Core Viewpoint - The pediatric medication market is gaining attention as respiratory diseases peak in autumn and winter, with Kangyuan Pharmaceutical's Jinzheng Oral Liquid emerging as a leading product in treating common infectious diseases in children [1][2]. Financial Performance - In the first three quarters, the company reported a net profit attributable to shareholders of 200 million yuan, with a net operating cash flow of 346 million yuan, demonstrating stable profitability during industry adjustments [1]. - For 2024, Jinzheng Oral Liquid is projected to generate approximately 815 million yuan in revenue, accounting for over 20% of total revenue, with a sales volume increase of 5.13% to 21.39 million units [1][3]. Product Development and Clinical Evidence - Jinzheng Oral Liquid has been included in several authoritative guidelines, enhancing its credibility and market potential, particularly after receiving clinical trial approval for a new indication for "children's influenza" [1][5]. - The product has established a comprehensive clinical evidence system, with recent studies showing its efficacy comparable to conventional medications in treating acute bronchitis in children [5][6]. Research and Innovation - The company has maintained a strong focus on R&D, with R&D expenditures accounting for 15.02% of total expenses in the first three quarters of 2025, significantly above the industry average [2]. - A dedicated R&D team of over 700 professionals supports the development of Jinzheng Oral Liquid, which has undergone extensive clinical research for various pediatric conditions [2][3]. Market Position and Competitive Advantage - Jinzheng Oral Liquid has demonstrated significant advantages in the pediatric respiratory medication market, with a 98% acceptance rate among children, enhancing its household presence and brand recognition [1][6]. - The product's unique formulation and clinical backing create barriers to competition, positioning it favorably in the market as demand for pediatric health solutions continues to grow [3][6].

21世纪传媒 · 公众号矩阵成员。 近日，多地密集发布中成药异常价格风险线索，中成药价格治理向纵深发展。 11月25日，安徽发布《关于中成药医药价格核查线索通报处置的通知》，要求涉及的中成药企 业于2025年11月25日至11月28日登录省药品交易系统自主降价。除安徽外，山西、山东、内 蒙古、天津、辽宁等多地近日也发布类似通知。 以下文章来源于21新健康 ，作者闫硕 21新健康 . 这项覆盖多地的价格治理工作始于今年7月。彼时，业内流传一份名为《医药价格风险线索通 报（第一批）》的文件，这是国家医保局为引导企业规范价格行为而发布的。随后，各地积极 记者丨 闫硕 编辑丨季媛媛 响应，开展中成药异常价格风险线索处置工作，目前多地基本实现常态化治理。 随着此项工作深入推进，部分省市的信息公开力度不断加大，价格差异引发广泛关注。以天津 为例，在今年9月发布的治理清单中尚未公布涉及药品的每日费用，但在11月21日发布的清单 中进行了公布，部分药品每日费用与同品种最小每日费用相比在千倍以上，最高达3042倍，相 差较大。 一般而言，由于同一名称的中成药成分可能不同、不同企业的质量标准可能有差异等因素，同 一种中成药价格会 ...

11月25日，安徽发布《关于中成药医药价格核查线索通报处置的通知》，要求涉及的中成药企业于2025 年11月25日至11月28日登录省药品交易系统自主降价。除安徽外，山西、山东、内蒙古、天津、辽宁等 多地近日也发布类似通知。 这项覆盖多地的价格治理工作始于今年7月。彼时，业内流传一份名为《医药价格风险线索通报（第一 批）》的文件，这是国家医保局为引导企业规范价格行为而发布的。随后，各地积极响应，开展中成药 异常价格风险线索处置工作，目前多地基本实现常态化治理。 随着此项工作深入推进，部分省市的信息公开力度不断加大，价格差异引发广泛关注。以天津为例，在 今年9月发布的治理清单中尚未公布涉及药品的每日费用，但在11月21日发布的清单中进行了公布，部 分药品每日费用与同品种最小每日费用相比在千倍以上，最高达3042倍，相差较大。 一般而言，由于同一名称的中成药成分可能不同、不同企业的质量标准可能有差异等因素，同一种中成 药价格会有所差异，但如果中成药名称、选材、剂型、质量标准均相同，却出现十几倍甚至数十倍价 差，说明存在明显的价格水分。业内普遍认为，中成药价格风险治理工作的推进将有效挤压价格水分， 并将与其他价格治 ...

