关于全资子公司破产清算的进展公告 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。 一、国太牧业破产清算情况概述 证券代码：600129 证券简称：太极集团 公告编号：2025-088 重庆太极实业（集团）股份有限公司 由于国太牧业已停业，本次破产清算不会对公司持续经营产生重大影响。 本次指定管理人接管后，公司将丧失对国太牧业的控制权，其将不再纳入公司合并财务报表范围。本次 破产清算事项对公司本年度损益的影响最终以审计机构年度审计结果为准。 公司将持续关注该事项的后续进展情况，及时履行披露义务。敬请广大投资者谨慎决策，注意投资风 险。 四、备查文件 内蒙古自治区阿鲁科尔沁旗人民法院《决定书》（（2025）内0421破1号）。 重庆太极实业（集团）股份有限公司 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》。由于市场竞争及外部环境变化等因素， 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）经营业绩持续 ...

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 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》。由于市场竞争及外部环境变化等 因素，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）经营业绩持续下滑，导致严重亏损，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。 具体内容详见公司于 2025 年 10 月 25 日披露的《关于全资子公司拟 申请破产清算的公告》（公告编号：2025-079）。 2025 年 11 月，公司收到内蒙古自治区阿鲁科尔沁旗人民法院（以 下简称：科尔沁法院）送达的《民事裁定书》（（2025）内 0421 破 申 1 号），科尔沁法院裁定受理国太牧业的破产申请。具体内容详见 公司于 2025 年 11 月 25 日披露的《关于全资子公司破产清算的进展 公告》（公告编号：临 2025-087）。 二、国太牧业破产清算的进展情况 证券代码：600129 证券简称：太极集团 公告编号：2025-088 重庆太极实 ...

Core Viewpoint - The collaboration between Chongqing Medical University Second Affiliated Hospital and Taiji Group marks a significant step in the integration of government, medical, and enterprise sectors to modernize and industrialize traditional Chinese medicine [1][3]. Group 1: Collaboration and Objectives - The partnership aims to implement the "Healthy China" strategy and promote the revitalization of traditional Chinese medicine through the integration of clinical research capabilities and industry advantages [3]. - The focus is on creating an efficient transformation pathway from "classic prescriptions" to "modern products," enhancing the quality of the health industry in Chongqing [3][4]. Group 2: Institutional Strengths - Chongqing Medical University Second Affiliated Hospital has a strong foundation in clinical and research capabilities in traditional Chinese medicine, supported by its integrated medical center and key laboratories [3]. - The hospital has developed a closed-loop research and development system that addresses clinical needs, research breakthroughs, and result transformations [3]. Group 3: Strategic Goals - The collaboration aims to standardize and upgrade traditional Chinese medicine products, ensuring that scientifically validated and effective innovations benefit public health [3][4]. - Taiji Group emphasizes its commitment to merging traditional Chinese medicine with modern health lifestyles, focusing on making traditional formulations more convenient and accessible [4]. Group 4: Research and Development Center - A "Joint Research and Transformation Center for Traditional Chinese Medicine Formulations" will be established to focus on innovation in formulation processes, quality standards, clinical efficacy evaluation, and product development [4]. - The center aims to create a replicable and promotable model for collaborative innovation in the production, study, and application of traditional Chinese medicine [4]. Group 5: Public Engagement and Future Plans - The event included a public engagement component, allowing citizens to experience traditional Chinese medicine and receive health consultations from experts [4]. - The Chongqing Health Commission plans to continue optimizing the policy environment to support such collaborations, aiming to enhance public health and develop the local health industry [4].

