证券日报网讯1月7日，广誉远（600771）在互动平台回答投资者提问时表示，龟龄集作为公司的独家处 方药品种，已基于产品的疗效及疗程、消费场景和市场需求等因素推出不同规格产品，目前，龟龄集产 品有12粒、18粒、24粒、30粒、36粒和60粒的规格供应市场，大家可根据自身需求在医师的专业指导下 购买使用。 ...

广誉远经典名方产品龟龄集 广誉远中医药文化产业园 在广誉远的博物馆里，讲解员指着升炼核心产品龟龄集的椭圆形炼丹炉说："最早时候我们用这个银炉 升炼，后来改良了，但核心原理未变。"正是这种对古法炮制的坚持让"中华老字号"广誉远品牌驰名海 内外中药界。 ◎记者 陈芳 一家近500年历史的中华老字号企业，是如何历经时代更迭后依然闪闪发光？近日，上海证券报记者走 进广誉远工厂，探寻其穿越时间长河的密码。在广誉远董事长李晓军看来，面对行业竞争加剧和科技浪 潮推陈出新、不断迭代，广誉远只有"跑"起来，不断地自我革命，自我完善，才能实现突破，跻身行业 第一梯队。 尊古不囿古，为守护药效 在全透明的玻璃厂房内，数以百计的大醋缸依次整齐排开，大醋缸表面盖有玻璃板，旁边有卡片记录着 晾晒时间和批次。经过这样长达三年的日晒夜露，二十公斤陈醋才能浓缩成一公斤的醋膏。 醋膏仅仅是炮制鹿茸的一味辅料，还需将醋膏加入鹿茸中土埋，经过独特的多种炮制后研成细末。系列 的繁琐工艺耗时漫长，广誉远却坚守了传统炮制的古法。 在广誉远生产工艺里，古法炮制随处可见。比如水飞法制作朱砂、土炒白术以及地黄九蒸九晒等。长期 以来，广誉远总结出了炒、蒸、煮、熏 ...

Core Viewpoint - The recent legal victory of Shanxi Guangyuyuan Traditional Chinese Medicine Co., Ltd. against a health company over trademark rights and unfair competition sets a new benchmark for intellectual property protection in the traditional Chinese medicine industry [1][3]. Group 1: Legal Case Summary - The case lasted for two years and resulted in a significant ruling that not only compensated Guangyuyuan for economic losses but also enhanced its brand reputation [1][2]. - The court recognized the "Guangyuyuan" trademark as a well-known trademark, confirming that the defendant's use of the name caused consumer confusion and constituted unfair competition [3]. - The compensation amount was doubled from 500,000 yuan to 1 million yuan, and the defendant was ordered to cease sales of infringing products in mainland China [3]. Group 2: Industry Context - The number of disputes involving time-honored brands has been increasing, with nearly 50% of such cases involving trademark imitation or malicious registration [1][4]. - The protection of traditional brands is supported by national policies, such as the "Intellectual Property Power Construction Outline (2021-2035)" which emphasizes the development and protection of traditional brands [2][4]. - The case highlights the challenges faced by traditional brands in protecting their intellectual property, including difficulties in evidence collection and high litigation costs [4]. Group 3: Company Performance - Guangyuyuan has seen a turnaround in its financial performance, with revenue exceeding 779 million yuan and net profit reaching approximately 76.86 million yuan in the first half of the year, marking a significant improvement [5]. - The company’s traditional production techniques have been recognized as national intangible cultural heritage, contributing to its brand value and market position [5]. - The company has initiated a "1541" development strategy to adapt to new industry dynamics and ensure sustainable growth [5].