上述行为违反了本所《股票上市规则（2024年修订）》第1.4条、第2.1.1条、第6.3.6条、第6.3.19条的规 定。公司董事长李能、总经理游永平、时任董事会秘书肖巧霞未能恪尽职守、履行忠实勤勉义务，违反 了本所《股票上市规则（2024年修订）》第1.4条、第2.1.2条、第4.3.1条、第4.3.5条的规定，对上述违 规行为负有主要责任。 具体情况如下，2024年9月至2024年12月，公司与广东共合医药有限公司（以下简称共和医药）开展中 成药交易，相关关联交易涉及金额约875.58万元，占公司最近一期经审计净资产的1.15%。公司总经理 游永平关系密切的家庭成员刘莉民时为共和医药的控股股东，共和医药系公司关联法人。上述关联交易 未按规定履行相关决策程序和信息披露义务。 近日，嘉应制药（002198）发布公告称，公司及相关人员近日收到中国中国证券监督管理委员会广东监 管局《关于对广东嘉应制药股份有限公司、李能、游永平、史俊平、肖巧霞采取出具警示函措施的决 定》（〔2025〕128号）。 ...

Core Insights - The 2025 China Traditional Chinese Medicine (TCM) Psychosomatic Medicine Academic Annual Conference was held in Kunming, Yunnan, focusing on the unique value and future development of TCM in the field of psychosomatic health [1][3] - The conference featured 13 thematic forums discussing various topics such as anxiety, depression, and youth development, emphasizing TCM's important role in "holistic health" [3] - Experts highlighted that psychosomatic medicine is not limited to treating individual symptoms but focuses on the overall life of individuals, integrating psychological states, physical health, and social relationships [3] Group 1 - Experts, including Dr. Guo Rongjuan from Beijing University of Chinese Medicine, presented the differentiated advantages of TCM in promoting psychosomatic health [5] - Previous studies have confirmed the significant efficacy of TCM formulas, such as Shugan Granules, in treating Mixed Anxiety-Depressive Disorder (MADD) through rigorous clinical trials [5][7] - This research represents the first randomized controlled trial globally targeting MADD, with results published in the prestigious journal "Journal of Ethnopharmacology" [5] Group 2 - Compared to conventional mainstream medications, TCM formulas offer lower costs, fewer side effects, and better improvement in somatic symptoms [7] - The publication of this major research fills a gap in the field of drug treatment for this type of disorder, marking a significant breakthrough in the modernization and internationalization of TCM [7] - This advancement provides new treatment options for global MADD patients and showcases the immense potential and unique value of TCM in addressing psychosomatic health issues [7]

2020-2025年1-9月中国中成药产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：云南白药（000538）,同仁堂（600085）,片仔癀（600436）,白云山（600332）,太极集团 （600129）,东阿阿胶（000423）,九芝堂（000989）,贵州百灵（002424）,葵花药业（002737）,吉林敖 东（000623） 相关报告：智研咨询发布的《2026-2032年中国中成药行业发展形势分析及产业前景规划报告》 根据国家统计局数据显示：2025年9月中国中成药产量为16.9万吨，同比增长2.4%；2025年1-9月中国中 成药累计产量为132.2万吨，累计下降8.3%。 ...

截至发稿，嘉应制药市值为34亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 每经AI快讯，2025年11月21日，深交所向嘉应制药（SZ 002198，收盘价：6.7元）、李能、游永平、肖 巧霞发出监管函：根据中国证券监督管理委员会广东监管局《关于对广东嘉应制药股份有限公司、李 能、游永平、史俊平、肖巧霞采取出具警示函措施的决定》查明的事实，2024年9月至2024年12月，你 公司与广东共合医药有限公司开展中成药交易，相关关联交易涉及金额约875.58万元，占你公司最近一 期经审计净资产的1.15%。你公司总经理游永平关系密切的家庭成员刘莉民时为共和医药的控股股东， 共和医药系你公司关联法人。相关关联交易未按规定履行相关决策程序和信息披露义务。你公司的相关 行为违反了本所《股票上市规则》第1.4条、第2.1.1条、第6.3.6条、第6.3.19条的规定。你公司董事长李 能、总经理游永平、时任董事会秘书肖巧霞未能恪尽职守、履行忠实勤勉义务，违反了本所《股票上市 规则》第1.4条、第2.1.2条、第4.3.1条、 ...

