证券研究报告 2026 年 02 月 27 日 湘财证券研究所 行业研究 中药行业周报 中药板块表现居中，静待基药与创新催化 相关研究： 1. 《行业未来五年有望迎来快 速转型发展期》 20260208 2. 《基药目录管理办法发布，中 药行业将进入循证驱动新周期》 20260215 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/02 25/05 25/08 25/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -6 | -18 | | 绝对收益 | 0 | -2 | 3 | | | | 注：相对收益与沪深 300 相比 | | 分析师：许雯 证书编号：S0500517110001 Tel：(8621) 50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 0.73%，在医药二级子板块中表现居中 根据 wind 数据，上周（2026.02.22-2 ...

Core Viewpoint - The "Implementation Plan for High-Quality Development of Traditional Chinese Medicine Industry (2026-2030)" aims to establish a collaborative development system for the entire TCM industry chain by 2030, enhancing supply capabilities, digitalization, and green development, while fostering leading enterprises and high-standard raw material production bases [1] Group 1: Industry Development Goals - By 2030, the TCM industry is expected to see a significant improvement in collaborative innovation, with the establishment of 60 high-standard raw material production bases and the construction of 5 innovation centers [1] - The plan emphasizes the need for continuous innovation in TCM products, aiming to launch a number of innovative TCM drugs and cultivate 10 major varieties of traditional Chinese medicine [2] Group 2: Innovation and Market Strategy - TCM enterprises are encouraged to shift from "sales-driven" to "innovation-driven" strategies to overcome homogenization in the market, focusing on clinical value and differentiated academic evidence [2][3] - Companies should conduct high-level evidence-based medical research, target unmet medical needs, and establish a comprehensive digital quality control system to ensure product reliability [2] Group 3: Digitalization as a Strategic Choice - The plan highlights the importance of digitalization in transforming the TCM industry from traditional practices to modern scientific management, addressing internal pain points and regulatory requirements [4][5] - Emphasizing digitalization aims to standardize production processes, enhance quality control, and improve industry competitiveness through cost reduction and efficiency gains [6] Group 4: Support for Enterprises - The plan includes actions to cultivate outstanding enterprises, support leading TCM companies in establishing development funds, and encourage financial institutions to provide services to TCM enterprises [6] - There is a focus on nurturing high-quality small and medium-sized enterprises in the TCM sector to enhance their competitive advantages and modernize the industry [6]

Core Viewpoint - Tongrentang Technology has successfully launched its key cardiovascular drug, the Kuanxiong Aerosol, which has entered the production phase, reflecting the company's commitment to innovation in modern pharmaceutical technology [1][4]. Group 1: Product Development - The Kuanxiong Aerosol is developed based on traditional Chinese medicine theories, targeting the root causes of cardiovascular diseases such as coronary heart disease and angina [3]. - The aerosol employs an innovative sublingual spray delivery method, allowing active ingredients to be rapidly absorbed into the bloodstream, enhancing the drug's efficacy [4]. - The production process incorporates advanced technology to improve drug stability and minimize the degradation of active components, ensuring consistent therapeutic effects [4]. Group 2: Market Position and Future Plans - Tongrentang Technology currently offers over 20 types of cardiovascular medications, including Guanxin Suhe Pills and Compound Danshen Tablets, focusing on the growing demand for cardiovascular treatments [4]. - The company is accelerating the development of its innovative traditional Chinese medicine, Qishen Granules, aimed at treating chronic heart failure, which has successfully completed Phase II clinical trials [4].

Core Viewpoint - The recent news about a large number of traditional Chinese medicines being withdrawn from the market is due to new regulations from the National Medical Products Administration, which will impact over 70% of existing traditional Chinese medicine approvals by 2026 [1][2]. Group 1: Regulatory Changes - The National Medical Products Administration issued the "Special Regulations on the Registration of Traditional Chinese Medicines" in February 2023, which states that any unclear safety information in the drug registration application will lead to non-renewal after three years [1]. - As of July 1, 2023, this regulation has been in effect, leading to significant concerns in the industry regarding the future of traditional Chinese medicines lacking clinical data and clear safety descriptions [1]. Group 2: Product Highlight - The product "Sangzhi Total Alkaloid Tablets," approved under the Z category, stands out as a benchmark for innovation in traditional Chinese medicine, demonstrating strong clinical efficacy and clear indications [1][2]. - This product is based on 21 years of research by a team led by Professor Liu Yuling from the Chinese Academy of Medical Sciences and has received significant national project support [2]. Group 3: Clinical Evidence - Sangzhi Total Alkaloid Tablets underwent a head-to-head clinical trial against first-line chemical drugs, showing a reduction in glycated hemoglobin by 0.93% and superior postprandial blood glucose control compared to the chemical drug Baidu [2]. - The clinical trial results were published in the prestigious journal "Diabetes Care," providing high-level evidence for the efficacy of this traditional medicine [2]. Group 4: Industry Impact - The product's clear labeling of indications, adverse reactions, and precautions based on clinical data sets a new standard for traditional Chinese medicine, aligning with the new regulatory requirements [3]. - As the industry faces a significant transformation, Sangzhi Total Alkaloid Tablets exemplify a successful model of integrating traditional and modern medicine, emphasizing efficacy and safety [9].

