Core Viewpoint - Jichuan Pharmaceutical (600566) announced that its pediatric cough syrup, a modified new drug based on the existing pediatric cough granules, is set to be approved for market launch in November 2023, with availability on online platforms like JD.com and steady progress in hospital entry work [1] Group 1 - The pediatric cough syrup demonstrates non-inferior efficacy compared to the already marketed pediatric cough granules for treating pediatric wind-heat cold with stagnation syndrome [1] - The syrup formulation offers convenience in administration, better taste, and improved drug absorption, providing a new option for pediatric patients [1] - The product aims to better meet the differentiated medication needs of children [1]

Core Points - The announcement pertains to the stock option incentive plan of Hubei Jichuan Pharmaceutical Co., Ltd. for 2022, detailing the first grant of stock options and the exercise period [1][2] - The actual exercise period for the first grant of stock options is set from October 15, 2025, to September 7, 2026 [1] - There will be a restriction on exercising options from October 23, 2025, to October 27, 2025, during which all incentive participants will be restricted from exercising their options [2] Summary by Sections - **Incentive Plan Overview** - The company is implementing a stock option incentive plan as per relevant regulations and guidelines [1] - **Exercise Period Details** - The first exercise period for the stock options is confirmed to be from October 15, 2025, to September 7, 2026 [1] - **Restriction Period** - A specific restriction period for exercising options is established from October 23, 2025, to October 27, 2025 [2]

Core Viewpoint - The Chinese medicine sector shows resilience with the Chinese Medicine ETF (560080) rising by 0.28% despite market fluctuations, indicating strong investor interest and a net inflow of over 220 million yuan in the past 10 days [1][3]. Market Performance - The Chinese Medicine ETF (560080) has maintained a premium, closing with a premium rate of 0.14%, and has seen a total trading volume exceeding 1 billion yuan [1]. - Major stocks within the ETF, such as Dong'e Ejiao and Yunnan Baiyao, have shown positive performance, with Dong'e Ejiao increasing by over 1% [3][4]. Index Performance - The Chinese medicine index has experienced a negative return of -2.86% year-to-date, with a decline of 8.13% projected for 2024 [4]. - The index has shown a pattern of alternating performance, with three consecutive years of gains from 2019 to 2021, followed by three years of declines from 2016 to 2018 [4]. Valuation Metrics - The TTM price-to-earnings ratio for the Chinese Medicine ETF (560080) stands at 24.86, placing it at the 20.6% percentile of the past decade, suggesting a favorable valuation [6]. Financing and Investment Trends - Leveraged funds are increasingly utilizing the ETF for exposure to the higher-value Chinese medicine consumer sector, with the latest financing balance exceeding 91 million yuan, maintaining historical highs [7]. - The overall sentiment in the Chinese medicine sector is expected to improve, driven by stable market demand and accelerated innovation [9]. Future Outlook - The Chinese medicine sector is anticipated to benefit from innovation and transformation, with a focus on new product development and cost reductions in raw materials [9][10]. - The sector is positioned to leverage its advantages in preventive healthcare and as a complementary treatment alongside Western medicine [10]. Corporate Governance and Incentives - Recent corporate governance improvements and incentive plans in state-owned enterprises are expected to drive growth in the Chinese medicine sector, with companies like Huaren Sanjiu and Jiangzhong Pharmaceutical implementing effective incentive programs [11][12]. Dividend Yield - Several Chinese medicine companies are projected to have dividend yields exceeding 3% in 2024, with state-owned enterprises leading in this regard, indicating strong cash flow and shareholder returns [13][14].

湖北济川药业股份有限公司 一、公司 2022 年限制性股票与股票期权激励计划首次授予股票期权第一个 行权期（期权代码：1000000228）实际可行权期间为 2025 年 10 月 15 日至 2026 年 9 月 7 日。 二、本次限制行权期为 2025 年 10 月 23 日-2025 年 10 月 27 日，在此期间全 部激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权相关事宜。 证券代码：600566 证券简称：济川药业 公告编号： 2025-089 关于 2022 年限制性股票与股票期权激励计划 首次授予股票期权限制行权期间的提示性公告 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。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指 南第 2 号——业务办理》《湖北济川药业股份有限公司 2022 年限制性股票与股票 期权激励计划》及中国证券登记结算有限责任公司上海分公司关于股票期权自主 行权的相关规定，并结合湖北济川药业股份有限公司（以下简称 ...

