重庆太极实业（集团）股份有限公司 董事会审计委员会实施细则 （2025 年 7 月修订） 第一章 总 则 第一条 为了推进重庆太极实业（集团）股份有限公司 （以下简称公司）提高公司治理水平,规范公司董事会审计 委员会的运作，根据《中华人民共和国公司法》（以下简称 《公司法》）、 《中华人民共和国证券法》 《上市公司治理准则 （2025 年修正）》《上市公司独立董事管理办法（2025 年修 正）》《上海证券交易所股票上市规则（2025 年 4 月修订）》 （以下简称《股票上市规则》）、《上海证券交易所上市公司 自律监管指引第 1 号——规范运作（2025 年 5 月修订）》等 相关法律、行政法规、部门规章、交易所业务规则以及《重 庆太极实业（集团）股份有限公司章程》（以下简称《公司 章程》）的要求，公司特设立董事会审计委员会，并制定本 实施细则。 第二条 审计委员会是董事会下设的专门委员会，对董 事会负责，向董事会报告工作，行使《公司法》规定的监事 会的职权，负责公司内、外部审计工作的监督、审核、沟通 及协调。 第三条 审计委员会成员须保证足够的时间和精力履 行委员会的工作职责，勤勉尽责，切实有效地监督公司的外 ...

"堡坎 寄生石斛" "斛梨 共生" 寄生在石缝、梨树、松树上的"近野生"铁皮石斛，你见过吗？在杭州萧山戴村镇的佛山村内，就有 这样的一个种植基地。 6月下旬，处在半山腰的萧山萧南家庭农场内绿树成荫、流水潺潺。堡坎石缝间，铁皮石斛伸出一 簇簇青碧茎条，或横向延展，或顺着小树桩纵向延伸；梨树与松树的枝干上，一丛丛石斛茎条饱满，如 果不仔细看，还以为是梨树、松树自身长出的枝条。 "在这里，有树的地方就有石斛，石缝也能生金！"农场主郭红兰自信地说。十多年前，她和丈夫陈 周火从媒体转行做农业。陈周火祖籍是有着"中国药材之乡"美誉的浙江磐安，从小，他就对药材耳濡目 染。于是，夫妻俩也将创业目标瞄准了中药种植产业，立志种出非野生却接近甚至优于野生品质的石 斛。 铁皮石斛被誉为"人间仙草"，其对温度、湿度、光照、水源等生态环境要求近乎苛刻。夫妻俩经过 多方考察，最后选址环境优美、空气清新的戴村镇佛山村。 "我们一直在摸着石头过河，幸运的是这几年成效还不错。"郭红兰介绍，来到佛山村，他们首先探 索的是斛梨共生的模式。 春天梨树抽芽展叶前，他们将驯化两年的石斛苗用麻绳环状系于离地60厘米以上的枝干；待到盛 夏，浓密的梨叶为畏晒的 ...

Core Viewpoint - The innovative traditional Chinese medicine (TCM) product Yiqi Tongqiao Wan has successfully completed phase III clinical trials and is now available for treating allergic rhinitis, with plans for a large-scale real-world study involving 10,000 samples to validate its clinical efficacy [1][3]. Group 1: Product Development and Efficacy - Yiqi Tongqiao Wan is developed by integrating modern medicinal components from the effective formula "Allergy Decoction" and employs modern pharmaceutical techniques [2]. - Clinical trial results show significant efficacy, with a nasal discharge symptom disappearance rate of 52.65% and a tear symptom disappearance rate of 80.97%. Additionally, 30% of patients did not experience a recurrence of rhinitis within a year after two weeks of treatment [3]. Group 2: Quality Control and Technological Integration - The quality of raw materials is crucial for modern pharmaceutical companies, and Yiqi Tongqiao Wan's 14 ingredients are sourced from high-quality regions and standardized cultivation bases [5]. - The production process utilizes digital technology for quality traceability throughout the entire supply chain, enhancing the stability and uniformity of the extract's quality [5][6]. Group 3: Market Expansion and Cultural Promotion - The company is expanding the application of TCM by developing diverse product lines, including health foods and beverages that incorporate TCM ingredients [8]. - Efforts to promote TCM culture include public health services and community engagement activities, aiming to enhance public understanding and acceptance of TCM [8].

