Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company has accelerated the overseas registration of raw materials and the implementation of industry standards in the new materials sector, which enhances competitive barriers [1][4] - In 2025, the company reported a revenue of 553 million yuan, a year-on-year increase of 2.87%, and a net profit attributable to the parent company of 132 million yuan, a year-on-year increase of 6.32% [3][4] - The company is focusing on both domestic and international markets, with a strategy to maintain stable revenue growth through the commercialization of new raw materials and the optimization of internal management [4][5] Financial Summary - Revenue projections for 2025-2027 are 553 million yuan, 635 million yuan, and 717 million yuan respectively, with corresponding net profits of 132 million yuan, 153 million yuan, and 174 million yuan [6][8] - The company's gross margin is expected to remain stable around 43.9% in 2025, with a net margin of 23.8% [6][9] - The earnings per share (EPS) forecast for 2025-2027 is 0.31 yuan, 0.36 yuan, and 0.41 yuan respectively, with price-to-earnings (P/E) ratios of 33.6, 28.8, and 25.4 [6][8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company has accelerated the overseas registration of raw materials and the implementation of industry standards in the new materials sector, which enhances competitive barriers [1][4] - In 2025, the company reported a revenue of 553 million yuan, a year-on-year increase of 2.87%, and a net profit attributable to the parent company of 132 million yuan, up 6.32% year-on-year [3][4] - The company is focusing on both domestic and international markets, with a strategy to maintain stable revenue growth through the commercialization of new raw materials and the optimization of internal management [4][5] Financial Summary - Revenue projections for 2025-2027 are 553 million yuan (2025), 635 million yuan (2026), and 717 million yuan (2027), with corresponding net profits of 132 million yuan, 153 million yuan, and 174 million yuan [6][8] - The company's gross margin is expected to remain stable around 43.9% in 2025, with a net margin of 23.8% [6][9] - The earnings per share (EPS) forecast for 2025-2027 is 0.31 yuan, 0.36 yuan, and 0.41 yuan, respectively, with a price-to-earnings (P/E) ratio of 33.6, 28.8, and 25.4 [6][8]

Financial Performance - The company achieved operating revenue of ¥552,577,290.50, representing a year-on-year increase of 2.87%[3] - The total profit amounted to ¥159,045,522.15, reflecting an 8.04% increase compared to the previous year[3] - Net profit attributable to shareholders reached ¥131,575,798.33, up by 6.32% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥127,969,849.80, marking a 9.64% increase[3] - Basic earnings per share were ¥0.3082, which is a 6.32% increase from the previous year[3] Assets and Equity - Total assets at the end of the reporting period were ¥1,443,815,065.38, showing a growth of 6.62%[3] - Shareholders' equity attributable to the company was ¥1,265,354,551.40, an increase of 6.21%[3] Market and Operational Strategy - The company maintained stable revenue and profit growth despite slight price declines in some domestic products due to competition and policy factors[5] - The increase in revenue and profit was significantly supported by the growth in overseas sales of new and existing raw materials[5] - The company focused on optimizing management and reducing costs to enhance product competitiveness, ensuring stable revenue and gross profit growth[5]

江苏森萱医药股份有限公司 | | 计划减 | 计划减持 | | | | 拟减 | 拟减 | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 持数量 | 数量占总 | 减持 | 减持 | 减持价 | 持股 | 持 | | 称 | （股） | 股本比例 | 方式 | 期间 | 格区间 | 份来 | 原因 | | | | （%） | | | | 源 | | | 姜春娟 | 18,750 | 0.004392% | 集中 | 公告披露之 | 根据市 | 北交 | 个人 | | | | | 竞价 | 日起 15 个交 | 场交易 | 所上 | 资金 | | | | | | 易日后的 3 个 | 价格确 | 市前 | 需求 | | | | | | 月内 | 定 | 取得 | | 二、 本次减持计划的主要内容 （一） 单个主体拟在 3 个月内集中竞价方式减持股份总数是否超过公司股份总 数 1% □是 √否 证券代码：920946 证券简称：森萱医药 公告编号：2026-003 江苏森萱医药股份有限公司 股东拟减持股份的预披露公告 本公司及董事会全体成员及相 ...

