12月1日晚，太龙药业公告披露，公司于12月1日收到控股股东郑州泰容产业投资有限公司(下称"泰容产 投")的通知，泰容产投正筹划股份转让事宜，该事项可能导致公司控制权变更。公司股票自12月2日开 市起停牌，预计停牌时间不超过2个交易日。待上述事项确定后，公司将及时发布相关公告并申请复 牌。公告称，上述筹划的重大事项尚存在不确定性。 这家河南省医药行业首家上市公司或将迎来近四年内的第二次控制权变动。 2021年末，泰容产投开启入主太龙药业的进程。根据太龙药业2022年1月25日公告，2021年11月29日， 众生实业与泰容产投签署《股份转让协议》，泰容产投受让众生实业持有的8244.12万股公司股份，占 公司总股本的14.37%，转让价格为每股9.70元，转让价款合计约8.00亿元。 12月1日晚，太龙药业公告披露，公司于12月1日收到控股股东郑州泰容产业投资有限公司(下称"泰容产 投")的通知，泰容产投正筹划股份转让事宜，该事项可能导致公司控制权变更。公司股票自12月2日开 市起停牌，预计停牌时间不超过2个交易日。待上述事项确定后，公司将及时发布相关公告并申请复 牌。公告称，上述筹划的重大事项尚存在不确定性。 ...

以双黄连口服液著称的中药企业太龙药业（600222）(600222.SH)或将再次"易主"。 12月1日晚，太龙药业公告披露，公司于12月1日收到控股股东郑州泰容产业投资有限公司(下称"泰容产 投")的通知，泰容产投正筹划股份转让事宜，该事项可能导致公司控制权变更。公司股票自12月2日开 市起停牌，预计停牌时间不超过2个交易日。待上述事项确定后，公司将及时发布相关公告并申请复 牌。公告称，上述筹划的重大事项尚存在不确定性。 太龙药业总部位于河南郑州，公司业务包含药品制剂、中药饮片、药品研发服务和药品药材流通四个板 块，公司主要产品中，双黄连合剂及小儿复方鸡内金咀嚼片为公司独家产品/剂型。据国家商务部"老字 号"资料，太龙药业全资子公司桐君堂药业传承自明洪武十七年（1384年）设立的惠民药局。 2021年末至2022年初，郑州高新技术产业开发区管委会旗下泰容产投，通过股权收购，成为太龙药业控 股股东，太龙药业也成为当地推动生物医药与大健康产业发展的重要产业平台之一。 据上市公司公告，2021年11月29日，泰容产投与郑州众生实业集团有限公司（上市公司原控股股东，下 称"众生实业"）签署《关于河南太龙药业股份有限 ...

Core Viewpoint - The controlling shareholder of TaiLong Pharmaceutical is planning to transfer shares, which may lead to a change in company control, with the stock expected to be suspended for no more than two trading days [1] Group 1: Shareholder Changes - The controlling shareholder, Zhengzhou TaiRong Industrial Investment Co., Ltd., is in the process of planning a share transfer that could change the control of TaiLong Pharmaceutical [1] - TaiRong became the controlling shareholder in January 2022 after acquiring 82.44 million shares from Zhengzhou Zhongsheng Industrial Group for approximately 800 million yuan [1] Group 2: Company Performance - TaiLong Pharmaceutical has experienced fluctuations in performance, moving from losses to profitability and then facing new challenges [2] - In 2022, the company reported a net loss of 72.14 million yuan, a decline of 1303.26% year-on-year, primarily due to sales restrictions on core products during the pandemic [2] - The company returned to profitability in 2023 with a net profit of 43.56 million yuan, and is projected to grow further to 50.53 million yuan in 2024, reflecting a year-on-year increase of 16% [2] Group 3: Recent Challenges - In the first three quarters of 2025, TaiLong's revenue declined by 11.47% year-on-year to 1.187 billion yuan, with a net profit decrease of 12.36% to 25.33 million yuan [3] - The decline is attributed to incomplete coverage of the national Chinese medicine collection and impacts from retail pharmacy consolidation and healthcare payment reforms [3] Group 4: Upcoming Developments - The company is set to resume trading on December 4, and further details regarding the share transfer and its final recipient will be monitored [4]

