2025年12月12日，同仁堂披露接待调研公告，公司于11月4日至12月5日接待淡水泉投资、北京汉和、广 东臻远私募、国联基金、国泰海通证券、国投瑞银基金等46家机构调研。 调研情况显示，同仁堂"十五五"规划处于调研制定阶段，将深化落实"三大发展战略"：大品种战略聚焦 核心品种，从研发、生产、营销全产业链保障资源并细化销售指标；精品战略打造产品梯队，推出有机 系列满足消费者深度需求；高质量发展战略以工业制药为核心，推动产业链升级，加强精细化管理与降 本增效，同时深化固链强链，寻求产业外延并购并拓展医疗市场。研发投入重点包括经典名方开发、核 心大品种二次开发（拓展新适应症）、工艺优化与剂型升级（如将大蜜丸改为水蜜丸等）及智能制造 （生产装备智能化升级）。中药材保障方面，坚持道地药材，通过自有或共建种植基地保障核心品种药 材供应，并实行严格检验流程确保品质。 营销体系建设上，重点品种按渠道特性管理，强化产品经理、销售、市场分工协同，提升运营效率；线 上业务由数科公司运营，与京东、天猫等平台合作，通过线上种草与线下体验融合提升品牌粘性，整体 保持较快增长。商业门店2024年至2025年上半年新增280家，短期有成本 ...

Core Viewpoint - Tongrentang Medical Investment Co., Ltd. is making a third attempt to submit its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor, which could lead to the establishment of the fourth listed company under the Tongrentang Group [1][3] Group 1: Company Overview - Tongrentang Medical has become the largest non-public Chinese traditional medicine hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% [3] - The company reported revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan for the years 2022, 2023, and 2024, respectively, with adjusted net profits of -9.23 million yuan, 47.87 million yuan, and 61.73 million yuan [3] - The acquisition of Sanxi Tang has significantly contributed to Tongrentang Medical's performance, with revenues from Sanxi Tang accounting for 21.9%, 31.2%, and 31.8% of total revenues in 2022, 2023, and 2024, respectively [3][4] Group 2: Financial Performance - Sanxi Tang contributed to Tongrentang Medical's gross profit, with figures of 64 million yuan, 96.9 million yuan, and 91.8 million yuan for the years 2022, 2023, and 2024, representing 44.8%, 44.6%, and 41.3% of the total gross profit [3] - The gross margin for Tongrentang Medical has been declining, with rates of 39.6%, 20.2%, and 17.9% for the years 2022, 2023, and 2024, respectively [7] Group 3: Strategic Acquisitions and Partnerships - In 2024, Sanxi Tang obtained exclusive sales rights for the Tongrentang brand's An Gong Niu Huang Wan series products to retailers in Zhejiang Province, which is expected to boost sales [6] - The sales revenue from An Gong Niu Huang Wan for 2024 is projected to be 73.149 million yuan, with Sanxi Tang's wholesale revenue from this product accounting for 31% of Tongrentang Medical's health products sales [6][7] Group 4: Shareholder Dynamics - Following multiple shareholding changes, as of March 2024, Tongrentang Medical holds a 75% stake in Sanxi Tang, with the original controlling shareholders also retaining a stake [4][5] - The original controlling shareholders, Zhu Zhibiao and Pan Songqin, became shareholders of Tongrentang Medical through capital increase in March 2024, holding a combined 3.87% stake [5]

