2025年11月24日至26日，第八届"一带一路"中医药发展论坛暨第三届OTC品牌大会在杭州隆重举行。本 次大会以"品牌扬帆丝路远航"为主题，汇聚政、产、学、研各界代表，共同探讨中医药国际化、品牌建 设与产业创新路径。 大会启动仪式 未来，国药太极将构建符合中药特点的国际科技创新体系，推动中医药理论、人用经验与现代临床疗效 相结合，向海外解读好太极文化，依托"太极拳""中医药"等中国名片传播太极健康方案，向世界贡献东 方智慧。 本次大会还发布了2025年度OTC品牌评价结果，国药太极斩获多项荣誉：旗下核心产品太极藿香正气口 服液、急支糖浆、鼻窦炎口服液分别位列"2025年度中国非处方药产品综合统计排名"各品类榜首，前两 者获评"2025年度中国非处方药黄金大单品"；国药太极荣登"2025年度中国非处方药生产企业综合统计 排名"第二名；五子衍宗丸、沉香化气片等多款特色产品亦位列"2025年度中国非处方药产品综合统计排 名"各领域前列。 构建独一无二的"太极IP" 国药太极副总经理孟庆鑫发表主题演讲 国药太极副总经理孟庆鑫在主题报告中系统阐述了打造"太极IP"的战略路径：将通过品牌战略、品牌文 化、品牌识别、品牌 ...

内容概要：鼻炎是一种常见的呼吸道疾病，近年来，受环境变化、生活压力增大等诸多因素影响，我国 鼻炎发病率继续上升，带动鼻炎用药市场需求与日俱增，中成药治疗鼻炎因服用方便、副作用少等优势 越来越受到患者青睐，据米内网数据显示，2024年我国三大终端六大市场中成药鼻炎用药销售额达32.7 亿元，同比增长12.06%。 上市企业：太极集团（600129）、中国中药（00570.HK）、步长制药（603858）、康恩贝 （600572）、国药股份（600511）、白云山（600332）、两面针（600249）、同仁堂（600085） 相关企业：鲁南制药集团股份有限公司、云南云龙制药股份有限公司、云南通大生物药业有限公司、扬 子江药业集团有限公司、修正药业集团股份有限公司、四川字库山制药有限公司、四川同人泰药业股份 有限公司、四川森科制药有限公司、四川琦云药业有限责任公司、四川川大华西药业股份有限公司、陕 西香菊药业集团有限公司、山东新时代药业有限公司、江西药都樟树制药有限公司、江西杏林白马药业 股份有限公司、吉林省松辽制药有限公司、国药集团德众（佛山）药业有限公司、贵州光正制药有限责 任公司、成都华神科技集团股份有限公 ...

证券代码：600129 证券简称：太极集团 公告编号：2025-085 重庆太极实业（集团）股份有限公司 关于公司 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之《第 六号—医药制造》的相关规定，现将公司 2025 年第三季度主要经营数据披露如下： 一、报告期内分行业经营数据 二、报告期内工业主要品种按治疗领域划分经营数据 单位：万元 产品分类 主营业务收入 主营业务成本 毛利率 (%) 营业收入比 上年同期增 减（%） 营业成本比 上年同期增 减（%） 毛利率同 比增长百 分点 消化及代谢用药[注 1] 129,916 74,730 42.48 -26.57 3.42 -16.68 呼吸系统用药[注 2] 115,690 61,450 46.88 -38.34 -12.45 -15.71 神经系统用药 44,507 13,947 68.66 -12.64 14.93 -7.52 大健康产品 36,402 24,52 ...

