Core Viewpoint - Tongrentang Technology reported a revenue of 7.26 billion and a net profit of 0.887 billion for the fiscal year 2024, demonstrating resilience in a challenging pharmaceutical market environment [1] Group 1: Financial Performance - The company achieved a revenue of 7.26 billion and a net profit of 0.887 billion during the reporting period [1] - Despite challenges such as rising raw material prices and decreased foot traffic in stores, the company improved its overall operational quality [1] Group 2: Innovation and R&D - Tongrentang Technology increased its investment in research and development, accelerating the development of innovative drugs and classic formulas [2] - The company received clinical trial approval for Qishen Granules, marking its first clinical approval for a traditional Chinese medicine in eight years [2] - Several products underwent pharmacological mechanism studies, enhancing their market competitiveness and clinical recognition [2] Group 3: Market Strategy and Product Expansion - In response to external challenges, the company adjusted its market strategy, focusing on channel management, price stability, and terminal empowerment [3] - The company launched promotional activities for its "Yuyao 300" product line, resulting in nine products exceeding 0.1 billion in sales [3] Group 4: Channel Development - Tongrentang Technology strengthened its partnerships with major distributors and conducted over 450 promotional events in previously untapped markets [4] - The company aimed to enhance product distribution rates and terminal effectiveness through targeted market strategies [4] Group 5: Risk Management and Future Plans - The company plans to enhance its governance and core competitiveness to address risks and challenges [5] - Future initiatives include a new round of collaborative innovation in traditional Chinese medicine, aiming to complete clinical research on five products by 2025 [5]

Core Viewpoint - The traditional Chinese medicine (TCM) industry is at a new historical starting point, presenting new development opportunities for companies like Tong Ren Tang [1] Financial Performance - In 2024, Tong Ren Tang achieved revenue of HKD 1,611.6 million, a 5.7% increase from HKD 1,524.9 million in 2023, with a net profit of HKD 529.2 million [3] - The final dividend per share increased to HKD 0.35 from HKD 0.33 in 2023 [3] - The Hong Kong market contributed over 50% to the company's total revenue, with a 16.9% year-on-year growth in revenue to HKD 1,069.7 million [3] Operational Strategy - The company expanded its retail presence in Hong Kong by adding two new retail outlets, enhancing market coverage [3] - Tong Ren Tang maintains a stable gross profit margin and had a debt ratio of 2.9% with cash and cash equivalents of approximately HKD 1.82 billion [4] - The company has a history of active dividend policies, with cumulative dividends reaching HKD 3 billion, reflecting strong cash flow and profitability [4] Product Development and Innovation - Tong Ren Tang is focusing on product innovation and research, launching several new products in 2024, including anti-aging and herbal formulations [5] - The company has received multiple patents for its products, enhancing its competitive edge [6][7] International Expansion - The company is actively expanding its international presence, with a sales network covering major regions including Asia, Oceania, North America, and Europe [8] - Tong Ren Tang is registering key products in Southeast Asian countries and has established a presence in New Zealand, becoming the largest TCM chain in the region [8][9] Brand and Market Positioning - The company emphasizes balancing commercial and social value, engaging in community health initiatives and promoting TCM culture [10] - Tong Ren Tang has strengthened its brand influence through advertising and participation in global trade events, receiving multiple awards for its brand recognition [11][12] Industry Outlook - The TCM industry is benefiting from favorable policies and increasing public interest in health, positioning it as a promising sector in the pharmaceutical field [13] - The company aims to enhance retail efficiency, diversify its product matrix, and invest in core projects to capture more market share [13]