数据显示，诺安基金旗下1只基金位居益盛药业十大流通股东。诺安多策略混合A（320016）三季度新 进十大流通股东，持有股数198.63万股，占流通股的比例为0.86%。根据测算，今日浮亏损失约83.42万 元。连续4天下跌期间浮亏损失85.41万元。 11月21日，益盛药业跌5.12%，截至发稿，报7.79元/股，成交5162.70万元，换手率2.79%，总市值25.78 亿元。益盛药业股价已经连续4天下跌，区间累计跌幅4.98%。 资料显示，吉林省集安益盛药业股份有限公司位于吉林省集安市文化东路17-20号，成立日期1997年6月 11日，上市日期2011年3月18日，公司主营业务涉及中成药研发、生产、销售。主营业务收入构成为： 胶囊类产品47.89%，针剂类产品30.94%，化妆品7.39%，人参类产品6.89%，其他产品6.59%，蜂制品 0.31%。 从益盛药业十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 诺安多策略混合A（ ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 50.2 yuan [2][8]. Core Insights - The company reported a total revenue of 3.67 billion yuan for the first three quarters of 2025, a year-on-year decrease of 34.59%. However, the net profit attributable to shareholders increased by 167.73% to 2.152 billion yuan, and the net profit excluding non-recurring items rose by 6.7% to 818 million yuan [2][4]. - The decline in revenue is attributed to changes in the scope of consolidation, as the data from Tianjin Zhongxin Pharmaceutical Co., Ltd. is no longer included this year [2]. - The company’s core products are expected to see significant growth, particularly in the industrial sector, with notable sales increases in key products [8]. Financial Performance Summary - For Q3 2025, the company achieved a single-quarter revenue of 1.019 billion yuan, down 38.08% year-on-year, while the net profit for the quarter was 225 million yuan, up 53.66% year-on-year [2]. - The gross profit margin for Q3 2025 was reported at 75.8%, an increase of 29.2 percentage points year-on-year, and the net profit margin was 21.9%, up 13.3 percentage points year-on-year [8]. - The company’s sales expense ratio increased to 38.6%, while the management expense ratio was 8.3% and the R&D expense ratio was 2.9% [8]. Future Earnings Projections - The report forecasts the company's earnings for 2025 to be 2.24 billion yuan, with subsequent projections of 1.11 billion yuan for 2026 and 1.20 billion yuan for 2027, reflecting a year-on-year growth of 0.5%, a decline of 50.7%, and an increase of 8.8% respectively [8][9]. - The estimated earnings per share (EPS) for 2025 is projected at 2.91 yuan, with a P/E ratio of 16 times [4][9]. Dividend Policy - The company announced a dividend plan for the first three quarters of 2025, proposing a cash dividend of 24.50 yuan per 10 shares (before tax), totaling 1.887 billion yuan, with a payout ratio of 87.67% [8].

Core Viewpoint - The company aims to position itself as a health enterprise focusing on traditional Chinese medicine (TCM) and innovation, with traditional Chinese patent medicine as its business foundation [2] Group 1: Business Strategy - The company is committed to the strategy of "TCM as the foundation, innovation leading," which emphasizes the importance of traditional Chinese medicine in its operations [2] - The company is actively conducting post-marketing evaluations of traditional Chinese patent medicines and working on the revival of dormant TCM products [2] - The company is exploring the development of classic TCM formulas and hospital preparations, as well as expanding its product design and development in the TCM health sector [2] Group 2: Market Expansion - The company is focused on solidifying its TCM business foundation while also expanding the sales market for traditional Chinese patent medicines [2]