Core Viewpoint - The company experienced significant revenue and profit declines in the first half of 2025, primarily due to policy adjustments and inventory digestion in the market [1][2]. Financial Performance - In 1H25, the company's revenue was 5.66 billion yuan, down 27.6% year-over-year, with a net profit of 140 million yuan, down 71.9% year-over-year [1]. - The second quarter of 2025 saw revenue of 2.83 billion yuan, a decrease of 21.6% year-over-year, and a net profit of 60 million yuan, down 74.1% year-over-year [1]. - The gross profit margin for 1H25 was 27.7%, a decline of 19.0 percentage points, with a net profit margin of 2.5%, down 3.9 percentage points [4]. Segment Performance - The pharmaceutical industrial segment's revenue in 1H25 was 2.84 billion yuan, down 44.0% year-over-year, with significant declines in key product sales [2]. - The respiratory medication revenue was 870 million yuan, down 44.7% year-over-year, with a gross margin of 45.1%, a decrease of 20.0 percentage points [2]. - The company reported mixed performance in other product categories, with some segments like cardiovascular and anti-tumor drugs showing growth [2]. Strategic Initiatives - The company is focusing on transforming its industrial organization and enhancing its marketing structure to adapt to market changes [3]. - Plans include optimizing core product competitiveness, deepening evidence-based medical research, and accelerating sales team restructuring [3]. Cash Flow and Share Buyback - The operating cash flow for 2Q25 was 280 million yuan, showing improvement compared to a negative cash flow in the previous year [4]. - The company announced a share buyback plan of no less than 80 million yuan and no more than 120 million yuan, reflecting confidence in long-term development [4]. Investment Outlook - The company is undergoing significant reforms and is expected to reach a performance turning point, with adjusted net profit forecasts for 2025-2027 [5]. - A target price of 24.7 yuan is set based on a 25x PE ratio for 2025, considering the potential for performance reversal [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 5.66 billion RMB, down 27.6% year-on-year, and net profit at 139 million RMB, down 71.9% year-on-year [2]. - The pharmaceutical industrial segment faced pressure, with a 44% decline in revenue, while the pharmaceutical commercial segment saw a 9.9% decrease [3]. - The company is undergoing a transformation in its marketing model, leading to a notable decrease in sales expense ratio, which is expected to improve future profitability [3]. - A share buyback plan has been announced, with an amount ranging from 80 to 120 million RMB, aimed at enhancing shareholder value [4]. Summary by Sections Performance Review - In 1H25, the company achieved revenue of 5.66 billion RMB, a decrease of 27.6% year-on-year, and a net profit of 139 million RMB, down 71.9% year-on-year. The second quarter alone saw revenue of 2.83 billion RMB, down 21.6% year-on-year, and a net profit of 64 million RMB, down 74.1% year-on-year [2]. Operational Analysis - The pharmaceutical industrial revenue was approximately 2.84 billion RMB, down 44% year-on-year, while the pharmaceutical commercial revenue was about 3.37 billion RMB, down 9.9% year-on-year. The decline in sales of key products, such as the Tai Chi Huoxiang Zhengqi Oral Liquid, significantly impacted revenue [3]. - The company is optimizing its marketing structure and enhancing internal collaboration, resulting in a sales expense ratio of 13.99%, a decrease of 17.67 percentage points year-on-year. The gross margin for the pharmaceutical industrial segment was 42.44%, down 20.46 percentage points year-on-year, indicating potential for recovery as inventory levels improve [3]. Profit Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted to 10.52 billion RMB and 11.65 billion RMB, respectively, with a projected revenue of 12.72 billion RMB for 2027. Net profit forecasts for the same years have been revised to 452 million RMB and 582 million RMB, with an expected net profit of 725 million RMB in 2027 [5]. - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.81 RMB, 1.04 RMB, and 1.30 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 29, 22, and 18 times [5].

