中药板块医药商业有望拐点，低估值、高股息吸引大 20260106 摘要 中药板块 2025 年受中成药集采续约和院外市场疲软影响业绩不佳，但 库存去化逐步完成，预计 2026 年将有所提升。以岭和特一等公司去库 存较早，而太极、葵花等公司压力较大。 基本药物目录（GML）对中药板块有显著提升作用，新版 GML 的发布 将带来增长机会。中成药集采对独家品种保护力度较大，降幅相对较小， 且原材料成本下降将在 26 年度报表中体现。 华润系公司如三九，其十五规划目标通常定在行业较高水平，且历史规 划完成情况良好，发展前景值得关注。佐力医业收购未来医业优质资产， 并胜诉百令胶囊仿制药诉讼，预计 26 年度利润将显著增长。 佐力制药预计 2025 年归母净利润约为 6.5 亿元，2026 年约为 9.1 亿 元，目前估值仅 13 倍左右，公司股息率接近 4.5%。三九医药受益于政 策利好，业绩稳健且估值便宜，具有吸引力。 方盛制药养血祛风成功纳入医保谈判目录，管线梯队完善且集采影响已 基本消化，预计 2025 年业绩约为 3.1 亿元，2026 年接近 3.7 亿元， 对应估值较低，且近期进行了特别分红。 Q&A 20 ...

12月1日晚，太龙药业公告披露，公司于12月1日收到控股股东郑州泰容产业投资有限公司(下称"泰容产 投")的通知，泰容产投正筹划股份转让事宜，该事项可能导致公司控制权变更。公司股票自12月2日开 市起停牌，预计停牌时间不超过2个交易日。待上述事项确定后，公司将及时发布相关公告并申请复 牌。公告称，上述筹划的重大事项尚存在不确定性。 这家河南省医药行业首家上市公司或将迎来近四年内的第二次控制权变动。 2021年末，泰容产投开启入主太龙药业的进程。根据太龙药业2022年1月25日公告，2021年11月29日， 众生实业与泰容产投签署《股份转让协议》，泰容产投受让众生实业持有的8244.12万股公司股份，占 公司总股本的14.37%，转让价格为每股9.70元，转让价款合计约8.00亿元。 12月1日晚，太龙药业公告披露，公司于12月1日收到控股股东郑州泰容产业投资有限公司(下称"泰容产 投")的通知，泰容产投正筹划股份转让事宜，该事项可能导致公司控制权变更。公司股票自12月2日开 市起停牌，预计停牌时间不超过2个交易日。待上述事项确定后，公司将及时发布相关公告并申请复 牌。公告称，上述筹划的重大事项尚存在不确定性。 ...

Core Viewpoint - The stock price of Tailong Pharmaceutical (600222) has been rising due to the rapid increase in national flu activity, but the company has chosen to suspend trading amid plans for a potential change in control through a share transfer by its major shareholder, Zhengzhou Tai Rong Industrial Investment Co., Ltd [1][5][6]. Group 1: Company Overview - Tailong Pharmaceutical was established in 1998 and went public in November 1999. Its main business includes drug manufacturing and research services, covering four segments: drug formulation, traditional Chinese medicine pieces, drug research services, and drug material circulation [6][18]. - The company's drug manufacturing business has been a significant contributor, accounting for over 75% of total sales, with the core product, Shuanghuanglian Oral Liquid, being a recommended medication for major epidemic treatment plans [6][18]. Group 2: Recent Developments - The company announced a trading suspension starting December 2, 2025, due to the planned share transfer that may lead to a change in control [1][4]. - The stock price increased by over 30% leading up to the suspension, with a closing price of 8.58 yuan per share and a market capitalization of approximately 4.924 billion yuan on December 1, 2025 [7][19]. Group 3: Financial Performance - In 2024, Tailong Pharmaceutical reported revenue of 1.941 billion yuan, a year-on-year decrease of 6.21%. For the first three quarters of 2025, revenue continued to decline to 1.187 billion yuan, down 11.47% year-on-year [7][19]. - The net profit for 2022-2024 and the first three quarters of 2025 were -76 million yuan, 45 million yuan, 53 million yuan, and 30 million yuan, respectively, showing a significant recovery in 2023 but a slowdown in growth thereafter [20][23].

