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]

证券代码：600079 证券简称：人福医药 编号：临 2025-063 号 人福医药集团股份公司关于盐酸氢吗啡酮注射液 获得德国联邦药品和医疗器械管理局（BfArM）上市许可的公告 盐酸氢吗啡酮注射液用于需使用阿片类药物镇痛的患者。宜昌人福于2023年8月以 DCP（Decentralized Procedure）程序提交盐酸氢吗啡酮注射液上市许可申请并获得受理， 现获得德国联邦药品和医疗器械管理局（BfArM）的上市批准，有效期五年，本项目 累计研发投入约为1,200万元人民币。根据IQVIA数据统计，2024年盐酸氢吗啡酮注射 液在德国的销售额约为1,900万美元，主要厂商包括Ethypharm、Purdue Pharma等。 本次盐酸氢吗啡酮注射液获得德国BfArM的上市许可后，可在德国进行销售，将 给公司国际业务拓展带来积极影响。上述产品获得德国BfArM上市许可后的实际销售 情况容易受到当地政策法规、市场环境、汇率波动等因素影响，敬请广大投资者理性 投资，注意投资风险。 特 别 提 示 Hydromorphone Quintian 10mg/ml Injektions-/Infusionslösun ...

Group 1 - Dashi Intelligent signed a smart hospital project contract worth 58.12 million yuan with the First Affiliated Hospital of Bengbu Medical College and Bengbu Urban Construction Investment Development Co., Ltd. [1] - The project aims to create a comprehensive tumor specialty hospital integrating medical care, research, teaching, preventive health care, and rehabilitation, which is expected to positively impact the company's future performance [1] Group 2 - Huahong Company reported a net profit of 22.76 million yuan for Q1 2025, a year-on-year decrease of 89.73%, despite a revenue increase of 18.66% to 3.913 billion yuan [2] - The company specializes in the development and application of embedded/non-volatile memory, power devices, and other semiconductor technologies [2] Group 3 - Jindi Group announced a signed area of 214,000 square meters in April, a year-on-year decrease of 55.14%, with a signed amount of 2.78 billion yuan, down 55.45% [3] - The company focuses on real estate development and sales, commercial real estate, and property management [3] Group 4 - Jinlong Automobile reported a bus production of 4,361 units in April, a year-on-year decrease of 5.79%, with sales of 3,611 units, down 3.91% [4][5] - The company is engaged in the production and sales of bus products [5] Group 5 - Sanyou Medical established a joint venture with CGBio Co., Ltd. with a registered capital of 60 million yuan, focusing on innovative cell biological materials and regenerative medicine [6][7] - The company specializes in the research, production, and sales of orthopedic implant consumables [7] Group 6 - Jinzhi Technology won a bid for projects related to the State Grid with a total amount of 90.73 million yuan, accounting for 5.12% of the company's projected revenue for 2024 [9][10] - The company focuses on smart energy and smart city businesses [10] Group 7 - Pinggao Electric won multiple procurement projects from the State Grid, totaling approximately 1.751 billion yuan, which is 14.12% of the company's projected revenue for 2024 [10] - The company specializes in high-voltage switchgear and power engineering contracting [10] Group 8 - Luantang Pharmaceutical received approval for the raw material drug Celecoxib, which is a selective COX-2 inhibitor with fewer gastrointestinal side effects compared to traditional NSAIDs [11][12] - The company is involved in the research, production, and sales of pharmaceutical products [12] Group 9 - Dongjie Intelligent obtained seven patent certificates related to AGV and conveyor system technologies [13][14] - The company specializes in the research, design, manufacturing, installation, and debugging of intelligent logistics systems [14] Group 10 - XJH Holdings received a government subsidy of 8.69 million yuan, which accounts for 38.67% of the company's projected net profit for 2024 [15][16] - The company focuses on the recycling and dismantling of waste electrical products [16] Group 11 - Huaihua Pharmaceutical's subsidiary received approval for the clinical trial of HZ-J001 ointment for treating non-segmental vitiligo [17][19] - The company is engaged in the research, production, and sales of pharmaceutical products [19] Group 12 - ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42%, while the stock of pigs increased by 15.06% [22][23] - The company is involved in feed, pig farming, food, and trade [23] Group 13 - Beibu Gulf Port reported a cargo throughput of 31.75 million tons in April, a year-on-year increase of 20.32% [24][25] - The company specializes in port loading, storage, and related services [25] Group 14 - Dongfang Iron Tower won a bid for State Grid projects totaling approximately 100 million yuan, which is 2.39% of the company's projected revenue for 2024 [26] - The company focuses on steel structures and related businesses [26] Group 15 - Huanxu Electronics reported a consolidated revenue of 4.641 billion yuan in April, a year-on-year increase of 0.72% [27] - The company provides design, manufacturing, and related services for brand customers [27] Group 16 - Jincheng Co. announced that part of its bank accounts has been frozen, involving approximately 32.97 million yuan due to contract disputes [28][29] - The company specializes in high-end intelligent equipment for photovoltaic and smart port sectors [29] Group 17 - NAIKE Equipment announced the departure of core technical personnel Wang Xiangguo [30][31] - The company focuses on semiconductor packaging equipment and related products [31] Group 18 - Jiaojian Co. won a construction project in Hefei with a bid amount of approximately 704 million yuan, covering residential buildings and related infrastructure [32][33] - The company specializes in infrastructure construction and related services [33] Group 19 - Hongyuan Green Energy plans to transfer a 27.07% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for 1.245 billion yuan [34][35] - The company focuses on the research, production, and sales of aviation electromechanical products [35] Group 20 - Poly Development reported a signed amount of 24.622 billion yuan in April, a year-on-year decrease of 25.44% [46][48] - The company specializes in real estate development and sales [48]

