北京同仁堂國藥（03613.HK）在港交所披露易补发2026年中期報告全文，内容为其2026年8月28日已公布的中期业绩（上半年收入6.019亿港元、同比-21.0%；股东应占溢利1.982亿港元、同比-15.6%），无新增事实

同修仁德

北京同仁堂國藥有限公司

中期報告

濟世養生

Beijing Tong Ren Tang Chinese Medicine Company Limited

cm.tongrentang.com

INTERIM REPORT

2026

Interim Report 2026 中期報告

CORPORATE INFORMATION
DIRECTORS

HONG KONG SHARE
REGISTRAR

Yan Han (Chairman)
Yue Zheng (Vice Chairman)
Wang Chi

Computershare Hong Kong Investor
Services Limited
Shops 1712–1716
17th Floor, Hopewell Centre
183 Queen’s Road East
Wanchai, Hong Kong

Executive Directors

Non-executive Director
Feng Li

Independent Non-executive
Directors
Tsang Yok Sing, Jasper
Xu Hong Xi
Chan Ngai Chi

AUDIT COMMITTEE
Chan Ngai Chi (Chairman)
Tsang Yok Sing, Jasper
Xu Hong Xi

NOMINATION COMMITTEE
Tsang Yok Sing, Jasper (Chairman)
Feng Li
Xu Hong Xi
Chan Ngai Chi

Xu Hong Xi (Chairman)
Tsang Yok Sing, Jasper
Chan Ngai Chi

COMPANY SECRETARY
Tsang Fung Yi

AUTHORISED
REPRESENTATIVES
Yan Han
Yue Zheng

cm.tongrentang.com

REGISTERED ADDRESS
Room 1405–1409, Office Tower
Convention Plaza, 1 Harbour Road
Wanchai, Hong Kong

LEGAL ADVISER
as to Hong Kong laws:
Jingtian & Gongcheng LLP
Suite 3203–3209
32/F
Edinburgh Tower
The Landmark
15 Queen’s Road Central
Hong Kong

AUDITOR
Ernst & Young
Registered Public Interest Entity Auditor
under the Accounting and Financial
Reporting Council Ordinance
27th Floor, One Taikoo Place
979 King’s Road
Quarry Bay, Hong Kong

STOCK CODE
3613

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

REMUNERATION COMMITTEE

COMPANY’S WEBSITE

1

FINANCIAL HIGHLIGHTS

Six months ended 30 June
(HK$’000)

2026

2025

Change

Revenue
Gross profit
Profit before income tax
Profit for the period
Profit attributable to owners of the
Company
Earnings per share

601,887
384,675
233,427
201,193

761,736
463,038
289,671
245,936

–21.0%
–16.9%
–19.4%
–18.2%

198,200
HK$0.24

234,866
HK$0.28

–15.6%
–HK$0.04

(HK$’000)

30 June
2026

31 December
2025

Change

Cash and bank balances
Total assets
Total equity

2,207,835
4,509,845
4,237,177

2,279,224
4,660,738
4,368,861

–3.1%
–3.2%
–3.0%

As at

For the six months ended 30 June 2026 and 2025
Revenue

Gross profit

HK$’000

HK$’000

1,000,000

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

2

600,000

761,736

800,000
600,000

601,887

463,038

500,000
400,000

384,675

300,000
400,000

200,000

200,000

0

100,000

2026

2025

0

Profit attributable to owners
of the Company

Earnings per share

0.40

300,000

200,000

2025

HK$

HK$’000

250,000

2026

234,866
198,200

0.30

150,000

HK$0.28
HK$0.24

0.20

100,000
0.10
50,000
0

2026

INTERIM REPORT 2026

2025

0

2026

2025

MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS OVERVIEW
In the first half of 2026, ongoing geopolitical conflicts continued to disrupt global supply
chains, and a structural downgrade in consumption has become a global trend. Data from
the Census and Statistics Department of the Hong Kong Special Administrative Region
Government showed that the value of total retail sales in Hong Kong increased by 9.6%
year-on-year in the first half of 2026, while the value of retail sales in the Chinese drugs
and herbs category declined by 5.1% year-on-year, reflecting relatively weak demand in the
relevant consumption segment.
For the six months ended 30 June 2026 (the “Period”), the Group (Beijing Tong Ren Tang
Chinese Medicine Company Limited defined as the “Company” below, together with its
subsidiaries as the “Group” or “we”) recorded revenue of HK$601.9 million (2025: HK$761.7
million), representing a decrease of 21.0% compared to the corresponding period last year;
and profit attributable to owners of the Company amounted to HK$198.2 million (2025:
HK$234.9 million), representing a decrease of 15.6% compared to the corresponding
period last year. The Group’s gross profit margin rose from 60.8% in the corresponding
period last year to 63.9% during this Period, representing an increase of 3.1%
year-on-year. At the same time, the decline in profit was smaller than the decline in
revenue, indicating that our efforts in cost and expense control and optimisation of the
product mix continue to yield results. During this Period, our capital structure remained
sound, with ample operating cash flow, extremely low interest-bearing debt, and sufficient
financial buffers. At the same time, inventory balance continued to decline, asset allocation
was further focused on core business, and the overall asset structure continued to
improve.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

The Group remained steadfast in advancing its marketing strategy for proprietary products
and, adhering to the principle of “quality first, controllable channels”, continued to optimise
its distribution system. In the Hong Kong, Macao and Chinese mainland markets, the Group
proactively tightened the distribution channels for proprietary products and strengthened
terminal price control and brand image management. Affected by this strategic adjustment,
wholesale revenue from proprietary products decreased by 27.8% year-on-year during the
Period. On the retail front, the Group continued to step up the layout of its sales network
for proprietary products, with a focus on expanding the Hong Kong retail market. Hong
Kong retail revenue increased by 5% year-on-year, mainly attributable to enhanced product
and brand promotion, optimisation of product marketing strategies, strengthened training of
frontline staff, and improvement of the sales incentive mechanism. In the first half of 2026,
the Group refined the sales assessment mechanism for core product varieties, optimised
the quarterly assessment rhythm of various departments, and guided each business unit to
focus on targets and take initiative, thereby continuously advancing the modernisation and
refinement of corporate management.

3

MANAGEMENT DISCUSSION AND ANALYSIS
Market Expansion
The Group actively expanded its product portfolio. During the Period, it launched new
products including Ganoderma Liver Detox Pro and Antelope Horn Powder Capsules,
further enriching its macro-health product matrix. Among these, Ganoderma Liver Detox Pro
is positioned in the liver-care segment, while Antelope Horn Powder Capsules is the first
product of its kind approved in Hong Kong. Scale-up promotion of “Gum Careluxe”
Toothpaste has commenced in Hong Kong, Chinese mainland and overseas regions,
gradually expanding into the emerging oral-care segment.
The Group carried out a “Look for the Double Dragon Mark” themed campaign centred on
Angong Niuhuang Wan, conducting mobile roadshows in core business districts of Hong
Kong to drive sales growth at surrounding retail outlets; completed an omni-channel layout
covering JD Worldwide, Tmall Global, Douyin Global Shopping and its proprietary miniprogramme; and deepened cooperation with leading retail chain groups in Hong Kong by
opening branded counters. The online system has taken full shape, while offline channels
have been steadily expanded.

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

4

Substantial breakthroughs were achieved in international expansion. During the Period, the
Tai Po production and research and development (“R&D”) base in Hong Kong officially
obtained GMP factory certification issued by the Traditional Medicine Administration of the
Ministry of Health of Vietnam, becoming the first manufacturer of proprietary Chinese
medicines in Hong Kong to receive such certification, thereby clearing the qualification
barrier for Angong Niuhuang Wan to enter the Vietnamese market. In May 2026, the Group
entered into a memorandum of understanding with Xuan Cau Holdings, specifying six major
directions including product registration, joint development of terminals, medical insurance
access, Chinese herbal medicine cooperation and cross-border trade. In June 2026, the
Group entered into a memorandum of understanding with IRIMIS Limited, Russia’s largest
local pharmaceutical wholesaler, the Russia-China Cultural and Arts Foundation and RussiaChina Import and Export Co., Ltd., covering areas including import and export, sales
chains, market access, cultural exchange and e-commerce cooperation.
On the supply chain front, in March 2026, the Group successfully obtained the first
Quarantine Permit for Imported Animals and Plants for bezoar issued by Beijing Customs
nationwide, completing the first import of Argentine bezoar in the country and opening, for
the first time, a supply channel for high-quality rare and precious medicinal materials from
South America. In the same period, the Group newly established a South America
representative office in Uruguay.

INTERIM REPORT 2026

MANAGEMENT DISCUSSION AND ANALYSIS
Production and Research and Development
The Group’s Tai Po production and R&D base obtained dual certification of ISO22000 and
HACCP from SGS, with standardised processes covering quality control, raw material
acceptance, and production and processing. In March 2026, Tong Ren Tang Ganoderma
Spore and Ganoderma Extract Capsules were granted the Registration Certificate for
Imported Health Food. In the first half of 2026, the Group completed Macao filings for 244
product varieties, of which 36 varieties were successfully approved, and 157 externally
registered varieties completed Hong Kong compliance upgrades.
On the R&D front, the Group initiated 12 new product R&D projects during the Period and
launched an evidence-based medicine study on Suoquan Wan with The Chinese University
of Hong Kong; the formulation optimisation studies on Huangqi Guizhi Wuwu Tang and
Taohong Siwu Tang in cooperation with Macau University of Science and Technology have
completed the establishment of quality standards and process optimisation. Modern
pharmacological research on Guizhi Fuling Wan in the field of breast health showed that it
can inhibit tumour angiogenesis and improve immune status; the Lingzhi Turmeric
Compound demonstrated positive effects including hepatoprotection, lipid-lowering and
antioxidation in an animal model of metabolic dysfunction-associated fatty liver disease
(MAFLD). The Group also actively advanced the R&D of a multilingual artificial intelligence
(“AI”) powered traditional Chinese medicine (“TCM”) diagnosis and treatment terminal.

Brand Building and Cultural Promotion
The Group continued to build a multi-dimensional brand promotion system covering youth
education, community benefit programmes, intangible cultural heritage experiences and
global exhibitions.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

“The Extraordinary Journey of the Bronze Man” programme was comprehensively upgraded,
relying on the intelligent Chinese herbal medicine garden to carry out off-campus planting
practice, and a comic picture book titled The World of Chinese Medicine — “The
Extraordinary Journey of the Bronze Man” was compiled and distributed. The 2nd “Beijing
Tong Ren Tang Chinese Medicine and Health Student Ambassador Programme” led a
number of teachers and students to visit the production and R&D base, the Chinese herbal
medicine garden and laboratories, and installed “Baizi Cabinets” in schools to deeply
integrate TCM culture into daily campus life. The Group assisted S.K.H. Tin Shui Wai Ling
Oi Primary School in establishing the “Tin Ling Mini Clinic”, supported the “Strive and Rise
Programme”, and received students from underprivileged communities for visits to the Tai
Po production and R&D base.

5

MANAGEMENT DISCUSSION AND ANALYSIS
The 3rd “Tong Ren Tang Day” was held concurrently with overseas retail outlets. Mobile
publicity vehicle roadshows were conducted in core business districts of Hong Kong,
focusing on popular science on genuine “Double Dragon Mark” products, while a special
anti-counterfeiting operation was carried out jointly with the Hong Kong Customs and
Excise Department. Retail outlets launched promotional offers and health consultations.
Macao outlets adopted the theme of “Caring for Women, Protecting Children”, and linked
up with e-hailing platforms to provide product consultation and health advice; the New
Zealand team participated in “Chinese Language + Chinese Medicine” themed activities and
engaged in in-depth exchanges with the public through free clinics and ongoing health
monitoring activities.
At the 139th Canton Fair, the Group exhibited dozens of classic proprietary Chinese
medicines including Angong Niuhuang Wan and three major innovative products, with
refined decoction pieces making their debut; the Group participated in the “Belt and Road”
TCM Development Roundtable Dialogue at the China International Consumer Products Expo
and entered into a memorandum of cooperation with Hainan State Farms Group.

Prospect
2026 is the opening year of the “15th Five-Year Plan”. At present, the global economic
recovery still faces multiple pressures, yet the recognition of TCM in international markets
continues to rise, and technology empowerment and standardisation have become key
drivers of high-quality development of the industry. In the second half of the year, the
Group will anchor its full-year targets and focus on the following six priorities:

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

6

First, deepening the “2+2+N” product strategy. Consolidate Angong Niuhuang Wan and
Ganoderma spore powder as two core pillars; put effort into the two potential segments of
medicine-food homology and medicine-cosmetics homology; and expand N innovative
varieties including anti-aging products, iteration of classic prescriptions, and introduction of
cross-border varieties.
Second, advancing breakthroughs in overseas product expansion. Taking the landing of
Vietnam GMP qualification for Angong Niuhuang Wan as a benchmark, open up scaled
sales channels in ASEAN; and advance multi-country registration and filing of new products
including “Gum Careluxe” Toothpaste and Ganoderma Liver Detox Pro.
Third, implementing the “3+1” store revitalisation plan. Carry out standardised renovation of
Hong Kong retail terminals, unify store image, display standards and service processes, and
focus on building overseas cultural flagship stores.
Fourth, improving the global supply chain layout. Build a modern supply chain system
featuring global procurement, all-domain supply assurance, efficient allocation and
controllable risks, precisely matching the needs of overseas market expansion and terminal
operations.
INTERIM REPORT 2026

MANAGEMENT DISCUSSION AND ANALYSIS
Fifth, making a concerted effort on the import of core medicinal materials. Treat scaled
overseas imports as a key supply-chain priority, deeply cultivate resources at overseas
places of origin, and build a stable, diversified, safe and controllable import supply chain for
core raw materials.
Sixth, embracing “AI + TCM”. Actively explore the application of AI-assisted diagnosis and
treatment systems, and promote the upgrade of the traditional four diagnostic methods of
“inspection, auscultation and olfaction, inquiry and palpation” towards standardisation,
digitalisation and intelligentization, so that three centuries of experiential wisdom resonate on
the same frequency as modern technology.
The Group will promote the orderly implementation of various strategic deployments with a
more refined assessment mechanism and more efficient organisational capabilities. The
Group will always uphold the quality commitment of “No manpower shall be spared, no
matter how complicated the procedures of production are; no material shall be reduced, no
matter how much the cost is”, and safeguard the lifeline of its products with craftsmanship.
Relying on the international standard system of the Tai Po production and R&D base, the
Group will continue to promote evidence-based research on classic prescriptions and
product innovation; improve the global supply layout, promote mutual recognition of
Chinese herbal medicine standards, deepen the integrated application of modern
technologies such as AI with TCM, and create sustainable returns for shareholders of the
Company through the synergistic efforts of cultural dissemination and market expansion,
contributing to the high-quality international development of TCM.

