主题致辞环节，企业代表、专家学者和驻华使节等嘉宾围绕"中医药老字号国际发展与协作"与"药食同 源与营养健康"两大议题展开深入交流。多家中医药领军企业负责人分享了百年品牌出海的实践智慧， 共同探讨"药食同源"理念在现代健康产业中的创新应用与发展前景。 中国经济网11月20日讯 11月18日，"一带一路"中医药发展论坛在上海长三角一体化示范区举行。本次 论坛汇聚了来自全球的政府代表、驻华使节、中医药领域专家学者及产业领袖，共同探讨中医药在共 建"一带一路"中的文化传播与创新发展。 第十三届全国政协副秘书长、中国药学会副理事长曲凤宏指出，中医药是文明互鉴的活态遗产，已为全 球健康系统提供有力补充；高质量发展须政策、科技、人才三轮驱动，中国正加快标准数字化与国际接 轨。他倡议以老字号品牌和药食同源产品为双翼，通过本地化生产让世界从"吃得健康"感知中医药；并 依托30个海外中心及多边机制，推动中医药纳入更多国家公共卫生体系，打造"一带一路"可见、可及、 可感的健康公共产品。 ...

Group 1 - The 28th FHC Shanghai Global Food Exhibition opened on November 12, showcasing a record scale with an exhibition area of 200,000 square meters and attracting over 3,000 global exhibitors, featuring more than 300,000 unique products from over 50 countries and regions [1] - This year's exhibition expanded to 15 major categories, covering the entire food and beverage industry chain, with new focus areas including infant food and food-medicine integration, drawing significant attention from attendees [1] - The European Union exhibition group highlighted over 220 high-end products from 27 member countries under the theme "Taste of Europe, Fashionable and Versatile" [1] Group 2 - From January to August this year, China's catering revenue increased by 3.6% year-on-year, indicating resilience and vitality in the industry despite intensified competition [1] - The Vice President of the China Hotel Association noted that the Chinese catering industry is undergoing structural transformation, with healthy eating (green dining) being a key driver of this change [2] - The catering sector is encouraged to integrate traditional wisdom with modern business practices, focusing on health-conscious dining to meet consumer demands for both health and taste [2]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 26.50 RMB per share based on a 25x PE for 2026E [4][9]. Core Insights - The company has shown sustained growth in the first three quarters, achieving a revenue of 1.70 billion RMB, representing a year-over-year increase of 18.34%. The gross profit margin improved by 1.03 percentage points, and the net profit attributable to shareholders increased by 31.90% to 132 million RMB [4][10]. - The third quarter saw impressive growth in recurring net profit attributable to shareholders, with a revenue of 547 million RMB (YoY +18.92%) and a net profit increase of 21.00%. Excluding other income, the recurring net profit attributable to shareholders grew by 86.30% [4][10]. - The company is positioned as a leader in the oats and health foods sector, focusing on quality and innovation while expanding into new product categories such as protein powder and health products [4][10]. Financial Summary - Total revenue projections for the company are as follows: 1,578 million RMB for 2023, 1,896 million RMB for 2024, 2,263 million RMB for 2025, 2,707 million RMB for 2026, and 3,221 million RMB for 2027, with respective growth rates of 18.9%, 20.2%, 19.3%, 19.6%, and 19.0% [3][6]. - Net profit attributable to shareholders is forecasted to be 115 million RMB in 2023, increasing to 305 million RMB by 2027, with growth rates of 6.1%, 15.4%, 33.6%, 33.0%, and 28.7% respectively [3][6]. - The earnings per share (EPS) is projected to rise from 0.52 RMB in 2023 to 1.36 RMB in 2027 [3][6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to the impact of policy changes on its pharmaceutical wholesale business, while retail and industrial segments showed resilience and growth potential [3][4]. Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 15.758 billion yuan, a year-on-year decrease of 1.47% [3]. - The net profit attributable to shareholders was 646 million yuan, down 9.81% compared to the previous year [3]. - The decline in revenue and profit was attributed to reduced sales in the hospital pharmaceutical sector due to centralized procurement and hospital drug usage ratio controls [3]. Business Segment Analysis - The retail segment continued to grow by enhancing differentiated product advantages and expanding services in chronic disease management and specialty health services [3]. - The industrial segment maintained growth through accelerated market expansion outside the province and ongoing research into traditional Chinese medicine products [3][6]. - Despite challenges in gross margins due to centralized procurement and increased promotional expenses, the industrial segment's performance is expected to improve with optimized product structure and cost reduction efforts [3][6]. Investment and Innovation - The company established a wholly-owned subsidiary to invest in overseas innovative pharmaceutical companies, aiming to enhance its product portfolio and gain priority rights in new drug promotion and sales [5][6]. - The investment includes a collaboration with Suninflam Ltd. on SIF001, a novel monoclonal antibody drug targeting inflammation in epilepsy, which is currently in clinical trials [5][6]. Shareholder Information - As of September 30, 2025, the company’s repurchase account held 8,107,890 shares, accounting for 2.04% of the total share capital [5].

