精准破解行业难题 该产品是哈药疫苗研发团队完全独立完成全链条研发的特异性生物制剂，精准针对当前养殖业中危害严 重的1型、3型鸭甲型肝炎病毒。其核心在于采用自主筛选鉴定的流行毒株制备高免卵黄抗体，抗体效价 稳定维持在1:280以上的高水平，可为雏鸭提供坚实可靠的免疫保护。 哈药集团此次获批的新兽药具有重要行业意义，有效解决了1型与3型鸭肝炎病毒无交叉保护性、传统单 一产品防控存在盲区的行业难题。 近日，农业农村部2025年第953号公告正式批准哈药集团旗下哈药集团生物疫苗有限公司（以下简称"哈 药疫苗"）自主研发的"鸭病毒性肝炎二价卵黄抗体（1型+3型）"为国家三类新兽药证书。值得注意的 是，该成果在获批之际即成功实现对外技术转让，这标志着哈药疫苗的研发能力不仅获得了国家认可， 更通过了市场的检验，实现了创新价值的闭环。 哈药集团此次研发成果的的市场潜力与竞争优势显著。产品可同时高效预防1型和3型鸭病毒性肝炎，且 16小时内快速起效，直击养殖户核心痛点。产品不良反应率低于0.1%，这些可靠的质量数据，为成功 实现技术转让奠定了坚实基础。 此次技术的成功转让，直观地反映了市场对该成果的认可，标志着哈药集团研发工作 ...

长江商报消息 ●长江商报记者 沈右荣 老牌上市药企哈药股份（600664.SH）经营业绩下滑。 10月24日晚，哈药股份披露了2025年三季度报告。前三季度，公司实现营业收入约120亿元，同比下降 约1.9%；归母净利润为约3.3亿元，同比下降约35%。 其中，第三季度，公司实现的归母净利润为6888.93万元，同比下降约58%。 对于经营业绩下滑，哈药股份的解释为，市场竞争持续加剧，市场非药类制剂以强势宣传推广手段大力 抢占市场份额，公司虽及时调整销售策略积极应对，加大推广力度进一步稳定市场占有率，但仍呈销售 承压态势。 长江商报记者发现，哈药股份也存在重营销轻研发的现象。2024年，公司投入的广告宣传费、销售促销 费、电商推广费（三项费用以下合计简称"营销费"）合计18.06亿元，是当年研发费用的13.28倍。 出人意料的是，2018年以来的七年半（不含2025年第三季度），哈药股份均未派发现金红利。 公司称，第三季度，销售淡季来临使客户需求下降。 二级市场上，哈药股份的股价表现也不佳，总体而言，属于低位徘徊。 营收净利连续两季双降 经营业绩不稳定的哈药股份再现下降。 根据三季度报告，2025年前三季度， ...

Core Viewpoint - The board of directors of Harbin Pharmaceutical Group Co., Ltd. (哈药股份) ensures the authenticity, accuracy, and completeness of the quarterly report, taking legal responsibility for its content [2][8]. Financial Data Summary - The third-quarter financial statements for 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, with specific emphasis on non-recurring gains and losses [4][5]. - The report indicates that there were no significant changes in the financial indicators compared to previous periods [5]. Shareholder Information - The total number of ordinary shareholders and the status of the top ten shareholders are documented, although there are no changes in the lending of shares for the top shareholders [6]. Other Important Information - The board meeting held on October 24, 2025, confirmed that the third-quarter report complies with relevant laws and regulations, accurately reflecting the company's financial status and operational performance [8][10].

Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting investment opportunities and financial performance. Group 1: Major Announcements - Yueda Investment has established joint ventures with China Resources Power and others to invest in offshore wind power projects, holding 20% and 30% stakes in two projects with total investments of 2 billion and 3.9 billion yuan respectively, enhancing its position in the renewable energy sector [4] - Hunan Development plans to invest 2.4 billion yuan in a photovoltaic power generation project with a capacity of 800MW, scheduled for construction from 2026 to 2029 [8] - Longjiang Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with 2.531 billion yuan already spent on acquiring shares [9] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymerization project [10] - Wiston intends to acquire a 36.7483% stake in Liangtou Technology and increase its investment, making it a subsidiary [11] Group 2: Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, despite a revenue decline of 17.32% [15] - Guoxuan High-Tech's net profit surged by 1434.42% in Q3, with a revenue increase of 20.68% [16] - Tian'ao Electronics achieved a net profit growth of 1329.08% in Q3, despite a revenue decline [18] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, despite a slight revenue decline [19] - Donggang Co. reported a net profit increase of 373.51% in Q3, driven by growth in its smart card and printing businesses [20] Group 3: Other Notable Financial Results - Xinjiang Tianye's Q3 net profit rose by 363.19%, while its revenue increased by 8.6% [21] - Jinkai Biotechnology reported a net profit growth of 339.92% in Q3, with a revenue increase of 11.27% [22] - Antong Holdings saw a net profit increase of 311.77% in Q3, with a revenue growth of 18.85% [23] - Wen Tai Technology's net profit grew by 265.09% in Q3, despite a significant revenue decline [25] - Chahua Co. reported a 240.5% increase in Q3 revenue, driven by business restructuring [27]

