证券代码：600771 证券简称：广誉远 公告编号：2025-019 广誉远中药股份有限公司 关于副总裁离任的公告 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。 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在上 市公司及其控 股子公司任职 具体职 务（如 适用） 是否存在未 履行完毕的 公开承诺 王俊波 副总裁 2025 年 11 月 19 日 2026 年 01 月 17 日 工作调整 否 无 否 一、副总裁提前离任的基本情况 广誉远中药股份有限公司（以下简称"公司"）董事会近日收到公司副总裁 王俊波递交的辞职报告，因工作调整，王俊波提请辞去公司副总裁职务，辞职后 不在公司及下属子公司担任任何职务，辞职报告自送达公司董事会之日起生效。 二、副总裁离任对公司的影响 截至目前，王俊波未持有公司股票，不存在针对副总裁职务未履行完毕的公 开承诺或义务，与公司董事会及经营管理层无分歧，亦不存在需向投资者说明的 重要事项。王俊波离任不会影响公司的正常运作，不会对公司日常管理、生产经 营产生重大影响。 公司及董事会对王 ...

格隆汇11月19日丨广誉远（维权）(600771.SH)公布，公司董事会近日收到公司副总裁王俊波递交的辞 职报告，因工作调整，王俊波提请辞去公司副总裁职务，辞职后不在公司及下属子公司担任任何职务， 辞职报告自送达公司董事会之日起生效。 ...

广誉远公告称，董事会近日收到副总裁王俊波的辞职报告，因工作调整，其提请辞去副总裁职务，辞职 后不在公司及下属子公司任职，辞职报告自送达董事会之日起生效。原定任期到2026年1月17日，实际 离任时间为2025年11月19日。王俊波未持有公司股票，无未履行完毕的公开承诺，其离任不会影响公司 正常运作。 ...

Macro Strategy - Recent international gold prices are fluctuating at high levels, with domestic jewelry gold prices also remaining elevated. There is a new trend in gold consumption favoring lighter products like gold bars. Short-term gold prices are expected to maintain high volatility. Consumers should pay attention to international gold price fluctuations if investing, and choose purchasing timing based on their budget for wearing needs [2][3] - From January to October, the national general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%. The national general public budget expenditure was 22.5825 trillion yuan, a year-on-year increase of 2%. Securities transaction stamp duty revenue was 162.9 billion yuan, a year-on-year increase of 88.1% [2] - By the end of 2024, the total asset scale of urban commercial banks in China is projected to be 60.15 trillion yuan, a 134-fold increase since 1995, accounting for 13.53% of the banking financial institutions, with a market share increase of 8.24 percentage points. The non-performing loan ratio is 1.76%, and the provision coverage ratio is 188.08% [2] Industry and Company Medical Services Industry - The medical and biological sector rose by 3.29%, ranking fifth among the 31 first-level industries. The Shanghai and Shenzhen 300 Index fell by 1.08%, indicating that the medical sector outperformed the index by 4.37 percentage points [6] - The PE (ttm) of the medical services sector is 33.47X, with a PB (lf) of 3.37X. The PE increased by 0.51X and the PB increased by 0.05X compared to the previous week [7][8] - The TIDES CRDMO market is expected to grow significantly, with the global market projected to increase from 2.1 billion USD in 2018 to 5.5 billion USD in 2023, with a CAGR of 20.9%, and further to 37.3 billion USD by 2032, with a CAGR of 23.8%. The Chinese market is expected to grow from 200 million USD in 2018 to 800 million USD in 2023, with a CAGR of 37.1%, and to 6.2 billion USD by 2032, with a CAGR of 25.5% [9] - Investment recommendations for the medical services sector include focusing on high-growth companies in the ADC CDMO and TIDES CDMO areas, as well as companies in the third-party testing laboratories and consumer medical sectors [10] Traditional Chinese Medicine Industry - The traditional Chinese medicine sector rose by 4.08%, ranking third among secondary sub-sectors. Companies such as Te Yi Pharmaceutical and Zhongsheng Pharmaceutical performed well, while others like *ST Changyao and ST Huluwa performed poorly [12] - The PE (ttm) for the traditional Chinese medicine sector is 29.25X, with a PB (lf) of 2.47X, indicating a slight increase from the previous week [13][14] - The market for traditional Chinese medicinal materials is experiencing volatility, with an overall supply surplus due to increased arrivals from new harvests. Recent weather conditions have also impacted harvesting [15] - The steady advancement of centralized procurement in the traditional Chinese medicine industry aims to reduce patient medication costs and shift competition towards cost control and quality standards [16][17] - Investment recommendations for the traditional Chinese medicine sector include focusing on companies with competitive advantages in product quality and cost, as well as those benefiting from national reforms and centralized procurement policies [18][19]

