Group 1 - The company emphasizes the importance of addressing investor concerns by increasing cash dividends and establishing a three-year shareholder return plan starting in 2024 [2] - The company is committed to advancing its strategic development plan and steadily improving operational performance to enhance company value [2]

Core Viewpoint - The company emphasizes the protection of investor rights and has established a series of measures to enhance shareholder returns and stabilize investor expectations [1] Group 1 - The company has developed a "Market Value Management System" and a "Shareholder Return Plan" for the next three years (2025-2027) [1] - Since 2024, the company has steadily increased its cash dividend ratio [1] - The company is committed to the principle of "investor-centric" management to promote stable business development [1]

Core Viewpoint - The company is actively exploring technological improvements in synthetic biology applications for pharmaceutical intermediates and active pharmaceutical ingredients to reduce production costs and environmental pollution [2] Group 1 - The company is focusing on technological exploration in synthetic biology [2] - The aim is to lower production costs [2] - The initiative also targets the reduction of environmental pollution [2]

Core Insights - The company, China National Pharmaceutical Group Modern (国药现代), has achieved multiple international certifications, including FDA, EMA, and PMDA, enabling it to export to over 60 countries and regions across Europe, Asia, Africa, and America [1]. Group 1: International Certifications - The company has received FDA certification for various cephalosporin and penicillin intermediates and raw materials, including products from its subsidiaries [1]. - Key products such as zidovudine and azithromycin from its Jiangsu subsidiary have also been FDA certified [1]. - The company’s clavulanic acid series, amoxicillin, and micafungin sodium have received European CEP certification [1]. Group 2: Product Range and Market Reach - The company’s main anti-infection and assisted reproduction raw materials have been certified by authorities in India, South Korea, and Japan [1]. - Major cephalosporin formulations from the company have received EU and WHO certifications, while its powder injection workshop has been certified by Australia’s TGA-GMP [1]. Group 3: Market Expansion and Future Plans - The company is responding to the global shortage of common antibiotics and vaccines, which is a widespread issue, including in the US [3]. - There is an emphasis on the necessity for Chinese companies to expand internationally, given the large domestic market of 1.4 billion people and a global market of 8 billion [3]. - The company is exploring plans to accelerate its overseas market expansion and international mergers and acquisitions [3].

Core Viewpoint - The aging population in China is driving an increase in medical demand, particularly for anti-infection drugs, with the market expected to grow from 246.7 billion yuan in 2024 to 309 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 5.80% [1] Industry Overview - The overall medical level in China is improving due to ongoing reforms and updates in medical policies and systems, which is contributing to the rising demand for anti-infection drugs [1] Company Positioning - China National Pharmaceutical Modern (600420.SH) has confirmed its comprehensive layout in the anti-infection industry chain, covering the entire process from pharmaceutical intermediates and raw materials to finished drugs, particularly in the penicillin and cephalosporin sectors [1]

Core Viewpoint - The company has a significant number of drug approvals and ongoing projects, indicating a robust pipeline and commitment to compliance with national standards [1] Group 1: Drug Approvals and Production - As of June 30, 2025, the company holds a total of 1,478 drug approval numbers [1] - The company currently has 840 drug specifications in production [1] Group 2: Consistency Evaluation and R&D Projects - The company has completed a total of 151 projects that have passed consistency evaluation, including those deemed equivalent [1] - The company is actively engaged in various research and development projects, although specific numbers for ongoing projects were not disclosed [1] Group 3: National Drug Lists - The company has multiple products included in the National Essential Medicines List and the national-level Basic Medical Insurance [1]

证券代码：600420 证券简称：国药现代 公告编号：2025-088 上海现代制药股份有限公司 关于参加 2025 年上海辖区上市公司三季报集体业绩说明会 的公告 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： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 投资者可于 2025 年 11 月 6 日（星期四）至 11 月 12 日（星期三）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 xd_zhen gquanban@sinopharm.com 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。 上海现代制药股份有限公司（以下简称公司）已于 2025 年 10 月 30 日披露 了《2025 年第三季度报告》。为进一步加强与投资者的互动交流，便于广大投 资者更全面深入地了解公司经营成果、财务状况，公司计划于 2025 年 11 月 13 日参加 2025 年上 ...