Human Resources

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

As at 30 June 2026, we had a total of 763 employees (2025: 789 employees). During the
Period, the staff cost of the Group was HK$108.7 million (2025: HK$113.5 million). In order
to attract and retain talents, the Group reviewed its remuneration policy on a regular basis
and offered discretionary bonus to qualified employees according to the results and
personal performance.

7

MANAGEMENT DISCUSSION AND ANALYSIS
FINANCIAL REVIEW

Financial Resources and Liquidity
As at 30 June 2026, the Group continued to be in a strong financial position with cash and
bank balances amounting to HK$2,207.8 million (31 December 2025: HK$2,279.2 million).
During the Period, the Group funded its liquidity by resources generated internally. Based
on the Group’s steady cash inflow from operations, coupled with sufficient cash and bank
balances, the Group has adequate liquidity and financial resources to meet the daily
operations and working capital requirements as well as to fund its expansion plans.
As at 30 June 2026, the Group’s cash and bank balances were mainly denominated in
Hong Kong dollars, Renminbi and Macao Pataca and were deposited in reputable financial
institutions with maturity dates falling within one year.
As at 30 June 2026, the Group had total non-current assets, net current assets and net
assets of HK$590.3 million, HK$3,733.2 million and HK$4,237.2 million, respectively
(31 December 2025: HK$596.0 million, HK$3,857.9 million and HK$4,368.9 million
respectively). The current ratio of the Group, defined as the ratio of current assets to
current liabilities, was 21.0 as at 30 June 2026 (31 December 2025: 19.7), which reflects
the abundance of financial resources of the Group. The gearing ratio of the Group, defined
as the borrowings and lease liabilities to total equity, was 3.0% as at 30 June 2026
(31 December 2025: 2.9%).

Capital Structure
There has been no change in the capital structure of the Group during the Period and up
to the date of this report. The capital of the Group only comprises ordinary shares.
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

8

Capital Expenditure
During the Period, the Group’s capital expenditure was HK$2.6 million (2025: HK$16.4
million), which was mainly used in renovation of retail outlets and purchase of machinery
and equipment for production and operation purposes.

Foreign Currency Risk
The Group’s main business operations are conducted in Hong Kong and other overseas
countries/regions. The transactions, monetary assets and liabilities of the Group are mainly
denominated in Hong Kong dollar, Renminbi, and Macao Pataca. During the Period, there
was no material impact to the Group arising from the fluctuation in the exchange rates of
these currencies.
The Group did not engage in any derivatives activities and did not commit to any financial
instruments to hedge its foreign exchange exposure during the Period.

INTERIM REPORT 2026

MANAGEMENT DISCUSSION AND ANALYSIS
Major Investment, Acquisitions and Disposals
During the Period, the Group did not have any major investment, acquisitions and
disposals.

Significant Investments Held and Future Plans for Material
Investments or Capital Assets
Save as disclosed in this report, the Group had no significant investment with a value of
5% or more of the Group’s total assets as at 30 June 2026. There was no material
acquisition and disposal of subsidiaries, associates or joint ventures during the Period.
There were no other plans for material investment or capital assets as at the date of this
report.

Charges over Assets of the Group
As at 30 June 2026, the Group did not have any charges over assets of the Group (2025:
Nil).

Contingent Liabilities
As at 30 June 2026, the Group did not have any significant contingent liabilities.

Dividends
The board of directors (the “Board”) of the Company does not recommend the payment of
any interim dividend for the six months ended 30 June 2026 (2025: Nil).

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

INTERIM REPORT 2026

9

CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
The Board is pleased to announce the unaudited condensed consolidated results of the
Group for the six months ended 30 June 2026 together with the comparative unaudited
figures for the corresponding period in 2025 as follows:
Unaudited
Six months ended 30 June

Notes

2026
HK$’000

2025
HK$’000

6
7

601,887
(217,212)

761,736
(298,698)

7
7

384,675
(100,236)
(82,638)

463,038
(102,641)
(88,659)

17,022
(3,235)

(7,334)
937

Operating profit

215,588

265,341

Finance income
Finance costs

24,381
(3,001)

27,520
(3,379)

8

21,380

24,141

(3,541)

189

9

233,427
(32,234)

289,671
(43,735)

Profit for the period

201,193

245,936

Profit attributable to:
Owners of the Company
Non-controlling interests

198,200
2,993

234,866
11,070

201,193

245,936

0.24

0.28

Revenue
Cost of sales
Gross profit
Distribution and selling expenses
General and administrative expenses
Net reversal/(provision) of impairment losses on
financial assets
Other (losses)/gains, net

Finance income, net
Share of (losses)/profits of investments accounted
for using the equity method
Profit before income tax
Income tax expense
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

10

Earnings per share attributable to
owners of the Company for the period
(expressed in HK$ per share)
Basic and diluted earnings per share

7

10

The notes on pages 16 to 33 are an integral part of this condensed consolidated interim
financial information.

INTERIM REPORT 2026

CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Unaudited
Six months ended 30 June

Profit for the period
Other comprehensive income:
Item that may be reclassified to profit or loss
Currency translation differences attributable
to owners of the Company
Item that will not be reclassified to profit or loss
Currency translation differences attributable
to non-controlling interests, net
Change in fair value of financial asset at fair value
through other comprehensive income

2026
HK$’000

2025
HK$’000

201,193

245,936

3,806

12,086

100

2,564

(315)

(825)

Other comprehensive income for the period

3,591

13,825

Total comprehensive income for the period

204,784

259,761

Attributable to:
Owners of the Company
Non-controlling interests

201,691
3,093

246,127
13,634

Total comprehensive income for the period

204,784

259,761

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

The notes on pages 16 to 33 are an integral part of this condensed consolidated interim
financial information.

11

CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

218,287
197,240
62,589

225,460
200,008
64,494

40,946

42,585

6,498
27,454
37,302

6,813
24,361
32,261

590,316

595,982

1,254,311
457,383

1,341,633
443,899

49,273
2,158,562

51,377
2,227,847

3,919,529

4,064,756

4,509,845

4,660,738

938,789

938,789

(46,587)
3,162,539

(50,078)
3,299,179

Non-controlling interests

4,054,741
182,436

4,187,890
180,971

Total equity

4,237,177

4,368,861

Notes
ASSETS
Non-current assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Investments accounted for using the
equity method
Financial asset at fair value through other
comprehensive income
Prepayments and deposits
Deferred income tax assets, net
Current assets
Inventories
Trade receivables and other current assets
Short-term bank deposits with original
maturities exceeding three months
Cash and cash equivalents

12
13

14
15

Total assets
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

12

EQUITY AND LIABILITIES
Equity attributable to owners
of the Company
Share capital
Reserves
— Other reserves
— Retained earnings

INTERIM REPORT 2026

16

CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION

Note
LIABILITIES
Non-current liabilities
Borrowings
Lease liabilities
Deferred income tax liabilities, net
Retirement benefit obligations
Current liabilities
Borrowings
Trade and other payables
Lease liabilities
Current income tax liabilities
Total liabilities
Total equity and liabilities

17

Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

36
75,502
7,184
3,602

71
74,171
7,185
3,602

86,324

85,029

71
97,632
50,195
38,446

71
125,611
52,227
28,939

186,344

206,848

272,668

291,877

4,509,845

4,660,738

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

The notes on pages 16 to 33 are an integral part of this condensed consolidated interim
financial information.

13

CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
Unaudited
Attributable to owners of the Company
Share
capital
HK$’000

Merger
reserve
HK$’000

Other
reserve
HK$’000

Statutory
reserve
HK$’000

Exchange
reserve
HK$’000

Retained
earnings
HK$’000

Total
HK$’000

Noncontrolling
interests
HK$’000

Total
equity
HK$’000

938,789

(13,124)

(10,584)

6,229

(40,898)

3,194,948

4,075,360

171,074

4,246,434

—

—

—

—

—

234,866

234,866

11,070

245,936

—

—

(825)

—

—

—

(825)

—

(825)

—

—

—

—

11,309

—

11,309

2,564

13,873

—

—

—

—

777

—

777

—

777

Total comprehensive
income

—

—

(825)

—

12,086

234,866

246,127

13,634

259,761

Transactions with
owners in their
capacity as owners
Dividends paid
Capital contributions
from non-controlling
shareholders

—

—

—

—

—

(292,985)

(292,985)

—

(292,985)

—

—

—

—

—

—

—

9,000

9,000

At 1 January 2025
Comprehensive income
Profit for the period
Other comprehensive
income
Change in fair value of
financial asset at fair
value through other
comprehensive
income
Currency translation
differences
— Group
— Joint ventures and
an associate

Total transactions with
owners in their
capacity as owners

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

14

—

—

—

—

—

(292,985)

(292,985)

9,000

(283,985)

At 30 June 2025

938,789

(13,124)

(11,409)

6,229

(28,812)

3,136,829

4,028,502

193,708

4,222,210

At 1 January 2026

938,789

(13,124)

(11,173)

6,229

(32,010)

3,299,179

4,187,890

180,971

4,368,861

—

—

—

—

—

198,200

198,200

2,993

201,193

—

—

(315)

—

—

—

(315)

—

(315)

—

—

—

—

1,905

—

1,905

100

2,005

—

—

—

—

1,901

—

1,901

—

1,901

Total comprehensive
income

—

—

(315)

—

3,806

198,200

201,691

3,093

204,784

Transactions with
owners in their
capacity as owners
Dividends paid

—

—

—

—

—

(334,840)

(334,840)

(1,628)

(336,468)

Comprehensive income
Profit for the period
Other comprehensive
income
Change in fair value of
financial asset at fair
value through other
comprehensive
income
Currency translation
differences
— Group
— Joint ventures and
an associate

Total transactions with
owners in their
capacity as owners
At 30 June 2026

—

—

—

—

—

(334,840)

(334,840)

(1,628)

(336,468)

938,789

(13,124)

(11,488)

6,229

(28,204)

3,162,539

4,054,741

182,436

4,237,177

The notes on pages 16 to 33 are an integral part of this condensed consolidated interim
financial information.

INTERIM REPORT 2026

CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
Unaudited
Six months ended 30 June
2025
HK$’000

272,908

480,494

26,212

28,230

2,104

(169,912)

(1,791)

(4,171)

—

1

(833)

(12,229)

25,692

(158,081)

Cash flows from financing activities
Principal elements of lease payments
Repayment of borrowings
Interest paid
Dividends paid to the Company’s shareholders
Dividends paid to non-controlling interests
Capital contributions from non-controlling shareholders

(34,159)
(35)
(3,001)
(334,840)
(1,628)
—

(30,664)
(36)
(3,379)
(292,985)
—
9,000

Net cash used in financing activities

(373,663)

(318,064)

Net (decrease)/increase in cash and cash
equivalents

(75,063)

4,349

2,227,847

1,773,074

5,778

11,531

2,158,562

1,788,954

Net cash generated from operating activities
Cash flows from investing activities
Interest received
Decrease/(Increase) in short-term bank deposits with
original maturities exceeding three months
Purchase of property, plant and equipment and
intangible assets
Proceeds from disposal of property, plant and
equipment
Deposit paid for purchase of property, plant and
equipment and intangible assets
Net cash generated from/(used in) investing
activities

Cash and cash equivalents at beginning of period
Exchange gain on cash and cash equivalents
Cash and cash equivalents at end of period

The notes on pages 16 to 33 are an integral part of this condensed consolidated interim
financial information.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

2026
HK$’000

15

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
1

GENERAL INFORMATION
The Group is engaged in manufacturing, retail and wholesale of Chinese medicine
products and healthcare products and provision of Chinese medical consultation and
treatments. The immediate holding company of the Company is Tong Ren Tang
Technologies Co. Ltd. (“Tong Ren Tang Technologies”) which is a joint stock limited
company established in the PRC and is listed on the Main Board of The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”). The intermediate holding
company of the Company is Beijing Tong Ren Tang Company Limited (“Tong Ren
Tang Ltd.”) which is a joint stock limited company incorporated in the PRC and is
listed on the Shanghai Stock Exchange. The ultimate holding company of the
Company is China Beijing Tong Ren Tang Group Co., Ltd. (“Tong Ren Tang
Holdings”) which is a company incorporated in the PRC.
The shares of the Company were listed on GEM of the Stock Exchange starting
from 7 May 2013 and were transferred to be listed on the Main Board of the Stock
Exchange starting from 29 May 2018.
The condensed consolidated interim financial information is presented in Hong Kong
dollars (“HK$”), unless otherwise stated. This condensed consolidated interim financial
information has been approved for issue by the Board on 28 August 2026.
This condensed consolidated interim financial information has not been audited.

2
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

16

BASIS OF PREPARATION
This condensed consolidated interim financial information for the six months ended
30 June 2026 has been prepared in accordance with Hong Kong Accounting
Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong
Institute of Certified Public Accountants and the disclosure requirements of the Rules
Governing the Listing of Securities on the Stock Exchange (“Listing Rules”).
The financial information relating to the year ended 31 December 2025 that is
included in this condensed consolidated interim financial information as comparative
information does not constitute the Company’s statutory annual consolidated financial
statements for the year but is derived from those financial statements. Further
information relating to these statutory financial statements required to be disclosed in
accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is
as follows:
The Company has delivered the financial statements for the year ended
31 December 2025 to the Companies Registry as required by section 662(3) of, and
Part 3 of Schedule 6 to, the Hong Kong Companies Ordinance (Cap. 622).

