瑞财经 刘治颖2月25日，山东汉方制药股份有限公司（以下简称：汉方制药）向港交所主板递交上市申 请书，中泰国际为其独家保荐人。 招股书显示，汉方制药创立于2004年6月，是一家从事中医药产品的生产、销售与研发的综合制药公 司，专注于皮肤及黏膜疾病治疗领域。公司的产品组合分为三大类别：处方外用中成药，即公司的旗舰 产品复方黄柏液涂剂；经典配方中成药产品，即安宫牛黄丸及乌鸡白凤丸；及化妆品。 值得注意的是，汉方制药于2024年及2025年前9月宣派的股息分别为5000万元及1.5亿元，其中5000万元 及1.33亿元已于各期间派付。若以上述持股计算，2亿元分红均由秦氏兄弟分走。 秦文基，70岁，为汉方制药的联合创办人、董事长兼执行董事之一。汉方制药成立前，秦文基曾于1976 年至1987年期间于中国人民解放军服役。于1987年至1989年期间，秦文基于济南市生产资料服务公司工 作。于1989年至2004年，秦文基任职于济南深发经贸公司。秦文基曾于1980年1月至1980年11月期间， 在中国人民解放军昆明军区陆军学校参谋系指挥班完成课程。 秦银基，63岁，为汉方制药的共同创始人、总经理兼执行董事之一。创立汉方制药 ...

受子公司诉讼拖累，2月24日晚，科源制药（301281）（301281.SZ）下修业绩预告。 此前科源制药发布的业绩预告为，2025年度，公司预计实现归母净利润2720.19万元—3929.16万元，同 比下降35%—55%。 科源制药的经营业绩再度大幅下降。 根据最新发布的业绩预告修正公告，2025年度，科源制药预计实现归母净利润为1208.97万元—1813.45 万元，同比下降70%—80%；预计扣非净利润为2011.71万元—2905.81万元，同比下降35%—55%。 1月30日，科源制药发布的业绩预告为，预计2025年度实现的归母净利润为2720.19 万元—3929.16万 元，同比下降35%—55%；预计扣非净利润为2011.71万元—2905.81万元，同比下降35%—55%。 对于下修业绩预告，科源制药解释，公司加大制剂市场的开发力度、销售费用有所增加，支付重组相关 的中介机构费用、导致管理费用有所增加，持续加大新产品研发投入、导致研发费用有所增加；收到的 政府补助减少，导致其他收益有所减少。此外，对各类应收款项等资产进行了全面清查，拟对可能发生 减值损失的资产计提资产减值准备，导致资产减 ...

来源：企业上市 山东汉方制药股份有限公司在2026年2月25日正式递交上市申请：公司已向香港交易所主板提交上市申 请书，正式启动港股上市进程。 | 最新发布 | 申请人 | | --- | --- | | 日期 | | | 25/02/2026 | 山东汉方制药股份有限公司 | | | 25/02/2026 整体协调人公告-委任 [四 | | | 25/02/2026 申请版本(第一次呈交)全文档案 [四]多档案》 | 披露核心财务数据：伴随递表，其招股书公开。文件显示，该公司核心产品"复方黄柏液涂剂"在2024年 的销售收入位居中国外用中成药市场第四，市场份额为1.1%。中泰国际担任其独家保荐人。 简单来说，这家靠一款皮肤科中药涂剂做到市场前列的山东药企，已经正式踏上了赴港上市之路。 一家山东的药厂，靠一瓶独家生产的皮肤科中药"涂剂"（复方黄柏液涂剂）一年赚了近10个亿。现在准 备去香港上市（IPO），老板是秦家两兄弟，上市后家族仍然绝对控股。 核心干货解读 1. 我们是谁？靠什么赚钱？ 公司定位：一家把传统中医药和现代科学结合起来，专门做皮肤病和黏膜病用药的公司。 核心产品（摇钱树）：复方黄柏液涂剂。 市 ...

据港交所2月25日披露，山东汉方制药股份有限公司（简称"汉方制药"）向港交所主板提交上市申请 书，中泰国际为其独家保荐人。 招股书显示，汉方制药是一家从事中医药产品的生产、销售与研发的综合制药公司。公司专注于皮肤及 黏膜疾病治疗领域，善于将传统中医智慧与现代医药科学相融合。根据弗若斯特沙利文的资料，按2024 年销售收入计，复方黄柏液涂剂在中国外用中成药市场排名第四，占据1.1%的市场份额。在此成熟产 品的成功基础上，公司正透过提供化妆品及其他中成药产品拓展产品组合。 汉方制药的旗舰产品复方黄柏液涂剂为目前中国中成药领域中唯一获批的处方涂剂，其为国家二级中药 保护品种，根据《中药品种保护条例》，该认定授予其独家保护，依法禁止任何其他实体生产相同药 品。该国家二级保护地位使公司享有复方黄柏液涂剂的独家市场地位，而无相同药品构成直接竞争。 报告期内，公司来自五大客户的收入分别占各期总收入的56.1%、55.9%及55.0%。其中，最大客户的收 入占比均在20%以上。 汉方制药的收入主要透过销售三类产品产生：外用中成药即复方黄柏液涂剂；化妆品；经典方剂中成药 产品即安宫牛黄丸。复方黄柏液涂剂是其最大的单一产品，报告 ...

