Core Insights - Zhongjing Food has officially launched its new products, concentrated ginseng liquid and ginseng tea, which contain 100mg of ginsenosides per bag, marking the first health drink with clearly defined core nutritional components [2][3] - The company is expanding into the health food sector amid pressure on its main condiment business, leveraging its strong traditional Chinese medicine background [2][3][8] Product Launch - The new ginseng products are designed to provide consumers with a reliable modern dietary solution and are currently available on online platforms, with offline channels still being developed [3] - The introductory price for both products is set at 9.9 yuan, while regular prices range from 79 yuan to 199 yuan [3] - Initial sales data shows low consumer engagement, with multiple product links on Tmall and JD indicating "0 purchases" [3] Market Trends - Over 70% of consumers aged 18-35 are willing to pay a premium for foods with specific health benefits, driving rapid growth in the health food market, which is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth of 16.8% [4] - Ginseng is a popular ingredient in this sector, and the National Health Commission has included it in the list of food-medicine homologous products [4] Challenges - The market currently offers ginseng primarily in traditional forms such as slices, powders, and capsules, which may lead to consumer skepticism regarding the new concentrated liquid and tea formats [4] - Zhongjing Food's condiment business is facing growth pressures, with sales of its flagship mushroom sauce reaching 324 million yuan in 2022, but new product launches have not replicated this success [5][6] Financial Performance - The company's revenue growth has slowed, with projected revenues of 999.4 million yuan and 1.098 billion yuan for 2023 and 2024, respectively, showing a decline in growth rate from 12.77% to 10.4% [6] - In the first three quarters of 2025, revenue decreased by 1.56% to 826 million yuan, while net profit increased by 3.18% to 154 million yuan [6] Strategic Recommendations - To overcome growth bottlenecks, Zhongjing Food should adopt a "single focus, multiple brands" strategy, maintaining its market position in mushroom sauce while expanding into health sectors with differentiated branding [7] - The company should leverage its "Chinese medicine gene" and technical expertise from its controlling shareholder to create unique products that stand out in the market [8] - Emphasizing the clear nutritional benefits and convenience of the new ginseng products through online marketing and offline experiences can help shift consumer perceptions and expand market reach [9]

Core Viewpoint - The Chinese patent medicine industry is facing increased scrutiny and regulatory challenges, particularly regarding pricing disparities and the misuse of traditional medicine prescriptions, necessitating a shift towards genuine innovation and responsible practices [1][2][3]. Group 1: Regulatory Environment - The Tianjin Medical Insurance Bureau has initiated price risk management for 230 Chinese patent medicine varieties, revealing price discrepancies as high as 3042 times among different products [1]. - The regulatory environment for Western medicine is becoming stricter, with the National Medical Products Administration (NMPA) enforcing quality and efficacy evaluations, while Chinese patent medicine companies have been able to evade similar scrutiny [2]. - There is a growing concern about the misuse of Chinese patent medicines, with some hospitals excessively prescribing these medications, leading to calls for stricter regulations on who can prescribe them [1][2]. Group 2: Industry Challenges - The Chinese patent medicine industry has rapidly developed into a market exceeding 400 billion yuan, but it has been marred by over-marketing and misinterpretation of "integrated Chinese and Western medicine" [2]. - The reliance on "micro-innovation" and "pseudo-innovation" is becoming unsustainable as regulatory standards tighten, pushing companies to seek true innovation rather than minor adjustments to existing products [2][3]. - The era of inflated pricing and high profits for Chinese patent medicines is coming to an end, prompting leading companies to explore transitions into broader health product markets [3]. Group 3: Recommendations for the Industry - Companies are advised to move away from superficial innovations and focus on developing new medicinal materials, formulations, and delivery methods to meet stricter regulatory requirements [2][3]. - A return to the principles of "differentiated treatment" in traditional Chinese medicine is recommended, with a call for the NMPA to limit the scope of indications for Chinese patent medicines to prevent misuse [3]. - The industry should shift from being solely a medical insurance product to a broader health product, targeting preventive care for populations at risk of health issues [3].

根据天津的药品清单，共涉及886个药品，大部分每日费用与同品种最小每日费用相比在10倍以内，但 也有多款药品价格相比超千倍。比如，药都制药集团的逍遥丸每日费用为2129.40元，同品种最小每日 费用则为0.70元，相比为3042倍；药都制药集团的补中益气丸每日费用为3807.00元，同品种最小每日费 用为1.50元，相比为2538倍；此外，津药达仁堂集团乐仁堂制药厂的人参归脾丸、同仁堂制药厂的明目 地黄丸价格差异均在千倍以上。 为引导企业规范价格行为，国家医保局将日均治疗费用价差大于10倍及以上，且挂网价高于100元的疑 似高价中成药线索分发给各地。专项治理行动由此展开。 11月下旬，安徽、天津、山西、辽宁等多地又密集发布新一批价格风险线索，要求相关企业认真开展医 药价格自查，主动规范价格行为，将价格调整至合理水平。 梳理各地通知可以发现，部分地区涉及的药品清单并未公开，比如辽宁只有企业可以在招采系统中可以 查看；部分地区涉及的药品清单虽然已经公开，但并未发布药品具体价格，如山西给出了具体药品，并 公布了合理水平的药价，但没有药品目前的价格；也有部分地区直接公布了产品价格，比如天津。 【#有中成药最高价差超3 ...

