9月9日，2025国际（亳州）中医药博览会暨第41届全国（亳州）中药材交易会在亳州市体育馆开幕。黑龙江珍宝岛药业股份有限公司全资控股的亳州中药材 商品交易中心已连续7年参与主办药博会。亳州中药材商品交易中心总裁方福媛代表企业出席开幕式，并陪同与会嘉宾巡展。 巡展期间，嘉宾重点参观了珍宝岛产业互联网平台展示中心，了解亳州中药材商品交易中心覆盖中药材上中下游的全产业链业务模式、"N+50"中药材全国 资源布局、大宗交易平台建设以及珍宝岛药业在中药创新研发方面取得的成果。 编辑：赵鼎 转自：新华财经 据了解，亳州中药材商品交易中心展区涵盖全国产区名优药材产品展、全国中医药企业产品展、花茶大健康产品展（花草茶药食同源、大健康农特产品）、 药膳食材原料及商品展、制药机械及包装设备展，多维度展现了亳州的品牌形象。（魏松波） ...

Core Viewpoint - The company, Jiuzhoutong, reported a significant growth in its traditional Chinese medicine segment, with a sales revenue of 2.83 billion yuan in the first half of 2025, marking a year-on-year increase of 19.05% [1] Group 1: Financial Performance - In the first half of 2025, the traditional Chinese medicine segment achieved a sales revenue of 2.83 billion yuan, including 1.22 billion yuan from self-produced medicinal slices, which represents a year-on-year growth of 13.16% [1] Group 2: Business Development - Jiuxin Chinese Medicine Group, a subsidiary, focuses on the development of authentic medicinal materials and medicinal slices, aiming to cover the entire industry chain of traditional Chinese medicine [2] - The company offers a diverse range of products under various brands, including ordinary slices, refined slices, directly consumable slices, toxic slices, and health foods, catering to market demands [2] - The OTC business features both refined and ordinary medicinal slices, with the refined slices covering 100 varieties and 300 specifications, while ordinary slices encompass 480 varieties and 1,500 specifications [2] Group 3: Brand and Product Strategy - Jiuxin Chinese Medicine has initiated a brand strategy overhaul and strategic expansion of product categories, focusing on the core concept of "Authentic Medicine Made by Jiuxin" [3] - The company aims to enhance its brand core competitiveness and market penetration by developing core flagship products and expanding into health-related products [3]

Core Insights - The company reported a significant increase in cash flow for 2024, with a notable rise in net profit, while Q1 2025 performance faced slight pressure [1][2] Financial Performance - In 2024, the company achieved operating revenue of 3.799 billion, a year-on-year decrease of 2.95%, and a net profit attributable to shareholders of 115 million, a year-on-year increase of 296.13% [1] - The operating cash flow for 2024 increased by 36.64% to 439 million [2] - For Q1 2025, the company reported operating revenue of 796 million, a year-on-year decrease of 16.49%, and a net profit attributable to shareholders of 26 million, a year-on-year decrease of 9.35% [2] Cost Management - In 2024, the company optimized management expenses, with a sales expense ratio of 7.75%, up 2.07 percentage points year-on-year, and a management expense ratio of 13.70%, down 3.43 percentage points year-on-year [2] - The overall expense ratio remained stable in Q1 2025, with a gross margin of 27.96%, down 0.84 percentage points year-on-year [2] Healthcare Services Expansion - The company is expanding its healthcare services with new bed releases, including the opening of 300 beds at the Siyan Hospital East District and the upcoming opening of new facilities at other hospitals [3] - The healthcare services segment generated operating revenue of 3.036 billion in 2024, a year-on-year decrease of 2.68% [2][3] Pharmaceutical and Medical Products - The pharmaceutical and medical products segment achieved operating revenue of 753 million in 2024, a year-on-year decrease of 3.82%, with a gross margin of 49.48%, up 5.52 percentage points [4] - The company has strengthened its market position with its "Duyiwei" series of products, which successfully participated in national procurement [4][5] Strategic Initiatives - The company is extending its industrial chain through acquisitions, such as the purchase of Gansu Furen Pharmaceutical, to create a complete cycle from planting to processing and sales of traditional Chinese medicine [5] - The company is also diversifying into consumer healthcare with new product lines in oral care and health foods [6] Network and Infrastructure - By the end of 2024, the company had established a medical network covering six major regions, with a total of 24 medical institutions [6] - The company is implementing a "1+N" medical service model to enhance its regional medical center construction [6] Investment Outlook - Despite slight pressure on Q1 performance, the company anticipates gradual improvement in performance with the continued release of new beds, adjusting revenue and net profit forecasts for 2025-2026 [7]

