来源：市场资讯 有投资者在互动平台向昆药集团提问："公司公告说，中成药集采实际执行进度不及预期。请问中成药 集采在临床落地执行完成，2026年上半年能全部到位吗？" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 针对上述提问，昆药集团回应称："尊敬的投资者，您好。2025年2月，全国中成药集采（首批扩围接 续）中选结果正式公布，湖北省医保局于2025年4月公布全国中成药集采中选品种供应清单（含中选的 报价代表品和非代表品），公司三七血塞通系列产品全剂型顺利中选。湖北、江西两省自2025年4月30 日起官宣执行中选结果，其余多数省份陆续于2025年5-11月期间开始执行，目前全国所有省市均已发文 执行集采中选结果。对于集采中选的三七血塞通系列产品，公司积极把握医疗集采入围契机，提升产品 在各级医疗机构的覆盖；同时深耕动销、提升纯销、拓新商销，多维度发力寻求增量。面对集采执行进 度不均衡和医疗机构对接相应滞后、竞品增加及价格竞争加剧等不利因素的影响，公司积极调整渠道策 略，加快拓展商销渠道和中小连锁、基层医疗机构覆盖，为整体销量的恢复奠定基础。感谢您的关 注。" ...

| 走进步长 Company profile | | | --- | --- | | 企业概况 | > | | 步长之魂 | V | | 发展历程 | > | | 管理团队 | > | | 步长荣誉 | > | | 企业文化 | V | | 脑心同治 | V | | 步长生物 | V | | BuChang BIO | | 步长制药（603858）84岁创始人赵步长日前收到"限高令"，涉及名下公司1600万元的借款合同纠纷。根据中国执行信息公开网的信息，因未按执行通知书 指定的期间履行生效法律文书确定的给付义务，哈尔滨市松北区人民法院日前对安图道自然大酒店有限公司采取限制消费措施，对公司法定代表人赵秀 琴、主要负责人赵步长限制实施高消费及非生活和工作必需的消费行为。 赵步长是上市公司步长制药的创始人，本次"限高令"与上市公司无直接关联。根据"限高令"信息，核心案由是安图道自然大酒店有限公司与哈尔滨汇盛电 力工程有限公司的借款合同纠纷；执行标的金额为1600万元，目前未能全额偿还。而赵步长是安图道自然大酒店的主要负责人；持股方面，赵步长、伍海 勤夫妇分别持有其51%、49%的股份。这家酒店也是赵氏家族跨界投资房 ...

奇正藏药公告称，公司此前同意为全资子公司西藏营销向银行申请综合授信提供不超 7 亿元的担保。近 日，公司与民生银行拉萨分行签订《最高额保证合同》，为西藏营销 4 亿元流动资金贷款提供担保，被 担保主债权发生于 2026 年 2 月 9 日至 2027 年 1 月 7 日，保证方式为不可撤销连带责任保证。截至公告 日，公司及控股子公司担保额度 9 亿元，担保余额 42229.13 万元，无逾期对外担保等情况。 ...

Core Viewpoint - Tianshili has terminated its collaboration with Arbor Pharmaceuticals, impacting the U.S. market expansion plan for its compound Danshen dripping pill (T89), which was a key project for the internationalization of traditional Chinese medicine [1][4]. Group 1: Collaboration Termination - The termination of the partnership with Arbor was due to Arbor's acquisition by Azurity and subsequent business adjustments, leading to the end of the U.S. market cooperation plan for T89 [1][4]. - Tianshili will receive a payment of $7.5 million as part of the termination agreement and will regain exclusive sales rights for T89 in the U.S. [1][4]. - The company stated that this termination will not significantly impact its project advancement, production operations, or financial status [1][4]. Group 2: Historical Context of T89 - The internationalization of T89 began in 1998 when it was officially approved for clinical research by the U.S. FDA [3]. - T89 received FDA approval for indications related to chronic stable angina and acute altitude sickness in 2006 and 2018, respectively [4]. - Tianshili and Arbor signed a licensing agreement in September 2018, with Arbor committing up to $23 million for research and obtaining exclusive sales rights for T89 in the U.S. [4]. Group 3: Clinical Trials and Regulatory Challenges - Tianshili has accumulated significant overseas clinical trial experience prior to the collaboration with Arbor, having completed a large-scale Phase III clinical trial [4][5]. - The success of T89's U.S. market entry hinges on obtaining regulatory approval based on clinical data, with the product still awaiting approval [5][6]. - Tianshili is currently conducting two Phase III clinical trials for T89, with the results of the second trial being crucial for U.S. approval [6][9]. Group 4: Company Performance and Market Position - Tianshili is a leading company in the modern Chinese medicine sector, listed on the Shanghai Stock Exchange since 2002 [7]. - T89 is Tianshili's most recognized product, achieving sales of over 3.3 billion yuan in 2015 and maintaining its position as the top-selling traditional Chinese medicine product for 13 consecutive years [8]. - The company has faced declining revenues since 2020, with total revenue of 8.236 billion yuan in 2025, a decrease of 3.08% year-on-year, and a net profit decline of 24.06% [11].

