证券代码：920735 证券简称：德源药业 公告编号：2025-115 江苏德源药业股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | | | 减持 数量 | 减 | | | | 减持 | | 当前 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 减持数量 | 占总 | 持 | 减持 | 减持价格 | 已减持总金 | 计划 | 当前持股 | 持股 | | 称 | （股） | 股本 | 方 | 期间 | 区间 | 额（元） | 完成 | 数量（股） | 比例 | | | | 比例 | 式 | | | | 情况 | | （%） | | | | （%） | | | | | | | | | 天津药 | | | 集 | 2025 年 | | | | | | | | | | | 月 ...

Group 1 - The average return of 11 theme funds on the Beijing Stock Exchange (BSE) reached 52.12% in 2025, indicating a strong performance and potential for diversified investor participation as the two-year fixed-open products become available for subscription and redemption [1][19][20] - The number of public fund institutions investing in BSE stocks increased to 29 by the end of 2024, a year-on-year growth of 31.82%, with the number of heavily invested companies rising from 34 to 41 in the first three quarters of 2025 [11][12] - The BSE's market performance shows a shift towards diversified investment styles, with a focus on emerging industries such as intelligent connected new energy vehicles, commercial aerospace, low-altitude economy, and robotics [1][31] Group 2 - The BSE 50 Index reported a value of 1,387.70 points, with a week-on-week increase of 0.75%, while the BSE specialized and new index reached 2,317.70 points, up 0.79% [2][43] - The TTM PE ratios for various sectors on the BSE include high-end equipment at 38.37X, information technology at 84.54X, and chemical new materials at 42.21X, indicating sector-specific valuation trends [2][33] - The top ten companies by market value held by funds on the BSE as of Q3 2025 include Jinbo Bio, Naconoer, and Better Energy, with significant changes in holdings reflecting market dynamics [22][23][24] Group 3 - The BSE's passive index fund scale has seen significant growth, with the BSE 50 Index fund size reaching 128.93 billion yuan by November 28, 2025, and the number of tracking products increasing to 68 [13][16] - The fund holdings on the BSE show that 59.17% of companies have a market value between 2-5 billion yuan, while 49.17% of companies reported a net profit of less than 50 million yuan in 2024 [27][29] - The industry allocation preferences of funds on the BSE are similar to those on the dual innovation board, with the top five sectors being machinery, hardware equipment, electrical equipment, automotive parts, and software services [31][32]

证券代码：920735 证券简称：德源药业 公告编号：2025-113 江苏德源药业股份有限公司 持股 5%以上股东权益变动触及 1%整数倍的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 11 月 18 日收到 持股 5%以上股东天津药物研究院有限公司出具的《股份减持进展告知函》。上述 股东于 2025 年 11 月 13 日至 2025 年 11 月 17 日通过集中竞价方式累计减持公司 股份 781,500 股，导致其合计持有公司的股份比例从 9.6662%减少至 9.0001%， 权益变动触及 1%的整数倍情形。现将其有关权益变动情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 1、基本情况 | | | | | | --- | --- | --- | --- | --- | | 信息披露义务人 | | 天津药物研究院有限公司 | | | | 持股变动时间 | | 年 月 日至 年 2025 11 ...

Core Viewpoint - The A-share market is experiencing increased volatility and sector rotation, with brokerages adjusting stock ratings significantly as they anticipate a bullish trend for 2026, suggesting a transition towards a low-volatility slow bull market [1][8]. Group 1: Stock Ratings Adjustments - A total of 23 stocks have had their ratings upgraded since the end of October, primarily in the electronics, pharmaceutical, food and beverage, power equipment, and automotive parts sectors [2][6]. - The electronics sector has the highest number of upgrades, with companies like Guangliwei and Zhongwei receiving positive attention due to strong performance and high technical barriers [2][4]. - The pharmaceutical sector saw upgrades for companies such as Deyuan Pharmaceutical and Yiling Pharmaceutical, driven by innovation in drug development and expected performance recovery [3][4]. Group 2: Sector Performance - The food and beverage sector has also seen increased attention, with stocks like Ximai Food and Qingdao Beer receiving upgrades, indicating a positive outlook [3][4]. - Conversely, around 40 stocks have had their ratings or target prices downgraded, mainly in the pharmaceutical, food and beverage, electronics, and beauty care sectors, reflecting short-term performance pressures and declining gross margins [6][7]. - Notable downgrades in the pharmaceutical sector include Aibo Medical and Guizhou Moutai, with reasons linked to competitive pressures and performance under expectations [6][7]. Group 3: Market Outlook for 2026 - Major brokerages like CITIC Securities and CICC are optimistic about the A-share market in 2026, predicting a transition to a mature market with a focus on global demand rather than just domestic [8][9]. - The investment strategy emphasizes the importance of global market dynamics and the potential for Chinese companies to gain pricing power in the global value chain [8][9]. - CICC suggests a balanced market style in 2026, with a focus on growth sectors, external demand, and cyclical reversals, while also highlighting the importance of technology and resource sectors [9].