INTERIM REPORT 2026

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
3

SIGNIFICANT ACCOUNTING POLICIES
Except as described below, the accounting policies applied in this condensed
consolidated interim financial information are consistent with those of the annual
financial statements for the year ended 31 December 2025.
Taxation on income in the interim periods is accrued using the tax rate that would
be applicable to expected total annual earnings.

Adoption of revised framework and amendments to standards
The Group has adopted the following revised framework and amendments to
standards which are relevant to the Group’s operations and are mandatory for the
financial year beginning on 1 January 2026.
Amendments to HKFRS 9 and
Amendments to the Classification and
HKFRS 7
Measurement of Financial Instruments
Annual Improvements to HKFRS
Amendments to HKFRS 1, HKFRS 7,
Accounting Standards — Volume 11
HKFRS 9, HKFRS 10 and HKAS 7
The adoption of the above amendments to standards did not have any significant
financial impact on this condensed consolidated interim financial information.

4

ESTIMATES

In preparing this condensed consolidated interim financial information, the significant
judgements made by management in applying the Group’s accounting policies and
the key sources of estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 December 2025.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

The preparation of interim financial information requires management to make
judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.

17

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
5

FINANCIAL RISK MANAGEMENT
(a)

Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk
(including foreign exchange risk and cash flow interest rate risk), credit risk
and liquidity risk.
This condensed consolidated interim financial information does not include all
financial risk management information and disclosures required in the annual
financial statements and should be read in conjunction with the Group’s
annual financial statements as at 31 December 2025.
There have been no changes in the risk management policies and procedures
since last year end.

(b)

Liquidity risk
Compared to 31 December 2025, there was no material change in the
contractual undiscounted cash out flows for financial liabilities.

6

REVENUE AND SEGMENT INFORMATION
(a)

Revenue

Unaudited
Six months ended 30 June

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

18

Sales of products
Service income
Royalty fee income

INTERIM REPORT 2026

2026
HK$’000

2025
HK$’000

578,632
23,255
—

739,820
21,847
69

601,887

761,736

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
6

REVENUE AND SEGMENT INFORMATION (Continued)
(b)

Segment information

The chief operating decision maker has been identified as the executive
directors and non-executive director of the Company (the “Executive
Directors” and “Non-executive Director”). The Executive Directors and
Non-executive Director review the Group’s internal reporting in order to assess
performance and allocate resources and have determined the operating
segments based on these reports.
The Executive Directors and Non-executive Director assess the performance of
the operating segments based on revenue and segment results of each
segment. The Executive Directors and Non-executive Director have determined
the operating segments based on the location of the entities and the
information reviewed by the Group’s chief operating decision maker for the
purposes of allocating resources and assessing performance and have
determined that the Group has three reportable operating segments.
The geographical location of revenue is analysed based on location where
goods are sold and services are provided. The details are set out as follows:
Hong Kong — sale of Chinese medicine products and healthcare
products and provision of Chinese medical consultation and treatments
through retail outlets as well as wholesale of Chinese medicine products
and healthcare products in Hong Kong. In addition, it includes the
royalty fee income received from overseas entities for using “Tong Ren
Tang” brand name.

(ii)

The Chinese mainland (for the purpose of this interim report, regions of
China other than Hong Kong, Macao and Taiwan China) — wholesale
of Chinese medicine products and healthcare products in the Chinese
mainland and the sole distribution of “Tong Ren Tang” branded
products of Tong Ren Tang Technologies and Tong Ren Tang Ltd. to
customers outside the Chinese mainland.

(iii)

Overseas (countries/regions other than (i) and (ii) as mentioned, for the
purpose of this interim report, including Macao) — retail and wholesale
of Chinese medicine products and healthcare products and provision of
Chinese medical consultation and treatments in other overseas
countries/regions, including Macao.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

(i)

19

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
6

REVENUE AND SEGMENT INFORMATION (Continued)
(b)

Segment information (Continued)

Unallocated items comprise mainly corporate expenses.
Sales between segments are carried in accordance with terms agreed by the
parties involved.
Segment assets include property, plant and equipment, right-of-use assets,
intangible assets, investments accounted for using equity method, financial
asset at fair value through other comprehensive income, prepayments and
deposits, deferred income tax assets, inventories, trade receivables and other
current assets, short-term bank deposits and cash and cash equivalents.
Segment liabilities include borrowings, lease liabilities, trade and other
payables, retirement benefit obligations, current and deferred income tax
liabilities.

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

20

INTERIM REPORT 2026

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
6

REVENUE AND SEGMENT INFORMATION (Continued)
(b)

Segment information (Continued)
(i)

Analysis of condensed consolidated statement of profit or loss

Hong Kong
HK$’000

Chinese
Mainland
HK$’000

Overseas
HK$’000

Total
HK$’000

Segment revenue
Inter-segment revenue

458,501
(72,389)

81,997
(32,736)

166,514
—

707,012
(105,125)

Revenue from external
customers

386,112

49,261

166,514

601,887

Timing of revenue
recognition
At a point in time
Overtime

386,112
—

48,219
1,042

163,796
2,718

598,127
3,760

386,112

49,261

166,514

601,887

185,153

8,029

4,163

197,345

537
(1,624)

215,588
24,381
(3,001)

Six months ended
30 June 2026
(Unaudited)

Segment results
Inter-segment
elimination

18,243
23,827
(1,366)

17
(11)

(3,541)

Profit before income tax
Income tax expense

233,427
(32,234)

Profit for the period

201,193

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

Operating profit
Finance income
Finance costs
Share of losses of
investments
accounted for using
equity method

21

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
6

REVENUE AND SEGMENT INFORMATION (Continued)
(b)

Segment information (Continued)
(i)

Analysis of condensed consolidated statement of profit or loss
(Continued)

Hong Kong
HK$’000

Chinese
Mainland
HK$’000

Overseas
HK$’000

Total
HK$’000

Segment revenue
Inter-segment revenue

515,131
(80,197)

146,749
(28,756)

208,809
—

870,689
(108,953)

Revenue from external
customers

434,934

117,993

208,809

761,736

Timing of revenue
recognition
At a point in time
Overtime

434,865
69

117,235
758

206,802
2,007

758,902
2,834

434,934

117,993

208,809

761,736

195,634

7,099

21,622

224,355

Six months ended
30 June 2025
(Unaudited)

Segment results
Inter-segment
elimination
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

Operating profit
Finance income
Finance costs
Share of profits of
investments
accounted for using
equity method

22

INTERIM REPORT 2026

40,986
25,658
(1,527)

29
(47)

1,833
(1,805)

265,341
27,520
(3,379)

189

Profit before income tax
Income tax expense

289,671
(43,735)

Profit for the period

245,936

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
6

REVENUE AND SEGMENT INFORMATION (Continued)
(b)

Segment information (Continued)
(ii)

Analysis of condensed consolidated statement of financial
position

Hong Kong
HK$’000

Chinese
Mainland
HK$’000

Overseas
HK$’000

Total
HK$’000

3,800,682

222,706

486,457

4,509,845

At 30 June 2026
(Unaudited)
Segment assets and
liabilities
Total assets
Investments accounted
for using equity
method
Total liabilities

24,370

11,178

5,398

40,946

(155,609)

(29,042)

(88,017)

(272,668)

3,815,865

262,449

582,424

4,660,738

At 31 December 2025
(Audited)
Segment assets and
liabilities

Investments accounted
for using equity
method

22,423

14,429

5,733

42,585

Total liabilities

(117,258)

(64,242)

(110,377)

(291,877)

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

Total assets

23

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
7

EXPENSES BY NATURE
Unaudited
Six months ended 30 June

Cost of inventories sold
Employee benefit expenses
(including directors’ emoluments)
Expenses relating to short-term leases
Variable lease payments not included in the
measurement of lease liabilities (Note)
Depreciation of right-of-use assets
Amortisation of intangible assets (Note 13)
Depreciation of property,
plant and equipment (Note 12)
Loss on disposal of property, plant and equipment
Net (reversal)/provision of impairment loss on trade
receivables
Promotion and advertising expenses
Note:

2025
HK$’000

178,274

262,616

108,678
6,426

113,545
4,619

369
34,730
2,851

250
35,769
3,065

10,143
—

9,218
36

(17,022)
6,060

7,334
9,879

Variable lease payments represent the amounts which are calculated based on percentages
of turnover generated by certain retail outlets that exceed their fixed rentals.

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

24

2026
HK$’000

INTERIM REPORT 2026

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
8

FINANCE INCOME, NET
Unaudited
Six months ended 30 June

Finance income
Bank interest income

9

2026
HK$’000

2025
HK$’000

24,381

27,520

Finance costs
Lease liabilities

(3,001)

(3,379)

Finance income, net

21,380

24,141

INCOME TAX EXPENSE
Hong Kong profits tax has been provided at the rate of 16.5% (2025: 16.5%) on the
estimated assessable profits for the period. PRC corporate income tax has been
provided at the rate of 25% (2025: 25%) on the estimated assessable profits for the
period of the subsidiaries operating in Chinese mainland. Taxation on overseas profits
has been calculated on the estimated assessable profit for the period at the rates of
taxation prevailing in the countries in which the entities operate.
Unaudited
Six months ended 30 June
2025
HK$’000

Current income tax
Deferred income tax

36,846
(4,612)

39,623
4,112

Income tax expense

32,234

43,735

In December 2021, the Organisation for Economic Co-operation and Development
released the Global Anti-Base Erosion (“GloBE”) model rules (also known as “Pillar
Two”) to reform international corporate taxation. The Group is within the scope of the
Pillar Two. Under Pillar Two, the Group is liable to pay a top-up tax for the
difference between its GloBE effective tax rate per jurisdiction and the 15% minimum
rate.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

2026
HK$’000

25

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
9

INCOME TAX EXPENSE (Continued)
As of the reporting date, Pillar Two legislation has come into effect in certain
jurisdictions in which the Group operates, including Australia, Canada, Czech
Republic, Germany, Hong Kong, Italy, Netherlands, New Zealand, Poland, Singapore,
South Korea, Sweden, Switzerland, the United Arab Emirates. The Group has
assessed the top-up tax implication under the Pillar Two legislation based on the
financial data for the period ended 30 June 2026. According to the assessment, the
effective tax rate of the Group’s subsidiaries in Macao is estimated to be below
15%. However, the Group does not anticipate significant exposure to Pillar Two
top-up taxes in Macao or other jurisdictions as of the reporting date. The Group will
continue to monitor global developments related to the Pillar Two legislation and
reassess any potential impacts accordingly.
The Group has adopted the temporary mandatory exception, provided in the
amendments to HKAS 12 “Income Taxes” issued by the HKICPA in July 2023, from
recognising or disclosing information about deferred income tax assets and liabilities
associated with Pillar Two Income Taxes.

10

EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to owners of
the Company by the weighted average number of ordinary shares in issue during the
period.
Unaudited
Six months ended 30 June

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

26

2026

2025

Profit attributable to owners of the Company
(HK$’000)

198,200

234,866

Weighted average number of ordinary
shares in issue (thousand shares)

837,100

837,100

0.24

0.28

Earnings per share (HK$)

There were no potential dilutive shares for the six months ended 30 June 2026
(2025: Nil).

INTERIM REPORT 2026

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
11

DIVIDENDS
The final dividend of HK$309,727,000 and special dividend of HK$25,113,000 in
respect of the year ended 31 December 2025 were paid in June 2026 (2025: final
dividend of HK$292,985,000 for the year ended 31 December 2024).
During the six months ended 30 June 2026, the Board did not recommend the
payment of any interim dividend (2025: Nil).

12

PROPERTY, PLANT AND EQUIPMENT
The net book value of property, plant and equipment is analysed as follows:
HK$’000
At 1 January 2026 (audited)
Additions
Depreciation charge
Currency translation differences

225,460
1,716
(10,143)
1,254

At 30 June 2026 (unaudited)

218,287

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

INTERIM REPORT 2026

27

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
13

INTANGIBLE ASSETS
The net book value of intangible assets is analysed as follows:

14

Goodwill
HK$’000

Computer
software
HK$’000

Total
HK$’000

At 1 January 2026 (audited)
Addition
Amortisation
Currency translation differences

49,419
—
—
—

15,075
927
(2,851)
19

64,494
927
(2,851)
19

At 30 June 2026 (unaudited)

49,419

13,170

62,589

INVENTORIES

Raw materials
Work in progress
Finished goods and trading materials

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

28

INTERIM REPORT 2026

Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

939,023
66,323
248,965

1,113,180
49,551
178,902

1,254,311

1,341,633

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
15

TRADE RECEIVABLES AND OTHER CURRENT ASSETS
Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

Trade receivables
— Immediate holding company
— Fellow subsidiaries
— Joint ventures
— Associate
— Third parties

403
133,870
1,915
750
373,295

—
138,359
2,160
1,552
358,670

Trade receivables, gross
Less: loss allowance

510,233
(92,685)

500,741
(105,871)

Trade receivables, net
Bank acceptance notes
Prepayments
Other receivables
Deposits
Amount due from joint ventures

417,548
43
14,243
14,914
9,558
1,077

394,870
177
15,233
21,533
11,116
970

457,383

443,899

The aging analysis of trade receivables (including amounts due from related parties of
trading in nature) based on invoice date is as follows:
Audited
31 December
2025
HK$’000

68,022
155,644
137,750
148,817

331,477
672
60,520
108,072

510,233

500,741

Up to 90 days
91–180 days
181–365 days
Over 365 days

The age of the bank acceptance notes is within 180 days.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

Unaudited
30 June
2026
HK$’000

29

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
16

SHARE CAPITAL
Number of
shares

Share
capital
HK$’000

837,100,000

938,789

Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

Trade payables
— Intermediate holding company
— Immediate holding company
— Fellow subsidiaries
— Associate
— Third parties