Core Insights - The high-priced traditional Chinese medicine (TCM) products, such as An Gong Niu Huang Wan and Pian Zai Huang, are experiencing a decline in both sales and prices, prompting investors to reconsider the consumption logic of these products [2][3][4]. Group 1: Sales and Price Trends - An Gong Niu Huang Wan and Pian Zai Huang have seen a significant drop in sales and prices, with Pian Zai Huang's revenue decreasing by 11.93% and net profit down by 20.74% in the first three quarters of the year [4]. - The retail price of Pian Zai Huang has fallen below the official guidance price of 760.00 yuan per piece, with online platforms offering prices as low as 588.60 yuan [4][5]. - An Gong Niu Huang Wan is also facing price declines, with sales figures indicating a broader trend affecting high-priced TCM products [5]. Group 2: Market Dynamics - The decline in high-priced TCM sales is attributed to a fundamental change in consumer behavior, shifting from luxury and gift-giving to a focus on genuine patient needs [5][10]. - Tightening medical insurance policies have also impacted sales, as certain high-priced products are not fully covered, affecting consumer purchasing decisions [5][10]. - Despite the decline in high-priced TCM, there is a growing demand for anti-aging and health supplement products, which are becoming key drivers of growth in the health market [9][10]. Group 3: Growth in Alternative Products - Products like Gui Ling Ji and Ba Zi Bu Shen capsules are witnessing steady price and sales increases, indicating a shift in consumer preference towards health and wellness products [1][10]. - The market for health supplements, particularly those targeting the aging population, is expanding, with significant growth reported in products like Ejiao, which saw a 16.48% increase in sales in 2024 [11][14]. - The aging population in China is projected to reach 310.31 million by the end of 2024, representing 22.0% of the total population, further driving demand for health-related products [10].

Core Viewpoint - Guangyuyuan, a long-established Chinese traditional medicine company, has shown growth in revenue and net profit, with significant contributions from its traditional Chinese medicine and health wine segments, despite facing challenges in comparison to industry leaders [2][6]. Group 1: Company Overview - Guangyuyuan was established on November 25, 1996, and is listed on the Shanghai Stock Exchange since November 5, 1996, with its headquarters in Jinzhong, Shanxi Province [1]. - The company specializes in the production and sales of traditional Chinese medicine, premium Chinese medicine, and health wine, with a strong brand heritage [1]. Group 2: Financial Performance - For Q3 2025, Guangyuyuan reported revenue of 1.061 billion yuan, ranking 41st among 69 companies in the industry, significantly lower than the top competitors [2]. - The revenue breakdown includes 522 million yuan from traditional Chinese medicine (72.19%), 175 million yuan from premium Chinese medicine (24.20%), and 25.67 million yuan from health wine (3.55%) [2]. - The net profit for the same period was 82.15 million yuan, ranking 37th in the industry, again trailing behind major competitors [2]. Group 3: Financial Ratios - As of Q3 2025, Guangyuyuan's debt-to-asset ratio was 32.06%, lower than the industry average of 32.81%, indicating improved solvency [3]. - The gross profit margin was reported at 67.81%, which, despite a decrease from the previous year, remains above the industry average of 52.44% [3]. Group 4: Leadership and Governance - The controlling shareholder of Guangyuyuan is Shennong Technology Group, with the actual controller being the State-owned Assets Supervision and Administration Commission of Shanxi Province [4]. - Chairman Li Xiaojun has a strong background in finance and management, holding significant positions within the company and its parent group [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.85% to 65,300, with an average holding of 7,495.35 shares, a decrease of 2.77% [5]. - Notable changes among the top ten shareholders include a decrease in holdings by several entities and the entry of new shareholders [5]. Group 6: Growth Prospects - In H1 2025, Guangyuyuan's revenue and net profit grew by 18.14% and 28.95%, respectively, with all three main business lines showing growth [6]. - The company plans to increase R&D investment, with H1 2025 R&D expenses reaching 21 million yuan, a 15.5% increase year-on-year [6]. - Forecasts suggest revenue growth to 1.44 billion yuan by 2027, with net profit reaching 136 million yuan, indicating a strong growth trajectory [6].

