中国发展网讯 为全面践行健康中国战略，扎实推进国家中医药发展战略规划，推动中医药传承创新发 展不断取得新突破，9月26日，以"做强核心产区优势，助力建设健康中国"为主题的"2025山参产业高质 量发展大会暨桓仁山参健康中国行"活动在上海举行。 大会进行期间，桓仁满族自治县县委书记田永军与湖北蕲艾集团有限公司董事长王振进行了战略合作签 约。 （汪险峰） 据了解，桓仁满族自治县是中国林下山参的核心产区，保护地面积65万亩，产品占全国市场份额的70% 以上，无论从基地规模、产量及品质均居全国之首，被授予"中国山参之乡"、"中国山参名县"。桓仁山 参产业已形成集种植、加工、科研、检测、销售、品牌、文化"七位一体"的产业集群，以"桓仁山参"为 主导的中医药健康产业集聚效应凸显，成为辽宁省中医药产业先导示范区和中国山参产业发展的引领 者。"桓仁山参"已成为"国家地理标志保护产品"、国家地理标志证明商标、"生态原产地保护产 品"、"全国绿色农业十大领军地标品牌"，成功入选2023年国家农业品牌精品培育计划，是当之无愧 的"国参经典"。 在不断做大产业规模的基础上，桓仁山参产业服务体系日趋完备，建设了"一个体系，四大平台"。 ...

大会发布了全国酸枣仁产业发展年度报告、中药材品牌化的赞皇实践与启示、赞皇酸枣仁指数三周年成 果、酸枣仁种植管理技术系列标准等内容，并宣布赞皇酸枣仁电子交易平台正式上线。在随后进行的产 业发展合作签约仪式上，赞皇县分别与相关企业完成近20项签约，涵盖中药直采、战略投资、贸易渠道 拓展等多个领域，签约总金额达30.58亿元。同时，大会还宣布成立国家食药同源产业科技创新联盟酸 枣产业专业委员会和林木资源高效生产全国重点实验室赞皇研究基地，为赞皇酸枣仁产业提供智力支 撑，持续注入创新动力。 转自：推广 9月27日—28日，第三届赞皇酸枣仁产业发展大会暨睡眠健康产品展销会在石家庄国际博览中心举办， 此次大会以市场需求为导向，汇聚政、产、学、研多方力量，搭建酸枣仁产业全链条交流与合作的平 台，全面展现赞皇酸枣仁产业发展成果，推动赞皇酸枣仁产业高质量发展。大会由中国中药协会、国家 食药同源产业科技创新联盟联合主办，科研院所专家学者、全国重点中药企业代表、行业协会代表、投 资机构代表、经销企业代表等500余人参加。 "赞皇酸枣仁已经成为撬动区域经济发展、弘扬中医药文化的重要支点。从种质资源保护、规范化种植 （GAP）基地建设 ...

Core Viewpoint - The enforcement inspection group is conducting a review of the implementation of the Traditional Chinese Medicine Law and the Liaoning Province Traditional Chinese Medicine Regulations to ensure compliance and promote high-quality development in the TCM sector [1][2] Group 1: Implementation and Inspection - The enforcement inspection group visited eight cities in Liaoning Province from July to late August to assess the implementation of TCM laws and regulations [1] - Various methods were employed, including reports, site visits, document reviews, and random checks, to gather information on TCM services, industry development, and talent cultivation [1] - The group acknowledged the achievements in implementing the TCM laws and regulations while identifying issues and weaknesses that need to be addressed [2] Group 2: Development and Recommendations - The inspection is seen as a practical action to implement President Xi Jinping's important discussions on TCM and to accelerate high-quality development in the sector [2] - The group emphasized the need for a legal framework to support TCM development and to convert legal responsibilities into actionable commitments [2] - Recommendations include targeted strategies to resolve issues identified during the inspection and enhancing supervision of the implementation of laws and regulations [2]

