Core Viewpoint - Shandong Xinhua Pharmaceutical Co., Ltd. announced the resignation of its Deputy General Manager, Zheng Zhonghui, due to personal reasons, effective September 5, 2025, after which he will not hold any executive position in the company [1] Summary by Category - **Company Announcement** - The company’s board received a written resignation report from Deputy General Manager Zheng Zhonghui [1] - Zheng Zhonghui will not serve in any executive role after his resignation [1] - **Management Changes** - The resignation is attributed to personal reasons [1]

Group 1 - The company Shandong Xinhua Pharmaceutical Co., Ltd. announced the resignation of its Deputy General Manager Zheng Zhonghui due to personal reasons [1] - Zheng Zhonghui will not hold any executive position in the company after his resignation [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 山東新華製藥股份有限公司 Shandong Xinhua Pharmaceutical Company Limited （於中華人民共和國註冊成立之股份有限公司） （股份代碼：00719） 非執行董事： 徐 列先生 張成勇先生 1 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 山 東 新 華 製 藥 股 份 有 限 公 司 （ 「 本 公 司 」 ） 將 於 2025 年 9 月 6 日 在 巨 潮 資 訊 網 （http://www.cninfo.com.cn）刊登的本公司《關於副總經理辭職的公告》,茲載列有關文檔之中文版， 以供參閱。 承董事會命 山東新華製藥股份有限公司 賀同慶 董事長 中國 淄博 2025年9月5日 於本公告日期，本公司董事會之成員如下： | 執行董事： | | 獨立非執行董事： | | --- | --- | --- | | 賀同慶先生（董事長 ...

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

呈交日期: 2025年9月1日 I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東新華製藥股份有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00719 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 195,000,000 | RMB | | 1 RMB | | 195,000,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 195,000,000 | RMB | | 1 RMB | | 195,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

据证券之星公开数据整理，近期新华制药(000756)发布2025年中报。根据财报显示，新华制药净利润同 比下降15.69%。截至本报告期末，公司营业总收入46.39亿元，同比下降1.98%，归母净利润2.24亿元， 同比下降15.69%。按单季度数据看，第二季度营业总收入22.09亿元，同比下降2.16%，第二季度归母净 利润1.12亿元，同比下降9.6%。 本次财报公布的各项数据指标表现一般。其中，毛利率20.04%，同比减19.94%，净利率4.98%，同比减 13.54%，销售费用、管理费用、财务费用总计3.98亿元，三费占营收比8.57%，同比减30.81%，每股净 资产7.43元，同比增6.69%，每股经营性现金流0.34元，同比增199.26%，每股收益0.32元，同比减 17.95% 证券之星价投圈财报分析工具显示： 合同资产变动幅度为-34.93%,原因:本报告期大部分合同已履约完毕。 短期借款变动幅度为-56.4%,原因:本报告期为降低融资成本，进一步优化负债结构。 合同负债变动幅度为-38.26%,原因:本报告期公司履行合同义务，客户预付货款减少。 长期借款变动幅度为-36.45%,原因: ...

Core Viewpoint - Xinhua Pharmaceutical (000756) reported a decline in net profit by 15.69% year-on-year for the first half of 2025, indicating challenges in revenue generation and profitability [1] Financial Performance Summary - Total operating revenue for the first half of 2025 was 4.639 billion yuan, down 1.98% from 4.732 billion yuan in the same period of 2024 [1] - Net profit attributable to shareholders was 224 million yuan, a decrease of 15.69% compared to 265 million yuan in the previous year [1] - Gross margin fell to 20.04%, a decline of 19.94% year-on-year, while net margin decreased to 4.98%, down 13.54% [1] - The total of selling, administrative, and financial expenses was 398 million yuan, accounting for 8.57% of revenue, a significant decrease of 30.81% [1] - Earnings per share (EPS) dropped to 0.32 yuan, down 17.95% from 0.39 yuan [1] - Operating cash flow per share increased significantly by 199.26% to 0.34 yuan [1] Significant Changes in Financial Items - Contract assets decreased by 34.93% due to the completion of most contracts during the reporting period [3] - Short-term borrowings fell by 56.4% as part of efforts to reduce financing costs and optimize the debt structure [3] - Contract liabilities decreased by 38.26% as customer prepayments reduced [3] - Long-term borrowings decreased by 36.45% for the same reasons as short-term borrowings [3] - Prepayments increased by 45.99% due to advance payments for raw materials [3] - Other receivables rose by 88.79% as dividends were not yet received [3] - Employee compensation payable decreased by 50.91% as unpaid salaries reduced [3] - Tax payables increased by 40.92% due to higher VAT and income tax obligations [3] - Financial expenses surged by 510.54% due to increased interest-bearing debt and exchange rate fluctuations [3] - Net cash flow from operating activities increased by 202.49% due to improved management of receivables and inventory [3] Business Evaluation - The company's return on invested capital (ROIC) was 7.92%, indicating average capital returns [4] - The historical median ROIC over the past decade was 7.87%, suggesting weak investment returns [4] - The business model relies heavily on research and marketing, necessitating further investigation into these drivers [4] - Cash flow management is a concern, with cash and cash equivalents to current liabilities ratio at 53.9% [4] - Accounts receivable to profit ratio reached 233.17%, indicating potential issues with receivables management [4]

