Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

证券代码：600079 证券简称：人福医药 编号：临 2025-066 号 人福医药集团股份公司 关于甲泼尼龙片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。 五、注册分类：化学药品4类 六、申请事项：药品注册（境内生产） 七、药品批准文号：国药准字H20254178 八、药品批准文号有效期：至2030年05月12日 九、上市许可持有人：武汉九珑人福药业有限责任公司 十、药品生产企业：武汉九珑人福药业有限责任公司 人福医药集团股份公司（以下简称"公司"）控股子公司武汉九珑人福药业有限责 任公司（以下简称"九珑人福"，公司控股子公司湖北葛店人福药业有限责任公司持有 其100%的股权）近日收到国家药品监督管理局核准签发的甲泼尼龙片的《药品注册证 书》。现将批件主要内容公告如下： 一、药品名称：甲泼尼龙片 二、证书编号：2025S01369 三、剂型：片剂 四、规格：4mg 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 ...

证券代码：600079 证券简称：人福医药 编号：临 2025-065 号 人福医药集团股份公司 四、规格：重酒石酸氢可酮5mg与布洛芬200mg、重酒石酸氢可酮7.5mg与布洛芬 200mg 五、注册分类：化学药品3类 关于氢可酮布洛芬片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 局核准签发的氢可酮布洛芬片的《药品注册证书》。现将批件主要内容公告如下： 一、药品名称：氢可酮布洛芬片 六、申请事项：药品注册（境内生产） 七、药品批准文号：国药准字H20254118、国药准字H20254119 八、药品批准文号有效期：至2030年05月12日 九、上市许可持有人：宜昌人福药业有限责任公司 十、药品生产企业：宜昌人福药业有限责任公司 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 ...

Core Viewpoint - The approval of Methylprednisolone tablets by the National Medical Products Administration marks a significant milestone for the company, allowing it to sell the product in the Chinese market and enhancing its product portfolio [1] Group 1: Product Approval - The company's subsidiary, Jiulong Renfu, has received the drug registration certificate for Methylprednisolone tablets [1] - The product is indicated for the treatment of various diseases, including rheumatic diseases, collagen diseases, and skin diseases [1] Group 2: Financial and Market Impact - The company submitted the marketing authorization application in July 2024, which has been accepted [1] - Cumulative R&D investment for this project has reached approximately 12 million yuan [1] - According to data from Minet, the estimated national sales for Methylprednisolone tablets in 2024 is around 200 million yuan [1] Group 3: Strategic Implications - The approval signifies the company's capability to market the drug in China, thereby enriching its product line [1]

Core Viewpoint - The company Yichang Renfu Pharmaceutical Co., a subsidiary of Renfu Pharmaceutical (600079), has received approval from the National Medical Products Administration for the registration of Hydrocodone Ibuprofen Tablets, marking it as the first product of its kind approved for domestic market use [1] Group 1: Product Approval - The Hydrocodone Ibuprofen Tablets are indicated for the relief of acute pain and should be used when alternative treatments (such as non-opioid medications) are intolerable or insufficient [1] - The product has not yet been launched in the domestic market, making it a pioneering approval in China [1] Group 2: Development Timeline and Investment - Yichang Renfu submitted the application for the marketing authorization of Hydrocodone Ibuprofen Tablets to the National Medical Products Administration in November 2022, which was accepted [1] - The total research and development investment for this project has reached approximately 20 million RMB [1]

