此次战略合作，不仅是仁和药业推进品牌知识产权数字化与全球化运营的关键举措，亦是中国医药企业对新运营模式的重 要实践。未来，双方将重点围绕知识产权数字化、全球市场拓展、智能估值体系构建与数字生态平台建设四大维度展开深度合 作，为医药行业树立知识产权运营新范式。 本报讯 （记者矫月）近日，华检医疗控股有限公司（以下简称"华检医疗"）与仁和药业股份有限公司（以下简称"仁和药 业"）子公司仁和（深圳）国际营销有限公司（以下简称"仁和国际"）达成非处方药（OTC）知识产权战略全景合作协议。双 方计划共同构建OTC资产价值网络，携手打造全球医药数字资产新标杆。此次合作标志着仁和药业从传统制药企业向数字化医 药生态运营者的战略跃迁，凸显其在品牌知识产权数字化管理方面的前瞻布局。 目前，全球医药产业正经历"研发与运营"深度改革，行业长期存在"无形资产沉睡、跨境效率低下、估值逻辑单一"等核心 痛点。华检医疗作为聚焦医疗健康领域数字化的创新服务商，具备深厚的行业资源积累与领先的数字资产解决方案能力。仁和 药业作为中国OTC领域的知名医药企业，旗下拥有"妇炎洁""优卡丹""闪亮"等多个国民级品牌和丰富的OTC医药资源，现已实 现中 ...

9月16日午间，华检医疗（01931.HK）发布公告，宣布与仁和药业（000650）全资子公司仁和国际达成 战略合作，共同于美国筹建全球首家专注于非处方药（OTC）垂直领域的现实世界资产（RWA）交易 所。 公告称，此次合作是华检医疗"ETHK链上金融生态战略"及"全球RWA交易所中所"商业模式成功落地的 关键第一步与标杆案例，旨在打造一个可规模复制的样板，验证该创新模式的可行性及巨大潜力。 根据合作协议，华检医疗与仁和国际将共同筹建并运营专注于OTC资产的RWA交易所，华检医疗旗下 ETHK Inc提供合规运营支持，华检数字产业发展（深圳）有限公司负责技术开发。双方的合作模式高 度互补，体现"产业龙头+技术基础设施"的深度融合。 对仁和药业而言，此次合作则是其全球化与数字化转型的战略延伸。仁和药业是中国OTC市场龙头企 业，旗下拥有"妇炎洁""优卡丹"等多个驰名商标，渠道网络覆盖全国。 值得一提的是，9月16日午后，仁和药业和华检医疗均出现快速拉升，截至发稿，仁和药业涨幅超过 5%。 近年来，受医保控费与行业竞争影响，仁和药业传统业务增长承压。半年报显示，公司今年上半年营收 同比下滑16.46%，净利润同比 ...

Core Viewpoint - Renhe Pharmaceutical Co., Ltd. is facing significant challenges in maintaining growth due to intense competition and policy regulations in the pharmaceutical industry, as evidenced by its declining revenue and net profit in the first half of 2025 [1][3]. Financial Performance - The company reported a revenue of approximately 1.975 billion yuan in the first half of 2025, a year-on-year decrease of 16.46% [1]. - The net profit attributable to shareholders was about 290 million yuan, down 13.87% year-on-year, continuing a trend of declining performance over recent years [1][3]. - Since 2019, revenue growth has stagnated, with only a slight increase of less than 500 million yuan and net profit rising by just 29 million yuan over five years [3]. Market Challenges - The decline in performance is attributed to factors such as medical insurance cost control policies, a sluggish macroeconomic environment, and fierce competition in the pharmaceutical e-commerce sector [3]. - The health-related product segment generated revenue of 549 million yuan in the first half of 2025, reflecting a 13.4% decrease, which is even higher than the decline in the pharmaceutical segment [3][4]. Acquisition Strategy - Renhe Pharmaceutical has pursued acquisitions in the health sector since 2021, acquiring 80% stakes in seven companies, aiming to create a comprehensive health product line [3]. - However, the anticipated synergies from these acquisitions have not materialized, with revenue levels reverting to pre-acquisition figures [3][4]. Integration Challenges - The difficulties in cross-industry integration have exceeded expectations, as there are significant differences in channels, operations, and brand logic between pharmaceuticals and health consumer products [4]. - The health market has become highly competitive, with both online and offline channels saturated, making it challenging for the company to stand out despite collaborations with major e-commerce platforms [4]. Financial Health - Although the net cash flow from operating activities increased by 86.14% year-on-year, this was primarily due to reduced cash payments for goods and taxes rather than profit growth [6]. - The company's monetary funds decreased by nearly 60% compared to the end of the previous year, indicating a preference for financial management over reinvestment [6]. Future Outlook - The company is working on several projects, including the digital transformation of health and disinfection product production lines, but progress has not met expectations [6]. - The challenges faced by Renhe Pharmaceutical reflect broader difficulties in the traditional OTC pharmaceutical sector, highlighting the need for comprehensive innovation across products, channels, and organizational capabilities to achieve sustainable growth in a transforming industry [6].