Core Viewpoint - The recent price adjustment notification from the Shanghai Sunshine Pharmaceutical Procurement Network has caused significant industry impact, with the second price drop for two major traditional Chinese medicine injections, indicating a strong signal for price control in the industry [1][2]. Group 1: Price Adjustments - The injection price of Shuanghuanglian (600mg) produced by Heilongjiang Songhua River Pharmaceutical Technology Co., has decreased from 19.7 yuan to 12.45 yuan, a reduction of over 36% [1]. - The price of Honghua injection (20ml) from Yabao Pharmaceutical Group has dropped from 74.98 yuan to 50.64 yuan, a decrease of over 32% [1]. - The average price reduction across 174 selected drugs in the third batch of national traditional Chinese medicine procurement reached 68%, marking a record high [2]. Group 2: Industry Context - The third batch of national traditional Chinese medicine procurement began in December 2024, led by the Hubei Provincial Medical Insurance Bureau, involving 95 generic products and 400+ companies [2]. - The price of Qingkailing injection (2ml) from Shanxi Taihang Pharmaceutical dropped by 93.8%, from 16.08 yuan to 0.99 yuan, setting a new price benchmark [2]. - The price adjustment reflects the urgent need for price balance in traditional Chinese medicine, as the industry has long faced issues of inflated prices and significant price differences among similar products [8]. Group 3: Regulatory and Market Implications - The price adjustments are part of a broader effort to address the price disparity issues that have emerged during the procurement process, which have hindered the effectiveness of price reductions [9]. - Starting from April 2025, the results of the third batch of traditional Chinese medicine procurement will be implemented nationwide, with 25 provinces already confirming execution dates [8]. - The Hubei Province plans to initiate the fourth batch of traditional Chinese medicine procurement this year, aiming to further optimize pricing calculation methods and quality standards [9].

随着中成药集采进入落地关键期，一场由中药行业头部企业主导的终端覆盖革命正在上演。其中珍 宝岛药业凭借第三批集采14个品规全线中选的优势，通过开展"百日会战、千县攻坚"市场营销行动，创 下近三年来渠道拓展与市场开发新纪录。在14个品规、超百亿级集采市场重构的浪潮中，珍宝岛药业正 以扎实的临床覆盖和患者口碑，为2025年业绩高增长铺就坚实通路。 紧抓集采落地窗口期，开展"百日会战"攻坚行动 2025下半年第一天，江苏、陕西、吉林、内蒙古四省、自治区正式落地执行全国中成药联盟集采中 选结果，截至当前已有28省(市、自治区)出台相关文件；26省(市、自治区)发布全国中成药联盟第三批 集采中选结果落地安排，北京、河北、山西3省市预计将在本月陆续发布相关文件。 基于珍宝岛药业在集采中标后展现的增长动能，其核心产品凭借临床疗效的深度认同与用药可及性 的革命性突破，成功构建了"医患认可→终端覆盖→市场增长"的良性循环。 公司核心集采中选品种注射用血塞通、血栓通胶囊、复方芩兰口服液、舒血宁注射液等战略品种， 通过循证医学支撑的硬核疗效与集采赋能的普惠可及性，实现了从临床认可到终端爆发的增长飞轮。 珍宝岛药业借力国家集采政策，实 ...

Core Viewpoint - The financial performance of Heilongjiang Treasure Island Pharmaceutical Co., Ltd. for 2024 shows a decline in revenue and net profit, influenced by national drug procurement policies and internal cost management strategies [1][2]. Financial Performance Summary - The company reported a revenue of 2.704 billion yuan, a year-on-year decrease of 13.84%, and a net profit of 438 million yuan, down 7.30%. However, the non-recurring net profit increased significantly by 1,365.50% to 403 million yuan due to increased income and profit from the pharmaceutical industrial sector and reduced overall expenses [1][2]. - The gross profit margin for 2024 was 55.11%, an increase of 12.71 percentage points compared to the previous year [1]. Business Segment Analysis Pharmaceutical Industrial Sector - Revenue increased by 20.23% to 1.976 billion yuan, with a gross margin of 64.37%. The main contributors to this growth were products 1 and 2, which are traditional Chinese medicine preparations [1][3]. - The sales volume of key products showed significant growth, with product 1's revenue increasing by 335.96% and product 2's by 171% [2][3]. Pharmaceutical Commercial Sector - Revenue decreased by 52.05% to 313.58 million yuan, primarily due to the impact of national procurement policies, which led to lower prices and reduced order volumes from medical institutions [4][5]. - The tightening of hospital budgets and increased competition from major players in the industry further pressured the commercial distribution business [4][5]. Traditional Chinese Medicine Trade Sector - Revenue plummeted by 81% to 794.62 million yuan as the company anticipated a significant price correction in the market and strategically reduced its trading activities to mitigate risks [4][5]. - The company focused on securing raw materials for its own production needs while scaling back on non-essential trading activities [4][5]. Quarterly Revenue Trends - The first quarter showed significantly higher revenue compared to subsequent quarters, attributed to seasonal demand for respiratory and cardiovascular medications, as well as the timing of national procurement policies [5][6]. - The company’s sales strategy adjustments and the execution of procurement policies contributed to the observed revenue fluctuations across different quarters [5][6]. Changes in Business Model - The company has shifted its business model to focus more on regional distributors and large-scale partnerships, moving away from direct distribution to enhance efficiency and reduce costs [6][7]. - The operational model for each business segment remains largely unchanged, although there has been a strategic adjustment in the proportion of business activities across segments [6][7].