Core Viewpoint - The recent crackdown on abnormal pricing of traditional Chinese medicine (TCM) is intensifying, with multiple regions in China implementing price governance measures to address significant price discrepancies in TCM products [2][10]. Group 1: Price Governance Measures - Various provinces, including Anhui, Shanxi, Shandong, Inner Mongolia, Tianjin, and Liaoning, have issued notifications requiring TCM companies to self-reduce prices between November 25 and November 28, 2025 [2]. - The price governance initiative began in July 2023, following the release of a document titled "First Batch of Medical Price Risk Clue Notifications" by the National Healthcare Security Administration (NHSA) [2][6]. - The NHSA has distributed clues regarding suspected high-priced TCM products, particularly those with daily treatment costs exceeding ten times the minimum daily cost [6][10]. Group 2: Price Discrepancies - There are over 88,000 TCM products listed nationwide, with some products showing daily treatment costs that are five times higher than the lowest daily treatment costs in certain provinces [5]. - In Tianjin, a list of 886 TCM products revealed that while most had daily costs within ten times the minimum, some exceeded a thousand times, with the highest discrepancy reaching 3042 times [6][7]. Group 3: Impact on Companies - The price governance measures are expected to significantly impact companies, as products with price differences exceeding ten times may be suspended from listing, affecting sales and profitability [10]. - Larger companies may adapt better to cost pressures through improved production processes, while smaller firms may struggle to survive in a more competitive environment [10][11]. - The governance is likely to force companies to shift focus towards quality and production efficiency, moving away from reliance on high marketing costs [11][12]. Group 4: Long-term Pricing Mechanism - The establishment of a long-term pricing control mechanism is essential, which may include expanding the coverage of centralized procurement for TCM and conducting regular price checks to identify and address abnormal pricing [10][12]. - A quality and pricing linkage system is proposed to enhance regulatory oversight and reduce price manipulation, alongside a credit system for procurement to penalize companies that engage in price fraud [12].

21世纪传媒 · 公众号矩阵成员。 近日，多地密集发布中成药异常价格风险线索，中成药价格治理向纵深发展。 11月25日，安徽发布《关于中成药医药价格核查线索通报处置的通知》，要求涉及的中成药企 业于2025年11月25日至11月28日登录省药品交易系统自主降价。除安徽外，山西、山东、内 蒙古、天津、辽宁等多地近日也发布类似通知。 以下文章来源于21新健康 ，作者闫硕 21新健康 . 这项覆盖多地的价格治理工作始于今年7月。彼时，业内流传一份名为《医药价格风险线索通 报（第一批）》的文件，这是国家医保局为引导企业规范价格行为而发布的。随后，各地积极 记者丨 闫硕 编辑丨季媛媛 响应，开展中成药异常价格风险线索处置工作，目前多地基本实现常态化治理。 随着此项工作深入推进，部分省市的信息公开力度不断加大，价格差异引发广泛关注。以天津 为例，在今年9月发布的治理清单中尚未公布涉及药品的每日费用，但在11月21日发布的清单 中进行了公布，部分药品每日费用与同品种最小每日费用相比在千倍以上，最高达3042倍，相 差较大。 一般而言，由于同一名称的中成药成分可能不同、不同企业的质量标准可能有差异等因素，同 一种中成药价格会 ...

11月25日，安徽发布《关于中成药医药价格核查线索通报处置的通知》，要求涉及的中成药企业于2025 年11月25日至11月28日登录省药品交易系统自主降价。除安徽外，山西、山东、内蒙古、天津、辽宁等 多地近日也发布类似通知。 这项覆盖多地的价格治理工作始于今年7月。彼时，业内流传一份名为《医药价格风险线索通报（第一 批）》的文件，这是国家医保局为引导企业规范价格行为而发布的。随后，各地积极响应，开展中成药 异常价格风险线索处置工作，目前多地基本实现常态化治理。 随着此项工作深入推进，部分省市的信息公开力度不断加大，价格差异引发广泛关注。以天津为例，在 今年9月发布的治理清单中尚未公布涉及药品的每日费用，但在11月21日发布的清单中进行了公布，部 分药品每日费用与同品种最小每日费用相比在千倍以上，最高达3042倍，相差较大。 一般而言，由于同一名称的中成药成分可能不同、不同企业的质量标准可能有差异等因素，同一种中成 药价格会有所差异，但如果中成药名称、选材、剂型、质量标准均相同，却出现十几倍甚至数十倍价 差，说明存在明显的价格水分。业内普遍认为，中成药价格风险治理工作的推进将有效挤压价格水分， 并将与其他价格治 ...

