重庆太极实业（集团）股份有限公司（以下简称：公司）全资子 公司内蒙古阿鲁科尔沁旗国太牧业有限公司（以下简称：国太牧业） 因其资产不足以清偿全部债务且明显缺乏清偿能力，拟向人民法院申 请破产清算。 1.基本情况 国太牧业拟向人民法院申请破产清算，人民法院是否受理、最终 裁定结果均存在不确定性。 公司于 2025 年 10 月 23 日，召开第十届董事会第三十二次会议， 审议通过《关于全资子公司拟申请破产清算的议案》。鉴于公司全资 子公司国太牧业全部资产已不足以偿付全部负债，为更好地聚焦主业 发展，降低经营风险和减少损失，维护公司及股东利益，公司董事会 同意国太牧业向法院申请破产清算。具体情况如下： 一、国太牧业基本情况 证券代码：600129 证券简称：太极集团 公告编号：2025-079 重庆太极实业（集团）股份有限公司 关于全资子公司拟申请破产清算的公告 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。 重要提示： 经营范围：毛驴产业发展、中药材（天然草原野生药材除外）、 1 农副产品种植、采集、收购、加工及销售；道路普通货 ...

证券代码：600129 证券简称：太极集团 公告编号：2025-076 重庆太极实业（集团）股份有限公司 关于增补董事的公告 附：董事候选人简历： 王松林，男，1971 年出生，中共党员，对外经济贸易大学工商 管理专业在职研究生，正高级经济师、国际高级人力资源管理师。曾 任中国医药集团总公司人力资源部主任、纪委副书记，中国中药控股 有限公司纪委书记，现任中国医药集团有限公司专职外部董事。 截至本公告披露日，王松林先生未持有公司股份；与公司董事及 高级管理人员不存在关联关系；不存在《公司法》《公司章程》等相 关规定中禁止任职的情形，不存在被中国证监会确定为市场禁入者且 尚未解除的情形，未受过中国证监会、证券交易所及其他有关部门处 罚和惩戒。符合《公司法》等法律法规和上海证券交易所业务规则及 《公司章程》要求的任职条件。 特此公告。 重庆太极实业（集团）股份有限公司 2025 年 10 月 25 日 1 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）于 2025 年 10 月 ...

股东会召开日期：2025年11月13日 证券代码：600129 证券简称：太极集团 公告编号：2025-083 本次股东会采用的网络投票系统：上海证券交易所股东会网络 投票系统 重庆太极实业（集团）股份有限公司 关于召开2025年第三次临时股东会的通知 一、 召开会议的基本情况 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。 (一) 股东会类型和届次 重要内容提示： 2025年第三次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 13 日 14 点 00 分 召开地点：重庆市渝北区恒山东路 18 号公司 1201 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 1 网络投票起止时间：自2025 年 11 月 13 日 至2025 年 11 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东 ...

