登录新浪财经APP 搜索【信披】查看更多考评等级 MACD金叉信号形成，这些股涨势不错！ 理 围绕增长考核业绩，围绕投资者关系管理等考核经营质量，围绕市场份额和品牌影响力评价企业价 值，以提升公司整体基本面优势和投资价值为宗旨。2025年经营指标未公开披露，公司仍以保持增长为 原则，制定内部分产品和分事业部的考核指标，对标一流，不断精进管理，赋能影响，综合提升公司市 场竞争力，争取早日实现营销历史性突破和行业地位提升。 对于央国企关于市值管理的相关文件，公 司已学习并非常重视，作为中证A500成份股，已按照要求制定了《市值管理制度》，公司将贯彻执 行，从提升经营业绩、改善经营质量、常态化业绩说明会、加强日常与资本市场沟通、做好舆情管理和 日常中小投资者沟通交流等角度持续改善，在公司股价出现异常波动时及时启动应急机制，充分重视市 值指标的动态监控。需要履行信息披露义务的相关事项，还请关注公司公告。 淳厚欣享A（基金代码：009931）是淳厚基金旗下的一只混合型基金，成立于2020年9月15日。现任基 金经理由陈文和杨煜城共同担任，其中陈文自2020年9月15日起任职，总管理规模达17.26亿元。该基金 通过对企 ...

事件 公司披露2025 年一季报，实现营业收入52.76 亿元，同比增长0.16%；归母净利润5.82 亿元，同比增长 1.10%；扣非归母净利润5.81 亿元，同比增长1.66%。 2025Q1 收入利润表现稳健 2025 年Q1，面对复杂多变的市场环境波动，公司有效采取提质增效措施，仍然实现了营收和归母净利 润的同比增长，公司经营基本面展现出较强的韧性和抗风险能力，经营业务保持稳健发展。2025Q1 公 司经营活动产生的现金流量净额8.33 亿元，同比增加10.84 亿元，主要是公司不断优化原料采购节奏， 库存结构更趋合理，整体采购支出趋于平稳，经营活动产生的现金流量净额同比增长。 公司深化营销改革，有望提质增效 公司深化营销改革，在市场营销方面，巩固存量、开拓增量，围绕大品种与精品战略推进牛黄清心丸等 重点品种动销，通过同仁堂日等多元文化活动强化品牌传播，定制个性化策略实现终端精准推广；电商 领域，加速线上线下融合，优化运营模式、加强与头部平台合作，严控渠道货源，如"双十一" 五子衍 宗丸、乌鸡白凤丸分别登顶天猫男科与跻身京东妇科销售前列；医疗业务上，组建专业团队搭建销售渠 道，紧跟政策动态，聚焦潜力品 ...

Core Insights - Beijing Tongrentang Group, a leading enterprise in traditional Chinese medicine, integrates party building with production and operation to enhance economic and social benefits [1][2] - The State Council's opinion emphasizes improving the quality of traditional Chinese medicine, supported by technological innovation and institutional reforms, aiming for a high-quality development framework in the industry [1] - In response to market competition, the company focuses on quality improvement and efficiency enhancement, implementing cost-saving measures and promoting technological innovation [1][3] Group 1 - In the first quarter of 2025, Beijing Tongrentang Group actively participated in the Wuzhen Health Conference to expand national and cross-regional cooperation [2] - The "Party Building Leading Old Brand Industry Innovation Alliance" has expanded its membership, enhancing collaboration and innovation among various sectors [3] - The company has identified three core products for promotion in 2025: Angong Niuhuang Wan, Tongren Niuhuang Qingxin Wan, and Tongren Wujin Baifeng Wan, aiming for steady sales growth [3] Group 2 - Tongrentang Technology Company focuses on core business and industry chain collaboration, emphasizing research innovation and lean production [4] - The "Flag Planting Action" initiated in 2023 aims to deepen market penetration and enhance brand recognition through targeted services and cultural integration [5] - The company has established partnerships with major chain pharmacies to set ambitious quarterly and annual goals for market development [6] Group 3 - As of March 2025, Tongrentang Commercial Company operates 1,270 stores and 738 medical institutions across 190 cities, providing professional pharmaceutical services [7] - The company aims to enhance product variety and operational capabilities while promoting the sale of major products [7] - Future strategies include a "one-stop" health management solution through an integrated online and offline approach [7]

