（同仁堂、同仁堂集团与涉事企业关系图。 天眼查/图） 12月17日晚，A股上市公司北京同仁堂股份有限公司（以下简称"同仁堂"，600085.SH）发布澄清公告，南极磷虾油虚假标注涉事企业北京同仁堂（四川） 健康药业有限公司（以下简称"同仁堂四川健康药业"）并非其下属公司。 今年12月11日，"上海消保委"微信公众号发文称，知名企业疑似造假，将被上海市消保委约谈。相关文章称，一款标称"北京同仁堂99%高纯南极磷虾油"的 产品，在网页上写着"高含量""智利进口原料""高度提纯""1粒≈100只磷虾"，其磷脂标识值为43%，看似是品质出众的优质产品，但检测结果显示该款产品磷 脂含量为0。这款产品由安徽哈博药业有限公司生产、同仁堂四川健康药业经销。 （文章来源：中国经营报） 同仁堂与北京同仁堂健康药业股份有限公司（以下简称"同仁堂健康"）均为同仁堂集团子公司。同仁堂四川健康药业为同仁堂健康的子公司。上述3家公司 均为同仁堂集团旗下公司。 同仁堂方面表示："为维护广大消费者及本公司的合法权益，本公司在关注到相关报道后，已与同仁堂集团积极沟通、了解反映情况，会同同仁堂集团共同 维护'同仁堂'品牌形象和声誉。据悉，同仁堂集 ...

12月15日，北京同仁堂通过微信公众号"同仁堂健康会员"发布声明称，对于媒体报道的"99%高纯南极 磷虾油"产品相关成分涉嫌虚假标注。针对上述情况，该公司立即责令四川健康药业停止经销该产品， 并对涉事产品开展全流程核查与追溯。这款产品未经授权擅自突出使用"北京同仁堂"字样，涉嫌违法， 北京同仁堂已启动司法程序，对涉事企业进行起诉，以求维护广大消费者和企业的合法权益。 同仁堂发布澄清公告。 12月17日晚间，北京同仁堂股份有限公司（同仁堂，600085.SH）发布关于相关媒体报道的澄清公告。 公告指出，同仁堂关注到网络上有关于安徽哈博药业有限公司生产、北京同仁堂（四川）健康药业有限 公司（以下简称"四川健康药业"）经销的一款南极磷虾油产品及相关对"同仁堂"品牌的报道。为避免相 关报道对投资者造成误导，公司针对上述事项进行说明并予以澄清。 据《半月谈》此前报道，近日，上海市消保委委托中国水产科学研究院东海水产研究所，对市面上热销 的15款国内外南极磷虾油产品开展了检测和调查，结果发现，一款标称"北京同仁堂99%高纯南极磷虾 油"的产品，实测磷虾油含量竟然为"0"。上海市消保委副秘书长唐健盛介绍，上海市消保委在对生 ...

Core Viewpoint - Tong Ren Tang has maintained steady growth in its performance despite external pressures and industry cycle adjustments, as evidenced by its Q3 2025 financial results [1] Financial Performance - In Q3 2025, Tong Ren Tang achieved operating revenue of 3.539 billion yuan, with a total operating revenue of 13.308 billion yuan for the first three quarters [1] - The net profit attributable to shareholders in Q3 was 232 million yuan, totaling 1.178 billion yuan for the first three quarters [1] - The company's steady performance is attributed to its "quality improvement and efficiency enhancement" strategy [1] Strategic Focus - The company has launched the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025, focusing on core business and high-quality development [2] - Tong Ren Tang aims to strengthen its core competitiveness through deep collaboration across the entire supply chain, including R&D, procurement, production, and sales [2] Product and Brand Strength - Tong Ren Tang has developed a strong product portfolio, with over 400 traditional Chinese medicine products covering various therapeutic areas [3] - The company has established a complete industrial chain, including cultivation, processing, R&D, logistics, and retail, enhancing its brand and operational stability [3] Innovation and R&D - The company plans to increase its investment in R&D, with expenditures reaching 143 million yuan in the first three quarters, significantly higher than the previous year [5] - Future R&D efforts will focus on new drug development and improving existing products, including clinical studies for several key products [4] Brand Legacy and Future Outlook - Founded in 1669, Tong Ren Tang has a rich history and strong brand recognition in the traditional Chinese medicine sector, which supports its market competitiveness [6] - The company aims to enhance its brand influence and market dynamics through innovation, digital transformation, and international expansion [6][7]

