Core Viewpoint - The divorce property dispute between Zhao Bingxian and Lu Juan, which lasted for 15 years and involved significant assets and control over listed companies, has reached a final judgment, resulting in a change of actual control over WoHua Pharmaceutical [1][3]. Group 1: Legal Proceedings and Control Changes - The court ruled that Zhao Bingxian and Lu Juan will each hold 50% of the shares in Zhongzheng Wanrong Investment Group, the controlling shareholder of WoHua Pharmaceutical, leading to a situation where WoHua Pharmaceutical has no actual controller [3][9]. - The value of the shares transferred to Lu Juan is approximately 547 million yuan, based on WoHua Pharmaceutical's market capitalization of 3.648 billion yuan as of November 10, 2025 [3][9]. - Lu Juan expressed that the equal division of shares would prevent a single major shareholder from dominating the company, promoting healthier development [3][12]. Group 2: Company Background and Performance - WoHua Pharmaceutical, established in 2002 and listed in 2007, specializes in the research, production, and sales of natural plant-based cardiovascular traditional Chinese medicine [11]. - The company's core products, including WoHua Xinkeshu tablets and Bone Shu Kang capsules, are the main sources of revenue and profit [11]. - The company has faced declining performance, with net profit decreasing for four consecutive years from 2021 to 2024, largely due to price reductions and high marketing costs [11][12]. Group 3: Future Outlook and Management - Despite the challenges, WoHua Pharmaceutical showed signs of recovery in 2025, with a reported revenue of 625 million yuan, an increase of 8.31% year-on-year, and a net profit of 63.995 million yuan, up 179.34% [11][12]. - Lu Juan plans to actively participate in company decision-making and governance following the share division, emphasizing the importance of a professional management team and sound internal governance for sustainable development [12][13].

Core Viewpoint - The divorce property dispute between Zhao Bingxian and Lu Juan, involving significant assets and control over Wohuamedicine, has concluded with a court ruling that splits their shares in the controlling entity, Zhongzheng Wanrong Investment Group, equally, resulting in Wohuamedicine having no actual controller [2][10][14]. Group 1: Legal Proceedings and Outcomes - The court's second-instance ruling maintains the first-instance decision, mandating an equal division of shares in Zhongzheng Wanrong, which holds a 50.27% stake in Wohuamedicine [2][10]. - Zhao Bingxian previously held 80% of Zhongzheng Wanrong, while Lu Juan held 20%; post-division, both will hold 50% [2][10]. - Lu Juan expressed that the equal shareholding will prevent dominance by a single major shareholder and promote the company's healthy development [3][14]. Group 2: Company Background and Performance - Wohuamedicine, established in 2002 and listed in 2007, specializes in the research, production, and sales of natural plant-based cardiovascular traditional Chinese medicine [11]. - The company's core products include Wohuaxin Keshupian and other proprietary medications, which are crucial for its revenue and profit [11]. - Recent years have seen declining performance, with net profit decreasing for four consecutive years from 2021 to 2024, largely due to price reductions and high marketing costs [12]. Group 3: Financial Data and Market Response - As of November 10, 2025, Wohuamedicine's total market value was approximately 3.648 billion yuan, with Lu Juan's share from the division valued at about 547 million yuan [3]. - Despite the ongoing legal issues, the company's stock price remained stable following the announcement of the court ruling, with slight increases noted in the days after [14]. - In the first three quarters of 2025, Wohuamedicine reported a revenue of 625 million yuan, marking an 8.31% year-on-year increase, and a net profit of approximately 63.995 million yuan, reflecting a significant growth of 179.34% [12].

Group 1 - Yiling Pharmaceutical's stock increased by 5.63%, reaching 20.28 CNY per share, with a trading volume of 620 million CNY and a turnover rate of 2.32%, resulting in a total market capitalization of 33.882 billion CNY [1] - The company, established on August 28, 2001, and listed on July 28, 2011, is located in the High-tech Industrial Development Zone of Shijiazhuang, Hebei Province, focusing on the research, production, and sales of traditional Chinese medicine [1] - The revenue composition of Yiling Pharmaceutical includes cardiovascular products at 48.60%, respiratory system products at 22.80%, other products at 22.52%, and patented products at 6.08% [1] Group 2 - Among the top ten circulating shareholders of Yiling Pharmaceutical, a fund under Southern Fund holds a position, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 256,900 shares in the third quarter, now holding 12.1396 million shares, accounting for 0.88% of circulating shares [2] - The Southern CSI 500 ETF (510500), established on February 6, 2013, has a latest scale of 140.098 billion CNY, with a year-to-date return of 30.19%, ranking 1786 out of 4216 in its category, and a one-year return of 19.77%, ranking 2117 out of 3922 [2] - The fund manager, Luo Wenjie, has a cumulative tenure of 12 years and 207 days, managing assets totaling 170.445 billion CNY, with the best fund return during his tenure at 151.42% and the worst at -47.6% [2]

