摩根士丹利发表技术研报指，相信中国中药的股价将在未来30天下跌，发生此概率料介乎70%至80%， 评级"减持"，目标价1.5港元。大摩预计股价出现变动是由盈警所致，该公司预计2025年度将录得亏 损，属2013年以来首见。该行相信，面对市场规模萎缩的困境，公司未透露透过内部资源拓展或并购开 拓新市场的具体规划。因此，市场目前对公司2026年业绩的能见度偏低，预期股价仍有进一步下行空 间。 ...

证券日报网讯1月23日，步长制药（603858）在互动平台回答投资者提问时表示，公司近两年已实现欧 洲市场出口布局，但主要通过合作形式进入欧亚经济联盟国家。2024年控股子公司泸州步长与俄罗斯 LANCET公司签署协议，授权注射用BC001在该区域的注册与商业化推广，同时公司多款中药产品已销 往全球数十个国家及地区；对于欧盟核心国家，公司目前仍在推进主要产品的欧盟COS认证，后续销售 进展可关注公司专项回应及相关公告。 ...

Core Viewpoint - The company has established its export presence in the European market over the past two years, primarily through partnerships in the Eurasian Economic Union countries [1] Group 1: Market Expansion - In 2024, the company's subsidiary, Luzhou Buchang, will sign an agreement with Russia's LANCET company to authorize the registration and commercialization of injectable BC001 in the region [1] - The company has successfully sold multiple traditional Chinese medicine products to dozens of countries and regions worldwide [1] Group 2: Regulatory Progress - The company is currently advancing the EU COS certification for its main products in core EU countries, with future sales progress to be monitored through special responses and related announcements [1]

Group 1 - The global consensus on "carbon peak and carbon neutrality" has led to China's strategic deployment of achieving carbon peak by 2030 and carbon neutrality by 2060, integrating these goals into the overall ecological civilization construction [1] - The green development concept is gaining traction, with consumers increasingly preferring low-carbon products, making low-carbon competitiveness a core element for companies in market competition [1] - Traditional high-energy consumption development models face constraints due to resource limitations and rising environmental costs, while the dual carbon actions present opportunities for technological innovation and industrial upgrades [1] Group 2 - Beijing Tongrentang Co., Ltd. actively practices dual carbon responsibilities by formulating a "Carbon Peak Action Plan," focusing on technological and management innovations to reduce carbon emissions [1] - The company is constructing distributed photovoltaic power stations to optimize its energy structure, with the Yizhuang plant as a pilot project, planning a direct current capacity of 1466.92 kWp [2] - The Yizhuang photovoltaic project, completed in June, is expected to generate an annual power output of 1.6419 million kWh, while the Daxing plant's solar project is projected to yield 2.4727 million kWh annually [3] Group 3 - The company emphasizes ecological priority and green development, achieving significant results in building a green production system, with the Daxing plant awarded a four-star green credit rating [4] - Pollution control measures are implemented with a goal of 100% compliance in wastewater and air emissions by 2024, utilizing clean energy sources and optimizing emissions monitoring [4] - Resource recycling capabilities are enhanced, with the establishment of a 3,500 cubic meter reclaimed water pond for irrigation and the use of biodegradable materials in packaging [4] Group 4 - The company integrates green development into the inheritance and innovation of traditional Chinese medicine, maintaining ecological and environmental standards while laying a foundation for high-quality development [5] - Future efforts will focus on deepening ESG principles in energy conservation, carbon reduction, and resource recycling, contributing to health and ecological civilization development [5]

Core Viewpoint - Beijing Tongrentang Technology Development Co., Ltd. has officially been recognized as a green factory in Tangshan, marking its third industrial enterprise to receive such a title within the company’s system, following its national and provincial recognitions [1]. Group 1: Green Factory Recognition - The Tangshan company is part of the strategic response to the coordinated development of the Beijing-Tianjin-Hebei region, focusing on intelligent and green manufacturing [1]. - The company has achieved significant milestones in green transformation, contributing to the green transition of the traditional Chinese medicine industry [1]. Group 2: Construction and Design - The company established dual goals of "efficient layout + green transformation" from the outset of its construction, ensuring rational planning of the factory area and smooth logistics [3]. - The factory's construction utilized eco-friendly framework structures, reducing construction waste and material loss by 40% [6]. Group 3: Energy Efficiency and Automation - The production process incorporates intelligent equipment and green energy-saving technologies, significantly enhancing production efficiency and reducing energy consumption [8]. - A digital energy management center has been established to monitor energy consumption in real-time, supporting precise energy management [10]. Group 4: Environmental Protection Efforts - The company has invested in advanced boilers and low-carbon burners, and has implemented comprehensive waste disposal processes to maximize resource utilization [12]. - The recognition as a green factory reflects the company's long-term commitment to sustainable development and the integration of ecological concepts into its growth strategy [14].