Group 1 - The National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine have initiated a pilot program for disease-based payment for traditional Chinese medicine (TCM) in approximately 15 provinces or cities, aiming to reform payment methods over 2-3 years and gradually promote nationwide [1] - Longjiang Securities indicates that the DRG/DIP payment reform represents a significant change from project-based payments, providing new strategic opportunities for the innovative development of TCM [1] - CITIC Securities notes that while the collection of traditional Chinese medicine is being comprehensively promoted, the overall price reduction aligns with expectations, particularly for exclusive TCM prescription drugs, which have seen moderate price declines [1] Group 2 - Zheshang Securities highlights that the TCM industry possesses attributes similar to the banking sector, characterized by ample cash flow, high dividends, and low profit volatility, with expectations of improved revenue and net profit growth in the second quarter of 2025 compared to the first quarter [1] - The company Sichuang Medical is actively engaging in the DRG/DIP field, leveraging its medical information intelligent open platform to assist healthcare institutions in reforming payment methods [1]

Core Viewpoint - Beijing Tongrentang Technology Development Co., Ltd. showcased traditional Chinese medicine at the 2025 China Open Tennis Tournament, blending ancient practices with modern health concepts to attract a younger audience [1][12]. Group 1: Product Showcase - The exhibition featured a variety of traditional Chinese medicine products, including Shengmai Drink, Liuwei Dihuang Wan, and Jingshi Niuhuang Jiedu Pian, highlighting the company's strong foundation in traditional medicine [3]. - A range of health products was also presented, such as health drinks, skincare masks, and hair care products, aligning with the health-oriented philosophy of the event [5]. Group 2: Engagement with Athletes - Notable tennis player Sorana Cirstea participated in a hands-on experience of making herbal sachets, demonstrating the interactive approach of the exhibition [8][10]. - The company aims to enhance global recognition of traditional Chinese medicine through athlete involvement and innovative presentations [12]. Group 3: Scent Products - The company introduced its "Bencao Zhi Yue" series and other aromatic products at the player’s banquet, which became a popular attraction among attendees [13][16]. - The scent products are developed based on the concept of "medicinal fragrance," with nearly 140 products available, focusing on benefits like sleep aid and relaxation [18]. Group 4: Market Expansion - The products were also made available in 16 authorized cultural and creative stores during the event, expanding the reach of Tongrentang's offerings to a broader audience [21].

Core Viewpoint - The company, Beijing Tongrentang Co., Ltd., has demonstrated resilience and strategic growth in the first half of 2025, achieving stable revenue and profit amidst industry adjustments and external challenges, while focusing on quality improvement and international expansion [2][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 9.769 billion yuan, a slight increase of 0.06% year-on-year, with a net profit attributable to shareholders of 945 million yuan [2][3]. - The pharmaceutical manufacturing segment showed strong performance with a main business revenue of 6.562 billion yuan, up 1.38%, and a gross margin increase of 2.6 percentage points to 43.99% [3]. - The company effectively controlled costs, with operating costs decreasing by 0.64% to 5.443 billion yuan, while sales expenses rose by 12.69% to 1.857 billion yuan due to marketing reforms [3]. Strategic Initiatives - The company has implemented a "big product strategy" and a "fine product strategy," focusing on core products and enhancing market presence through innovative marketing strategies [4]. - It has optimized its e-commerce channels and expanded into the medical field, utilizing various media platforms to enhance brand awareness [4]. - The company has established a financial shared service center to improve data integration between business and finance, enhancing management efficiency [4]. Research and Development - The company is focusing on expanding drug indications and exploring the value of traditional products, with ongoing research on key products like Baijitian polysaccharide capsules and Tongrentang's traditional Chinese medicine [8]. - It is also advancing the integration of traditional medicine with modern technology, enhancing production quality and efficiency [8]. International Expansion - The company is actively pursuing international market opportunities, with new store openings in Hong Kong and ongoing product registration efforts abroad [10][11]. - It aims to leverage national policies that support the development of traditional Chinese medicine to enhance its global presence [11]. Cultural and Brand Development - The company is enhancing its cultural presence through various initiatives, including immersive experiences that promote traditional Chinese medicine culture [9]. - It is also modernizing its brand image to resonate with younger consumers, thereby expanding its market reach [9].