为出具本法律意见书，本所律师对本次股东会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 森萱医药 2026 年第一次临时股东会法律意见书 江苏世纪同仁律师事务所 关于江苏森萱医药股份有限公司 2026 年第一次临时股东会的法律意见书 江苏森萱医药股份有限公司： 根据《公司法》《证券法》和中国证监会《上市公司股东会规则》等法律、 法规和规范性文件以及《公司章程》的规定，本所受贵公司董事会的委托，指派 本所律师出席贵公司 2026 年第一次临时股东会，并就本次股东会的召集、召开 程序、出席会议人员资格、召集人资格、表决程序和表决结果的合法有效性出具 法律意见。 本所律师同意将本法律意见书随贵公司本次股东会决议一并公告，并依法对 本法律意见书承担相应的责任。 本所律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集、召开程序 1、本次股东会由贵公司董事会召集。 贵公司第四届董事会第十二次会议决定于 2026 年 1 月 15 日召开本次股东 会。贵公司已于 2025 年 12 月 30 日 ...

一、会议召开和出席情况 江苏森萱医药股份有限公司 证券代码：920946 证券简称：森萱医药 公告编号：2026-001 江苏森萱医药股份有限公司 2026 年第一次临时股东会决议公告 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）会议召开情况 1.会议召开时间：2026 年 1 月 15 日 2.会议召开地点：江苏省南通市崇川区青年中路 198 号国城广场 A 幢 21 楼 会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：吴玉祥 6.召开情况合法合规的说明： 本次股东会的召集、召开、议案审议符合《公司法》等有关法律、法规及《公 司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 6 人，持有表决权的股份总数 321,777,930 股，占公司有表决权股份总数的 75.372244%。 其中通过网络投票参与本次股东会的股东共 2 人，持有表决权的股份总数 12,878,490 股，占公司有表决权股份总数的 3.016617%。 1. ...

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]

江苏森萱医药股份有限公司 证券代码：920946 证券简称：森萱医药 公告编号：2025-107 江苏森萱医药股份有限公司总经理工作细则 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、 审议及表决情况 江苏森萱医药股份有限公司于 2025 年 12 月 29 日召开第四届董事会第十二 次会议，审议通过了《关于修订公司相关内部管理制度的议案》，修订《总经理 工作细则》；议案表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案无需提交股东会审议。 二、 分章节列示制度主要内容： 第一章 总则 第一条 为加强江苏森萱医药股份有限公司（以下称"公司"）治理，提高 公司管理效率，规范公司总经理的行为，确保总经理忠实履行职责，勤勉高效地 工作，根据《中华人民共和国公司法》（以下简称"《公司法》"）和《江苏森萱医 药股份有限公司章程》（以下称"《公司章程》"）的规定，结合公司实际情况，特 制定总经理工作细则（以下称"本细则"）。 第二条 本细则所称高级管理人员，系指《公司章程》第十二条规定的总经 理、副 ...

证券代码：920946 证券简称：森萱医药 公告编号：2025-106 江苏森萱医药股份有限公司 江苏森萱医药股份有限公司 关于预计 2026 年日常性关联交易的公告 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、 日常性关联交易预计情况 （一） 预计情况 单位：元 | 关联交易类别 | 主要交易内容 | 预计 2026 年发 | 2025 年与关联方 | 预计金额与上年实际发 | | --- | --- | --- | --- | --- | | | | 生金额 | 实际发生金额 | 生金额差异较大的原因 | | 购买原材料、 燃料和动力、 | 采购原材料、商 品及劳务 | 15,000,000.00 | 960,564.93 | 业务发展需要 | | 接受劳务 | | | | | | 销售产品、商 | 销售原料药、中 | 40,000,000.00 | 8,479,380.53 | 业务发展需要 | | 品、提供劳务 | 间体及劳务 | | | | | 委托关联方销 售产品、商品 | - | - ...

江苏森萱医药股份有限公司 证券代码：920946 证券简称：森萱医药 公告编号：2025-108 江苏森萱医药股份有限公司 本次会议为 2026 年第一次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 2025 年 12 月 29 日，公司第四届董事会第十二次会议审议通过《关于预 计 2026 年度日常关联交易的议案》。公司董事会根据本次董事会会议决议召集 股东会。 （三）会议召开的合法合规性 本次股东会的通知时间、召集人等均符合《公司法》等有关法律、行政法 规、部门规章、规范性文件及《公司章程》的规定,不需要再经其他部门批准， 也不需要再履行其他手续。 关于召开 2026 年第一次临时股东会通知公告（提供网络投票） 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、会议召开基本情况 （一）股东会届次 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东应选择现场投票或网络投票中的一种，如果同一表决权出 1、现场会议召开时间：2026 年 1 月 15 日 14: ...