Core Viewpoint - Multiple listed companies in the optical valley, including YF Communication, Renfu Pharmaceutical, Changfei Fiber, Huagong Technology, and Dameng Data, have reported steady growth in their 2024 annual reports and 2025 Q1 reports, driven by technological innovation and expansion into emerging businesses [1]. YF Communication - In 2024, YF Communication achieved revenue of 28.549 billion yuan, a year-on-year increase of 39.05%, with a net profit growth of 74.06% in Q4 [2]. - The company’s optical communication and computing businesses performed exceptionally well, with the FTTR project seeing an 800% increase in contract scale and computing business revenue nearing 6 billion yuan, reflecting a compound annual growth rate of over 100% over two years [4]. - In Q1 2025, the net profit attributable to shareholders grew by 33.08%, with plans to explore new application areas such as computing and marine networks [4]. Renfu Pharmaceutical - In 2024, Renfu Pharmaceutical reported revenue of 25.435 billion yuan and a net profit of 1.33 billion yuan, maintaining steady growth [5]. - The company invested over 1.471 billion yuan in R&D, accelerating the development of innovative drug projects and obtaining approvals for nearly 20 new products [7]. - In Q1 2025, the net profit increased by 11.09%, indicating a recovery in profitability [7]. Changfei Fiber - In 2024, Changfei Fiber recorded revenue of 12.197 billion yuan and a net profit of 676 million yuan, with optical communication-related revenue reaching 11.917 billion yuan and a gross margin of 27.78% [8]. - The company achieved significant advancements in 800G ultra-high-speed optical transmission and developed a disruptive air-core fiber technology, improving signal transmission speed by approximately 47% [10]. - In Q1 2025, the net profit attributable to shareholders surged by 161.91% [10]. Huagong Technology - In 2024, Huagong Technology's revenue was 11.709 billion yuan, with a net profit of 1.221 billion yuan, reflecting year-on-year growth of 13.57% and 21.17% respectively [12]. - The company has seen rapid penetration in the photovoltaic energy storage and power battery application sectors, with significant growth in orders from the shipbuilding industry [12]. - In Q1 2025, Huagong Technology continued its growth trend, with revenue of 3.355 billion yuan, up 52.28%, and a net profit of 410 million yuan, up 40.88% [14]. Dameng Data - In 2024, Dameng Data achieved revenue of 1.044 billion yuan, a year-on-year increase of 31.49%, with a net profit growth of 22.22% [15]. - The company reported a record high gross margin of 99.69% on software product licensing revenue of 894 million yuan [15]. - In Q1 2025, Dameng Data's revenue grew by 55.61%, with a non-net profit increase of 87.92% [17].

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The pharmaceutical sector has shown resilience with a weekly increase of 1.27%, outperforming the CSI 300 index by 0.16 percentage points, ranking 11th among 31 sectors [7][26]. - The report highlights the potential recovery of the industry due to favorable policies and the gradual rebound of the hospital market, which was previously impacted by anti-corruption measures and centralized procurement [4][26]. - The focus on innovative therapies is expected to drive significant growth, with an emphasis on domestic BIC/FIC innovative drugs showing steady improvement in both quantity and quality [4][26]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's weekly performance was +1.27%, with sub-sectors such as Traditional Chinese Medicine II (+1.73%), Medical Services (+1.45%), and Chemical Pharmaceuticals (+1.44%) showing notable gains [7][26]. 2. Key Company Ratings - Companies such as Aosaikang (002755.SZ) and Cloudtop New Medicine (01952.HK) received "Buy" ratings, while Renfu Pharmaceutical (600079.SH) and Dize Pharmaceutical (688192.SH) were rated as "Hold" [1][4]. 3. Notable Industry News - BeiGene initiated a head-to-head Phase III clinical trial for BGB-16673, a targeted BTK PROTAC drug, which has shown promising results in earlier trials [26][27]. - AbbVie received FDA approval for its c-Met targeted ADC drug, marking a significant milestone in the ADC product line [29][30]. 4. Investment Recommendations - The report recommends focusing on high-quality targets within the formulation sector, particularly companies with efficient management and strong product pipelines, such as Aosaikang and Dize Pharmaceutical [4][26].

