Core Viewpoint - The article discusses the active participation of pharmaceutical companies, particularly Pianzaihuang, in the primary market as limited partners (LPs) in various investment funds, highlighting their strategies to seek new growth opportunities amid fluctuating performance [4][10][12]. Group 1: Pianzaihuang's Investment Activities - Pianzaihuang has committed to invest RMB 200 million as a limited partner in the CICC (Zhangzhou) Medical Industry Investment Partnership, representing 20% of the fund's target size of RMB 1 billion [4][6]. - This marks Pianzaihuang's third investment as an LP since 2025, following previous investments in the "Zhaoying Huikang Fund" and the "Gaoxin Runxin Fund," both with a scale of RMB 1 billion [4][11]. - The company has a strong cash reserve of nearly RMB 5 billion as of June 2025, allowing it to actively engage in investment activities despite recent declines in revenue and profit [12]. Group 2: Fund Details and Partners - The CICC Medical Fund aims to invest in sectors such as traditional Chinese medicine, biomedicine, medical devices, and health services, with a focus on projects related to Pianzaihuang's industry chain [6][8]. - The fund has seven limited partners, with several having connections to Pianzaihuang, indicating a strategic alignment within the investment ecosystem [8]. Group 3: Broader Industry Trends - Other pharmaceutical companies, such as Taige Pharmaceutical and Jiuzhoutong, are also becoming active LPs in the primary market, reflecting a trend among biopharmaceutical firms to diversify their investment portfolios [4][13]. - Companies like Hengrui Medicine and Kanglong Huacheng are also establishing significant investment funds, indicating a robust interest in the primary market driven by strong financial performance [14][16]. - The trend of pharmaceutical companies acting as LPs is seen as a positive signal for the venture capital and private equity landscape, providing much-needed capital to startups and investment firms [17].

例如2024年12月，天津市七部门明确职责分工推进独资医院领域扩大开放试点；今年1月，上海市卫生 健康委、市商务委、市中医管理局、市疾控局联合发布《上海市深化外商独资医院领域扩大开放试点工 作方案》，明确外商独资医院的试点范围、试点数量、试点条件、管理措施、组织实施等细则。 甬兴证券研报有观点指出，《方案》细则较为明确，重在引进"优质服务"。后续随着外资独资医院的成 立，其能带来国际高水平医疗资源，有望丰富国内医疗服务供给，同时有望提升国内整体医疗服务能 力。 如今，我国扩大开放九地外商独资医院的试点工作已满一年，在政策持续发力推动下，外商独资医院在 国内的落地进展如何？面对我国持续增长且日趋多元的健康需求，产业链上下游又将迎来哪些新的增量 空间？ 多家外商独资医院落地运营 21世纪经济报道记者 韩利明 近日，商务部等9部门联合印发《关于扩大服务消费的若干政策措施》。在丰富高品质服务供给方面， 明确提出扩大医疗、教育等领域开放试点，放宽中高端医疗等领域市场准入，减少限制性措施，吸引更 多外商投资、民营资本进入，增加优质服务供给。 事实上，自2024年9月8日商务部等三部门发布《关于在医疗领域开展扩大开放试点工 ...

Core Viewpoint - The company, Zhangzhou Pianzaihuang Pharmaceutical Co., Ltd., is investing in the Gaoxin Runxin Fund to enhance its presence in the health industry chain, committing RMB 200 million, which represents 20% of the fund's target fundraising scale [1]. Group 1 - The company plans to invest through its wholly-owned subsidiary, Zhangzhou Pianzaihuang Investment Management Co., Ltd., as a limited partner [1]. - The fund is managed by CITIC Jin Investment, focusing primarily on the healthcare sector, including pharmaceuticals, medical devices, and health-related supply chains [1]. - Investments outside the healthcare sector will not exceed 10% of the fund's subscribed capital [1].

Core Viewpoint - The third China International Supply Chain Promotion Expo (Chain Expo) was held from July 16 to 20 in Beijing, focusing on the theme "Linking the World, Creating the Future" and showcasing various sectors including advanced manufacturing, clean energy, smart vehicles, digital technology, health living, and green agriculture, attracting 651 companies and organizations from 75 countries and regions [1][10] Company Overview - Yiling Health participated in the Chain Expo, showcasing innovative health products in the "Health Living Chain" exhibition area, demonstrating its development cluster from medicine to health [1][3] Health Industry Focus - The "Health Living Chain" exhibition area emphasizes key products and technologies in the health sector, promoting a green and healthy lifestyle while supporting consumption and domestic demand [3] - Yiling Health's strategy aligns with this focus, integrating traditional medicine and health practices to create a comprehensive health management solution covering all life stages [3][4] Product Innovation - Yiling Health has developed a diverse range of health products to address common health issues such as high blood sugar, abnormal blood lipids, and sleep disorders, reflecting a shift from treatment-centered to health management-centered approaches [4][6] - Key products showcased include: - **Yimeng Beverage**: Targets blood lipid levels and sleep quality using a blend of five medicinal ingredients [4] - **Jinliwang Beverage**: A sugar-free drink designed for blood sugar management, utilizing six medicinal ingredients [6] - **Wanbi'an Soft Capsules**: Aimed at improving sleep quality, featuring the traditional calming herb sour jujube seed [6] Comprehensive Health Solutions - Yiling Health's product matrix extends beyond blood sugar and lipid management to include hypertension, weight loss, anti-aging, immune enhancement, fatigue resistance, and bone health, promoting proactive health management [7] - The company emphasizes the importance of managing health risks early to prevent chronic diseases, advocating for a philosophy of "health needs management" [7] Quality Assurance in Production - Yiling Health ensures product quality through strict control of traditional Chinese medicine materials, establishing a collaborative model with local farmers to guarantee the authenticity and quality of raw materials [8] - The company has built over 60 high-standard medicinal herb cultivation bases across major regions in China, covering more than 40 varieties of traditional Chinese medicine [8][9] Future Outlook - Yiling Health aims to leverage the Chain Expo to deepen exchanges and share its experiences in building a full lifecycle service industry chain in traditional Chinese medicine, exploring new paths and models for health industry development [10]

