Financial Performance - The company's operating revenue for Q3 2025 was ¥85,341,835.59, representing a decrease of 1.61% compared to the same period last year[3]. - The total profit for the quarter was ¥4,070,955.32, with a net profit attributable to shareholders of ¥1,990,380.82, indicating a significant improvement from a loss of ¥3,851,349.58 in the previous year[3]. - The company reported a basic earnings per share of ¥0.004 for the quarter, compared to a loss of ¥0.007 in the same period last year[3]. - Total operating revenue for the first three quarters of 2025 was CNY 239,071,611.45, a decrease of 9.3% compared to CNY 263,478,867.98 in the same period of 2024[19]. - The net loss for the first three quarters of 2025 was CNY 4,851,349.58, compared to a net loss of CNY 5,454,413.05 in the same period of 2024[19]. - The company reported a net loss of CNY 2,080,960.96 for the first three quarters of 2025, compared to a net loss of CNY 19,322,644.05 in the same period of 2024, indicating a significant improvement[20]. - The company achieved a gross profit margin improvement, with operating profit (loss) recorded at CNY -578,375.79, compared to CNY -16,098,013.38 in the previous year[20]. - The company's basic and diluted earnings per share were both CNY -0.007, an improvement from CNY -0.040 in the same period last year[20]. Cash Flow and Assets - The net cash flow from operating activities was -¥11,405,490.43, reflecting challenges in cash collection due to a 9.26% decline in revenue year-to-date[3][8]. - Cash and cash equivalents as of September 30, 2025, were CNY 139,133,202.60, a slight decrease from CNY 144,837,656.13 at the end of 2024[15]. - Cash and cash equivalents at the end of the period stood at CNY 133,310,266.39, up from CNY 118,562,886.56 at the end of the previous year[23]. - The company recorded a total cash inflow from investment activities of CNY 19,603,388.34, compared to CNY 47,614.00 in the previous year, showing a substantial increase[23]. - The net cash flow from financing activities was CNY 16,127,729.13, a notable recovery from negative CNY 58,560.20 in the previous year[23]. - Total current assets increased to CNY 503,823,832.32 as of September 30, 2025, compared to CNY 491,362,398.26 at the end of 2024, reflecting a growth of 2.9%[15]. - The company's total assets as of September 30, 2025, were CNY 964,408,183.40, down from CNY 966,747,588.43 at the end of 2024[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,129[10]. - Major shareholder Zhu Rongjuan holds 39,694,885 shares, accounting for 7.57% of total shares, with 21,000,000 shares pledged[10]. - Major shareholder Yao Fangyuan holds 12,323,000 shares, accounting for 2.35% of total shares[10]. - A total of 22,167,585 shares held by major shareholder Zhu Rongjuan and her concerted actors will be auctioned due to a loan dispute, representing 4.23% of the company's total share capital[14]. - The company’s major shareholders and concerted actors have no reported changes in their shareholding due to transfer and lending activities[12]. Investments and Financing - The investment income from the Huada Gongying No. 1 Fund increased by ¥3,857,100 compared to the previous year, contributing positively to the overall profit[6][8]. - The company received a distribution of RMB 3.8037 million from the Huada Gongying No. 1 Fund during the reporting period[14]. - The company provided a guarantee for its wholly-owned subsidiary Beihai Pharmaceutical for a three-year financing of RMB 20 million[13]. - The long-term loan balance is RMB 20 million, which corresponds to the guarantee provided for Beihai Pharmaceutical[14]. - The company has appointed a special auditing agency for the issuance of A-shares to specific objects in 2025[14]. Operational Efficiency - The company has increased its efforts in receivables collection, resulting in a recovery of long-aged receivables and a reversal of credit impairment losses amounting to ¥5,216,700[6][8]. - The company plans to continue optimizing its sales policies to reduce expenses, with a notable decrease in advertising and promotional costs[8]. - The company received CNY 20,576,492.57 in cash related to other operating activities, significantly higher than CNY 5,326,167.48 in the previous year, indicating improved operational efficiency[22]. - Operating cash flow for the first three quarters of 2025 was negative CNY 29,966,742.91, worsening from negative CNY 18,834,110.56 in the previous year[22]. Future Outlook - The company plans to implement new accounting standards starting in 2025, which may impact future financial reporting[24].