Core Viewpoint - Jichuan Pharmaceutical is focusing on enhancing its brand and offline coverage for its daily chemical products, with significant progress in terminal store coverage and product approvals [1] Group 1: Product Development and Approval - Pudilan Oral Liquid has been approved in 2024 as a dual-category drug, allowing it to be classified as both a prescription and an over-the-counter medication. The OTC packaging is now available in major retail pharmacies nationwide [1] - The new chemical drug, Marcilosavir Tablets, developed in collaboration with Nanjing Zhengxiang Pharmaceutical Co., Ltd., received approval in July 2025. This product is designed to alleviate flu symptoms with a single oral dose, although it will require a market development period before launch [1] Group 2: Market Strategy - The company emphasizes brand building and offline coverage for its daily chemical products by precisely targeting core markets, deepening existing customer engagement, and expanding new customer acquisition through a replicable benchmark model [1] - The offline terminal coverage has reached thousands of stores, indicating a strong commitment to increasing market presence [1]

证券代码：600566 证券简称：济川药业 公告编号： 2025-088 湖北济川药业股份有限公司 关于 2022 年限制性股票与股票期权激励计划 首次授予股票期权第一个行权期自主行权实施的公告 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。 1 股票期权拟行权数量：1,714,800份 行权股票来源：向激励对象定向发行本公司 A 股普通股 行权起始日期：2025年10月15日。 事宜的议案》。律师事务所出具相应法律意见。 重要内容提示： 湖北济川药业股份有限公司（以下简称"公司"）2025 年 9 月 9 日召开第十 届董事会第十七次会议，审议通过了《关于 2022 年限制性股票与股票期权激励 计划首次授予部分第一个解除限售期解除限售条件及第一个行权期行权条件成 就的议案》，公司 2022 年限制性股票与股票期权激励计划（以下简称"本激励计 划"）首次授予股票期权的第一个行权期行权条件已成就。 经上海证券交易所及中国证券登记结算有限责任公司上海分公司审核，以上 期权将于 2025 年 10 月 15 日开始可以行权。本次可以 ...

Core Viewpoint - Jichuan Pharmaceutical's Q2 revenue decreased by 25.03% year-on-year to 1.223 billion yuan, primarily due to a high base effect from the previous year in the respiratory product category [1] - The company reported a net profit attributable to shareholders of 284 million yuan, down 42.39% year-on-year, and a net profit excluding non-recurring items of 228 million yuan, down 49.70% year-on-year, indicating significant pressure on profitability due to declining terminal demand for core products [1] - The company expects a recovery in demand for respiratory products in the second half of the year, supported by the seasonal increase in respiratory diseases, and will continue to focus on the development and launch of new products [1] Financial Performance - Q2 revenue was 1.223 billion yuan, a decline of 25.03% year-on-year [1] - Net profit attributable to shareholders was 284 million yuan, a decrease of 42.39% year-on-year [1] - Net profit excluding non-recurring items was 228 million yuan, down 49.70% year-on-year [1] Market Outlook - The company anticipates a recovery in terminal sales in the second half of the year as inventory levels for core respiratory products have returned to reasonable levels [1] - The upcoming high season for respiratory diseases is expected to boost demand [1] - Continuous progress in the research and development of new product pipelines is a focus for the company [1]