Core Viewpoint - The controlling shareholder of TaiLong Pharmaceutical is planning to transfer shares, which may lead to a change in company control, with the stock expected to be suspended for no more than two trading days [1] Group 1: Shareholder Changes - The controlling shareholder, Zhengzhou TaiRong Industrial Investment Co., Ltd., is in the process of planning a share transfer that could change the control of TaiLong Pharmaceutical [1] - TaiRong became the controlling shareholder in January 2022 after acquiring 82.44 million shares from Zhengzhou Zhongsheng Industrial Group for approximately 800 million yuan [1] Group 2: Company Performance - TaiLong Pharmaceutical has experienced fluctuations in performance, moving from losses to profitability and then facing new challenges [2] - In 2022, the company reported a net loss of 72.14 million yuan, a decline of 1303.26% year-on-year, primarily due to sales restrictions on core products during the pandemic [2] - The company returned to profitability in 2023 with a net profit of 43.56 million yuan, and is projected to grow further to 50.53 million yuan in 2024, reflecting a year-on-year increase of 16% [2] Group 3: Recent Challenges - In the first three quarters of 2025, TaiLong's revenue declined by 11.47% year-on-year to 1.187 billion yuan, with a net profit decrease of 12.36% to 25.33 million yuan [3] - The decline is attributed to incomplete coverage of the national Chinese medicine collection and impacts from retail pharmacy consolidation and healthcare payment reforms [3] Group 4: Upcoming Developments - The company is set to resume trading on December 4, and further details regarding the share transfer and its final recipient will be monitored [4]

太龙药业12月1日晚间公告，控股股东郑州泰容产业投资有限公司（简称"泰容产投"）正在筹划公司股 份转让事宜，该事项可能导致公司控制权发生变更。公司股票自12月2日（星期二）开市起停牌，预计 停牌时间不超过2个交易日。 Wind数据显示，太龙药业今日盘中一度涨停，截至收盘，涨6.72%，报8.58元/股，市值为49.2亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 盘中涨停！这家公司控制权拟变更，明起停牌 回溯公告，2022年1月24日，太龙药业发布公告，股东郑州众生实业集团向泰容产投协议转让太龙药业 14.37%的股份已完成过户登记，转让价格为每股9.7元，转让价款合计约为8亿元。本次股份过户登记完 成后，泰容产投持有太龙药业8244万股股份，占总股本的14.37%，成为太龙药业控股股东，太龙药业 实际控制人变更为郑州高新技术产业开发区管委会。 其中，泰容产投系郑州高新产业投资集团专为本次交易而设立的公司，主要以自有资金从事投资活动。 而郑州高新产业投资集团则是郑州高新区管委会下属郑州高新投资控股集团的全资子公司。太龙药业曾 表示，泰容产投将在资金、资源和产业整合方面为上市公 ...

太龙药业（600222）12月1日晚间公告，控股股东郑州泰容产业投资有限公司（简称"泰容产投"）正在 筹划公司股份转让事宜，该事项可能导致公司控制权发生变更。公司股票自12月2日（星期二）开市起 停牌，预计停牌时间不超过2个交易日。 数据显示，太龙药业今日盘中一度涨停，截至收盘，涨6.72%，报8.58元/股，市值为49.2亿元。 公告显示，截至2025年9月30日，泰容产投持有公司8244万股，占比约为14.37%，为公司第一大股东。 郑州高新技术产业开发区管委会为太龙药业实际控制人。 回溯公告，2022年1月24日，太龙药业发布公告，股东郑州众生实业集团向泰容产投协议转让太龙药业 14.37%的股份已完成过户登记，转让价格为每股9.7元，转让价款合计约为8亿元。本次股份过户登记完 成后，泰容产投持有太龙药业8244万股股份，占总股本的14.37%，成为太龙药业控股股东，太龙药业 实际控制人变更为郑州高新技术产业开发区管委会。 其中，泰容产投系郑州高新产业（300832）投资集团专为本次交易而设立的公司，主要以自有资金从事 投资活动。而郑州高新产业投资集团则是郑州高新区管委会下属郑州高新投资控股集团的全资子 ...

太龙药业2025年半年报称，公司主要业务为药品制造和药品研发服务，具体包含药品制剂、中药饮片、 药品研发服务和药品药材流通四个业务板块。公司药品制剂业务以中药口服制剂为主，治疗领域覆盖呼 吸系统、心脑血管、消化系统、神经系统、生殖系统及妇科疾病。 太龙药业三季报显示，2025年前三季度，太龙药业实现营业收入11.87亿元，同比下降11.47%；实现归 母净利润2532.55万元，同比下降12.36%。 公司前三季度营业收入下降主要系公司主要产品参加全国中成药集采的执标工作尚未全面覆盖，"以价 换量"效果未能充分显现，叠加零售端药店整合等因素的影响。 太龙药业在最新披露的投资者关系记录表中表示，目前，公司药品制剂业务中选全国中成药集采的产品 执标工作正按各省份政策推进。四季度通常为呼吸道用药产品销售旺季，公司将结合市场需求统筹安排 合理库存，并综合考虑零售端药店整合调整及集采政策的影响，通过加强供应链及原材料成本管控，提 升运营效率，深化市场多渠道合作，保障产品供应需求，拓展市场份额。 （文章来源：中国证券报） 太龙药业12月1日晚间公告，控股股东郑州泰容产业投资有限公司（简称"泰容产投"）正在筹划公司股 份转 ...

