Core Viewpoint - The announcement details the stock option incentive plan of Zhejiang Kangnbei Pharmaceutical Co., Ltd. for the third quarter of 2025, highlighting the number of shares exercised and the related procedures [1][2]. Summary by Sections Stock Option Exercise Details - In the third quarter of 2025, a total of 3.604973 million shares were exercised under the 2022 stock option incentive plan [2]. - The exercised shares will be tradable on the second trading day after the exercise date [2]. Decision-Making Process and Information Disclosure - The plan was approved by the board and supervisory committee in September 2022, with detailed disclosures made on the Shanghai Stock Exchange and other designated media [2][3]. - The plan included the granting of 70 million stock options to eligible participants, with the first grant completed in November 2022 [3]. Adjustments to Stock Option Terms - The exercise price of the stock options was adjusted from 4.13 CNY to 3.98 CNY in June 2023, and further adjustments were made in July 2024 and June 2025 [3][4][5]. - The number of stock options granted was also adjusted, with 752.5 thousand reserved options granted in October 2023 [3][4]. Shareholder and Management Participation - A total of 97 participants exercised their options in the third quarter of 2025 [7]. - The shares resulting from the exercise are subject to a six-month lock-up period for directors and senior management [10]. Financial Impact and Fund Utilization - The exercise of options raised approximately 13.086052 million CNY, contributing to a total of 69.266768 million CNY raised to date, which will be used to supplement the company's working capital [12]. - The impact of the exercised shares on the company's financial status and operational results is not considered significant [12].

证券代码：600572 证券简称：康恩贝 公告编号：临2025-049 浙江康恩贝制药股份有限公司 关于2025年第三季度股票期权激励计划 自主行权结果暨股份变动公告 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。 重要提示内容： 1、本次行权股票数量：2025年第三季度，浙江康恩贝制药股份有限公司（以下简称"公司" "本公司"）2022年股票期权激励计划（以下简称"本次激励计划"）首次授予股票期权激励对 象行权且完成股份过户登记的股票数量合计为360.4973万股。 2、本次行权股票上市流通时间：采用自主行权方式行权，激励对象（除公司董事、高级管 理人员外）行权所得股票于行权日（T 日）后的第二个交易日（T+2）日可上市交易。 2025年第三季度，公司本次激励计划激励对象行权且完成股份过户登记的股票 数量合计为360.4973万股。有关情况公告如下： 一、本次激励计划已履行的决策程序及相关信息披露 （一）2022年9月15日，公司十届董事会第二十二次（临时）会议和十届监事会 第十三次（临时）会议分别审议通过了《关于<浙江康恩 ...

Group 1: 康恩贝 - The company aims to acquire potential large products that align with its strategic direction, with ongoing discussions for relevant targets [1] - The acquisition strategy considers strategic fit, revenue and profit potential, growth opportunities, and compatibility with existing treatment areas and marketing channels [1] - The company has strengthened its business development (BD) system, with a recently approved modified new drug for throat relief as an example of a more efficient and asset-light "acquisition" [1] Group 2: 甘李药业 - The company signed a technology transfer and supply agreement with Fundação Oswaldo Cruz-Bio-Manguinhos and BIOMM for the production of insulin in Brazil [2] - The total amount of the supply framework agreement is expected to be no less than 3 billion RMB, with actual order amounts to be determined [2] - The agreement includes technology transfer for insulin and commitments for future procurement by FZ over the next 10 years [2] Group 3: 天目药业 - The company is focused on the inheritance and innovation of traditional Chinese medicine, accelerating the resumption of production for quality products like pearl eye drops [3] - It has made significant progress in drug re-registration, with 53 drugs receiving approval notifications since the beginning of 2025, surpassing the total for 2024 [3] - The company is leveraging existing product advantages to launch new products to meet diverse consumer needs [3] Group 4: 济民健康 - The company plans to enhance cooperation and increase investment in innovative drug research, aiming to establish Boao International Hospital as a high-level clinical research center [4] - The company holds a 51% stake in Boao International Hospital, with various stakeholders involved in the remaining shares [4] Group 5: 恒瑞医药 - The company signed a licensing agreement with Glenmark Specialty for its innovative drug SHR-A1811, with potential earnings exceeding 1.1 billion USD [5][6] - The drug targets HER2 and is designed to induce apoptosis in tumor cells, enhancing anti-tumor efficacy [5] - Glenmark Specialty will pay an upfront fee of 18 million USD and is eligible for milestone payments based on registration and sales [6] Group 6: 华熙生物 - The company’s strategic investment in Sanofi Pharmaceuticals is aimed at enhancing its presence in the biopharmaceutical sector [7] - The investment allows for collaboration in the development of small nucleic acid innovative drugs, creating synergies across its main business areas [7] - The company is exploring the role of hyaluronic acid and other substances in advanced medical research and applications [7]

