中药饮片的医保编码迎来"身份升级"！为适配医保业务的新形势新要求，助力中医药产业高质量发展， 近日，国家医保局修订中药饮片医保编码规则，给每一味中药饮片都配上了新"医保身份证"，这波操作 直接戳中百姓的用药需求！ 中药饮片就是咱们去药房抓药时，那些经过清洗、切片、炮制的中药材"成品"。像补气养血的黄芪、当 归，助眠安神的炒酸枣仁，清热降火的金银花，都是常见的饮片品种。国家医保局推出的中药饮片医保 编码规则，给每味饮片分配了专属医保"身份标识"。 据介绍，这次修订不搞"大改大动"，是在保留"中药饮片识别码、标准分类码、功效分类码、中药饮片 名称码"4大核心要素基础上，新增"道地药材标识码"和"中药饮片企业码"两个关键码段，填补"是否道 地、谁来生产"的信息空白，大幅提升透明度。新增道地药材标识码，如同给饮片贴了地理认证标签， 云南三七、四川川贝等道地品种一查便知；新增企业码实现生产责任精准锁定，厂家信息清晰可溯，既 倒逼企业压实主体责任，也为中药饮片集中采购落地筑牢根基。 国家医保局有关负责人表示，医保服务将更暖更贴心中药饮片的"医保身份证"升级背后，是医保管理的 不断精细化，更是对人民群众就医用药需求的贴心回 ...

在政策利好持续释放与人口老龄化加速的双重驱动下，中药饮片行业正迈入高质量发展的快车道，市场 规模稳步扩张，展现出广阔的增长空间。 作为中医药体系中应用最广泛的核心形态，中药饮片板块表现尤为亮眼，2024年市场规模高达3067亿 元，凭借强劲的增长动能成为当年增速最快的医药细分赛道，奠定了其在大健康产业中的核心地位。 政策层面，国家持续深化中医药传承创新发展战略，通过集中采购常态化推进、医保目录动态扩容等关 键举措，不断完善行业发展生态，为中药饮片行业规范化、高质量发展提供坚实政策支撑。需求端，人 口老龄化进程加速催生慢性病防治、康复养生等个性化健康需求，叠加中医药国际化步伐加快带来的出 口增长机遇，共同驱动中药饮片市场持续扩容，打开长期增长空间。 值得关注的是，当前中药饮片行业仍面临市场格局高度分散、标准化水平不足、质量管控体系不完善、 产能供给不稳定等核心痛点，行业整合升级需求迫切。在此背景下，新荷花这样具备合规生产资质、完 善质量控制体系、规模化产能布局及技术研发优势的龙头企业，将在行业整合浪潮中显著受益。 权威行业评价结果为观察行业格局变化提供了重要参考。2025年12月27日，第六届中国中药品牌建设大 ...

| [ 索引号] | 11500000MB1670639F/2026-00006 | [ 发文字号] | 渝药监通告〔2025〕46号 | | --- | --- | --- | --- | | 「米S图片」 | 市场监管、安全生产监管 | [体裁分类] | 公告公示 | | [ 发布机构 ] | 市药监局 | | | | [成文日期] | 2025-12-26 | 「发布日期 | 2026-01-05 | | 龙 | | 有限责任公司 | | 饮片 | 单位 区卫生服务中心 | | 符 | | 检验检测研究院 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 合 | | | | | | | | | | | 规 | | | | | | | | | | | 定 | | | | | | | | | | | 不 | | | | | | | | | | | 符 | | | | 5 茯苓 | / | 重庆惟德药业有限 | C250302 中药 | | 生产 重庆惟德药业有限公司 | 《中国药典》2020年版第一 ...