Core Insights - The 2025 Wuzhen Health Conference recognized Tianshili (600535.SH) as a VIP strategic partner and awarded its products for innovation and popularity in the retail market [1] - The Chinese pharmaceutical retail market is projected to reach 501.9 billion yuan in 2024, driven by policy changes and demographic shifts [3] - Tianshili focuses on integrating traditional Chinese medicine with modern medical practices, targeting major disease areas such as cardiovascular, digestive, oncology, and central nervous system disorders [3][8] Company Strategy - Tianshili is transitioning from high-quality products to strong brand recognition, emphasizing a digital marketing system centered on health value [4] - The company employs various promotional strategies, including social media campaigns and educational initiatives, to enhance brand visibility and consumer engagement [5] - Tianshili collaborates with offline strategic partners to create specialized health centers, improving customer service and market penetration [7] Product Performance - In 2024, Tianshili's traditional Chinese medicine segment generated 6.024 billion yuan, with key products like Compound Danshen Dripping Pills and Yangxue Qingnao Granules showing significant sales growth [7] - The company has a robust pipeline for cardiovascular drugs, with ongoing clinical trials for 17 modern Chinese medicine products [10] - Tianshili's innovative products, such as Shao Ma Zhi Jiao Granules and Kun Xin Ning Granules, have received recognition in clinical guidelines, enhancing its market position [10] Innovation and Responsibility - Tianshili emphasizes the integration of modern technology with traditional Chinese medicine to enhance product efficacy and market competitiveness [8] - The company aims to create a three-dimensional innovation system that combines clinical value, digital technology, and patient services [10] - Tianshili's commitment to innovation is reflected in its continuous development of new products and improvement of existing ones, ensuring long-term sustainability [10]

天士力 20250428 摘要 • 天士力融入华润后，正制定十五战略规划，明确自身在华润三九"一体两 翼"模式下的定位和业务发展目标，并积极与华润系各业务单元对接，落 地协同项目，旨在巩固核心业务并拓展新的增长点。 • 2025 年一季度，天士力克服复方丹参滴丸降价压力，实现营收 20.55 亿 元，医药工业主营业务收入 18.42 亿元，同比增长 1.83%；归母净利润 3.14 亿元，同比增长 6.47%，资产负债率维持在 19%的较低水平，整体 经营稳健。 • 复方丹参滴丸虽面临降价压力，但销量和销售收入保持稳定，且新适应症 （如糖尿病视网膜病变）市场潜力巨大，公司正加大推广力度，全年预计 呈现前低后高的增长态势。 • 公司预计 2025 年中药板块保持稳定增长，得益于三大基药品种在基层市 场的推广以及扫码纸巾颗粒和牛黄清心丸等潜力品种的快速增长，其中养 血清脑颗粒在抽动症治疗领域具有独特优势。 • 化学药板块坚持仿创结合，水林佳和地清两大主力产品保持稳定增长，同 时预计 2025 年将有 3 个仿制药新品获批，6 个产品申报，持续提供市场 增量。 Q&A 2025 年公司在中药、化药及生物药三个板块的 ...

