公司研究丨点评报告丨九芝堂（000989.SZ） [Table_Title] 业绩符合预期，干细胞药物进展顺利 报告要点 丨证券研究报告丨 1 [Table_Summary] 2025 年 8 月 20 日，公司发布 2025 年半年度报告。2025 年上半年实现营业收入 12.65 亿元， 同比下滑 24.71%；实现归母净利润 1.44 亿元，同比下滑 29.71%；实现扣非归母净利润 1.36 亿元，同比下滑 28.45%。2025 年第二季度，公司实现营业收入 4.59 亿元，同比下滑 23.52%； 实现归母净利润 0.27 亿元，同比下滑 54.58%；实现扣非归母净利润 0.22 亿元，同比下滑 57.27%。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 九芝堂（000989.SZ） cjzqdt11111 [Table_Title2] 业绩符合预期，干细胞药物进展顺利 [Table_Summ ...

Group 1 - The core viewpoint of the news highlights the significant stock performance of Volcano International Holdings, with a notable increase in share price and strong year-to-date growth compared to the Hang Seng Index [1] - As of July 23, the Hang Seng Index rose by 1.62% to 25,538.07 points, while Volcano International Holdings' stock price increased by 12.5% to HKD 0.36 per share, with a trading volume of 3.66 million shares and a turnover of HKD 1.24 million [1] - Over the past month, Volcano International Holdings has seen a cumulative increase of 6.67%, and a year-to-date increase of 71.37%, outperforming the Hang Seng Index by 25.27% [1] Group 2 - Financial data shows that as of December 31, 2024, Volcano International Holdings achieved total revenue of HKD 91.885 million, representing a year-on-year growth of 8.91% [1] - The company reported a net profit attributable to shareholders of -HKD 35.85 million, with a year-on-year increase of 27.31%, and a gross margin of 7.06% [1] - The company's debt-to-asset ratio stands at 69.16%, indicating a relatively high level of leverage [1] Group 3 - Currently, there are no institutional investment ratings for Volcano International Holdings [2] - In terms of industry valuation, the average price-to-earnings (P/E) ratio for the household appliances and goods sector is 13.18 times, with a median of 1.62 times [2] - Volcano International Holdings has a P/E ratio of -2.98 times, ranking 70th in the industry, while other companies in the sector have P/E ratios ranging from 1.61 to 3.87 times [2] Group 4 - Volcano International Holdings is a modern large-scale enterprise platform focused on the health industry, primarily engaged in the research, production, sales, and service of health products [2] - The company is listed on the Hong Kong Stock Exchange under the stock code 1715.HK and implements a scientific health strategy, relying on modern technology to establish a comprehensive health product system [2] - Volcano International collaborates with research institutions to continuously conduct health research, aiming to create scientifically-backed health products [2]

Core Insights - China's foreign trade has shown resilience in the face of a challenging external environment, achieving a record high of 20 trillion yuan in import and export scale, with a year-on-year growth rate of 2.9% in the first half of the year [1] Group 1: Trade Performance - The export of electromechanical products increased by 9.5%, accounting for 60% of total exports, indicating a rise in the quality of Chinese manufacturing [2] - High-end equipment related to new productive forces saw growth exceeding 20%, while "new three samples" products, representing green and low-carbon initiatives, grew by 12.7% [2][3] Group 2: Policy Support - The implementation of a full-process customs clearance model by Xiamen Customs has significantly reduced aircraft maintenance turnaround times by 1 to 2 days and customs clearance times by over 25% [4] - Major e-commerce platforms have established "direct sales channels" to assist export-restricted companies, enhancing the conditions for foreign trade [5] Group 3: Innovation and Technology - Companies are increasingly adopting automation and technological innovations, such as the establishment of a 5G unmanned factory by a robotics company to keep up with order growth [2] - The integration of technology and industry innovation is seen as a driving force for foreign trade growth, with electric vehicles, ships, and industrial robots enhancing export competitiveness [3] Group 4: Market Diversification - Companies are adopting diversified market strategies and regional economic cooperation to build a more resilient global supply chain network [7] - The introduction of platforms like "Yipay" has improved payment processes for exporters, reducing uncertainty in fund turnover [7] Group 5: Future Outlook - The Chinese government is promoting reforms and practical measures to enhance trade liberalization and facilitate foreign trade diversification [8] - The Ministry of Commerce emphasizes the strong resilience of Chinese foreign trade enterprises, which are actively adapting to changes and seeking international cooperation [8]