Core Insights - The company is expanding the indications for its major products, including "Zhixinxuan" and "Jindi," to enhance market competitiveness and meet diverse patient needs [1] - The company's revenue and net profit for the first half of 2025 have decreased year-on-year, primarily due to a decline in sales of respiratory and anti-infection products, coupled with a shift in revenue mix towards lower-margin health consumer products [1] - The company is actively seeking acquisition opportunities to align with its strategic focus on traditional Chinese medicine and health, evaluating potential targets based on strategic fit, revenue potential, and compatibility with existing product lines [2] Financial Performance - The company reported a year-on-year decline in both operating revenue and net profit for the first half of 2025 [1] - The decrease in net profit was more significant than the decline in operating revenue due to a higher proportion of lower-margin products in the revenue mix [1] Acquisition Strategy - The company is enhancing its business development (BD) system to identify and acquire potential high-value products that align with its strategic direction [2] - Recent approvals for new products, such as the throat lozenge, are part of a strategy to enrich the product pipeline in the cold and throat category [2] - Ongoing discussions for potential acquisition targets are in progress, although previous projects have not yet materialized due to various reasons [2]

Core Viewpoint - The recent suspension of procurement qualifications for acetylcysteine effervescent tablets produced by Zhejiang Jinhua Kang En Bei Pharmaceutical Co., Ltd. due to non-compliance with regulations poses significant challenges for the company, particularly during its critical transformation phase into "Traditional Chinese Medicine (TCM) Health" [2][3][9]. Group 1: Company Performance and Financial Impact - In 2022, the sales revenue of acetylcysteine effervescent tablets was nearly 300 million yuan, with a year-on-year growth of over 16% in 2023, estimated to reach approximately 350 million yuan, accounting for over 5% of total revenue [2]. - The company's revenue for the first half of 2025 was 3.358 billion yuan, with a net profit of 354 million yuan, both showing a decline, continuing the downward trend from 2024 [5]. - The core chemical drug business saw a revenue drop of 11.22% in the first half of 2025, primarily due to the failure to win bids in the national centralized procurement [5][10]. Group 2: Quality Control and Regulatory Issues - The National Medical Products Administration announced the suspension of sales and recall measures for acetylcysteine effervescent tablets due to non-compliance with specifications, which directly impacts the business line reliant on this product [3][8]. - The quality issues have exposed vulnerabilities in the company's quality control processes, raising concerns about its strategic execution capabilities [2][11]. Group 3: Strategic Transformation Challenges - The company is undergoing a critical transformation into "TCM Health," facing difficulties as traditional Chinese medicine revenues are projected to decline in 2024, and the chemical drug sector has suffered quality setbacks [2][9]. - The company's recent restructuring efforts, including the introduction of a state-owned entity as a controlling shareholder, have not alleviated the pressures from price reductions in centralized procurement and rising raw material costs [9][10]. - Despite increasing R&D investments, the company's R&D intensity has decreased, indicating challenges in maintaining competitive innovation levels [10]. Group 4: Market Position and Brand Value - As of September 16, 2025, the company's market value was 11.384 billion yuan, ranking 23rd in the TCM sector, reflecting a significant decline in industry standing [8]. - The recent quality crisis is expected to have long-term implications for brand value and consumer trust, particularly in the respiratory medication sector [11].

Core Viewpoint - The company, Zhejiang Conba Pharmaceutical Co., Ltd., is holding a half-year performance briefing on September 23, 2025, to enhance communication with investors and address their concerns regarding the company's performance and financial indicators [2][3][4]. Group 1: Meeting Details - The meeting is scheduled for September 23, 2025, from 2:00 PM to 3:00 PM [4]. - It will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website https://roadshow.sseinfo.com/ [4]. - The format of the meeting will be an online text interaction, allowing for real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the meeting by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [5]. - Questions can be submitted from September 16 to September 22, 2025, through the "Pre-Question Collection" section on the website or via the company's email [5][6]. - The company will address commonly asked questions during the performance briefing [5]. Group 3: Company Representatives - Key personnel attending the briefing include Chairman Jiang Yi, Vice President and CFO Chen Ming, Secretary of the Board Jin Zucheng, and Independent Director Qiu Baoyin [4].

