当行业聚焦于管线竞赛与市场扩张时，以岭药业以其"理论-临床-科研-产业-教学"五位一体的独特模 式，生动诠释了"健康新潮，价值共生"的深刻内涵。 在财经网2025年度新消费·新经济评选中，以岭药业荣获"年度医药行业领军企业"称号。 这不仅是对其市场地位与科研实力的肯定，更是对其将企业发展融入"健康中国"宏大叙事、以切实行动 履行社会责任的全面认可。 2025年前三季度，研发投入达5.44亿元，占营收比重9.27%，持续领跑行业。更为关键的是，这种投入 是长期且系统的——2019至2024年间累计研发投入已突破50亿元，形成了"投入-转化-再投入"的良性循 环。 这种高强度、长周期的投入，目标明确：研发符合中国人生命基因与体质特点的"中国药"。 其成果直接体现在覆盖心脑血管、呼吸、肿瘤等重大疾病领域的17个专利中药上。2025年，中药1.1类 新药芪防鼻通片获批上市并成功进入中国澳门市场，成为中国澳门首个注册上市的中成药创新药。 它将企业的科技创新，通过国家公共医疗保障体系，转化为千千万万普通患者实实在在的获得感，极大 减轻了疾病带来的经济负担。这背后，是企业与国家医疗保障政策同向而行的主动作为，是将商业成功 ...

手机号 15769519125 2025 年 中国中药行业市场研 究报告 主编：雷静兰 编辑：张潞玮 商业合作： collaboration@shuoyuanconsulting.com 1 / 30 1.行业概述 1.1 行业定义与分类 1.1.1 中药的定义及范围 中药，即中医药体系中的药物部分，是指以天然药物为基础，主要来源于植物、 动物及矿物等天然资源，通过传统的炮制工艺和现代技术相结合加工制成的各 类药品。中药不仅包括广泛应用于临床的传统草药，如根、茎、叶、花、果实 和种子等各类药材，还涵盖了经过切制、干燥、提纯等处理的饮片，以及依据 古方或现代研究制成的中成药、针剂、丸剂、散剂、膏剂等多种剂型。 中药的应用范围极为广泛，不仅在疾病的预防和治疗方面发挥着重要作用，还 在养生保健、美容护肤、调节机体功能等领域具有独特优势。它通过调和阴阳、 疏通经络、扶正祛邪，达到整体调节机体平衡的目的。中药的使用严格遵循中 医理论指导，强调辨证施治，即根据患者的体质、病因、病位和病性等综合因 素进行个体化用药，体现了中医"治未病"的理念，强调在疾病发生之前进行干 预，从而达到防病于未然的效果。 中药在现代医学研究中也 ...

Core Insights - The demand for traditional Chinese medicine (TCM) has significantly increased due to the rise in respiratory diseases during the autumn and winter flu season, with multiple pathogens like influenza and respiratory syncytial virus circulating [1] - Companies with reliable evidence-based data and clinically recognized TCM products are expected to benefit in the long term during the flu season [2] Group 1: Market Dynamics - The current flu activity in China is in a rapid upward phase, with sentinel hospitals reporting a continuous increase in flu-like cases [1] - The complexity of respiratory diseases this year, particularly in southern humid regions, has made multi-target, compound TCM more advantageous for managing various symptoms [1] Group 2: Company Performance - Kangyuan Pharmaceutical has seen a surge in demand for its respiratory products, leading to increased production to meet market supply pressures [2] - The company's oral liquid product, Jinzhen Oral Liquid, generated revenue of 1.359 billion yuan in the first three quarters of this year, accounting for 58% of its total revenue [2] Group 3: Product Development - Kangyuan's product line for respiratory and infectious diseases has formed a complete matrix covering prevention and treatment for various symptoms, including products like Hot Toxin Ning Injection and Jinzhen Oral Liquid [2][3] - The Hot Toxin Ning Injection has completed multiple RCT clinical studies, demonstrating its effectiveness in alleviating symptoms caused by viral infections [3] Group 4: Financial Performance - In the first half of 2025, Kangyuan reported revenue of 1.642 billion yuan and a net profit of 142 million yuan, with significant growth in various product categories [4] - The injection revenue reached 506 million yuan, while oral liquid revenue was 279 million yuan, indicating a robust performance across different dosage forms [4][5] Group 5: Strategic Outlook - The simultaneous growth of multiple dosage forms indicates a recovery in the usage of respiratory products during the winter disease season, enhancing the company's market adaptability [5] - Experts believe that TCM's multi-target advantages will continue to provide significant value in managing respiratory diseases in the future [5]