Group 1 - The core viewpoint of the news highlights the active performance of the traditional Chinese medicine (TCM) sector, particularly in the context of the flu season, with the TCM ETF (560080) rising nearly 1% and experiencing a significant increase in trading volume [1][3] - Recent data from the CDC indicates that the positive rate of flu virus tests in emergency departments nationwide has approached 45%, with some regions experiencing high levels of flu activity, leading to a surge in sales of cold-related medications [3][10] - The TCM ETF (560080) has seen a net inflow of over 24 million yuan as of November 28, with its latest scale reaching 2.581 billion yuan, leading its peers in the same category [1][3] Group 2 - The performance of individual stocks within the TCM ETF has been notable, with several flu-related stocks experiencing significant gains, such as Guangdong Wannianqing hitting the daily limit and Tai Long Pharmaceutical rising over 6% [3][4] - The TCM ETF's index has a TTM price-to-earnings ratio of 24.86, indicating it is cheaper than 79% of the time over the past decade, suggesting a favorable valuation for potential investment [5] - The TCM index has shown negative returns year-to-date, with a decline of 2.24% in 2023, and a historical trend of alternating between gains and losses over the past several years [7][8] Group 3 - The TCM industry is expected to see a short-term easing of pressure due to inventory clearance, with a positive outlook for demand recovery towards the end of the year [10] - Recent price governance initiatives across various regions aim to create a more unified and competitive market for TCM products, focusing on high-priced traditional Chinese medicines [10][11] - The ongoing price governance and centralized procurement processes are likely to reshape competition in the industry, favoring companies with strong clinical value, cost control, and market coverage capabilities [11]

Investment Rating - The industry rating is maintained at "Overweight" [8] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 1.29%, which is the smallest among secondary sub-sectors [1] - The price governance of Chinese patent medicines is being actively implemented across multiple regions, aiming to create a unified and competitive drug market [4][5] - The valuation metrics for the TCM sector indicate a PE (ttm) of 27.72X and a PB (lf) of 2.33X, with both metrics showing slight increases compared to the previous week [2] Market Performance - The TCM sector reported a market index of 6501.99 points, reflecting a 1.29% increase over the last week [1] - The overall pharmaceutical and biological sector index rose to 8430.03 points, with a 2.67% increase [1] Valuation Metrics - The TCM sector's PE (ttm) is at 27.72X, up by 0.36X week-on-week, with a one-year maximum of 30.26X and a minimum of 24.72X [2] - The PB (lf) stands at 2.33X, increasing by 0.02X from the previous week, with a one-year maximum of 2.54X and a minimum of 2.17X [2] Supply Chain Insights - The market for TCM raw materials has shown signs of recovery, with a price index of 225.55 points, reflecting a 0.4% increase from the previous week [3] - The market sentiment for TCM raw materials is improving, with increased foot traffic and positive investment sentiment [3] Policy and Regulatory Environment - Multiple regions have initiated price governance for Chinese patent medicines, focusing on high-priced products with significant price discrepancies [4][5] - The ongoing supply-side reforms are expected to reshape competitive factors within the industry, with a shift from channel-driven to value and cost-driven competition [5] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Specific recommendations include companies with strong R&D capabilities, unique products, and those less affected by centralized procurement [12]

Core Viewpoint - The article discusses the upcoming fourth batch of traditional Chinese medicine (TCM) procurement, highlighting the challenges and changes in the procurement process, including the inclusion of unique products and OTC varieties, as well as the complexities of pricing and quality evaluation in TCM procurement [4][11][12]. Group 1: Procurement Details - The fourth batch of TCM procurement will involve 90 drugs divided into 28 procurement groups, which is an increase in the number of groups compared to previous batches [6]. - The previous batches involved 17 groups with 76 drugs, 16 groups with 42 drugs, and 20 groups with 95 drugs, indicating a trend of increasing complexity in the procurement process [6]. - The procurement will officially start on November 10, with data submission required by November 21 [4]. Group 2: Unique Products and Challenges - The current procurement includes several unique products, such as Yindan Xinnao Tong soft capsules and Yinxin Ertianshu injection, which have faced challenges in previous procurement rounds due to high concentration and pricing difficulties [8][11]. - The high concentration of unique products in TCM leads to challenges in competitive pricing, as many unique products lack substitutes, making it difficult for companies to lower prices [8][12]. Group 3: Quality and Pricing Issues - TCM procurement faces difficulties in achieving complete coverage, competitive pricing, and quality evaluation due to the vast number of products and significant price discrepancies among similar products [11][12]. - For instance, the price of Chuanxinlian tablets varies significantly, with the lowest price at 0.072 yuan and the highest at 1.09 yuan, a difference of over 15 times [12]. - The article emphasizes the need for a comprehensive quality evaluation system for TCM, which includes production quality, clinical recognition, and safety monitoring to ensure consistent quality across different manufacturers [13].