中经记者 晏国文 卢志坤 北京报道 9月27日，知名非处方药（OTC）上市公司江中药业（600750.SH）披露，拟以7078.393万元收购安徽省 精诚徽药药业有限公司（以下简称"精诚徽药"）70%股权。 上述公告仅简要介绍了拟收购事项，而未披露精诚徽药近几个报告期财务情况及更多详细信息。 据安徽省药监局官网2025年7月23日披露的《关于公布2025年上半年全省中药饮片生产企业自主停产情 况的通告》，精诚徽药药业股份有限公司（精诚徽药前身、原名）停产范围为中药饮片，停产起始时间 为2020年8月1日。 值得注意的是，精诚徽药净资产仅4198.24万元，评估价值为10111.99万元。评估增值率为140.86%。 针对未披露财务情况以及标的中药饮片停产事项，日前，江中药业方面对《中国经营报》记者表 示："据《上海证券交易所股票上市规则》，公司本次拟收购精诚徽药70%股权事项不属于应当披露的 重大交易，对公司生产经营无重大影响。精诚徽药停产中药饮片相关事项细节请参考安徽省药品监督管 理局通告内容。江中药业拟收购精诚徽药，核心目的在于整合其中药补益类品种，进一步丰富公司产品 矩阵，该事项对本次收购不构成实质影响 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 215.56 CNY, while the current price is 181.55 CNY [5][6]. Core Views - The company is expected to experience a turning point in growth driven by external acquisitions and new product launches. The short-term performance is under pressure due to a weak consumption environment and intensified competition, but long-term prospects remain positive due to the synergistic effects of new product iterations, international acquisitions, and R&D barriers [5][9]. Financial Projections - Total revenue is projected to be 3,026 million CNY in 2024, with a year-on-year growth rate of 5.4%. However, a decline of 12.2% is expected in 2025, followed by a recovery with growth rates of 22.9% in 2026 and 16.2% in 2027 [4][10]. - Net profit attributable to the parent company is forecasted to be 1,958 million CNY in 2024, with a growth rate of 5.3%. This is expected to decline by 17.2% in 2025, before increasing by 25.7% in 2026 and 15.3% in 2027 [4][10]. - Earnings per share (EPS) are estimated at 6.47 CNY for 2024, decreasing to 5.36 CNY in 2025, and then recovering to 6.74 CNY in 2026 and 7.77 CNY in 2027 [4][10]. Market Performance - The company has faced significant challenges, with a 21.6% decline in total revenue in the first half of 2025 compared to the previous year, and a 29.6% drop in net profit. The gross margin has slightly decreased to 93.4%, while the net margin stands at 60.9% [9][10]. - The company has made strategic acquisitions, including an 85% stake in the South Korean company REGEN, which is expected to enhance its international presence and product offerings [9][10]. R&D and Product Pipeline - The company has increased its R&D expenditure, with a rate of 12.0% in the first half of 2025, reflecting a commitment to innovation and a robust pipeline that includes products in advanced fields such as botulinum toxin and recombinant proteins [9][10]. - The diverse product pipeline and ongoing R&D efforts are seen as critical for sustainable business development [9][10].

中金主要观点如下： 中金发布研报称，预计潼关黄金(00340)2025-2026年EPS分别为0.16港元、0.23港元，2024-2026CAGR为 121%。对应当前分别为17.3倍、11.6倍市盈率。该行首次覆盖潼关黄金给予跑赢行业评级，目标价3.52 港元，对应2026年15.0倍市盈率，较当前股价有30%的上涨空间。该行认为公司具有重视勘探增储的基 因，黄金产量增长潜力有望超出市场预期。 勘探见长的黄金企业，内生增长动能强劲 资源方面，公司重视勘探增储的战略意义，在潼关和肃北矿区合计拥有黄金资源量55.0吨，平均品位高 达8.26克/吨。产量方面，潼关矿区探转采带动产量增长，该行预计公司2025-2026年的黄金销量分别为 2.8吨、3.4吨。成本方面，公司于2025年1月收购矿山工程供应商西安宏尚，有望通过产业链整合降低黄 金开采业务的生产成本。 潜在催化剂：黄金价格持续上行，潼关矿区探转采顺利推进，进一步整合产业链降低成本。 风险提示：黄金价格波动；金矿探转采不及预期；金矿成本超预期上行。 2025年4月，紫金矿业通过全资子公司紫金金属收购公司3.82%的股份，与公司开展金属流合作并将预 付25 ...