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》 近一年中国中式成药出口情况统计图 数据来源：中国海关，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。 根据中国海关数据显示：2025年9月中国中式成药出口数量为0.1万吨，同比下降2%，出口金额为0.28亿 美元，同比增长19.7%。 ...

Core Insights - The expert consensus on the prevention and treatment of vascular diseases and their target organ damage has been officially released, with the core product of Wuzhou Pharmaceutical, an affiliate of Zhongheng Group, namely the injectable Thrombus-Resolving Agent (freeze-dried), being included as a recommended medication for "activating blood circulation and removing blood stasis" [1][2] - The injectable Thrombus-Resolving Agent received the highest level of evidence (Ia) and an A-level recommendation, establishing it as a significant choice in the field of traditional Chinese medicine for multi-target organ protection against vascular diseases [1] Industry and Company Summary - The expert consensus was guided by academicians Ge Junbo and Chen Keji, involving 43 authoritative experts from 19 provinces, covering key areas of vascular diseases such as cardiovascular, cerebrovascular, renal, ocular, peripheral vascular, and endocrine [1] - The injectable Thrombus-Resolving Agent's clinical value is highlighted by its indications, which include coronary heart disease angina, myocardial infarction, cerebral infarction, retinal vein occlusion, and deep vein thrombosis of the lower limbs, addressing the treatment needs of multiple target organs [1][2] - The inclusion of the injectable Thrombus-Resolving Agent in the expert consensus not only recognizes its clinical efficacy but also marks a significant step in Wuzhou Pharmaceutical's academic positioning in the field of vascular disease treatment, reinforcing its industry status in traditional Chinese medicine [2]

Core Points - The divorce dispute between Zhao Bingxian, known as "China's Buffett," and his ex-wife Lu Juan has concluded after 15 years, with a final ruling on the division of 1 billion yuan in assets [1][2] - The court ruled that Zhao Bingxian and Lu Juan will each hold 50% of the shares in Zhongzheng Wanrong Investment Group, the controlling shareholder of Wohua Pharmaceutical [2][4] - Following the ruling, Zhao Bingxian's control over Zhongzheng Wanrong has ended, resulting in the company having no actual controller [4][5] Company Overview - Wohua Pharmaceutical specializes in cardiovascular traditional Chinese medicine, with unique patented products and a significant number of items listed in national insurance and essential drug directories [6] - For the first three quarters of 2025, Wohua Pharmaceutical reported revenue of 625 million yuan, an increase of 8.31% year-on-year, and a net profit of 63.995 million yuan, up 179.34% year-on-year [6] - As of November 6, 2023, Wohua Pharmaceutical's total market capitalization reached 3.556 billion yuan [4] Historical Context - Zhao Bingxian and Lu Juan founded Zhongzheng Wanrong in 1991, initially focusing on investment banking and later expanding into various successful listings [9][14] - The couple's relationship and business partnership began in the military, where they became among China's first stock investors [9]

Core Points - The divorce dispute between Zhao Bingxian, known as "China's Buffett," and his ex-wife Lu Juan has concluded after 15 years, with a court ruling on the division of 1 billion yuan in assets [1][2] - The court's decision mandates an equal split of the shares in Zhongzheng Wanrong Investment Group, which Zhao and Lu held, resulting in each owning 50% of the company [1][3] - Following the ruling, Zhao Bingxian's status as the actual controller of the company has changed, as he previously held 80% of the shares [3][4] Company Overview - Wohua Pharmaceutical, the company involved, specializes in cardiovascular traditional Chinese medicine and has a total market value of 3.556 billion yuan as of November 6 [4] - The company reported a revenue of 625 million yuan for the first three quarters of 2025, reflecting an 8.31% year-on-year increase, and a net profit of 63.995 million yuan, up 179.34% [4] - Wohua Pharmaceutical has 162 drug approval numbers, with 15 exclusive products, and 43 products listed in the National Essential Drug List [4] Historical Context - Zhao Bingxian and Lu Juan founded Zhongzheng Wanrong Group in 1991, initially focusing on investment banking and later expanding into various successful listings [5][6][7][8][9][10][11] - The couple's personal and professional relationship has been tumultuous, marked by allegations of domestic violence and disputes over company assets since Lu filed for divorce in 2010 [1][11]

