今年以来，医药板块整体表现喜人，特别是创新药板块，走势持续强劲。分析这轮医药行情背后，科技 创新引发的中国资产重估是关键催化剂。聚焦到中医药板块，虽然今年其也有不错表现，但整体大幅逊 色于创新药板块。 眼下随着牛市愈演愈烈，市场各方挖掘机会，"追落后"或成为后续市场资金青睐的方向所在，中医药板 块俨然也将是重要看点。 结合本轮行情背后的"核心资产+科技叙事"逻辑，中医药作为相对传统的领域其并非与科技绝缘，实际 上随着其创新发展同样展现出浓厚的科技底色。而近日发布业绩的同仁堂科技正是兼具政策确定性、消 费刚需属性及科技赋能潜力的中医药行业的头部企业，不妨就此挖掘其价值潜力。 1、提质增效战略深化，多措并举巩固扎实经营基本盘 2025年上半年，同仁堂科技实现营收37.4亿元人民币；实现净利润4.8亿元；归母净利润3.4亿元。 整体来看其取得了一份相对稳健的经营成绩单，特别是围绕"提质增效"战略取得的一系列具象化成果对 外展现了同仁堂科技铸就业绩韧性的扎实基本盘。 一方面，同仁堂科技将生产环节的优化作为提质增效的核心战场。公司通过持续优化及细化生产流程， 统筹产能规划，提升生产管理水平，确保产品供应稳定。特别是在质 ...

Core Viewpoint - The company reported its 2025 first-half performance, showing a revenue of 3.739 billion yuan, a year-on-year decrease of 7.69%, and a net profit attributable to shareholders of 339 million yuan, down 21.01% year-on-year, which aligns with expectations [1] Group 1: Performance Summary - In the first half of 2025, the core product series of Liuwei Dihuang Wan saw a revenue increase of 47.99%, while the Jinkui Shenqi series and Jingzhi Niuhuang Jiedu Pian series reported increases of 19.55% and 4.03% respectively [1] - The company is focusing on six major product lines, implementing lean operations and tailored marketing strategies to enhance market share [1] Group 2: Research and Development - The company is intensifying its investment in product research and development, focusing on major products and conducting clinical research on Jinkui Shenqi Wan, Yongshenghe Ejiao, and Xihuang Wan [2] - New drug projects such as Qishen Granules and Shaoyao Gancao Granules are also being actively advanced [2] Group 3: Production Management - The company is optimizing production management to enhance efficiency and ensure stable product supply, with specific measures taken at the Tangshan facility to align production with market demand [2] - A production task force has been established to manage the production process from raw material procurement to finished product storage [2] Group 4: Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down by 5.6% and 6.5% to 522 million yuan and 566 million yuan, respectively, with expected year-on-year increases of 0.1% and 8.5% [2] - The current stock price corresponds to a price-to-earnings ratio of 11.1 times for 2025 and 10.0 times for 2026, with a target price of 6.30 HKD, indicating a potential upside of 28.0% [2]

Core Viewpoint - The company is actively transforming the traditional Chinese medicine industry through scientific and standardized practices, showcasing its capabilities in national strategic research and innovation [1][3]. Group 1: Research and Development Initiatives - The company has been approved as the leading unit for a national pharmacopoeia standard research project, focusing on the "Guiding Principles for the Determination of Biological Activity of Traditional Chinese Medicine" [1]. - The project aims to establish a "component-activity-efficacy" evaluation system to enhance quality control in traditional Chinese medicine, addressing common industry challenges [1][3]. - The innovative drug "Qi Shen Granules," a completely new type of traditional Chinese medicine, has successfully completed Phase II clinical production and is intended for chronic heart failure treatment [3]. Group 2: Quality Control and Standards - The company has implemented three new group standards for traditional Chinese medicine traceability in collaboration with the China Traditional Chinese Medicine Association [3]. - The company has achieved CNAS accreditation for its testing centers, indicating compliance with international standards and enhancing its competitive edge in both domestic and international markets [4][7]. - The focus on "zero defect quality management" is reinforced by high-quality inspection levels and ongoing improvements in laboratory standardization [4]. Group 3: Future Directions - The company plans to continue driving high-quality development through a dual-engine strategy of "quality" and "innovation," increasing resource investment to enhance its core competitiveness [7].

