证券代码：600079 证券简称：人福医药 公告编号：2025-094 人福医药集团股份公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 7 月 30 日 (二) 股东会召开的地点：武汉市东湖高新区高新大道 666 号人福医药集团会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 676 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 792,345,314 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | 48.544 | | 数的比例（%） | | 参加投票的中小投资者（根据公司《股东大会议事规则》，中小投资者为持股 5% 以下且不包括以下情况的投资者：一是现在或过去十二个月内是控股股东的一致行动 人；二是有限售情形的股东；三是上市公司董事、监事和高 ...

湖北山河律师事务所 Hubei S&H Law Firm 人福医药集团股份公司 2025 年第三次临时股东会 法律意见书 （2025）山河非章第 3018 号 时间（Date）：2025 年 7 月 30 日 致：人福医药集团股份公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）以及《人福医药集团股份公 司章程》（以下简称"《公司章程》"）《人福医药集团股份公司股东 大会议事规则》（以下简称"《股东大会议事规则》"）等内部规章制 度的有关规定，湖北山河律师事务所（以下简称"本所"）接受人福医 药集团股份公司（以下简称"人福医药"或"公司"）的委托，指派本 所执业律师（以下简称"本所律师"）出席人福医药 2025 年第三次临 时股东会（以下简称"本次股东会"）并出具法律意见。 为出具本法律意见书，本所律师出席了本次股东会，审查了公司提 供的有关本次股东会的相关文件，听取了公司董事会就有关事项所作的 说明。本所已得到人福医药的如下保证：人福医药已向本所提供了出具 法律意见书所必需的、真实的原始书 ...

天眼查商业履历信息显示，人福医药集团股份公司，成立于1993年，位于武汉市，是一家以从事医药制 造业为主的企业。企业注册资本163222.5965万人民币，实缴资本38700万人民币。公司法定代表人为周 汉生。 通过天眼查大数据分析，人福医药集团股份公司共对外投资了51家企业，参与招投标项目17次，知识产 权方面有商标信息364条，专利信息262条，此外企业还拥有行政许可14个。 金融界消息 截至2025年7月29日收盘，人福医药（600079）报收于22.09元，上涨0.09%，换手率 1.03%，成交量15.96万手，成交金额3.51亿元。 资金流向方面，今日主力资金净流出1958.12万元，占比成交额5.57%。其中，超大单净流出3148.45万 元、占成交额8.96%，大单净流入1190.33万元、占成交额3.39%，中单净流出流入1316.27万元、占成交 额3.75%，小单净流入641.84万元、占成交额1.83%。 人福医药最新一期业绩显示，截至2025一季报，公司营业总收入61.37亿元、同比减少3.61%，归属净利 润5.40亿元，同比增长11.09%，扣非净利润5.31亿元，同比增长14. ...

Group 1 - The fentanyl concept index declined by 0.88%, ranking among the top declines in the concept sector as of July 29 [1] - Within the fentanyl sector, companies such as Botao Bio, Enhua Pharmaceutical, and Wanfu Bio experienced significant declines, while three companies, including China National Pharmaceutical Modern, Lingrui Pharmaceutical, and Renfu Pharmaceutical, saw slight increases of 1.07%, 0.17%, and 0.09% respectively [1] Group 2 - The fentanyl concept sector experienced a net outflow of 80 million yuan in capital today, with six stocks seeing net outflows, and five stocks with outflows exceeding 10 million yuan [2] - Renfu Pharmaceutical had the highest net outflow of 18.1651 million yuan, followed by Dongfang Bio, Enhua Pharmaceutical, and Wanfu Bio with net outflows of 16.8542 million yuan, 16.6752 million yuan, and 15.9620 million yuan respectively [2] - The top net inflow stocks in the fentanyl concept sector included China National Pharmaceutical Modern and China National Pharmaceutical, with net inflows of 9.5225 million yuan and 1.2608 million yuan respectively [2]