Core Viewpoint - The Chinese medicine industry is poised for high-quality development driven by government policies, with Tong Ren Tang Technology (01666.HK) positioned to benefit from this trend through its comprehensive capabilities and strategic alignment with policy directions [1][5]. Financial Performance - In 2024, Tong Ren Tang Technology achieved revenue of 7.26 billion RMB, a year-on-year increase of 7.18%, and a net profit of 888 million RMB, with a return to shareholders of 0.18 RMB per share [2]. - Despite facing cost pressures, the company maintained stable revenue performance, leveraging its full industry chain advantages and refined management to control procurement costs [2][3]. - The company reported 56 products with sales exceeding 5 million RMB, including 9 products with sales over 100 million RMB, indicating robust growth in core products [3]. Market Opportunities - The government’s support for traditional Chinese medicine and consumption policies creates favorable conditions for market expansion of core products like An Gong Niu Huang Wan and Gan Mao Qing Re Granules [6]. - The adjustment of the medical insurance catalog in 2024 is expected to favor innovative Chinese medicine products, potentially leading to revenue recovery for the company [6]. Competitive Strengths - Tong Ren Tang Technology's competitive edge lies in its full industry chain, covering everything from raw material cultivation to terminal services, ensuring stable supply and quality [7]. - The company is actively promoting product innovation and has received approval for its innovative drug Qi Shen Granules, which is set to enter clinical trials [8]. - The company has been recognized for its research achievements, winning the 2024 Beijing Science and Technology Progress Award, showcasing its strong R&D capabilities [8]. Cost Dynamics - The company has faced pressure from rising raw material costs, but a recent decline in Chinese medicinal material prices is expected to improve profitability [10]. - The overall cost pressure on downstream Chinese medicine companies is anticipated to decrease, allowing for improved margins [10]. Long-term Growth Potential - The company is positioned for value growth through policy-driven short-term performance recovery, industry chain advantages, and international market expansion [11]. - With a dynamic P/E ratio of approximately 9 times, the company is expected to maintain a valuation premium due to its brand value and market competitiveness [11].

Core Insights - The company reported a revenue of HKD 1,611.6 million for the year ending December 31, 2024, representing a year-on-year growth of 5.7% [1] - The net profit for the same period was HKD 529.2 million, with a profit attributable to shareholders of HKD 500.3 million, resulting in an earnings per share of HKD 0.60 [1] - The board proposed a final dividend of HKD 0.35 per share [1] Hong Kong Market Performance - The company achieved revenue of HKD 1,069.7 million in the Hong Kong market, marking a year-on-year increase of 16.9% [2] - Despite challenges in the retail sector, the company successfully implemented a major product strategy and enhanced market promotion, leading to a recovery in retail revenue in the second half of the year [2] - The company added 2 new retail outlets in Hong Kong during the year [2] Overseas Market Expansion - The company generated revenue of HKD 402.6 million from overseas markets, with a total of 47 retail outlets [2] - The company is focused on promoting traditional Chinese medicine culture internationally and expanding its market presence [2] - Revenue from the domestic distribution business in mainland China was HKD 139.4 million, indicating a gradual recovery [2] Production and R&D Strengthening - The company enhanced its core business by focusing on production quality management and technological innovation [3] - The production facility in Tai Po, Hong Kong, holds multiple certifications, ensuring high-quality product manufacturing [3] - The company has developed a comprehensive quality control system covering all stages from project initiation to production [3] New Product Development - The company launched several new products, including anti-aging NMN series and various herbal formulations, expanding its product matrix [4] - The company received approval for the registration of Angelica Blood Supplement Granules, further diversifying its product offerings [4] - Collaborations with universities and research institutions are ongoing to promote scientific research and product development [4] Intellectual Property Strategy - The company has accumulated 75 authorized patents and filed 8 international PCT applications as of December 31, 2024 [5] - The focus on developing new health products aligns with market trends and consumer demands [5] - The company aims to strengthen its competitive edge through robust intellectual property development [5] Brand Promotion and Market Influence - The company has intensified brand promotion efforts to enhance its international market presence [6] - Key brand activities included "Tong Ren Tang Day" and "9th Tong Ren Care Stroke Prevention," aimed at showcasing the company's cultural heritage [6] - Participation in various exhibitions has helped the company demonstrate its international development and traditional medicine culture [6] Marketing Strategies - The company has leveraged various media platforms to promote its products and traditional Chinese medicine research [7] - Marketing efforts include seasonal health education campaigns and enhanced e-commerce strategies through partnerships with major online platforms [7] - The company received multiple awards, reinforcing its brand reputation and market position [7] Future Outlook - The company anticipates new growth opportunities in the traditional Chinese medicine sector driven by supportive national policies and rising market demand [9] - Strategic initiatives for 2025 include cost reduction, efficiency enhancement, and optimizing management and investment strategies [9] - The company aims to solidify its leading position in both domestic and international markets while contributing to the sustainable development of the traditional Chinese medicine industry [9]