Core Viewpoint - The pharmaceutical commercial sector experienced a slight decline of 0.07% on October 29, with Guofang Co. leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 0.7% and the Shenzhen Component Index increasing by 1.95% [1][2]. Group 1: Market Performance - On October 29, the Shanghai Composite Index closed at 4016.33, reflecting an increase of 0.7% [1]. - The Shenzhen Component Index closed at 13691.38, showing a rise of 1.95% [1]. Group 2: Capital Flow - The pharmaceutical commercial sector saw a net outflow of 146 million yuan from main funds, while retail investors contributed a net inflow of 160 million yuan [2]. - Speculative funds experienced a net outflow of approximately 14.36 million yuan [2].

Core Points - The major shareholder Zhu Rongjuan and her concerted actor Peng Tao will auction a total of 22.1676 million shares on November 25-26, 2025 [1] - The shares to be auctioned represent 4.23% of the company's total share capital [1] Summary by Category - **Shareholder Actions** - Zhu Rongjuan and Peng Tao will collectively auction 22.1676 million unrestricted circulating shares [1] - **Auction Details** - The auction will take place on the Taobao judicial auction platform at the Nanning Xixiangtang District People's Court [1] - The auction is scheduled for November 25-26, 2025 [1] - **Impact on Company** - The auctioned shares account for 4.23% of the company's total equity [1]

证券代码：600538 证券简称：国发股份 公告编号：临 2025-042 北海国发川山生物股份有限公司 关于公司大股东及其一致行动人所持的公司部分股份 将被司法拍卖的提示性公告 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 ●公司大股东朱蓉娟及其一致行动人彭韬合计持有的公司 22,167,585 股无 限售流通股股票（占公司总股本的比例为 4.23%）将于 2025 年 11 月 25 日 10 时 至 2025 年 11 月 26 日 10 时止（延时的除外）被南宁市西乡塘区人民法院司法拍 卖。 ●公司目前生产经营一切正常，本次司法拍卖事项不会对公司日常生产经营 产生重大影响。公司将持续努力做好各项经营管理工作，以保障公司稳健经营。 ●目前拍卖事项尚在公示阶段，后续可能涉及竞拍、缴款、股权变更过户等 环节，拍卖结果存在一定的不确定性。公司将根据最终结果，依法履行相应的信 息披露义务。 北海国发川山生物股份有限公司（以下简称"公司"）大股东朱蓉娟及其一致 行动人彭韬等因与中国信达资产管理有限公司广西壮族自治区 ...

Core Insights - The pharmaceutical commercial sector saw an increase of 0.83% on October 22, with Jianfa Zhixin leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Jianfa Zhixin (301584) closed at 31.00, up 7.19% with a trading volume of 238,100 shares and a transaction value of 734 million [1] - Guoyao Shares (600511) closed at 29.89, up 3.75% with a trading volume of 180,500 shares and a transaction value of 539 million [1] - Zhejiang Nongyuan (000705) closed at 9.81, up 3.05% with a trading volume of 117,170 shares and a transaction value of 168 million [1] - Other notable stocks include Jiashitang (002462) up 1.51%, Daclin (603233) up 1.34%, and Guofa Shares (600538) up 1.20% [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 98.42 million from institutional investors and 51.45 million from retail investors, while individual investors saw a net inflow of 150 million [2] - The capital flow for key stocks shows varying trends, with Shanghai Pharmaceuticals (601607) seeing a net inflow of 31.94 million from institutional investors [3] - Jianfa Zhixin (301584) had a net inflow of 18.64 million from institutional investors but a net outflow of 2.07 million from retail investors [3]