Core Viewpoint - The article highlights the accelerated rebound of A-shares in Q2, emphasizing the critical role of foreign public funds' portfolio adjustments in this context [1] Group 1: Foreign Fund Adjustments - Major foreign public funds such as JPMorgan, BlackRock, and Morgan Stanley have revealed their portfolio adjustments for Q2 2025, indicating a shift in their market expectations [1] - Notably, the significant increase in stock market value for funds like LGM and LGT, with growth rates of 491.66% and over 340% respectively, showcases a more aggressive adjustment strategy compared to traditional players [2] - The focus of these funds has shifted towards "core assets" in the technology sector, with companies like Xinyiseng and Shenghong Technology becoming key targets for investment [2][3] Group 2: Investment Strategies - The current round of foreign investment is characterized by a focus on "industrial hubs" rather than just technology, with companies spanning multiple segments of the hardware supply chain being prioritized [3] - Leading institutions like JPMorgan and Morgan Stanley have adopted a more stable investment approach, maintaining significant positions in high-profit assets while balancing short-term themes with mid-term fundamentals [4][5] - The strategy of Morgan Stanley emphasizes "performance first," focusing on sectors like AI chips and pharmaceuticals, which are expected to deliver consistent profits [5] Group 3: Core Assets and Defensive Positions - Despite a trend of reducing positions in the pharmaceutical sector, Morgan Stanley continues to hold substantial stakes in innovative pharmaceutical companies, indicating a belief in their long-term potential [5][6] - Foreign funds are maintaining or increasing their holdings in core financial and consumer assets such as Kweichow Moutai and China Ping An, which serve as stable anchors in their portfolios [6] Group 4: Localization of Investment Strategies - The article notes a shift in foreign funds from a mechanical strategy of "low valuation + large blue chips" to a more localized approach that adapts to the high volatility and rotation of the Chinese market [7] - Funds like BlackRock are demonstrating a dual-driven strategy of thematic flexibility and fundamental stability, indicating a more nuanced approach to portfolio construction [7][8] - New entrants like Fidelity and Allianz are exploring innovative small-cap technology stocks, reflecting a strategy aimed at identifying future consensus assets [8]

Investment Rating - The industry investment rating is "Positive" and is maintained [6]. Core Viewpoints - The report highlights that Renfu Pharmaceutical is undergoing a core restructuring, focusing on optimizing assets and enhancing innovation capabilities. The company has established itself as a leader in the anesthetics market, particularly with its Yichang Renfu subsidiary, which holds a dominant position in the fentanyl series [3][11]. - The report emphasizes the continuous growth of Renfu's product lines, with a significant number of products achieving over 100 million yuan in sales. The company is also expanding its research and development efforts, particularly in oral formulations and pain management applications [17][21]. - The report notes that the pharmaceutical and biotechnology sector has seen a 1.9% increase this week, outperforming the CSI 300 index by 0.21 percentage points, with the medical R&D outsourcing sector showing the largest gains [4][38]. Summary by Sections 1. Renfu Pharmaceutical: Core Restructuring and Innovation Pipeline - Renfu Pharmaceutical is advancing its core restructuring strategy, focusing on optimizing its asset portfolio and enhancing innovation. The company has established a strong foundation in the anesthetics market through its Yichang Renfu subsidiary, which leads the fentanyl series with approximately 90% market share [3][11]. - The company has a robust pipeline of innovative drugs, including pUDK-HGF, which has completed Phase III clinical trials for severe lower limb ischemia, and several differentiated innovative pipelines targeting pain, solid tumors, and inflammatory bowel disease [3][22]. 2. Market Performance - The pharmaceutical and biotechnology sector has increased by 1.9% this week, ranking 19th among 31 sub-industries. The medical R&D outsourcing sector experienced the highest growth at 8.29% [4][38]. - The report indicates that Renfu Pharmaceutical's commercial capabilities are reflected in its sales performance, with 16 products exceeding 100 million yuan in sales in 2024, showcasing the company's strong market presence [17][18]. 3. Investment Recommendations - Recommended stocks in the pharmaceutical and biotechnology sector include Heng Rui Pharmaceutical, East China Pharmaceutical, Sanofi Pharmaceutical, Renfu Pharmaceutical, and others. The report also highlights key players in the CXO and research service sectors [5].

Core Insights - The innovative drug sector has seen significant growth this year, with the innovative drug index achieving a cumulative increase of 73.62% year-to-date, and over a quarter of its constituent stocks doubling in price [2][5] - Despite strong performance, there is a notable divergence in fund flows, with some high-performing funds experiencing substantial increases in scale while others face significant reductions [3][4] Fund Performance - Over 98% of pharmaceutical-related theme funds have reported gains this year, with 72 products seeing increases exceeding 50%. Notable performers include Changcheng Pharmaceutical Industry Select Mixed Fund A, which has achieved a return of 116.12% [1][2] - Conversely, some funds have reported negative returns, such as Taikang Medical Health Stock Fund A, which has a year-to-date return of -3.41% [2][3] Fund Flow Dynamics - There has been a significant inflow of funds into certain high-performing products, with some funds experiencing scale increases of over 30 times in a single quarter. For instance, Changcheng Pharmaceutical Industry Select Mixed Fund A's scale surged from 0.36 million to 11.32 million [3][4] - However, more than 30% of funds with returns exceeding 30% have seen a decrease in scale, indicating a complex investor sentiment [3][6] Investor Behavior - Investor behavior reflects a cautious approach, with some choosing to "take profits" amid concerns over short-term volatility. This has led to a significant outflow of over 6.7 billion from related pharmaceutical theme products in the past month [5][6] - Fund managers suggest that the current market adjustment may present a good opportunity for long-term investment in the innovative drug sector, which is believed to be undergoing a significant transformation [6][7] Market Outlook - The innovative drug sector is expected to continue attracting attention, with fund managers focusing on clinical data, overseas licensing, and domestic sales growth as key areas for investment [7]