Core Viewpoint - The 15th Yulin Traditional Chinese Medicine Expo is being held in Yulin, Guangxi, attracting businesses to explore opportunities in the "Southern Medicine Capital" [1][3]. Group 1: Event Overview - The expo features a professional exhibition area of 70,000 square meters, showcasing renowned pharmaceutical companies, quality medicinal materials, advanced medical devices, and health products from across China [1]. - Concurrently, the 2025 Yulin Traditional Chinese Medicine Health Industry Investment Promotion Conference took place, resulting in the signing of 12 projects, including the deep processing of agarwood and an online trading platform for medicinal materials [1][3]. Group 2: Industry Significance - Yulin is a major production area for medicinal materials in Guangxi, hosting China's third-largest professional market for traditional Chinese medicine, with over 3,000 varieties and an annual transaction volume of 12 billion RMB [1]. - The city is recognized as "Southern Fragrance Capital," featuring the largest and most diverse international spice market in China [1]. Group 3: Future Development - Yulin is actively building an open platform connecting ASEAN and the global market, aiming to create a national-level health industry hub that integrates planting, processing, research, trading, exhibitions, and wellness [5]. - The Yulin Traditional Chinese Medicine Health Industry Park covers an area of 24 square kilometers and has attracted 98 enterprises, including well-known pharmaceutical companies [3].

Group 1: Company Development Plans - The company aims to maintain its position as the leading player in the oat industry over the next 3-5 years, focusing on health food products primarily based on oats [1][2] - Plans to expand into the cold oat food market and develop new health products [2][3] - The company will enhance its offline channel dominance while adapting to new channel trends [2][5] Group 2: E-commerce Strategy - The company has seen rapid growth in sales on the Douyin platform and is adjusting its product structure to include higher value-added products [2][3] - Strategies to optimize sales methods on e-commerce platforms include adjusting the ratio of live broadcasts and influencer promotions [2][3] Group 3: Product Development and Consumer Trends - New product development will focus on meal replacement and functional needs, responding to the growing demand in these segments [3][4] - The company is shifting its target demographic from primarily older consumers to include younger consumers, with over 35% of buyers aged 30-40 and about 10% aged 18-25 [3][4] Group 4: Channel Adaptation - Despite a decline in offline supermarket traffic, the company continues to experience growth in offline sales by embracing channel changes [4][5] - The company is leveraging community, private domain, and membership warehouse channels to achieve rapid sales growth [5] Group 5: Raw Material Sourcing - The company uses Australian oats due to their high quality and mature supply chain, while gradually increasing the use of domestic oats [5] - A new oat production base in Zhangbei is set to enhance the integration of planting, grain collection, and processing [5]