21世纪经济报道记者 崔文静 一场维持三年的财务造假，最终迎来的是一张"终身禁入"的罚单与不可避免的退市终局。 12月26日，*ST长药公告收到行政处罚事先告知书，因连续三年财务造假，深交所将对其启动重大违法 强制退市程序。这家公司，成为年内第15家触及此红线的上市公司，数量创下历史纪录。 这绝非孤立事件，而是当前资本市场"零容忍"严监管态势的缩影。根据最新退市规则，只要财务造假行 为持续三年，即会触及重大违法强制退市。*ST长药正是撞上了这条监管"高压线"：其子公司通过伪造 单据、虚构交易，在2021至2023年间累计虚增收入7.33亿元、利润1.68亿元。 监管的雷霆手段随之而至。处罚不仅针对公司（罚款1000万元），更重拳直击"首恶"：14名责任人员被 合计罚款3100万元，主导造假的原总经理罗明被处以终身证券市场禁入。证监会更明确表示，对可能涉 及的犯罪线索将"应移尽移"，后续的民事赔偿或也箭在弦上。针对造假上市公司的行政、民事、刑 事"三罚联动"监管新趋势已然形成。 值得注意的是，监管的探照灯也已同步照向可能的"帮凶"。对*ST长药造假期间中介机构的核查正在进 行中，而正在立法进程中的《上市公司监督 ...

"炮制之法，贵在精微；数智之用，妙在通变。"当南京中医药大学中药炮制学博士李铭轩在实验室调试最新研发的智能检测设备时，这句融合传统智慧与 现代科技的箴言，恰如其分地诠释着他四载耕耘的初心。这位25岁的青年学者，以数字技术为刻刀，在千年炮制技艺的基石上雕琢出产业升级的崭新范 式，成为中药饮片数智化转型浪潮中的破浪者。 这份深耕与突破，结出了累累硕果。截至目前，李铭轩已经以第一及共一作者身份发表论文7篇，其中中科院一区TOP期刊5篇，累积影响因子达111.7 分，被引达381次；并申请国家发明专利4项，为行业智能化转型提供了坚实技术支撑。 蝶变：从实验室到生产线的跨越 南京中医药大学中药炮制学博士李铭轩 溯源：在传统与现代的碰撞中寻找答案 作为中药临床用药安全有效的关键保障，饮片生产长期依赖人工主观经验，且生产智能化程度低已成为严重制约产业高质量发展的关键瓶颈。为摸清行业 症结，李铭轩踏上了调研之路，4年时间里，走访12个省份，收集了556份产业发展调查问卷。调研数据让他深受触动：过去20年，国内饮片企业规模增长 20余倍，数量已达到2350余家，但国际市场份额仅占2%，饮片产业的标准化与数智化升级势在必行。"饮 ...

太龙药业 20251212 摘要 江药集团入主太龙药业，计划通过股权收购和定向增发投资约 10 亿元， 持有近 20%股份，旨在将太龙打造为江西国控旗下核心医药产业平台， 目前该方案正在走国资审批程序，预计年底前完成审批。 江药集团将利用其在院外产品销售网络体系的优势，协同太龙药业的中 成药和中药饮片业务，快速扩大现有产品的市场份额，特别是双黄连等 主打产品，并计划通过购买批文或并购丰富产品线。 太龙药业将借助江药集团的渠道优势，将同君堂中药饮片的代煎服务从 浙江推广至全国，并计划逐步将江西的医药产业或资产纳入上市公司， 实现资源整合和业务扩张。 太龙药业中成药销售中，院内市场占比 60%，院外 OTC 市场占比 40%。未来将重点发展 OTC 市场，并借助江药集团的渠道，将同君堂 饮片推广至更多地区，实现显著的业务增长。 江药集团未来将在普药品种、创新生物制剂、大健康保健食品及相关渠 道四个维度进行资产扩张，计划将更多优质普药品种和批文装入上市公 司，并考虑纳入康养、大健康相关产品和资产。 Q&A 太龙药业控制权变更的整体情况和未来规划是什么？ 太龙药业近期发布公告，公司控制权将变更为江西江药集团。此次变更 ...