Group 1 - The pharmaceutical sector, particularly the innovative drug segment, has shown strong performance this year, driven by technological innovation and asset revaluation in China [1] - The traditional Chinese medicine (TCM) sector has also performed well but lags behind the innovative drug segment, making it a potential area for investment as market participants seek to "catch up" [1] - Tongrentang Technology, a leading company in the TCM industry, has demonstrated policy certainty, consumer demand, and technological empowerment potential, making it a valuable investment opportunity [1] Group 2 - In the first half of 2025, Tongrentang Technology achieved revenue of 3.74 billion RMB and a net profit of 480 million RMB, showcasing a solid operational performance [2] - The company focuses on optimizing production processes and enhancing quality management to ensure stable product supply and sustainable development [2] - Tongrentang Technology is implementing differentiated marketing strategies for its six major product lines, enhancing market penetration and customer loyalty [2] Group 3 - The company benefits from a unique combination of traditional branding, modern technology, and policy support, which enhances its market recognition and valuation potential [3] - Tongrentang Technology's long history and strong brand presence in the TCM sector provide a stable revenue and profit outlook, making it attractive in the current bull market [4] - The company is investing in smart production and research innovation, significantly improving production efficiency and supporting valuation growth [5] Group 4 - The focus on innovative drug development, particularly in cardiovascular and health supplement areas, is expected to drive future revenue growth for Tongrentang Technology [6] - National policies supporting the TCM industry present significant growth opportunities for the company, especially in international markets [7] - The TCM industry is transitioning from traditional practices to technology-driven approaches, positioning it for high-quality development [8]

Core Viewpoint - Tongrentang Technology achieved significant growth in the first half of the year, with revenue of 3.739 billion yuan and a net profit of 484 million yuan, indicating a strong commitment to high-quality and sustainable development through various initiatives [1] Group 1: Financial Performance - In the first half of the year, Tongrentang Technology reported revenue of 3.739 billion yuan and a net profit of 484 million yuan, with the profit attributable to owners amounting to 339 million yuan [1] - The company’s core products showed strong sales performance, with four products exceeding 100 million yuan in sales and 28 products in the 10 million to 100 million yuan range [3] Group 2: Product Strategy - The company is focusing on enhancing the profitability of its core products, particularly the Liuwei Dihuang Wan series, which saw a revenue increase of approximately 47.99% year-on-year [3] - The implementation of a "big variety strategy" has led to significant sales growth across multiple product lines, including the Jinkui Shenqi series and Jingzhi Niuhuang Jiedu Pian series, which grew by 19.55% and 4.03% respectively [3] Group 3: International Expansion - Tongrentang Guoyao, a subsidiary, has become a key growth driver, achieving sales of 702 million yuan, a year-on-year increase of 15.99% [4] - The subsidiary is actively expanding its online and offline sales channels, focusing on key products like the broken wall Ganoderma lucidum spore powder capsules [4] Group 4: Supply Chain and Certification - The company’s six raw material production subsidiaries are strengthening the supply chain by stabilizing planting areas and enhancing quality standards, with several medicinal materials receiving organic certification [5][6] Group 5: Innovation and Marketing - The company is reforming its marketing strategy by implementing a "six control" management goal and streamlining its distribution channels to enhance market responsiveness [7][8] - Tongrentang Technology is advancing its smart manufacturing capabilities by integrating intelligent filling and automatic packaging technologies into its production lines [8] Group 6: Research and Development - The company is leading a project to improve national pharmacopoeia standards, aiming to establish a quality evaluation system based on clinical efficacy [8] - Ongoing clinical research on major products like Jinkui Shenqi Wan and the promising new drug Qishen Granules is expected to drive future growth [8]