Group 1: Financial Performance - Dongfang Caifu reported a Q3 revenue of 4.733 billion yuan, a year-on-year increase of 100.65%, and a net profit of 3.53 billion yuan, up 77.74% year-on-year [1] - Guoxuan High-Tech announced a Q3 revenue of 10.114 billion yuan, a 20.68% increase year-on-year, and a net profit of 2.167 billion yuan, soaring 1434.42% year-on-year [2] - Jiangsu Power's controlling shareholder received a loan commitment of up to 7.2 billion yuan for stock repurchase [3] - Yueda Investment reported a Q3 revenue of 789 million yuan, a 22.97% increase year-on-year, and a net profit of 615.22 million yuan, up 333.60% year-on-year [4] Group 2: Strategic Investments - Yueda Investment formed joint ventures with China Resources Power and others to invest in offshore wind power projects, holding 20% and 30% stakes in two projects [4] - Hunan Development signed an investment agreement for a photovoltaic power generation project with a total investment of approximately 2.4 billion yuan [7] - Wiston plans to acquire a 36.7483% stake in Liangtou Technology and increase its capital, making it a subsidiary [10] Group 3: Market Trends and Risks - Shannon Chip announced significant stock price volatility, with a cumulative deviation of over 200% in 30 trading days, indicating potential irrational speculation [5] - Cambridge Technology set its H-share issuance price at 68.88 HKD per share, with trading expected to start on October 28, 2025 [6] Group 4: Company-Specific Developments - Jin Cai Hulin reported a Q3 net profit increase of 1697.84% despite a revenue decline [11] - Morning Light Bio's Q3 net profit grew by 385.3% despite a revenue drop [12] - Donggang Co. reported a Q3 net profit increase of 373.51% with a revenue increase of 45.80% [13] - Xinjiang Tianye's Q3 net profit increased by 363.19% despite a revenue increase of only 8.6% [14]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025, reflecting challenges in the pharmaceutical industry due to structural adjustments and intensified competition [1] Financial Performance - The company's revenue for the first three quarters reached 12.021 billion, a year-on-year decrease of 1.92% [1] - The net profit attributable to shareholders was 329 million, down 35.35% year-on-year [1] Industry Context - The pharmaceutical industry is undergoing structural adjustments and deepening transformations, leading to increased market competition [1] - Resources in the industry are rapidly concentrating towards leading enterprises, resulting in a significant increase in market concentration [1] - Non-pharmaceutical formulations are aggressively capturing market share through strong promotional efforts [1] Sales and Market Dynamics - The third quarter experienced a sales lull, leading to decreased customer demand [1] - Despite the company's timely adjustments in sales strategies and increased promotional efforts to stabilize market share, sales pressure remains evident [1] - Major products such as compound calcium gluconate oral solution, double yellow liquid, amoxicillin capsules, and calcium-iron-zinc oral solution saw a decline in revenue, contributing to the downturn in the pharmaceutical industrial segment [1] Pharmaceutical Commercial Sector - The wholesale segment is facing ongoing impacts from centralized procurement policies, which are tightening profit margins [1] - Changes in sales have led to corresponding fluctuations in operating expenses [1] - An increase in provisions for bad debts has been noted due to changes in the aging of accounts receivable [1]