Market Overview - As of November 27, 2025, the number of projects in China's inquiry transfer market reached 163, a 140% increase compared to the entire year of 2024[4] - The transfer scale reached 84.445 billion yuan, which is 380% higher than the total for 2024[4] - The average discount rate for inquiry transfers in 2025 is approximately 84.34%, significantly lower than the 87.2% for private placements[15] Supply and Demand Dynamics - The inquiry transfer mechanism was officially implemented on the ChiNext board in May 2024, leading to a surge in transfer announcements, with 69 recorded in 2025, accounting for 42.33% of the total[4][24] - The inquiry transfer market has seen a compound annual growth rate (CAGR) of 100.74% in project numbers from 2020 to 2025, and a CAGR of 84.68% in transfer scale[20] Investment Characteristics - Inquiry transfers have a shorter registration time of about one week compared to 3 weeks to 1 month for regular private placements, reducing capital occupation time by 2-3 weeks[14] - The inquiry transfer mechanism allows for a more flexible exit strategy for early investors, providing a low-disturbance path for orderly exits, which is crucial in a market with scarce quality assets[18][29] Market Performance - In the week of December 6 to December 12, 2025, the A-share market saw a general increase, with the ChiNext index rising by 2.74%[31] - The CPO index experienced the highest weekly increase of 14.26%, with a year-to-date increase of 183.30%[34] Key Recommendations - Focus on sectors such as smart vehicles (e.g., Hu Guang Co., Rui Hu Mould, Xin Quan Co., and Xin Dong Lian Ke) and high-end manufacturing (e.g., Ao Pu Te, Qing Niao Fire Protection, and Lei Te Optoelectronics) for potential investment opportunities[36]

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. has submitted an A1 application to the Hong Kong Stock Exchange, marking a significant milestone in its development and signaling the industry's move towards standardization and modernization [1] Group 1: Business Model and Market Strategy - Xinhehua implements a "dual pillar strategy" to cover diverse market scenarios, utilizing both traditional offline channels and digital platforms to reach over 1,000 users, including hospitals and large pharmacy chains [2] - The company has developed platforms like Jinfang Caotang and Jinfang Cloud to serve small pharmacies and clinics, while Jinshe Hehua targets consumers with high-end health products [2] Group 2: Manufacturing and Quality Control - Xinhehua has established a quality control barrier through automated production lines and a vertically integrated system that ensures traceability from source to end product, enhancing production precision and product quality [4] - The company operates a CNAS-accredited laboratory recognized in major markets like the US and Europe [4] Group 3: Product Range and Research Collaboration - Xinhehua has been deeply involved in the traditional Chinese medicine sector for years, producing over 770 types and 4,900 categories of traditional Chinese medicine pieces, making it one of the most comprehensive suppliers in China [5] - The company collaborates with leading research institutions and participates in government-funded projects to continuously optimize its production processes [5] Group 4: Financial Performance and IPO Readiness - Xinhehua has achieved steady growth, with a projected revenue compound annual growth rate of 27% from 2022 to 2024, and reported a revenue of RMB 633.5 million in the first half of 2025, a year-on-year increase of approximately 5.8% [7] - The net profit for the same period was RMB 51.24 million, reflecting a year-on-year growth of about 20% [7] - The company has not faced any administrative penalties during its IPO preparation, and its successful peers provide a positive outlook for its market entry [7]