Market Performance - The market experienced a volatile upward trend last week, with the Shanghai Composite Index rising by 1.08%, the Shenzhen Component Index by 0.19%, and the ChiNext Index by 0.65% [2] - The China Securities Index reported a decrease of 0.40%, closing at 2021.77 points [2] Strong Stock Performances - Notable strong performers included Zhongwei Company, which increased by 10.66%, and Darentang, which rose by 8.80% [2] - Other significant gainers were Yangguang Electric Power and Yiwei Lithium Energy, with increases of 5.90% and 5.04% respectively [2] Year-to-Date Stock Gains - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 236.32%, leading the gains [3] - Yangguang Electric Power follows with a rise of 198.52%, while Yiwei Lithium Energy, Zhaoyi Innovation, and Zhongwei Company have increased by 91.34%, 75.11%, and 69.86% respectively [3] Market Outlook - Short-term market sentiment is expected to remain volatile, with basic economic factors potentially having a reduced impact on stock structure [4] - Long-term perspectives suggest that the current market risk premium is at a historical median level, with equity asset valuations remaining reasonable [4] - The market is anticipated to shift from valuation-driven growth to fundamental-driven growth as domestic economic stability improves [4] Investment Focus - Investment strategies should focus on sectors with structural growth potential, particularly in emerging growth areas such as AI technology innovation, energy infrastructure, and semiconductors [4] - Additionally, attention should be given to cyclical sectors that may benefit from "anti-involution" policies and leading companies actively expanding into overseas markets [4]

Core Viewpoint - Guangyuyuan's stock price has shown a modest increase this year, with a notable rise in recent trading days, reflecting positive market sentiment and financial performance [2][3]. Group 1: Stock Performance - As of November 7, Guangyuyuan's stock price increased by 2.30%, reaching 20.05 CNY per share, with a trading volume of 1.58 billion CNY and a turnover rate of 1.62% [1]. - Year-to-date, Guangyuyuan's stock price has risen by 6.31%, with a 4.75% increase over the last five trading days and a 3.78% increase over the last 20 days, although it has decreased by 4.89% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Guangyuyuan achieved a revenue of 1.061 billion CNY, representing a year-on-year growth of 18.71%, while the net profit attributable to shareholders was 78.884 million CNY, up 11.16% year-on-year [2]. - The company's main business revenue composition includes traditional Chinese medicine (72.19%), premium Chinese medicine (24.20%), health wine (3.55%), and other (0.06%) [2]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for Guangyuyuan increased to 65,300, up by 2.85%, with an average of 7,495 circulating shares per person, a decrease of 2.77% [2]. - The top ten circulating shareholders include notable entities such as Southern CSI 1000 ETF and Hong Kong Central Clearing Limited, with some holdings experiencing slight reductions while others, like Penghua Medical Technology Stock A, are new entrants [3].

Core Viewpoint - Guangyuyuan, a long-established Chinese traditional medicine company, has shown growth in revenue and net profit, with significant contributions from its traditional Chinese medicine and health wine segments, despite facing challenges in comparison to industry leaders [2][6]. Group 1: Company Overview - Guangyuyuan was established on November 25, 1996, and is listed on the Shanghai Stock Exchange since November 5, 1996, with its headquarters in Jinzhong, Shanxi Province [1]. - The company specializes in the production and sales of traditional Chinese medicine, premium Chinese medicine, and health wine, with a strong brand heritage [1]. Group 2: Financial Performance - For Q3 2025, Guangyuyuan reported revenue of 1.061 billion yuan, ranking 41st among 69 companies in the industry, significantly lower than the top competitors [2]. - The revenue breakdown includes 522 million yuan from traditional Chinese medicine (72.19%), 175 million yuan from premium Chinese medicine (24.20%), and 25.67 million yuan from health wine (3.55%) [2]. - The net profit for the same period was 82.15 million yuan, ranking 37th in the industry, again trailing behind major competitors [2]. Group 3: Financial Ratios - As of Q3 2025, Guangyuyuan's debt-to-asset ratio was 32.06%, lower than the industry average of 32.81%, indicating improved solvency [3]. - The gross profit margin was reported at 67.81%, which, despite a decrease from the previous year, remains above the industry average of 52.44% [3]. Group 4: Leadership and Governance - The controlling shareholder of Guangyuyuan is Shennong Technology Group, with the actual controller being the State-owned Assets Supervision and Administration Commission of Shanxi Province [4]. - Chairman Li Xiaojun has a strong background in finance and management, holding significant positions within the company and its parent group [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.85% to 65,300, with an average holding of 7,495.35 shares, a decrease of 2.77% [5]. - Notable changes among the top ten shareholders include a decrease in holdings by several entities and the entry of new shareholders [5]. Group 6: Growth Prospects - In H1 2025, Guangyuyuan's revenue and net profit grew by 18.14% and 28.95%, respectively, with all three main business lines showing growth [6]. - The company plans to increase R&D investment, with H1 2025 R&D expenses reaching 21 million yuan, a 15.5% increase year-on-year [6]. - Forecasts suggest revenue growth to 1.44 billion yuan by 2027, with net profit reaching 136 million yuan, indicating a strong growth trajectory [6].