Core Viewpoint - The company has announced its financial results for the third quarter of 2025, including a plan for asset impairment provisions and a cash dividend distribution to shareholders [14][24]. Financial Data - The company reported a tax-prepared profit reduction of RMB 11.47 million due to asset impairment provisions for the first three quarters of 2025 [14][19]. - The company also reported a tax-prepared profit reduction of RMB 15.68 million due to credit impairment losses for the same period [16][19]. - The cash dividend distribution plan involves a payout of RMB 2 per 10 shares, totaling RMB 114.83 million (including tax) [5][6]. Business Development - The company is focusing on expanding its traditional Chinese medicine business, particularly in the areas of food and medicine integration, formula granules, and national standard products [7]. - The first centralized healthcare center has achieved breakeven within two years, and a second center is under construction, expected to open in the first half of 2026 [8]. - The company has revamped 805 stores in its non-pharmaceutical business segment, which includes health foods, medical devices, and wellness products, contributing significantly to overall performance growth [10].

Core Viewpoint - Tongrentang (600085.SH) demonstrated resilience in its operations despite short-term revenue pressure due to market conditions, with a solid foundation for long-term development highlighted by improved cash flow management and increased shareholder equity [1] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 13.308 billion yuan and a net profit attributable to shareholders of 1.178 billion yuan [1] - As of September 30, 2025, the net cash flow from operating activities reached 1.988 billion yuan, significantly improving compared to the same period last year, providing ample funding for daily operations and strategic initiatives [1] - The total equity attributable to shareholders at the end of the reporting period was 13.663 billion yuan, reflecting a year-on-year increase of 3.54%, while total assets amounted to 31.819 billion yuan, up 1.99% year-on-year, indicating ongoing optimization of the asset structure and solid financial fundamentals [1] Research and Development - The company increased its R&D investment, with R&D expenses reaching 143 million yuan in the first three quarters, fueling innovation in traditional Chinese medicine and product upgrades [1] Market Position - As a time-honored enterprise in the traditional Chinese medicine industry, Tongrentang maintains development stability through robust financial strength and prudent operational strategies, with potential to further leverage brand and resource advantages to drive steady performance recovery in the future [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company achieved an operating revenue of 692 million yuan, representing a year-on-year growth of 51.86% [1] - The net profit attributable to the parent company reached 65.22 million yuan, showing a remarkable year-on-year increase of 985.18% [1] Product Sales - The sales revenue from traditional Chinese medicine products experienced a notable increase compared to the previous year [1]

Core Insights - The company reported significant growth in both revenue and net profit for the third quarter of 2025, with a revenue of 201 million yuan, representing a year-on-year increase of 41.49% [1] - The net profit attributable to shareholders reached 27.21 million yuan, showing a remarkable year-on-year growth of 719.47% [1] - For the first three quarters of 2025, the company achieved a total revenue of 692 million yuan, which is a 51.86% increase compared to the same period last year [1] - The net profit for the first three quarters was 65.22 million yuan, reflecting an impressive year-on-year growth of 985.18% [1] - The sales revenue from traditional Chinese medicine products saw a significant increase during the reporting period [1]

Core Viewpoint - The Henan Provincial Government has issued an action plan to accelerate the integration of artificial intelligence in the modern pharmaceutical industry from 2025 to 2027, focusing on enhancing drug research and production efficiency through AI applications [1] Group 1: AI Applications in Pharmaceutical Industry - The plan emphasizes the application of large models in drug intelligent screening, clinical trial design and analysis, and optimization of drug synthesis processes to improve drug R&D efficiency and quality management [1] - It aims to break down barriers between biological data and healthcare data, strengthening the construction and training of traditional Chinese medicine large models to tackle the consistency issues of traditional Chinese medicine products [1] Group 2: AI in Medical Devices - The action plan also promotes the application of AI technology in auxiliary diagnostic testing, brain-machine interfaces, and intelligent rehabilitation for limbs, aiming to enhance the specificity and sensitivity of medical devices [1]