Core Viewpoint - The company plans to acquire a total of 28.92% equity in Hunan Qianjin Xiangjiang Pharmaceutical Co., Ltd. and 68% equity in Hunan Qianjin Xieli Pharmaceutical Co., Ltd. through a combination of share issuance and cash payment [1] Group 1 - The company announced on September 12 that it received approval from the China Securities Regulatory Commission (CSRC) for the asset acquisition [1] - The CSRC has agreed to allow the company to issue 51.4449 million shares to specific investors for the acquisition of the related assets [1] - The share issuance and asset acquisition must comply with the application documents submitted to the Shanghai Stock Exchange and must be completed within 12 months [1]

一、同意你公司向株洲市国有资产投资控股集团有限公司发行 51,444,886 股股份、向淮安市列邦康泰化工有限公司发行 617,667 股股份、向黄阳发行 7,536,982 股股份、向汤振军发行 4,598,216 股股份、向汤曜铭发行 2,299,108 股 股份、向唐闻伯发行 1,609,375 股股份、向邓汝腾发行 1,609,375 股股份、向叶胜 利发行 977,120 股股份、向刘金玉发行 739,807 股股份、向周莉华发行 646,624 股股份、向金亮发行 459,821 股股份、向张新民发行 359,235 股股份、向彭华军 发行 287,388 股股份、向王洪峰发行 215,541 股股份、向雷颖发行 86,216 股股份、 向丁四海发行 71,847 股股份、向刘军明发行 43,108 股股份、向陈积安发行 28,738 股股份、向罗斌发行 28,738 股股份、向殷文新发行 21,554 股股份、向吴永强发 行 14,369 股股份、向彭彩霞发行 7,184 股股份购买相关资产的注册申请。 二、你公司本次发行股份购买资产应当严格按照报送上海证券交易所的有关 申请文件进行。 证券代码 ...

Core Viewpoint - The company plans to acquire a 28.92% stake in Hunan Qianjin Xiangjiang Pharmaceutical Co., Ltd. and a 68.00% stake in Hunan Qianjin Xieli Pharmaceutical Co., Ltd. through a combination of issuing shares and cash payments [1] Summary by Relevant Sections - The company received approval from the China Securities Regulatory Commission on September 12, 2025, for the issuance of 51,444,900 shares to specific investors for the asset acquisition [1] - The share issuance for asset acquisition must strictly follow the application documents submitted to the Shanghai Stock Exchange and is required to be completed within 12 months [1]

Market Overview - On September 12, the Chinese medicine sector declined by 0.56%, with Qianjin Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Wanbangde (002082) with a closing price of 10.25, up 3.64% on a trading volume of 228,400 shares and a turnover of 230 million yuan [1] - Jiuzhitang (000989) closed at 10.91, up 2.83% with a trading volume of 212,800 shares and a turnover of 233 million yuan [1] - Kangmei Pharmaceutical (600518) closed at 2.07, up 2.48% with a trading volume of 4,321,600 shares and a turnover of 891 million yuan [1] - Conversely, significant decliners included: - Qianjin Pharmaceutical (600479) closed at 11.05, down 1.60% with a trading volume of 115,400 shares and a turnover of 128 million yuan [2] - Jianmin Group (600976) closed at 42.45, down 1.12% with a trading volume of 18,100 shares and a turnover of 77 million yuan [2] - Hansen Pharmaceutical (002412) closed at 6.74, down 1.03% with a trading volume of 133,300 shares and a turnover of 89 million yuan [2] Capital Flow - The Chinese medicine sector experienced a net outflow of 642 million yuan from institutional investors, while retail investors saw a net inflow of 448 million yuan [2] - The following stocks had notable capital flows: - Kangmei Pharmaceutical had a net inflow of 65.97 million yuan from institutional investors, but a net outflow of 14.99 million yuan from retail investors [3] - Jiuzhitang saw a net inflow of 33.21 million yuan from institutional investors, with a net outflow of 16.66 million yuan from retail investors [3] - Wanbangde had a net inflow of 30.43 million yuan from institutional investors, but also faced a net outflow of 19.37 million yuan from retail investors [3]

Core Points - Company will participate in the "2025 Hunan Listed Companies Investor Online Reception Day and Semi-Annual Performance Briefing" event [1] - The event aims to enhance interaction with investors and will be held online on September 19, 2025, from 14:00 to 17:00 [1] - Company executives will communicate about the company's performance and operational status for the first half of 2024 to 2025 [1] Event Details - The event is organized by the China Securities Regulatory Commission Hunan Supervision Bureau, Hunan Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. [1] - Investors can participate via the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1] - The company encourages active participation from investors [1]

国泰海通证券股份有限公司 关于株洲千金药业股份有限公司 收购报告书 之 2025 年半年度持续督导意见 财务顾问 二〇二五年九月 声明 国泰海通证券股份有限公司（以下简称"国泰海通"、"本财务顾问"）接 受委托，担任株洲市国有资产投资控股集团有限公司（以下简称"株洲国投"、 "收购人"）及其一致行动人收购株洲千金药业股份有限公司（以下简称"千金 药业"、"上市公司"、"公司"）的财务顾问，依照《上市公司收购管理办法》 （以下简称"《收购办法》"）第六十九条、第七十一条、《上市公司并购重组 财务顾问业务管理办法》第三十一条等有关规定，持续督导期从千金药业公告收 购报告书至收购完成后的 12 个月止（即从 2025 年 2 月 11 日至相关股权完成过户 后的 12 个月止）。 2025 年 8 月 30 日，千金药业披露了 2025 年半年度报告。结合上述 2025 年半 年度报告及日常沟通，国泰海通出具了 2025 年半年度报告（从 2025 年 4 月 1 日至 2025 年 6 月 30 日，以下简称"本持续督导期"）的持续督导意见（以下简称"本 意见"）。本意见所依据的文件、书面资料等由收购人及其一致行 ...