Core Viewpoint - Beijing Tongrentang Technology Development Co., Ltd. has launched the "Cultivated Organic Version" of the An Gong Niu Huang Wan to meet the market demand for cardiovascular emergency medications, leveraging traditional medicine and research innovation [1][4]. Product Overview - An Gong Niu Huang Wan is a well-known product of Tongrentang, used for clearing heat and detoxifying, with applications in high fever, stroke, and other severe conditions [2]. - The product is categorized into "Natural Formula" and "Cultivated Formula," with the latter using lab-cultivated ingredients that closely match the efficacy of natural components [2][3]. Research and Development - The lab-cultivated cow bile (Niu Huang) has been shown to have similar composition and stability to natural cow bile, with studies indicating no significant difference in efficacy and safety between the two formulations for treating stroke [2][3]. - The development of artificial musk, which shares similar pharmacological effects with natural musk, has been a collaborative effort over two decades, enhancing the product's therapeutic profile [3]. Quality and Standards - The "Cultivated Organic Version" of An Gong Niu Huang Wan utilizes selected organic herbs that meet national organic standards, ensuring no chemical pesticides or fertilizers are used in the production process [3]. - The production process adheres to the national pharmacopoeia standards, reflecting a commitment to high-quality manufacturing [3]. Market Strategy - The introduction of the "Cultivated Organic Version" is a strategic move to segment the market for cardiovascular traditional Chinese medicine, enhancing product competitiveness and catering to diverse consumer needs [4]. - This product diversification aims to tap into a broader consumer base and drive sales potential across the supply chain [4].

证券代码：600085 证券简称： 同仁堂 公告编号：2025-003 北京同仁堂股份有限公司 关于控股孙公司获得香港中成药注册证明书的公告 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。 北京同仁堂股份有限公司（以下简称公司）获悉，公司控股孙公司北京同仁 堂国药有限公司（以下简称同仁堂国药）收到香港中医药管理委员会签发的《中 成药注册证明书》，准许将"金钗石斛散【同仁堂】"在中华人民共和国香港特 别行政区（以下简称香港）出售。现将相关情况公告如下： 一、 药品基本情况 药品名称：金钗石斛散【同仁堂】 注册持有人及地址：北京同仁堂国药有限公司，新界大埔工业邨大景街 3 号 北京同仁堂股份有限公司董事会 2025 年 3 月 21 日 二、 药品的其他相关情况 金钗石斛散【同仁堂】功能主治为用于热病津伤，口感烦渴，胃阴不足，食 少干呕，病后虚热不退，阴虚火旺，骨蒸劳热，目暗不明，筋骨痿软。截止本公 告日，同仁堂国药就金钗石斛散【同仁堂】的研发投入约 200 万元港币（金额未 经审计），该产品暂未投入市场销售。 三、 对公司的影响 ...

