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]

证券日报网讯9月24日晚间，济川药业（600566）发布关于2022年限制性股票与股票期权激励计划首次 授予限制性股票第一个解除限售期解除限售暨上市的公告称，公司本次股票上市类型为股权激励股份； 股票认购方式为网下，本次股票上市流通总数为1，630，800股。本次股票上市流通日期为2025年9月30 日。 ...

证券代码：600566 证券简称：济川药业 公告编号：2025-087 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 首次授予限制性股票第一个解除限售期 解除限售暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,630,800股。 本次股票上市流通总数为1,630,800股。 本次股票上市流通日期为2025 年 9 月 30 日。 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 次授予部分第一个解除限售期解除限售条件已经成就。 公司将为首次授予的58名符合解除限售条件的激励对象统一办理解除限售事 宜，本次解除限售股份数量为1,630,800股，解除限售暨 ...

证券日报网讯 9月23日晚间，济川药业发布公告称，根据公司2022年第二次临时股东大会的授权，公司 于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《关于注销部分股票期权并回购注销部分 限制性股票的议案》，鉴于部分激励对象离职、部分激励对象绩效考核不达标，根据《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》的相关规定，拟注销上述激励对象已获授但尚未行 权的股票期权17.18万份。公司向中国证券登记结算有限责任公司上海分公司提交了注销上述股票期权 的申请，经其审核确认，上述17.18万份股票期权注销事宜已于近日办理完毕。 （编辑 任世碧） ...

证券代码：600566 证券简称：济川药业 公告编号：2025-085 湖北济川药业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 25 日 （星期四） 至 10 月 09 日 （星期四）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 jcyy@jumpcan.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。 湖北济川药业股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 10 月 10 日（星期五）14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明 ...