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。 为进一步加强与投资者的互动交流，株洲千金药业股份有限公司 （以下称"公司"）将参加由中国证券监督管理委员会湖南证监局、 湖南省上市公司协会和深圳市全景网络有限公司联合举办的"资本聚 三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集体接 待日暨半年度业绩说明会"活动，现将有关事项公告如下： 证券代码：600479 证券简称：千金药业 公告编号：2025-046 株洲千金药业股份有限公司 关于参加 2025 年湖南辖区上市公司投资者 网上集体接待日暨半年度业绩说明会活动的公告 2025 年 9 月 12 日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 19 日 （星期五）14:00-17:00。届时公司高管将在线就公司 2024 年至 2025 年半年度业绩、经营状况等投资者关心的问题，与投资者进行沟通与 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company achieved a revenue of 1.818 billion yuan in the first half of 2025, a year-on-year decrease of 5.52%, while the net profit attributable to shareholders increased by 8.50% to 128 million yuan [1][7]. - The pharmaceutical industry continues to grow steadily, with the company's pharmaceutical segment generating a revenue of 1.005 billion yuan, a year-on-year increase of 6.4% [7]. - The company is focusing on high-intensity R&D, with R&D expenses reaching 104 million yuan in the first half of 2025, maintaining a high investment pace [7]. Financial Performance - The company reported a gross margin of 49.97% in the first half of 2025, an increase of 4.80 percentage points year-on-year, driven by a higher proportion of high-margin business and a decrease in raw material costs [7]. - The net profit margin improved to 9.57%, up 1.82 percentage points year-on-year, indicating a clear recovery in profitability [7]. - The company expects net profits for 2025-2026 to be 292 million yuan, 366 million yuan, and 437 million yuan, representing year-on-year growth rates of 27%, 25%, and 19% respectively [7][10]. Financial Data and Valuation - The total revenue forecast for 2025 is 3.613 billion yuan, with a projected net profit of 292 million yuan [2][9]. - The company’s PE ratio is projected to be 15.6 for 2025, decreasing to 10.4 by 2027 [2][10]. - The company’s total assets are expected to reach 4.735 billion yuan by 2025, with total liabilities of 1.375 billion yuan [8][10].

Group 1 - The core viewpoint of the news is that Qianjin Pharmaceutical (600479) reported a decline in total revenue but an increase in net profit for the first half of 2025 compared to the same period in 2024 [1] - The total revenue for the first half of 2025 was 1.818 billion yuan, a decrease of 5.52% year-on-year, while the net profit attributable to shareholders was 128 million yuan, an increase of 8.5% year-on-year [1] - In Q2 2025, the total revenue was 813 million yuan, down 11.97% year-on-year, but the net profit attributable to shareholders was 74.57 million yuan, up 4.26% year-on-year [1] Group 2 - The gross profit margin increased by 10.63% year-on-year to 49.97%, and the net profit margin increased by 23.57% year-on-year to 9.57% [1] - Total expenses (selling, administrative, and financial) amounted to 602 million yuan, accounting for 33.11% of revenue, which is an increase of 14.71% year-on-year [1] - The company's cash flow per share improved by 42.59% year-on-year, reaching -0.1 yuan, while earnings per share increased by 8.46% to 0.3 yuan [1] Group 3 - The company's return on invested capital (ROIC) was 8.46%, indicating average capital returns, with a historical median ROIC of 10.79% over the past decade [3] - The business model relies heavily on research and marketing, necessitating a detailed examination of the underlying drivers [3] - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 69.05%, and accounts receivable to profit ratio at 148.04% [3]

Core Insights - The company reported a slight decline in revenue but an increase in net profit, showcasing resilience in a challenging market environment [1] - The core pharmaceutical segment performed well, with significant growth in revenue and profit, particularly in the health products division [1] - The company is heavily investing in R&D and digital transformation to enhance operational efficiency and competitive advantage [2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 1.818 billion yuan, a year-on-year decrease of 5.52% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 118 million yuan, reflecting a year-on-year increase of 6.58% [1] - The core pharmaceutical segment generated revenue of 1.005 billion yuan, up 6.4% year-on-year, with net profit soaring by 22.3% to 198 million yuan [1] R&D and Innovation - R&D investment increased to 138 million yuan, a 27% year-on-year rise, with R&D intensity reaching 7.6%, significantly above the industry average of 2.96% [1] - The company has 126 projects under development, including innovative traditional Chinese medicine and chemical drugs [1] Digital Transformation - The company has made significant progress in digital transformation, with a marketing intelligence platform and various automated systems enhancing operational efficiency [2] - Key production processes have seen over 50% automation in scheduling, and inventory management efficiency has improved by more than 50% [2] Talent Strategy - The establishment of 107 flexible organizations has engaged over a thousand employees, enhancing productivity across R&D, production, and marketing [2] - The company has focused on attracting top talent and facilitating knowledge exchange among technical staff, resulting in increased project output and sales efficiency [2] Mergers and Acquisitions - The company plans to invest 623 million yuan to acquire stakes in two pharmaceutical companies, aiming to strengthen its core competencies and profitability [3] - The share issuance price is set at 8.77 yuan per share, adjusted to 8.41 yuan post-dividend distribution, reflecting consideration for minority shareholders [3] Strategic Outlook - The company aims to continue its "Three New Navigation, Entering the Top 100" strategy, focusing on R&D innovation and digital transformation to optimize its business structure [3]