Core Insights - The 2025 BIO-Europe conference was held in Vienna, Austria, from November 3 to 5, showcasing the advancements in biopharmaceuticals and precision medicine from Shanxi Province [3][4] - The Shanxi delegation, organized by the China Council for the Promotion of International Trade Shanxi Committee, included key pharmaceutical companies that aimed to enhance international collaboration and showcase their innovations [3][4] Company Highlights - Shanxi Shuangyan Pharmaceutical Co., Ltd. promoted its high-end active pharmaceutical ingredients and formulations, certified by FDA and EDQM, with exports to over 50 countries [4] - Shanxi Zhendong Pharmaceutical Co., Ltd. showcased its achievements in the modernization of traditional Chinese medicine and functional health foods [4] - Shanxi Naan Biotechnology Co., Ltd. introduced its self-developed Bio-Lattix technology platform and innovative drug pipelines, including ADCs and RDCs [4] - Taiyuan Huarui Qiyuan Technology Co., Ltd. presented the world's first commercial standing CT and diagnostic reagent culture device, attracting attention from medical and investment institutions [4] - Shanxi Jinbo Biopharmaceutical Co., Ltd. displayed its proprietary human-derived collagen new materials and broad-spectrum antiviral bioproducts, highlighting its leading green manufacturing technology [4] - Shanxi Yellow River Traditional Chinese Medicine Co., Ltd. showcased its 300-year-old brand "Yishengtang," emphasizing the integration of traditional Chinese medicine culture with modern research [4] Industry Collaboration - The Shanxi delegation engaged in in-depth discussions with various European biopharmaceutical companies, research institutions, and investment funds during the conference [4] - The delegation leader, Wang Xiu, emphasized the importance of this event in promoting Shanxi pharmaceutical companies to expand into international markets and enhance the global influence of the "Shanxi brand" [4]

Core Viewpoint - In the third quarter of 2025, many pharmaceutical companies are seeking a balance between cost reduction and growth, with A-share pharmaceutical companies experiencing a 5.5% decline in overall revenue and a 14.3% drop in net profit excluding non-recurring items in the first half of the year. The performance of listed pharmaceutical companies in the third quarter serves as an important window to observe their resilience in development [1]. Group 1: Company Performance - China Resources Sanjiu (华润三九) reported a revenue of 21.986 billion yuan in the first three quarters, a year-on-year increase of 11.38%, primarily driven by the consolidation of Tianjin Tasly Pharmaceutical (天士力) [1]. - The net profit attributable to shareholders was 2.353 billion yuan, with a significant narrowing of the decline compared to the second quarter, indicating clear signs of improvement [1]. - The company is actively pursuing short-term recovery, merger synergies, and cost control, with a clearer rhythm in long-term layout implementation [1]. Group 2: Strategic Initiatives - China Resources Sanjiu is proactively positioning itself in channels and brands, which serves as a solid foundation for its current performance amidst industry adjustments [2]. - The company has not adjusted its annual growth target for respiratory products despite challenges, reflecting confidence derived from channel and brand certainty [2]. - The retail pharmacy market in China saw a decline of 1.3% in the first five months of the year, with one-third of stores experiencing sales declines exceeding 15%, indicating a shift to a competitive phase [2]. Group 3: Brand Development - The "999" series of products continues to perform well, with Ganmaoling ranking first in sales among traditional Chinese medicine products in pharmacies during the first half of the year [3]. - The product 999 Yiqi Qingfei Granules is preparing for negotiations related to national medical insurance, forming a closed loop of "prevention-treatment-recovery" with core products [3]. - The company expects its revenue to surpass the industry average growth rate in 2025, aiming for double-digit growth while maintaining stable profits [3]. Group 4: Mergers and Acquisitions - The value of China Resources Sanjiu's mergers and acquisitions is gradually moving beyond short-term financial impacts, avoiding the common industry issue of "heavy acquisition, light integration" [4]. - Following the completion of the "100-day integration" with Tianjin Tasly, business synergies have entered a practical implementation phase, focusing on stabilizing teams, operations, and business before advancing specific collaborations [4]. - The integration with Kunming Pharmaceutical Group (昆药集团) also reflects a long-term value creation strategy, expanding into retail and building new growth curves [4]. Group 5: Innovation and Future Outlook - China Resources Sanjiu is increasing its focus on innovation, particularly in the field of cell therapy, with a project in collaboration with Nanjing Aierpu Regenerative Medicine that is the first globally to receive clinical approval for heart failure treatment [5]. - The company has maintained a strong financial position, with a total dividend of 1.695 billion yuan in 2024 and nearly 750 million yuan in the first half of 2025, reflecting a commitment to shareholder returns [6]. - The company has distributed over 10 billion yuan in dividends since its listing, indicating a significant cash return to shareholders compared to the average level in the A-share market [6]. Group 6: Market Trends and Future Prospects - During the "14th Five-Year Plan" period, China Resources Sanjiu's dividends reached 6.4 billion yuan, showcasing confidence in long-term operations [7]. - The current performance fluctuations are seen as a temporary reflection of cyclical and integration costs, with signs of narrowing declines in the third quarter [7]. - As the industry approaches a recovery phase, the value logic behind this pharmaceutical leader is expected to gain increasing attention [7].