财务报告部分已经公司第十届董事会审计委员会第十九次会议 审议通过。 表决情况：同意 12 票，弃权 0 票，回避 0 票，反对 0 票；表决 结果：通过。 二、关于增补公司董事的议案（具体内容详见公司披露的《关于 增补董事的公告》；公告编号：2025-076） 根据《公司法》《公司章程》等相关规定，经公司控股股东太极 集团有限公司提名，推荐王松林先生为公司第十届董事会董事候选人， 任期自股东会审议通过之日起至第十届董事会届满时止（简历附后）。 证券代码：600129 证券简称：太极集团 公告编号：2025-075 重庆太极实业（集团）股份有限公司 第十届董事会第三十二次会议决议公告 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）第十届 董事会第三十二次会议于 2025 年 10 月 15 日以邮件方式发出书面通 知，于 2025 年 10 月 23 日以现场及视频方式召开。本次会议由董事 长俞敏先生主持，会议应到董事 12 人，实到董事 12 人，公司高级管 理人员列席了会 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 2,430,175,136.44, a decrease of 7.13% year-on-year, and for the year-to-date period, it was CNY 8,087,736,989.07, down 22.49% compared to the same period last year[2] - The total profit for Q3 2025 was CNY 49,155,246.11, reflecting a decline of 29.13%, while the year-to-date total profit was CNY 247,029,653.67, down 62.90% year-on-year[2] - The net profit attributable to shareholders for Q3 2025 was CNY 27,107,991.06, a decrease of 46.28%, and for the year-to-date period, it was CNY 165,905,306.72, down 69.56% compared to the previous year[2] - The basic earnings per share for Q3 2025 was CNY 0.05, a decline of 44.44%, and for the year-to-date period, it was CNY 0.30, down 69.39% year-on-year[2] - Total operating revenue for the first three quarters of 2025 was ¥8,087,736,989.07, a decrease of 22.5% compared to ¥10,433,818,061.19 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥163,704,180.97, a decline of 70.4% compared to ¥551,755,594.95 in 2024[20] - Earnings per share for the first three quarters of 2025 was ¥0.30, down from ¥0.98 in the same period of 2024[21] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 14,222,253,668.62, an increase of 1.17% compared to the end of the previous year[3] - Total assets increased to ¥14,222,253,668.62 in 2025 from ¥14,057,759,232.64 in 2024, reflecting a growth of 1.2%[16] - Total liabilities rose to ¥10,547,445,530.29 in 2025, compared to ¥10,424,314,127.00 in 2024, indicating an increase of 1.2%[16] - Non-current liabilities totaled ¥1,172,941,881.50 in 2025, up from ¥1,068,831,924.24 in 2024, representing a growth of 9.7%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 61,141[8] - The largest shareholder, Taiji Group Co., Ltd., holds 27.89% of the shares, with 36,340,000 shares pledged[8] Cash Flow and Investments - The company's cash and cash equivalents decreased to RMB 577,653,584.84 from RMB 811,623,216.66, reflecting a decline of approximately 29%[14] - In the first three quarters of 2025, the net cash flow from operating activities was ¥166,372,623.71, a significant improvement compared to a net outflow of ¥690,343,647.89 in the same period of 2024[23] - Total cash inflow from operating activities for the first three quarters of 2025 was ¥7,182,275,366.30, down from ¥9,429,914,310.14 in 2024, indicating a decrease of approximately 23.7%[23] - Cash outflow from operating activities decreased to ¥7,015,902,742.59 in 2025 from ¥10,120,257,958.03 in 2024, representing a reduction of about 30.8%[23] - The net cash flow from investing activities was -¥314,927,960.79 in 2025, an improvement from -¥605,582,592.44 in 2024[24] - Cash inflow from investing activities totaled ¥81,351,936.21 in 2025, compared to ¥8,849,570.21 in 2024, showing a substantial increase[24] - Cash outflow from investing activities decreased to ¥396,279,897.00 in 2025 from ¥614,432,162.65 in 2024, a decline of approximately 35.5%[24] - The net cash flow from financing activities was -¥6,941,400.61 in 2025, contrasting with a positive net flow of ¥208,156,581.48 in 2024[24] - Total cash inflow from financing activities was ¥3,782,193,094.06 in 2025, up from ¥3,323,537,143.20 in 2024, indicating an increase of about 13.8%[24] - The ending cash and cash equivalents balance for 2025 was ¥525,291,918.52, a slight decrease from ¥565,114,105.54 in 2024[24] Operational Insights - The net profit excluding non-recurring gains and losses for Q3 2025 was CNY -28,909,634.74, a significant decrease of 194.36% year-on-year, primarily due to a decline in operating revenue and increased advertising expenses[4] - The company reported non-recurring gains of CNY 56,017,625.80 for the current period, with a year-to-date total of CNY 75,066,977.01[5] - The company is focusing on market expansion and new product development strategies to enhance its competitive position[10] - The company is actively working with China National Pharmaceutical Group to resolve competition issues, with commitments in place until April 14, 2026[12] - The company completed a share buyback of 5,472,559 shares, accounting for 0.98% of the total share capital, with a total expenditure of RMB 120 million[11] - The company’s registered capital decreased from RMB 556,890,744 to RMB 551,418,185 following the share buyback[11] - The company has a long-term equity investment valued at RMB 11,967,077.82, down from RMB 12,524,290.69[14] - The company reported research and development expenses of ¥195,484,554.02 for the first three quarters of 2025, slightly up from ¥187,490,437.20 in 2024[20] Accounting Standards - The company will not apply new accounting standards starting from 2025, as stated in the announcement[25]