Investment Rating - The report does not explicitly provide an investment rating for the gynecological drug industry in China. Core Insights - The biopharmaceutical industry in China is experiencing structural optimization, valuation recovery, and confidence rebuilding, particularly in the Hong Kong market, where the 18A system supports enterprise value discovery [2][3]. - Gynecological drug companies are characterized by specialized positioning and differentiated competition, focusing on areas such as traditional Chinese medicine, innovative treatments for gynecological tumors, and hormone drugs, showcasing strong professional images and commercialization capabilities [2][3]. Summary by Sections Capital Market Performance of China's Biopharmaceutical Sector - The A-share market has shifted from a focus on scale to sustainable development, while the Hong Kong market has attracted international capital through the 18A system, leading to a gradual rebuilding of long-term confidence in the biopharmaceutical sector [3][25]. - The A-share biopharmaceutical sector has seen a total fundraising amount of 787 billion yuan from January to October 2025, with a peak of 2,451 billion yuan in 2021, indicating a transition from a capital overheating phase to a rational development phase [13][18]. - In the Hong Kong market, the total fundraising amount reached 789 billion HKD from January to October 2025, with a peak of 1,833 billion HKD in 2020, reflecting a significant improvement in the financing environment [27][28]. Market Position Assessment of Chinese Gynecological Drug Companies - The competitive landscape of gynecological drug companies is marked by a focus on specialized fields such as innovative gynecological tumor drugs and hormone treatments, with companies establishing differentiated competitive advantages [40]. - Qianjin Pharmaceutical is recognized as a leading player in the gynecological drug market, with a strong market presence in oral gynecological inflammation traditional Chinese medicine [40]. - Heng Rui Pharmaceutical is noted for its robust pipeline in gynecological tumor treatments, with eight drugs in development as of 2024 [40]. - Xianju Pharmaceutical specializes in hormone treatments, with a focus on steroid drugs, establishing a strong professional image in the gynecological field [40]. Introduction to Representative Listed Chinese Gynecological Drug Companies - Qianjin Pharmaceutical has a significant market share of 25.8% in oral gynecological inflammation traditional Chinese medicine, demonstrating strong sales performance even in challenging market conditions [45]. - Heng Rui Pharmaceutical's research and development pipeline includes multiple innovative treatments for gynecological tumors, indicating a solid commitment to this therapeutic area [52][53]. - Xianju Pharmaceutical leverages its expertise in steroid drugs to maintain a competitive edge in the gynecological drug market, with a focus on cost-effective production and high-quality formulations [58][61].

Core Viewpoint - The announcement by China Securities Index Co., Ltd. regarding the periodic adjustment of various indices, including the CSI 300, CSI 500, and others, indicates significant changes in the sample stocks effective after the market closes on December 12, 2025 [1]. Group 1: Index Adjustments - The CSI 300 index will replace 11 sample stocks, while the CSI 500 will replace 50 stocks, and the CSI 1000 will replace 100 stocks [1]. - The CSI A50 index will see 4 stocks replaced, the CSI A100 will replace 6 stocks, and the CSI A500 will replace 20 stocks [1]. Group 2: Company-Specific Information - Tai Chi Group (600129.SH) is listed among the stocks being removed from the CSI A500 index [3]. - The company has been identified in a price risk governance notice issued by the Tianjin Municipal Medical Procurement Center, which requires companies to self-check and adjust drug prices to reasonable levels [3]. - Several products from Tai Chi Group's subsidiaries are included in a list of drugs with prices exceeding three times the minimum daily cost of similar drugs, which may lead to regulatory actions [3][4]. Group 3: Company Background - Tai Chi Group, established in 1979 and located in Chongqing, primarily engages in the pharmaceutical manufacturing industry [4]. - The company has a registered capital of 55,689.0744 million RMB and a paid-in capital of 16,684.2 million RMB [4].

Core Insights - The avian influenza concept sector experienced a decline of 0.76%, ranking among the top losers in the market, with major stocks like Zhongsheng Pharmaceutical hitting the limit down, while a few stocks like Wens Foodstuff and Weilan Biology saw gains of 1.80% each [1][2] Market Performance - The top-performing concept sectors included Titanium Dioxide with a gain of 4.31%, and Hainan Free Trade Zone with a gain of 3.54%, while the avian influenza sector was among the worst performers [1] - The avian influenza sector saw a net outflow of 784 million yuan, with 18 stocks experiencing net outflows, led by Zhongsheng Pharmaceutical with a net outflow of 684 million yuan [1] Stock Performance - Stocks with significant net outflows included: - Zhongsheng Pharmaceutical: -10.00% with a turnover rate of 18.78% and a net outflow of 683.65 million yuan - Yiling Pharmaceutical: -2.40% with a net outflow of 35.71 million yuan - Lianhuan Pharmaceutical: -1.79% with a net outflow of 25.69 million yuan - Hualan Biological: -6.60% with a net outflow of 18.13 million yuan [1] - Conversely, stocks with net inflows included: - Tiankang Biological: +1.26% with a net inflow of 16.52 million yuan - Shanghai Kaibao: -1.70% with a net inflow of 5.06 million yuan - Jinhai Biological: +0.16% with a net inflow of 3.82 million yuan [2]