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. (referred to as "Xinhehua") has made its fourth attempt to go public by submitting a prospectus to the Hong Kong Stock Exchange, marking a 14-year journey filled with challenges and setbacks in its IPO efforts [1][3]. Group 1: IPO Journey - Xinhehua's IPO journey began in 2011 with an attempt to list on the Shenzhen Stock Exchange's Growth Enterprise Market, which was followed by a series of rejections and withdrawals, including a failed attempt in 2023 and a voluntary termination of guidance in 2024 [2][3]. - The company has now shifted its focus to the Hong Kong market after three unsuccessful attempts to list on the A-share market [3][4]. Group 2: Financial Performance - Xinhehua's revenue has shown a compound annual growth rate (CAGR) of 27% from 2022 to 2024, with revenues of 780 million RMB in 2022, 1.146 billion RMB in 2023, and 1.249 billion RMB in 2024 [6][7]. - Despite revenue growth, the company's profitability has raised concerns, with net profits declining from 104 million RMB in 2023 to 89 million RMB in 2024, a drop of 14.24% [7][9]. - The gross profit margin has been on a downward trend, decreasing from 21.1% in 2022 to 17.1% in 2024, with toxic and ordinary medicinal pieces also experiencing significant declines in their respective margins [9][10]. Group 3: Market Position and Competition - Xinhehua ranks second in the Chinese market for traditional Chinese medicine pieces, holding a market share of only 0.4%, amidst a highly fragmented industry with 2,334 licensed manufacturers [6][9]. - The company's customer base primarily consists of hospitals, medical institutions, and pharmacies, with revenue contributions of 40%, 32%, 14.6%, and 13.4% from these segments in the first half of 2025 [6]. Group 4: Operational Challenges - Xinhehua's production capacity has increased from 6,783 tons in 2022 to 8,576 tons in 2024, yet the capacity utilization rate has declined from 86.8% to 79.4% [16][17]. - The company plans to use the funds raised from the IPO to expand production capacity despite underutilization, raising questions about the rationale behind this decision [15][17]. Group 5: Quality and Compliance Issues - Xinhehua has faced multiple quality control issues, with several batches of its products failing to meet regulatory standards, which poses risks to its brand reputation and operational viability [24][25]. - The company has also been under scrutiny for allegations of financial misconduct, including accusations of inflating revenue figures and engaging in fictitious transactions with customers [19][21].

Core Viewpoint - Sichuan Xinhehua Traditional Chinese Medicine Co., Ltd. (referred to as "Xinhehua") has once again submitted its prospectus to the Hong Kong Stock Exchange, marking its ongoing struggle to achieve a successful IPO after multiple failed attempts over the past 14 years [3][4]. Financial Performance - Xinhehua's revenue for 2024 is projected to be 12.49 billion RMB, reflecting a year-on-year growth of 9.06%, but this is a significant decline from the 46.79% growth seen in 2023 [11]. - The company's net profit for 2024 is expected to drop by 14.25% to 890 million RMB, following a 34% increase in 2023 [11]. - In the first half of 2025, Xinhehua reported revenues and net profits of 634 million RMB and 51 million RMB, respectively, showing year-on-year growth of 5.8% and 19.93% [11]. Profitability Metrics - The company's gross margin has decreased from 21% in 2022 to 17.05% in 2024, while the net profit margin has fallen from 9.92% to 7.13% during the same period [13][14]. - The decline in profitability is attributed to rising raw material costs outpacing product price increases, alongside rigid pricing mechanisms for hospital clients [15][16]. Market Position - Xinhehua is the second-largest producer in the traditional Chinese medicine market, holding a market share of 0.4% as of 2024, with the top five players collectively holding only 2.7% of the market [8][9]. - The market for traditional Chinese medicine is highly fragmented, with 2,334 licensed producers in China [8]. Ownership Structure - Xinhehua exhibits a family-controlled ownership structure, with the founder holding 31.5% of shares and family members collectively controlling 65.24% [20][24]. - The low participation of institutional investors and the high concentration of individual investors indicate a lack of confidence in the company's growth prospects [17][19]. Financial Challenges - The company has seen a significant increase in short-term borrowings, rising from 1.62 billion RMB at the end of 2024 to 2.1 billion RMB by mid-2025, primarily to fund share buybacks [25][23]. - Xinhehua's cash flow from operating activities has shown instability, with a net outflow of 467,000 RMB in 2024, highlighting the challenges in converting revenue into cash [28]. Production Capacity - Xinhehua's production capacity has increased from 6,783 tons in 2022 to 8,576 tons in 2024, but the capacity utilization rate has declined from 86.8% to 83.9% [29]. - The company plans to use the funds raised from the IPO for capacity upgrades and expansion, despite underutilization of current capacity [29]. Regulatory and Market Risks - The overlapping relationships between suppliers and customers pose risks related to transaction fairness and compliance, which could further complicate the IPO process [30]. - Xinhehua's ability to successfully navigate regulatory scrutiny and market feedback remains uncertain as it attempts to finalize its IPO [31].