Core Viewpoint - Tai Long Pharmaceutical (600222) announced that its controlling shareholder, Zhengzhou Tai Rong Industrial Investment Co., Ltd. ("Tai Rong Investment"), is planning a share transfer that may lead to a change in company control [2] Group 1: Shareholder and Control Changes - Tai Rong Investment holds 82.44 million shares, accounting for 14.37% of the total share capital, with a corresponding market value of approximately 707 million yuan [2] - The company will suspend trading from December 2, 2025, for no more than two trading days to avoid abnormal stock price fluctuations [2] - Tai Rong Investment acquired control of Tai Long Pharmaceutical in January 2022 at a price of 9.7 yuan per share, totaling around 800 million yuan [2] Group 2: Business Operations and Financial Performance - Tai Long Pharmaceutical focuses on drug manufacturing and research services, including four main business segments: drug formulation, traditional Chinese medicine pieces, drug research services, and drug material circulation [3] - The company reported a net profit of 43.56 million yuan for 2023 and 50.53 million yuan for 2024, with a revenue of 1.187 billion yuan in the first three quarters of the current year, reflecting a year-on-year decline of 11.47% [3][4] - The decline in revenue is attributed to the ongoing standardization work for major products in the national collection of traditional Chinese medicine, which has not yet fully materialized [4] Group 3: Investor Returns - Tai Long Pharmaceutical plans to distribute cash dividends of 0.14 yuan per 10 shares to all shareholders before the third quarter of 2025, amounting to approximately 7.74 million yuan (including tax), which represents 30.57% of the company's net profit attributable to shareholders for the same period [4][5]

Core Viewpoint - The traditional Chinese medicine industry is undergoing a significant transformation, where only companies that innovate while adhering to core principles will succeed [1] Company Strategy - Tai Long Pharmaceutical focuses on product innovation, supply chain management, channel cultivation, research and development, and brand culture to ensure product quality [1] - The company has established a multi-dimensional growth path centered around its flagship product, the Double Huanglian Oral Liquid, and aims to solidify its position as an "oral liquid expert" [2] Product Development - The Double Huanglian Oral Liquid has evolved into a product family that meets diverse consumer needs, including formulations for children, seniors, and those with specific health conditions [2] - Continuous technological upgrades and clinical trials are being conducted to enhance product quality and extend the product lifecycle [2][6] Market Position - Tai Long Pharmaceutical ranks among the top five in public medical institutions for cold medicine and maintains a strong presence in retail pharmacies [3] - The company is expanding its product line into other therapeutic areas, including cardiovascular and digestive health [3] Dual-Engine Growth - The company leverages traditional techniques alongside modern technology to enhance product quality and traceability, ensuring consumer trust [4] - Tai Long Pharmaceutical is actively participating in the "health and wellness" market, aiming for nationwide expansion through a combination of online and offline strategies [4] Research and Development - The subsidiary, New Leading Pharmaceutical, emphasizes technological innovation and has established a dual-track research strategy [5] - New Leading has developed proprietary technologies in complex formulations and maintains strong partnerships with major pharmaceutical companies [6] Supply Chain Management - Tai Long Pharmaceutical has built over 70 standardized cultivation bases across the country, ensuring a stable supply of high-quality raw materials [7] - The company’s comprehensive supply chain strategy allows it to maintain cost stability amid rising raw material prices [7] Industry Challenges - The traditional Chinese medicine industry is facing challenges such as rising costs, regulatory changes, and the need for innovation [7] - Companies must navigate cost management, quality standards, and innovation to thrive in the evolving market landscape [7] Investment Strategy - The company seeks strategic investors who share a long-term vision and can complement its capabilities, particularly in the health sector [8]

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]