同仁堂科技披露的半年业绩显示，在其产品矩阵中，六味地黄丸领衔的泌尿补肾大品种集群表现亮眼， 六味地黄丸系列产品销售收入较上年同期增长约47.99%。在其带动下，金匮肾气丸系列销售收入同比 增长19.55%，壮腰健肾丸系列、知柏地黄丸系列及归芍地黄丸系列等产品的销售收入均较上年同期实 现双位数的增长。 围绕六味地黄丸、金匮肾气丸、壮腰健肾丸等品种，企业还依据产品特性制定差异化推广策略，布局微 博、抖音、小红书等深受年轻用户喜爱的平台，通过"线上+线下"联动营销，实现了市场占有率大幅度 提升。 今年下半年，同仁堂科技将持续强化品种培育，精准施策大品种集群矩阵建设，通过核心单品精准卡 位、渠道精细化建设，驱动业绩高质量增长。 而同仁堂"配方独特、选料上乘、工艺精湛、疗效显著"的制药特色则这一品种提供了有力支撑，企业将 药材鉴别、炮制、制药环节中的多项"非遗"技艺与现代工艺相结合，开发了水蜜丸、大蜜丸、软胶囊、 浓缩丸等剂型，满足不同群体、不同场景的用药需求。 同仁堂科技旗下六味地黄丸领衔的泌尿补肾大品种集群，还拥有知柏地黄丸、杞菊地黄丸、归芍地黄 丸、金匮肾气丸等众多明星产品，能够针对肾阴虚火旺、肝肾阴虚、肾阳虚等 ...

研究报告 2025/07 www.leadleo.com 2025年 中国妇科更年期用药行业概览：从"被遗忘 的岁月"到"被照亮的未来"，更年期用药帮 助女性跨越寒冬 2025 China Menopausal Syndrome Medication Industry 2025年中国における更年期障害治療薬産業 报告标签：更年期综合征、围绝经期 主笔人：钟琪 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 研究报告 | 2025/07 中国妇科更年期用药行业 摘要 中国妇科更年期用药行业中西药并存的格局 持续深化，西药仍是临床干预的首选方案， 而中成药依托传统医学理念，形成差异化竞 争优势。未来， ...

夏日上火长痘、暑天头晕乏力、压力大情绪崩溃、久坐后腰膝酸软……这些职场人习以为常的"小毛 病"，却恰恰是健康发出的预警信号。近日，北京同仁堂科技发展股份有限公司（以下简称"同仁堂科技 公司"）以"带薪健康2小时"为主题，携多款明星产品走进"去哪儿"旅行公司，用一场集"精准健康解决 方案+专属福利+趣味互动"于一体的健康关怀活动，将百年中医药智慧融入职场日常，为广大职场人的 健康精准护航。 职场人的健康困扰，都藏在一个个具体场景里：加班后的火锅局总让上火长痘成为常态；工作时犯困严 重影响下午效率；工作压力大时容易影响情绪……而北京同仁堂科技公司带来的多款产品，正是为应对 这些"场景化健康需求"而来——每一款产品都能精准匹配职场人的"小烦恼"： 现场：明星产品直击职场健康痛点 下班后小聚的热辣美食引发了上火问题，有祛火"凉"方京制牛黄解毒片带来清凉；夏日通勤带来的暑天 不适，藿香正气水帮助状态回满；午后犯困的头晕脑胀，仁丹可以快速提升重启工作效率；开会高频输 出后气短乏力，一支生脉饮即可补充元气；面对KPI压力、跨部门沟通摩擦时的烦躁易怒，加味逍遥丸 帮职场人疏肝解郁，从容应对挑战；长期伏案导致的腰膝酸软、精力不 ...

