2025年12月12日，同仁堂披露接待调研公告，公司于11月4日至12月5日接待淡水泉投资、北京汉和、广 东臻远私募、国联基金、国泰海通证券、国投瑞银基金等46家机构调研。 调研情况显示，同仁堂"十五五"规划处于调研制定阶段，将深化落实"三大发展战略"：大品种战略聚焦 核心品种，从研发、生产、营销全产业链保障资源并细化销售指标；精品战略打造产品梯队，推出有机 系列满足消费者深度需求；高质量发展战略以工业制药为核心，推动产业链升级，加强精细化管理与降 本增效，同时深化固链强链，寻求产业外延并购并拓展医疗市场。研发投入重点包括经典名方开发、核 心大品种二次开发（拓展新适应症）、工艺优化与剂型升级（如将大蜜丸改为水蜜丸等）及智能制造 （生产装备智能化升级）。中药材保障方面，坚持道地药材，通过自有或共建种植基地保障核心品种药 材供应，并实行严格检验流程确保品质。 营销体系建设上，重点品种按渠道特性管理，强化产品经理、销售、市场分工协同，提升运营效率；线 上业务由数科公司运营，与京东、天猫等平台合作，通过线上种草与线下体验融合提升品牌粘性，整体 保持较快增长。商业门店2024年至2025年上半年新增280家，短期有成本 ...

Core Viewpoint - The company Beijing Tongrentang (600085) demonstrates strong resilience and vitality amidst complex economic challenges, with total assets increasing from 21.838 billion to 31.198 billion from 2020 to 2024, and reaching 31.819 billion by Q3 2025, driven by new initiatives and strategies [1]. Group 1: Business Strategies - The company focuses on three major development strategies: high-quality development, large product variety, and premium product strategy, which collectively guide its path towards excellence [2][3]. - The high-quality development strategy emphasizes six aspects: high-quality party building, research, production, marketing, management, and talent, aiming for sustainable growth [2]. - The large product variety strategy aims to enhance key products' competitiveness, thereby boosting overall market scale and efficiency [2]. - The premium product strategy focuses on maintaining high quality from production to delivery, ensuring consumer trust through "zero defects" [3]. Group 2: Modern Management System - The company has established a modern enterprise management system, including three control centers for production, quality, and finance, enhancing governance and operational efficiency [4][6]. - The production control center optimizes production layouts and resource sharing, while the quality control center ensures adherence to high standards and "zero defect" management [4]. - The financial control center focuses on data integration and cost control, promoting financial data visualization [4][5]. Group 3: Industry Layout Optimization - The company is actively optimizing its industrial layout in response to favorable policies for traditional Chinese medicine, including acquiring a 51% stake in Shandong Tianyi Pharmaceutical to enhance regional market coverage [7][8]. - A new production base in Hubei is being established to expand capacity in the medicinal liquor sector, aiming to lower costs and increase production efficiency [7]. - The company is also reforming raw material procurement to ensure timely supply and quality control, particularly for rare and endangered medicinal materials [8].