Financial Performance - The company's operating revenue for 2025 is expected to be CNY 1,057,759,831.41, representing a year-on-year increase of 21.80%[3] - The total profit for the period is projected to be CNY 266,581,965.12, reflecting a growth of 34.83% compared to the previous year[3] - Net profit attributable to shareholders is estimated at CNY 236,929,075.58, up 33.87% year-on-year[3] - The basic earnings per share is expected to be CNY 2.02, which is a 32.89% increase year-on-year[3] Investment and R&D - The company plans to invest CNY 12,027.37 million in R&D, an increase of 2.83% from the previous year[5] - The company continues to advance its "仿创结合" R&D strategy, with 8 drug registration approvals obtained during the year[6] Assets and Equity - Total assets at the end of the reporting period are expected to reach CNY 1,571,093,663.44, a growth of 13.48% from the beginning of the period[3] - Shareholder equity attributable to the company is projected to be CNY 1,306,890,778.00, an increase of 18.17%[3] Sales Growth - The company has achieved significant sales growth in key products, including "复瑞彤" and "波开清" which have contributed to revenue growth[5] Capital Changes - The company has implemented a stock increase plan resulting in a 50.00% increase in share capital to 117,315,990 shares[3]

江苏德源药业股份有限公司 证券代码：920735 证券简称：德源药业 公告编号：2026-001 （一）基本信息 关于变更项目质量复核人的公告 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。 曾丽娟，2012 年起成为中国注册会计师，2008 年开始从事上市公司审计， 2012 年开始在天健执业。近三年签署或复核超过 5 家上市公司审计报告。未在 江苏德源药业股份有限公司（以下简称"德源药业"或"公司"）于 2025 年 3 月 28 日召开第四届董事会第十一次会议，审议通过了《关于公司续聘会计 师事务所的议案》，该议案并经公司 2024 年年度股东会审议通过，同意聘用天健 会计师事务所（特殊普通合伙）（以下简称"天健"）为公司 2025 年度审计机构。 具体内容详见公司于 2025 年 3 月 31 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拟续聘 2025 年度会计师事务所公告》（公告编 号：2025-022）。 1 / 2 2026 年 1 月 30 日，公司 ...

Group 1 - The report highlights the significant progress in the pharmaceutical and healthcare system reforms during the "14th Five-Year Plan" period, with a focus on grassroots healthcare and urban-rural integration [1][12] - The "15th Five-Year Plan" emphasizes the support for innovative drugs and medical devices, aiming to enhance the healthcare system and promote the development of traditional Chinese medicine [1][17] - The report indicates that the 11th batch of national drug procurement successfully implemented innovative goals, including maintaining clinical stability and quality assurance [1][14] Group 2 - As of December 31, 2025, the total market capitalization of 21 pharmaceutical and biotechnology companies on the North Exchange reached 748.30 billion, reflecting a growth of 45.81% from the beginning of the year [2][20] - The average market capitalization of these companies increased to 35.63 billion, up 38.87% from the previous year [2][21] - The North Exchange's pharmaceutical sector is primarily composed of chemical pharmaceuticals (38.10%), medical devices (28.57%), and biological products (19.05%) [2][31] Group 3 - In 2025, the North Exchange's pharmaceutical and biotechnology sector experienced a year-on-year increase of 37.38%, ranking third among various sectors [3][54] - The report notes that 80.95% of the pharmaceutical companies on the North Exchange saw an increase in their stock prices throughout the year [3][42] - The top-performing companies in terms of stock price growth included JinHao Medical (+174.08%), NuoSiLanDe (+105.64%), and BeiYiKang (+76.39%) [3][45] Group 4 - The report indicates that the North Exchange's pharmaceutical companies had a PE TTM average of 73X by the end of 2025, with a peak of 119X in August [2][34] - The distribution of valuations shows that the North Exchange has a higher proportion of companies with significant losses compared to other exchanges, with 28.57% of companies in the loss category [2][40] - The report highlights that the North Exchange's pharmaceutical sector is characterized by a high concentration of companies in the 100X and above PE TTM range [2][43]

