Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 5.66 billion RMB, down 27.6% year-on-year, and net profit at 139 million RMB, down 71.9% year-on-year [2]. - The pharmaceutical industrial segment faced pressure, with a 44% decline in revenue, while the pharmaceutical commercial segment saw a 9.9% decrease [3]. - The company is undergoing a transformation in its marketing model, leading to a notable decrease in sales expense ratio, which is expected to improve future profitability [3]. - A share buyback plan has been announced, with an amount ranging from 80 to 120 million RMB, aimed at enhancing shareholder value [4]. Summary by Sections Performance Review - In 1H25, the company achieved revenue of 5.66 billion RMB, a decrease of 27.6% year-on-year, and a net profit of 139 million RMB, down 71.9% year-on-year. The second quarter alone saw revenue of 2.83 billion RMB, down 21.6% year-on-year, and a net profit of 64 million RMB, down 74.1% year-on-year [2]. Operational Analysis - The pharmaceutical industrial revenue was approximately 2.84 billion RMB, down 44% year-on-year, while the pharmaceutical commercial revenue was about 3.37 billion RMB, down 9.9% year-on-year. The decline in sales of key products, such as the Tai Chi Huoxiang Zhengqi Oral Liquid, significantly impacted revenue [3]. - The company is optimizing its marketing structure and enhancing internal collaboration, resulting in a sales expense ratio of 13.99%, a decrease of 17.67 percentage points year-on-year. The gross margin for the pharmaceutical industrial segment was 42.44%, down 20.46 percentage points year-on-year, indicating potential for recovery as inventory levels improve [3]. Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted to 10.52 billion RMB and 11.65 billion RMB, respectively, with a projected revenue of 12.72 billion RMB for 2027. Net profit forecasts for the same years have been revised to 452 million RMB and 582 million RMB, with an expected net profit of 725 million RMB in 2027 [5]. - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.81 RMB, 1.04 RMB, and 1.30 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 29, 22, and 18 times [5].

[注 1] 呼吸系统用药的营业收入较上年同期减少 44.69%，主要系本报告 期急支糖浆、鼻窦炎口服液、散列通等销售额减少所致。 证券代码：600129 证券简称：太极集团 公告编号：2025-063 重庆太极实业（集团）股份有限公司 关于公司 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 之《第六号—医药制造》的相关规定，现将公司 2025 年半年度主要经营数据 披露如下： | | | | | | | | | 单位：万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 主营业务收入 2025 年 | 2024 年 | 增长率% | 主营业务成本 2025 年 | 2024 年 | 增长率% | 毛利率% 2025 年 | 2024 年 | 同比增长 百分点 | | | 1-6 月 | 1-6 月 | | 1-6 月 | ...

Core Viewpoint - Taiji Group's subsidiaries are required to pay approximately 100 million yuan in back taxes and penalties, significantly impacting the company's projected net profit for 2024, which is expected to drop to 26.65 million yuan, a decrease of about 96.76% compared to 2023 [1][2] Group 1: Tax Payment and Financial Impact - The tax payment involves two subsidiaries: Southwest Pharmaceutical Co., Ltd. and Chongqing Chinese Medicinal Materials Co., Ltd., with Southwest Pharmaceutical responsible for approximately 80 million yuan and Chongqing Chinese Medicinal Materials for about 20 million yuan [2] - The expected net profit for 2024 was revised down from 156.4 million yuan to 26.65 million yuan due to the tax payment, indicating a substantial decline in profitability [2][4] - If non-recurring gains and losses are excluded, the net profit is projected to be around 38.54 million yuan, reflecting a year-on-year decline of 95.02% [2] Group 2: Regulatory and Compliance Issues - The tax issue follows a recent penalty related to quality control problems in the production of a specific anesthetic drug, which raises concerns about the company's compliance and operational integrity [1][5] - The regulatory scrutiny may lead to a downgrade in credit ratings for Southwest Pharmaceutical, potentially affecting its eligibility for national drug procurement in the next three years [3][5] - The company emphasizes that the tax payment does not involve administrative penalties and plans to enhance supervision and training regarding tax compliance [4][9] Group 3: Strategic Goals and Market Position - Taiji Group aims to achieve a revenue target of 50 billion yuan by 2025, but recent events have raised doubts about its ability to meet this goal, given the significant drop in projected profits and ongoing compliance issues [8][9] - The company has experienced a steady increase in revenue from 112.08 billion yuan in 2020 to 156.23 billion yuan in 2023, but the gap to the 50 billion yuan target remains considerable [8] - Balancing rapid expansion with compliance in a tightening regulatory environment poses a significant challenge for the company's management [9]