Core Viewpoint - The company focuses on the research, production, and sales of healthy condiments, positioning itself as a market leader in this niche [1] Group 1: Product Offerings - The company has developed several innovative products, including Zhongjing Mushroom Sauce, Zhongjing Shanghai Scallion Oil, and supercritical extraction spice products, which are recognized as category pioneers in the healthy condiment sector [1] - Zhongjing's traditional Chinese medicine products, such as Liuwei Dihuang Pills and Xiaoyao Pills, are associated with its affiliate, Zhongjing Wanxi Pharmaceutical Co., Ltd. [1]

Core Viewpoint - The company, Foci Pharmaceutical, announced on August 28 that its leading products in sales for the first half of 2025 will include traditional Chinese medicine products such as Liuwei Dihuang Wan, Erchen Wan, Xiaoyao Wan, Guipi Wan, Bazhen Wan, and others, indicating a strong market presence and strategic focus on these items [1] Product Strategy - The company plans to continue its strategy of developing major products, aiming to consolidate and enhance the market share of traditional concentrated pill products like Liuwei Dihuang Wan series [1] - There is a particular emphasis on increasing sales of unique products such as Shenrong Gudan Wan and Fufang Huangqi Jianpi Oral Liquid, as well as high-demand products like Erchen Wan, Angong Niuhuang Wan, Bazhen Wan, and Anshen Buxin Wan [1]

Financial Performance - In the first half of 2025, the company's revenue reached 3,010.46 million CNY, with a net profit attributable to shareholders of 42.9 million CNY, and a net cash flow from operating activities of 1,788.09 million CNY, achieving a year-on-year growth of 364.33% [2][4] - The overall gross margin for the first half of 2025 increased to 39.93%, up by 5.32% compared to the same period last year [3][7] Sales Channels and Market Strategy - The company maintained over 60% sales from commercial chains, approximately 20% from medical channels, and around 20% from online and other channels, with overall sales performance remaining stable compared to the previous year [4] - The company is leveraging e-commerce platforms like JD and Tmall to enhance market share and develop potential markets [4] Product Development and Innovation - The company is focusing on the secondary development of four unique products, including the Ren Shen Gu Ben Wan and Fu Fang Huang Qi Jian Pi Oral Liquid, aiming to enhance their market competitiveness through technological upgrades [6] - Major products with strong sales in the first half of 2025 include Liu Wei Di Huang Wan, Er Chen Wan, and An Gong Niu Huang Wan, with plans to continue promoting these key products [5] International Expansion - The company has exported products to 32 countries and regions, including the USA, Canada, and Australia, and has achieved significant international certifications, including TGA and PIC/S [8] - Future plans include increasing international market share through brand collaboration and channel sharing [8] Cost Management and Future Planning - The decrease in sales expenses is attributed to a decline in revenue and effective cost control measures implemented by the company [8] - The company is actively developing its "14th Five-Year Plan," focusing on marketing breakthroughs, brand building, and innovation in research and development [8]

Investment Rating - The report does not explicitly state an investment rating for the menopausal syndrome medication industry in China. Core Insights - The menopausal syndrome medication industry in China is evolving from a phase of being overlooked to one of significant potential, driven by both Western and traditional Chinese medicine approaches. The industry is expected to see increased demand for non-hormonal therapies and a shift towards proactive health management for women [2][3]. Summary by Sections Industry Overview - Menopausal syndrome is characterized by a range of symptoms due to hormonal fluctuations during the transition to menopause, including menstrual irregularities, hot flashes, and emotional disturbances [2][19]. - The treatment landscape includes both Western medicine, primarily hormone replacement therapy, and traditional Chinese medicine, which offers a differentiated competitive advantage [2][3]. Market Size Analysis - The market for menopausal syndrome medications in China is projected to grow significantly, reaching 169.7 billion yuan by 2024, with a further increase to 449.6 billion yuan by 2029. The market is currently split between Western medications (88.8 billion yuan) and traditional Chinese medicines (80.9 billion yuan) [30][31]. - The growth is driven by unmet medication needs and the optimization of healthcare resources, particularly in under-served regions [31][32]. Industry Chain Analysis - The industry chain consists of upstream suppliers of raw materials, midstream manufacturers of chemical and traditional medicines, and downstream distribution through pharmacies and healthcare institutions [46][48]. - The core product in the chemical medication segment is progesterone, while traditional Chinese medicines include well-known formulas like Liuwei Dihuang Wan [47][63]. Competitive Landscape - The competitive environment is characterized by a diverse range of players, particularly in the traditional Chinese medicine sector, where many companies are establishing differentiated positions [72]. - The emergence of innovative non-hormonal therapies is expected to reshape the competitive dynamics, alongside the need for robust clinical evidence for traditional Chinese medicines [72].