研究报告 2025/07 www.leadleo.com 2025年 中国妇科更年期用药行业概览：从"被遗忘 的岁月"到"被照亮的未来"，更年期用药帮 助女性跨越寒冬 2025 China Menopausal Syndrome Medication Industry 2025年中国における更年期障害治療薬産業 报告标签：更年期综合征、围绝经期 主笔人：钟琪 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 研究报告 | 2025/07 中国妇科更年期用药行业 摘要 中国妇科更年期用药行业中西药并存的格局 持续深化，西药仍是临床干预的首选方案， 而中成药依托传统医学理念，形成差异化竞 争优势。未来， ...

九芝堂股份有限公司 2025 年半年度报告全文 公司注册地址、公司办公地址及其邮政编码、公司网址、电子信箱等在报告期无变化，具体可参见 2024 年年报。 信息披露及备置地点在报告期是否变化 □适用 ?不适用 公司披露半年度报告的证券交易所网站和媒体名称及网址，公司半年度报告备置地在报告期无变化，具体可参见 2024 年 年报。 其他有关资料在报告期是否变更情况 □适用 ?不适用 四、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 九芝堂股份有限公司 2025 年半年度报告全文 □是 ?否 本报告期 上年同期 本报告期比上年同期增减 营业收入（元） 1,264,512,369.54 1,679,430,180.36 -24.71% 归属于上市公司股东的净利润（元） 143,773,631.42 204,545,737.13 -29.71% 归属于上市公司股东的扣除非经常性损益的净利 润（元） 经营活动产生的现金流量净额（元） 213,061,017.36 -232,303,029.43 191.72% 基本每股收益（元/股） 0.1699 0.2399 -29.18% 稀释每股收益（元/股） ...

Group 1 - The company has increased its subsidiary Huangshan Tianmu Pharmaceutical's registered capital from 30 million to 80 million yuan, with an investment of 50 million yuan from its own funds [1] - The business scope of Huangshan Tianmu includes drug production and import/export, medical device sales, health food, and cosmetics, covering traditional Chinese medicine and health consumer products [1] - The company plans to invest approximately 100 million yuan to build new production facilities and optimize existing production lines, enhancing overall capacity and efficiency [1] Group 2 - Huangshan Tianmu has made progress in drug re-registration, obtaining approval for several products since May, including Compound Danshen Tablets and other traditional Chinese medicines [2] - The company is focusing on a dual strategy of "premium traditional Chinese medicine + health" to strengthen its market position in the health sector [2] - The company aims to innovate products and expand sales channels, including online and offline strategies, to meet consumer demand for health products [2] Group 3 - The company is collaborating with its subsidiaries and medical teams to enhance product development and market expansion in health products [3] - New product forms such as lozenges and soft capsules are being introduced to diversify the product portfolio and create new profit growth points [3] - The company emphasizes the importance of product quality control, brand building, and marketing strategies to meet the growing consumer demand for high-quality health products [3]

Core Viewpoint - Zhongjing Wanshi Pharmaceutical's testing center has received the CNAS laboratory accreditation, marking its entry into the international laboratory mutual recognition framework, which enhances the quality and credibility of traditional Chinese medicine [1][3]. Group 1: CNAS Accreditation - CNAS accreditation is one of the highest authorities in laboratory testing capabilities in China, aligning with international standards such as ISO/IEC 17025, providing international credibility to the company's testing data [3]. - The accreditation allows the company to achieve mutual recognition in over 100 countries and regions, enhancing its core competitiveness and global expansion opportunities [3]. Group 2: Testing Capabilities and Innovations - The testing center is equipped with advanced detection equipment, including ICP-MS, LC-MS, and GC-MS, focusing on precision, efficiency, and rigor to ensure drug quality and safety [3]. - The center has published six papers in national core journals and holds over ten patents, demonstrating its commitment to innovation and high-standard testing services [3]. Group 3: Quality Management and Standards - Zhongjing Wanshi Pharmaceutical emphasizes quality system construction and has participated in drafting quality standards for various traditional Chinese medicine products, establishing 19 industry standards and norms [5]. - The company has implemented a comprehensive quality control mechanism from seedling to consumer, continuously improving drug standardization management [5]. - The quality technology leader stated that CNAS recognition is both an affirmation of the existing system and a motivation for future improvements, aiming to provide higher quality and more reliable traditional Chinese medicine products [5].

Group 1 - The core viewpoint of the articles is that the "delisting" of stocks, which refers to the removal of ST or *ST labels from a company's stock, indicates a significant improvement in the company's financial health and operational performance [1][2] - Companies must meet specific financial and operational criteria, such as positive net profit, positive net assets, and revenue above a certain threshold, to apply for the removal of ST or *ST labels [1] - The removal of these labels often leads to a positive impact on the company's profitability, as it signifies that the company has stabilized its financial situation and resolved previous financial issues [1] Group 2 - The delisting process positively affects the market image of the company, as being labeled can severely damage its reputation and investor confidence [2] - The removal of the label helps to restore investor confidence and allows for a reevaluation of the company's value, attracting more capital inflow [2] - A list of companies that have recently undergone delisting includes: - Huijin Technology (300368): Focuses on intelligent manufacturing and information system integration [2] - Jiuzhitang: Engages in traditional Chinese medicine research and production [2] - Jintime Technology (002951): Specializes in energy storage equipment manufacturing [3] - Zhongjiabochuang: Involved in information transmission and communication network maintenance [3] - Yongyue Technology (603879): Develops and sells intelligent robots [3] - Xianfeng New Materials (300163): Produces high polymer composite shading materials [3] - Dongfang Ocean (002086): Engages in aquaculture and biotechnology [3] - Shengda Forestry (002259): Involved in natural gas liquefaction and related operations [3]

Financial Performance - In 2024, the company achieved operating revenue of 98,022.54 million CNY, with a net profit attributable to shareholders of 6,006.98 million CNY, reflecting a decline due to economic conditions, healthcare policy changes, and intensified industry competition [2][3] - In Q1 2025, the company reported operating revenue of 21,612.47 million CNY, a year-on-year decrease of 21.22%, while net profit attributable to shareholders increased by 5.41% to 1,938.16 million CNY [3] - The net cash flow from operating activities in Q1 2025 was 811.04 million CNY, showing a significant year-on-year growth of 150.46% [3] Product Sales and Strategy - The top-selling products in 2024 included Liuwei Dihuang Wan, Xiaoyao Wan, and others, with the top ten products accounting for nearly 50% of total revenue [3] - The company plans to continue developing major products and enhance market share for traditional concentrated pill products [3] Cost Management and Profitability - The increase in gross and net profit margins in Q1 2025 was attributed to optimized marketing channel management, diversified sales strategies, and a decrease in raw material costs [3] - The decline in sales expense ratio in 2024 and Q1 2025 was primarily due to a decrease in operating revenue and effective cost control measures [4] Market Expansion and Subsidiary Management - The company aims to strengthen its presence in traditional markets while expanding into Southern China and international markets [4] - The subsidiary Longnan Foci was dissolved due to changes in market conditions and lack of business operations, with future plans focusing on core business efficiency [5] Strategic Planning and Future Outlook - The company is currently developing its "14th Five-Year" strategic plan, focusing on marketing, R&D innovation, digital transformation, and management improvement [5] - There are plans for potential mergers and acquisitions aimed at enhancing market channels and product development [5] - A shareholder dividend plan for 2024-2026 has been established to ensure reasonable returns to investors [5]