杉杉重整大戏之谁是白衣骑士渐近高潮！ "老五股"之一的中国宝安（000009.SZ）宣布拟携旗下"负极一哥"贝特瑞（920185.BJ）入局杉杉集团重整，这份重整意向背后，潜伏一个全球负极"超级 巨无霸"。 在中国宝安之前，方大炭素（600516.SH）、湖南盐业集团均宣布有意向参与杉杉集团重整。"白衣骑士"接连登场，杉杉集团的重整舞台，比预想的更为 拥挤。 值得注意的是，自2020年起中国宝安 内部经历长达数年的股权暗战。 据"湾财社"近期报道，市场人士分析，中国宝安股权争夺大概率将持续升级。 此 外，如果中国宝安参与杉杉重整， 还会面临反垄断审查。 截至12月16日收盘，中国宝安股价下跌2.39%，报9.8元/股，总市值253亿元；贝特瑞股价下跌1.22%，报31.7元/股，总市值357亿元；杉杉股份股价下跌 3.5%，报12.95元/股，总市值291亿元。 图源：罐头图库 贝特瑞+杉杉股份=全球负极超级龙头 12月12日晚，中国宝安公告，公司同意作为重整投资联合体牵头人，联合下属子公司贝特瑞及其他潜在投资人参与杉杉集团重整。贝特瑞也于同日发布公 告。 也就意味着，如果能够整合杉杉集团，对贝特瑞当前负极材 ...

证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 中药行业周报 全国医保工作会议召开，价格与市场格局重塑仍是 2026 中药行业大方向 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ下跌 2.03%，跌幅相对较大 根据 wind 数据，上周（2025.12.07-2025.12.13）医药生物报收 8280.55 点，下跌 1.04%；中药Ⅱ报收 6372.09 点，下跌 2.03%；化学制药报收 13271.69 点，下跌 0.75%；生物制品报收 6234.22 点，下跌 1.85%；医药商业报收 5257.6 点，下跌 4.26%；医疗器械报收 6373.39 点，下跌 1.79%；医疗服务报收 6344.37 点，上涨 1.67%。医药二级子板块中，仅医疗服务录得正收益，其他板块均回调，中药 板块跌幅相对较大。 从公司表现来看，根据 wind 数据，表现居前的公司有：佐力药业、江中药业、 葵花药业、东阿阿胶、马应龙；表现靠后的公司有：粤万年青、太龙药业、信 邦制药、益盛药业、维康药业。 ❑ 估值：上周中药板块 PE（ttm）为 27.17X，PB（lf）为 2.29X 根据 ...

证券代码：600993 证券简称：马应龙 公告编号：2025-024 马应龙药业集团股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 11 月 20 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 368 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 235,009,851 | | 3、出席会议的股东所持有表决权股份数占公司有表 | 54.5198 | | 决权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长陈平先生主持，采取现场投票和网 络投票结合的表决方式，符合《公司法》及《公司章程》的规定。 (五) 公司董事、监事和董事会秘 ...

(2025) 鄂瑞天律非诉字第 1418 号 致 马应龙药业集团股份有限公司: 湖北瑞通天元律师事务所接受马应龙药业集团股份有限公司（以 下简称"公司")的委托,指派柳平律师、许畅律师(以下简称"本 律师")出席了公司二〇二五年第一次临时股东大会(以下简称"本 次股东大会"),并依法进行见证。现根据《中华人民共和国公司法》、 《上市公司股东会规则》等法律法规和规范性文件以及《公司章程》 的有关规定,就公司本次股东大会的有关事宜出具法律意见书。 本律师对公司本次股东大会的召集、召开程序的合法性、本次股 东大会召集人资格的合法有效性、出席本次会议人员资格的合法有效 性及会议表决程序、表决结果的合法有效性,发表法律意见。 本律师依据对法律意见书出具日以前已经发生或存在的事实的 了解及对现行相关法律、法规的理解发表法律意见。 湖北瑞通天元律师事务 HUBEI RUITONG TIANYUAN LAW 湖北瑞通天元律师事务所 关于马应龙药业集团股份有限公司 二〇二五年第一次临时股东大会的法律意见书 本律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精 神,对公司提供的出具法律意见书所必须的、全部的、真实的有关公 司 ...

