Core Points - Panlong Pharmaceutical (002864) has successfully passed the rigorous evaluation by the China National Accreditation Service for Conformity Assessment (CNAS) and obtained the laboratory accreditation certificate, effective from June 9, 2025, to June 8, 2031, marking a new benchmark for high-quality development in the traditional Chinese medicine industry [2][3] - The CNAS accreditation signifies that the company's quality control system meets the highest international standards, allowing for mutual recognition of testing data across over 100 economies globally, enhancing the legal authority and international credibility of its testing results [2][3] Company Upgrades - The accreditation will drive upgrades in three key areas: - Research and Development: Accelerating the validation of the effectiveness of new traditional Chinese medicines through a high-standard testing platform [3] - Production: Ensuring a lean production process that guarantees a comprehensive traceability system from raw materials to finished products [3] - Market: Strengthening customer trust and providing international recognition to the "Panlong" brand [3] Strategic Validation - The CNAS recognition is seen as validation of the company's strategy to build its brand on quality, with plans to integrate modern testing technologies with traditional Chinese medicine wisdom, ensuring that every medicinal material and product meets global standards [3]

Core Viewpoint - The article highlights the successful cultural exchange and promotion of traditional Chinese medicine through the innovative branding of Beijing Tongrentang's "Shengmai Drink" at the FIBA OPEN 3x3 basketball tournament in Geneva, showcasing the integration of Eastern and Western cultures [1][9]. Group 1: Cultural Exchange and Branding - Beijing Tongrentang's "Shengmai Drink" features IP characters "Ginseng Doll" and "Dangshen Doll," which have gained significant attention and sparked discussions in Geneva, illustrating the appeal of Chinese herbal wisdom [1][3]. - The design of the IP characters combines traditional Chinese aesthetics with modern elements, attracting international audiences and facilitating cross-cultural communication [7][9]. Group 2: Health and Sports Integration - The brand promotes a health-conscious message that resonates with athletes, emphasizing the importance of health in sports performance, which aligns with the principles of traditional Chinese medicine [5][10]. - The "Shengmai Drink" embodies the concept of "benefiting qi and nourishing yin," effectively addressing the health needs of basketball players during the tournament [5][7]. Group 3: Global Expansion and Future Plans - Beijing Tongrentang has established a presence in 26 countries and regions with over 3,084 retail and medical service locations, transitioning from a local to a global brand [10]. - The company aims to continue promoting the modernization and internationalization of traditional Chinese medicine, enhancing global understanding of its cultural and health values [10].

晨 会 纪 要 [2025]第 111 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 6 月 20 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 王逸奇 孙菲 马丽明 贺钰偲 汪炜 聂孟依 顾华昊 整理记录：许雯 研究所今日晨会要点如下: 一、行业公司 1、中药行业（许雯） 核心要点： 市场表现：上周中药Ⅱ下跌0.32%，医药板块涨跌互现，中药表现相对较弱 根据wind数据，上周（2025.06.08-2025.06.14）医药生物报收7895.79点，上涨1.4%；中 药Ⅱ报收6410.24点，下跌0.32%；化学制药报收12686.19点，上涨3.53%；生物制品报收6212.51 点，上涨0.33%；医药商业报收5099.4点，下跌0.83%；医疗器械报收6147.18点，下跌0.52%； 医疗服务报收5403.37点，上涨2.42%。医药二级子板块涨跌互现，化学制药表现最好，中药 表现相对较弱。 从公司表现来看，根据wind数据， ...

Core Viewpoint - The traditional medicine cooperation development exchange event was launched in Kunming, Yunnan Province, aiming to promote the creative transformation and innovative development of traditional medicine [1][2]. Group 1: Event Overview - The event took place on June 19 during the 9th China-South Asia Expo at the Chinese herbal medicine industry pavilion [2][3]. - Experts, scholars, and representatives from various associations and enterprises in the traditional medicine field gathered to discuss strategies for development [1][2]. Group 2: Key Remarks - Zhang Jie, Deputy Director of the Yunnan Provincial Department of Agriculture and Rural Affairs, emphasized the need for standardization, digitalization, and internationalization of traditional medicine to benefit people globally [2]. - Ma Zhongming, Deputy Director of the Science and Technology Department of the National Administration of Traditional Chinese Medicine, highlighted Yunnan's rich resources and the importance of improving the quality and innovation of traditional medicine [2]. Group 3: Strategic Collaborations - Strategic cooperation agreements were signed between Kunming University of Science and Technology and the Vietnam Herbal Research Institute, as well as between the Wenshan Zhuang and Miao Autonomous Prefecture Government and Yunnan Baiyao Group [4]. - An initiative for mutual recognition of international circulation standards for traditional medicinal materials was launched, focusing on information, quality safety, traceability, and customs facilitation [4].

