-20% -15% -10% -5% 0% 5% 10% 15% 20% 0 100 200 300 400 500 600 HK$ mn TCM retail sales (LHS) Growth YoY (RHS) Source: Hong Kong Census and Statistics Department; Morgan Stanley Research. Morgan Stanley Asia Limited+ Laurence Tam Equity Analyst Laurence.Tam@morganstanley.com +852 2239-1753 June 10, 2026 04:31 AM GMT Beijing Tongrentang Chinese Medicine | Asia Pacific M Update Annual Shareholder Meeting Takeaways Key Takeaways The company has set five initiatives to drive business growth in the 15th Five-Year ...