Policy Developments - The National Health Commission and five other departments launched a one-year special campaign against illegal ambulances, targeting both registered "ambulance" vehicles and unregistered "black ambulances" [2] - The campaign includes comprehensive inspections, management principles, and encourages social participation in medical transport services [2][3] Drug and Medical Device Approvals - Aied Bio received a medical device registration certificate for its gene mutation detection kit, which is now approved in China, Japan, and Europe, aiding non-small cell lung cancer patients [4] - Hainan Haiyao's subsidiary obtained a drug registration certificate for Fumaric Acid Vonoprazan Tablets, the first P-CAB for reflux esophagitis in China [5] Capital Market Activities - China National Pharmaceutical Modern signed a drug listing license transfer contract for Lactulose Oral Solution, with a total transfer fee of 5.86 million yuan, projected to generate 2.069 billion yuan in sales in 2024 [6] - Jiangsu Hengrui Medicine and Neurocrine Biosciences entered a collaboration for developing NLRP3 inhibitors, with a potential total value of $881.5 million [7][8] Industry Events - The 2025 medical insurance negotiation concluded, with results expected to be announced in early December [9] - The only approved stem cell drug in China, Aimi Maito Sai Injection, is included in the "Beijing Universal Health Insurance" with a maximum reimbursement of 65% [10] Regulatory Issues - The executive director of CSPC Pharmaceutical Group was fined 5 million yuan for insider trading related to a merger announcement [11]

Core Viewpoint - Shanghai Modern Pharmaceutical Co., Ltd. has signed a drug listing license transfer agreement with Anhui Meilai Pharmaceutical Co., Ltd. for the product Lactulose Oral Solution, which will enhance the company's product pipeline and market competitiveness [2][4][14]. Group 1: Transaction Overview - The agreement involves the transfer of the listing license for Lactulose Oral Solution (15ml:10g) from Anhui Meilai to the company's subsidiary, Guoyao Group Zhijun (Shenzhen) Pingshan Pharmaceutical Co., Ltd., for a total transfer fee of RMB 5.86 million [4][10]. - The transaction does not require approval from the company's board or shareholders and is not classified as a related party transaction [4][14]. Group 2: Parties Involved - Anhui Meilai Pharmaceutical Co., Ltd. is a non-listed company with a registered capital of RMB 25.37 million, established on December 30, 2021, and has no related party relationship with the company or its subsidiary [5][6]. - Guoyao Group Zhijun (Shenzhen) Pingshan Pharmaceutical Co., Ltd. is a limited liability company with a registered capital of RMB 50 million, established on July 13, 1990, and is involved in various pharmaceutical and medical services [8]. Group 3: Product Information - Lactulose is an osmotic laxative used for treating chronic functional constipation and has prebiotic effects, helping to balance gut microbiota [9]. - The projected sales for Lactulose Oral Solution in public medical institutions and retail markets in 2024 are estimated at RMB 2.069 billion [9]. Group 4: Agreement Details - The agreement grants the buyer all rights and interests related to the product, including global operational rights and intellectual property rights, with no third-party restrictions [10][11]. - The total transfer fee is RMB 5.86 million, payable in installments based on contract performance milestones [12].

Core Points - The fentanyl concept index declined by 1.78% as of the market close on November 3, ranking among the top decliners in the concept sector [1] - Within the fentanyl sector, stocks such as Botao Bio, Enhua Pharmaceutical, and Renfu Pharmaceutical experienced significant declines, while Guoyao Modern and Guoyao Shares saw slight increases of 0.48% and 0.24% respectively [1] Market Performance - The fentanyl concept sector faced a net outflow of 0.38 billion yuan in main capital today, with six stocks experiencing net outflows [2] - Enhua Pharmaceutical led the outflows with a net capital outflow of 15.56 million yuan, followed by Guoyao Shares, Lingrui Pharmaceutical, and Wanfu Biological with outflows of 10.74 million yuan, 9.79 million yuan, and 8.30 million yuan respectively [2] - Conversely, Renfu Pharmaceutical and Botao Bio attracted net inflows of 10.87 million yuan and 1.47 million yuan respectively [2] Stock Performance - Enhua Pharmaceutical saw a decline of 2.10% with a turnover rate of 1.29% and a net outflow of 15.56 million yuan [2] - Guoyao Shares increased by 0.24% with a turnover rate of 1.19% and a net outflow of 10.74 million yuan [2] - Lingrui Pharmaceutical decreased by 0.75% with a turnover rate of 1.22% and a net outflow of 9.79 million yuan [2] - Wanfu Biological declined by 0.82% with a turnover rate of 2.26% and a net outflow of 8.30 million yuan [2] - Botao Bio experienced a significant drop of 8.32% with a turnover rate of 4.20% but had a net inflow of 1.47 million yuan [2] - Renfu Pharmaceutical decreased by 1.94% with a turnover rate of 2.56% and a net inflow of 10.87 million yuan [2]