中证报中证网讯(王珞)8月26日晚，太龙药业（600222）披露2025年半年度报告。上半年，太龙药业持 续围绕"做强制剂、做优饮片、做精研发、拓展中药+"的经营理念，在复杂环境中展现出强劲的经营韧 性。报告期内，公司通过优化业务结构、强化成本管控、深化产业链协同，不仅有效缓冲了外部环境带 来的短期挑战，更在核心业务升级、研发创新突破、可持续发展能力建设等方面取得显著成效，为中长 期高质量发展奠定坚实基础。 研发储备+投资赋能深入开展产业链布局 太龙药业始终将创新与产业链延伸作为长期发展的核心驱动力。报告期内，研发端，公司围绕经典名 方、同名同方及药品标准变更持续发力，泻热合剂完成生产标准变更并获批新增规格，人参口服液通过 GMP符合性检查，为后续产品矩阵扩容奠定基础；投资端，公司聚焦医药大健康产业，参与设立的龙 华医药产业基金累计对外投资超2.2亿元，覆盖生物医药、医疗器械等高附加值领域，上半年前期投资 项目回笼资金2768.27万元，实现产业协同与资本增值的双重目标。 随着中成药集采逐步落地、中医药传承创新政策持续加码，太龙药业凭借全产业链布局、独家品种优势 及研发服务能力，有望充分受益于行业结构性机遇。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1]. Core Insights - The company is expected to face short-term impacts from centralized procurement, but sales are anticipated to improve post-implementation. The net profit for the first half of 2025 is projected to be between -77 million and -66 million yuan, primarily due to delayed procurement timelines and price reductions on core products, leading to a 57% decline in revenue and a 64% drop in gross profit year-on-year [3][4]. - The company has made significant progress in the development of innovative traditional Chinese medicine, with a key milestone achieved in the clinical trial of Qingjiang Hewei Granules, which targets a complex syndrome of non-erosive gastroesophageal reflux disease [5]. - The company holds a 17.0211% stake in Zhejiang Tereis, which is developing a first-in-class ADC product, TRS005, showing promising clinical results for treating relapsed or refractory CD20-positive diffuse large B-cell lymphoma [6][7]. Summary by Sections Financial Performance - The company is expected to see a revenue decline in 2025, with projections of 1.984 billion yuan, followed by a recovery to 2.823 billion yuan in 2026 and 3.066 billion yuan in 2027. The earnings per share (EPS) are forecasted to be 0.07 yuan in 2025, 0.50 yuan in 2026, and 0.54 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 185.9, 24.8, and 23 respectively [8][10]. Market Position and Growth Drivers - The company’s core products are expected to regain sales momentum following the implementation of centralized procurement, which is anticipated to positively impact revenue in the latter half of 2025 [4]. - The innovative drug development and the ADC platform are seen as potential growth drivers for the company, with the ADC product expected to receive regulatory approval in 2024 [6][8]. Investment Outlook - The report suggests that despite short-term challenges due to procurement policies, the company’s innovative drug pipeline and strategic partnerships could lead to significant growth in the coming years, justifying the "Buy" rating [8].

Core Insights - The Xichuan Advanced Manufacturing Development Zone has been recognized as a digital transformation promotion center in Henan Province due to its solid digital infrastructure and innovative transformation practices [1] Group 1: Digital Transformation and Industry Focus - The development zone covers an area of 13.03 square kilometers and hosts 184 enterprises, focusing on digital transformation in four major industry clusters: automotive parts, modern traditional Chinese medicine, new energy, and new materials [1] - The automotive parts industry, led by Xijian, includes 86 associated enterprises with a market share of 20%, primarily producing shock absorbers and various components [2] - The modern traditional Chinese medicine industry, led by Fusen Pharmaceutical, comprises 35 associated enterprises, with market shares of 35.5% for oral solutions and 91.6% for injection solutions of the same product [2] Group 2: Innovation and Support Policies - The development zone has implemented policies to support technological innovation, allocating 50 million yuan in special funds for enterprises, with the automotive parts sector receiving 60 million yuan in provincial R&D support [3] - The area has established a national-level enterprise technology center, three nationally recognized laboratories, and numerous provincial-level centers, with 38 high-tech enterprises and 21 specialized enterprises [3] Group 3: Infrastructure and Investment - The development zone employs a "management committee + company" model for financing and has developed industrial parks for automotive parts, rural revitalization, and immigration, with 390,000 square meters of standardized factories built [4] - In 2024, the 86 large-scale industrial enterprises in the development zone are projected to achieve a total output value of 7.2 billion yuan, accounting for 90% of the county's industrial output, with an industrial added value of 1.83 billion yuan [4]