Investment Announcements - Yueda Investment has established a joint venture with China Resources Power and others to invest in offshore wind power projects, holding a 20% stake in a 308MW project and a 30% stake in a 407MW project, with total investments of 200 million yuan and 390 million yuan respectively [3] - Shannon Chip has announced significant stock price volatility, with a cumulative deviation of over 200% in closing prices over 30 trading days, indicating potential irrational speculation and high trading risks [4] - Cambridge Technology has set the final price for its H-share issuance at HKD 68.88, with plans to list on the Hong Kong Stock Exchange on October 28, 2025 [5] - Hunan Development plans to invest approximately 2.4 billion yuan in a photovoltaic power generation project in Jiahe County, with a planned capacity of 800MW, to be constructed in phases from 2026 to 2029 [6] - Changjiang Electric Power's controlling shareholder has received a loan commitment of up to 7.2 billion yuan for stock repurchase, with plans to buy back shares worth between 4 billion and 8 billion yuan over the next 12 months [7] - Huitong Co. plans to invest 81 million yuan in a high-temperature nylon and PEEK polymer project, leasing a facility in Shanghai for the project [8] - Weston plans to acquire a 36.7483% stake in Liangtou Technology and invest an additional 53.27 million yuan, resulting in a total investment of 160 million yuan, making Liangtou a subsidiary [9] - Huamai Technology has terminated plans for a change in control and will resume trading on October 27 [10] Financial Performance - Jincai Hulin reported a net profit increase of 1697.84% year-on-year for the first three quarters, with a net profit of 57.52 million yuan despite a revenue decline of 17.32% [13] - Morning Light Bio's net profit increased by 385.3% year-on-year for the first three quarters, with a net profit of 304 million yuan despite a slight revenue decline [14] - Donggang Co. reported a net profit increase of 373.51% year-on-year for the third quarter, with a net profit of 44.63 million yuan [15] - Xinjiang Tianye's net profit increased by 363.19% year-on-year for the third quarter, with a net profit of 15.76 million yuan [16] - Jinkai Biotechnology reported a net profit increase of 339.92% year-on-year for the third quarter, with a net profit of 31.67 million yuan [17] - Antong Holdings reported a net profit increase of 311.77% year-on-year for the first three quarters, with a net profit of 664 million yuan [18] - Wentai Technology reported a net profit increase of 265.09% year-on-year for the first three quarters, with a net profit of 1.513 billion yuan [19] - Pinming Technology reported a net profit increase of 267.42% year-on-year for the first three quarters, with a net profit of 48.43 million yuan [21] - Chahua Co. reported a revenue increase of 240.5% year-on-year for the third quarter, with a net profit of 9.55 million yuan [22] - Chuangyao Technology reported a net profit increase of 208.96% year-on-year for the third quarter, with a net profit of 36.82 million yuan [23] - Yueda Investment reported a net profit increase of 200.05% year-on-year for the first three quarters, with a net profit of 75.55 million yuan [24] - Chifeng Gold reported a net profit increase of 140.98% year-on-year for the third quarter, with a net profit of 951 million yuan [25] - Xiamen Tungsten reported a net profit increase of 109.85% year-on-year for the third quarter, with a net profit of 810 million yuan [26] - Luoyang Molybdenum reported a net profit increase of 72.61% year-on-year for the first three quarters, with a net profit of 14.28 billion yuan [27] - CITIC Securities reported a net profit increase of 37.86% year-on-year for the first three quarters, with a net profit of 23.16 billion yuan [28] - Hualuo Co. reported a net profit decline of 35.35% year-on-year for the first three quarters, with a net profit of 329 million yuan [29] - Quartz Co. reported a net profit decline of 56.81% year-on-year for the first three quarters, with a net profit of 135 million yuan [30] - Beiqi Blue Valley reported a loss of 3.43 billion yuan for the first three quarters [31] - Juxing Agriculture reported a loss of 74.02 million yuan for the third quarter [32] - Tongwei Co. reported a loss of 5.27 billion yuan for the first three quarters [33] Strategic Partnerships - Greeenmei has signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy for the supply of advanced battery raw materials, with an expected supply of 150,000 tons annually from 2026 to 2028, totaling 450,000 tons [35]

格隆汇10月24日丨哈药股份(600664.SH)公布，公司第三季度实现营业收入38.97亿元，同比下降 5.29%；归属于上市公司股东的净利润6888.93万元，同比下降58.22%；归属于上市公司股东的扣除非经 常性损益的净利润4470.83万元，同比下降71.75%；基本每股收益0.03元。 ...

（记者 曾健辉） 每经AI快讯，哈药股份10月24日晚间发布公告称，公司第十届第二十次董事会会议于2025年10月24日 以通讯表决方式召开。会议审议了《2025年第三季度报告》等文件。 每经头条（nbdtoutiao）——中国创新药，今年海外授权已卖出800亿美元！对话创东方投资合伙人卢 刚：生物医药二级市场火热，一级市场为何募资遇冷？ ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the third quarter of 2025, reflecting challenges in the pharmaceutical industry due to structural adjustments and intensified market competition [1] Financial Performance - The company's third-quarter revenue was 3.897 billion yuan, a year-on-year decrease of 5.29% [1] - Net profit for the third quarter was 68.8893 million yuan, down 58.22% year-on-year [1] - For the first three quarters, total revenue reached 12.021 billion yuan, a decline of 1.92% year-on-year [1] - Net profit for the first three quarters was 329 million yuan, representing a decrease of 35.35% year-on-year [1] - Basic earnings per share were 0.13 yuan [1] Industry Context - The pharmaceutical industry is undergoing structural adjustments and deepening transformations, leading to increased market competition [1] - The arrival of the sales off-season has resulted in decreased customer demand [1] Product Performance - Revenue from key products such as compound calcium gluconate oral solution, Shuanghuanglian oral solution, amoxicillin capsules, and calcium-iron-zinc oral solution has declined, contributing to the downturn in the pharmaceutical industrial segment [1] Commercial Sector Challenges - In the pharmaceutical wholesale sector, the impact of centralized procurement policies has tightened gross profit margins [1] - Operating expenses have fluctuated in line with sales changes [1] - An increase in provisions for bad debts has been noted due to changes in the aging of accounts receivable [1]