Core Viewpoint - The 2025 China Southern Medicine Food and Health Industry Conference will be held from November 19 to 21 in Zhaoqing, Guangdong, focusing on the high-quality development of the southern medicine industry and the integration of traditional Chinese medicine culture with modern health consumption [3][4][5]. Group 1: Conference Details - The conference is guided by the Ministry of Agriculture and Rural Affairs and co-hosted by the Guangdong Provincial Department of Agriculture and Rural Affairs and the Zhaoqing Municipal Government [2][3]. - The theme of the conference is "Big Food Concept Leading Big Health Trend, Food and Medicine Sharing to Promote Rural Revitalization" [4]. - Various activities will be organized, including an opening ceremony, keynote forums, industry matchmaking, product exhibitions, and field visits to local medicinal material bases [7][8]. Group 2: Industry Context - Southern medicine refers to medicinal plant resources produced in southern China, including Guangdong, Guangxi, Yunnan, Hainan, and Fujian, and is an important part of the traditional Chinese medicine system [10][11]. - The southern medicine industry is experiencing new opportunities for development due to the promotion of the Healthy China strategy and increasing consumer demand for natural health products [12]. - The industry chain of southern medicine is continuously extending through standardized planting, digital management, and technological innovation, covering various aspects such as seedling cultivation, planting, processing, health care, and trade [13]. Group 3: Regional Highlights - Guangdong is a core production area for southern medicine, with over 3.8 million acres of planting area in 2023, maintaining stable growth for several years [14]. - Zhaoqing's total planting area for southern medicine in 2024 is projected to be 1.5662 million acres, with a total output of 659,900 tons and a total output value of 10.605 billion yuan, accounting for over 40% of Guangdong's planting area and nearly 40% of the total output [15][16]. - The main cultivated medicinal materials include cinnamon, Ba Jitian, He Shou Wu, and Guangfo Shou, with six local medicinal materials included in the Guangdong Province Lingnan Traditional Chinese Medicine Protection Regulations [17][18]. Group 4: Future Prospects - The conference aims to enhance Zhaoqing's status in the national southern medicine landscape and assist in building the "Southern Medicine Food and Health Capital" city brand [21]. - The event will accelerate the integration of southern medicine with modern technology and health concepts, promoting the transition from traditional medicinal materials to "food and medicine sharing" products [22][26]. - The conference will facilitate collaboration across the industry chain, helping the southern medicine industry achieve standardization, branding, and internationalization, thereby enhancing global competitiveness [24][28].

Core Insights - The 2025 Shenzhen International Health and Nutrition Products Exhibition (HNC) will take place from December 16-18, 2025, at the Shenzhen International Convention and Exhibition Center, highlighting the rapid growth of the health industry driven by national strategies and public demand [1][2] - The health industry in China is projected to exceed 18 trillion yuan by 2025, with an annual compound growth rate of over 9.5%, particularly in sectors like nutrition, health food, anti-aging, and beauty [1][2] Industry Overview - The health industry is experiencing a golden period of rapid development, supported by a multi-layered policy framework established since the release of the "Healthy China 2030" plan [1][2] - The exhibition aims to create a high-level platform for innovation, resource connection, and trend insights, facilitating the transformation of policy dividends into market dynamics [2][7] Exhibition Highlights - The HNC exhibition will feature over 2,500 leading global companies and is expected to attract more than 150,000 professional buyers, creating a "super ecosystem" across six major fields including nutrition, health, lifestyle, and hospitality [2][10] - The event will integrate various health industry resources, offering specialized zones for different product categories and regional characteristics, providing a one-stop global procurement channel [6][10] Product Focus - The exhibition will emphasize "upgrading consumer demand" and "technological transformation," showcasing a wide range of health products including dietary supplements, functional foods, and traditional Chinese medicinal products [4][5] - Special attention will be given to the integration of traditional health wisdom with modern biotechnology, particularly in the food therapy and beauty sectors [5][6] Industry Trends and Forums - A series of thematic forums and discussions will be held, featuring industry experts and representatives from professional associations to address key issues and opportunities in the health sector [7][8] - The event will also explore new marketing strategies and innovative approaches to product development, aiming to enhance the operational efficiency and marketing capabilities of participating companies [8][10]

Core Insights - The Fourth China (Macau) International High-Quality Consumption Expo and Hengqin World Bay Area Forum will be held from September 3 to 7, showcasing a focus on the health and wellness industry, particularly traditional Chinese medicine [1][4] - The expo aims to create an international health and wellness exhibition area, featuring advanced medical devices, health technology products, and health supplements, integrating both traditional Chinese and modern Western medicine [1][4] Industry Developments - The event will include a sub-forum titled "Healthy New Ecology Bay Area Together for the Future," where government officials and industry experts will discuss the collaboration results between Guangdong and Macau in the health industry [1][4] - The expo reflects the rapid development of the Greater Bay Area's industry and the acceleration of the trillion-level health consumption market [4] Economic Data - According to the National Bureau of Statistics, from 2014 to 2024, per capita medical care spending in China is projected to increase from 1,045 yuan to 2,547 yuan, with the share of medical care spending in total consumption rising from 7.2% to 9.0% [4] - It is predicted that by 2030, the total scale of China's health service industry will reach 16 trillion yuan [4]

