转自：新华财经 在呼吸产品线，津药达仁堂共有102个品种。本次盛会上，津药达仁堂以呼吸领域核心产品清咽滴丸、清肺消炎丸为重点，携特装展位亮相。大会主席钟 南山院士、张伯礼院士亲临展位参观交流，对公司深厚的品牌底蕴与卓越的产品品质给予高度评价。展位现场人气汇聚，中医药的深厚底蕴与老字号的新 活力共绽光彩。 津药达仁堂表示，未来将以守护全民呼吸健康为使命，围绕清咽滴丸与清肺消炎丸两大呼吸品种，紧密协同共同体各方力量，持续发挥中药创新优势，切 实将中医药这一民族瑰宝保护好、发掘好、发展好、传承好，全力助推呼吸健康事业蓬勃发展，携手共创健康新未来。（李禹霏） 津药达仁堂集团总经理助理、营销负责人林跃群登台，钟南山院士、张伯礼院士为企业代表授牌。呼吸健康共同体的成立，旨在推动中医药高质量发展， 更好满足临床对优质呼吸类药物的需求。 津药达仁堂作为拥有500年历史积淀的中医药企业，拥有丰富的产品资源——599个药品批文，其中122个为独家品种，覆盖心脑健康、呼吸健康、消化健 康等领域，扎实的产品矩阵和确切的疗效，持续为全民健康事业注入动力。 编辑：王姝睿 12月6日，以"中西医协同·产学研创新：共筑呼吸健康新格局"为主题 ...

Core Viewpoint - The financial report of Pianzaihuang for 2024 reveals significant challenges, with a 26.07% year-on-year decline in net profit for Q4, marking the lowest level since 2019, and a record low revenue growth of 7.25% over the past decade, reflecting broader difficulties faced by the traditional Chinese medicine industry [2][8]. Industry Situation - The primary challenge for Pianzaihuang is the rising cost of raw materials, particularly natural cow bile, which has surged from 650,000 yuan per kilogram to 1,650,000 yuan per kilogram over the past two years [3]. - The overall Chinese medicine sector is experiencing a collective downturn, with Pianzaihuang being relatively better off compared to other companies like Zhongsheng Pharmaceutical and Taiji Group, which reported drastic profit declines [7][8]. Financial Performance - Pianzaihuang's Q4 net profit was 290 million yuan, down 26.07% year-on-year, while the annual revenue growth was only 7.25%, the lowest in a decade [2][4]. - The company attempted to mitigate rising costs by increasing prices by 28.8% in 2023, but revenue and net profit growth rates fell to 15.69% and 13.04%, respectively, in the same year [4][5]. Cost Structure - Direct material costs account for over 90% of the total costs in various product categories, including liver disease and cardiovascular medications, indicating a heavy reliance on raw materials [4][7]. - The cost of direct materials for liver disease medications reached 164.48 million yuan, representing 96.52% of total costs, while cardiovascular medications saw a 56.1% increase in material costs year-on-year [4]. Market Dynamics - The price of Pianzaihuang's product has reached the upper limit of consumer acceptance, with retail prices significantly lower than the official price, indicating challenges in passing on costs to consumers [5]. - The collective "explosion" in the Chinese medicine sector is attributed to policy changes, including the expansion of centralized procurement, which has led to significant price reductions and profit declines for many companies [9][15]. Future Outlook - The Chinese medicine industry must address the impacts of centralized procurement policies, which have resulted in price drops and profit squeezes, while also focusing on innovation and diversification to mitigate risks associated with raw material costs [16][17]. - Companies like Pianzaihuang are exploring diversification strategies, but the effectiveness of these efforts remains limited, highlighting the need for a more robust approach to research and development [17][18].

Core Viewpoint - The company Daren Tang announced the transfer of its equity stakes in Tianjin Shike, resulting in a significant financial gain and a strategic shift towards focusing on its core business operations [1][3]. Group 1: Transaction Details - Daren Tang transferred 4.6% and 7.4% stakes in Tianjin Shike to Helion (China) and Haleon CH SARL, respectively, for a total transaction price of approximately 1.623 billion RMB [1]. - The transaction price reflects a 35% premium on the asset valuation, leading to an estimated investment income of about 1.54 billion RMB for Daren Tang [1]. - Post-transaction, Daren Tang will no longer hold any equity in Tianjin Shike [1]. Group 2: Financial Impact - The transaction is expected to increase Daren Tang's net profit by 1.3 billion RMB after tax, positively impacting its 2025 net profit outlook [1]. - In the previous year, Daren Tang had also sold a 13% stake in Tianjin Shike, generating a profit of 1.759 billion RMB, which contributed to a 125.94% year-on-year increase in net profit [1]. - Despite the profit from the stake sale, Daren Tang's non-recurring net profit declined by 21.62% year-on-year, marking the first negative growth in seven years [1]. Group 3: Company Performance - Daren Tang's revenue has been declining for two consecutive years, with only one core product, Qingyan Diban, showing sales growth of 37.06% in 2024 [3]. - Other products, including Jingwanhong Ointment and Zilong Jinjian, experienced significant sales declines, with some products seeing over 10% drop in sales volume [3]. - The company aims to utilize the funds from the transaction for business expansion, including strategic acquisitions, R&D projects, and market development [3]. Group 4: Tianjin Shike's Performance - Tianjin Shike reported a revenue of 3.582 billion RMB and a net profit of 982 million RMB in 2023, with projected revenues of 3.559 billion RMB and net profits of 711 million RMB for 2024 [2]. - Tianjin Shike's strong performance has been a significant contributor to Daren Tang's overall profits, accounting for 30% of its total profit in 2023 [3].