九芝堂股份有限公司 2025 年半年度报告全文 公司注册地址、公司办公地址及其邮政编码、公司网址、电子信箱等在报告期无变化，具体可参见 2024 年年报。 信息披露及备置地点在报告期是否变化 □适用 ?不适用 公司披露半年度报告的证券交易所网站和媒体名称及网址，公司半年度报告备置地在报告期无变化，具体可参见 2024 年 年报。 其他有关资料在报告期是否变更情况 □适用 ?不适用 四、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 九芝堂股份有限公司 2025 年半年度报告全文 □是 ?否 本报告期 上年同期 本报告期比上年同期增减 营业收入（元） 1,264,512,369.54 1,679,430,180.36 -24.71% 归属于上市公司股东的净利润（元） 143,773,631.42 204,545,737.13 -29.71% 归属于上市公司股东的扣除非经常性损益的净利 润（元） 经营活动产生的现金流量净额（元） 213,061,017.36 -232,303,029.43 191.72% 基本每股收益（元/股） 0.1699 0.2399 -29.18% 稀释每股收益（元/股） ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11][12]. Core Insights - The company is entering a new development phase with the actual controller being the Heilongjiang State-owned Assets Supervision and Administration Commission, following a significant share transfer agreement [8][20]. - The company has a well-established product portfolio in both prescription and OTC drugs, with a strong brand presence in various therapeutic areas [2][9][40]. - The company is actively developing stem cell drugs targeting ischemic stroke, pulmonary alveolar proteinosis, and autism, indicating a promising competitive landscape [10][25]. Summary by Sections Company Overview - The company has a history of over 300 years and has evolved into a large modern pharmaceutical enterprise with 23 subsidiaries, focusing on R&D, production, and sales [20][25]. Product Portfolio - The company’s OTC products focus on tonics and cover multiple fields, including traditional Chinese medicine, with notable products like Liuwei Dihuang Wan and Donkey-hide Gel Blood Granules [2][40][41]. - The prescription drug segment is centered around cardiovascular and neurological products, with key offerings such as Xuexitong Injection and Angong Niuhuang Wan [9][62][66]. Financial Projections - Revenue forecasts for 2025-2027 are projected at CNY 2.481 billion, CNY 2.716 billion, and CNY 2.976 billion, respectively, with net profits expected to be CNY 231 million, CNY 299 million, and CNY 375 million [11][12]. Market Position - The company has a strong market presence, with several products achieving over CNY 100 million in sales, including Xuexitong Injection and Angong Niuhuang Wan, which are among the top in their respective categories [25][66][67].

Core Viewpoint - The article highlights the significant price discrepancies of traditional Chinese medicine and chemical drugs in China, particularly in Jilin Province, where the prices listed on public procurement platforms are substantially higher than those on e-commerce platforms, prompting government intervention to regulate these prices [1][2][3]. Group 1: Price Discrepancies - Jilin Province's public procurement price for Niuhuang Shangqing Wan is 198 yuan per box, with a price difference multiplier of 10.88 times compared to e-commerce prices averaging 5 yuan per box [1]. - The same province lists the price of Liwei Dihuang Wan at 198 yuan per box, with a price difference multiplier of 61.88 times, while e-commerce prices range from 5 to 6 yuan per box [1]. - The price of Yuanhu Zhitong Pian from Chongqing Xieran Pharmaceutical is listed at 110 yuan, with a price difference multiplier of 117.51 times compared to the lowest daily cost of 0.39 yuan [2]. Group 2: Government Intervention - Starting from July, multiple provinces initiated price governance for overpriced traditional Chinese and chemical medicines, requiring companies to adjust their listed prices to reasonable levels [1][2]. - The Jilin Provincial Public Resource Trading Center reported that 52 traditional Chinese medicines were identified as having inflated prices, with 26 of them adjusting their prices downward [3]. - The price of Fufang Danshen Pian from Liaoyuan Yulong Yadong Pharmaceutical was reduced from 443.5 yuan to 39.93 yuan, a decrease of 91% [3]. Group 3: Price Management - Certain drugs, including Niuhuang Shangqing Wan and Liwei Dihuang Wan, have not adjusted their prices and are managed under red label pricing due to being more than five times the lowest daily treatment cost [3][4]. - The price of Piracetam Injection from Heilongjiang Fuhe Pharmaceutical is listed at 165 yuan, which is 29.57 times the national median price of 5.58 yuan for approved drugs [3][4]. - The price of Xihuang Wan from Shanxi Guangyuyuan Guoyao remains unchanged and is also under red label management due to its high price relative to the lowest daily treatment cost [5][6]. Group 4: Regional Price Variations - There are significant price differences for the same drug across different provinces, with some drugs showing price discrepancies of over 70 times [5][6]. - For instance, the price of Shuanghuanglian Injection from Langzhi Group in Inner Mongolia is 598 yuan, while the same drug is priced at 124 yuan in Liaoning, indicating a price difference multiplier of 119.6 times [6][7]. - The price of Xuesaitong Injection from Langzhi Group in Inner Mongolia is 398 yuan, while the same drug is priced at only 5.5 yuan in Liaoning and Hebei, showing a price difference multiplier of 72 times [7].