证券代码：600079 证券简称：人福医药 公告编号：临 2025-064 号 （网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心视频和网络文字互动 ● 投资者可于 2025 年 5 月 20 日（星期二）至 5 月 27 日（星期二）16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 renfu.pr@renfu.com.cn 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 人福医药集团股份公司（以下简称"公司"）已于 2025 年 4 月 29 日发布公司《2024 年年度报告》《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度的经营成果、财务状况等情况，公司计划于 2025 年 5 月 28 日 （星期三）下午 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者 关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频结合网络文字互动的方式召开，公司将针对 2024 年度及 2025 年一季度的经营成果、财务指标等具体情 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to maintain its leading position in the anesthesia and analgesia field, with steady growth from its core subsidiary, Yichang Renfu. The approval of new products and a rich R&D pipeline lay a solid foundation for long-term growth. The entry of China Merchants Group is anticipated to inject new momentum into the company's development, optimize governance, and bring about industrial synergies [1][12][11]. Financial Performance - In 2024, the company achieved operating revenue of 25.435 billion yuan, a year-on-year increase of 3.71%. The net profit attributable to shareholders was 1.33 billion yuan, a year-on-year decrease of 37.70%. The decline in profit was primarily due to increased sales, management, and financial expenses totaling 441 million yuan, credit impairment losses of 283 million yuan, and asset impairment losses of 394 million yuan, including a goodwill impairment of 202 million yuan related to Beijing Barui Medical [1][2]. - For Q1 2025, the company reported operating revenue of 6.137 billion yuan, a year-on-year decrease of 3.61%, but the net profit attributable to shareholders increased by 11.09% to 540 million yuan, indicating significant improvement in profitability [2]. Growth Potential - The growth of Yichang Renfu is driven by the launch of new products, with 2024 revenue reaching 8.702 billion yuan (up 7.97% year-on-year) and net profit of 2.703 billion yuan (up 11.30% year-on-year). Other subsidiaries also showed positive growth, with Epic Pharma achieving a revenue increase of 27.83% [3][4]. - The company plans to achieve operating revenue of over 27 billion yuan in 2025, with a gross profit margin exceeding 45%. The expansion of its pipeline in anesthesia products and the exploration of new application scenarios are expected to sustain revenue growth in the medium to long term [4][12]. Profitability and Debt Servicing Ability - In Q1 2025, the company's profitability showed recovery, with a sales gross margin of 48.56%, an increase of 2.16 percentage points year-on-year. The net profit margin after deducting non-recurring items was 8.65%, up 1.36 percentage points year-on-year. The asset-liability ratio continued to improve, reaching 43.32% at the end of 2024, down from 44.49% at the beginning of the year [5][10]. Shareholder Confidence - The restructuring of the controlling shareholder is progressing smoothly, with China Merchants Bio-Science increasing its stake, reflecting confidence in the company's future. The controlling shareholder is expected to hold 23.70% of the voting rights, which is anticipated to enhance governance and development momentum [11][12].

Group 1 - Aikolan's controlling shareholder Liu Yi terminated the share transfer agreement for 4 million shares, which represents 5% of the company's total share capital, with no change in control [1] - Wancheng Group announced a cash dividend of 4.00 yuan per 10 shares, totaling 71.9959 million yuan, with the record date on May 19, 2025 [1] - Wanda Film plans to invest in Lezi Tiancheng and engage in strategic cooperation, acquiring a total of 7% equity in the company [2] Group 2 - China Resources Double Crane's subsidiaries received approval for two drugs, indicating progress in their product pipeline [3] - Fosun Pharma's subsidiary's drug was included in the breakthrough therapy program, highlighting its innovative potential [4] - Zhongheng Group's subsidiary received approval for naloxone injection, enhancing its product offerings [5] Group 3 - Shenzhen Airport reported a passenger throughput of 5.3202 million in April, a year-on-year increase of 23.50% [8] - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds, aimed at supporting tech innovation [10] - Jiuzhou Pharmaceutical received approval for a raw material drug used in treating severe depression, expanding its product range [12] Group 4 - Aihua Group reported a 25.38% decline in revenue for the first four months of the year, indicating potential challenges [27] - Changhua Group received a project designation notice from a well-known new energy vehicle company, with an expected total sales amount of approximately 108 million yuan [28] - Nanchao Food reported a slight revenue decrease of 0.98% in April, reflecting market conditions [30]