Core Insights - Guangyuyuan Traditional Chinese Medicine Co., Ltd. reported a total revenue of 1.061 billion yuan for the first three quarters of 2023, marking an 18.71% year-on-year increase, and a net profit attributable to shareholders of 78.884 million yuan, up 11.16% year-on-year, returning to the "10 billion club" for the first time since 2018 [1] Financial Performance - The company achieved a total revenue of 1.061 billion yuan in the first three quarters of 2023, with a year-on-year growth of 18.71% [1] - The net profit attributable to shareholders was 78.884 million yuan, reflecting an 11.16% increase compared to the previous year [1] - After excluding a one-time tax payment of 29.67 million yuan, the actual net profit for the third quarter was approximately 31.7 million yuan, representing a year-on-year increase of about 179% [1] Brand and Product Development - Guangyuyuan's core products, including Gui Ling Ji, Ding Kun Dan, and An Gong Niu Huang Wan, have been recognized as national intangible cultural heritage [1] - The company is actively promoting its Gui Ling Ji liquor, which has seen significant sales growth, with over 103,000 boxes sold, making it the second-best-selling product [2] - The company has implemented various marketing strategies, including brand exposure through high-speed rail and promotional events, to enhance product visibility and expand sales channels [2] Strategic Direction - The company aims to maintain a growth trend through its "Four Legs and Two Wings" strategy, focusing on core products while exploring potential product lines [3] - Key strategies include positioning Gui Ling Ji as a symbol of anti-aging, Ding Kun Dan for women's health, and leveraging traditional production methods for An Gong Niu Huang Wan [3] - Guangyuyuan plans to enhance its entire industry chain, innovate marketing models, and improve its competitive edge in the traditional Chinese medicine sector [3]

Core Insights - The event successfully integrated traditional Chinese medicine (TCM) heritage with modern health concepts, showcasing the "Taigu Longevity Code" as a practical modern health guide [1][9] - The activity highlighted the importance of cultural heritage in promoting public health and wellness, aligning with the "Healthy China" strategy [1][8] Group 1: Cultural Heritage and Innovation - The event featured immersive experiences that challenged public stereotypes about TCM, with demonstrations of traditional production techniques by national-level intangible cultural heritage inheritors [3][5] - The innovative transformation of traditional techniques was exemplified by the reduction of the traditional 49-day refining process to just 17 days using modern technology, reflecting the principle of "innovation without forgetting the roots" [5][6] Group 2: Public Engagement and Education - Interactive games were used to educate the public about TCM principles, making the learning process engaging and accessible [6][7] - Experts debunked common misconceptions about health practices, promoting a scientific understanding of wellness that combines traditional wisdom with modern medical insights [7][8] Group 3: Health Practices and Longevity - The presence of elderly intangible cultural heritage inheritors demonstrated the practical benefits of TCM, showcasing how lifestyle choices contribute to longevity [7][9] - The sharing of specific health practices, such as moderate consumption of medicinal wine and balanced diets, provided actionable insights for healthy aging [7][9] Group 4: Cultural and Economic Impact - The event served as a model for integrating cultural tourism with health industry development, highlighting the role of traditional medicine in modern society [8][9] - The collaboration among heritage inheritors, medical experts, and the public illustrated a collective effort necessary for advancing the "Healthy China" initiative [8][9]

Investment Rating - The report maintains a rating of "Add" for the company [4] Core Views - The company achieved revenue and net profit growth in H1 2025, with revenue reaching 779 million yuan and net profit at 77 million yuan, representing year-on-year increases of 18.14% and 28.95% respectively [2] - Continuous improvement in internal controls and significant cash flow enhancement were noted, with operating cash flow net amounting to 246 million yuan, a year-on-year increase of 51.65% [2] - The company is focusing on "growth" as a primary objective across its business lines, emphasizing the enhancement of operational capabilities to support this growth [2] Financial Performance Summary - Revenue projections for 2025-2027 are 1.44 billion yuan, 1.67 billion yuan, and 1.94 billion yuan, with corresponding net profits of 136 million yuan, 156 million yuan, and 188 million yuan, indicating year-on-year growth rates of 82.6%, 14.8%, and 20.4% respectively [8] - The company reported a return on equity (ROE) of 6.2% in 2023, projected to rise to 9.7% by 2027 [9] - The earnings per share (EPS) is expected to increase from 0.18 yuan in 2023 to 0.38 yuan in 2027 [9] Business Segment Performance - Traditional Chinese medicine segment achieved revenue of 522 million yuan in H1 2025, a year-on-year increase of 14.66% [7] - The premium Chinese medicine segment reported revenue of 175 million yuan, up 9.66% year-on-year, with a total of 505 terminal stores as of H1 2025 [7] - The health wine segment saw significant growth, with revenue reaching 26 million yuan, a year-on-year increase of 57.18% [7] Research and Development - The company increased its R&D expenditure to 21 million yuan in H1 2025, a 15.5% increase year-on-year, and is collaborating with top research institutions to enhance clinical research and product development [3]