Core Viewpoint - Huaren Pharmaceutical Co., Ltd. is facing significant financial challenges, including a major loss attributed to credit impairment losses related to receivables from Guoyao Medicinal Materials Co., Ltd. [1][4] Group 1: Shareholder Actions - Huaren Century Group, a major shareholder, plans to reduce its stake in Huaren Pharmaceutical by up to 1% between June 24, 2025, and September 23, 2025, amounting to no more than 11,822,100 shares [1][2] - Huaren Century Group's shareholding has decreased from 53% in 2014 to 7.9% currently, following multiple rounds of share reductions [2][3] - Red Tower Innovation Investment Co., Ltd., the third-largest shareholder, has also been reducing its holdings, having sold 23,619,960 shares for a total of 74.16 million yuan from August 22, 2024, to April 29, 2025 [2] Group 2: Financial Performance - Huaren Pharmaceutical reported a net loss of 1.368 billion yuan for 2024, marking the worst performance since its listing in 2010, effectively erasing all profits accumulated over 13 years [3][4] - The company has cumulatively achieved a net profit of 1.197 billion yuan from 2010 to 2023, indicating that the loss in 2024 surpassed all previous profits [3] Group 3: Credit Impairment and Debt Recovery - The significant loss is primarily due to the full credit impairment of receivables amounting to 1.3478 billion yuan owed by Guoyao Medicinal Materials [4][6] - Huaren Pharmaceutical's subsidiary, Qingdao Huaren Pharmaceutical Co., Ltd., had established a business relationship with Guoyao Medicinal Materials, resulting in 1.41 billion yuan in receivables [4][5] - A repayment agreement was signed in January 2024, allowing Guoyao Medicinal Materials three years to settle the debt, but the execution of this agreement remains uncertain [6] Group 4: Guoyao Medicinal Materials' Issues - Guoyao Medicinal Materials is not controlled by the state-owned China National Pharmaceutical Group, despite its name, and has faced various operational issues [5][6] - The company has multiple enforcement actions against it, totaling 106 million yuan, and has been subject to numerous restrictions and judgments [6]

Core Viewpoint - ST Muyu Pharmaceutical Co., Ltd. is undergoing a strategic transformation following a change in control, with improved financial performance and operational efficiency expected in the coming years [2][3]. Group 1: Company Overview - ST Muyu is the first A-share listed company in Hangzhou and the first A-share listed company for traditional Chinese medicine preparations in China [2]. - The actual controller of the company has changed to the Qingdao Laoshan District Finance Bureau, which has led to a series of equity acquisitions and management changes [2]. Group 2: Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 15.25 million yuan, with a net profit of 9.96 million yuan after deducting non-recurring gains and losses [2]. - The company reported a significant increase in revenue for the first quarter of 2025, reaching 52.29 million yuan, representing a year-on-year growth of 88.55% [3]. - The net profit for the first quarter of 2025 was 5.09 million yuan, marking a turnaround from previous losses [3]. Group 3: Management and Strategy - A professional management team with rich industry experience has been established under the new state-owned control, which is expected to enhance decision-making and market positioning [3]. - The company is focusing on core businesses such as traditional Chinese medicine, raw materials, and health products, while also optimizing operational strategies to reduce costs and increase efficiency [3]. - The completion of internal control defect rectification has been confirmed, with a standard unqualified opinion issued by the accounting firm on the internal control audit report [3].

Core Viewpoint - China National Pharmaceutical Group Corporation (China Pharmaceutical) plans to acquire 100% equity of Jinsui Technology from Xinxing Group for 302 million yuan, despite facing declining revenue and net profit in 2024, raising questions about the effectiveness of this acquisition in alleviating performance pressure [1][3]. Group 1: Acquisition Details - The acquisition involves a related party transaction as Xinxing Group is a wholly-owned subsidiary of China Pharmaceutical's controlling shareholder, General Technology Group [1]. - Jinsui Technology, established in 1993, has shifted to e-commerce services since 2011, focusing on health consumer products and collaborating with brands like Philips and Omron [2]. - The valuation of Jinsui Technology in this acquisition shows a total equity value of 302 million yuan, with an increase of 116 million yuan in net asset value, representing a 62.72% appreciation [1][2]. Group 2: Financial Performance - In 2024, China Pharmaceutical reported a revenue of 34.148 billion yuan, a decrease of 12.04% year-on-year, and a net profit of 535 million yuan, down 48.91% [3][4]. - The decline in revenue is attributed to a reduction in temporary medical supplies business, which had previously surged during the pandemic [3]. - The pharmaceutical industrial segment, a core business for China Pharmaceutical, saw a revenue drop of 10.10% in 2024, despite a 30% increase in new product sales [4]. Group 3: Debt and Financial Concerns - Jinsui Technology has an outstanding loan principal of 205 million yuan owed to Xinxing Group, raising concerns about the financial implications of the acquisition [2][6]. - China Pharmaceutical has faced issues with previous acquisitions, including significant asset impairment losses and ongoing litigation related to unmet performance commitments from acquired companies [5][6].