Core Insights - The pharmaceutical commercial sector saw a slight increase of 0.17% on October 10, with Guofa Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Guofa Co., Ltd. (600538) closed at 5.85, up 4.28% with a trading volume of 178,800 shares and a transaction value of 103 million yuan [1] - Other notable gainers included Dajia Weikang (301126) up 1.89%, Yingte Group (000411) up 1.77%, and Liuyao Group (603368) up 1.75% [1] - Conversely, the sector also experienced declines, with Saily Medical (603716) down 4.51% and Jianfa Zhixin (301584) down 4.01% [2] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 161 million yuan from institutional investors, while retail investors saw a net inflow of 214 million yuan [2] - The data indicates that while institutional investors were pulling back, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Shanghai Pharmaceuticals (601607) had a net inflow of 27.32 million yuan from institutional investors, while it faced a net outflow of 32.58 million yuan from speculative funds [3] - Dajia Weikang (301126) saw a net inflow of 4.95 million yuan from institutional investors, but also faced outflows from speculative funds [3] - Guofa Co., Ltd. (600538) had a net inflow of 4.07 million yuan from institutional investors, indicating some level of interest despite the overall outflow trend [3]

Market Overview - The pharmaceutical commercial sector experienced a slight decline of 0.11% on September 30, with C Jianfa leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the pharmaceutical sector included: - Baiyang Pharmaceutical (301015) with a closing price of 28.00, up 1.93% [1] - Saily Medical (603716) at 24.87, up 1.84% [1] - Guofa Co., Ltd. (600538) at 5.63, up 1.26% [1] - C Jianfa (301584) was the biggest loser, closing at 28.99, down 15.04% with a trading volume of 264,700 shares and a turnover of 817 million [2] Capital Flow - The pharmaceutical commercial sector saw a net outflow of 239 million in main funds, while retail investors contributed a net inflow of 219 million [2][3] - The main funds showed varying net inflows and outflows across different stocks, with Saily Medical experiencing a net inflow of approximately 889,790 and Baiyang Pharmaceutical seeing a net inflow of 738,150 [3]

Group 1 - The company held a half-year performance briefing on September 17, 2025, via the Shanghai Stock Exchange Roadshow Center [1] - Key executives, including the chairman and president, participated in the briefing and engaged with investors through online interaction [1] - The company is actively promoting a small-scale rapid refinancing through a simplified procedure for targeted issuance of shares, with a financing cap of RMB 300 million [2][5] Group 2 - The company received authorization from its shareholders to issue shares not exceeding 20% of the net assets as of the end of the previous year, with the authorization valid until the next annual shareholders' meeting [2] - The company is focusing on enhancing its core business and exploring new opportunities in the health and judicial IVD sectors, driven by high-tech development [5][7] - The company is implementing measures to strengthen internal controls over accounts receivable and reduce bad debt risks, including customer credit assessments and regular reconciliations [9][10]

北海国发川山生物股份有限公司（以下简称"公司"）于 2025 年 9 月 17 日 下 午 15:00-16:00 通 过 上 海 证 券 交 易 所 上 证 路 演 中 心 平 台 （http://roadshow.sseinfo.com/，以下简称"上证路演中心"）召开了 2025 年半年度业绩说明会，现将业绩说明会召开情况公告如下： 一、2025 年半年度业绩说明会召开基本情况 1、会议召开时间：2025 年 9 月 17 日下午 15:00-16:00 北海国发川山生物股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 证券代码：600538 证券简称：国发股份 公告编号：临 2025-041 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。 2 、 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 http://roadshow.sseinfo.com/） 3、会议召开方式：上证路演中心网络互动 4、会议出席情况： 公司董事长姜烨先生；董事、总裁张小玮先生；董事、副 ...