Core Viewpoint - A significant number of traditional Chinese medicine (TCM) products are at risk of being eliminated from the market due to new regulatory requirements that will take effect in July 2026, which mandate clearer safety information in product descriptions [3][10]. Industry Overview - The new regulations, effective from July 2023, require that any TCM product with unclear safety information (labeled as "unclear") will not be eligible for re-registration after July 1, 2026 [3][10]. - Approximately 75% of TCM products currently on the market have safety information marked as "unclear," which poses a substantial risk of elimination for these products [5][10]. Market Impact - The impending regulatory changes are expected to lead to a significant reshuffling of market shares within the TCM industry, as many companies may not be able to meet the new requirements [10][11]. - Notable products facing potential withdrawal include those with substantial sales figures, such as Longmu Bone Strengthening Granules, which is projected to exceed 1 billion yuan in retail sales in 2024 but has unclear safety information [7][10]. Regulatory Context - The regulatory changes aim to enhance the quality of TCM products rather than a blanket elimination of all products, allowing companies to submit additional research and safety reports to comply [10][12]. - The policy encourages companies to invest in research and development to clarify the efficacy and safety of their products, thereby improving the overall scientific standards of TCM [12][13]. Future Developments - Many leading TCM companies have already begun to prepare for compliance with the new regulations, with some having successfully updated their product safety information [14]. - The regulatory framework is expected to foster a more competitive environment, potentially benefiting companies that can adapt and innovate while disadvantaging those that cannot meet the new standards [11][12].

来源：健业家 2月7日，昆药集团股份有限公司（600422.SH）发布2025年度业绩快报，数据显示公司全年实现营业总收入65.77亿元，同比下滑21.72%；归属于上市公司 股东的净利润3.50亿元，同比下降46.00%，业绩受行业政策、市场环境及内部转型多重因素叠加影响呈现阶段性承压。 | | | | 项目 | 2025 年 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | 营业总收入 | 657,666.41 | 840.144.72 | -21.72% | | 营业利润 | 44.850.80 | 92,754.66 | -51.65% | | 利润总额 | 47,355.78 | 93,457.02 | -49.33% | | 归属于上市公司股东的净利润 | 34,994.08 | 64,808.13 | -46.00% | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 10,711.01 | 41.920.61 | -74.45% | | 基本每股收益(元) | 0.46 | 0.86 | -46.51% | | 加权平均净资产收益率 | 6.5 ...

北京商报讯（记者 丁宁）2月6日晚间，昆药集团（600422）发布2025年度业绩快报显示，公司2025年 实现营业收入65.77亿元，同比下降21.72%；归属净利润为3.5亿元，同比下降46% 昆药集团表示，2025年，公司处于外部环境复杂变化与内部模式深度转型的关键阶段，多重因素叠加对 业绩形成了阶段性影响。中成药集采实际执行进度不及预期、医保控费政策持续深化，公司院内存量业 务承受一定压力，而增量业务仍处于准入与成长期，对院内业务收入产生直接影响。同时，零售终端受 阶段性客流波动、行业竞争加剧、动销节奏有所放缓等因素影响，加之公司精品国药板块部分产品尚处 于渠道拓展阶段，受行业波动影响较为显著。此外，公司内部渠道与模式变革正处于深化阶段，在品牌 建设、市场拓展等方面的持续战略性投入，短期内也进一步加剧了业绩压力。 ...

