万亿中药产业，一场变革正在发生，中成药集采如一块巨石砸向冰面，整个中药产业的运行规则先破后 立。 中药产业的特殊性，决定了它无法靠单一环节的优势独存，从一粒种子到一颗药是一个漫长的链条，中 药材作为全产业的"源头活水"，其供应稳定与质量可靠是前提。 然而中药材价格受气候、游资、种植周期等因素的影响剧烈，自2019年起，行业在疫情催化、政策扶持 及资本热捧下经历了一轮"非理性繁荣"，天地网综合200指数从2000余点攀升至2024年峰值的3600点， 部分品种价格涨幅超5倍。 随着产能盲目扩张，供需错配及市场投机等矛盾逐渐暴露，2024年下半年起，指数持续回落，而比短期 价格波动更深远的隐患是价格暴涨之后不可控的品质问题。 不同于国家组织的化药集采，湖北牵头的中成药集采60%的价格分之外40%的空间留给了技术分——考 验企业的医疗机构认可度、创新能力、药材品质如中药材是否符合GAP要求，以及供应保障能力等； 中药饮片集采也是一样，中药饮片联采更重视企业真实的"质量保障和成本控制能力"，道地药材、GAP 基地、中药材（产地仓）等指标甚至是集采评比中的额外加分项。 2025年国务院《政府工作报告》首次明确强调推动中 ...

Core Viewpoint - The company, Jiuzhoutong, showcased its strategic transformation and growth in the traditional Chinese medicine sector during the 2024 annual performance briefing, highlighting significant revenue growth and a comprehensive industry chain approach [1][2]. Company Performance - In 2024, Jiuzhoutong achieved a total revenue of 151.81 billion yuan, with a net profit attributable to shareholders of 2.507 billion yuan, reflecting a year-on-year increase of 39.88% [3]. - The company reported a net profit of 1.814 billion yuan after excluding non-recurring items, marking a year-on-year growth of 14.89% [3]. - For Q1 2025, Jiuzhoutong's revenue reached 42.016 billion yuan, a 3.82% increase compared to the same period last year, with a net profit of approximately 970 million yuan, representing an 80.38% year-on-year growth [3]. Traditional Chinese Medicine Business Development - The traditional Chinese medicine segment generated sales revenue of 4.962 billion yuan in 2024, a year-on-year increase of 18.14%, with a gross profit of 871 million yuan, up 12.22% [1][2]. - The company has established a full industry chain layout in traditional Chinese medicine, focusing on "authentic medicinal materials + intelligent manufacturing + digital services" [1]. Resource Management and Quality Control - Jiuxin Traditional Chinese Medicine has set up nine core authentic medicinal material production areas across the country and invested in 21 specialized companies, managing 250,000 acres of standardized planting bases [2]. - The company has achieved GAP certification for 14 medicinal material bases and has developed a traceability platform for traditional Chinese medicine quality in Hubei Province [2]. Production and R&D Capabilities - Jiuxin Traditional Chinese Medicine has built 13 GMP-certified modern processing enterprises and has established a smart traditional Chinese medicine service with over 6,000 professional decoction devices [2]. - The company has a core R&D team of over 70 members, involved in more than 30 national and provincial key projects, and has formed a patent cluster covering over 200 items [2]. Marketing and Digitalization - The company has expanded its marketing efforts into four major areas: OTC, medical, medicinal materials, and online business, serving over 100,000 downstream clients [2]. - Jiuzhoutong has developed digital systems for quality traceability, smart decoction, and traditional Chinese medicine diagnosis, enhancing the digital management and service capabilities of its traditional Chinese medicine business [3].