Core Viewpoint - The release of the "Xinhua·China (Dingxi) Traditional Chinese Medicine Material Index Operation Report (2025)" outlines the significant growth and potential of Dingxi's traditional Chinese medicine industry, highlighting its development trajectory and the establishment of a quantifiable data foundation for the sector [1][2]. Industry Overview - Dingxi's traditional Chinese medicine industry is projected to exceed 50 billion yuan in scale by 2024, with a static storage capacity of over 1.4 million tons and an annual transaction volume of 1.44 million tons, generating a transaction value of over 28.6 billion yuan [3]. - The region's favorable climate and systematic policies contribute to the high quality of medicinal materials, which are recognized in the market for their superior active ingredients [3]. - Dingxi has been designated as a national pilot zone for the inheritance and innovation of traditional Chinese medicine, marking its development as a national strategic priority [4]. Innovation and Enterprise Development - The number of regulated enterprises in Dingxi's traditional Chinese medicine sector reached 70 by 2024, representing a 141.4% increase since 2020, indicating significant growth in the processing and sales capabilities of medicinal materials [4]. - The shift from traditional processing methods to advanced techniques such as refined processing and extraction is being supported by government initiatives aimed at enhancing the industry's competitiveness [4]. - E-commerce platforms are playing a crucial role in revitalizing the sales of Dingxi's medicinal materials, with over 2,000 online stores established in the region [4]. Brand Influence and Market Position - The brand influence index for Dingxi's medicinal materials reached 167 points in the second quarter of 2025, reflecting a 67.0% year-on-year increase, showcasing the growing recognition and credibility of the region's products [5]. - Dingxi has registered 310 trademarks for its medicinal materials, including five well-known trademarks and five geographical indication trademarks, enhancing its brand presence [5]. - The region is diversifying its product offerings by developing health-oriented products and integrating traditional medicine with tourism, creating new economic growth opportunities [5].

Core Viewpoint - The implementation of the Traditional Chinese Medicine (TCM) Law has significantly advanced the development of TCM in China, with over 1.6 billion TCM treatments recorded in 2024, reflecting its growing importance in the healthcare system [1][3][7] Group 1: Policy and Legal Framework - The TCM Law, enacted on July 1, 2017, serves as a comprehensive legal foundation for the reform and development of TCM, guiding a series of supporting regulations and policies [1][2] - The Chinese government has issued multiple policies to enhance TCM quality and promote its high-quality development, integrating TCM into the broader Healthy China initiative [1][2] Group 2: Achievements in TCM Development - TCM hospitals and clinics have achieved full coverage in cities and communities, with the number of licensed TCM practitioners reaching 971,000 [2] - The quality of TCM products has improved, with the overall pass rate for TCM decoction pieces reaching approximately 97% and the pass rate for proprietary Chinese medicines maintaining above 99% [2] Group 3: Accessibility and Service Expansion - TCM services have become more accessible, with community health centers in Wuhan fully equipped with TCM facilities, leading to a significant increase in TCM treatment volumes [3] - The total number of TCM treatments in 2024 exceeded 1.6 billion, showing a marked increase compared to 2023 [3] Group 4: Innovation and Product Development - Since the reform of the TCM approval system in 2021, 53 new TCM products have been approved, including 25 classic formulations, indicating a boost in innovation [4] - The number of pediatric TCM products has also increased, providing new options for children's medication [4] Group 5: Cultural Integration and Global Outreach - TCM culture is gaining popularity, with traditional health concepts and products becoming widely accepted and integrated into modern lifestyles [5] - Efforts are being made to promote TCM internationally, including collaborations with the World Health Organization and the establishment of international standards for TCM practices [6]

Core Insights - The 2025 Wuzhen Health Conference recognized Tianshili (600535.SH) as a VIP strategic partner and awarded its products for innovation and popularity in the retail market [1] - The Chinese pharmaceutical retail market is projected to reach 501.9 billion yuan in 2024, driven by policy changes and demographic shifts [3] - Tianshili focuses on integrating traditional Chinese medicine with modern medical practices, targeting major disease areas such as cardiovascular, digestive, oncology, and central nervous system disorders [3][8] Company Strategy - Tianshili is transitioning from high-quality products to strong brand recognition, emphasizing a digital marketing system centered on health value [4] - The company employs various promotional strategies, including social media campaigns and educational initiatives, to enhance brand visibility and consumer engagement [5] - Tianshili collaborates with offline strategic partners to create specialized health centers, improving customer service and market penetration [7] Product Performance - In 2024, Tianshili's traditional Chinese medicine segment generated 6.024 billion yuan, with key products like Compound Danshen Dripping Pills and Yangxue Qingnao Granules showing significant sales growth [7] - The company has a robust pipeline for cardiovascular drugs, with ongoing clinical trials for 17 modern Chinese medicine products [10] - Tianshili's innovative products, such as Shao Ma Zhi Jiao Granules and Kun Xin Ning Granules, have received recognition in clinical guidelines, enhancing its market position [10] Innovation and Responsibility - Tianshili emphasizes the integration of modern technology with traditional Chinese medicine to enhance product efficacy and market competitiveness [8] - The company aims to create a three-dimensional innovation system that combines clinical value, digital technology, and patient services [10] - Tianshili's commitment to innovation is reflected in its continuous development of new products and improvement of existing ones, ensuring long-term sustainability [10]