Investment Highlights - Company is initiating coverage on Tongguan Gold (00340) with an "outperform" rating and a target price of HKD 3.52, focusing on its operations in the Tongguan and Subei mining areas [1] - The company emphasizes exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 g/t, expecting gold sales of 2.8 tons and 3.4 tons in 2025 and 2026 respectively [1] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [1] Strategic Investment and Growth Potential - Zijin Mining's strategic investment, acquiring 3.82% of the company through its subsidiary, reflects confidence in the company's asset quality and strategic direction, with a cash prepayment of USD 25 million [1] - The collaboration with Zijin is expected to enhance the company's cash flow and provide potential for future mergers and acquisitions [1] Market Trends and Price Predictions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices, with the Chinese central bank restarting gold purchases in November 2024 [2] - The company is positioned to exceed market expectations in gold production growth due to its focus on exploration and resource expansion [2] Earnings Forecast and Valuation - Projected EPS for the company is HKD 0.16 and HKD 0.23 for 2025 and 2026, respectively, with a CAGR of 121% from 2024 to 2026 [2] - The current valuation corresponds to 17.3 times and 11.6 times the earnings for 2025 and 2026, respectively, with a target price reflecting a 30% upside from the current stock price [2]

一边是员工持股平台陆续减持，一边是公司推进定增收购、募集配套资金，天地在线的资本作节奏引市 场关注。 2025 年 9 月，天地在线一边推进配套募资不超过 1.74 亿元的定增计划，发行价格为 12.58 元 / 股，另 一边控股股东及一致行动人人天津一鸣天地企业管理咨询合伙企业（有限合伙）（下称"一鸣投资"）、 天津一飞天地企业管理咨询合伙企业（有限合伙）于 9 月 4 日至 9 日通过大宗交易减持 76.98 万股，均 价约 18元 / 股，减持价格较定增价高出 43%。这种 "高卖低买" 的操作引发市场对利益输送的质疑。 2025年7月11日，天地在线公告股东减持计划。一鸣投资和一飞投资两个员工持股平台计划在2025年8月 4日至11月3日期间，通过大宗交易或竞价交易方式减持公司股份。减持原因表示为"基于平台内员工的 自身资金需求"。这些股份来源于公司首次公开发行前持有的股份及资本公积金转增股本取得的股份。 这一进一出的资本运作引发市场关注。一方面，员工持股平台在股价相对高位进行减持；另一方面，公 司通过定增引入资产，发行价格相对减持价格很低。 从时间线看，此次定增定价基准日为2024年10月30日董事 ...

来源：智通财经 受外延并购因素拖累，综合医药集团华润医药（03320.HK）中期业绩利润大幅下滑。今年上半年，华 润医药总营收1318.67亿元、同比增2.50%；归母净利润20.77亿元，同比下滑20.30%。 智通财经记者发现，虽然这家公司收入仍在增长，但背后却暗藏结构性矛盾。 一方面，华润医药制造板块靠并表"输血"，中药和生物药增长对冲化学药萎缩；另一方面分销增速放 缓，零售虽增长11.40%，但因特药占比提升毛利率摊薄至6.10%。从动向上，华润医药采取了外延并 购、增加血制品牌照、加码DTP特药药房网络等行动，但并未阻止利润的大幅走弱。 外延并购拖累 分板块来看，华润医药核心分销业务上半年实现收入1083.30亿元，同比增长2.30%；制药板块收入 248.08亿元，同比增长4.30%；零售板块收入55.15亿元，同比增长11.40%，合计支撑总营收同比微增 2.50%。毛利率则持平在16.30%，其中零售分部毛利率降至6.10%，同比下降0.40个百分点，凸显特药占 比提升对毛利结构的摊薄。 与营收小幅上扬相对照，华润医药利润端显著走低，上半年归母净利润20.77亿元，同比大降20.30%。 利润 ...

一纸配售公告，揭示出一家极具成长潜力的港股黄金新贵企业正试图通过再融资举措打开新的增长局 面。 9月22日晚间，大唐黄金（08299）发布公告，公司将以每股0.275港元的价格，最多配售10.39亿股新 股，配售规模相当于现有已发行股份的13.98%。配售完成后，预计募资净额约为2.74亿港元，以9月22 日收盘后市值计算，募资额约占公司总市值的11.5%。 在智通财经看来，大唐黄金作为香港创业板中稀缺的以黄金勘探开采及冶炼为主业的公司，在一定意义 上可算得上是黄金板块里的"遗珠"。尽管上市地为香港创业板，大唐黄金仍有亮眼的流动性，日交易量 长期在创业板公司中名列前茅。 而此次落实再融资事项，有望成为大唐黄金加速挖掘内生增长动能，并积极培育新的增长点的关键转 折。据悉，大唐黄金计划将此次再融资所得款项用于三大方向：约70%预留为未来并购，约5%作为与 大学及陕西省探矿头部企业的小秦岭深部资源勘探及研究，以及AI矿山合作，此外还有约25%将用于补 充流动资金。 毫无疑问，借外延并购增加自身黄金资源量及储量，大唐黄金可以快速提升业绩。而通过此次融资，则 可以说是在实质层面为公司下一步的资本运作提供了"弹药"。 值 ...

