--- title: "1.461 billion yuan acquires Cachet, TONG REN TANG bets on \"full industry chain\"?" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/275143002.md" description: "Cachet Pharmaceutical Co., Ltd. announced that Tong Ren Tang (Group) Co., Ltd. in Beijing, China will acquire shares for 1.461 billion yuan, becoming its new controlling shareholder. After the transaction, Tong Ren Tang will hold 28.48% of Cachet's shares. Cachet is an important player in Beijing's pharmaceutical commerce, primarily engaged in pharmaceutical wholesale. This transaction occurs during a period of pressure for both parties, as both Cachet and Tong Ren Tang have experienced declines in revenue and net profit. The market is focused on how Cachet will balance internal products with external customer relationships after the acquisition" datetime: "2026-02-06T13:51:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275143002.md) - [en](https://longbridge.com/en/news/275143002.md) - [zh-HK](https://longbridge.com/zh-HK/news/275143002.md) --- > 支持的语言: [English](https://longbridge.com/en/news/275143002.md) | [繁體中文](https://longbridge.com/zh-HK/news/275143002.md) # 1.461 billion yuan acquires Cachet, TONG REN TANG bets on "full industry chain"? Cachet Pharmaceutical Co., Ltd. (hereinafter referred to as Cachet) recently announced that Beijing Tong Ren Tang (Group) Co., Ltd. (hereinafter referred to as Tong Ren Tang Group) will acquire shares for 1.461 billion yuan, becoming Cachet's new controlling shareholder. After the transaction is completed, Cachet, which serves over 90% of medical institutions in Beijing, including the vast majority of secondary and tertiary hospitals, will officially be included in the territory of Tong Ren Tang, a century-old traditional Chinese medicine brand. Several industry insiders told China Business News that traditional Chinese medicine companies are no longer limited to simple product competition but are actively seeking change in the face of fierce competition in the modern pharmaceutical market by laying out the entire industry chain and strengthening capital operations. **Can one plus one be greater than two?** Cachet is an important force in the pharmaceutical commercial sector in Beijing and is one of the main distributors of essential medicines in Beijing, with a sales network covering the entire city. Its core business is pharmaceutical wholesale, accounting for as much as 96.12% of its revenue, serving over 300 secondary and tertiary hospitals in Beijing. According to the announcement, the transaction price is 17.59 yuan per share, with a total price of 1.461 billion yuan. After the transaction is completed, Tong Ren Tang Group will hold 28.48% of Cachet's shares, becoming the company's largest shareholder, but the ultimate control of the company will still belong to the Beijing State-owned Assets Supervision and Administration Commission. It is worth noting that this transaction occurs during a period when both parties are under pressure. Cachet's net profit for 2024 is expected to be 161 million yuan, marking a nearly 10-year low; in the first three quarters of 2025, its revenue and net profit continued to decline year-on-year. The main listed company under Tong Ren Tang Group, Tong Ren Tang Co., Ltd., also saw a year-on-year decline in revenue and net profit in the first three quarters of 2025. Previously, the group faced controversy over the promotional content of a private label product, leading to some market skepticism about its brand credibility. Additionally, as a commercial company with 96.12% of its revenue coming from pharmaceutical wholesale, Cachet's foundation is to serve as a neutral platform for numerous pharmaceutical manufacturers. After being controlled by Tong Ren Tang, how to balance "prioritizing the service of internal group products" with "maintaining platform credibility and external customer relationships" has also become a focus of market attention. As an investor, I consulted Cachet's securities department, and they stated that this equity change would not affect the company's normal production and operation, and that operations are currently stable, but specific business plans after the acquisition cannot be disclosed at this time. I reached out to Tong Ren Tang Group regarding whether Cachet would prioritize and concentrate on selling Tong Ren Tang Group products in the future, but did not receive a response by the time of publication. Some investors believe that Tong Ren Tang Group is interested in Cachet's in-hospital channel resources that cover the vast majority of hospitals in Beijing. Currently, 90% of Tong Ren Tang Group's sales come from OTC channels, with in-hospital channels accounting for less than 10%. After the acquisition is completed, it is expected to leverage Cachet's distribution network to accelerate the entry of its drugs into the hospital terminal market. Additionally, some investors believe that after the transaction is completed, both parties may face issues of competition within the same industry. Public information shows that Cachet has over 200 wholly-owned direct-operated pharmacies in the Beijing area, while Tong Ren Tang Group has more than 500 stores in North China **Completing the Circulation Sector Business** The acquisition of Cachet by Tong Ren Tang Group is generally interpreted by the capital market as a strategic move to fill the key gaps in its industrial chain. For a