据港交所2月25日披露，山东汉方制药股份有限公司(简称：汉方制药)向港交所主板递交上市申请书，中泰国际为其独家保荐人。 公司简介 招股书显示，汉方制药是一家从事中医药产品的生产、销售与研发的综合制药公司。公司专注于皮肤及黏膜疾病治疗领域，善于将 传统中医智慧与现代医药科学相融合。根据弗若斯特沙利文的资料，按2024年销售收入计，复方黄柏液涂剂在中国外用中成药市场 排名第四，占据1.1%的市场份额。在此成熟产品的成功基础上，公司正透过提供化妆品及其他中成药产品拓展产品组合。 汉方制药的旗舰产品复方黄柏液涂剂为目前中国中成药领域中唯一获批的处方涂剂，其为国家二级中药保护品种，根据《中药品种 保护条例》，该认定授予其独家保护，依法禁止任何其他实体生产相同药品。该国家二级保护地位使公司享有复方黄柏液涂剂的独 家市场地位，而无相同药品构成直接竞争。 作为市场领导者，汉方制药认为复方黄柏液涂剂将受惠于稳定增长的市场，巩固公司的竞争地位。在复方黄柏液涂剂的成功奠定的 基础之上，公司通过三大核心战略积极推进多元化产品组合：(i)推进新型中成药产品研发；(ii)将经临床验证的医疗机构制剂或临床 经验方转化为创新型、具备上市条件 ...

智通财经APP获悉，据港交所2月25日披露，山东汉方制药股份有限公司(简称：汉方制药)向港交所主板递交上市申请书，中泰国际 为其独家保荐人。 公司简介 招股书显示，汉方制药是一家从事中医药产品的生产、销售与研发的综合制药公司。公司专注于皮肤及黏膜疾病治疗领域，善于将 传统中医智慧与现代医药科学相融合。根据弗若斯特沙利文的资料，按2024年销售收入计，复方黄柏液涂剂在中国外用中成药市场 排名第四，占据1.1%的市场份额。在此成熟产品的成功基础上，公司正透过提供化妆品及其他中成药产品拓展产品组合。 汉方制药的旗舰产品复方黄柏液涂剂为目前中国中成药领域中唯一获批的处方涂剂，其为国家二级中药保护品种，根据《中药品种 保护条例》，该认定授予其独家保护，依法禁止任何其他实体生产相同药品。该国家二级保护地位使公司享有复方黄柏液涂剂的独 家市场地位，而无相同药品构成直接竞争。 作为市场领导者，汉方制药认为复方黄柏液涂剂将受惠于稳定增长的市场，巩固公司的竞争地位。在复方黄柏液涂剂的成功奠定的 基础之上，公司通过三大核心战略积极推进多元化产品组合：(i)推进新型中成药产品研发；(ii)将经临床验证的医疗机构制剂或临床 经验方转化 ...

Core Viewpoint - The discussion highlights the risks associated with using expired medications, emphasizing that both Western and traditional Chinese medicines can pose health hazards when past their expiration dates [1][3][4]. Group 1: Risks of Expired Medications - Expired medications can lose their efficacy and may even lead to adverse health effects, particularly for chronic disease patients [1][2]. - Certain medications, like antibiotics, may become ineffective or harmful after expiration, potentially worsening health conditions [1][2]. - The chemical breakdown of some drugs can produce harmful substances, such as aspirin degrading into salicylic acid, which can irritate the gastrointestinal tract [2]. Group 2: Risks of Expired Traditional Chinese Medicine (TCM) - Expired TCM can also pose health risks, as the complex components may generate unknown harmful substances [3]. - The notion that some TCMs improve with age is misleading; most do not benefit from long-term storage and can lose potency or become unsafe [3][4]. - The Chinese regulatory body has mandated that TCM products must display expiration dates starting from August 2025 to ensure safety and efficacy [3]. Group 3: Proper Disposal and Management of Medications - It is recommended to categorize expired medications for disposal, with specific guidelines for solid, liquid, and injectable forms [5][6]. - Regular cleaning of medicine cabinets every 3-6 months is advised to remove expired products and maintain an updated inventory [7]. - Proper storage conditions for medications are crucial, requiring a dry and light-protected environment [8].