Core Viewpoint - The article discusses the ongoing price governance of traditional Chinese medicine (TCM) products across multiple provinces in China, highlighting the significant price discrepancies and the government's efforts to regulate these prices to alleviate the financial burden on patients and the healthcare system [2][3][5][21]. Group 1: Price Governance Initiatives - Multiple provinces, including Guangxi, Liaoning, Heilongjiang, and Tianjin, have announced price governance measures for TCM products, indicating a nationwide effort to address high prices [2][3]. - The National Healthcare Security Administration (NHSA) has issued a report identifying TCM products with prices significantly higher than the lowest available options, prompting provincial authorities to take action [15][16]. Group 2: Price Discrepancies - There are extreme price differences for the same TCM products across different regions, with some products priced over 100 times higher than the lowest price available [6][9][10][11][12]. - For example, in Ningxia, a single unit of An Gong Niu Huang Wan is priced at 998 yuan, which is 11 times the lowest daily treatment cost for the same product [8]. Group 3: Factors Contributing to Price Variability - Price differences can be attributed to variations in ingredients, dosage forms, quality standards, and insufficient market competition, leading to concentrated pricing power among certain manufacturers [13]. - The complexity of TCM formulations and the lack of standardized quality control further exacerbate pricing issues [24]. Group 4: Impact on Pharmaceutical Companies - The price governance measures affect various pharmaceutical companies, including both small enterprises and established publicly listed firms like Tai Chi Group and Huason Pharmaceutical [21]. - Companies are under pressure to adjust their pricing strategies in response to the new regulations, with some indicating that the impact on their operations will be minimal [22]. Group 5: Patient Benefits and Future Outlook - The governance is expected to reduce the financial burden on patients, particularly for commonly used medications for chronic diseases, promoting fairer pricing and rational drug use [23]. - Experts suggest that while price governance is a step forward, it may not fully resolve the issue of price discrepancies, and additional measures such as collective procurement and improved industry standards are necessary [24].

Core Viewpoint - Zhongjing Wanshi Pharmaceutical's testing center has received the CNAS laboratory accreditation, marking its entry into the international laboratory mutual recognition framework, which enhances the quality and credibility of traditional Chinese medicine [1][3]. Group 1: CNAS Accreditation - CNAS accreditation is one of the highest authorities in laboratory testing capabilities in China, aligning with international standards such as ISO/IEC 17025, providing international credibility to the company's testing data [3]. - The accreditation allows the company to achieve mutual recognition in over 100 countries and regions, enhancing its core competitiveness and global expansion opportunities [3]. Group 2: Testing Capabilities and Innovations - The testing center is equipped with advanced detection equipment, including ICP-MS, LC-MS, and GC-MS, focusing on precision, efficiency, and rigor to ensure drug quality and safety [3]. - The center has published six papers in national core journals and holds over ten patents, demonstrating its commitment to innovation and high-standard testing services [3]. Group 3: Quality Management and Standards - Zhongjing Wanshi Pharmaceutical emphasizes quality system construction and has participated in drafting quality standards for various traditional Chinese medicine products, establishing 19 industry standards and norms [5]. - The company has implemented a comprehensive quality control mechanism from seedling to consumer, continuously improving drug standardization management [5]. - The quality technology leader stated that CNAS recognition is both an affirmation of the existing system and a motivation for future improvements, aiming to provide higher quality and more reliable traditional Chinese medicine products [5].

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]

Group 1 - The core viewpoint of the articles is that the "delisting" of stocks, which refers to the removal of ST or *ST labels from a company's stock, indicates a significant improvement in the company's financial health and operational performance [1][2] - Companies must meet specific financial and operational criteria, such as positive net profit, positive net assets, and revenue above a certain threshold, to apply for the removal of ST or *ST labels [1] - The removal of these labels often leads to a positive impact on the company's profitability, as it signifies that the company has stabilized its financial situation and resolved previous financial issues [1] Group 2 - The delisting process positively affects the market image of the company, as being labeled can severely damage its reputation and investor confidence [2] - The removal of the label helps to restore investor confidence and allows for a reevaluation of the company's value, attracting more capital inflow [2] - A list of companies that have recently undergone delisting includes: - Huijin Technology (300368): Focuses on intelligent manufacturing and information system integration [2] - Jiuzhitang: Engages in traditional Chinese medicine research and production [2] - Jintime Technology (002951): Specializes in energy storage equipment manufacturing [3] - Zhongjiabochuang: Involved in information transmission and communication network maintenance [3] - Yongyue Technology (603879): Develops and sells intelligent robots [3] - Xianfeng New Materials (300163): Produces high polymer composite shading materials [3] - Dongfang Ocean (002086): Engages in aquaculture and biotechnology [3] - Shengda Forestry (002259): Involved in natural gas liquefaction and related operations [3]