Core Viewpoint - The article discusses the recent developments in the governance of traditional Chinese medicine (TCM) pricing, highlighting the significant price discrepancies and the regulatory measures being implemented across various provinces in China to address these issues [4][5][12]. Group 1: Pricing Governance Measures - Multiple provinces, including Anhui, Shanxi, and Tianjin, have issued notifications requiring TCM companies to self-reduce prices between November 25 and November 28, 2025, as part of a broader initiative to regulate TCM pricing [4][5]. - The governance initiative began in July 2023, following the release of a document by the National Healthcare Security Administration (NHSA) aimed at guiding companies to standardize pricing behavior [5][7]. - The NHSA has identified over 88,000 TCM products, with some showing daily treatment costs exceeding five times the lowest daily treatment costs for the same product in certain provinces [7][12]. Group 2: Price Discrepancies - In Tianjin, a recent list revealed that some TCM products had daily costs that were over 3,000 times higher than the lowest daily costs for the same type of product, indicating significant price inflation [5][6][8]. - Specific examples include the "Xiaoyao Wan" from Yaodu Pharmaceutical Group, priced at 2,129.40 yuan per day, compared to a minimum daily cost of 0.70 yuan, resulting in a price difference of 3,042 times [8]. Group 3: Impact on the Industry - The pricing governance is expected to impact companies and the industry significantly, with potential sales declines for products that exceed the price thresholds set by the NHSA [12]. - Larger companies may adapt better to these changes through improved production processes, while smaller firms may struggle to survive due to their inability to manage costs effectively [12]. - The governance measures are anticipated to force companies to shift focus towards product quality and clinical efficacy, moving away from reliance on high marketing expenses [12][13]. Group 4: Long-term Pricing Mechanism - Experts suggest that expanding the coverage of TCM centralized procurement and establishing a pricing system linked to product quality could help create a long-term pricing control mechanism [13]. - Continuous monitoring and timely warnings for unusually high prices are recommended to form a dual defense system of "centralized procurement pressure + online price control" [13].

Core Viewpoint - The recent price governance initiative for traditional Chinese medicine (TCM) is intensifying, with multiple regions in China implementing measures to address abnormal pricing, requiring companies to self-reduce prices by the end of November 2025 [1][3]. Group 1: Price Governance Measures - Various provinces, including Anhui, Shanxi, Shandong, Inner Mongolia, Tianjin, and Liaoning, have issued notifications for TCM companies to lower prices, following a national directive from the National Healthcare Security Administration (NHSA) [1][3]. - The price governance initiative began in July 2023, with the NHSA distributing a document titled "First Batch of Medical Price Risk Clue Notifications" to guide companies in standardizing pricing behavior [1][3]. - The governance has led to increased transparency, with some regions publicly disclosing price discrepancies, such as Tianjin revealing that some TCM daily treatment costs were over 3,000 times higher than the lowest daily costs for the same products [1][3]. Group 2: Price Discrepancies and Implications - A report indicated that among over 88,000 TCM products listed nationwide, some had daily treatment costs exceeding five times the lowest daily costs for the same products in certain provinces [3]. - The NHSA has identified high-priced TCM products with daily treatment costs greater than 10 times the lowest price and has initiated special governance actions to address these discrepancies [3][4]. - In Tianjin, a list of 886 drugs was published, with some products showing price differences exceeding 1,000 times, prompting the local procurement center to require companies to reduce prices to within three times the lowest daily cost [4]. Group 3: Industry Impact and Long-term Mechanisms - The price governance is expected to significantly impact companies and the industry, with potential sales declines for products with excessive price differences, leading to a dual challenge of price reduction and maintaining performance [7]. - Larger companies may adapt better to cost pressures through improved production processes, while smaller firms may struggle to survive if they cannot achieve economies of scale or quality control [7]. - The governance is anticipated to drive a transformation in the industry, pushing companies to focus on product quality and clinical efficacy rather than relying on high marketing costs [7][8]. Group 4: Future Strategies for Price Control - To further reduce price discrepancies in TCM, experts suggest expanding the scope of centralized procurement and incorporating high-priced products into procurement processes, alongside regular price checks [8]. - Establishing a pricing system linked to product quality and enhancing regulatory oversight throughout the supply chain are recommended to minimize gray pricing areas [8]. - Implementing a credit system for procurement, with penalties for companies that engage in price fraud or refuse to adjust prices, is also proposed as a strategy to ensure compliance [8].

Core Viewpoint - Recently, Jiaying Pharmaceutical (002198) received a warning letter from the Guangdong Supervision Bureau of the China Securities Regulatory Commission regarding violations related to related party transactions and disclosure obligations [1] Group 1: Company Violations - From September 2024 to December 2024, the company engaged in traditional Chinese medicine transactions with Guangdong Gonghe Pharmaceutical Co., Ltd., involving an amount of approximately 8.7558 million yuan, which accounts for 1.15% of the company's most recent audited net assets [1] - The related party transaction was not conducted in accordance with the required decision-making procedures and information disclosure obligations [1] Group 2: Responsible Individuals - The company's chairman, Li Neng, general manager, You Yongping, and former board secretary, Xiao Qiaoxia, failed to fulfill their duties and obligations, violating multiple provisions of the Stock Listing Rules (2024 Revision) [1] - The general manager's close family member, Liu Limin, was the controlling shareholder of Gonghe Pharmaceutical, which is a related legal entity of the company [1]

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、 ...

Group 1 - Yisheng Pharmaceutical's stock price fell by 5.12% on November 21, closing at 7.79 yuan per share, with a trading volume of 51.63 million yuan and a turnover rate of 2.79%, resulting in a total market capitalization of 2.578 billion yuan [1] - The stock has experienced a continuous decline for four consecutive days, with a cumulative drop of 4.98% during this period [1] - Yisheng Pharmaceutical, established on June 11, 1997, and listed on March 18, 2011, specializes in the research, production, and sales of traditional Chinese medicine, with its main revenue sources being capsule products (47.89%), injection products (30.94%), cosmetics (7.39%), ginseng products (6.89%), other products (6.59%), and bee products (0.31%) [1] Group 2 - Among the top ten circulating shareholders of Yisheng Pharmaceutical, a fund under Nuoan Fund, specifically Nuoan Multi-Strategy Mixed A (320016), entered the top ten in the third quarter, holding 1.9863 million shares, which accounts for 0.86% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 834,200 yuan, with a total floating loss of 854,100 yuan during the four-day decline [2] - Nuoan Multi-Strategy Mixed A was established on August 9, 2011, with a current scale of 1.855 billion yuan, achieving a year-to-date return of 73.37% and ranking 205 out of 8,136 in its category [2]

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]

Group 1 - The core point of the article is that Guangzhou Baiyunshan Zhongyi Pharmaceutical Co., a wholly-owned subsidiary of Baiyunshan, has received a registration certificate for the traditional Chinese medicine An Gong Niu Huang Wan from the Traditional Medicine Management Department of the Vietnamese Ministry of Health [1] - An Gong Niu Huang Wan is classified as a prescription traditional Chinese medicine, with its main functions being to clear heat and detoxify, as well as to calm and open the orifices [1]