关于血管紧张素Ⅱ注射液获得药物临床试验批准 通知书的公告 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"或"人福医药"）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血管紧张素Ⅱ注射液《药物临床试验批准通知书》，现将相关 情况公告如下： 证券代码：600079 证券简称：人福医药 编号：临 2025-062 号 人福医药集团股份公司 五、申请人：宜昌人福药业有限责任公司 六、审查结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年 02月10日受理的血管紧张素Ⅱ注射液临床试验申请符合药品注册的有关要求，同意本品 开展用于成人感染性休克或其他分布性休克患者的升压治疗的临床试验。 血管紧张素Ⅱ注射液的活性成分为血管紧张素Ⅱ，是肾素-血管紧张素-醛固酮系统 （RAAS）中一种天然产生的多肽激素，具有收缩血管、升高血压的作用。原研产品血 管紧张素Ⅱ注射液（商品名：Giapreza）的原研 ...

证券代码：600079 证券简称：人福医药 编号：临 2025-061 号 人福医药集团股份公司 关于 HZ-J001 乳膏进入 II 期临床试验研究的公告 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"或"人福医药"）全资子公司武汉人福 创新药物研发中心有限公司（以下简称"创新药研发中心"）的研发项目HZ-J001乳膏 于近日在国家药品监督管理局药物临床试验登记与信息公示平台公示了II期临床试验登 记信息，现将相关情况公告如下： 一、II期临床试验相关情况 试验登记号：CTR20251688 试验方案编号：RFTO-II-202412 试验专业题目：HZ-J001乳膏治疗非节段型白癜风患者的有效性和安全性的多中心、 随机、双盲、安慰剂对照II期临床试验。 试验通俗题目：HZ-J001乳膏在非节段性白癜风患者中的有效性及安全性。 二、HZ-J001乳膏主要情况介绍 HZ-J001乳膏首次临床试验的申请人为湖北人福成田药业有限公司（原为公司子公 司，以下简称"成田药业"） ...