Core Insights - The Ministry of Agriculture and Rural Affairs has officially recognized Zhejiang Weikang Pharmaceutical Co., Ltd. as a national key laboratory, marking a significant milestone for the company and making it the first in Lishui City, Zhejiang Province to receive this designation [1][2]. Group 1: Company Achievements - Weikang Pharmaceutical has been acknowledged for its long-term commitment to technological innovation and modernization of traditional Chinese medicine [1]. - The company has established a diverse product system focusing on rapid-release dosage forms, including pills, dispersible tablets, soft capsules, and effervescent tablets, and has made significant advancements in quality standards, process optimization, and mechanism research [1]. - Weikang has formulated over 50 national standards and holds more than 40 national invention patents, receiving multiple honors such as National High-tech Enterprise and National Intellectual Property Demonstration Enterprise [1]. Group 2: Future Prospects - The newly approved national key laboratory will enhance Weikang's innovation in the modernization of traditional Chinese medicine and its integration with industry [2]. - The laboratory will focus on the development of innovative traditional Chinese medicines, improved new drugs, and classic formulas, aiming to promote the transformation of scientific achievements and cultivate high-level talent [2]. - Weikang aims to build a high-level research and development platform that integrates resource aggregation, technology leadership, and industry radiation, thereby enhancing its core competitiveness in the pharmaceutical sector [2].

Group 1 - The company is making significant progress in the research and development of innovative drugs, particularly the Seletong capsule, which has completed Phase III clinical trials and is expected to receive production approval in 2026 and be launched in 2027 [1][2] - The Seletong capsule targets vascular dementia, which is the second most common cause of dementia after Alzheimer's disease, with an anticipated market potential as the number of elderly dementia patients in China is expected to exceed 10 million by 2025 [1][2] - The company's revenue for the first three quarters of 2025 was RMB 2.415 billion, a decrease of 16.3% year-on-year, primarily due to the impact of centralized procurement on traditional Chinese medicine products [1][3] Group 2 - The gross profit margin for the first half of 2025 decreased from 75.3% to 72.2%, attributed to rising raw material costs and price pressures from national centralized procurement [4] - The net profit margin increased from 30.0% to 37.2%, mainly due to a 20.7% reduction in sales and distribution costs and a 12.9% decrease in administrative expenses [4] - The company plans to enhance its performance recovery through new product lines like the Seletong capsule and a strong commercialization team [4] Group 3 - The company has received approval for the classic traditional Chinese medicine formula Shaoyao Gancao Decoction granules, marking it as the first approved classic formula in 2025 [3] - The company is also advancing the clinical trials for a new traditional Chinese medicine for treating chronic disease anemia, with significant clinical value shown in patients unresponsive to EPO treatment [3] - The market for traditional Chinese medicine granules is currently undergoing restructuring, with the company focusing on expanding its market presence beyond Hebei and Yunnan provinces [5] Group 4 - The company has a target price of HKD 10.04 per share, with a "buy" rating, as the product structure is expected to optimize with new drug launches [2][5] - Revenue projections for 2025-2027 are RMB 3.84 billion, RMB 4.11 billion, and RMB 4.60 billion, with net profits of RMB 929 million, RMB 1.011 billion, and RMB 1.138 billion respectively [2][5] - The company's dividend yield is currently at 6.1%, indicating a potential 22% upside from the current price [2][5]