单位：元 | 关联交易类 | | 预计 2026 年发 | 2025 年与关联方 | | 预计金额与上年实际 发生金额差异较大的 | | --- | --- | --- | --- | --- | --- | | 别 | 主要交易内容 | 生金额 | 实际发生金额 | | | | | | | 年 (2025 1-11 | 月） | 原因 | | 购买原材料、 燃料和动力、 | 包装材料 | | | | 预计市场需求增加和 新产品上市销售，导 | | | | 6,000,000.00 | 4,025,150.08 | | 致包装材料的采购量 | | 接受劳务 | | | | | 发生变化 | | 销售产品、商 | | | | | | | 品、提供劳务 | | | | | | | 委 托 关 联 方 | | | | | | | 销售产品、商 | | | | | | | 品 | | | | | | | 接受关联方 | | | | | | | 委托代为销 | | | | | | | 售其产品、商 | | | | | | | 品 | | | | | | | 其他 | | | | | | | 合计 | - | 6,000 ...

证券代码：920735 证券简称：德源药业 公告编号：2025-117 江苏德源药业股份有限公司 第四届董事会第十七次会议决议公告 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、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 12 月 25 日 2.会议召开地点：江苏省连云港经济技术开发区长江路 29 号公司三楼会议室 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司与江苏中金玛泰医药包装有限公司 2026 年度日常关联交 易预计情况的议案》 1.议案内容： 3.会议召开方式：通讯会议 4.发出董事会会议通知的时间和方式：2025 年 12 月 19 日以电子邮件方式发出 5.会议主持人：董事长陈学民 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》《董事会议事规则》等有关规定。 （二）会议出席情况 《江 ...

Group 1 - The report highlights the performance of the North Exchange in 2025, indicating a significant rise in the North Index 50 to around 1400 points, with three distinct phases of market movement: rapid increase, oscillating rise, and a correction phase [2][12][15] - In the rapid increase phase (January 1 - March 11, 2025), the North Index 50 surged from 1,037.81 to 1,418.65 points, achieving a cumulative return of 36.70%, while the specialized index rose from 1,683.33 to 2,421.50 points, with a return of 43.85% [15][16] - The oscillating rise phase (April 7 - September 5, 2025) saw the North Index 50 increase from 1,044.07 to 1,647.01 points, yielding a cumulative return of 58.70%, and the specialized index from 1,759.64 to 2,806.39 points, with a return of 66.72% [16][17] Group 2 - The correction phase (September 15 - December 19, 2025) stabilized the North Index 50 and specialized index around 1400 and 2400 points, respectively, with the North Index 50 declining to 1,445.84 points and the specialized index to 2,440.21 points, resulting in cumulative returns of 39.32% and 44.96% [17][23] - The report emphasizes the performance of small-cap stocks, indicating that companies with market capitalizations of 0-20 billion, 20-40 billion, 40-80 billion, and above 80 billion had average returns of 54.08%, 38.60%, 18.26%, and 30.59%, respectively [26][31] - The report identifies that national and provincial-level "little giant" companies outperformed non-little giant firms, with average returns of 48.26%, 38.06%, and 39.19% for national, provincial, and non-little giants, respectively [27][29] Group 3 - The report highlights that national and provincial-level single champion companies achieved average returns of 59.27% compared to 39.61% for non-single champion companies [32][34] - In terms of industry performance, high-end equipment and new chemical materials sectors showed higher returns, with average returns of 50.20%, 28.67%, 48.49%, 40.43%, and 43.56% for high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, respectively [34][36] - The report also notes that companies with new productive forces, ESG attributes, high scarcity, and high dividends had average returns of 50.49%, 48.44%, 49.14%, and 57.51%, respectively, indicating a strong performance in these categories [37][43]