Quantitative Factors and Construction Methods - **Factor Name**: Large Buy Order Transaction Amount Ratio **Factor Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large buy orders in the total transaction amount for a given day [7] **Factor Construction Process**: 1. Utilize tick-by-tick transaction data to reconstruct buy and sell order data based on the bid and ask sequence numbers [7] 2. Filter transactions based on order size to identify large orders [7] 3. Calculate the proportion of large buy order transaction amounts to the total transaction amount for the day [7] **Formula**: $ \text{Large Buy Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Amount}}{\text{Total Transaction Amount}} $ **Factor Evaluation**: This factor effectively reflects the buying behavior of large funds [7] - **Factor Name**: Net Active Buy Transaction Amount Ratio **Factor Construction Idea**: This factor measures the active buying behavior of investors by analyzing the net active buy transaction amount as a proportion of the total transaction amount for a given day [7] **Factor Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell indicator [7] 2. Calculate the net active buy transaction amount by subtracting the active sell amount from the active buy amount [7] 3. Compute the proportion of the net active buy transaction amount to the total transaction amount for the day [7] **Formula**: $ \text{Net Active Buy Transaction Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Transaction Amount}} $ **Factor Evaluation**: This factor provides insights into the active buying tendencies of investors [7] Factor Backtesting Results - **Large Buy Order Transaction Amount Ratio**: - Top 10 stocks with the highest 5-day average values: 1. Guofa Co., Ltd. (600538.SH): 86.5%, 97.9% time-series percentile [9] 2. Jilin Expressway (601518.SH): 86.3%, 82.3% time-series percentile [9] 3. Chongqing Iron & Steel (601005.SH): 85.8%, 83.1% time-series percentile [9] 4. Zijin Bank (601860.SH): 85.6%, 62.6% time-series percentile [9] 5. Jianyuan Trust (600816.SH): 85.5%, 90.5% time-series percentile [9] - **Net Active Buy Transaction Amount Ratio**: - Top 10 stocks with the highest 5-day average values: 1. Fangda Special Steel (600507.SH): 24.8%, 100.0% time-series percentile [10] 2. Liaogang Co., Ltd. (601880.SH): 18.3%, 95.1% time-series percentile [10] 3. Overseas Chinese Town A (000069.SZ): 17.6%, 99.6% time-series percentile [10] 4. Qixia Construction (600533.SH): 14.6%, 99.2% time-series percentile [10] 5. Wanwei High-Tech (600063.SH): 14.3%, 99.6% time-series percentile [10] Additional Results for Indices, Industries, and ETFs - **Indices**: - Large Buy Order Transaction Amount Ratio (5-day average): - Shanghai Composite Index: 74.2%, 25.1% time-series percentile [12] - CSI 300: 73.1%, 10.7% time-series percentile [12] - Net Active Buy Transaction Amount Ratio (5-day average): - Shanghai Composite Index: -4.3%, 95.5% time-series percentile [12] - CSI 300: -4.5%, 100.0% time-series percentile [12] - **Industries**: - Large Buy Order Transaction Amount Ratio (5-day average): - Steel: 80.6%, 46.9% time-series percentile [13] - Construction: 79.5%, 62.6% time-series percentile [13] - Net Active Buy Transaction Amount Ratio (5-day average): - Steel: 4.0%, 40.7% time-series percentile [13] - Construction: 2.4%, 70.8% time-series percentile [13] - **ETFs**: - Large Buy Order Transaction Amount Ratio (5-day average): - ChinaAMC SSE 50 ETF (510050.SH): 89.3%, 74.1% time-series percentile [15] - GF CSI All-Index IT ETF (159939.SZ): 89.2%, 54.3% time-series percentile [15] - Net Active Buy Transaction Amount Ratio (5-day average): - Huaan SSE STAR Chip ETF (588290.SH): 17.3%, 99.6% time-series percentile [16] - Harvest CSI Battery Theme ETF (562880.SH): 13.9%, 92.2% time-series percentile [16]