Core Viewpoint - China National Pharmaceutical Group plans to acquire 100% equity of Beijing Jinsui Technology Development Co., Ltd. for 302 million yuan, aiming to enhance its e-commerce capabilities and transition from a pharmaceutical company to a health enterprise [1][2][5] Group 1: Acquisition Details - The acquisition involves a cash payment of 302 million yuan for the full ownership of Jinsui Technology, which operates in the e-commerce service industry [1][2] - Jinsui Technology's core business includes brand authorization and distribution of Philips personal health consumer products, with a significant presence on major e-commerce platforms [2][3] - The transaction is classified as a related party transaction since Jinsui Technology is a subsidiary of the controlling shareholder of China National Pharmaceutical [2] Group 2: Financial Performance of Jinsui Technology - Jinsui Technology's revenue has declined significantly from 1.747 billion yuan in 2021 to 1.018 billion yuan in 2023, representing a nearly 40% decrease over two years [1][3] - The company's net profit also showed a downward trend, with figures of 46.13 million yuan in 2021 dropping to 21.36 million yuan in 2024 [3] - As of early 2025, Jinsui Technology had outstanding loans totaling 205 million yuan owed to its parent company, with interest payments of approximately 2.58 million yuan in the first quarter of 2025 [6][7] Group 3: China National Pharmaceutical's Financial Performance - In 2024, China National Pharmaceutical reported a revenue of 34.148 billion yuan, a decrease of 12.04% year-on-year, and a net profit of 535 million yuan, down 48.91% [5][6] - The company's three main business segments—pharmaceutical manufacturing, pharmaceutical commerce, and international trade—experienced revenue declines of 9.85%, 9.72%, and 41.82% respectively [6] - In the first quarter of 2025, the company achieved a revenue of 8.263 billion yuan, reflecting a year-on-year decline of 5.84% [6]

Core Viewpoint - China National Pharmaceutical Group (China Pharmaceutical) is expanding its e-commerce operations through the acquisition of 100% equity in Beijing Jinsui Technology Development Co., Ltd. for 302 million yuan, aiming to enhance its capabilities in e-commerce and transition from a pharmaceutical company to a health enterprise [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of 302 million yuan for the complete ownership of Jinsui Technology, which specializes in e-commerce operations and has established partnerships with well-known brands like Philips and Omron [1]. - Jinsui Technology's core business includes brand authorization and distribution of personal health consumer products, with operational channels across major e-commerce platforms such as JD.com, Alibaba, Douyin, and offline channels [1]. Group 2: Financial Performance of Jinsui Technology - As of March 2025, Jinsui Technology's total assets are reported at 890 million yuan, with a net asset value of 225 million yuan [2]. - The company's revenue has significantly declined from 1.747 billion yuan in 2021 to 1.018 billion yuan in 2023, marking a decrease of 41.72% over two years [2]. - Despite the revenue decline, net profit has remained relatively stable, with figures of 46.13 million yuan in 2021, 48.19 million yuan in 2022, 52.16 million yuan in 2023, and 41.49 million yuan for the first eleven months of 2024 [2]. Group 3: China Pharmaceutical's Business Overview - China Pharmaceutical has experienced consecutive revenue and net profit growth in 2022 and 2023, but in 2024, revenue dropped to 34.148 billion yuan, a year-on-year decrease of 12.04% due to a decline in temporary medical supplies business [3]. - The company's net profit for 2024 was reported at 535 million yuan, down 48.91% compared to the previous year, influenced by non-operating land disposal gains in the prior period [3]. - In the first quarter of 2025, China Pharmaceutical's profitability showed signs of recovery, achieving a net profit of 166 million yuan, a year-on-year increase of 14.27% [3].