Core Viewpoint - Jiangsu Huihong International Group Co., Ltd. reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 24.814 billion yuan, a year-on-year increase of 4.40%, and a net profit of 1.11 billion yuan, marking a substantial recovery from losses in the previous year [1][3] Financial Performance - The company achieved a total profit of 304 million yuan and a notable reduction in sales, management, and financial expenses, indicating effective cost control measures [1] - The overall import and export business showed strong growth, with total import and export volume reaching 1.208 billion USD, a year-on-year increase of 32.5% [1] Business Segments - The bulk commodity business, as a core part of the supply chain operations, performed exceptionally well, with import and export volume reaching 1.077 billion USD, reflecting a growth of 27.91% [1] - The emerging business segments, particularly cross-border e-commerce, demonstrated explosive growth with an import and export volume of 131 million USD, a staggering increase of 266.59% [2] Strategic Initiatives - The company is undergoing organizational restructuring to enhance management efficiency and support high-quality development, including a name change to unify under the "Suhao" brand [2] - The company has been recognized for its commitment to ESG principles, achieving an upgrade in its ESG rating from "AA" to "AAA," ranking first in its industry [3] Shareholder Returns - The company has prioritized shareholder returns, distributing a cash dividend of 0.10 yuan per share, totaling 22.4243 million yuan, which represents 76.40% of the previous year's net profit [3] Future Outlook - The company aims to continue focusing on core supply chain operations, driving business innovation and upgrades, while enhancing risk management and ESG practices to create long-term value for shareholders [4]

Core Viewpoint - Jiuzhitang (000989.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations and market conditions [1] Financial Performance - The company achieved operating revenue of 1.265 billion yuan, a year-on-year decrease of 24.71% [1] - The net profit attributable to shareholders was 144 million yuan, down 29.71% year-on-year [1] - The net cash flow from operating activities was 213 million yuan [1] Product Segment Analysis - OTC business revenue was 583 million yuan, a decline of 36.05%, with a gross margin decrease of 3.41% [1] - Prescription drug revenue reached 636 million yuan, down 10.67% [1] - Health products revenue was 11.58 million yuan, a decrease of 20.88% [1] - Pharmaceutical commercial revenue was 33.3 million yuan, a slight decline of 3.12% [1] - The gross margin for the pharmaceutical industrial sector remained at 59.20% [1] Regional Performance - Revenue in the South China region increased slightly by 3.34%, while the other six major regions experienced declines [1] - The Central China region, accounting for 20.96% of total revenue, saw a significant drop of 42.84% to 265 million yuan [1] - The East China region, representing 17.65% of total revenue, reported a decrease of 35.29% to 223 million yuan [1] Research and Development - R&D expenses amounted to 61.93 million yuan, a slight decrease of 5.95% year-on-year [1] - New drug projects, such as YB211, are still in clinical phase II, and innovative businesses like stem cell therapy are not yet commercialized [1] Shareholder Structure - The shareholder structure has changed significantly, with Heilongjiang Chenen Gongda Venture Capital becoming the largest shareholder with a 24.04% stake [1] - The original controlling shareholder, Li Zhenguo, reduced his stake to 18.91%, with the actual controller now being Heilongjiang Provincial State-owned Assets Supervision and Administration Commission [1] Share Buyback - The company completed a share buyback of 9.66 million shares at a cost of 76.2 million yuan, intended for employee incentives [1]

Core Viewpoint - Fangjiapuzi is accelerating its national franchise expansion by opening four new stores simultaneously in three cities, marking a significant step in its "Ten Hundred Thousand Billion" strategy and revitalizing the traditional Chinese health supplement industry [1][3]. Group 1: New Store Openings - The four new stores are located in Nanjing, Linfen, and Qinzhou, covering key markets in East China, North China, and Southwest China, which strengthens the brand's urban presence and community penetration [2][3]. - The new stores are equipped with AI Traditional Chinese Medicine smart terminals, offering personalized health supplement solutions through various diagnostic functions, enhancing customer interaction and experience [2][4]. Group 2: Business Strategy and Product Offering - The simultaneous opening of stores reflects Fangjiapuzi's steady expansion of its national franchise network, aiming for a comprehensive product system that includes medicinal food, premium health supplements, and organic products [3][4]. - The company has established a global supply chain with 29 origins and built a 108-acre medicinal food industry park, ensuring quality control from cultivation to processing [3][4]. Group 3: Future Goals and Market Position - Fangjiapuzi aims to build 100 factories, cover 1,000 cities, and establish 10,000 health supplement stores over the next decade, targeting to serve 100 million families and become a globally trusted brand in the health supplement sector [4][5]. - The brand has surpassed 500 offline stores and served over 20 million families, maintaining the top sales position in the dry goods category on JD.com for seven consecutive years [4][5].