Core Insights - Xinhua Pharmaceutical has received approval for the production and marketing of Sacubitril/Valsartan tablets and Minoxidil topical solution, along with its subsidiary Xinda Pharmaceutical's Clarithromycin suspension [1][2] Group 1: Product Approvals - Sacubitril/Valsartan tablets, developed by Novartis, were first approved in the U.S. in 2015 and entered the Chinese market in 2017, recommended as a first-line treatment for heart failure and hypertension [1] - Minoxidil is a peripheral vasodilator that stimulates hair growth in male pattern baldness and alopecia, with a specific formulation limited to male use [2] - Clarithromycin is indicated for infections caused by pathogens sensitive to it, with significant sales expected in the Chinese market [2] Group 2: Market Potential - The projected sales for Sacubitril/Valsartan tablets in Chinese public medical institutions for 2024 is approximately 4.9 billion yuan, while global sales are estimated at about 8.545 billion USD [1] - The expected sales for Minoxidil in China for 2024 is around 2.36 billion yuan [2] - Clarithromycin is anticipated to generate sales of approximately 1.123 billion yuan in Chinese public medical institutions in 2024 [2] Group 3: Company Strategy and Achievements - The company has increased R&D investment and implemented an integrated strategy of "raw materials + formulations," aiming to strengthen its position in analgesics and anti-infectives while expanding into new therapeutic areas [2] - Xinhua Pharmaceutical has received 31 product approvals this year, including 25 formulation approvals, 3 raw material approvals, and 3 consistency evaluation approvals, ranking high in the industry [2] - The company has been recognized with multiple awards, including the Shandong Province Science and Technology Progress Award and has been designated as a national manufacturing single champion and a national intellectual property advantage enterprise [2]

证券之星消息，新华制药2025年中报显示，公司主营收入46.39亿元，同比下降1.98%；归母净利润2.24 亿元，同比下降15.69%；扣非净利润2.11亿元，同比下降15.44%；其中2025年第二季度，公司单季度主 营收入22.09亿元，同比下降2.16%；单季度归母净利润1.12亿元，同比下降9.6%；单季度扣非净利润 1.06亿元，同比下降5.2%；负债率41.92%，投资收益587.91万元，财务费用987.79万元，毛利率 20.04%。 财报数据概要请见下图: 护城河 成长性 部能力 财务健康 经营效率 安全边际 估值倍数 相对成长性 股息率 未来回报率 l 股东情况 一 十大流通股东 一 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(亿) 2.24 同比 -15.69% 单季度归母净利润-第二季度(亿) 1.12 同比 -9.60% 2.69 2.65 2.23 1.23 1.18 1.11 2023 2024 2025 ■ 单季度归母净利润-第二季度(亿) ■ 归母净利润-中报(亿) 一 扣非净利润 一 ...

Core Viewpoint - Xinhua Pharmaceutical has received approval from the National Medical Products Administration for the registration of Minoxidil lotion, indicating a significant regulatory milestone for the company [2] Company Summary - Xinhua Pharmaceutical announced the receipt of the drug registration certificate for Minoxidil lotion on August 26 [2] - The approval from the National Medical Products Administration is a crucial step in the commercialization of the product [2]