股票简称：康恩贝 证券代码：600572 编号：临 2025－048 浙江康恩贝制药股份有限公司 关于召开 2025 年半年度业绩说明会 暨问题征集的公告 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： ●会议召开时间：2025年9月23日（周二）下午2:00-3:00 ●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/） 浙江康恩贝制药股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日在上海 证券交易所网站 www.sse.com.cn 发布了公司 2025 年半年度报告，为进一步加强与 投资者的沟通交流，使广大投资者能更加深入、全面地了解公司情况，公司计划于 2025 年 9 月 23 日下午 2:00-3:00 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 本次业绩说明会以网络文字互动的形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 ...

Core Points - Shanghai Sunshine Pharmaceutical Procurement Network announced the suspension of procurement qualifications for acetylcysteine effervescent tablets produced by Zhejiang Jinhua Kang En Bei Biological Pharmaceutical Co., Ltd. [1] - The suspension is based on the National Medical Products Administration's announcement regarding 28 batches of non-compliant drugs [1]. Company Overview - Zhejiang Jinhua Kang En Bei Biological Pharmaceutical Co., Ltd. is a subsidiary of Zhejiang Kang En Bei Pharmaceutical Co., Ltd. (600572) and specializes in chemical pharmaceuticals [1]. - The company holds a leading position in specialized chemical raw materials and freeze-dried, controlled-release formulations in China [1]. - It is recognized as a key pharmaceutical enterprise in Zhejiang Province and a national high-tech enterprise [1]. - The company was established in April 1958 and became a member of Kang En Bei Group in September 1996, achieving indirect listing in 2007 [1]. - In April 2020, the Zhejiang Provincial State-owned Assets Supervision and Administration Commission became the actual controlling shareholder [1].

Industry Overview - The collagen protein food industry in China is experiencing significant growth, with a retail market size projected to reach 30.1 billion yuan in 2024, reflecting a year-on-year increase of 13.37% [1][6] - The demand for collagen protein foods is driven by consumer interest in skin care, bone health, and anti-aging, particularly among younger generations who prefer dietary sources for health and beauty [1][6] Industry Chain - The upstream of the collagen protein food industry includes raw materials such as skins, tendons, and bones from terrestrial livestock (cattle, pigs) and aquatic sources (fish skins, scales) [4][5] - The midstream involves the production and manufacturing of collagen protein foods, while the downstream focuses on the food sector [4][5] Market Size - The global retail market for collagen protein foods is expected to reach USD 20.48 billion in 2024, with a year-on-year growth of 1.79% [6] - The abundant supply of raw materials in China, due to large-scale livestock and fish production, supports the growth of the collagen protein food sector [6] Key Companies Performance - Tongrentang has made significant strides in the collagen protein food sector, launching products with innovative formulations and high-quality ingredients, such as collagen peptides derived from cod skin [7][8] - Kangnabei has also achieved notable success, offering high-content collagen peptide drinks and protein powders, with a focus on safety and quality standards [8] Industry Development Trends 1. Technological advancements are driving product innovation and industry upgrades, with breakthroughs in recombinant collagen technology leading to cost reductions and enhanced bioactivity [9] 2. Market demand is diversifying, with a growing interest in functional skincare products among younger consumers and increased demand for joint health solutions among older adults [10] 3. The rise of online sales channels and social media marketing is becoming crucial for industry growth, with companies leveraging e-commerce platforms for product promotion and consumer engagement [11][12]

Core Viewpoint - The procurement qualification of Zhejiang Jinhua Kang'enbei Biopharmaceutical Co., Ltd. for acetylcysteine effervescent tablets has been suspended due to non-compliance with regulations as per the announcement from the Shanghai Sunshine Pharmaceutical Procurement Network and the National Medical Products Administration [1][2]. Group 1: Company Performance - In the first half of 2025, Kang'enbei achieved operating revenue of 859 million yuan and net profit of 53.93 million yuan, accounting for 25.58% and 15.25% of Kang'enbei Pharmaceutical's total revenue and net profit respectively [1]. - The acetylcysteine effervescent tablets are a key product for Kang'enbei, with sales revenue of approximately 300 million yuan in 2022 and an estimated 350 million yuan in 2023, representing over 5% of total revenue for the year [2]. Group 2: Regulatory Issues - The National Medical Products Administration reported that one batch of acetylcysteine effervescent tablets produced by Kang'enbei did not meet regulatory standards, specifically regarding its characteristics [1]. - The suspension of procurement qualifications affects not only Kang'enbei but also 16 other companies, indicating a broader issue within the pharmaceutical industry regarding compliance with drug regulations [4]. Group 3: Market Impact - Kang'enbei's main business revenue in the first half of 2025 was 3.315 billion yuan, a year-on-year decrease of 2.68%, influenced by the failure to win bids in national procurement for acetylcysteine effervescent tablets and price reductions in other products [2].