Core Viewpoint - Shenwei Pharmaceutical (02877) has shown significant stock performance, rising over 3% to HKD 8.51, with a trading volume of HKD 10.48 million, indicating positive market sentiment towards the company [1] Group 1: Company Research and Development - Guoyuan International's report highlights Shenwei Pharmaceutical's notable achievements in traditional Chinese medicine innovation, with multiple research and clinical projects progressing smoothly [1] - The company's R&D expenses for the first half of 2025 amounted to RMB 50.37 million, representing 3.0% of its revenue [1] - Key products under development, such as Q-B-Q-F Concentrated Pills and Selotong Capsules, are advancing steadily, with Selotong Capsules having completed Phase III clinical trials [1] Group 2: Market Potential and Product Overview - Selotong Capsules, developed using modern innovative technology, target vascular dementia, which is the second most common cause of dementia after Alzheimer's disease [1] - It is projected that by 2025, the number of elderly dementia patients in China will exceed 10 million, with no effective treatment drugs currently available, indicating a vast market opportunity for Selotong Capsules [1] - The product is expected to receive production approval in 2026 and be launched in 2027, positioning it as a significant future product for the company [1]

Core Viewpoint - Shenwei Pharmaceutical (02877) has shown significant stock performance, rising over 3% to HKD 8.51, with a trading volume of HKD 10.48 million, indicating positive market sentiment towards the company [1] Group 1: Company Research and Development - Guoyuan International's report highlights Shenwei Pharmaceutical's notable achievements in traditional Chinese medicine innovation, with multiple research and clinical projects progressing smoothly [1] - The company's R&D expenses for the first half of 2025 amounted to RMB 50.37 million, representing 3.0% of its revenue [1] - Key products under development, such as Q-B-Q-F concentrated pills and Selotong capsules, are advancing steadily, with Selotong capsules having completed Phase III clinical trials [1] Group 2: Market Potential and Product Overview - Selotong capsules, developed using modern innovative technology, target vascular dementia, which is the second most common cause of dementia after Alzheimer's disease [1] - It is projected that by 2025, the number of elderly dementia patients in China will exceed 10 million, with no effective treatment drugs currently available, indicating a vast market opportunity for Selotong capsules [1] - Selotong capsules are expected to receive production approval in 2026 and be launched for sale in 2027, positioning them as a significant product in the market [1]

Core Viewpoint - Shenwei Pharmaceutical (02877) has shown significant stock performance, increasing by 3.15% to HKD 8.51, with a trading volume of HKD 10.4884 million, driven by positive research and clinical project advancements in traditional Chinese medicine [1] Group 1: Company Research and Development - Guoyuan International's report highlights Shenwei Pharmaceutical's notable achievements in innovative research, with multiple research and clinical projects progressing smoothly [1] - The company's R&D expenses for the first half of 2025 amounted to RMB 50.37 million, representing 3.0% of its revenue [1] - Key products under development, such as Q-B-Q-F Concentrated Pills and Selotong Capsules, are advancing steadily, with Selotong Capsules having completed Phase III clinical trials [1] Group 2: Market Potential and Product Overview - Selotong Capsules, developed using modern innovative technology, target vascular dementia, which is the second most common cause of dementia after Alzheimer's disease [1] - It is projected that by 2025, the number of elderly dementia patients in China will exceed 10 million, with no effective treatment drugs currently available, indicating a vast market potential for Selotong Capsules [1] - Selotong Capsules are expected to receive production approval in 2026 and be launched for sale in 2027, positioning them as a significant product in the market [1]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 10.04 per share, indicating a potential upside of 22% from the current price of HKD 8.23 [1][4][11]. Core Insights - The innovative drug Seletong Capsule is progressing well in development, having completed Phase III clinical trials and expected to receive production approval in 2026, with market potential targeting vascular dementia, which currently lacks effective treatments [2][6][7]. - The company faced revenue pressure due to industry factors such as centralized procurement, leading to a 16.3% year-on-year decline in revenue for the first three quarters of 2025 [3][8]. - Despite revenue challenges, the company has improved its net profit margin from 30.0% to 37.2% due to reduced sales and distribution costs [3][9]. Financial Summary - Revenue projections for 2025-2027 are estimated at RMB 38.4 billion, RMB 41.1 billion, and RMB 46.0 billion, respectively, with net profits expected to be RMB 9.29 billion, RMB 10.11 billion, and RMB 11.38 billion [4][11]. - The company’s gross margin decreased from 75.3% to 72.2% due to rising raw material costs and pricing pressures from centralized procurement [3][8]. - The company maintains a dividend yield of 6.1%, reflecting its commitment to returning value to shareholders [4][11].