Group 1 - The core transaction on October 29 involved a block trade of 572,000 shares of Guangyuyuan, with a transaction value of 11.82 million yuan and a transaction price of 20.66 yuan, representing a premium of 8.28% over the closing price of the day [2][3] - The closing price of Guangyuyuan on the same day was 19.08 yuan, reflecting an increase of 0.37%, with a turnover rate of 1.07% and a total trading volume of 98.94 million yuan [2][3] - Over the past five days, Guangyuyuan's stock has seen a cumulative decline of 1.29%, with a total net outflow of funds amounting to 39.08 million yuan [2][3] Group 2 - The latest margin financing balance for Guangyuyuan is 713 million yuan, which has decreased by 11.9972 million yuan over the past five days, representing a decline of 1.65% [3] - Guangyuyuan Traditional Chinese Medicine Co., Ltd. was established on November 25, 1996, with a registered capital of 4.8949 billion yuan [3]

Core Insights - On October 29, Guangyuyuan executed a block trade of 572,000 shares, with a transaction value of 11.8175 million yuan, accounting for 10.67% of the total trading volume for the day [1] - The transaction price was 20.66 yuan, representing a premium of 8.28% over the market closing price of 19.08 yuan [1] Summary by Category Trading Activity - The block trade involved 572,000 shares of Guangyuyuan, with a total transaction amount of 11.8175 million yuan [1] - The trade price was set at 20.66 yuan, which is higher than the market closing price [1] Market Impact - The block trade constituted 10.67% of the total trading volume on that day, indicating significant market activity [1] - The premium of 8.28% over the closing price suggests strong demand for the shares at the time of the transaction [1]

Core Insights - Guangyuyuan Traditional Chinese Medicine Co., Ltd. reported a total revenue of 1.061 billion yuan for the first three quarters of 2023, marking an 18.71% year-on-year increase, and a net profit attributable to shareholders of 78.884 million yuan, up 11.16% year-on-year, returning to the "10 billion club" for the first time since 2018 [1] Financial Performance - The company achieved a total revenue of 1.061 billion yuan in the first three quarters of 2023, with a year-on-year growth of 18.71% [1] - The net profit attributable to shareholders was 78.884 million yuan, reflecting an 11.16% increase compared to the previous year [1] - After excluding a one-time tax payment of 29.67 million yuan, the actual net profit for the third quarter was approximately 31.7 million yuan, representing a year-on-year increase of about 179% [1] Brand and Product Development - Guangyuyuan's core products, including Gui Ling Ji, Ding Kun Dan, and An Gong Niu Huang Wan, have been recognized as national intangible cultural heritage [1] - The company is actively promoting its Gui Ling Ji liquor, which has seen significant sales growth, with over 103,000 boxes sold, making it the second-best-selling product [2] - The company has implemented various marketing strategies, including brand exposure through high-speed rail and promotional events, to enhance product visibility and expand sales channels [2] Strategic Direction - The company aims to maintain a growth trend through its "Four Legs and Two Wings" strategy, focusing on core products while exploring potential product lines [3] - Key strategies include positioning Gui Ling Ji as a symbol of anti-aging, Ding Kun Dan for women's health, and leveraging traditional production methods for An Gong Niu Huang Wan [3] - Guangyuyuan plans to enhance its entire industry chain, innovate marketing models, and improve its competitive edge in the traditional Chinese medicine sector [3]