Market Ecology Overview - Since 2015, the A-share market has undergone significant changes, with increased stock buybacks, rising dividend amounts, decreased net reductions by major shareholders, and intensified delisting efforts, leading to a healthier market ecology and improved investor confidence [1][2][3] Stock Buybacks - Stock buybacks have transitioned from being a minority practice to a normalized strategy among listed companies, with the total buyback amount exceeding 160 billion yuan in 2024, marking a historical high [2][3] - The number of companies implementing buybacks surged to over 2,100 in 2024, reflecting enhanced market liquidity and improved corporate governance [3] - The proportion of buybacks for equity incentives decreased from 89.74% in 2015 to 71.34% in 2024, while the number of companies engaging in market value management buybacks increased significantly [3] Dividends - Cash dividends have become a key indicator of market health, with total cash dividends reaching nearly 2.4 trillion yuan in 2024, a historical high, and the number of companies distributing dividends increasing to approximately 3,761 [5][6] - The frequency of dividend distributions has also risen, with over 300 companies announcing third-quarter cash dividend plans in 2024 [5] - The overall dividend payout ratio reached 45.04% in 2024, the highest since 2015, indicating a shift towards a more investment-oriented market [6][7] Shareholder Reduction Behavior - The reduction of major shareholders' stakes has been further regulated, with net reductions dropping to 85.9 billion yuan in 2024, the lowest level since 2015 [9][10] - The number of companies announcing reductions fell to 1,689 in 2024, the lowest since 2019, while the frequency of industry capital increasing its stakes has risen [9] - Regulatory measures have linked shareholder reductions to dividends and stock prices, effectively stabilizing the capital market [10] Delisting Mechanism - The delisting mechanism has evolved, with the number of delisted companies reaching a historical high of 52 in 2024, reflecting stricter quality requirements beyond financial metrics [10][11] - Regulatory policies have been enhanced to enforce delisting standards, promoting the exit of low-quality companies from the market [10][11] - The focus on delisting has shifted to include violations of laws and regulations, with ongoing scrutiny even after companies have been delisted [11]

Core Points - The report discusses the management of the convertible bond issuance by Tibet Qizheng Tibetan Medicine Co., Ltd, detailing the bond's approval, issuance, and key terms [3][4][10] Group 1: Bond Issuance Overview - The China Securities Regulatory Commission approved the issuance of convertible bonds totaling RMB 800 million, with a face value of RMB 100 per bond, consisting of 8 million bonds [3][4] - The bonds are listed on the Shenzhen Stock Exchange under the name "Qizheng Convertible Bonds" with the code 128133, and the issuance date was October 27, 2020 [3][4] Group 2: Bond Terms and Conditions - The bond has a six-year term, from September 22, 2020, to September 21, 2026 [4] - The coupon rates are structured to increase annually, starting at 0.40% in the first year and reaching 1.80% in the sixth year [4][5] - Interest is paid annually, with the first payment occurring one year after the issuance date [5] Group 3: Conversion and Adjustment Mechanism - The initial conversion price is set at RMB 30.12 per share, subject to adjustments based on stock dividends, capital increases, and other corporate actions [6][7] - Following the 2024 annual profit distribution, the conversion price will be adjusted from RMB 19.39 to RMB 19.01 per share, effective from July 10, 2025 [9][10] Group 4: Impact Analysis - The adjustments to the conversion price comply with legal regulations and do not adversely affect the company's operational or debt repayment capabilities [10]