Group 1: Company Performance - In 2024, the company achieved operating revenue of 27,863.88 million yuan, a decrease of 1,375.83 million yuan, representing a year-on-year decline of 4.71% [5] - The net profit attributable to shareholders was 416.27 million yuan, down 2,933.90 million yuan, a decline of 87.57% year-on-year [5] - The decrease in profit was primarily due to strategic investments in new business segments, which increased operational costs without generating significant revenue [5] Group 2: Digital Marketing and Sales Strategy - The company is enhancing digital marketing through two main approaches: upgrading pharmaceutical innovation and smart manufacturing, and developing a digital retail platform [2] - The company plans to leverage new retail marketing experiences from its subsidiary to boost online sales of OTC drugs via platforms like Douyin [6] - A dual-channel approach is being adopted for medical services, combining online and offline methods to improve service efficiency and product sales [6] Group 3: New Business Development - The company has established the Wan Nian Qing International Medical Port, a comprehensive medical complex in eastern Guangdong, collaborating with leading medical brands [4] - The new business segment is still in the cultivation phase and has not yet generated profit [4] - The company is focusing on integrating online and offline resources to create a seamless service experience [4] Group 4: Market Trends and Competitive Position - The company is responding to the growing demand for traditional Chinese medicine and health products, particularly in the context of an aging population and increasing health awareness [10] - The company aims to differentiate itself by leveraging its long-standing brand heritage and integrating various health services [10] - The overall pharmaceutical industry saw a slight decline in revenue and profit, with the company’s performance aligning with industry trends [10] Group 5: Regulatory and Policy Impact - The company’s product, Can Qi Jiang Tang Pian, has been selected for national centralized procurement, which may reduce its price by approximately 30% but is expected to expand its market reach [9] - The company is committed to complying with national policies aimed at enhancing the quality of traditional Chinese medicine [11]

Core Insights - The article highlights the successful conclusion of the "Compliance New Journey, Building the Future" private meeting hosted by Yue Wannianqing and Guotou Securities, emphasizing the company's commitment to innovation and its leading position in the traditional Chinese medicine sector [1] Company Overview - Yue Wannianqing, with over 130 years of history, originated from the Shantou Pharmaceutical Factory and has established a strong reputation in drug research, production, and sales [2] - The company adheres to the principles of "innovation, excellence, and quality first," and has developed specialized brands in areas such as gallbladder health, diabetes management, and kidney support [2] - The "Wannianqing" brand was recognized as a "Chinese Time-Honored Brand" in February 2024, reflecting its brand value in the traditional Chinese medicine industry [2] Market Trends - The demand for traditional Chinese medicine (TCM) has been increasing, driven by factors such as an aging population, changes in dietary structure, and environmental pollution [2] - There is a notable shift in disease patterns from infectious to chronic non-communicable diseases, with rising incidences of cardiovascular, respiratory, and endocrine diseases, where TCM shows advantages in treatment [2] Product Development - Yue Wannianqing has developed a diverse product portfolio, including 101 products with national drug approval, covering various forms such as tablets, capsules, and injections [3] - The company has 32 original innovative products, 10 exclusive varieties, and 4 unique dosage forms, with 38 products included in the national medical insurance directory [3] - The company has increased its R&D investment, focusing on product innovation and improvement, and its product "Shenqi Jiangtang Pian" has been selected for national centralized procurement [3][4] Strategic Expansion - To explore new growth opportunities, Yue Wannianqing has extended its business into the health industry chain, acquiring 85% of Guangdong Tongren Pharmaceutical Co., now known as Guangdong Wannianqing Pharmaceutical Co., focusing on the production and trade of Chinese medicinal materials [5] - The company has also invested in the establishment of the Wannianqing International Medical Port, a comprehensive healthcare complex in Shantou, which integrates various medical services and aims to meet diverse healthcare needs in the region [6]