Core Insights - The leading Chinese medicine company, Pianzaihuang, reported a decline in both revenue and net profit for the first three quarters of 2025, attributed to short-term factors such as high previous profit growth and elevated raw material costs [1] Financial Performance - For the first three quarters of 2025, the company's revenue and net profit attributable to shareholders showed a year-on-year decline [1] - The company experienced a significant profit growth of over 10% in the first three quarters of 2024, which inflated the performance base for the current year [1] - The price of natural cow bile, a key raw material, has remained high in 2024, increasing operational costs and impacting profit margins [1] - The sales gross margin showed a slight recovery in Q3 compared to Q2, with a net profit margin of 28.66% for the first three quarters, improving from 27.77% for the entire year of 2024 [2] - In Q3, the net profit attributable to shareholders increased by 55.25% compared to Q2 [2] Product Stability and Innovation - The price of the core product, Pianzaihuang, has remained stable, with offline sales maintaining a price of 760 yuan per 3g unit [2] - The company is actively investing in clinical research for Pianzaihuang, particularly for primary liver cancer, with ongoing clinical trials showing promising results [3] - The company is expanding its product pipeline with innovative traditional Chinese medicine and chemical drugs, including a new drug for anxiety disorders that has entered Phase III clinical trials [3] Diversification and Growth Strategy - Pianzaihuang is diversifying its business into cosmetics, food, and health industries, establishing a comprehensive health industry layout [4] - The company is investing in new facilities and participating in health industry investment funds to promote regional health industry development [4] - The company has maintained a high dividend payout, distributing 1.4 yuan per share in cash dividends, totaling 845 million yuan, reflecting confidence in long-term growth [5] Long-term Development Focus - The company is committed to high-quality development and innovation, reinforcing its brand and product development capabilities [6] - Despite short-term performance fluctuations, the management remains confident in the company's long-term growth potential [5][6]

Core Insights - The Ba Zi Bu Shen capsule, integrating traditional Chinese medicine wisdom with modern scientific research, has been newly launched in the Canadian market and is approved in eight countries including Canada, Singapore, and Thailand, with availability on platforms like Amazon in Europe and the US [1][2] Group 1: Product Development and Research - The Ba Zi Bu Shen capsule is developed by Yiling Pharmaceutical, utilizing a selection of eight seed-based medicinal ingredients, including Cuscuta, Goji berries, Schisandra, and others, aimed at replenishing kidney essence [2] - The product incorporates precious herbs such as ginseng and deer antler for comprehensive health benefits [2] - A large-scale study involving 1,200 mammals was conducted to investigate anti-aging effects, establishing a solid evidence chain for the product's credibility [2] Group 2: Clinical Trials and Publications - A randomized, double-blind, placebo-controlled, multi-center clinical trial involving 530 participants was conducted, marking a pioneering effort in clinical trials for anti-aging in traditional Chinese medicine [3] - Over 20 research papers related to the Ba Zi Bu Shen capsule have been published in international medical journals such as Biomedi & Pharmacotherapy, Phytomedicine, and Frontiers in Pharmacology [4] - Experts from the World Federation of Chinese Medicine Societies acknowledged the significant progress made in combining traditional Chinese theories with modern scientific techniques in anti-aging research, laying a solid foundation for future studies [4]