ST百灵 （SZ002424，即贵州百灵）因2023年度被出具否定意见的内部控制审计报告而"戴帽"，公司在6 月18日晚披露，公司内部控制缺陷已经完成整改，向深交所申请撤销公司股票交易其他风险警示。 整改一年后申请"摘帽" ST百灵"戴帽"源于2023年度，公司被天健会计师事务所出具了否定意见的内部控制审计报告。 此外，ST百灵的2024年财报被出具了带强调事项段保留意见的审计报告。同时，公司去年业绩虽扭亏 为盈，但净利润转正很大程度上得益于非经常性损益，如计入当期损益的政府补助4705.56万元、非流 动性资产处置损益等。 根据《深圳证券交易所股票上市规则》规定：公司最近一年被出具无法表示意见或者否定意见的内部控 制审计报告或者鉴证报告，深交所对公司股票实施其他风险警示。 会计师事务所此前出具否定意见，是因为其认为，ST百灵与销售费用相关的内部控制存在重大缺陷， 与之相关的财务报告内部控制失效。此后，贵州证监局对ST百灵进行核查发现，ST百灵存在两方面的 问题：一是"销售费用归属期间不准确"等会计处理不符合企业会计准则规定，二是内部控制存在重大缺 陷。以上问题导致公司多年财务数据披露不真实。 ST百灵之后修 ...

Core Viewpoint - The National Pharmacopoeia Commission has published 11 draft standards for the processing of traditional Chinese medicine (TCM) decoction pieces, addressing quality issues that have arisen this year due to frequent non-compliance in drug inspections [1][2]. Group 1: Draft Standards for TCM Decoction Pieces - The 11 draft standards cover various TCM decoction pieces including Banbianlian, Zisuye, Beishashen, Guanghuoxiang, Yimucao, Gaoliangjiang, Shudihuang, Shichangpu, Jingjie, Qicaotan, and Qicaoshan, specifying guidelines for processing, characteristics, and storage [2]. - For example, the processing standard for Banbianlian includes removing impurities, washing, cutting, drying, and sieving, while its characteristics and storage requirements are also detailed [2]. Group 2: Quality Inspection Reports - Multiple regions have reported non-compliance in TCM decoction pieces during drug quality inspections, with notable failures in Shanxi Province where 6 batches of decoction pieces were found non-compliant, involving well-known companies [3]. - In Jiangxi Province, 18 products were reported as non-compliant, including 11 batches of TCM materials and decoction pieces, with issues related to characteristics, identification, and microbial limits [4]. Group 3: Regulatory Actions and Expert Insights - Regulatory bodies are intensifying scrutiny on TCM decoction pieces, as evidenced by significant fines imposed on companies for producing substandard products, such as Anhui Baicui Jinfang Pharmaceutical Co., which faced penalties totaling 3.11 million yuan [4]. - Experts attribute the prevalence of substandard TCM decoction pieces to various factors, including the complexity of sourcing raw materials, lack of professional knowledge among suppliers, and the challenges of standardizing production practices [5][6].

上 市 公 司 医药生物 2025 年 06 月 19 日 昆药集团 (600422) ——老牌中药企业，深耕银发健康领域 投资要点： | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.06 | | 资产负债率% | 45.99 | | 总股本/流通 A 股（百万） | 757/757 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-18 07-18 08-18 09-18 10-18 11-18 12-18 01-18 02-18 03-18 04-18 05-18 06-18 -50% 0% 50% 昆药集团 沪深300指数 (收益率) 相关研究 证券分析师 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,401 | 1,608 | 9,176 | 10,063 | 11,060 | | 同比增长率（%） | -0.3 | -16.5 ...