Core Viewpoint - The resignation of Xiao Wei as chairman of Kangyuan Pharmaceutical has raised concerns, particularly regarding the company's declining performance and the potential implications for its future direction [2][3][4]. Management Changes - Xiao Wei resigned from his position as chairman due to "personal reasons," but will continue to serve as a director and in other roles within the company [3][4]. - The change in legal representative from Xiao Wei to Gao Haixin occurred a month prior to the resignation announcement, suggesting a planned transition [3][4]. - Gao Haixin, the new legal representative, has a background in engineering but lacks direct experience in pharmaceutical management, raising concerns about potential disconnects in technical and managerial aspects [9] Financial Performance - Kangyuan Pharmaceutical reported a significant decline in both revenue and net profit for 2024, with total revenue of 3.898 billion yuan, down 19.86% year-on-year, and a net profit of 392 million yuan, down 15.58% [5][10]. - The first quarter of 2025 showed continued deterioration, with revenue dropping 35.38% and net profit decreasing by 38.37% compared to the same period in the previous year [8][10]. Product Performance - The company's core products, particularly the heat toxin injection and ginkgo biloba injection, faced significant sales declines, contributing to the overall revenue drop [10][11]. - The heat toxin injection's sales volume decreased by 30.98%, while the ginkgo biloba injection's sales volume nearly halved, leading to increased inventory levels [10][11]. - Other product lines, including capsules and granules, also experienced revenue declines, with only oral liquids and gels showing growth, albeit with reduced profit margins [12]. Industry Context - The Chinese traditional medicine injection market is facing increased regulatory scrutiny, impacting sales and profitability [11][12]. - The government's policies aimed at cost control in healthcare have further pressured the pricing and sales of traditional Chinese medicine injections, leading to significant price reductions and profit erosion [11][12].

Group 1 - The core idea of the article revolves around the development of the Dendrobium candidum industry in Pingyuan Village, which serves as a model for rural common prosperity through innovative practices and community engagement [1][9]. - The practice team visited a leading company, Zhiranfangshi (Yueqing) Agricultural Technology Co., which showcased the transformation of Dendrobium candidum from raw materials to various health and skincare products, highlighting the vitality of the industry chain [2]. - The village's Party branch deputy secretary introduced the "Five Modernizations" model, which includes diversification of species, diversified planting, standardized production, digital management, and quality traceability, effectively enhancing the growth environment for Dendrobium candidum and increasing income for villagers [4]. Group 2 - The practice team conducted in-depth interviews with local farmers to understand their benefits from the Dendrobium candidum industry, particularly focusing on the traditional craft of making "Feng Dou," which reflects the villagers' dedication to high-quality products [6]. - The article emphasizes the integration of the primary, secondary, and tertiary industries, establishing a "Three Gold" (rent, dividends, wages) common prosperity mechanism that significantly strengthens the collective economy of the village [4][9]. - The experience gained from this initiative is seen as a valuable case for exploring rural revitalization paths with local characteristics, showcasing how Dendrobium candidum can be a "golden key" to unlocking common prosperity [9].

Core Insights - The rising prices of traditional Chinese medicine (TCM) herbs are causing significant concern among patients, with many unable to afford necessary treatments [1][2][3] - The increase in prices is attributed to higher cultivation costs, multiple layers of pricing in the distribution chain, and speculative capital inflating prices [1][4][6] - Experts suggest that a collaborative approach involving government, enterprises, and the industry is essential to bring prices back to a reasonable level [1][7] Price Trends - Prices of various TCM products have doubled or even tripled in recent years, with specific examples such as the price of Compound Suanzaoren Capsules rising from 49.9 yuan in 2017 to 80 yuan, and in some cities reaching 150 yuan [2] - The price of traditional herbs like Bai Shao and Bai Shu has surged from 30-40 yuan per kilogram in 2022 to around 200-300 yuan in 2023 [2] - The price of herbs like Chan Tui has increased from approximately 600 yuan per kilogram five years ago to around 2000 yuan currently [2] Cost Factors - The increase in TCM herb prices is primarily due to rising labor and agricultural input costs, with the cost of cultivating Angelica Sinensis (Dang Gui) increasing from 2000 yuan to 3000 yuan per acre [4][6] - Extreme weather conditions, such as droughts, have also contributed to price hikes, with the price of Party Ginseng rising from 70 yuan to 110 yuan per kilogram [4] Distribution Challenges - The distribution chain for TCM is lengthy, involving multiple stakeholders, which leads to significant markups at each stage [5][6] - The high cost of raw materials is not easily passed down to consumers, as the prices of finished products remain elevated despite some reductions in raw material costs [6] Policy Recommendations - Experts recommend enhancing price regulation mechanisms to stabilize TCM herb prices and improve transparency in the market [7][8] - Suggestions include promoting mechanized and standardized cultivation practices, establishing direct supply chains from producers to retailers, and creating a comprehensive traceability system for TCM products [7][8]