Core Insights - Taiji Group reported a revenue of 2.43 billion yuan for Q3 2025, representing a year-on-year decline of 7.13% [1] - The net profit attributable to shareholders for Q3 2025 was 27.108 million yuan, down 46.28% year-on-year [1] - For the first three quarters of 2025, the company achieved a total revenue of 8.088 billion yuan, a decrease of 22.49% compared to the previous year [1] - The net profit attributable to shareholders for the first three quarters was 166 million yuan, reflecting a significant decline of 69.56% year-on-year [1]

Core Viewpoint - The Chinese medicine sector shows resilience with the Chinese Medicine ETF (560080) rising by 0.28% despite market fluctuations, indicating strong investor interest and a net inflow of over 220 million yuan in the past 10 days [1][3]. Market Performance - The Chinese Medicine ETF (560080) has maintained a premium, closing with a premium rate of 0.14%, and has seen a total trading volume exceeding 1 billion yuan [1]. - Major stocks within the ETF, such as Dong'e Ejiao and Yunnan Baiyao, have shown positive performance, with Dong'e Ejiao increasing by over 1% [3][4]. Index Performance - The Chinese medicine index has experienced a negative return of -2.86% year-to-date, with a decline of 8.13% projected for 2024 [4]. - The index has shown a pattern of alternating performance, with three consecutive years of gains from 2019 to 2021, followed by three years of declines from 2016 to 2018 [4]. Valuation Metrics - The TTM price-to-earnings ratio for the Chinese Medicine ETF (560080) stands at 24.86, placing it at the 20.6% percentile of the past decade, suggesting a favorable valuation [6]. Financing and Investment Trends - Leveraged funds are increasingly utilizing the ETF for exposure to the higher-value Chinese medicine consumer sector, with the latest financing balance exceeding 91 million yuan, maintaining historical highs [7]. - The overall sentiment in the Chinese medicine sector is expected to improve, driven by stable market demand and accelerated innovation [9]. Future Outlook - The Chinese medicine sector is anticipated to benefit from innovation and transformation, with a focus on new product development and cost reductions in raw materials [9][10]. - The sector is positioned to leverage its advantages in preventive healthcare and as a complementary treatment alongside Western medicine [10]. Corporate Governance and Incentives - Recent corporate governance improvements and incentive plans in state-owned enterprises are expected to drive growth in the Chinese medicine sector, with companies like Huaren Sanjiu and Jiangzhong Pharmaceutical implementing effective incentive programs [11][12]. Dividend Yield - Several Chinese medicine companies are projected to have dividend yields exceeding 3% in 2024, with state-owned enterprises leading in this regard, indicating strong cash flow and shareholder returns [13][14].