Core Insights - The company reported a revenue of 2.704 billion yuan and a net profit of 438 million yuan for the year 2024, with a basic earnings per share of 0.47 yuan [1] - For the first quarter of 2025, the company achieved a revenue of 469 million yuan and a net profit of approximately 75.3 million yuan, with a basic earnings per share of 0.08 yuan [1] Group 1: Business Overview - The company is a comprehensive high-end pharmaceutical enterprise involved in drug research and innovation, intelligent manufacturing, multi-channel marketing, pharmaceutical commerce, and traditional Chinese medicine [1] - The company has established a marketing network covering over 30 provinces in China, creating a mature and complete marketing management service system [2] Group 2: Production and Product Portfolio - The company has production bases in Harbin, Hulin, and Jixi, with 21 production workshops and 43 production lines [2] - It holds 170 production licenses for a total of 138 varieties, with 86 varieties included in the 2024 National Medical Insurance Drug List [2] - The product matrix includes major categories such as cardiovascular, antiviral, respiratory, and pediatric medicines, with a focus on traditional Chinese medicine [2] Group 3: Research and Development - The company is actively engaged in the research and development of innovative traditional Chinese medicines and generic drugs, with ongoing projects in clinical trials and quality standard enhancements [3] - The company has completed preclinical research for a class 1 innovative traditional Chinese medicine and is conducting mechanism studies and phase II clinical trials [3] - The company has also made progress in the development of chemical drugs, with multiple projects receiving production approvals and registrations [3] Group 4: Strategic Development - The company is focused on integrating industry resources and exploring acquisition opportunities that align with its production, technology, and sales capabilities [3] - It has completed acquisitions of 23 products, enhancing its product pipeline and market competitiveness [3] - The company aims to strengthen its brand influence and industry position in the traditional Chinese medicine sector while expanding its chemical and biological drug businesses [4]

Core Viewpoint - ST Xiangxue (300147.SZ) reported a decline in revenue and profit for 2024, indicating a low point in business operations, but there are positive aspects in business management, new drug development, and corporate governance that may signal future growth opportunities for investors [1][2]. Business Operations - The company's largest revenue segment, traditional Chinese medicine materials, saw a year-on-year revenue increase of 25.69%, reaching 936 million yuan, contributing 280 million yuan in gross profit [1]. - ST Xiangxue has established a comprehensive industrial chain in the traditional Chinese medicine sector, including production and sales, with cultivation bases in regions such as Ningxia, Sichuan, Yunnan, and Guangdong [1]. New Drug Development - The company is advancing its first-class new drug TAEST16001 injection, which has entered the phase II clinical trial and was presented at the ASCO annual meeting [2]. - TAEST16001 is the first TCR-T cell therapy drug in China to receive IND approval, targeting advanced esophageal cancer and non-small cell lung cancer [2]. - The drug has shown a best response rate of 50% and a median progression-free survival of 5.9 months, indicating significant clinical efficacy and manageable safety [2]. Corporate Restructuring - In April, the company entered a pre-restructuring process, with a temporary administrator appointed to manage debt claims and conduct audits and evaluations [3]. - The restructuring plan aims to improve the company's asset-liability structure and enhance its operational and profitability capabilities, facilitating a return to sustainable and high-quality development [3].