证券代码：920735 证券简称：德源药业 公告编号：2025-112 江苏德源药业股份有限公司 关于完成工商变更登记及公司章程备案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日召开第 四届董事会第十四次会议、第四届监事会第十一次会议，审议通过《关于取消监 事会、调整董事会成员人数暨修订<公司章程>的议案》，该事项已经公司 2025 年 9 月 25 日召开的 2025 年第一次临时股东会审议通过。具体内容详见公司于 2025 年 9 月 10 日在北京证券交易所网站（www.bse.cn）披露的《江苏德源药业股份有限 公司关于取消监事会、调整董事会成员人数暨修订<公司章程>的公告》（公告编号： 2025-053）。 公司于 2025 年 10 月 13 日召开第四届董事会第十五次会议，审议通过《关于 补选公司第四届董事会非独立董事的议案》《关于补选公司第四届董事会独立董事 的议案》，该事项已经公司 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong financial performance in Q3 2025, with revenue of 796 million yuan, a year-on-year increase of 21.88%, and a net profit of 159 million yuan, up 37.86% year-on-year. The Q3 revenue alone was 271 million yuan, reflecting a 23.05% increase year-on-year, with net profit soaring by 74.25% [5][8] - The approval of the Glimepiride sustained-release tablets marks the second innovative generic drug approved in 2025, enhancing the company's product pipeline in the diabetes sector [5][8] - The company maintains a robust gross margin of over 80%, indicating a strong product structure focused on chronic disease treatments, while net profit margins have shown consistent improvement [8][9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 796 million yuan, a 21.88% increase year-on-year, and a net profit of 159 million yuan, a 37.86% increase year-on-year. The gross margin stood at 84.10%, with a net margin of 19.97% [5][8] - The Q3 results showed a revenue of 271 million yuan, a 23.05% increase year-on-year, and a net profit of 61.14 million yuan, a significant increase of 74.25% year-on-year [5][8] - The company forecasts revenues of 1,055.79 million yuan, 1,209.62 million yuan, and 1,451.55 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 227.92 million yuan, 264.70 million yuan, and 311.13 million yuan [9][10] Product Development and Pipeline - The company emphasizes a research and development strategy that combines generics and innovation, focusing on expanding its product pipeline in chronic diseases and metabolic syndromes [8][9] - Key innovative drugs in development include DYX116 and DYX216, with DYX116 currently in Phase I clinical trials and DYX216 targeting treatment for resistant hypertension [8][9]

关于非诺贝特胶囊获国家药监局签发药品注册证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 2025 年 10 月 30 日，江苏德源药业股份有限公司（以下简称"公司"）按照化 学药品 4 类申报的非诺贝特胶囊收到国家药品监督管理局（NMPA）核准签发的药 品注册证书，且视同通过一致性评价。 一、 药品基本情况 1.药品名称：非诺贝特胶囊 剂型：胶囊剂 证券代码：920735 证券简称：德源药业 公告编号：2025-110 江苏德源药业股份有限公司 非诺贝特胶囊原研企业为 ABBOTT LABORATORIES LIMITED，1993 年 12 月在美国上市，胶囊剂规格：100mg，商品名：LIPIDIL；胶囊剂（微粉化）规格： 67mg、134mg、200mg，商品名：TRICOR（MICRONIZED）；2018 年 1 月在中 国上市，规格：0.2g，持证商：ABBOTT LABORATORIES LIMITED，该品种已 纳入国家乙类医保用药目录（2024 版）。截至目前，该品种有 3 ...

