中证报中证网讯（王珞）8月26日晚间，中关村（000931）（000931）发布2025年半年度报告。报告期 内，公司实现营业收入12.39亿元，同比下降2.71%；实现净利润3881万元，同比增长6.65%；扣非净利 润3685万元，同比增长36.34%。 此外，公司健康品业务持续推进"华素愈创""华素清清"等产品的终端推广和营销升级工作。报告期内， 先后参加北京国际口腔展、华南国际口腔展、东北国际口腔展、江西省口腔展会四大口腔展会。通过与 连锁药店战略合作和区域代理商合作等手段，推进产品市场覆盖范围，扩大业务规模，提升品牌知名 度。报告期内，中关村已与多家口腔诊所达成合作意向，后续公司将继续推进相关工作的进一步开展。 北京华素OTC渠道销售方面，在产品策划端，公司通过整合多元宣传手段，精准锚定目标受众，构建品 牌传播矩阵，提升品牌知名度。在销售端，紧密携手头部连锁企业，高效推进铺货进程。同时，高频次 开展市场推广活动，全方位赋能终端动销。报告期内，"华素片""盐酸苯环壬酯片（商品名：飞赛 乐）"等主要产品均较好地完成半年度销售任务；其中，"华素片"与"风度片"在乌镇健康大会中斩获"最 受药店欢迎的明星单品 ...

Core Viewpoint - The company, Zhenbao Island, faced criticism from the Shanghai Stock Exchange for failing to timely disclose a significant transaction that generated a net profit of approximately 420 million yuan, which accounted for 227% of its audited net profit for 2022 [1][2][3] Group 1: Transaction Details - The undisclosed transaction involved the sale of 100% equity of its subsidiary, Hulin Fangsheng Pharmaceutical Technology Co., which was sold for 425 million yuan to Heilongjiang Hehui Pharmaceutical Co. [2][3] - The transaction's profit exceeded the threshold requiring shareholder approval and timely disclosure, as it represented over 50% of the company's audited net profit for the previous year [2][3] Group 2: Regulatory Issues - This is not the first instance of Zhenbao Island facing issues related to information disclosure; the company has received warnings and criticisms from regulators multiple times in the past two years for similar violations [4] - In April 2024, the company was issued a warning by the Heilongjiang Securities Regulatory Bureau for failing to disclose a related party transaction involving 80 million yuan in non-operating fund occupation [4] Group 3: Financial Performance - Zhenbao Island reported revenues of 4.2 billion yuan, 3.1 billion yuan, and 2.7 billion yuan for the years 2022, 2023, and 2024 respectively, with a net profit of 753 million yuan in Q1 of the current year, down from 2.9 billion yuan in the same period last year [5] - The decline in Q1 performance was attributed to the postponement of the third batch of national traditional Chinese medicine procurement, which affected sales and profits [5]

Core Viewpoint - The safety concerns surrounding traditional Chinese medicine (TCM) injection solutions, particularly the case of a patient who died after receiving a Schisandra injection, have reignited discussions about the risks associated with these products and the need for improved regulatory oversight [1][3][11]. Industry Overview - The market for TCM injection solutions has seen a significant decline, with total market size dropping from 831.3 billion in 2015 to 479.8 billion in 2023, a nearly 50% reduction [7]. - Major companies in the sector, such as ST Longjin and Dali Pharmaceutical, have faced severe financial difficulties, with ST Longjin's revenue declining by 36.19% to 0.48 billion in 2024 [8][9]. - Despite the challenges, some companies remain optimistic about the potential for TCM injections, with predictions that products like Kanyuan Pharmaceutical's Hot Toxic Ning injection could benefit from increased insurance coverage and expanded indications [5]. Regulatory Environment - The National Medical Products Administration (NMPA) has been actively revising the instructions for TCM injections, adding warnings about severe allergic reactions and requiring monitoring after administration [11][12]. - Recent changes in the 2023 medical insurance drug directory have relaxed some payment restrictions on TCM injections, allowing for broader use in clinical settings [13][14]. - However, the existing risk management system still has shortcomings, such as delayed implementation of revised instructions and insufficient training for medical staff on proper medication use [12]. Safety Concerns - Reports indicate that adverse reactions to TCM injections, particularly allergic reactions, are common, especially among older patients [3][6]. - The complexity of TCM injection formulations and the potential for contamination during production contribute to safety risks [6][10]. - The industry faces ongoing scrutiny regarding the quality control of TCM injections, with calls for stricter regulations and better monitoring of adverse reactions [10][15]. Future Outlook - The TCM injection industry must navigate its way out of the current downturn by focusing on product upgrades, regulatory compliance, and enhancing safety monitoring systems [10][16]. - Companies are encouraged to adopt modern scientific methods to assess the safety of TCM injections and to implement stricter quality control measures [16].

Core Viewpoint - The recent incident involving the use of Siberian Ginseng injection has reignited medical controversies, particularly concerning its safety and the potential for severe allergic reactions leading to fatalities [1][5][6]. Industry Overview - The market for Siberian Ginseng injection is highly concentrated, with only six companies involved in its production, including Ussuri River Pharmaceutical and companies under listed firms such as Zhenbaodao and Zhongguancun [3][4]. - The market size for Siberian Ginseng injection has seen rapid growth, increasing from 186 million yuan in 2019 to 656 million yuan in 2023, with a remarkable year-on-year growth of 133.58% from 2022 to 2023 [3][4]. Sales and Financial Performance - In 2023, Ussuri River Pharmaceutical reported sales of 450 million yuan for Siberian Ginseng injection, while other companies reported significantly lower sales figures, indicating a dominant market position for Ussuri River [4]. - Zhenbaodao achieved a revenue of 2.707 billion yuan in 2024, a decrease of 13.9% year-on-year, while Zhongguancun reported a revenue of 2.532 billion yuan, an increase of 11.22% year-on-year [3]. Regulatory Environment - The use of traditional Chinese medicine injections, including Siberian Ginseng, has faced increasing regulatory scrutiny, with restrictions on their use in lower-tier medical institutions and specific disease applications [7][8]. - Recent changes in the national medical insurance directory have relaxed some restrictions on traditional Chinese medicine injections, allowing for broader use starting January 1, 2024, although Siberian Ginseng injection remains limited to secondary and higher medical institutions [7][8].