经济观察报作者许梦旖 4月26日，片仔癀（600436）(600436.SH)发布2024年年报。报告期内，片仔癀实现归母净利润29.77亿 元，增速回落至6.42%，接近2015年水平。 片仔癀在公告中表示，重要药材品种价格的波动对公司系列产品的成本产生了一定的影响；从长期看， 麝香、牛黄及蛇胆的价格呈上涨趋势，未来还将对公司系列产品成本产生压力。 4月27日，片仔癀董秘办工作人员向记者表示，公司将持续关注主要大品种或重要药材市场行情，提前 布局，适时加大战略性采购储备，以最大限度控制成本。 片仔癀系列产品涉及的药材主要包括麝香、牛黄、蛇胆、三七等。目前，天然牛黄等核心中药材原料的 价格仍在持续攀升。根据康美中药网的数据统计，2025年初，天然牛黄的市场价格为170万元/公斤，相 比2023年初的57万元/公斤已提升198.25%。 原料价格攀升 华鑫证券最新研报显示，天然牛黄作为牛科动物病理产物，通常在5岁以上老牛体内自然形成，发现概 率1%至2%，来源稀缺。对此，华鑫证券测算，国内天然牛黄产量在900公斤左右，而市场需求量为 5000至6000公斤，处于供不应求状态。 原料价格的攀升，也是相关中药材上市 ...

内容概要：中医馆是以中医药理论为指导，运用中药和非药物疗法开展诊疗服务的医疗机构。随着人口 老龄化、城市化、健康意识提高以及家庭财富增加，我国医疗服务需求及医疗支出持续增长，中医诊疗 连锁行业的赛道"长坡厚雪"已经成为很多资本共识。数据显示，近几年来，我国中医馆开店数量呈现明 显增长态势。据统计，2023年全国民营中医馆（含中医类门诊部及诊所）达86317家，比上年增加11900 家，同比增长16%，相较于2022年民营中医馆2834家的增幅水平，2023年的增幅水平爆发式增长4.2 倍；2024年国内民营中医馆预计已达到90000家左右。在此背景下，我国中医馆行业迎来了爆发式增 长，产业规模加速扩容。 相关上市企业：固生堂（02273）；粤万年青（301111）；同仁堂（600085）；红日药业（300026）； 京东健康（06618）；广誉远（600771）；ST目药（600671）；ST九芝（000989）；健民集团 （600976）等 相关企业：华龙圣爱中医集团有限公司；安徽新安中医馆医疗服务有限公司；古法应象医疗科技有限公 司；昆明圣爱中医馆有限公司；山西广誉远中医馆连锁有限公司；康美中医馆（广东） ...

Company Performance - Guangyuyuan achieved an operating income of 1.22 billion yuan and a net profit attributable to shareholders of 74.45 million yuan for the year 2024 [1] - In Q1 2025, the company reported an operating income of 417 million yuan, a year-on-year increase of 21.48%, and a net profit of 63.58 million yuan, up 53.94% year-on-year [1] Industry Overview - The pharmaceutical manufacturing industry in China has shown signs of transformation driven by policy changes and market demand, with total operating income for 2024 at 25,298.5 billion yuan, remaining stable compared to 2023 [2] - The total profit for the pharmaceutical manufacturing industry in 2024 was 342.07 billion yuan, reflecting a year-on-year decline of 1.1%, although the rate of decline has slowed [2] - The traditional Chinese medicine sector is recovering growth due to government support and external factors such as an aging population and increased health demands [2] R&D and Innovation - Guangyuyuan has a history of 484 years and is recognized as a "Chinese Time-honored Brand," with key products included in national and provincial intangible cultural heritage lists [3] - The company increased its R&D expenditure to 38.59 million yuan in 2024, a 22.98% increase from the previous year, focusing on key products to enhance competitiveness [3] - Guangyuyuan is committed to a dual-driven development model of inheritance and innovation, collaborating with research institutions to create profitable research outcomes [3] Marketing Strategy - There is a growing demand for traditional Chinese medicine for health maintenance, with Guangyuyuan's products targeting specific consumer groups, indicating potential growth in the outpatient market [4] - The company has deepened strategic partnerships with top-tier chains and expanded its marketing channels, leading to significant growth in sales revenue [4] - Guangyuyuan has established a digital economy division to enhance online sales channels, adapting to new consumer trends and creating a strong competitive advantage [4]