Group 1 - The brain-computer interface (BCI) is recognized as a future industry in China's 14th Five-Year Plan, with policies aimed at fostering its development, including a target for core technology breakthroughs by 2027 and achieving global leadership by 2030 [3][12][16] - The global BCI market was valued at $1.5 billion in 2021 and is projected to reach $3.3 billion by 2027, while the domestic market is expected to grow from 3.2 billion yuan in 2024 to 4.6 billion yuan by 2026, reflecting an 18.81% year-on-year growth in 2024 [3][17][19] - Non-invasive BCIs dominate the market, accounting for 86% of the total, with medical applications being the primary focus, representing 56% of the downstream enterprises [18][23][25] Group 2 - The 2024 national pharmaceutical circulation market is projected to reach 2.947 trillion yuan, with the wholesale market accounting for 77.94% of total sales, and the retail market contributing 22.06% [4][40][46] - The pharmaceutical distribution industry is characterized by a continuous optimization of structure, enhanced professional service capabilities, and a growing focus on health services, driven by aging populations and increased health awareness [52][53] - The North Exchange has 11 listed companies related to pharmaceuticals, with significant profit margins reported, including companies like Deyuan Pharmaceutical and Xinghao Pharmaceutical, which have shown substantial growth in net profits [4][51][68] Group 3 - The North Exchange's pharmaceutical and biotechnology sector saw a weekly increase of 1.91%, with medical devices leading the growth at 6%, while 80.95% of the sector's stocks experienced an increase in market value [5][58][61] - Notable stock performances include Lude Medical and Beiyikang, which saw weekly increases of 20.61% and 10.46%, respectively, indicating strong market interest in these companies [5][67] - As of December 19, 2025, there are 13 pharmaceutical and biotechnology companies queued for listing on the North Exchange, with an average revenue of 382 million yuan and net profits exceeding 100 million yuan for several firms [68][69]

2025 年 12 月 9 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 3 类申报的别嘌醇片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。 关于别嘌醇片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。 一、 药品基本情况 证券代码：920735 证券简称：德源药业 公告编号：2025-116 江苏德源药业股份有限公司 别嘌醇片于 1966 年在美国上市，商品名：ZYLOPRIM；1969 年在日本上市， 商品名：Zyloric；1985 年在中国上市，规格：0.1g，该品种已被纳入国家甲类医 1 / 2 保用药目录（2024 版）。截至目前，国内有 17 家仿制企业拥有批准文号，其中有 6 家企业通过或视同通过一致性评价。 1.药品名称：别嘌醇片 剂型：片剂 规格：0.1g 注册分类：化学药品 3 类 批准文号：国药准字 H20256109 药品生产企业：江苏德源药业股份有限公司 2.药品其他情况 别嘌醇适用于原发 ...

Investment Rating - The report suggests a focus on "innovation-driven" and "steady growth" strategies within the pharmaceutical sector, indicating a positive investment outlook for the industry [3][4]. Core Insights - The North Exchange's pharmaceutical and biotechnology sector comprises 21 companies, all classified as specialized and innovative, with a significant proportion being national and provincial champions [2][16]. - The report emphasizes the potential of innovative drugs, high-end medical devices, and robust generics as key investment areas, highlighting the importance of unique products and market share advantages [3][4]. - The medical device sector has shown the highest market value growth in 2025, with an increase of 130.47%, while traditional Chinese medicine has faced performance challenges [28][32]. Summary by Sections Industry Overview - The North Exchange's pharmaceutical sector includes five sub-sectors: traditional Chinese medicine, medical devices, medical aesthetics, biological products, and chemical pharmaceuticals [12][24]. - The average market capitalization of the 21 companies in this sector reached 3.643 billion yuan as of December 1, 2025, reflecting a year-to-date increase of 41.97% [21][23]. Sub-sector Analysis - The medical device industry led the market value growth in 2025, with a total market value increase from 6.818 billion yuan at the end of 2024 to 15.713 billion yuan by December 1, 2025 [28]. - The chemical pharmaceutical sector also performed well, with notable companies like Deyuan Pharmaceutical showing a revenue increase of 22% year-on-year in the first three quarters of 2025 [4][34]. Company Case Studies - **Innovative Drugs**: Norsland's gene therapy drug NL003 is nearing approval, targeting a significant patient population with a new treatment method [4][9]. - **Medical Devices**: Weizhu Zhiyuan focuses on smart orthopedic surgical navigation systems, emphasizing the importance of unique technology and market positioning [4][11]. - **Generics**: Deyuan Pharmaceutical is transitioning from generics to innovative drugs, with a solid historical performance and a focus on diabetes and hypertension treatments [4][34]. Performance Metrics - The report notes that the average PE TTM for the pharmaceutical sector was 32X as of December 1, 2025, with the medical device sector showing a higher valuation at 78X [15][55]. - Companies like Jinbo Biological and Norsland have seen significant stock price increases, with Jinbo's stock rising by 170.68% and Norsland by 113.10% in 2025 [41][42].

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 ...