证券代码：920735 证券简称：德源药业 公告编号：2025-111 江苏德源药业股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 上市公司接待人员：公司董事长、总经理：陈学民先生；公司副总经理、董事 会秘书、财务负责人：王齐兵先生。 √现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 （座谈交流） 二、 投资者关系活动情况 活动时间：2025 年 10 月 31 日 活动地点：江苏省连云港经济技术开发区长江路 29 号公司质量部一楼会议室 参会单位及人员：富国基金、国泰海通、开源证券、百济投资、中信证券、华 泰证券、中信建投、中金财富、江苏金百临投资咨询、银河证券、华安证券、国信 证券、财通证券、国元证券、上证报、证券时报（排名不分先后） 三、 投资者关系活动主要内容 1 / 3 公司组织交流单位实地参观一工厂制剂车间，了解产品生产全流程。管理层通 过系统介绍公司核心经营数据、业务布局以及产 ...

Summary of Key Points Core Viewpoint - On October 31, the Beijing Stock Exchange (BSE) saw a total trading volume of 1.299 billion shares and a trading value of 32.323 billion yuan, representing a decrease of 10.622 billion yuan compared to the previous trading day. A total of 219 stocks closed higher, indicating a positive market sentiment despite the drop in trading volume [1]. Trading Performance - The trading volume for the BSE was 1.299 billion shares, with a trading value of 32.323 billion yuan, down from the previous day by 10.622 billion yuan [1]. - Among the traded stocks, 219 stocks rose, accounting for 78.49% of the total, with notable gainers including Lijia Technology (up 13.91%), Deyuan Pharmaceutical (up 13.09%), and Sanyuan Gene (up 13.07%) [1]. - Conversely, 55 stocks declined, with Huifeng Diamond, Jiuling Technology, and Mezhigao experiencing the largest drops of 6.34%, 4.96%, and 4.57% respectively [1]. Active Stocks - A total of 93 stocks had a trading value exceeding 100 million yuan, with the highest trading values recorded for Beiterui (1.359 billion yuan), Fujida (999.5 million yuan), and Guozi Software (709.8 million yuan) [1]. - The trading activity was characterized by 46 stocks having a turnover rate exceeding 10%, with 8 stocks exceeding 20%. The highest turnover rates were seen in Digital Human (32.55%), Jinhua New Materials (28.91%), and Taikai Ying (27.85%) [1]. Notable Stock Details - Key stocks and their performance included: - Beiterui: Closing price 36.45 yuan, up 4.71%, turnover rate 3.29%, trading value 1.359 billion yuan [1]. - Guozi Software: Closing price 44.70 yuan, up 11.75%, turnover rate 26.35%, trading value 709.8 million yuan [1]. - Deyuan Pharmaceutical: Closing price 41.30 yuan, up 13.09%, turnover rate 12.64%, trading value 523.0 million yuan [1].

证券代码：920735 证券简称：德源药业 公告编号：2025-108 江苏德源药业股份有限公司 关于调整公司第四届董事会专门委员会委员的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 1 / 2 四、薪酬与考核委员会： | 调整前 | 调整后 | | --- | --- | | 周建平【主任委员（召集人）】 | 赵雁【主任委员（召集人）】 | | 王玉春、范世忠 | 温美琴、范世忠 | 以上各委员会成员任期至第四届董事会任期届满时止。 五、备查文件目录 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开 第四届董事会第十六次会议，审议通过《关于调整公司第四届董事会专门委员会 委员的议案》，现将有关情况公告如下： 因公司原独立董事王玉春先生、周伟澄先生、周建平先生任职达到最长期限， 已不再担任公司第四届董事会独立董事及专门委员会职务，导致董事会相关专门 委员会成员出现空缺。为完善公司治理结构，公司已及时补选完成新任独立董事， 并新增职工代表董事，现根据《公司法》《 ...