—
6,539
64
1,151
29,179

31,817
11,240
67
1,107
17,803

Trade payables
Accruals and other payables
Contract liabilities

36,933
57,303
3,396

62,034
59,725
3,852

97,632

125,611

Ordinary shares issued and fully paid:
At 1 January 2026 (audited) and
30 June 2026 (unaudited)

17

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

30

TRADE AND OTHER PAYABLES

INTERIM REPORT 2026

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
17

TRADE AND OTHER PAYABLES (Continued)
The aging analysis of trade payables (including amounts due to the related parties of
trading in nature) based on invoice date is as follows:

Up to 90 days
91–180 days
181–365 days
Over 365 days

18

Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

25,566
2,765
1,174
7,428

53,252
775
881
7,126

36,933

62,034

Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

4,004

4,373

COMMITMENTS
(a)

Capital commitments

Contracted but not provided for
— property, plant and equipment and
intangible assets

Lease commitments
The Group has recognised right-of-use assets for leases, except for shortterm and low-value leases as set out below:

No later than 1 year

Unaudited
30 June
2026
HK$’000

Audited
31 December
2025
HK$’000

802

1,609

As at 31 December 2025, undiscounted future lease payments amounting to
HK$2,179,000 were committed by the Group but the relevant lease periods
had not commenced. These lease commitments were recognised as right-ofuse assets upon the lease commencement date after 31 December 2025. As
at 30 June 2026, the Group had no relevant lease commitments for which the
lease terms had not yet commenced.
INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

(b)

31

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
19

SIGNIFICANT RELATED PARTY TRANSACTIONS
In addition to those disclosed in other sections of this condensed consolidated
interim financial information, the following transactions were carried out with related
parties:
Unaudited
Six months ended 30 June

Notes

2026
HK$’000

2025
HK$’000

(i)

—
19,419

5,558
68,999

19,419

74,557

10,139
11,768
63

9,319
21,447
413

21,970

31,179

(ii)

—

69

(i)
(i)
(i)

507
520
2,030

—
504
2,265

3,057

2,769

(a) Sales of products to:
— Intermediate holding company
— Fellow subsidiaries

(b) Purchase of products from:
— Immediate holding company
— Intermediate holding company
— Fellow subsidiaries

(c) Royalty fee income from joint ventures

(i)
(i)
(i)

(d) Rental expenses to:
— Ultimate Holding Company
— Immediate holding company
— Fellow subsidiaries
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

32

At 30 June 2026, the Group recognised lease liabilities payable to immediate holding
company of HK$2,646,000 (31 December 2025: Nil) and fellow subsidiaries of
HK$11,898,000 (31 December 2025: HK$1,914,000) over the relevant property
leases.

(e) Advertising agency services
expense to a fellow subsidiary

INTERIM REPORT 2026

(i)

—

2,976

NOTES TO CONDENSED CONSOLIDATED
INTERIM FINANCIAL INFORMATION
19

SIGNIFICANT RELATED PARTY TRANSACTIONS (Continued)
(f)

Key management compensation

Key management includes executive directors, non-executive director and
senior management. The emoluments paid or payable to key management for
employee services is as follows:
Unaudited
Six months ended 30 June

Salaries and other short-term employee
benefits
Pension costs — defined contribution plans

2026
HK$’000

2025
HK$’000

2,988
293

5,070
448

3,281

5,518

Notes:
(i)

These transactions were conducted in the normal course of business at prices and
terms mutually agreed between the parties involved.

(ii)

For the period ended 30 June 2025, the royalty fee is charged annually by the
Company at either 1% on revenue or 1.5% on profit before income tax of the
joint ventures, whichever was higher in accordance with the royalty agreements in
pursuant to which, these joint ventures are permitted to operate under “Tong Ren
Tang” brand name.
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

INTERIM REPORT 2026

33

OTHER INFORMATION
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN
SHARES
As at 30 June 2026, none of the directors of the Company (the “Directors”) and chief
executives of the Company had any interest and short positions in the shares, underlying
shares and debentures of the Company or any of its associated corporations (within the
meaning of Part XV of the Securities and Futures Ordinance (the “SFO”) (Chapter 571 of the
laws of Hong Kong)) which would have to be notified to the Company pursuant to Part XV
of the SFO (including interests which they are taken or deemed to have under such
provisions of the SFO) and required to be entered in the register maintained by the
Company pursuant to Section 352 of the SFO or which were required, pursuant to the
Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”)
contained in Appendix C3 to the Listing Rules, to be notified to the Company and the
Stock Exchange.

SUBSTANTIAL SHAREHOLDERS
As at 30 June 2026, the interest of the persons, other than Directors or chief executive of
the Company, in the shares and underlying shares of the Company which were notified to
the Company and the Stock Exchange pursuant to Part XV of the SFO and entered in the
register maintained by the Company pursuant to Section 336 of the SFO, or otherwise
notified to the Company were as follows:

Long position in shares of the Company

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

34

Name of shareholders

Capacity

Number of
shares

Approximate
percentage of
issued share
capital

Tong Ren Tang
Technologies

Beneficial owner

318,540,000

38.05%

Tong Ren Tang Ltd. (1)

Beneficial owner
Interest of a controlled
corporation

281,460,000
318,540,000

33.62%
38.05%

Tong Ren Tang Holdings (2)

Interest of a controlled
corporation

600,000,000

71.67%

INTERIM REPORT 2026

OTHER INFORMATION
Notes:
(1)

Tong Ren Tang Ltd. directly holds approximately 46.85% of the issued share capital of Tong Ren
Tang Technologies. Accordingly, Tong Ren Tang Ltd. is deemed to be interested in 318,540,000
shares of the Company held by Tong Ren Tang Technologies.

(2)

Tong Ren Tang Holdings directly holds approximately 52.45% of the issued share capital of Tong
Ren Tang Ltd. which in turn directly holds approximately 46.85% of the issued share capital of
Tong Ren Tang Technologies. Tong Ren Tang Holdings also directly holds approximately 1.34%
domestic shares and H shares in total of Tong Ren Tang Technologies. Accordingly, Tong Ren
Tang Holdings is deemed to be interested in 318,540,000 shares of the Company and
281,460,000 shares of the Company held by Tong Ren Tang Technologies and Tong Ren Tang
Ltd., respectively.

Save as disclosed above, the Company had not been notified by any persons (other than
Directors or chief executives of the Company) who had interests or short positions in the
shares or underlying shares of the Company which would fall under the provisions of Part
XV of the SFO to be disclosed to the Company, or which were recorded in the register
required to be kept by the Company under Section 336 of the SFO.

RIGHTS TO ACQUIRE SHARES OR DEBENTURES
At no time during the six months ended 30 June 2026 was the Company, any of its
subsidiaries, or any of its fellow subsidiaries, a party to any arrangement to enable the
Directors or chief executives of the Company or their respective associates (as defined in
the Listing Rules) to have any right to subscribe for securities of the Company or any of its
associated corporations as defined in the SFO or to acquire benefits by means of
acquisition of shares in, or debentures of, the Company or any other body corporate.
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

INTERIM REPORT 2026

35

OTHER INFORMATION
INTERESTS IN COMPETING BUSINESSES
To ensure that the business classification between the Company, Tong Ren Tang Ltd.,
Tong Ren Tang Technologies and Tong Ren Tang Holdings (collectively the “Controlling
Shareholders”) are properly documented and established, each of the Controlling
Shareholders entered into a deed of non-competition in favour of the Company on 18 April
2013 (the “Deed of Non-competition”), details of which are set out in the prospectus of
the Company dated 25 April 2013 (the “Prospectus”), mainly to the effect that at any time
until their collective beneficial interest in the equity interest in the Company is less than
30%, each of them shall not, and shall procure their respective subsidiaries (except through
its interests in the Group) not to, without prior written consent of the Company, directly or
indirectly:

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

36

(i)

engage in the research, development, manufacture and sales of any products
containing ganoderma lucidum or ganoderma lucidum spores as raw materials in
markets outside of Chinese mainland (the “Non-Chinese Mainland Markets”);

(ii)

engage in the research, development, manufacture and sales of any products with
“Tong Ren Tang” brands in the Non-Chinese Mainland Markets, except for the
manufacture of the Chinese medicine products for the two independent third parties
in Japan; for the avoidance of doubt and without prejudice to the generality of the
Deed of Non-competition, except for the current excluded business in Japan, engage
in arrangement with any other parties in the Non-Chinese Mainland Markets similar to
the excluded business in Japan;

(iii)

carry out any sales or registration (new or renewal) for Angong Niuhuang Wan in the
Non-Chinese Mainland Markets;

(iv)

engage in the distribution of any Chinese medicine products in the
Non-Chinese Mainland Markets, except for certain existing arrangements as disclosed
in the Prospectus; and

(v)

carry out any new overseas registration of “Tong Ren Tang” branded products ((i) to
(v) are collectively known as “Restricted Business”).

In addition, under the Deed of Non-competition, each of the Controlling Shareholders has
also undertaken that if each of them and/or any of its associates is offered or becomes
aware of any project or new business opportunity (the “New Business Opportunity”) that
relates to the Restricted Business, whether directly or indirectly, it shall (i) promptly and in
any event not later than seven (7) days notify the Company in writing of such opportunity
and provide such information as is reasonably required by the Company in order to enable
the Company to come to an informed assessment of such opportunity; and (ii) use its best
endeavours to procure that such opportunity is offered to the Company on terms no less
favourable than the terms on which such opportunity is offered to it and/or its associates.
INTERIM REPORT 2026

OTHER INFORMATION
The Directors (including the independent non-executive Directors) will review the New
Business Opportunity and decide whether to invest in the New Business Opportunity within
thirty (30) business days of receipt of notice from Controlling Shareholders.
Tong Ren Tang Holdings has also granted the Company rights of first refusal to acquire its
interest in Beijing Tong Ren Tang Hong Kong Medicine Management Limited, Beijing Tong
Ren Tang (UK) Limited and Beijing Tong Ren Tang Tai Fong Co., Ltd. on terms which are
not less favorable than the terms it wishes to sell to other parties.
In this connection, the Group adopted the following corporate governance measures to
manage any potential conflicts of interest arising from any future potential competing
business and to safeguard the interests of the shareholders of the Company:
(i)

the independent non-executive Directors shall review, at least on an annual basis, the
compliance with and enforcement of the terms of the Deed of Non-competition by
the Controlling Shareholders; and

(ii)

the Company will disclose the review by the independent non-executive Directors
based on the compliance with and enforcement of the terms of the Deed of
Non-competition in its annual report.

(a)

conduct quarterly inspection of the distribution channels of the Parent Group, including
retail stores and wholesale customers, to check whether any products containing
ganoderma lucidum or ganoderma lucidum spores as raw materials (other than
ganoderma lucidum spores powder capsule manufactured by the Group) is sold in
the Non-Chinese Mainland Markets; and

(b)

conduct quarterly communications with representatives of the Parent Group to confirm
whether their research and development portfolio has any products which contain
ganoderma lucidum or ganoderma lucidum spores as raw materials.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

In monitoring the competing business of the Parent Group (refer to Tong Ren Tang
Holdings, Tong Ren Tang Ltd., Tong Ren Tang Technologies and their respective
subsidiaries, other than the Group and their respective predecessors), an executive
committee (the “Competition Executive Committee”) comprising two disinterested
Directors, namely Mr. Wang Chi and Mr. Yan Han, has been established with the following
major responsibilities:

37

OTHER INFORMATION
A supervisory committee, comprising three independent non-executive Directors, namely,
Mr. Tsang Yok Sing, Jasper (Chairman), Mr. Xu Hong Xi and Mr. Chan Ngai Chi, has been
established with the following major responsibilities:
(a)

meet quarterly and review the quarterly inspection records and daily communication
records by the Competition Executive Committee (if applicable); and

(b)

report findings during its review of the records provided by the Competition Executive
Committee to the Board which will be published in the Company’s annual report.

PURCHASE, SALE OR REDEMPTION OF THE LISTED
SECURITIES OF THE COMPANY
During the Period, neither the Company nor any of its subsidiaries had purchased, sold or
redeemed any listed securities of the Company (including sale of treasury shares).
As at 30 June 2026, the Company did not hold any treasury shares.

COMPLIANCE WITH THE REQUIRED STANDARD OF DEALINGS
IN SECURITIES TRANSACTIONS BY DIRECTORS OF LISTED
ISSUERS
The Company has adopted the Model Code contained in Appendix C3 to the Listing Rules.
Having made specific enquiries to all the Directors, all the Directors confirmed that they had
complied with the required standard set out in the Model Code and the code of conduct
regarding securities transactions by Directors adopted by the Company during the Period.
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

38

CORPORATE GOVERNANCE CODE
The Company has complied with the provisions set out in Appendix C1 of the Corporate
Governance Code to the Listing Rules during the Period.

CHANGE IN INFORMATION OF DIRECTORS
Save as disclosed in the 2025 annual report of the Company, there is no change in the
information of the Directors of the Company since the date of the 2025 annual report of
the Company which is required to be disclosed pursuant to Rule 13.51B(1) of the Listing
Rules.

INTERIM REPORT 2026

OTHER INFORMATION
RISK MANAGEMENT AND INTERNAL CONTROL
Risk management and internal control are the essential parts of the operation and
governance procedures of the Group. Effective risk management and internal control help
the Group identify and evaluate risks, adopt measures to cope with threats, continue to
implement its development strategies and ensure the realisation of targets set.
The Group’s risk management and internal control governance structure is based on the
“Three Lines of Defence” model comprised of day-to-day operational management and
control, risk and compliance management, and independent supervision assurance.
In view of the ever-changing internal and external environment, the Group takes an active
and systematic approach for the ongoing risk identification and assessment in the course of
business operations, defines risk control responsibilities, reviews the adequacy and
effectiveness of risk control measures, and continuously incorporates risk control concepts
into its operation and governance processes so as to strengthen the risk control
capabilities of the Group on all fronts and help to achieve operating targets and steady
development.
During the Period, the relevant functional departments and operating units performed their
respective duties. Apart from daily monitoring of risks, they reported the overall status of
significant risks and risk management initiatives by submitting the risk control report. After
further analysis and summarisation of the relevant risk control reports, the Group’s risk
management report is formed and reported to the audit committee of the Company (the
“Audit Committee”) and the Board for continuous supervision and review of the
effectiveness of the Group’s risk management and internal control system.