Group 1 - The core viewpoint of the articles highlights significant improvements in China's healthcare system, with key health indicators reaching historical best levels, including a projected average life expectancy of 79 years by 2024 and a maternal mortality rate of 14.3 per 100,000 [1][2] - The personal health expenditure as a percentage of total health costs decreased from 34.34% in 2012 to 26.89% in 2022, indicating a shift towards more public funding in healthcare [1] Group 2 - The next steps in healthcare reform include prioritizing health development, promoting collaborative development of medical services, insurance, and pharmaceuticals, and enhancing the public health system to improve early detection of major epidemics [2] - There is a focus on deepening public hospital reforms, establishing a dynamic adjustment mechanism for staffing, and creating a service-oriented fee structure [2] - The government aims to enhance public awareness and satisfaction with healthcare reforms, addressing urgent healthcare access issues faced by the population [2]

Group 1 - The company plans to distribute a cash dividend of 5.00 yuan (including tax) for every 10 shares, amounting to a total of 1,371,470,262.00 yuan, which represents 44.93% of the net profit attributable to the parent company for the year 2024 [12][13][68] - The company achieved a net profit of 1,526,274,925.98 yuan for the year 2024, with a total revenue of 1,859,728.16 yuan, reflecting a year-on-year growth of 4.12% [6][7][12] - The total assets of the company reached 3,119,752.40 million yuan, an increase of 3.68% year-on-year, while the net assets attributable to shareholders grew by 1.06% [7][12] Group 2 - The company operates in the traditional Chinese medicine sector, focusing on the production and sales of traditional Chinese medicine products, with over 400 varieties in its portfolio [3][5][6] - The company is committed to high-quality development and has implemented strategies to enhance production efficiency and investor returns [6][27][30] - The regulatory environment for traditional Chinese medicine is evolving, with new standards and guidelines being introduced to promote quality and innovation in the industry [4][5][6] Group 3 - The company has a complete industrial chain that includes planting, processing, research and development, production, logistics, and retail of traditional Chinese medicine [5][6] - The company has received approval for its profit distribution plan from the board of directors and the supervisory board, pending shareholder approval [12][54][71] - The company has engaged Zhongshun Zhonghuan Accounting Firm for auditing services, with a proposed fee of 2.56 million yuan for the 2025 fiscal year [80][89][91]

Investment Rating - The industry rating is maintained at "Overweight" [4] Core Viewpoints - The government work report emphasizes new goals for the pharmaceutical industry, focusing on enhancing basic medical services and promoting the development of traditional Chinese medicine (TCM) [3] - The TCM sector experienced a slight decline of 0.76% last week, with the overall pharmaceutical sector showing a broader pullback [1][4] - The TCM sector's current PE (ttm) is 25.84X, with a PB (lf) of 2.24X, indicating a valuation premium of 105.83% relative to the CSI 300 index [2][4] Market Performance - Last week, the TCM sector reported a slight decline, with the TCM II index closing at 6207.73 points, down 0.76% [1] - The overall pharmaceutical sector saw a decline of 2.72%, with the medical services sector experiencing the largest drop at 7.94% [1] Valuation - The TCM sector's PE (ttm) decreased by 0.23X week-on-week, while the PB (lf) decreased by 0.01X [2] - The TCM sector's PE is at the 24.71% percentile and PB at the 4.63% percentile over the past decade [2] Government Policy Impact - The government aims to enhance the quality and accessibility of healthcare services, which is expected to benefit the TCM industry [3] - The report highlights the importance of integrating TCM into the broader healthcare system, promoting a full industry chain from cultivation to consumption [3] Investment Opportunities - The report suggests that the TCM industry may see opportunities arising from price governance and consumption recovery in 2025 [4] - Key investment themes include price governance, consumption recovery, and state-owned enterprise reform, with a focus on companies with strong R&D capabilities and market share [4][8]