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - The Chinese medicine sector saw a 1.27% increase last week, lagging behind other pharmaceutical segments, with the overall pharmaceutical sector rising by 3.64% [2] - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.57X, up 0.34X week-on-week, while the price-to-book (PB) ratio is 2.28X, also showing a slight increase [3] - The market for traditional Chinese medicine materials is experiencing increased supply but declining prices, with a 0.5% drop in the total price index last week [4] Summary by Sections Market Performance - The Chinese medicine sector's performance is weaker compared to other pharmaceutical segments, with notable companies like Jiuzi Tang and Zoli Pharmaceutical performing well, while others like Mayinglong and Dong'e Ejiao lag behind [2][15] Valuation - The current PE ratio of 27.57X places the sector at the 29.53% percentile since 2013, while the PB ratio of 2.28X is at the 5.37% percentile [3] Supply Chain Dynamics - The market for Chinese medicinal materials is characterized by increased production and declining prices, with a significant number of categories experiencing price drops [4] Policy Developments - The dual-track system for medical insurance and commercial insurance is being implemented, allowing for dynamic adjustments and submissions for inclusion in the basic medical insurance directory [5][6] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, highlighting companies with strong R&D capabilities and unique products [11][12][13]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, predicting a reversal trend in 2025 [4] Core Viewpoints - The innovative drug sector is experiencing strong performance driven by multiple factors, including the completion of quarterly portfolio adjustments, increased policy support from the National Healthcare Security Administration (NHSA) and the National Health Commission, and significant collaborations in the industry [1][11] - The NHSA and the National Health Commission have jointly released measures to support the high-quality development of innovative drugs, which will accelerate the commercialization of domestic innovative products and create a positive cycle of profitability and strong R&D investment [20][21] - The report highlights the potential of dual/multi-target antibodies in cancer treatment and innovative drugs addressing unmet clinical needs in chronic diseases as key investment opportunities [1][4] Summary by Sections Innovative Drugs - The innovative drug sector remains the main investment line, with a focus on dual/multi-target antibodies for various cancers and chronic diseases [1][11] - AstraZeneca is in talks for a collaboration worth up to $15 billion for the AK112 drug, which has catalyzed strong performance in related stocks [1] Pharmaceutical Sector - The NHSA's new measures will direct more healthcare resources towards innovative drugs, enhancing their commercialization and profitability [20][21] - The report notes that since 2018, 149 innovative drugs have been included in the healthcare insurance directory, significantly increasing the proportion of new drugs covered [22] Biologics - Changchun High-tech's new drug, Vuxin Qibai monoclonal antibody, has been approved for treating acute gout arthritis, marking a significant advancement in biologics [29][34] - The drug shows rapid onset of action and a substantial reduction in recurrence risk, highlighting its clinical significance [33][34] Traditional Chinese Medicine - Lingrui Pharmaceutical's new indication for its nasal spray is expected to boost sales, with ongoing efforts to expand hospital coverage and OTC sales [38][41] Medical Devices - The report emphasizes policy support for high-end medical devices, predicting accelerated commercialization in various segments such as medical robots and AI [3][4] Medical Services - Recent policies to enhance maternity benefits are expected to stimulate demand in related services [3][4]