Core Insights - The company reported a revenue of 2.704 billion yuan in 2024, a year-on-year decline of 13.84%, and a net profit attributable to shareholders of 438 million yuan, down 7.3% year-on-year, while the non-net profit increased significantly by 1365.5% to 403 million yuan due to increased revenue and profit from the pharmaceutical industrial sector and a decrease in overall expenses [1] Group 1: Pharmaceutical Industrial Sector - The company's core products include cardiovascular drugs and respiratory disease medications, with higher demand observed in the first and fourth quarters due to seasonal factors [2] - In Q1 2024, there was a significant increase in the demand for respiratory disease medications due to a surge in viral flu cases, alongside a rise in cardiovascular drug demand during the spring [2] Group 2: Pharmaceutical Commercial Sector - The pharmaceutical commercial sector faced revenue impacts due to the increasing number and amount of products subject to national centralized procurement, leading to price reductions [3] - Hospitals are actively reducing procurement scales and amounts in response to ongoing medical reforms, resulting in decreased delivery orders for the company [3] Group 3: Traditional Chinese Medicine Trade Sector - The company anticipates a significant price correction in traditional Chinese medicine after a period of price increases, leading to a strategic reduction in non-productive trade activities to mitigate high-level risks [3] - In Q2, the company increased revenue by strategically selling part of its inventory of traditional Chinese medicine in anticipation of a price decline in the latter half of the year [3]

2025 年 06 月 24 日 沪深300 及创业板指数近1年走势 数据来源：聚源 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 计算机 2.251 国防军工 1.971 煤炭 1.683 银行 1.220 环保 1.203 数据来源：聚源 开源晨会 0624 ——晨会纪要 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】工业生产仍有韧性——宏观经济专题-20250623 行业公司 【农林牧渔】消费逐步进入淡季，短期鸡价或有压力——行业点评报告-20250623 【电子】半导体材料跟踪点评：盛合晶微进入辅导验收阶段，关注先进封装材料 投资机会——行业点评报告-20250623 【化工】固态电池产业化进展加速，高性能材料产业化先行——行业点评报告 -20250623 【社服】即时零售 618 大促表现亮眼，5 月茶咖头部品牌开店+店效双高增——行 业周报-20250622 【传媒】AI 模型、端侧齐发力，关注中报及内容新品带来的弹性——行业周报 -20250622 【医药：众生药业(002317.SZ)】夯实中药根基，创新转型乘风破浪 ...

医药生物/中药Ⅱ 众生药业（002317.SZ） 夯实中药根基，创新转型乘风破浪未来可期 2025 年 06 月 22 日 投资评级：买入（首次） | 日期 | 2025/6/20 | | --- | --- | | 当前股价(元) | 15.89 | | 一年最高最低(元) | 18.45/9.85 | | 总市值(亿元) | 135.31 | | 流通市值(亿元) | 121.02 | | 总股本(亿股) | 8.52 | | 流通股本(亿股) | 7.62 | | 近 3 个月换手率(%) | 372.25 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-06 2024-10 2025-02 众生药业 沪深300 数据来源：聚源 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 夯实中药根基，创新引领发展 众生药业从 1979 年的石龙制药厂起步，于 2001 年正式改制，2009 年在深交所 成功上市，是一家集药品研发、生产和销售为一体的中 ...