Group 1: Company Strategy and Growth - The company is pursuing a dual-driven strategy of internal growth and external mergers and acquisitions to enhance its development [1][2] - The establishment of the Jiaxing Hongpu Fund is progressing steadily, with plans for future disclosures based on regulatory requirements [1][5] - The company aims to identify suitable acquisition targets and management teams to inject new momentum into its technological innovation and business expansion [5][6] Group 2: Market Performance and Stock Liquidity - Concerns regarding stock liquidity were acknowledged, with the company emphasizing its normal operations and commitment to creating shareholder value [2][7] - The company is focused on enhancing its market presence and product innovation to improve stock performance [7][8] Group 3: Product Development and Technological Advancements - There has been a significant increase in demand for digital, informational, and intelligent solutions in manufacturing, particularly in the IoT cloud platform and CNC control areas [3][4] - New lightweight features have been added to the CNC system to improve ease of use and adaptability for small and medium-sized manufacturing enterprises [4][6] Group 4: Financial Health and Investment Plans - As of mid-2025, the company's operating cash flow remains stable, supporting daily operations and strategic planning [5][6] - The company plans to accelerate the leasing of idle properties and strengthen external investments and acquisitions [6][7]

Core Viewpoint - The report from Tianfeng Securities indicates that China Resources Pharmaceutical's (03320) revenue performance in the first half of 2025 is stable across its three main business segments, while net profit has declined primarily due to impairment losses from associated companies. The company is expected to see steady revenue growth from its three segments, with net profit forecasts adjusted downwards for 2025-2027 due to anticipated impairment impacts and changes in product structure affecting gross margins in the pharmaceutical segment [1]. Revenue Performance - In H1 2025, the company achieved operating revenue of 131.87 billion yuan, a year-on-year increase of 2.5%; net profit attributable to shareholders was 2.08 billion yuan, down 20.3% year-on-year, mainly due to impairment losses from equity confirmations of associated companies; the non-recurring net profit was 2.47 billion yuan, a decrease of 4.7% year-on-year [1][2]. - The pharmaceutical segment generated revenue of 24.81 billion yuan in H1 2025, up 4.3% year-on-year, with stable growth in traditional Chinese medicine, biopharmaceuticals, and health products. The gross margin for this segment was 59.3%, down 0.8 percentage points year-on-year [2]. - The commercial segment, particularly the distribution business, reported revenue of 108.33 billion yuan, a 2.3% increase year-on-year, while retail business revenue reached 5.52 billion yuan, up 11.4% year-on-year [2]. Business Development Strategies - The pharmaceutical segment is focusing on external growth and innovative research and development. In H1 2025, the company completed acquisitions of Nanger and Tianshili, enhancing its blood product supply chain and improving its traditional Chinese medicine innovation capabilities. The company is also diversifying its external growth strategies through the establishment of industrial funds and product introductions [3]. - In terms of innovation, the company successfully launched 21 new products in H1 2025, with a total of 476 projects under research, including 178 new drug projects and over 50 classic traditional Chinese medicine formulas, which are expected to provide growth opportunities [3]. Commercial Business Expansion - The commercial segment is actively developing its medical device business, achieving revenue of 18 billion yuan in H1 2025, an 8% year-on-year increase, with the introduction of 7 new products and the establishment of a regional testing center [4]. - The company is also enhancing its professional pharmacy network, integrating outpatient channels and building patient management platforms to improve service capabilities. The DTP pharmacy segment generated revenue of 3.76 billion yuan, a 14% increase year-on-year, with the number of stores reaching 279 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated significant revenue growth in Q2 2025, with a year-on-year increase of 29.6% to 1.22 billion yuan, driven by the successful acquisition of Roman Smart and improvements in the Bear brand [4][5] - The forecast for net profit has been revised upwards for 2025-2027, with expected net profits of 426 million, 480 million, and 530 million yuan respectively, reflecting a strong growth outlook [4][8] - The report emphasizes the long-term potential of category expansion and the synergistic effects of acquisitions to drive performance growth [4] Financial Performance Summary - In Q1 2025, the company's revenue was 1.32 billion yuan, with a net profit of 130 million yuan, while in Q2 2025, revenue reached 1.22 billion yuan with a net profit of 75 million yuan [4] - The gross margin improved to 37.6% in Q2 2025, up 3.2 percentage points year-on-year, attributed to a higher proportion of high-margin products and reduced competition [6] - The company’s operating expenses decreased significantly, leading to an improved net profit margin of 6.2% in Q2 2025, up 5.1 percentage points year-on-year [6] Revenue Breakdown - For H1 2025, revenue from various product categories was as follows: kitchen appliances 1.67 billion yuan (+5%), personal care 320 million yuan (+416%), maternal and infant products 150 million yuan (+41%), and other small appliances 140 million yuan (+20%) [5] - Domestic revenue was 2.12 billion yuan (+8%), while international revenue surged to 410 million yuan (+139%), indicating strong growth from the Roman Smart acquisition [5] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 19.3 for 2025, decreasing to 15.5 by 2027, indicating an attractive valuation as earnings grow [4][8] - The expected earnings per share (EPS) for 2025 is 2.71 yuan, with projections of 3.06 yuan and 3.37 yuan for 2026 and 2027 respectively [8]