Core Insights - Tong Ren Tang reported a slight increase in revenue for the first half of 2025, reaching 9.769 billion yuan, but a decline in net profit by 7.39% to 945 million yuan, continuing the trend of 2024 where net profit also decreased [2][3] - The decline in performance over the past two years is attributed to increased industry competition and high raw material costs, particularly the price of natural cow bile, which peaked at 1.7 million yuan per kilogram in December 2024 [3][4] - The company has initiated a management overhaul, with several high-level executives leaving and new appointments being made, which may impact the company's strategic direction and operational efficiency [5][8] Financial Performance - For the first half of 2025, revenue was 9.769 billion yuan, a year-on-year increase of 0.06%, while net profit was 945 million yuan, a decrease of 7.39% [2] - In 2024, the company achieved revenue of 18.597 billion yuan, a 4.12% increase, but net profit fell by 8.54%, marking the first decline in five years [2] - The revenue growth rates for 2024 and the first half of 2025 were significantly lower compared to previous years, with 2021 and 2023 showing growth rates of 22.58% and 30.02% respectively [2] Raw Material Costs - The price of natural cow bile, a key ingredient in Tong Ren Tang's products, saw a dramatic increase of 198.25% from 570,000 yuan per kilogram in early 2023 to 1.7 million yuan per kilogram by the end of 2024 [4] - The introduction of policies allowing the import of cow bile has helped alleviate raw material shortages for pharmaceutical companies [4] Management Changes - A significant management reshuffle occurred, with multiple executives leaving their positions due to "work adjustments," including the general manager and chief accountant [5][8] - New appointments include Chen Jiafu and Pan Baoxia, who were elected as non-independent directors, indicating a shift in governance [6][8] Industry Context - The pharmaceutical industry is facing challenges such as rising raw material costs and intensified competition, which are impacting profitability [3][9] - The integration of Tianjin Tong Ren Tang, in which Beijing Tong Ren Tang Group acquired a 60% stake, presents both opportunities and challenges for the company [9]

Core Insights - The company reported a revenue of 9.769 billion yuan for the first half of 2025, reflecting a year-on-year growth of 0.06% [1] - The net profit attributable to shareholders decreased by 7.39% to 945 million yuan, while the net profit excluding non-recurring items fell by 5.03% [1] Business Overview - The company's main business involves the production and sales of traditional Chinese medicine (TCM), with a complete industry chain that includes TCM material planting, processing, research and development, logistics distribution, and wholesale and retail [1] - The company produces over 400 varieties of TCM, with a diverse range of product forms covering various medical categories such as internal medicine, surgery, gynecology, and pediatrics [1] - Notable products include An Gong Niu Huang Wan, Tong Ren Niu Huang Qing Xin Wan, Tong Ren Da Huo Luo Wan, Liu Wei Di Huang Wan, and Jin Kui Shen Qi Wan, which are well-known both domestically and internationally [1]

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].

Core Insights - The core viewpoint of the articles highlights the impressive sales performance of Tongrentang Technology's product cluster, particularly the Liuwei Dihuang Wan, which saw a sales revenue increase of approximately 47.99% year-on-year [1][3]. Group 1: Sales Performance - Liuwei Dihuang Wan leads the urinary and kidney supplement product cluster, driving significant sales growth for related products such as Jinkui Shenqi Wan (19.55% increase) and others achieving double-digit growth [1][3]. - The market demand for these products is fueled by lifestyle changes leading to increased issues related to kidney deficiency, as well as a growing elderly population experiencing related symptoms [3]. Group 2: Product Characteristics - Liuwei Dihuang Wan's formulation is based on the work of Song Dynasty physician Qian Yi, featuring a balanced combination of six key herbs that work synergistically [3]. - The unique formulation, high-quality ingredients, and advanced manufacturing techniques of Tongrentang provide strong support for the effectiveness of these products [3]. Group 3: Marketing and Distribution Strategy - Tongrentang Technology has implemented targeted marketing strategies and operational policies to enhance product visibility in the market, focusing on community engagement through initiatives like the "flag-planting action" [4]. - The company has expanded its market coverage to 31 provinces, reaching nearly 3,000 retail chains [4]. - A differentiated promotional strategy has been developed for products like Liuwei Dihuang Wan, utilizing popular social media platforms to engage younger consumers and achieve significant market share growth [6]. Group 4: Future Plans - In the second half of the year, Tongrentang Technology plans to continue strengthening its product cultivation and precise strategies for building its major product cluster matrix, aiming for high-quality growth in performance [6].