Investment Rating - The report gives a "Buy" rating for Tongrentang [11][15]. Core Views - Tongrentang is a representative of high-quality traditional Chinese medicine with a history of 356 years, focusing on the production, sales, research, and distribution of traditional Chinese medicine [3][26]. - The company has a stable product portfolio, with its top five products consistently contributing around 46% to its pharmaceutical sales, and it maintains a strong market share in key products like the An Gong Niu Huang Wan [4][10]. - The report highlights the company's comprehensive supply chain management, from raw material sourcing to retail, ensuring product quality and operational efficiency [4][5]. Summary by Sections Company Overview - Founded in 1669, Tongrentang has evolved into a large-scale enterprise integrating production, sales, research, and distribution of traditional Chinese medicine [3][26]. - The company produces over 400 types of traditional Chinese medicine, with key products including An Gong Niu Huang Wan and Liu Wei Di Huang Wan, which support its brand development and stable operations [3][29]. Business Model - Tongrentang employs a "big variety" strategy, focusing on high-margin products, with its top five products showing stable sales growth [4][12]. - The company has established a full industry chain covering the cultivation of medicinal materials, production of traditional Chinese medicine, and retail, ensuring quality control and operational efficiency [4][5]. Market Dynamics - The report notes a decline in the prices of medicinal materials, which alleviates cost pressures for the company [5][6]. - The introduction of a pilot program for importing natural cow bile is expected to ease supply constraints for key raw materials [5][6]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 187.7 billion, 203.3 billion, and 222.7 billion yuan, with corresponding net profits of 16.7 billion, 19.4 billion, and 22.6 billion yuan [11][15]. - The report indicates that Tongrentang's price-to-earnings ratio for 2024 is approximately 30 times, slightly above the industry average, justifying the "Buy" rating [11][15].

证券代码：600085 证券简称：同仁堂 公告编号：2025-002 北京同仁堂股份有限公司 关于控股股东承诺事项的补充公告 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。 北京同仁堂股份有限公司（以下简称同仁堂、上市公司或本公司）控股股东 中国北京同仁堂（集团）有限责任公司（以下简称同仁堂集团或控股股东）于近 日取得了天津同仁堂集团股份有限公司（以下简称天津同仁）60%股份的控制权（以 下简称本次交易）。 同仁堂集团作为本公司的控股股东，为保障本公司及本公司股东的合法权益， 特就本次交易涉及的解决和避免与本公司及其控制的企业产生同业竞争事宜，向 本公司出具了《关于解决和避免与北京同仁堂股份有限公司同业竞争的承诺函》 （以下简称《承诺函》）。因天津同仁与本公司存在个别非主要产品相同的情况， 控股股东承诺，交易完成后五年内，按照法定程序通过采取股权转让、资产转让、 托管相关业务或资产、天津同仁或其控制的企业停止相关业务、调整产品结构、 设立合资公司等方式，进一步解决天津同仁与本公司个别非主要产品相同的情况。 以上情况详见上市公司 ...

2025 年 第 一 次 临 时 股 东 大 会 的 法 律 意 见 书 大成证字[2025]第 002 号 北 京 大 成 律 师 事 务 所 关 于 北 京 同 仁 堂 股 份 有 限 公 司 北 京 大 成 律 师 事 务 所 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） ZT International Center, No.10, Chaoyangmen Nandajie, Dongdaqiao Road Chaoyang District, 100020, Beijing, China Tel:+8610-58137799 Fax:+8610-58137788 北京大成律师事务所 关于北京同仁堂股份有限公司 2025 年第一次临时股东大会的法律意见书 致：北京同仁堂股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和 国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东 大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他 有关规范性文件的要求， ...

Core Insights - Tongrentang Medical and Health has a market share of 1.8% in China's non-public traditional Chinese medicine hospital medical service industry based on total outpatient and inpatient visits [1] - The total number of visits increased from 1 million in 2021 to 18 million in 2023, representing a compound annual growth rate (CAGR) of 30.7% [1] - The company has established a medical service network that includes chain hospitals, grassroots medical institutions, and internet hospitals, providing modern and customized traditional Chinese medical services [1] - Tongrentang Medical and Health has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as its sole sponsor [1]