Reference is made to the announcement of the Company dated 28 August 2026 (the
“Announcement”) in relation to the E-commerce Services Cooperation Framework
Agreement entered into between the Company and Beijing Tong Ren Tang Shuzi
Technology Co., Ltd. (“Tong Ren Tang Shuzi Technology”). The Board wishes to provide
further information regarding the pricing policy adopted by the Group for procurement of
the E-commerce Services under the E-commerce Services Cooperation Framework
Agreement.

INTERIM REPORT 2026

BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

CONTINUING CONNECTED TRANSACTION IN RELATION TO
THE E-COMMERCE SERVICES COOPERATION FRAMEWORK
AGREEMENT

39

OTHER INFORMATION
The service fees payable under the E-commerce Services Cooperation Framework
Agreement are determined after arm’s length negotiations and shall be on normal
commercial terms and on terms no less favourable to the Group than those available from
independent third-party service providers. Prior to entering into a specific service
arrangement, the Group will generally obtain quotations from the Tong Ren Tang Shuzi
Technology and its subsidiaries (either directly owned or indirectly owned) (collectively,
“Shuzi Technology Group”) and at least two independent third-party service providers
capable of providing e-commerce services of a comparable nature, scope and scale, and
compare the relevant fees, service scope, service quality, service requirements, payment
terms and other commercial terms on a like-for-like basis. Where obtaining quotations from
at least two independent third-party service providers is not practicable, the Group will
assess the proposed fees and terms by reference to available market information, previous
transactions with independent third-party suppliers and prevailing market conditions. The
relevant business department will prepare a comparison and assessment of the proposed
transaction, which will be reviewed and approved by designated management personnel in
accordance with the Group’s internal approval procedures prior to entering into the relevant
transaction. The finance department and management of the Group monitor the
transactions on an ongoing basis to ensure compliance with the pricing policy and the
Listing Rules.
The Directors are of the view that the above pricing policy and internal control measures
are adequate to ensure that the transactions contemplated under the E-commerce Services
Cooperation Framework Agreement are conducted on normal commercial terms, are fair
and reasonable, and are in the interests of the Company and the shareholders of the
Company as a whole.
BEIJING TONG REN TANG CHINESE MEDICINE COMPANY LIMITED

AUDIT COMMITTEE

40

INTERIM REPORT 2026

The Audit Committee has reviewed the unaudited condensed consolidated interim financial
information and the interim report of the Group for the six months ended 30 June 2026.
There is no disagreement between the Board and the Audit Committee regarding the
accounting treatment adopted by the Company.
By order of the Board
Beijing Tong Ren Tang
Chinese Medicine Company Limited
Yan Han
Chairman
Hong Kong, 28 August 2026

同修仁德

北京同仁堂國藥有限公司

中期報告

濟世養生

Beijing Tong Ren Tang Chinese Medicine Company Limited

cm.tongrentang.com

INTERIM REPORT

2026

Interim Report 2026 中期報告

同修仁德

北京同仁堂國藥有限公司

中期報告

濟世養生

Beijing Tong Ren Tang Chinese Medicine Company Limited

cm.tongrentang.com

INTERIM REPORT

2026

Interim Report 2026 中期報告

公司資料
董事

香港證券登記處

執行董事

香港中央證券登記有限公司

嚴晗（主席）

香港灣仔

樂拯（副主席）

皇后大道東183號

王馳

合和中心17樓
1712–1716號舖

非執行董事
馮莉

公司網站
cm.tongrentang.com

獨立非執行董事
曾鈺成

註冊地址

徐宏喜

香港灣仔

陳毅馳

港灣道1號會展廣場

審核委員會

辦公大樓1405–1409室

陳毅馳（主席）

法律顧問

曾鈺成

有關香港法律：

徐宏喜

競天公誠律師事務所

提名委員會

香港

曾鈺成（主席）

中環皇后大道中15號

馮莉

置地廣場

徐宏喜

公爵大廈

陳毅馳

32樓

薪酬委員會
徐宏喜（主席）

有限法律責任合夥

3203–3209室

核數師

曾鈺成

安永會計師事務所

陳毅馳

（根據會計及財務匯報局條例

公司秘書

香港鰂魚涌

曾鳳儀

英皇道979號
北京同仁堂國藥有限公司

授權代表

註冊公眾利益實體核數師）

太古坊一座27樓

嚴晗

股份代碼

樂拯

3613

2026年中期報告

1

財務摘要
截至6月30日止六個月
（千港元）
收入
毛利
除所得稅前利潤
期間利潤
本公司擁有人應佔利潤
每股盈利

2026年

2025年

變化

601,887
384,675
233,427
201,193
198,200
0.24港元

761,736
463,038
289,671
245,936
234,866
0.28港元

–21.0%
–16.9%
–19.4%
–18.2%
–15.6%
–0.04港元

截至
（千港元）

2026年
6月30日

2025年
12月31日

變化

現金及銀行結餘
總資產
權益總額

2,207,835
4,509,845
4,237,177

2,279,224
4,660,738
4,368,861

–3.1%
–3.2%
–3.0%

截至2026及2025年6月30日止六個月
收入

毛利

千港元

千港元

1,000,000

600,000

761,736

800,000

601,887

600,000

463,038

500,000
400,000

384,675

300,000
400,000

200,000

200,000

100,000

0

2026年

2025年

0

本公司擁有人應佔利潤

北京同仁堂國藥有限公司

2

200,000

2025年

每股盈利
港元

千港元

0.40

300,000
250,000

2026年

234,866
198,200

0.30

150,000

0.28港元
0.24港元

0.20

100,000
0.10
50,000
0

2026年中期報告

2026年

2025年

0

2026年

2025年

管理層討論及分析
業務概覽
2026年上半年，全球地緣政治衝突持續擾動供應鏈，消費結構性降級已成全球趨勢。香港
政府統計處資料顯示，2026年上半年香港零售業總銷貨價值同比上升9.6%，惟中藥零售類
別銷貨價值同比下跌5.1%，反映相關消費領域需求較為疲弱。
截至2026年6月30日止六個月（「本期內」），本集團（北京同仁堂國藥有限公司，下稱「本公
司」，連同其附屬公司統稱為「本集團」或「我們」）銷售收入為601.9百萬港元（2025年：761.7
百 萬 港 元），較 上 年 同 期 下 跌21.0%；本 公 司 擁 有 人 應 佔 利 潤 為198.2百 萬 港 元（2025年：
234.9百 萬 港 元），較 上 年 同 期 下 跌15.6%。本 集 團 毛 利 率 從 去 年 同 期60.8%上 升 至 本 期 內
63.9%，同比增長3.1%，同時，利潤跌幅小於收入跌幅，表明我們在成本費用管控與產品結
構優化方面的努力持續見效。本期內，資金結構保持穩健，經營現金流充裕，有息負債極
低，財務緩衝能力充足；同時，存貨金額持續下降，資產配置進一步向核心業務聚焦，整體
資產結構得到持續優化。
本集團堅定不移地推進自有產品的市場行銷戰略，以「品質優先、管道可控」為原則，持續優
化分銷體系。在港澳及中國內地市場，本集團主動收緊自有產品的分銷管道，強化終端價格
管控與品牌形象管理。受此策略性調整影響，本期內，自有產品批發收入同比下降27.8%。
零售端方面，本集團持續加大自有產品的銷售網絡佈局力度，重點拓展香港零售市場，香港
零售收入同比增長5%，主要得益於加強產品及品牌推廣、優化產品營銷策略、強化前線員
工培訓，以及完善銷售激勵機制。2026年上半年，本集團完善核心品種銷售考核機制，優化
各部門季度考核節奏，引導各業務單元聚焦目標、主動作為，推動企業管理向現代化、精細
化方向持續邁進。

北京同仁堂國藥有限公司

2026年中期報告

3

管理層討論及分析
市場拓展
本集團積極拓展產品組合，本期內，推出金芝肝寶及羚羊角粉膠囊等新品，進一步豐富大健
康產品矩陣，其中，金芝肝寶定位肝臟養護賽道，羚羊角粉膠囊為香港首款同類獲批產品，
「齦養素」牙膏已在香港、中國內地及海外地區啟動規模化推廣，逐步拓展口腔護理這一新興
賽道。
本集團圍繞安宮牛黃丸開展「認准雙龍標」主題宣傳，於香港核心商圈進行流動路演，帶動
周邊門店銷售增長；完成京東全球購、天貓國際、抖音全球購及自有小程序全域佈局，深化
與香港頭部零售連鎖集團合作，開設品牌專櫃。線上體系全面成型，線下管道穩步拓展。
國際化拓展方面取得實質性突破。本期內，香港大埔生產研發基地正式獲得越南衛生部傳統
醫藥局頒發的GMP工廠認證，成為香港首家獲此認證的中成藥製造企業，為安宮牛黃丸在
進入越南市場掃清了資質壁壘。於2026年5月，本集團與越南春橋控股股份公司簽署諒解備
忘錄，明確產品註冊、終端共建、醫保准入、中藥材合作、跨境貿易等六大方向。於2026年
6月，本集團分別與俄羅斯本土最大藥品批發商IRIMIS有限公司、俄中文化藝術基金會及俄
中進出口有限公司簽署諒解備忘錄，覆蓋進出口、銷售鏈路、市場准入、文化交流、電商合
作等領域。
供應鏈方面，於2026年3月，本集團成功申領北京海關簽發的全國首張牛黃《進境動植物檢
疫許可證》，實現阿根廷牛黃全國首單進口，首次打通南美優質貴細藥材貨源通道。同期，
本集團於烏拉圭新設立南美代表處。

北京同仁堂國藥有限公司

4

2026年中期報告

管理層討論及分析
生產及研發
本集團大埔生產研發基地通過SGS機構ISO22000及HACCP雙重體系認證，品質管控、原料
驗收、生產加工等環節規範。於2026年3月，同仁堂牌破壁靈芝孢子粉靈芝提取物膠囊獲頒
進口保健食品註冊證書。2026年上半年，本集團完成244個品種澳門申報，36個品種成功獲
批，157個外持證品種完成香港合規升級。
研發方面，本集團於本期內啟動12項新品研發立項，與香港中文大學啟動縮泉丸循證醫學
研究；與澳門科技大學合作的黃芪桂枝五物湯、桃紅四物湯製劑優化研究已完成品質標準構
建和工藝優化。桂枝茯苓丸在乳腺健康領域的現代藥理研究顯示可抑制腫瘤血管生成、改善
免疫狀態；靈芝薑黃複方在代謝相關性脂肪性肝病(MAFLD)動物模型中展現保肝、降脂、抗
氧化等積極作用，同時積極推進多語言AI中醫診療終端研發。

品牌建設與文化推廣
本集團持續構建涵蓋青少年教育、社區惠民、非遺體驗及全球展會的立體化品牌推廣體系。
「銅人非凡之旅」活動全面升級，依託智能中草藥園開展校外種植實踐，並編發《中醫藥世界
— 「銅人」非凡之旅》漫畫繪本。第二屆「北京同仁堂中醫藥健康學生大使計劃」，帶領多名
師生走訪生產研發基地、中草藥園及實驗室，於學校配置「百子櫃」，將中醫藥文化深度融入
校園日常。助力聖公會天水圍靈愛小學設立「天靈小醫館」，支持「共創明『Teen』計劃」，接
待弱勢社群學生參觀大埔生產研發基地。

北京同仁堂國藥有限公司

2026年中期報告

5

管理層討論及分析
第三屆「同仁堂日」聯動海外門店同步舉辦，於香港核心商圈開展流動宣傳車路演，聚焦「雙
龍標」正品科普，同時聯合香港海關開展專項打假行動。零售門店推出促銷優惠與健康諮詢。
澳門門店以「關愛女性呵護兒童」為主題，聯動電召平台提供產品諮詢與健康建議；新西蘭
團隊參與「中文+中藥」主題活動，通過義診與持續健康監測活動與市民深度交流。
在第139屆廣交會上，本集團展出安宮牛黃丸等數十款經典中成藥及三大創新產品，精製飲
片首次亮相；本集團參與消博會「一帶一路」中醫藥發展圓桌對話會，與海南農墾集團簽署
合作備忘錄。

展望
2026年是「十五五」開局之年。當前，全球經濟復甦仍面臨多重壓力，但中醫藥在國際市場
的認可度持續提升，科技賦能與標準化建設正成為行業高質量發展的關鍵驅動力。下半年，
本集團將錨定全年目標，聚焦以下六項重點：
一是深化「2+2+N」產品策略。穩固安宮牛黃丸、靈芝孢子粉兩大核心支柱；發力藥食同源、
藥妝同源兩大潛力賽道；拓展抗衰老產品、經典名方反覆運算、跨境品種引進等N個創新品
種。
二是推進海外產品拓新突破。以安宮牛黃丸越南 GMP資質落地為標杆，打通東盟規模化銷
售通道；推進「齦養素」牙膏及金芝肝寶等新品多國註冊備案。
三是實施門店煥新「3+1」計劃。標準化改造香港零售終端，統一門店形象、陳列標準與服務
流程，重點打造海外文化旗艦店。
四是完善全球化供應鏈佈局。搭建全球採購、全域保供、高效配置、風險可控的現代化供應
鏈體系，精準適配海外市場拓展與終端運營需求。