Group 1: Core Insights - Tongrentang Group is accelerating its capital deployment by planning to acquire Jiasitang for 1.461 billion yuan, aiming to fill its commercial distribution gap [2][3] - The group is also attempting to spin off Tongrentang Yiyang to the Hong Kong Stock Exchange, which would position it as the largest private traditional Chinese medicine hospital in China [2][6] - If both transactions are successful, Tongrentang will control five listed companies, creating a diversified capital structure across industry, commerce, and healthcare [2][3] Group 2: Financial Performance - Jiasitang reported a net profit of 161 million yuan in 2024, a decline of 35.75%, with revenue experiencing its first negative growth since listing at -19.93% [3][5] - Tongrentang's revenue and net profit both declined by 3.7% and 12.78% respectively in the first three quarters of 2025 [5] - Tongrentang Yiyang, despite being the largest private TCM hospital, has the lowest profitability within the group, with a gross margin of only 18.9% in 2024 [7][9] Group 3: Market Dynamics - The pharmaceutical industry is facing a slowdown, with revenue for major pharmaceutical manufacturing companies declining by 1.2% in 2025, prompting a trend of integration between manufacturing and distribution [6] - The merger between Tongrentang and Jiasitang is seen as a strategic move to enhance market coverage and operational synergy [6][5] - The integration of resources and optimization of management will be crucial for long-term success, as merely acquiring distribution channels may not suffice [6] Group 4: IPO Challenges - Tongrentang Yiyang has faced difficulties in its IPO process, having submitted its application twice without success, raising concerns about its independence and financial health [2][12] - The company’s profitability is heavily reliant on acquisitions, with a significant portion of its revenue coming from recently acquired assets [11][12] - The dual role of Tongrentang as both a supplier and a customer raises questions about the sustainability of its business model, which could hinder its IPO prospects [13]

Core Insights - The core viewpoint of the article emphasizes the digital transformation and online expansion of traditional Chinese brands, particularly in Beijing, as they adapt to changing consumer markets and urban functions [1][3]. Digital Transformation and E-commerce - 90% of traditional brands in Beijing have entered the e-commerce space, with significant achievements in digitalization and innovative marketing, although some face challenges in operational capabilities [1][3]. - By the end of 2024, 274 traditional brands in Beijing are expected to utilize various digital channels, achieving an online reach rate exceeding 90% [3]. - These brands have opened a total of 306 stores across major e-commerce platforms, with Douyin (127 stores), Taobao/Tmall (93 stores), and JD.com (86 stores) being the most prominent [3]. - Over 50% of traditional brands are engaging in live streaming sales, particularly in sectors like food and crafts, with Douyin being the primary platform for these activities [3]. Operational Challenges - Many traditional brands still struggle with operational difficulties, particularly in non-food sectors, where product conversion and operational capabilities are weak [7]. - Issues such as reliance on offline traffic for brand mini-programs and isolated membership data hinder effective customer acquisition and personalized marketing [7]. - The fragmentation of data across various platforms prevents the creation of unified user profiles, complicating targeted marketing efforts [7]. Talent Shortage - The talent composition in traditional brands shows a significant mismatch for digital transformation, with only 1% being digital technology professionals, while over 87% are skilled artisans [8][9]. - There is a pressing need for hybrid talent who understand both brand heritage and digital marketing strategies to effectively engage with younger consumers [9]. Intellectual Property Protection - Traditional brands face challenges related to intellectual property, including complex historical rights and weak trademark protection awareness [10][11]. - The report highlights the need for proactive measures in intellectual property defense, especially against trademark infringement and counterfeiting [10][12]. - The Beijing Traditional Brand Association aims to enhance the capacity of these brands to protect their intellectual property through collaborative efforts with various regulatory bodies [12].

Core Insights - The report highlights the challenges faced by time-honored brands, including complex historical ownership and weak trademark protection awareness, leading to frequent disputes in trademark authorization and confirmation [1][2] Group 1: Challenges and Issues - Time-honored brands are often victims of counterfeiting and malicious trademark registration, which negatively impacts their reputation and brand image [2] - A significant portion of intellectual property cases, over 50%, are trademark-related, with cases involving time-honored brands being particularly prominent [1][2] - Historical conflicts between registered trademarks and company names create ownership disputes, necessitating careful evaluation of brands with significant historical and cultural value [2] Group 2: Protective Measures and Recommendations - The Beijing Time-Honored Brand Association emphasizes the need for brands to shift from passive to proactive defense in intellectual property protection [1] - New regulations prohibit the use of time-honored brand names for newly established companies, which is seen as a positive step for brand protection [2] - The association plans to build a collaborative protection network involving various governmental departments to enhance enforcement and protection efforts against infringement [3]