Core Viewpoint - Guangyuyuan's 2025 semi-annual report indicates strong growth in revenue and net profit, driven by traditional Chinese medicine and health wine businesses, amidst a competitive market environment [1][2][4] Financial Performance - The company achieved a revenue of 779 million yuan, a year-on-year increase of 18.14% [1] - Net profit attributable to shareholders reached 76.86 million yuan, up 28.95% year-on-year [1] - The non-recurring net profit attributable to shareholders was 67.99 million yuan, reflecting a 21.76% increase [1] Business Segments - Traditional Chinese medicine generated revenue of 522 million yuan, growing by 14.66%, with a gross margin of 69.42% [2] - Health wine business revenue surged to 25.67 million yuan, marking a significant increase of 57.18% [2] Market Strategy - The company is focusing on a "full industry chain" strategy to enhance high-quality Chinese medicine production, emphasizing product quality, channel development, technological innovation, and brand strength [2][3] - Guangyuyuan has expanded its sales channels, adding 43 new terminal stores, bringing the total to 505 nationwide [2] Research and Development - R&D investment reached 20.72 million yuan, a 15.50% increase, supporting the "integration of production, learning, research, and application" strategy [3] - Collaborations with top research institutions aim to advance clinical research and the development of classic formulas [3] Market Response - Positive market feedback is reflected in the increase of shareholding among the top ten shareholders, with seven choosing to increase their stakes [3] - This shareholder behavior indicates confidence in the company's performance and strategic direction, particularly in light of revenue and profit growth [3] Overall Assessment - Guangyuyuan demonstrates characteristics of "high-quality growth and strategic deepening," with short-term performance driven by revenue and profit increases, while facing long-term challenges related to gross margin pressure and high valuation [4] - The company aims to leverage its brand strength and proprietary formulas to capture market share amid increasing industry concentration [4]

Core Viewpoint - Guangyuyuan Traditional Chinese Medicine Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, reflecting a robust growth strategy and market positioning in the traditional Chinese medicine sector [2][13]. Company Overview and Financial Indicators - The company achieved an operating income of 779.28 million yuan, a year-on-year increase of 18.14% compared to 659.60 million yuan in the same period last year [2]. - The total profit reached 86.63 million yuan, up 18.90% from 72.86 million yuan in the previous year [2]. - The net profit attributable to shareholders was 76.86 million yuan, representing a 28.95% increase from the previous year [13]. - The company's total assets amounted to 2.45 billion yuan, with net assets attributable to shareholders at 1.65 billion yuan, reflecting a 7.83% increase [2]. Business Operations - The company primarily engages in the production and sale of traditional Chinese medicine products, categorized into three main segments: traditional Chinese medicine, premium Chinese medicine, and health wine [6]. - Guangyuyuan has a rich history, being one of the oldest traditional Chinese medicine brands, with core products recognized as national intangible cultural heritage [6]. - The company employs a dual procurement strategy, utilizing both tender and direct purchasing methods to ensure quality and cost-effectiveness in raw material sourcing [6]. Market Strategy and Growth - The company is focused on a "1541" strategic framework aimed at enhancing product quality and market penetration, with a strong emphasis on brand development and cultural heritage [13]. - Guangyuyuan has expanded its retail presence, adding 43 new stores, bringing the total to 505 by the end of June 2025 [13]. - The company is leveraging digital transformation to integrate online and offline sales channels, enhancing customer experience and operational efficiency [13]. Industry Context - The pharmaceutical manufacturing industry is undergoing significant transformation, driven by government policies aimed at improving quality and safety standards in traditional Chinese medicine [6]. - Recent regulatory changes are expected to enhance the market environment, promoting fair pricing and transparency in drug procurement [11]. - The industry is also witnessing a shift towards high-quality development, with an emphasis on innovation and internationalization of traditional Chinese medicine [6][8].