北京同仁堂國藥有限公司

6

2026年中期報告

管理層討論及分析
五是攻堅核心藥材進口。將海外規模化進口作為供應鏈攻堅重點，深耕海外原產地資源，搭
建穩定、多元、安全、可控的核心原料進口供應鏈。
六是擁抱「AI+中醫藥」。積極探索AI輔助診療系統應用，推動傳統「望聞問切」向標準化、數
據化、智慧化升級，讓三百年的經驗智慧與現代科技同頻共振。
本集團將以更精細化的考核機制和更高效的組織能力，推動各項戰略部署有序落地。本集團
將始終堅守「炮製雖繁必不敢省人工，品味雖貴必不敢減物力」的品質承諾，以匠心守護產
品生命線。依託大埔生產研發基地的國際標準體系，持續推動經典名方循證研究與產品創
新；完善全球供應佈局，推動中藥材標準互認，深化AI等現代科技與中醫藥的融合應用，以
文化傳播與市場開拓協同發力，為本公司股東創造可持續回報，助力中醫藥高質量國際化發
展。

人力資源
於2026年6月30日，我們共有763名僱員（2025年：789名）。於本期內，本集團的員工成本
為108.7百萬港元（2025年：113.5百萬港元）。為確保能夠吸引及挽留優秀員工，本集團定期
檢討薪酬政策，並參考業績及個人表現為合資格僱員提供酌情獎勵。

北京同仁堂國藥有限公司

2026年中期報告

7

管理層討論及分析
財務回顧
財務資源及流動資金
於2026年6月30日，本 集 團 一 直 維 持 良 好 財 務 狀 況，現 金 及 銀 行 結 餘 達2,207.8百 萬 港 元
（2025年12月31日：2,279.2百萬港元）。本期內，本集團內部資源產生的淨款使得本集團業
務有穩定的現金流入，加上充足現金及銀行結餘，使本集團有充裕流動資金及財務資源滿足
日常營運與營運資金需求及支持拓展計劃。
於2026年6月30日，本集團的現金及銀行結餘主要為港元、人民幣及澳門元，主要存放於信
譽良好的金融機構且於一年內到期。
於2026年6月30日，本集團的非流動資產總額、流動資產淨額及淨資產分別為590.3百萬港
元、3,733.2百萬港元及4,237.2百萬港元（2025年12月31日：分別為596.0百萬港元、3,857.9
百萬港元及4,368.9百萬港元）。本集團於2026年6月30日的流動比率（界定為流動資產對流
動負債的比率）為21.0（2025年12月31日：19.7），反 映 本 集團 的 財 務 資 源 充 足。本 集 團 於
2026年6月30日的負債比率（界定為借款以及租賃負債總額對權益總額的比率）為3.0%（2025
年12月31日：2.9%）。

資本架構
本集團於本期內及截至本報告日期，資本結構未發生任何變化。本集團的股本僅由普通股構
成。

資本開支
於本期內，本集團的資本開支為2.6百萬港元（2025年：16.4百萬港元），主要用於零售終端
裝修及購置機器及設備作生產及營運用途。

外幣風險
本集團主要在香港及其他海外國家╱地區營運。本集團的交易、貨幣資產及負債主要以港
元、人民幣及澳門元計值。於本期內，該等貨幣的匯率波動對本集團並無重大影響。
於本期內，本集團並無進行任何衍生活動，亦無使用任何財務工具對沖外匯風險。

北京同仁堂國藥有限公司

8

2026年中期報告

管理層討論及分析
重大投資、收購及出售
於本期內，本集團並無任何重大投資、收購及出售。

已持有的重大投資及未來重大投資或資本資產的計劃
除本報告所披露者外，於2026年6月30日，本集團並無價值佔本集團總資產5%或以上的重
大投資。本期內，無任何附屬公司、聯營公司及合營企業的重大收購及出售。截至本報告日
期，無其他重大投資或資本資產計劃。

抵押本集團資產
於2026年6月30日，本集團並無抵押資產（2025年：無）。

或然負債
於2026年6月30日，本集團並無任何重大或然負債。

股息
本公司董事會（「董事會」）不建議派付截至2026年6月30日止六個月的中期股息（2025年：
無）。

北京同仁堂國藥有限公司

2026年中期報告

9

簡明合併損益表
董事會欣然宣佈本集團截至2026年6月30日止六個月的未經審計簡明合併業績，連同2025
年同期之未經審計比較數字如下：
未經審計
截至6月30日止六個月

附註

2026年

2025年

千港元

千港元

收入

6

601,887

761,736

銷售成本

7

(217,212)

(298,698)

384,675

463,038

毛利
分銷及銷售開支

7

(100,236)

(102,641)

一般及行政開支

7

(82,638)

(88,659)

金融資產之淨減值損失撥回╱（計提）

7

17,022

(7,334)

(3,235)

937

經營利潤

215,588

265,341

財務收益

24,381

27,520

財務支出

(3,001)

(3,379)

21,380

24,141

(3,541)

189

233,427

289,671

(32,234)

(43,735)

201,193

245,936

本公司擁有人

198,200

234,866

非控股權益

2,993

11,070

201,193

245,936

0.24

0.28

淨其他（虧損）╱利得

淨財務收益

8

應佔按權益法入賬之投資（虧損）╱收益
除所得稅前利潤
所得稅開支

9

期間利潤
以下人士應佔利潤：

期內本公司擁有人應佔每股盈利
（以每股港元列示）
每股基本及攤薄盈利
北京同仁堂國藥有限公司

10

10

第16至33頁的附註為本簡明合併中期財務資料的組成部份。

2026年中期報告

簡明合併綜合收益表
未經審計
截至6月30日止六個月
2026年

2025年

千港元

千港元

201,193

245,936

3,806

12,086

100

2,564

(315)

(825)

期間其他綜合收益

3,591

13,825

期間綜合收益總額

204,784

259,761

本公司擁有人

201,691

246,127

非控股權益

3,093

13,634

期間綜合收益總額

204,784

259,761

期間利潤
其他綜合收益：

可能重新分類至損益的項目
本公司擁有人應佔貨幣兌換差額

不會重新分類至損益的項目
淨非控股權益應佔貨幣兌換差額
以公允價值計量且其變動計入其他綜合收益的
金融資產公允價值變動

以下人士應佔：

北京同仁堂國藥有限公司

第16至33頁的附註為本簡明合併中期財務資料的組成部份。

2026年中期報告

11

簡明合併財務狀況表
未經審計

經審計

2026年

2025年

6月30日

12月31日

附註

千港元

千港元

12

218,287

225,460

197,240

200,008

62,589

64,494

40,946

42,585

資產
非流動資產
物業、廠房及設備
使用權資產
無形資產

13

按權益法入賬之投資
以公允價值計量且其變動計入其他綜合收益
的金融資產

6,498

6,813

預付款項和押金

27,454

24,361

淨遞延所得稅資產

37,302

32,261

590,316

595,982

流動資產
存貨

14

1,254,311

1,341,633

貿易應收款項及其他流動資產

15

457,383

443,899

原期限為三個月以上之短期銀行存款

49,273

51,377

2,158,562

2,227,847

3,919,529

4,064,756

4,509,845

4,660,738

938,789

938,789

— 其他儲備

(46,587)

(50,078)

— 留存收益

3,162,539

3,299,179

現金及現金等價物

總資產
權益及負債
本公司擁有人應佔權益
股本

16

儲備

北京同仁堂國藥有限公司

12

4,054,741

4,187,890

非控股權益

182,436

180,971

權益總額

4,237,177

4,368,861

2026年中期報告

簡明合併財務狀況表

附註

未經審計

經審計

2026年

2025年

6月30日

12月31日

千港元

千港元

負債
非流動負債
借貸

36

71

租賃負債

75,502

74,171

淨遞延所得稅負債

7,184

7,185

退休福利承擔

3,602

3,602

86,324

85,029

流動負債
借貸

71

71

97,632

125,611

租賃負債

50,195

52,227

當期所得稅負債

38,446

28,939

186,344

206,848

272,668

291,877

4,509,845

4,660,738

貿易及其他應付款項

17

總負債
權益及負債總額

北京同仁堂國藥有限公司

第16至33頁的附註為本簡明合併中期財務資料的組成部份。

2026年中期報告

13

簡明合併權益變動表
未經審計
本公司擁有人應佔

於2025年1月1日
綜合收益
期間利潤
其他綜合收益
以公允價值計量且其
變動計入其他綜合
收益的金融資產公允
價值變動
貨幣兌換差額
— 本集團
— 合營企業及聯營
公司

合併儲備
千港元

其他儲備
千港元

法定儲備
千港元

匯兌儲備
千港元

留存收益
千港元

總額 非控股權益
千港元
千港元

權益總額
千港元

938,789

(13,124)

(10,584)

6,229

(40,898)

3,194,948

4,075,360

171,074

4,246,434

—

—

—

—

—

234,866

234,866

11,070

245,936

—

—

(825)

—

—

—

(825)

—

(825)

—

—

—

—

11,309

—

11,309

2,564

13,873

—

—

—

—

777

—

777

—

777

綜合收益總額

—

—

(825)

—

12,086

234,866

246,127

13,634

259,761

與權益擁有人以其擁有人
的身份進行的交易
已付股息
來自非控股股東的
資本出資

—

—

—

—

—

(292,985)

(292,985)

—

(292,985)

—

—

—

—

—

—

—

9,000

9,000

與權益擁有人以其擁有人
的身份進行的交易的
總額

—

—

—

—

—

(292,985)

(292,985)

9,000

(283,985)

於2025年6月30日

938,789

(13,124)

(11,409)

6,229

(28,812)

3,136,829

4,028,502

193,708

4,222,210

於2026年1月1日

938,789

(13,124)

(11,173)

6,229

(32,010)

3,299,179

4,187,890

180,971

4,368,861

—

—

—

—

—

198,200

198,200

2,993

201,193

—

—

(315)

—

—

—

(315)

—

(315)

—

—

—

—

1,905

—

1,905

100

2,005

綜合收益
期間利潤
其他綜合收益
以公允價值計量且其
變動計入其他綜合
收益的金融資產公允
價值變動
貨幣兌換差額
— 本集團
— 合營企業及
聯營公司

—

—

—

—

1,901

—

1,901

—

1,901

綜合收益總額

—

—

(315)

—

3,806

198,200

201,691

3,093

204,784

與權益擁有人以其擁有人
的身份進行的交易
已付股息

—

—

—

—

—

(334,840)

(334,840)

(1,628)

(336,468)

與權益擁有人以其擁有人
的身份進行的交易的
總額

北京同仁堂國藥有限公司

14

股本
千港元

於2026年6月30日

—

—

—

—

—

(334,840)

(334,840)

(1,628)

(336,468)

938,789

(13,124)

(11,488)

6,229

(28,204)

3,162,539

4,054,741

182,436

4,237,177

第16至33頁的附註為本簡明合併中期財務資料的組成部份。

2026年中期報告

簡明合併現金流量表
未經審計
截至6月30日止六個月
2026年

2025年

千港元

千港元

272,908

480,494

26,212

28,230

原期限為三個月以上之短期銀行存款減少╱（增加）

2,104

(169,912)

購買物業、廠房及設備以及無形資產

(1,791)

(4,171)

經營活動所產生的現金淨額
投資活動所產生的現金流量
已收利息

處置物業、廠房及設備所得款項
購買物業、廠房及設備以及無形資產的預付款項
投資活動所產生╱（所用）之現金淨額

—

1

(833)

(12,229)

25,692

(158,081)

(34,159)

(30,664)

(35)

(36)

融資活動所產生的現金流量
租賃付款額的本金部分
償還借款
已付利息

(3,001)

(3,379)

已付本公司股東的股息

(334,840)

(292,985)

已付非控股權益的股息

(1,628)

—

—

9,000

融資活動所用現金淨額

(373,663)

(318,064)

現金及現金等價物（減少）╱增加淨額

(75,063)

4,349

2,227,847

1,773,074

5,778

11,531

2,158,562

1,788,954

來自非控股股東的資本出資

期初之現金及現金等價物
現金及現金等價物匯兌收益
期末之現金及現金等價物
第16至33頁的附註為本簡明合併中期財務資料的組成部份。

北京同仁堂國藥有限公司

2026年中期報告

15

簡明合併中期財務資料附註
1

一般資料
本集團從事中藥產品和保健品的生產、零售及批發並提供中醫診療服務。本公司直接
控股公司北京同仁堂科技發展股份有限公司（「同仁堂科技」）為於中國成立的股份有限
公司，於香港聯合交易所有限公司（「聯交所」）主板上市。本公司中間控股公司北京同
仁堂股份有限公司（「同仁堂股份」）為於中國註冊成立的股份有限公司，於上海證券交
易所上市。本公司最終控股公司中國北京同仁堂（集團）有限責任公司（「同仁堂集團公
司」）為於中國註冊成立的公司。
本公司股份於2013年5月7日在聯交所GEM上市，並於2018年5月29日轉至於聯交所
主板上市。
除另有說明外，本簡明合併中期財務資料以港元（「港元」）列賬。該等簡明合併中期財
務資料已於2026年8月28日獲董事會批准刊發。
本簡明合併中期財務資料未經審計。

2

編製基準
截至2026年6月30日止六個月的簡明合併中期財務資料乃根據香港會計師公會頒佈的
香港會計準則（「香港會計準則」）第34號「中期財務報告」以及聯交所證券上市規則（「上
市規則」）的披露規定編製。
載於本簡明合併中期財務資料中的截至2025年12月31日止年度之財務資料乃為比較
資料及摘錄自該年度的法定合併財務報表但此等資料並不構成公司該年度的法定合併
財務報表。根據香港《公司條例》
（第622章）第436條須披露與此等法定財務報表有關
的進一步資料如下：
本公司已按香港《公司條例》
（第622章）第662(3)條及附表6的第3部向公司註冊處交付
截至2025年12月31日止年度之財務報表。

北京同仁堂國藥有限公司

16

2026年中期報告

簡明合併中期財務資料附註
3

重大會計政策
除下文所披露外，本集團所採用於編製本簡明合併中期財務資料的會計政策與截至
2025年12月31日止年度之財務報表所採用者為一致。
中期收益之稅項按適用於預期年度盈利總額的稅率計提。