目前，梧州市有13家企业获粤港澳大湾区"菜篮子"生产基地认定，建成农产品产地冷链集配中心2个， 构建"种植—加工—流通"全链条服务体系，六堡茶、蜂蜜等农产品通过冷链物流直达大湾区，被誉为中 国六堡茶之乡。据统计，2024年梧州市农产品加工总值超209亿元，农产品加工转化率73.28%，先后创 建农产品加工集聚区7个，农业产业链式发展成效显著。 近年来，梧州市电子商务开放创新。以"数商兴农"为引领，推动传统业与电商深度融合，梧州六堡茶、 龟苓膏、豆浆、牙膏、麦芽糖、蜂蜜、人工宝石等企业依托抖音、淘宝、视频号等电商平台形成线上多 元渠道，展现本地优质产品，实现"线上突围"，梧州人工宝石产业带被阿里巴巴国际站列为"十大数字 化外贸产业带"。 今年以来，全市农产品网络销售额突破亿元，4月份，梧州更获批设立中国（梧州）跨境电子商务综合 试验区，正以梧州综保区作为梧州跨境电子商务发展的重要载体，相继落地拼多多保税仓、淘宝保税梧 州一号仓，并上线跨境电商直播基地，构建起"直播+平台+供应链"跨境电商生态圈。 6月5日上午，2025"数商兴农"进广西暨桂品网上行活动在梧州市举行，梧州是广西近代工业策源地，拥 有田七牙膏、新华 ...

Core Viewpoint - The acquisition of a 49% stake in Guizhou Shennong Valley by Zhenbaodao for 490 million yuan is seen as a strategic move to enhance its presence in the traditional Chinese medicine industry in Guizhou, despite concerns over high debt levels and the target company's losses [1][2]. Financial Performance - In Q1 2025, Zhenbaodao's net profit attributable to the parent company plummeted by 74.33% to 75.29 million yuan, with negative cash flow from operating activities amounting to -267 million yuan, a 158% decrease year-on-year [2]. - The company's cash reserves decreased by 43% year-on-year to 781 million yuan, while interest-bearing liabilities reached 3.46 billion yuan, resulting in an asset-liability ratio of 35% [1][2]. Acquisition Details - The acquisition requires a payment of 490 million yuan, which would consume 62.7% of Zhenbaodao's cash reserves [1]. - Guizhou Shennong Valley reported revenue of 51.1 million yuan in 2024, with a net profit of only 162,800 yuan, and experienced a significant revenue drop to 197,200 yuan in Q1 2025, incurring a loss of 1.78 million yuan [2]. - The valuation of the 49% stake in Guizhou Shennong Valley at 490 million yuan corresponds to a static price-to-earnings ratio exceeding 3000 times, indicating a significant disparity between the estimated future cash flows and the transaction price [2].

证券之星消息，2025年5月8日中恒集团（600252）发布公告称公司于2025年5月7日召开业绩说明会。 问：公司之后的盈利有什么增长点？ 答：您好。公司一是医药板块聚力工业增长。开拓血栓通纯销市场，拓展基层渠道销售；持续开展空白 医院开发、静默医院复活，加快血栓通上量；进一步提升跌打丸市场覆盖率，做好复方蛤蚧等产品电商 销售，力争实现口服制剂销售新突破；二是巩固健康食品板块销售。打造龟苓膏、三七健康食品核心大 单品及其周边产品，拓展多元化销售渠道，力争实现药线渠道、零食系统全渠道增长；持续开3发药食 同源类养生甜品，增加养生类产品，深度挖掘增量业务；三是持续创新日化板块。以全渠道、全品类布 局战略为核心，重点投入资源打造渠道明星单品，利用酒店用品协会资源，持续扩大酒店及商旅业务的 销售份额；四是加快推进产品出海。借助复星医药（600196）平台走向海外，走进东南亚，寻求新机 遇。 具体内容如下： 问：在内生增长与业务梳理方面，公司核心产品院内院外市场有哪些具体的发展策略？ 答：您好。公司通过大区战区协同落实个性化市场策略，2由战区带领省区落地执行的营销工作模式， 全方位下沉终端、深耕区域市场，守基本盘，攻 ...

证券代码：002317 编号：2025-004 广东众生药业股份有限公司投资者关系活动记录表 | | √ □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 □一对一沟通 | | | □其他（ ） | | 参与单位及人员 | 信达证券股份有限公司分析师 | | 时间 | 2025 年 05 月 06 日 10:00～11:00 | | 地点 | 公司会议室 | | 形式 | 现场交流 | | 上市公司 | 1、公司董事会秘书 杨威 | | 接待人员 | 2、公司证券事务代表 陈子敏 | | | 1、公司2024年的业绩情况。 答：公司 2024 年营业收入 246,741.84 万元；归属于上 | | | 市公司股东的净利润亏损 29,915.71 万元；扣除非经常性损 | | | 益后的净利润亏损 26,031.27 万元。业绩变动原因为（1）公 | | | 司核心产品复方血栓通系列制剂在 2023 年 6 月参与全国中成 | | | 药联盟集中带量采购并成功中选。2023 年 9 ...