Group 1: Industry Overview - The Chinese traditional medicine industry is experiencing a performance recovery, with several leading companies like Yiling and Jiangzhong releasing positive profit growth signals due to marketing reforms, product structure optimization, and cost improvements [1] - Policies such as "Opinions on Improving the Quality of Traditional Chinese Medicine" are creating market opportunities for compliant enterprises, while demographic trends like aging population and the consumption upgrade from Generation Z are driving demand [1] - The population aged 78 and above in China is projected to increase from 32-33 million to 360 million in 25 years, indicating a strong and sustained demand for conservative treatments for chronic diseases [1] Group 2: Company Performance - Tianshili's forecast for 2025 indicates a net profit of 1.105 billion yuan, representing a year-on-year increase of 15.68% [1] - In the first three quarters, Tianshili's pharmaceutical industrial revenue reached 5.709 billion yuan, maintaining stability, with a net profit of 984 million yuan, reflecting a year-on-year growth of 16.88% [2] - The cardiovascular/metabolism segment generated 3.186 billion yuan in revenue during the same period, showing a slight year-on-year growth of 1.16% [2] Group 3: Innovation and Strategic Development - After becoming a member of China Resources Sanjiu, Tianshili has successfully completed a hundred-day integration process, focusing on value, business, organizational, and spiritual restructuring [3] - Tianshili is positioned as the "innovation-driven" wing of the "one body, two wings" strategy, with 31 innovative drugs currently in the research pipeline, including nearly 20 products in late-stage clinical trials [3] - Analysts believe Tianshili's focus on three core disease areas and its rich R&D pipeline present opportunities for value reassessment, with expectations for stable growth in its main business as new products are approved and launched [3]

问：随着2026年7月1日《中药注册管理专门规定》第七十五条落地最后窗口期临近，"大批中成药将退 出市场"话题引发广泛关注。真实情况是否如此？ 一方面，价格监管持续发力，全国已有多个省份推行中成药价格"红黄绿灯"分级管理，对价格虚高、价 差过大的品种进行规范，甚至暂停挂网，有效挤出价格水分。 此次调整主要淘汰的是长期未生产、临床价值低、缺乏安全数据支撑的劣质品种，预计市场产品数量将 减少30%到40%，但临床常用、疗效确切的经典名方制剂等优质品种，可通过补充研究保留上市资格。 中成药价格不会普遍大涨 另一方面，第四批中成药集采已启动，首次纳入OTC产品和部分独家品种，中成药价格将大幅下降。对 于疗效确切、数据齐全的优质中成药，虽企业合规成本有所上升，但监管层明确"优质优价"导向，价格 会保持稳定，不会盲目上涨，群众用药负担整体将有所减轻。 答："大批中成药集中退市"情形不会出现，但不合规品种将有序退出。此次政策针对的是药品再注册环 节，即批准文号到期后需重新申请的中成药，并非直接淘汰现有在售产品。 推动资源向优质企业集中 中成药价格不会出现普遍大涨，整体价格将更趋合理透明。 从行业逻辑看，此次调整是中医药产业 ...

粤万年青1月21日发布的2025年度业绩预告显示，预计2025年归属于上市公司股东的净利润亏损200.00 万元至400.00万元，扣除非经常性损益后的净利润亏损1,500.00万元至2,000.00万元。 中国经济网北京2月4日讯粤万年青（301111）(301111.SZ)昨日发布股东询价转让计划书。本次拟参与询 价转让的股东为广东金欧健康科技有限公司、广东侨银房地产开发有限公司；出让方拟转让股份的总数 为8,000,000股，占公司总股本的比例为5.00%；本次询价转让为非公开转让，不会通过集中竞价交易方 式进行。受让方通过询价转让受让的股份，在受让后6个月内不得转让。 出让方委托东吴证券组织实施公司首发前股东询价转让。 粤万年青（000789）公告称，本次询价转让的出让方广东金欧健康科技有限公司为公司控股股东。本次 询价转让的出让方广东侨银房地产开发有限公司为公司持股5%以上的股东，同时也是公司控股股东、 实际控制人之一致行动人。 粤万年青2月3日收盘价为20.48元，以此计算，出让方套现金额约为1.6亿元。 银康管理2025年合计减持套现金额为1.05亿元。 粤万年青于2021年12月7日在深交所创 ...