合计 462,941,688 87.14% 23,013,456 30,113,456 6.50% 5.67% 0 0 0 0 注：①"宇妥文化"为西藏宇妥文化发展有限公司； ②以上数据若出现尾差，均由四舍五入原因造成。 二、其他说明 的偿还能力，其质押的股份不存在平仓或被强制过户的风险； 及相关监管要求，及时履行信息披露义务。 三、备查文件 股份部分质押的告知函； 特此公告 西藏奇正藏药股份有限公司 董事会 二〇二五年六月二十日 | | 证券代码：002287 | | | | 证券简称：奇正藏药 | | | | | | 公告编号：2025-042 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 债券代码：128133 | | 债券简称：奇正转债 | | | | | | | | | | | | | | 西藏奇正藏药股份有限公司 | | | | | | | | | | | | | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 | | | | | | | | | ...

聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 以下文章来源于东四十条资本 ，作者刘燕秋 东四十条资本 . 将投中网设为"星标⭐"，第一时间收获最新推送 0营收的中药公司，搭上"脑机接口"起飞。 作者丨 刘燕秋 来源丨 东四十条资本 这家神奇的公司还得从创始人说起。根据公司官网信息，区逸基，Regencell创始人兼首席执行官，毕业于加州大学伯克利分 校哈斯商学院。获得学士学位后，他投身投资银行领域，先后就职于德意志银行和巴林银行。 在职业生涯中，区逸基成果斐然，完成超 40 亿美元交易，荣获多项重要并购奖项。他的代表交易包括代表第一太平有限公 司，以7.5亿美元收购菲律宾长途电话公司、6.5亿美元收购Indofood，以及完成 Hagemeyer 40% 股权18亿美元的增发 。 此外，他还是房地产、科技和生物科技领域的活跃投资者。 然而这位青年才俊的成长之路并非一帆风顺。童年时期，区逸基因患有注意力缺陷多动障碍（ADHD）和自闭症（ASD）。受 病症影响，他脾气暴躁，在学校备受孤立，成绩也不理想，高中时成绩甚至排倒数。为完成学业，他每天都需花费远超常人的 时 ...

Core Viewpoint - Pianzaihuang (600436.SH) has topped the "Hurun Brand List" for five consecutive years but is facing significant challenges, including a slowdown in revenue and profit growth in 2024, attributed to rising raw material costs and a failed pricing strategy [1][2]. Financial Performance - In 2024, Pianzaihuang achieved revenue of approximately 10.788 billion yuan, a year-on-year increase of 7.25%, and a net profit of 2.977 billion yuan, up 6.42% [2]. - The revenue growth rate for 2024 is the lowest since 2016, with a notable decline in Q4, where both revenue and net profit decreased [2][3]. - Q4 revenue was 2.338 billion yuan, marking a year-on-year decline of 4.92%, while net profit fell by 26.07% [2][3]. Cost Pressures - Rising prices of key raw materials have significantly impacted profit margins, with the price of natural cow bile increasing from 650,000 yuan/kg in January 2023 to 1.65 million yuan/kg by January 2025 [4][5]. - Pianzaihuang's inventory increased by 47.01% year-on-year to approximately 4.987 billion yuan, with raw material inventory growing by about 60% [5]. Pricing Strategy - In May 2023, Pianzaihuang raised the price of its main product, Pianzaihuang pills, by 28.8%, but this led to a decline in sales volume in 2024 [6][7]. - The revenue from the pharmaceutical manufacturing segment was approximately 5.663 billion yuan in 2024, a growth rate lower than the previous year [6][7]. Business Segments - The liver disease medication segment generated about 5.31 billion yuan in revenue, growing 18.98%, while the cardiovascular medication segment saw a revenue increase of only 7.03% [7]. - The cosmetics business, viewed as a secondary growth driver, accounted for less than 10% of total revenue and has shown stagnant growth over the past four years [9]. Regional Performance - Revenue growth varied by region, with the Northeast and North China regions experiencing declines in revenue and gross margin [8]. - The East China region, a key market for Pianzaihuang, saw only a 0.79% increase in revenue, the slowest growth among domestic regions [8].