採納新修訂框架及準則之修訂
本集團所採納與本集團業務相關且於2026年1月1日或之後開始之財政年度須強制採
用的新修訂框架及準則之修訂如下：
香港財務報告準則第9號及香港財務

金融工具之分類與計量之修訂

報告準則第7號之修訂
香港財務報告準則會計準則之年度
改進 — 第11卷

香港財務報告準則第1號、香港財務報告
準則第7號、香港財務報告準則第9號、
香港財務報告準則第10號及香港會計準
則第7號之修訂

採納上述準則之修訂對本簡明合併中期財務資料並無任何重大財務影響。

4

估計
編製中期財務資料要求管理層對影響會計政策應用與資產及負債及收支呈報金額作出
判斷、估計及假設。實際結果或有別於該等估計。
編製本簡明合併中期財務資料時，管理層應用本集團會計政策所作主要判斷及估計不
確定因素的主要來源與本集團截至2025年12月31日止年度之財務報表所採納者一致。

北京同仁堂國藥有限公司

2026年中期報告

17

簡明合併中期財務資料附註
5

財務風險管理
(a)

財務風險因素
本集團業務面臨多項財務風險：市場風險（包括外匯風險及現金流利率風險）、
信貸風險及流動資金風險。
本簡明合併中期財務資料並無包括年度財務報表所要求的所有財務風險管理資
料及披露，須與本集團截至2025年12月31日止年度之財務報表一併閱讀。
風險管理政策及程序自上一個年結日以來並無任何改變。

(b)

流動資金風險
相比2025年12月31日，金融負債的合約未貼現現金流出並無重大變動。

6

收入及分部資料
(a)

收入
未經審計
截至6月30日止六個月
2026年

2025年

千港元

千港元

銷售產品

578,632

739,820

服務收入

23,255

21,847

—

69

601,887

761,736

品牌使用費收益

北京同仁堂國藥有限公司

18

2026年中期報告

簡明合併中期財務資料附註
6

收入及分部資料（續）
(b)

分部資料
主要經營決策者已被確認為本公司的執行董事及非執行董事（「執行董事」及「非
執行董事」）。執行董事及非執行董事審閱本集團內部報告以評估表現並分配資
源，同時根據該等報告釐定營運分部。
執行董事及非執行董事根據各個營運分部的收入及分部業績評估分部表現。執
行董事及非執行董事根據實體的位置及本集團主要經營決策者為分配資源及評
估表現所審閱的資料釐定營運分部並釐定本集團有3個呈報營運分部。
收入來源地區按銷售貨品及提供服務所在地分析。相關詳情如下：
(i)

香港 — 在香港透過零售店鋪銷售中藥產品及保健品並提供中醫診療服
務，以及批發中藥產品及保健品。此外，該分部包括來自使用「同仁堂」
品牌名稱的海外實體的品牌使用費收益。

(ii)

中國內地（就本中期報告而言，除香港、澳門及中國台灣地區以外的其他
中國地區）— 於中國內地批發中藥產品及保健品及向中國內地以外的客
戶獨家分銷同仁堂科技及同仁堂股份的「同仁堂」品牌產品。

(iii)

海外（除(i)及(ii)以外所述的其他國家╱地區，就本中期報告而言，包括澳
門）— 於其他海外國家╱地區（包括澳門）零售及批發中藥產品及保健品
以及提供中醫診療服務。

北京同仁堂國藥有限公司

2026年中期報告

19

簡明合併中期財務資料附註
6

收入及分部資料（續）
(b)

分部資料（續）
未分配項目主要包括企業開支。
分部間銷售根據相關方協定之條款進行。
分部資產包括物業、廠房及設備、使用權資產、無形資產、按權益法入賬之投
資、以公允價值計量且其變動計入其他綜合收益的金融資產、預付款項和押金、
遞延所得稅資產、存貨、貿易應收款項及其他流動資產、短期銀行存款及現金
及現金等價物，分部負債包括借貸、租賃負債、貿易及其他應付款項、退休福
利承擔、當期及遞延所得稅負債。

北京同仁堂國藥有限公司

20

2026年中期報告

簡明合併中期財務資料附註
6

收入及分部資料（續）
(b)

分部資料（續）
(i)

簡明合併損益表的分析
香港

中國內地

海外

總額

千港元

千港元

千港元

千港元

分部收入

458,501

81,997

166,514

707,012

分部間收入

(72,389)

(32,736)

—

(105,125)

來自外部客戶之收入

386,112

49,261

166,514

601,887

386,112

48,219

163,796

598,127

—

1,042

2,718

3,760

386,112

49,261

166,514

601,887

185,153

8,029

4,163

197,345

截至2026年6月30日止
六個月（未經審計）

收入確認的時點
在某一時點
在一段時間內

分部業績
分部間對銷

18,243

經營利潤

215,588

財務收益

23,827

17

537

24,381

財務支出

(1,366)

(11)

(1,624)

(3,001)

應佔按權益法入賬之
投資虧損

(3,541)

除所得稅前利潤

233,427

所得稅開支

(32,234)

期間利潤

201,193

北京同仁堂國藥有限公司

2026年中期報告

21

簡明合併中期財務資料附註
6

收入及分部資料（續）
(b)

分部資料（續）
(i)

簡明合併損益表的分析（續）
香港

中國內地

海外

總額

千港元

千港元

千港元

千港元

分部收入

515,131

146,749

208,809

870,689

分部間收入

(80,197)

(28,756)

—

(108,953)

來自外部客戶之收入

434,934

117,993

208,809

761,736

434,865

117,235

206,802

758,902

69

758

2,007

2,834

434,934

117,993

208,809

761,736

195,634

7,099

21,622

224,355

截至2025年6月30日止
六個月（未經審計）

收入確認的時點
在某一時點
在一段時間內

分部業績
分部間對銷

40,986

經營利潤

265,341

財務收益

25,658

29

1,833

27,520

財務支出

(1,527)

(47)

(1,805)

(3,379)

應佔按權益法入賬之
投資收益

北京同仁堂國藥有限公司

22

2026年中期報告

189

除所得稅前利潤

289,671

所得稅開支

(43,735)

期間利潤

245,936

簡明合併中期財務資料附註
6

收入及分部資料（續）
(b)

分部資料（續）
(ii)

簡明合併財務狀況表的分析
香港

中國內地

海外

總額

千港元

千港元

千港元

千港元

3,800,682

222,706

486,457

4,509,845

24,370

11,178

5,398

40,946

(155,609)

(29,042)

(88,017)

(272,668)

3,815,865

262,449

582,424

4,660,738

按權益法入賬之投資

22,423

14,429

5,733

42,585

總負債

(117,258)

(64,242)

(110,377)

(291,877)

於2026年6月30日
（未經審計）
分部資產及負債
總資產
按權益法入賬之投資
總負債
於2025年12月31日
（經審計）
分部資產及負債
總資產

北京同仁堂國藥有限公司

2026年中期報告

23

簡明合併中期財務資料附註
7

按性質劃分的開支
未經審計
截至6月30日止六個月
2026年

2025年

千港元

千港元

出售存貨成本

178,274

262,616

僱員福利開支（包括董事酬金）

108,678

113,545

6,426

4,619

369

250

使用權資產折舊

34,730

35,769

無形資產攤銷（附註13）

2,851

3,065

物業、廠房及設備折舊（附註12）

10,143

9,218

—

36

(17,022)

7,334

6,060

9,879

短期租賃費用
可變租賃付款（未計入租賃負債計量）
（附註）

處置物業、廠房及設備之虧損
貿易應收款項之淨減值（撥回）╱計提
宣傳及廣告開支

附註： 可變租賃付款額費用指若干零售終端產生的收入按百分比計算後超出其固定租金的金額。

北京同仁堂國藥有限公司

24

2026年中期報告

簡明合併中期財務資料附註
8

淨財務收益
未經審計
截至6月30日止六個月
2026年

2025年

千港元

千港元

24,381

27,520

租賃負債

(3,001)

(3,379)

淨財務收益

21,380

24,141

財務收益
銀行利息收入
財務支出

9

所得稅開支
就期內估計應課稅利潤按16.5%（2025年：16.5%）的稅率計提香港利得稅。就於中國
內地營運的附屬公司期內估計應課稅利潤按25%（2025年：25%）的稅率計提中國企
業所得稅。海外利潤的稅項基於期內估計應課稅利潤按實體經營所在國家的現行稅率
計算。
未經審計
截至6月30日止六個月
2026年

2025年

千港元

千港元

當期所得稅

36,846

39,623

遞延所得稅

(4,612)

4,112

所得稅支出

32,234

43,735

於2021年12月，經濟合作暨發展組織頒佈全球反侵蝕稅基（「GloBE」）規則範本（亦稱
「支柱二」），以改革國際企業稅。本集團屬於支柱二的範圍內。在支柱二下，本集團
需為其在每個司法管轄區的GloBE有效稅率與15%最低稅率之間的差額繳納補足稅。
北京同仁堂國藥有限公司

2026年中期報告

25

簡明合併中期財務資料附註
9

所得稅開支（續）
截至報告日，支柱二法例已在本集團經營所在的部分司法管轄區生效，包括澳大利
亞、加拿大、捷克共和國、德國、香港、義大利、荷蘭、新西蘭、波蘭、新加坡、韓
國、瑞典、瑞士和阿拉伯聯合大公國。根據截至2026年6月30日止期間的財務數據，
本集團已評估其支柱二法例下的補足稅影響。根據該評估，本集團位於澳門的附屬公
司的有效稅率估計低於15%。然而，截至報告日，本集團預計在澳門或其他司法管轄
區不會面臨重大的支柱二補足稅風險。本集團將繼續監察與支柱二法例相關的全球發
展，並相應地重新評估任何潛在影響。
本集團已採納香港會計師公會於2023年7月頒布的香港會計準則第12號「所得稅」的修
訂中規定的暫時強制例外情況，不予確認或披露與支柱二所得稅相關的遞延所得稅資
產及負債的資料。

10

每股盈利
每股基本盈利乃按本公司擁有人應佔利潤除以期內已發行普通股的加權平均數計算。
未經審計
截至6月30日止六個月
2026年

2025年

本公司擁有人應佔利潤（千港元）

198,200

234,866

已發行普通股加權平均數（千股）

837,100

837,100

0.24

0.28

每股盈利（港元）

截至2026年6月30日止六個月，無具潛在攤薄效應之股份（2025年：無）。

北京同仁堂國藥有限公司

26

2026年中期報告

簡明合併中期財務資料附註
11

股息
於2026年6月，已付截至2025年12月31日止年度的末期股息為309,727,000港元及特
別 股 息 為 25,113,000 港 元（2025 年：截 至 2024 年 12 月 31 日 止 年 度 的 末 期 股 息
292,985,000港元）。
截至2026年6月30日止六個月，董事會不建議派付中期股息（2025年：無）。

12

物業、廠房及設備
物業、廠房及設備的賬面淨值分析如下：
千港元
於2026年1月1日（經審計）
增加
折舊支出
貨幣兌換差額
於2026年6月30日（未經審計）

225,460
1,716
(10,143)
1,254
218,287

北京同仁堂國藥有限公司

2026年中期報告

27

簡明合併中期財務資料附註
13

無形資產
無形資產的賬面淨值分析如下：

於2026年1月1日（經審計）

電腦軟件

總額

千港元

千港元

49,419

15,075

64,494

增加

—

927

927

攤銷

—

(2,851)

(2,851)

貨幣兌換差額

—

19

19

49,419

13,170

62,589

於2026年6月30日（未經審計）

14

商譽
千港元

存貨
未經審計
2026年

2025年

6月30日

12月31日

千港元

千港元

原材料

939,023

1,113,180

在製品

66,323

49,551

製成品及貿易商品

248,965

178,902

1,254,311

1,341,633

北京同仁堂國藥有限公司

28

經審計

2026年中期報告

簡明合併中期財務資料附註
15

貿易應收款項及其他流動資產
未經審計

經審計

2026年

2025年

6月30日

12月31日

千港元

千港元

貿易應收款項
— 直接控股公司

403

—

— 同系附屬公司

133,870

138,359

— 合營企業

1,915

2,160

— 聯營公司

750

1,552

373,295

358,670

— 第三方
貿易應收款項，總額

510,233

500,741

減：損失撥備

(92,685)

(105,871)

淨貿易應收款項

417,548

394,870

應收銀行承兌匯票

43

177

預付款項

14,243

15,233

其他應收款項

14,914

21,533

押金

9,558

11,116

應收合營企業款項

1,077

970

457,383

443,899

根據發票日期的貿易應收款項（包括應收關聯方的貿易款項）的賬齡分析如下：
經審計

2026年

2025年

6月30日

12月31日

千港元

千港元

最多90天

68,022

331,477

91至180天

155,644

672

181至365天

137,750

60,520

365天以上

148,817

108,072

510,233

500,741

應收銀行承兌匯票的賬齡是在180天以內。

2026年中期報告

北京同仁堂國藥有限公司

未經審計

29

簡明合併中期財務資料附註
16

股本
股份數目

股本
千港元

已發行及繳足普通股：
於2026年1月1日（經審計）及
2026年6月30日（未經審計）

17

837,100,000

938,789

未經審計

經審計

貿易及其他應付款項

2026年

2025年

6月30日

12月31日

千港元

千港元

— 中間控股公司

—

31,817

— 直接控股公司

6,539

11,240

— 同系附屬公司

64

67

— 聯營公司

1,151

1,107

— 第三方

29,179

17,803

貿易應付款項

36,933

62,034

應計費用及其他應付款項

57,303

59,725

合同負債

3,396

3,852

97,632

125,611

貿易應付款項

北京同仁堂國藥有限公司

30

2026年中期報告

簡明合併中期財務資料附註
17

貿易及其他應付款項（續）
根據發票日期的貿易應付款項（包括應付關聯方的貿易款項）的賬齡分析如下：

18

未經審計

經審計

2026年

2025年

6月30日

12月31日

千港元

千港元

最多90天

25,566

53,252

91至180天

2,765

775

181至365天

1,174

881

365天以上

7,428

7,126

36,933

62,034

承擔
(a)