Core Viewpoint - The company, Chongqing Taiji Industrial (Group) Co., Ltd., reported a significant decline in its main business revenue and profit margins for the first half of 2025, indicating challenges in various segments of its operations [1][2]. Summary by Category 1. Main Business Revenue and Costs - The total main business revenue for the first half of 2025 was 559,588.74 million RMB, a decrease of 27.61% compared to the previous year [1][2]. - The main business cost was 405,416.86 million RMB, which saw a slight decrease of 1.48% [1][2]. - The overall gross margin was reported at 27.55%, down by 19.21 percentage points year-on-year [1][2]. 2. Segment Performance - **Pharmaceutical Industry**: Revenue was 284,234.75 million RMB, with a gross margin of 42.44%, down 20.46% year-on-year. The cost was 507,878.28 million RMB, reflecting a significant decline in profitability [1]. - **Pharmaceutical Commerce**: Revenue reached 337,213.55 million RMB, with a gross margin of 8.45%, down 0.33%. The cost was 374,145.79 million RMB, indicating a decrease of 9.87% [1]. - **Traditional Chinese Medicine Resources**: Revenue was 49,274.89 million RMB, with a gross margin of 8.51%, showing a slight increase of 0.74%. The cost was 49,005.69 million RMB [1]. - **Health and International Services**: Revenue dropped to 9,514.72 million RMB, with a gross margin of 8.47%, down 0.71%. The cost was 26,542.95 million RMB, reflecting a 64.15% decrease [1]. - **Other Services**: Revenue was 68.42 million RMB, with a gross margin of 66.63%, down 16.17%. The cost was 189.81 million RMB, a decrease of 63.95% [1]. 3. Regional Performance - **Southwest Region**: Revenue was 379,714.39 million RMB, with a gross margin of 20.73%, down 8.58% [2]. - **East China**: Revenue was 87,061.98 million RMB, with a gross margin of 40.94%, down 46.85% [2]. - **South China**: Revenue was 28,509.92 million RMB, with a gross margin of 38.09%, down 56.80% [2]. - **North China**: Revenue was 24,147.85 million RMB, with a gross margin of 56.99%, down 57.66% [2]. - **Central China**: Revenue was 19,341.36 million RMB, with a gross margin of 37.22%, down 47.85% [2]. - **Northwest Region**: Revenue was 11,126.22 million RMB, with a gross margin of 38.00%, down 45.33% [2]. - **Northeast Region**: Revenue was 9,317.72 million RMB, with a gross margin of 38.49%, down 27.12% [2]. - **Overseas**: Revenue was 369.30 million RMB, with a gross margin of 49.63%, down 34.18% [2].

[注 1] 呼吸系统用药的营业收入较上年同期减少 44.69%，主要系本报告 期急支糖浆、鼻窦炎口服液、散列通等销售额减少所致。 证券代码：600129 证券简称：太极集团 公告编号：2025-063 重庆太极实业（集团）股份有限公司 关于公司 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》 之《第六号—医药制造》的相关规定，现将公司 2025 年半年度主要经营数据 披露如下： | | | | | | | | | 单位：万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 主营业务收入 2025 年 | 2024 年 | 增长率% | 主营业务成本 2025 年 | 2024 年 | 增长率% | 毛利率% 2025 年 | 2024 年 | 同比增长 百分点 | | | 1-6 月 | 1-6 月 | | 1-6 月 | ...

Core Viewpoint - After the acquisition by China National Pharmaceutical Group in 2021, Taiji Group experienced significant profit growth, but in 2024, the company faced a dramatic decline in revenue and net profit, raising concerns about its future performance and compliance issues [1][5]. Financial Performance - In 2024, Taiji Group reported revenue of 12.386 billion yuan, a year-on-year decline of 20.72%, and a net profit of 26.6527 million yuan, down 96.76% year-on-year [1]. - The company had previously set a target of achieving 50 billion yuan in revenue by the end of the 14th Five-Year Plan, but the current performance indicates a significant gap from this goal [1][8]. Tax Compliance Issues - Taiji Group's subsidiaries, Southwest Pharmaceutical and the Chinese Herbal Medicine Company, are required to pay approximately 100 million yuan in back taxes and penalties, which may further pressure the company's financial performance [2]. - Tax compliance is critical for participation in national procurement, and any decline in credit ratings due to tax issues could affect the subsidiaries' ability to win bids [2][4]. Product Performance and Market Challenges - The core product, Huoxiang Zhengqi Oral Liquid, saw a 35.34% decline in sales volume in 2024, with production halved by 51.2% [6]. - The inventory of Huoxiang Zhengqi has been increasing significantly over the past three years, indicating potential market demand issues [6][7]. - Other product lines also faced challenges, with sales of Compound Acetaminophen Tablets dropping by 54.7% [8]. Research and Development Concerns - Taiji Group's R&D efforts have stagnated, with only 10 new production approvals and 4 clinical approvals in the past decade, raising concerns about the company's ability to develop new competitive products [7]. - The company has spent approximately 620 million yuan on R&D over three years, which is less than 1/20 of its sales expenses during the same period [7].