medicine Research Institute, established in 1957, is a leading TCM research institution in China, involved in medical, research, teaching, and industrial activities [1][2] Target Asset Details - The target asset includes the clinical trial approval notice and related patents for "Chaiqin Ning Shen Granules," which is classified as a TCM Class 1.1 drug [2][3] - The drug is indicated for insomnia with anxiety symptoms, showing significant improvement in related symptoms [2][3] Market Context - According to the 2025 China Sleep Health Survey, 48.5% of adults experience sleep disturbances, with a growing prevalence among older adults [2] - The insomnia medication market in China grew from RMB 9.84 billion in 2016 to RMB 11.7 billion in 2020, with projections of RMB 15.12 billion and RMB 21.19 billion by 2025 and 2030, respectively [2][3] Agreement Details - The agreement includes provisions for the transfer of clinical trial data, patents, and technical support from the counterparty to the company [3][4] - Payment is structured based on milestone achievements, totaling RMB 22 million, with specific amounts tied to the completion of clinical trials and regulatory approvals [5][6] Impact on Company - The acquisition of "Chaiqin Ning Shen Granules" is expected to enhance the company's TCM innovation pipeline, accelerate new product development, and improve competitive advantage [6][7] - The agreement is anticipated to have a long-term positive impact on the company's growth strategy, although short-term effects on financial performance are not expected [6][7]

Core Viewpoint - The company has signed a technology transfer agreement for a new traditional Chinese medicine project, which is expected to enhance its R&D capabilities and competitiveness in the market [1] Group 1: Agreement Details - The company signed a technology transfer agreement with Shanxi Traditional Chinese Medicine Research Institute on August 4, 2025 [1] - The company acquired the clinical trial approval, patent rights, and related technical materials for the traditional Chinese medicine new drug "Chaiqin Ning Shen Granules" for RMB 22 million [1] Group 2: Strategic Implications - The acquisition of the clinical trial approval and patent rights is expected to facilitate the rapid expansion of the company's traditional Chinese medicine R&D pipeline [1] - This move aligns with the company's development strategy and is in the interest of all shareholders [1] Group 3: Impact on Financial Performance - The agreement's implementation timeline is lengthy, and it is noted that there will be no significant short-term impact on the company's operating performance [1]

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]

公司本次受让中药创新药柴芩宁神颗粒临床试验批件和发明专利等相关技术，有利于公司快速拓展公司 中药创新药研发管线，加快公司新产品研发进度，提高公司的核心竞争力和可持续发展能力，符合公司 的发展战略以及全体股东的利益。本次协议签订后，因各事项的推进时间较长,存在不确定性，短期内 不会对公司经营业绩产生重大影响。 亚宝药业（600351）(600351.SH)发布公告，公司于2025年8月4日与山西省中医药研究院(简称"山西省中 医院")签署了中药新药项目技术转让协议。公司以人民币2200万元受让山西省中医院拥有的中药1.1类 新药"柴芩宁神颗粒"的临床试验批件、专利权及相关技术资料。 ...

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]

Agreement Overview - Guangdong Jiaying Pharmaceutical Co., Ltd. signed a technology development contract with Hunan University of Chinese Medicine, establishing a cooperative relationship for the development of a traditional Chinese medicine innovation drug, "Juanbi Lijieqing Granules" [1][2] - The contract does not constitute a related party transaction or a major asset restructuring, thus does not require approval from the shareholders or board of directors [1][2] Contract Details - The contract aims to develop "Juanbi Lijieqing Granules," which is based on a clinically effective formula used for many years [2] - Hunan University of Chinese Medicine will provide the traditional Chinese medicine formula and technical support, while Jiaying Pharmaceutical will conduct all necessary research for new drug registration [2][3] - The project includes pharmacological and toxicological studies, clinical research, and the preparation of registration documents [3][4] Project Responsibilities - Hunan University of Chinese Medicine is responsible for providing the formula and clinical technical support, including clinical positioning and trial design [4] - Jiaying Pharmaceutical will handle the pharmaceutical research, pharmacology, toxicology, and clinical studies necessary for the drug registration [4] Intellectual Property and Profit Sharing - Both parties will jointly apply for patents for any technical achievements resulting from the contract [4] - If the technology is successfully commercialized, profits will be shared based on market valuation or through preferential purchasing by Jiaying Pharmaceutical [4] Impact on the Company - The collaboration is expected to enrich the existing research pipeline and enhance research efficiency, aligning with the company's long-term development strategy and benefiting shareholders [5]

在创新药研发方面，2024年公司在原有的"四个三"科研平台的基础上，新获批陕西省中医药制剂及新药 研发中试基地、中药健康产品技术联合攻关研发转化与产业协同发展国际研究基地、陕西省创新药物研 究中心等5个科研平台；此外，全资子公司健康控股拟与博济医药全资子公司广济投资共同出资在广州 市黄埔区设立合资公司盘龙杏林（广东）新药研究有限公司，未来合资公司将充分发挥双方优势，专注 于一系列中药创新药的立项研发，聚焦公司核心大品种、发力慢病创新药，稳步建立现代中药创新梯 队。研发投入持续增加，2024年研发投入同比增长85.31%，重点研究项目顺利推进。 在医保改革和价格治理方面，目前公司主营产品盘龙七片为独家专利中成药、医保甲类产品，价格体系 稳定，盘龙七片入选七部国家级临床诊疗指南、三个专家共识、三本国家级重点教材和一本临床路径释 义，同时被推荐为临床用药。面对市场环境变化，公司将持续深化盘龙七片产品循证研究，提升产品自 身优势特性，调整终端市场竞争策略，积极开发县级空白市场，加快小儿咽扁颗粒、骨松宝片等未来过 亿元潜力产品的市场发展培育，实现多品增销和临床、零售双轮销售驱动新格局。此外，利用公司拥有 的全产业链的优 ...