Policy Developments - The National Health Commission issued a work plan for the integration of medical and elderly care services, promoting the establishment of national demonstration counties and institutions [2] - The criteria for creating demonstration institutions include operating for over 5 years, a bed occupancy rate of at least 65% in the last 2 years, and over 65% of residents being elderly individuals with disabilities or dementia [2] - The plan emphasizes comprehensive health assessments for the elderly, early intervention for age-related diseases, and the use of traditional Chinese medicine and information technology to enhance service quality [2] Drug and Device Approvals - Humanwell Healthcare announced that its subsidiary received a drug registration certificate for the transdermal patch for treating mild to moderate Alzheimer's disease, with a total R&D investment of approximately RMB 19 million [4] - Kehua Bio received medical device registration certificates for two nucleic acid testing kits, valid until July 16, 2030 [5] Financial Reports - Wohua Pharmaceutical reported a 303.16% year-on-year increase in net profit for the first half of the year, with revenue of RMB 425 million, a 7.64% increase [7] Capital Market Activities - Xiangsheng Medical signed an agreement with the Gates Foundation for the joint development and promotion of innovative obstetric and breast ultrasound screening devices, receiving project funding of USD 2.1 million [9] - Sanofi announced a deal to acquire Vicebio for up to USD 1.6 billion, including an upfront payment of USD 1.15 billion and milestone payments of USD 450 million [11] Industry Developments - The National Medical Insurance Administration reported that from January to June 2025, there were 200 million instances of personal account pooling in employee medical insurance, amounting to RMB 26.177 billion [13]

证券代码：600079 证券简称：人福医药 编号：临 2025-093 本次利斯的明透皮贴剂获批，标志着公司具备了在国内市场销售该药品的资格。 该产品进一步丰富了公司的产品线，其上市销售将给公司带来积极影响。宜昌人福将 根据市场需求情况，着手安排利斯的明透皮贴剂的生产上市。该产品未来的具体销售 情况可能受到行业政策、市场环境等因素影响，具有不确定性，敬请广大投资者谨慎 决策，注意防范投资风险。 特此公告。 人福医药集团股份公司 关于利斯的明透皮贴剂获得药品注册证书的公告 特 别 提 示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 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 担法律责任。 人福医药集团股份公司（以下简称"公司"）控股子公司宜昌人福药业有限责任 公司（以下简称"宜昌人福"，公司持有其80%的股权）近日收到国家药品监督管理 局核准签发的利斯的明透皮贴剂的《药品注册证书》。现将批件主要内容公告如下： 十一、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本 品符合药品注册的有关要求，批准注册，发给药品注册证书。质量标准、说明书、标 签及生产工艺照所附执行。 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [3][29]. Core Insights - The company is entering a concentrated output phase for innovative drug development, with a focus on high-value areas such as oncology, pain management, and autoimmune diseases. It has 20 ongoing first-class innovative drug projects, with 9 in clinical phase II and one product entering the registration application stage [1][2]. - The gradual advancement of innovative drugs is expected to reconstruct the company's valuation system, which currently relies heavily on traditional anesthetic products. The potential value of the innovative drug segment is not yet fully reflected in the company's valuation [2][19]. - The company has significantly increased its R&D investment, with expenditures rising from 404 million to 1.63 billion, and the number of R&D personnel growing from 671 to 2083 over the past decade [9][12]. Summary by Sections Financial Indicators - Projected revenue for 2023 is 24.525 billion, with a year-on-year growth rate of 9.8%. By 2027, revenue is expected to reach 32.346 billion [1]. - The net profit attributable to the parent company is projected to be 2.134 billion in 2023, with a significant increase to 2.913 billion by 2027 [1]. - The company's P/E ratio is expected to decrease from 16.9 in 2023 to 12.4 by 2027, indicating a potential increase in valuation as profits grow [1]. Innovative Drug Development - The company has established a multi-center R&D system in Wuhan and Yichang, enhancing its ability to transition from basic research to clinical application and commercialization [9][12]. - The innovative drug pipeline includes products targeting unmet medical needs in areas such as idiopathic pulmonary fibrosis and postoperative pain, with several products already in advanced clinical stages [13][15]. - Key products like the recombinant plasmid-hepatocyte growth factor injection and RFUS-144 are nearing commercialization, which is expected to significantly enhance market recognition and valuation [2][19]. Market Position and Future Outlook - The company is actively pursuing cutting-edge targets in drug development, with a clear differentiation strategy and ongoing investment in R&D [2][19]. - The innovative drug segment is anticipated to become a major growth driver for the company, contributing to a potential revaluation of its overall market position [19].