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Decoction Pieces Co., Ltd. is pursuing an IPO in Hong Kong, showcasing a compound annual growth rate (CAGR) of 27% in revenue from 2022 to 2024, while net profit is projected to decline by 14.3% in 2024, alongside a significant increase in interest-bearing bank loans by approximately 34.63% from 2023 to 2024 [1][8]. Business Model and Core Competencies - The company employs a dual-pillar strategy, servicing hospitals and pharmacies through offline channels while leveraging digital platforms to cater to smaller clients and retail markets [2]. - Xinhehua is the first TCM decoction piece enterprise to obtain GMP certification, integrating molecular biology into TCM, with its DNA barcode technology adopted by both Chinese and British pharmacopoeias [3]. Financial Data Analysis - Revenue growth is notable, with total revenue increasing from 780.42 million RMB in 2022 to 1,249.40 million RMB in 2024, reflecting a CAGR of 27%. The first half of 2025 shows revenue at 633.51 million RMB, surpassing 78.93% of 2022's total [4][6]. - The revenue structure indicates that toxic decoction piece income rose to 16.8% in 2023 but fell to 13.8% in 2024, while ordinary decoction pieces consistently account for over 80% of total revenue [6]. - Net profit increased by 34.34% in 2023 compared to 2022 but is expected to decline by 14.3% in 2024, primarily due to rising raw material costs and operational expenses [7]. - Gross margin has decreased from 21.1% in 2022 to 17.1% in 2024, attributed to a higher proportion of sales to lower-margin medical trading companies and pharmacies, as well as fluctuations in raw material costs [7]. Financial Challenges and Risks - The company faces rising debt levels, with interest-bearing bank loans increasing from 120.12 million RMB in 2023 to 161.75 million RMB in 2024, leading to a higher leverage ratio of 57% in 2024 compared to 49% in previous years [8]. - The industry is characterized by intense competition, with 2,334 related enterprises in China as of 2023, indicating a fragmented market where Xinhehua, despite its leading position, faces significant competition [8]. Raw Material Prices and Supply Risks - The company relies on various raw materials, which are subject to price volatility and supply shortages, potentially impacting gross margins and profitability [9]. New Business Development Uncertainties - Xinhehua is pursuing several new business initiatives, such as the Golden Lotus platform, but these ventures may encounter challenges related to market acceptance and competitive pressures, posing risks to sustainable revenue generation [10]. Quality Control Risks - The quality of TCM decoction pieces is influenced by multiple factors, and any failure in the quality control system could lead to product quality issues, adversely affecting the company's reputation and financial performance [11].

Core Viewpoint - Guizhou BaiLing Pharmaceutical Group's subsidiary has received approval for clinical trials of a new traditional Chinese medicine, Tang Ning Tong Luo Pian, aimed at treating Type 2 Diabetes Mellitus (T2DM) and its complications, marking a significant advancement in the company's strategy in the metabolic disease sector [1][2][4] Group 1: Product Development - Tang Ning Tong Luo Pian is the first traditional Chinese medicine to enter clinical trials for both diabetes treatment and its complications in China [1] - The drug has shown promising pharmacological effects by adjusting endocrine functions and improving biochemical indicators in T2DM patients [1][2] - The development of Tang Ning Tong Luo Pian addresses the clinical needs for diabetes prevention, treatment, and management of complications [2][4] Group 2: Market Context - The global diabetes patient population is projected to reach 589 million by 2024, with China having 148 million patients, the highest in the world [2] - The diabetes medication market in China is expected to grow significantly, reaching 116.1 billion yuan by 2025 and 167.5 billion yuan by 2030 [3] - Despite the large market size, a significant portion is dominated by imported drugs, indicating a gap in meeting clinical needs [3] Group 3: Competitive Advantage - Tang Ning Tong Luo Pian is based on Miao medicine principles and has demonstrated unique advantages in treating diabetes and its complications through modern research methods [3][4] - The drug has shown effectiveness in lowering glycosylated hemoglobin levels and delaying the progression of diabetic retinopathy and other complications [3] - If approved, capturing just 1% of the market could yield approximately 2 billion yuan in sales, highlighting its potential impact [4] Group 4: Strategic Vision - The company aims to establish a comprehensive approach to diabetes management through Tang Ning Tong Luo Pian, addressing both prevention and treatment of complications [4] - The chairman of the company emphasized the innovative model of integrating traditional medicine with modern research to enhance the global reach of ethnic medicine [4]

Core Viewpoint - The collaboration between Shenzhen and Macau in the biopharmaceutical field is essential for accelerating innovation in molecular drug development, leveraging the strengths of both regions [1][3]. Group 1: Academic Background and Research Focus - Jiang Zhihong, a prominent figure in natural product chemistry, has a strong academic background, including a master's degree from China Pharmaceutical University and a PhD from Nagasaki University, followed by postdoctoral research at Harvard Medical School [2]. - His research focuses on the modernization of traditional Chinese medicine, with six major research directions including new drug development from tRNA-derived small nucleic acids and innovative drug research related to ion channels [2][3]. Group 2: Achievements and Collaborations - Over the past decade, Jiang's team has published over 1,600 SCI papers and obtained 68 patents, successfully bridging the gap between research and industry [2]. - Notable achievements include the development of a new oral innovative drug in collaboration with Guangzhou Pharmaceutical Group and the highest record for research result commercialization in Macau [2]. Group 3: Strategic Collaboration between Shenzhen and Macau - The partnership between Shenzhen's robust biopharmaceutical industry and Macau's research capabilities is seen as a strategic necessity, enhancing innovation through shared resources and expertise [3][4]. - The establishment of the National Molecular Drug Innovation Center in Shenzhen aims to develop key technologies and platforms for drug validation and sustainable production processes, thereby improving the overall competitiveness of China's pharmaceutical industry [3].