Core Viewpoint - Tong Ren Tang Yi Yang is making a third attempt to submit its prospectus for a Hong Kong IPO, with CICC as the sole sponsor, aiming to become the fourth listed company under the Tong Ren Tang Group [1] Group 1: Company Overview - Tong Ren Tang Yi Yang has become the largest non-public Chinese medicine hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% [2] - The company reported revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of -9.23 million yuan, 47.87 million yuan, and 61.73 million yuan [2] - The acquisition of Sanxi Tang has significantly contributed to the company's performance, generating revenues of 199 million yuan, 360 million yuan, and 374 million yuan from 2022 to 2024, accounting for 21.9%, 31.2%, and 31.8% of total revenue [2] Group 2: Acquisition and Shareholding Structure - In June 2022, three companies under the Tong Ren Tang Group became shareholders of Sanxi Tang, including Tong Ren Tang Yi Yang [3] - By March 2024, the shareholding of Tong Ren Tang Yi Yang in Sanxi Tang increased to 75% after other shareholders exited [3] - The original controlling shareholders of Sanxi Tang became shareholders of Tong Ren Tang Yi Yang through capital increase, holding a combined 3.87% stake [3] Group 3: Product Sales and Financial Performance - In January 2024, Sanxi Tang obtained exclusive sales rights for the An Gong Niu Huang Wan series in Zhejiang Province, contributing 73.149 million yuan in sales revenue for the year [6] - The sales price for An Gong Niu Huang Wan (natural version) is 860 yuan per box, with 60,000 boxes sold in 2024 [6] - The gross profit margin for Tong Ren Tang Yi Yang has been declining, with rates of 39.6%, 20.2%, and 17.9% from 2022 to 2024, attributed to reduced sales of high-margin products [7] Group 4: Related Party Transactions - In 2024, Tong Ren Tang and its controlled company contributed 20.252 million yuan in revenue to Tong Ren Tang Yi Yang [8] - The company plans to significantly increase its procurement from the Tong Ren Tang Group, with projected purchases of approximately 70 million yuan and 95 million yuan in 2025 and 2026 respectively [7]

Core Viewpoint - Tongrentang Medical Investment Co., Ltd. is making a third attempt to submit its prospectus for an IPO in Hong Kong, with CICC as the sole sponsor, which could lead to the establishment of the fourth listed company under the Tongrentang Group [1] Group 1: Company Performance - In 2022, 2023, and 2024, Tongrentang Medical achieved revenues of 911 million yuan, 1.153 billion yuan, and 1.175 billion yuan, with adjusted net profits of -9.233 million yuan, 47.869 million yuan, and 61.732 million yuan respectively [2] - The acquisition of Sanxi Tang contributed significantly to the performance of Tongrentang Medical, with revenues from Sanxi Tang in 2022, 2023, and 2024 being 199 million yuan, 360 million yuan, and 374 million yuan, accounting for 21.9%, 31.2%, and 31.8% of total revenue [2] Group 2: Market Position - Tongrentang Medical has become the largest private traditional Chinese medicine hospital group in China, with a market share of 1.7% based on total outpatient and inpatient visits in 2024 [1] Group 3: Strategic Acquisitions - The acquisition of Sanxi Tang by Tongrentang Medical in 2022 has been a key driver for its revenue, with Sanxi Tang contributing over 40% to the total gross profit of Tongrentang Medical [1][2] - Following multiple changes in shareholding, as of March 2024, Tongrentang Medical holds a 75% stake in Sanxi Tang, with the original controlling shareholders also becoming shareholders of Tongrentang Medical [3] Group 4: Product Sales and Margins - The sales of the flagship product, An Gong Niu Huang Wan, generated revenue of 73.149 million yuan for Tongrentang Medical in 2024, with Sanxi Tang's wholesale revenue from this product amounting to 51.6 million yuan, representing 31% of the sales revenue from health products [5][6] - The gross margin for health products has been declining, with rates of 39.6%, 20.2%, and 17.9% for 2022, 2023, and 2024 respectively, attributed to reduced wholesale volumes of high-margin products [6] Group 5: Related Party Transactions - In 2024, Tongrentang Medical significantly increased its procurement from the Tongrentang Group, with procurement amounts projected to reach approximately 70 million yuan and 95 million yuan in 2025 and 2026 respectively [6] - The Tongrentang Group and its subsidiaries contributed 20.252 million yuan in revenue to Tongrentang Medical in 2024, indicating a dual role as both supplier and customer [6]