Core Viewpoint - The article highlights the successful integration of ecological protection and economic development in Fuling District, Chongqing, showcasing significant improvements in environmental quality and the promotion of green industries. Environmental Protection and Ecological Restoration - Fuling District has implemented the concept of "lucid waters and lush mountains are invaluable assets," leading to high-level ecological protection and quality development, with the Yangtze River's Fuling section maintaining Class II water quality for nine consecutive years [2] - The air quality in Fuling District improved, with 321 days of good air quality in 2024, an increase of 16 days year-on-year [2] - The Dragon Pond ecological corridor project has transformed the previously polluted Dragon Pond River into a clean waterway through various ecological restoration measures [3] - The district has completed 21 integrated protection and restoration projects, restoring 214.6 hectares of historical mining sites and treating soil erosion over 205.12 square kilometers [4] Green Industry Development - Fuling District has developed a thriving medicinal herb industry, with over 160,000 acres of medicinal herb cultivation, generating an annual output value exceeding 500 million yuan [6] - The district promotes a model of under-forest economy, cultivating medicinal herbs like Ganoderma lucidum and Huangjing, benefiting over 3,000 local farmers [5][6] - The district has established 56 national and municipal green factories, focusing on industrial green development and ecological civilization [7] Technological Innovation and Sustainable Practices - Huaxin Cement's Fuling plant utilizes industrial solid waste for resource recycling, processing over 300,000 tons of solid waste annually [7] - The company has implemented a low-temperature waste heat power generation project, reducing energy consumption and carbon emissions [7] - The district's leading enterprises, such as Fuling Pickled Vegetable Group, have adopted advanced production technologies to minimize energy consumption and pollutant emissions [8]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, particularly focusing on innovative drugs and the recovery of left-side sectors as the biggest investment opportunities for the year [5][14]. Core Insights - The innovative drug sector is expected to continue its upward trend, with BD (business development) activities anticipated to catalyze market movements. The upcoming ESMO conference (October 17-21) is highlighted as a key event for clinical data disclosures from domestic innovative drug companies [2][13]. - The report emphasizes the importance of recent Nobel Prize discoveries related to peripheral immune tolerance, which are relevant to the development of new therapies in oncology and autoimmune diseases. This underscores the significance of innovation in these fields [40][50]. - The report notes that the CXO industry in China is entering a recovery phase, with improvements expected in industry orders, capacity utilization, and performance metrics due to enhanced domestic investment and financing data [2][5]. Summary by Sections Innovative Drugs - The innovative drug sector has seen a recent pullback, but the long-term upward trend remains intact. The report suggests that the market is awaiting further BD catalysts and highlights the importance of upcoming clinical data from the ESMO conference [2][13]. - The report indicates that the overall sentiment in the innovative drug sector is still positive, with a focus on potential breakthroughs in cancer and autoimmune therapies following the recent Nobel Prize discoveries [40][50]. Biologics - Novo Nordisk announced an agreement to acquire Akero for $4.7 billion, with Akero's FGF21 analog EFX showing promise as a leading therapy for metabolic dysfunction-related fatty liver disease (MASH) [3][51]. - The report suggests that EFX is the only drug in Phase 2 trials demonstrating significant fibrosis regression in F4 patients, highlighting the need for continued attention to developments in this area [51][57]. Medical Devices - The commercialization of innovative products is accelerating, with domestic replacements making significant progress. For instance, MicroPort's Tumi laparoscopic surgical robot has surpassed 100 global orders and is leading the domestic market share [4][58]. - The report notes that the Tumi robot has received market access in over 60 countries and regions, with a strong presence in high-end markets such as Europe [60][62]. Traditional Chinese Medicine - There has been a continuous increase in new drug IND and NDA applications for traditional Chinese medicine, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [3][64]. - The report highlights ongoing policy support for traditional Chinese medicine, which is expected to drive further innovation and development in this sector [64][65].

Core Viewpoint - During the "14th Five-Year Plan" period, Taiji Group aims to become a world-class traditional Chinese medicine (TCM) enterprise, focusing on high-quality development and innovation in the TCM industry [2] Strategic Direction - Taiji Group has established a vision to become a world-class TCM enterprise, emphasizing the care for life and health [2] - The company focuses on a "4+1" product pipeline, enhancing the development of major TCM varieties and innovative drug research [2] - The "Three Sources and Three Innovations" concept is introduced to modernize and internationalize TCM [2] Talent and Inheritance System - The company is building a multi-level talent team combining old, middle-aged, and young inheritors, ensuring effective transmission of TCM culture and skills [3] - Collaboration with national masters of traditional medicine to establish innovation studios is emphasized [3] Research and Development Investment - In the first half of 2025, the company's R&D investment reached 137 million yuan, an increase of 18.12% year-on-year [4] - The core product, Taiji Huoxiang Zhengqi Oral Liquid, is supported by comprehensive genomic research to clarify its efficacy [4] - The establishment of an open collaborative innovation system is underway, integrating research with top TCM institutions [4] Digital Transformation - Taiji Group is undergoing a comprehensive digital transformation, creating a three-dimensional digital development framework for the TCM industry [6] - The digital strategy connects various business segments and enhances operational efficiency [6] Supply Chain and Sustainability - The company operates multiple green factories and has established an ecological chain from planting to production [5] - A total of 86 TCM varieties have achieved full traceability, ensuring quality and safety [5] Marketing Innovation - Taiji Group is exploring the integration of TCM with modern consumption, launching innovative products like "Huoxiang Ice Cream" [7] - The company is building a metaverse IP matrix to engage younger consumers and enhance brand communication [7] International Expansion - The company has adopted a localized strategy for international markets, successfully entering North America and Southeast Asia [8] - Taiji Group's products have been exported to over 20 countries, with nearly 100 overseas registration numbers obtained [8]