資本承擔
未經審計

經審計

2026年

2025年

6月30日

12月31日

千港元

千港元

4,004

4,373

已訂約但未撥備
— 物業、廠房及設備以及無形資產

(b)

租賃承擔
本集團已確認租賃為使用權資產，以下所載之短期及低價值租賃除外：
未經審計
2026年

2025年

6月30日

12月31日

千港元

千港元

802

1,609

於2025年12月31日，本 集 團 已 承 諾 但 未 開 始 的 未 折 現 未 來 租 賃 付 款 額 為
2,179,000港元。這些租賃承諾在2025年12月31日之後的租賃期開始日後被確
認為使用權資產。於2026年6月30日，本集團無相關租期尚未開始執行的租賃
承擔。
2026年中期報告

北京同仁堂國藥有限公司

一年內

經審計

31

簡明合併中期財務資料附註
19

重大關聯方交易
除簡明合併中期財務資料其他部份所披露的關聯方交易外，下列交易乃與關聯方進
行：
未經審計
截至6月30日止六個月
2026年

2025年

附註

千港元

千港元

—

5,558

(i)

19,419

68,999

19,419

74,557

(a) 銷售產品予：
— 中間控股公司
— 同系附屬公司

(b) 自以下公司購買產品：
— 直接控股公司

(i)

10,139

9,319

— 中間控股公司

(i)

11,768

21,447

— 同系附屬公司

(i)

63

413

21,970

31,179

(ii)

—

69

— 最終控股公司

(i)

507

—

— 直接控股公司

(i)

520

504

— 同系附屬公司

(i)

2,030

2,265

3,057

2,769

(c) 來自合營企業之品牌使用費收益
(d) 租金開支予：

於2026年6月30日，本 集 團 就 相 關 物 業 租 賃 確 認 應 付 直 接 控 股 公 司 的 租 賃 負 債 為
2,646,000港元（2025年12月31日：無）和應付同系附屬公司的租賃負債為11,898,000
港元（2025年12月31日：1,914,000港元）。

(e) 向同系附屬公司支付之
北京同仁堂國藥有限公司

32

廣告代理服務費用

2026年中期報告

(i)

—

2,976

簡明合併中期財務資料附註
19

重大關聯方交易（續）
(f)

主要管理人員薪酬
主要管理人員包括執行董事、非執行董事和高級管理人員。就僱員服務向主要
管理人員支付或應付的酬金如下：
未經審計
截至6月30日止六個月

薪金和其他短期僱員福利
退休金成本 — 定額供款計劃

2026年

2025年

千港元

千港元

2,988

5,070

293

448

3,281

5,518

附註：
(i)

該等交易於一般業務過程中按雙方協定的價格及條款進行。

(ii)

於截至2025年6月30日止期間，品牌使用費乃本公司根據品牌使用權協議按該等合
營企業營業收入的1%和稅前利潤的1.5%的較高者按年收取。根據該等協議，該等
合營企業獲准使用「同仁堂」品牌名稱營運。

北京同仁堂國藥有限公司

2026年中期報告

33

其他資料
董事及主要行政人員於股份中的權益
於2026年6月30日，概無本公司董事（「董事」）及本公司主要行政人員於本公司或其任何相聯
法團（定義見《證券及期貨條例》
（「證券及期貨條例」）第XV部（香港法例第571章））的股份、相
關股份及債權證中，擁有根據證券及期貨條例第XV部須知會本公司的權益（包括根據證券及
期貨條例有關規定彼等當作或視作擁有的權益）及根據證券及期貨條例第352條須予備存的
登記冊所記錄或根據上市規則附錄C3所載的《上市發行人董事進行證券交易的標準守則》
（「標
準守則」）之規定須知會本公司及聯交所的權益及淡倉。

主要股東
於2026年6月30日，在本公司股份及相關股份中擁有根據證券及期貨條例第XV部已知會本
公司及聯交所及登記於本公司所根據證券及期貨條例第336條備存登記冊的權益或知會本公
司的權益的人士（董事或本公司主要行政人員除外）如下：

本公司股份好倉
佔已發行股本的
股東名稱

身份

同仁堂科技
同仁堂股份 (1)

同仁堂集團公司 (2)

北京同仁堂國藥有限公司

34

2026年中期報告

股份數目

概約百分比

實益擁有人

318,540,000

38.05%

實益擁有人

281,460,000

33.62%

受控制公司的權益

318,540,000

38.05%

受控制公司的權益

600,000,000

71.67%

其他資料
附註：
(1)

同仁堂股份直接持有同仁堂科技已發行股本的約46.85%。因此，同仁堂股份視為擁有同仁堂科技
所持本公司318,540,000股股份的權益。

(2)

同仁堂集團公司直接持有同仁堂股份已發行股本的約52.45%，而同仁堂股份則直接持有同仁堂科
技已發行股本的約46.85%。同仁堂集團公司亦直接持有同仁堂科技共約1.34%內資股及H股股份。
故此，同仁堂集團公司視為擁有同仁堂科技及同仁堂股份分別所持本公司318,540,000股股份及
本公司281,460,000股股份的權益。

除上文所披露外，本公司並無獲悉任何人士（董事或本公司主要行政人員除外）知會擁有根
據證券及期貨條例第XV部條文須向本公司披露或根據證券及期貨條例第336條本公司須予備
存的登記冊所記錄的本公司股份或相關股份權益或淡倉。

收購股份或債權證的權利
截至2026年6月30日止六個月內任何時間，本公司、其任何附屬公司或其任何同系附屬公司
概無訂有任何安排，賦予本公司董事或主要行政人員或彼等各自的聯繫人（定義見上市規則）
任何權利可認購本公司或任何相聯法團（定義見證券及期貨條例）的證券或透過收購本公司
或任何其他法人團體的股份或債權證的方式取得利益。

北京同仁堂國藥有限公司

2026年中期報告

35

其他資料
競爭業務權益
為妥善記錄及界定本公司、同仁堂股份、同仁堂科技及同仁堂集團公司（統稱「控股股東」）
各自的業務分野，各控股股東與本公司於2013年4月18日訂立不競爭契據（「不競爭契據」），
其詳情刊載於本公司2013年4月25日的招股章程（「招股章程」），除非彼等共同實益擁有本
公司權益少於30%，否則各控股股東於任何時間均不會，並促使彼等各自的附屬公司不會在
未經本公司事先書面同意的情況下，直接或間接（借助本集團權益而進行者除外）：
(i)

於中國內地以外的市場（「非中國內地市場」）從事研發、製造及銷售以靈芝或靈芝孢子
為原材料的產品；

(ii)

於非中國內地市場從事研發、製造及銷售任何「同仁堂」品牌的產品，惟為日本兩名獨
立第三方製造的中藥產品除外。僅此說明，在不影響不競爭契據一般性原則下，除目
前於日本的除外業務外，不會與非中國內地市場任何其他各方訂立與日本除外業務類
似的安排；

(iii)

於非中國內地市場銷售或註冊（新註冊或續期）安宮牛黃丸；

(iv)

於非中國內地市場從事任何中藥產品的分銷，惟招股章程所披露的若干現有安排除
外；及

(v)

進行任何「同仁堂」品牌產品的新海外註冊（第(i)至(v)項統稱為「受限制業務」）。

此外，根據不競爭契據，各控股股東亦承諾，倘彼等各自及╱或其任何聯繫人士直接或間接
獲要約或得悉任何與受限制業務相關的項目或新業務機會（「新業務機會」），其必須(i)立即且
無論如何不得遲於七(7)天向本公司發出有關該等機會的書面通知，並向本公司提供其合理
要求的資料，以使本公司可在知情情況下對該等機會作出評估；及(ii)盡力促使該等機會按不
遜於其及╱或其聯繫人士獲提供的條款提供予本公司。

北京同仁堂國藥有限公司

36

2026年中期報告

其他資料
董事（包括獨立非執行董事）將審閱新業務機會，並於接獲控股股東通知後三十(30)個營業日
內決定是否投資新業務機會。
同仁堂集團公司亦向本公司授予優先認購權，本公司可按不遜於同仁堂集團公司願意向其
他人士出售的條款收購其所持北京同仁堂香港藥業管理有限公司、北京同仁堂（英國）有限
公司及北京同仁堂太豐股份有限公司的權益。
有見及此，本集團採用下列企業管治措施以應付任何日後潛在競爭業務產生的任何潛在利
益衝突及保障本公司股東利益：
(i)

獨立非執行董事須至少每年審閱控股股東有否遵守及執行不競爭契據的條款；及

(ii)

本公司將於年報披露獨立非執行董事基於遵守及執行不競爭契據之條款進行的審閱。

為監察母集團（即同仁堂集團公司、同仁堂股份、同仁堂科技及其各附屬公司，本集團及各
自的前身除外）的競爭業務，由兩名無權益董事（即王馳先生及嚴晗先生）組成之執行委員會
（「競爭執行委員會」）已成立，其主要職責如下：
(a)

對母集團分銷渠道（包括零售店舖及批發客戶）進行季度檢查，以檢查是否有以靈芝或
靈芝孢子為原材料的產品（本集團製造的破壁靈芝孢子粉膠囊除外）於非中國內地市
場銷售；及

(b)

每季度與母集團代表溝通，確認彼等的研發產品組合中是否有以靈芝或靈芝孢子為原
材料的產品。

北京同仁堂國藥有限公司

2026年中期報告

37

其他資料
由三名獨立非執行董事（即曾鈺成先生（主席）、徐宏喜先生及陳毅馳先生）組成之監察委員
會已成立，其主要職責如下：
(a)

每季度開會並審閱競爭執行委員會的季度檢查記錄及每日通訊記錄（如適用）；及

(b)

向董事會報告競爭執行委員會所提供記錄的審閱結果（將刊載於本公司年報）。

購買、出售或贖回本公司上市證券
於本期內，本公司及其任何附屬公司概無購買、出售或贖回本公司任何上市證券（包括出售
庫存股份）。
於2026年6月30日，本公司概無持有任何庫存股份。

遵守上市發行人之董事進行證券交易的標準守則
本公司已採納上市規則附錄C3所載的標準守則。經向全體董事特定查詢後，全體董事確認
於本期內已遵守了標準守則內列載的標準及本公司採納的關於董事進行證券交易的行為守
則。

企業管治守則
於本期內，本公司一直遵守上市規則附錄C1企業管治守則所載規定。

董事資料變更
根據上市規則第13.51B(1)條之規定，除了已於本公司2025年報所披露之信息以外，本公司
概無須予披露自本公司2025年報日期以來之董事資料之變更。

北京同仁堂國藥有限公司

38

2026年中期報告

其他資料
風險管理及內部監控
風險管理及內部監控是本集團運營及管治流程中至關重要的一環。有效的風險管理及內部
監控有助於本集團識別和評估風險、採取措施應對威脅、貫徹落實發展戰略及確保實現既定
目標。
本集團之風險管理及內部監控管治架構以「三道防線」模式為基礎，包括日常營運管理及監
控、風險合規管理以及獨立監督保證。
隨著內外部環境的不斷變化，本集團主動、系統、持續地對經營過程中的風險事項進行識
別、評估，明確風險管控職責，檢視風險管控措施的充分性和有效性，不斷將風險管控理念
融入運營及管治流程的各個環節，全面加強本集團風險管控能力，保障經營目標的實現和持
續穩健的發展。
本期內，相關職能部室和業務單位按照分工，各司其職、各盡其責，對風險進行日常監控，
並通過風險監控報告匯報重大風險的總體情況及風險管理活動。有關風險監控報告經過進
一步分析匯總後形成本集團風險管理報告向本公司審核委員會（「審核委員會」）及董事會匯
報，以供持續監督及檢討本集團風險管理及內部監控系統的有效性。

有關電商服務合作框架協議的持續關聯交易
茲提述本公司於2026年8月28日發布的公告（「該公告」），該公告涉及本公司與北京同仁堂
數字科技有限公司（「同仁堂數字科技」）訂立的電商服務合作框架協議。董事會謹就本集團
依據該電商服務合作框架協議採購電商服務所採用的定價政策提供進一步資料。

北京同仁堂國藥有限公司

2026年中期報告

39

其他資料
根據電商服務合作框架協議應支付的服務費乃經公平協商確定，並按正常商業條款收取，及
不遜於本集團可從獨立第三方服務商獲得的條款進行。於訂立具體服務安排前，本集團一般
會向同仁堂數字科技及其附屬公司（包括直接或間接控股的附屬公司）
（統稱「數字科技集團」）
以及至少兩家能夠提供性質、範圍和規模相當的電商服務的獨立第三方服務商詢價，並按可
比基準比較就相關費用、服務範圍、服務質量、服務要求、付款條件及其他商業條款進行比
較。倘向至少兩家獨立第三方服務商取得報價並不可行，本集團將參考現有市場資料、過往
與獨立第三方服務商的交易情況以及當前市場狀況，對擬議費用及條款進行評估。相關業務
部門將編製擬進行交易的詢比評估報告，並由指定管理人員根據本集團內部審批程序審閱
批准後方可進行。財務部門及本集團管理階層將持續監察該等交易，以確保其符合定價政策
及上市規則。
董事認為，上述定價政策及內部控制措施足以確保根據電商服務合作框架協議擬進行的交
易均按正常商業條款進行，屬公平合理，並符合本公司及其股東之整體利益。

審核委員會
審核委員會已經審閱本集團截至2026年6月30日止六個月的未經審核簡明合併中期財務資料
及中期報告。就本公司採納的會計處理方法而言，董事會與審核委員會之間並無出現意見分
歧。
承董事會命
北京同仁堂國藥有限公司

主席
嚴晗
香港，2026年8月28日

北京同仁堂國藥有限公司

40

2026年中期報告

同修仁德

北京同仁堂國藥有限公司

中期報告

濟世養生

Beijing Tong Ren Tang Chinese Medicine Company Limited

cm.tongrentang.com

INTERIM REPORT

2026

Interim Report 2026 中期報告