Core Viewpoint - The conference held in Xichuan County emphasizes the commitment to high-quality development of the private economy and the optimization of the business environment, showcasing local entrepreneurs prominently to highlight the importance of supporting businesses [1][3]. Group 1: Economic Development Initiatives - Xichuan County has prioritized the growth of the private economy, focusing on maintaining fair market competition and targeting the development of the real economy, particularly in manufacturing [6]. - The county has successfully attracted investment and facilitated industrial transfer, fostering the growth of local industry clusters and integrating technological and industrial innovation [6]. - Currently, there are over 56,000 private economic entities in Xichuan, contributing more than 55% of the county's tax revenue, over 65% of GDP, 80% of technological innovations, and 85% of urban employment [6]. Group 2: Business Environment Optimization - Xichuan County has made significant strides in optimizing the business environment, with all 2,496 approval items from 44 departments now accessible at the government service hall, enabling a "one-stop service" [7]. - A total of 2,329 items can be processed online, and 642 high-frequency items are available for cross-provincial processing, enhancing efficiency for businesses [7]. - The county has implemented innovative measures such as live-streaming government services to address over 3,000 public inquiries and introduced a comprehensive "enterprise code" reform to cover all market entities [7].

Investment Rating - The report assigns an "Accumulate" rating for the company [4] Core Viewpoints - The company benefits from the revival of traditional Chinese medicine, with stable core business and a strong moat for its "Shuanghuanglian" product series, which is expected to benefit from differentiation, segmentation, and upgrading trends [3] - The new controlling shareholder has strong background and capabilities, which will enhance resource matching, management models, and development strategies, promoting long-term and sustainable growth [3] Financial Performance Summary - Revenue is projected to reach CNY 2,070 million in 2023, with a year-on-year growth rate of 5.6%, followed by a decline of 6.2% in 2024, and then a recovery with growth rates of 9.8%, 10.1%, and 10.0% in the subsequent years [1] - Net profit attributable to shareholders is expected to grow significantly from CNY 44 million in 2023 to CNY 116 million by 2027, reflecting a year-on-year growth rate of 160.3% in 2023 and steady growth thereafter [1] - The company's return on equity (ROE) is projected to improve from 2.8% in 2023 to 6.4% by 2027 [1] Business Segments Summary - The company has a diversified business layout, including drug manufacturing and research services, with a focus on traditional Chinese medicine [12] - The "Shuanghuanglian" oral liquid is a leading product, capturing over 30% market share in 2023, with sales exceeding CNY 700 million [2] - The company’s CRO (Contract Research Organization) business is expected to experience growth due to favorable regulatory changes and increased demand for drug research services [2][3] Market Position and Competitive Landscape - The company ranks third in the market for cold medicine in public medical institutions, with a significant presence in the hospital sector [38] - The recent national centralized procurement is expected to enhance the company's market position, as the selected prices for its products remain stable, indicating limited impact on pricing [2][59]

Core Viewpoint - Zhenbaodao is accelerating the improvement of its traditional Chinese medicine industry chain layout through the acquisition of a 49% stake in Guizhou Shennong Valley, which will become a wholly-owned subsidiary of its subsidiary Bozhou Trading Center [1] Group 1: Acquisition Details - The acquisition amount is 490 million yuan, which includes the investment principal and interest from the fund during the investment period [1] - Guizhou Shennong Valley was established in August 2023 with a registered capital of 1 billion yuan [1] - As of March 31, 2025, Guizhou Shennong Valley has total assets of 1.062 billion yuan and net assets of 998 million yuan [1] Group 2: Financial Performance - In 2024, Zhenbaodao achieved revenue of 2.704 billion yuan, a year-on-year decrease of 13.84%, marking the lowest record in five years [2] - In the first quarter of 2025, the company reported a revenue decline of 58.03% to 469 million yuan and a net profit decline of 74.33% to 75.3 million yuan [2] - The decline in revenue and profit is attributed to the postponement of the third batch of national Chinese medicine procurement [2] Group 3: Product Development - On the same day as the acquisition announcement, Zhenbaodao received approval for clinical trials of its Fufang Qinlan Oral Liquid for children aged 4-12 [3] - The pediatric medication sector is experiencing significant policy benefits, and Fufang Qinlan Oral Liquid is positioned as a core product in Zhenbaodao's "anti-viral Chinese medicine matrix" [3] - The company’s total assets reached approximately 12.713 billion yuan by the end of 2024, with a year-on-year growth of 1.98% [3]