Core Insights - The 18th Health Industry Ecological Conference recognized Jichuan Pharmaceutical's products, Pudilan Xiaoyan Oral Liquid and Children's Chiqiao Qingre Granules (Tongbei), in the "2025 Healthy China Brand List" and "2025 Healthy China Brand Value List" for their outstanding quality and consumer trust [1] Group 1: Product Recognition - Pudilan Xiaoyan Oral Liquid is widely applicable for both children and adults, consistently ranking among the top brands in the market for heat-clearing and detoxifying traditional Chinese medicine [2] - The product has received numerous accolades, including "Highest Recommended Brand by Pharmacy Staff" and "Top 10 Best-Selling Drug Brands in Healthy China," reflecting its strong market presence and consumer approval [2] - Starting in 2024, Pudilan Xiaoyan Oral Liquid will be approved as a dual-category drug, allowing consumers to purchase it over-the-counter without a prescription, enhancing accessibility [2] Group 2: Children's Chiqiao Qingre Granules (Tongbei) - Children's Chiqiao Qingre Granules, based on the experience of renowned traditional Chinese medicine practitioner Professor Li Shaochuan, is a leading medication for children's colds [4] - The product has achieved high market share in urban public hospitals, retail pharmacies, and online platforms, earning multiple awards such as "Most Recommended Children's Medicine Brand" and "Top-Selling Brand in the Retail Drug Market" [5] - The recent approval of the syrup formulation of Children's Chiqiao Qingre Granules meets the differentiated medication needs of children, enhancing patient experience [5]

Summary of Jichuan Pharmaceutical Conference Call Industry and Company Overview - **Company**: Jichuan Pharmaceutical - **Industry**: Pharmaceutical, specifically focusing on Traditional Chinese Medicine (TCM) and respiratory disease treatments Core Points and Arguments - **Sales Pressure**: Jichuan Pharmaceutical is facing significant pressure in both OTC (over-the-counter) and hospital sales, particularly noted in Q2 of this year, with a substantial decline compared to the previous year [2][3] - **Seasonal Recovery**: The upcoming flu season is expected to stabilize sales for heat-clearing and detoxifying products such as Pudilan and Xiaorichiqiao [2][3] - **Future Strategy**: The company's future strategy focuses on two main areas: innovation in TCM and clearing turning points to lock in profits. Key products, Pudilan and Xiaorichiqiao, contribute 60% to 70% of the company's revenue [4] - **New Product Launches**: The long-acting flu medication launched in July is anticipated to boost sales during the flu season, while a long-acting growth hormone is expected to be launched by mid-next year [2][4] Risk Management - **Collective Procurement Risks**: Jichuan Pharmaceutical has a low risk of collective procurement for its exclusive product Pudilan, as it is primarily used in outpatient markets. Although Xiaorichiqiao faces some risks, the company has developed strategies to mitigate these, including the introduction of new models [5] - **Profit Impact**: Even in the worst-case scenario, the expected price reduction for Xiaorichiqiao is moderate, with limited impact on existing profits, corresponding to a valuation of approximately 15 times [5] Investment Considerations - **Investment Value**: Jichuan Pharmaceutical's stable cash flow and high dividend payout ratio (close to 100%) contribute to maintaining stock price stability, presenting a certain level of investment value, especially during the flu season [2][6] - **Market Expectations**: The current stock price reflects market expectations, but potential catalysts from new products and the flu season could provide opportunities for investors [6] - **Focus Areas for Investors**: Investors are encouraged to pay attention to new products in the respiratory disease sector and consider positioning themselves accordingly [6]

Core Points - The company has announced the listing of 1,630,800 shares as part of its equity incentive plan, with the shares set to become tradable on September 30, 2025 [1][9] - The board of directors has confirmed that the conditions for the first unlock period of the restricted stock have been met, allowing 58 eligible participants to unlock their shares [7][8] Summary of the Incentive Plan - The incentive plan was approved through a series of meetings, starting from August 1, 2022, with the final approval from the shareholders on August 22, 2022 [2][3] - The first grant of restricted stock and stock options was registered on September 27, 2022, and the first unlock period is set to end on September 26, 2025 [7][9] - The total number of shares eligible for unlock is 1,630,800, which represents 0.18% of the company's total share capital [8] Unlocking and Trading Arrangements - The unlocking of shares will occur on September 30, 2025, with specific restrictions on the transfer of shares by directors and senior management during their tenure and for six months post-departure [9] - The company will repurchase and cancel any shares that do not meet the unlocking conditions [7][9] Legal Compliance - The company has confirmed that the unlocking and exercise of options comply with relevant laws and regulations, including the Company Law and Securities Law [9][10]