long time, Tong Ren Tang Group has had strong capabilities at both ends of the "industry" and "retail," but there has been a blank space in the "commercial circulation" link that connects the two. Pharmaceutical industry analyst Li Li stated, "Tong Ren Tang has a strong brand and product matrix, but in the current pharmaceutical market, product strength must be efficiently converted into market competitiveness through channel strength. Especially in the core market of hospitals, lacking a self-controlled circulation platform means that the depth of terminal coverage and response speed will be constrained." "By acquiring Cachet, Tong Ren Tang Group not only gains a ready-made, large-scale circulation entry point but also takes control of the 'channel' for its products to enter the mainstream hospital market. This reduces its dependence on national distribution giants like Sinopharm and China Resources, granting greater autonomy in price negotiations, market access, and supply chain stability," said an investor candidly. Moreover, this transaction occurs against the backdrop of ongoing policies such as centralized bulk purchasing, prompting a reevaluation of the strategic value of regional pharmaceutical commercial companies in the market. In recent years, driven by policies such as the "two-invoice system" and centralized bulk purchasing, the concentration in the pharmaceutical distribution industry has been continuously increasing, and the scale effect has become more pronounced. The competitive relationship between national giants and regional leaders is being reshaped. This acquisition of Cachet by Tong Ren Tang is viewed by some investors as a landmark case for the revaluation of regional commercial companies. "This transaction shows that in specific markets (such as Beijing), regional commercial companies with solid terminal networks and efficient operational capabilities are having their strategic value rediscovered," analyzed an investment manager from a private equity fund. "For companies intending to deeply cultivate regional markets, they may be more flexible and direct than national platforms." The capital market has also reacted initially to this transaction. On February 4, after Cachet's stock resumed trading, it opened at 18.04 yuan per share and ultimately closed at 16.86 yuan per share. As of the close on February 6, Cachet's stock price was 16.18 yuan per share, down 0.61% on that day. (Reporter Ma Jia) ### 相关股票 - [E Fund CSI Biotechnology Theme ETF (159837.CN)](https://longbridge.com/zh-CN/quote/159837.CN.md) - [Guotai CSI Bio-medicine ETF (512290.CN)](https://longbridge.com/zh-CN/quote/512290.CN.md) - [ChinaAMC SSE STAR Biology and Medicine ETF (588130.CN)](https://longbridge.com/zh-CN/quote/588130.CN.md) - [TONG REN TANG (01666.HK)](https://longbridge.com/zh-CN/quote/01666.HK.md) - [China Merchants CSI Biotechnology Theme ETF (159849.CN)](https://longbridge.com/zh-CN/quote/159849.CN.md) - [Cachet (002462.CN)](https://longbridge.com/zh-CN/quote/002462.CN.md) - [GF CSI HK Innovative Drugs Industry ETF(QDII) (513120.CN)](https://longbridge.com/zh-CN/quote/513120.CN.md) - [E Fund Hang Seng SCHK Innovative Drug ETF (159316.CN)](https://longbridge.com/zh-CN/quote/159316.CN.md) - [ChinaAMC SSE Health Care ETF Initiating Fund (510660.CN)](https://longbridge.com/zh-CN/quote/510660.CN.md) - [ChinaAMC Hang Seng Biotechnology Technology ETF(QDII) (159892.CN)](https://longbridge.com/zh-CN/quote/159892.CN.md) - [Yinhua CSI Innovative Drugs Industry ETF (159992.CN)](https://longbridge.com/zh-CN/quote/159992.CN.md) - [Bosera Hang Seng Health Care ETF(QDII) (513060.CN)](https://longbridge.com/zh-CN/quote/513060.CN.md) - [Guotai SSE STAR Brand Name Drug ETF (589720.CN)](https://longbridge.com/zh-CN/quote/589720.CN.md) - [Penghua CSI HK Connect Health Care Composite ETF (513700.CN)](https://longbridge.com/zh-CN/quote/513700.CN.md) - [ChinaAMC CSI Biotechnology Theme ETF (516500.CN)](https://longbridge.com/zh-CN/quote/516500.CN.md) - [Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF (159506.CN)](https://longbridge.com/zh-CN/quote/159506.CN.md) - [TRT (600085.CN)](https://longbridge.com/zh-CN/quote/600085.CN.md) - [TONGRENTANGCM (03613.HK)](https://longbridge.com/zh-CN/quote/03613.HK.md) - [Bosera Hang Seng SCHK Innovative Drug Select ETF (520690.CN)](https://longbridge.com/zh-CN/quote/520690.CN.md) - [Hwabao WP Hang Seng SCHK Innovative Drug Select ETF (520880.CN)](https://longbridge.com/zh-CN/quote/520880.CN.md) - [Minsheng Royal CSI Biotechnology Theme ETF (516930.CN)](https://longbridge.com/zh-CN/quote/516930.CN.md) - [E Fund CSI 300 Health Care ETF (512010.CN)](https://longbridge.com/zh-CN/quote/512010.CN.md) - [China Universal 800 Health Care ETF (159929.CN)](https://longbridge.com/zh-CN/quote/159929.CN.md) ## 相关资讯与研究 - [3SBio Nearly Doubles Revenue and Quadruples Profit in 2025, Keeps Dividend Steady](https://longbridge.com/zh-CN/news/281054154.md) - [ImmuneOnco Doses First Patient in Phase III Trial of CD47/CD20 Bispecific for Lymphoma](https://longbridge.com/zh-CN/news/281068292.md) - [Annovis Bio Director Purchased Shares Worth Over $1.4M](https://longbridge.com/zh-CN/news/281662341.md) - [Xinhua Pharma Becomes Marketing Authorization Holder of Dental Drug After Regulatory Nod](https://longbridge.com/zh-CN/news/281343251.md) - [Junshi Biosciences Chairman Completes RMB100 Million Shareholding Increase](https://longbridge.com/zh-CN/news/281231901.md)