Core Viewpoint - The 90th National Pharmaceutical Trade Fair showcased Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd., highlighting its brand, high-value product matrix, and ecological win-win philosophy [3][4] Group 1: Product Showcase - Zhenbaodao Pharmaceutical exhibited high-quality product lines focusing on cardiovascular, respiratory, and anti-infection treatment areas, including key products like Injection Blood Setong 100mg and Xuechuang Capsule [3] - The company has developed a dual-driven system of "Traditional Chinese Medicine + Chemical Medicine," featuring products such as Compound Qilan Oral Liquid and Injection Ammonium Bromide [3] Group 2: Marketing Strategy - The company emphasized its 2025 "Guangshen Tuo" marketing strategy, which segments regional markets based on product attributes and promotes a model of "recruiting merchants, finding merchants, and servicing merchants" to enhance terminal coverage and sales efficiency [4] - Zhenbaodao Pharmaceutical established a three-tier academic promotion system, integrating medical, market, and data teams to monitor industry trends and provide precise marketing strategies [4] Group 3: Collaborative Ecosystem - The participation in the trade fair demonstrated the company's competitive product pipeline and industrial layout, aiming to build a comprehensive ecosystem of strategic collaboration, resource sharing, and value co-creation [4] - The company plans to continue driving innovation and collaboration, positioning itself to lead the pharmaceutical industry towards higher value creation [4]

Investment Rating - The report gives a "Buy" rating for Tai Long Pharmaceutical [4] Core Views - Tai Long Pharmaceutical is a leading pharmaceutical company in Henan Province, with steady growth in performance driven by its major shareholder's continuous support and the development of multiple business segments [1][20] - The company's core business segments include pharmaceutical formulations, traditional Chinese medicine (TCM) pieces, and pharmaceutical research and development services, which are expected to contribute to future growth [1][20][22] Summary by Sections Company Overview - Established in 1993 and listed in 1999, Tai Long Pharmaceutical is the first listed company in Henan's pharmaceutical industry. The company has expanded its business through acquisitions, including Tong Jun Tang and Beijing Xin Ling, to enter the TCM and pharmaceutical R&D outsourcing sectors [1][14][16] Business Segments - The main product in the TCM oral liquid segment is Shuanghuanglian Oral Liquid, which is expected to maintain steady growth due to successful procurement and market expansion efforts [2][42] - The TCM pieces business, primarily operated by Tong Jun Tang, is projected to benefit from national procurement initiatives, leading to rapid growth [43][50] - The pharmaceutical R&D outsourcing sector, led by Beijing Xin Ling, is anticipated to recover as the industry stabilizes, with expected revenue growth in the coming years [3][64] Financial Forecast - Revenue projections for 2025-2027 are estimated at CNY 2.13 billion, CNY 2.32 billion, and CNY 2.53 billion, respectively, with net profits of CNY 66 million, CNY 98 million, and CNY 117 million [4][72] - The earnings per share (EPS) are forecasted to be CNY 0.11, CNY 0.17, and CNY 0.20 for the same period, with corresponding price-to-earnings (P/E) ratios of 45x, 30x, and 25x [4][72] Market Position - The company has a strong market position in the pediatric medication segment, with a product cluster that includes various oral liquids for children, enhancing its competitive edge [2][42] - The TCM oral liquid market is projected to grow, supported by increasing demand for respiratory system treatments, with the market size reaching CNY 75.88 billion in 2023 [36][39] Research and Development - R&D investment has increased significantly, from CNY 56.92 million in 2021 to CNY 108.78 million in 2024, indicating a commitment to innovation and product development [51][53] - The company has a robust pipeline of products under development, including traditional Chinese medicine formulations and high-end generic drugs, which are expected to drive long-term growth [53][55]