Core Viewpoint - The long-standing divorce dispute between Zhao Bingxian, known as "China's Buffett," and his ex-wife Lu Juan has concluded with a court ruling on the division of their assets, specifically regarding their stake in Zhongzheng Wanrong Investment Group, valued at 10 billion yuan [1][2]. Group 1: Court Ruling and Financial Implications - The Beijing Third Intermediate People's Court ruled that Zhao Bingxian and Lu Juan will equally split their shares in Zhongzheng Wanrong, resulting in each holding 50% of the equity [2][4]. - The court's decision does not affect Zhongzheng Wanrong's 50.27% stake in Wohuayi Pharmaceutical, which remains the controlling shareholder of the company [3][4]. - Following the ruling, Zhao Bingxian's "divorce settlement" amounts to 536 million yuan, based on the company's market capitalization of 3.556 billion yuan as of November 6 [4][5]. Group 2: Company Background and Performance - Wohuayi Pharmaceutical specializes in cardiovascular traditional Chinese medicine, with several patented products and a significant number of items listed in national medical insurance directories [5]. - For the first three quarters of 2025, Wohuayi Pharmaceutical reported revenues of 625 million yuan, an increase of 8.31% year-on-year, and a net profit of 63.995 million yuan, up 179.34% [5]. - The company continues to operate normally, with Zhao Bingxian retaining his roles as chairman and legal representative of both Zhongzheng Wanrong and Wohuayi Pharmaceutical [5].

Core Viewpoint - The article discusses the upcoming fourth batch of traditional Chinese medicine (TCM) procurement, highlighting the challenges and changes in the procurement process, including the inclusion of unique products and OTC varieties, as well as the complexities of pricing and quality evaluation in TCM procurement [4][11][12]. Group 1: Procurement Details - The fourth batch of TCM procurement will involve 90 drugs divided into 28 procurement groups, which is an increase in the number of groups compared to previous batches [6]. - The previous batches involved 17 groups with 76 drugs, 16 groups with 42 drugs, and 20 groups with 95 drugs, indicating a trend of increasing complexity in the procurement process [6]. - The procurement will officially start on November 10, with data submission required by November 21 [4]. Group 2: Unique Products and Challenges - The current procurement includes several unique products, such as Yindan Xinnao Tong soft capsules and Yinxin Ertianshu injection, which have faced challenges in previous procurement rounds due to high concentration and pricing difficulties [8][11]. - The high concentration of unique products in TCM leads to challenges in competitive pricing, as many unique products lack substitutes, making it difficult for companies to lower prices [8][12]. Group 3: Quality and Pricing Issues - TCM procurement faces difficulties in achieving complete coverage, competitive pricing, and quality evaluation due to the vast number of products and significant price discrepancies among similar products [11][12]. - For instance, the price of Chuanxinlian tablets varies significantly, with the lowest price at 0.072 yuan and the highest at 1.09 yuan, a difference of over 15 times [12]. - The article emphasizes the need for a comprehensive quality evaluation system for TCM, which includes production quality, clinical recognition, and safety monitoring to ensure consistent quality across different manufacturers [13].

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 3 yuan [4][7]. Core Views - The medical service business has completed its bottoming process, and an inflection point is anticipated in the near future [2]. - The company experienced a significant revenue decline of 29.26% year-on-year in Q3 2025, primarily due to the impact of centralized procurement on core pharmaceutical products [3]. - Key operational metrics such as outpatient volume and average outpatient fees have stabilized year-on-year, while inpatient volume has decreased by 9% and average inpatient fees have dropped by 12% [2]. Financial Performance Summary - In Q3 2025, the company reported revenue of 668 million yuan and a net loss of 46 million yuan, with a year-on-year loss increase of 604.29% [3]. - Revenue growth rates for 2025 to 2027 are projected at -12%, 11.3%, and 10.1%, respectively, while net profit growth rates are expected to be -25.7%, 41.8%, and 23.6% [4][11]. - The company’s total market capitalization is approximately 7.72 billion yuan, with a circulating market capitalization of about 7.46 billion yuan [7].