Group 1: Domestic News - President Xi Jinping and US President Trump had a phone call, emphasizing the importance of stable and positive Sino-US relations and the need for cooperation to benefit both nations and the world [2] - The People's Bank of China (PBOC) conducted a 1 trillion yuan MLF operation, marking the ninth consecutive month of increased net issuance, aligning with market expectations [2] Group 2: Bond Market Dynamics - The interbank market saw significant participation from private enterprises, with over 5.3 billion yuan in sci-tech bonds issued, representing more than 10% of the total issuance in the interbank market [3] - The bond market experienced narrow fluctuations, with the yield on the 10-year government bond slightly decreasing to 1.8120% [9] Group 3: Credit Bond Events - Several companies announced delays in bond repayments, including Fanghai Holdings, which postponed the repayment of approximately 3.56 billion USD in overseas notes until May 2026 [11] - Other companies, such as Fangyuan Real Estate and Xian Construction Group, also reported adjustments to repayment dates or overdue debts, indicating potential credit risks in the market [12][18] Group 4: Convertible Bonds - The convertible bond market saw a collective rise in major indices, with the market's trading volume increasing significantly to 618.80 billion yuan, indicating a rebound following previous declines [19] - Notable individual convertible bonds, such as Zhuomei Convertible Bond, experienced a surge of 57%, while others like Tianci Convertible Bond saw declines [19]

证券代码：600129 证券简称：太极集团 公告编号：2025-087 重庆太极实业（集团）股份有限公司 关于全资子公司破产清算的进展公告 本次法院受理破产申请，尚未指定破产管理人。 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）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） 于近日收到内蒙古自治区阿鲁科尔沁旗人民法院（以下简称：科尔沁 法院）送达的《民事裁定书》（（2025）内 0421 破申 1 号），科尔 沁法院裁定受理国太牧业的破产申请。 一、国太牧业破产清算情况概述 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》。由于市场竞争 及外部环境变化等因素，国太牧业经营业绩持续下滑，导致严重亏损， 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。具体内容详见公司于 2025 年 10 月 ...

Core Viewpoint - The incidence of rhinitis in China is rising due to environmental changes and increased life stress, leading to a growing demand for rhinitis medications, particularly traditional Chinese medicine (TCM) products, which are favored for their convenience and fewer side effects. The sales of TCM rhinitis medications are projected to reach 3.27 billion yuan in 2024, representing a year-on-year growth of 12.06% [1][7]. Market Policy - The Chinese government has issued several policies to support the development of the TCM industry, including measures to enhance scientific regulation, promote innovation, and improve the quality of TCM products, creating a favorable environment for the growth of the TCM rhinitis medication sector [3][4]. Industry Chain - The upstream of the TCM rhinitis medication industry includes suppliers of traditional Chinese medicinal materials such as Cang'erzi, Xinyi, Baizhi, and Peppermint, as well as suppliers of pharmaceutical excipients and production equipment. The midstream consists of manufacturers of TCM rhinitis medications, while the downstream includes medical institutions, retail pharmacies, online pharmacies, and end consumers [5][6]. Development Status - The demand for rhinitis medications is increasing, with TCM products gaining popularity due to their ease of use and lower side effects. The market is seeing accelerated innovation and development, with new TCM products entering the market, such as Yiling Pharmaceutical's Qifang Nasal Tablets and Kangyuan Pharmaceutical's Suxin Tongqiao Granules [7][11]. Competitive Landscape - The market for TCM rhinitis medications in China is highly concentrated. In retail pharmacies, the top five companies (CR5) hold a market share of 57.27%, with Tai Chi Group having the largest share at 16.96%. In public medical institutions, the CR5 market share is even higher at 62.48%, with Lunan Pharmaceutical leading at 22.05% [8][9]. Industry Representative Companies - Lunan Pharmaceutical Group is a comprehensive pharmaceutical company with a strong presence in the TCM rhinitis medication market, particularly with its product Nasal Congestion Granules, which has seen significant sales growth. Tai Chi Group also plays a major role in the market, with a diverse product range and substantial revenue from both pharmaceutical manufacturing and commercial operations [10][11]. Development Trends - The future of TCM rhinitis medications will focus on clinical research to validate efficacy and safety through large-scale, multi-center, randomized controlled trials. There is also potential for TCM rhinitis medications to enter international markets, with companies expected to enhance international cooperation and adhere to global standards in research, production, and quality control [11][12].

Core Viewpoint - Taiji Group completed a share buyback on September 22, 2025, repurchasing 5.4726 million shares for a total expenditure of 120 million yuan, with the shares being canceled on September 24, 2025 [2] Summary by Category - **Share Buyback Details** - The company repurchased 5.4726 million shares [2] - Total funds used for the buyback amounted to 120 million yuan [2] - The cancellation of the repurchased shares was completed on September 24, 2025 [2] - **Changes in Capital Structure** - Following the buyback and cancellation, the total share capital decreased from 556,890,744.4 shares to 551,418,185 shares [2] - The registered capital changed from 556,890,744.4 yuan to 551,418,185 yuan [2]