Core Insights - The company reported steady growth in its financial performance for Q3 2025, with a revenue of 8.88 billion yuan, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of 1.58 billion yuan, up 8.38% year-on-year [1][2] - The company is actively enhancing its pharmaceutical operating capabilities and cultivating new growth drivers, particularly in the retail sector and through the development of specialized products [3] Financial Performance - For the first nine months of 2025, the company achieved a total revenue of 28.37 billion yuan, reflecting a year-on-year growth of 1.63%, and a net profit attributable to shareholders of 5.01 billion yuan, which is a 9.51% increase year-on-year [1] - In Q3 2025, the gross profit margin was reported at 48.00%, an increase of 1.52 percentage points year-on-year, while the net profit margin was 17.76%, up 0.91 percentage points year-on-year [2] - Sales expenses for Q3 2025 were 2.17 billion yuan, a year-on-year increase of 12.54%, with a sales expense ratio of 24.43%, up 2.12 percentage points [2] Strategic Initiatives - The company is focusing on key retail chains and products, enhancing resource investment, and conducting marketing activities to strengthen its position in the anorectal market [3] - The company is advancing the development of its unique ophthalmic products and expanding into related health and beauty segments, creating a comprehensive product structure in the eye care category [3] Profit Forecast - The company forecasts net profits attributable to shareholders of 6.08 billion yuan, 7.17 billion yuan, and 8.21 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.41 yuan, 1.66 yuan, and 1.90 yuan [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has shown steady growth in performance, with a revenue of 2.837 billion yuan for the first nine months of 2025, representing a year-on-year increase of 1.63%. The net profit attributable to the parent company reached 501 million yuan, up 9.51% year-on-year [4][10]. - In Q3 2025, the company achieved a revenue of 888 million yuan, a growth of 2.80% year-on-year, and a net profit of 158 million yuan, which is an increase of 8.38% year-on-year [4][10]. - The company is actively expanding its product offerings in the health sector, leveraging its strengths in the anorectal market and enhancing its marketing efforts [10]. Financial Performance - For the first nine months of 2025, the company reported a net profit of 501 million yuan, with a non-recurring net profit of 468 million yuan, reflecting a year-on-year growth of 9.51% and 4.27% respectively [4][10]. - The gross margin for Q3 2025 was 48.00%, an increase of 1.52 percentage points year-on-year, while the net profit margin was 17.76%, up by 0.91 percentage points year-on-year [10]. - The company forecasts net profits of 608 million yuan, 717 million yuan, and 821 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.41 yuan, 1.66 yuan, and 1.90 yuan [10].

Core Viewpoint - The article highlights the rapid rise of domestic brands in China, showcasing their improved quality, aesthetic appeal, and cost-effectiveness, which has led to a significant shift in consumer preferences towards domestic products [3][5]. Group 1: Rise of Domestic Brands - Domestic brands have transformed from having a reputation for poor quality and cheap packaging to becoming competitive and innovative, with numerous brands emerging in the market [3][4]. - Notable domestic brands such as Shilang, Pianzihuang, and Mayinglong are gaining recognition for their professional capabilities and product effectiveness [4][5]. Group 2: Product Recommendations - The article lists several high-quality domestic products that offer great value for money, including: - Shilang Anti-Hair Loss Shampoo, priced at 69.9 yuan for two bottles, known for its effectiveness in reducing hair loss [13][37]. - Mayinglong Eye Cream and Eye Mask, available at a promotional price of 69 yuan, praised for its anti-aging properties [42][61]. - Pianzihuang Pearl Cream, a traditional Chinese medicine product, priced at 49.9 yuan for three bottles, recognized for its skin brightening effects [63][77]. - Rongsheng Astaxanthin Mask, priced at 49 yuan for 30 pieces, noted for its hydrating and skin-tightening benefits [78][99]. - Tingmei Underwear and Shaping Pants, with prices starting at 49.9 yuan, designed for comfort and body shaping [103][154]. - Qinfan Ultra-Thin Thermal Skin Care Clothing, available at 69 yuan for two sets, combines warmth and style [158][195]. - KANS Whitening Body Lotion, priced at 69.9 yuan, known for its moisturizing and brightening effects [224][239]. - Jianjie Outdoor Sports Shoes, priced at 159 yuan, recognized for their durability and comfort [245][279].

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Market Overview - The average daily trading volume in the A-share market decreased to 2.0 trillion CNY, with the turnover rate declining, indicating reduced market activity[5] - The proportion of stocks rising increased to 54.77%, with the median weekly return for A-share stocks rising to 0.6%[5] Fund Flows - New issuance of equity funds decreased to 21.84 billion CNY, while foreign capital inflow accelerated, with a net inflow of 8.0 million USD as of November 5[6] - The net buying amount of financing decreased to 11.63 billion CNY, accounting for 10.8% of total trading volume[6] Sector Performance - Foreign capital primarily flowed into the electronics sector, with a net inflow of 63.2 million USD, while financing capital mainly flowed into the power equipment sector, with a net inflow of 68.3 billion CNY[7] - The healthcare equipment sector is expected to benefit from policy-driven market recovery, with significant growth in bidding volumes for new medical equipment[17][20] Economic Indicators - The average price of Brent crude oil was 68.17 USD per barrel in Q3 2025, reflecting a year-on-year decrease of 13.40%[44] - The construction sector showed signs of recovery, with new home transaction areas in major cities decreasing by 40.6% week-on-week, indicating ongoing challenges in the real estate market[33] Investment Recommendations - The company recommends an overweight position in A/H shares and industrial commodities, suggesting an equity allocation of 45% and a commodity allocation of 10%[9][10]

马应龙药业集团股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 11 月 2025 年第一次临时股东大会会议资料 三、股东发言应举手示意，并按照会议的安排进行。 四、会议进行中接受股东（或其授权代表）发言或提问。股东每 次发言或提问应围绕本次会议议题进行，简明扼要，时间不超过 3 分 钟。 五、股东要求发言时不得打断会议报告人的报告或其他股东的发 言，股东提问和发言不得超出本次会议议案范围。股东违反上述规定 的，大会主持人有权加以制止或拒绝。 六、未经公司董事会同意，任何人员不得摄像、录音、拍照。如 有违反，大会组织方有权加以制止。 马应龙药业集团股份有限公司 股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证股东大会的顺利进行，根据中国证监会《上市公司股东会 规则》、《公司章程》及有关法律法规的要求，特制订本须知。 一、董事会以维护全体股东的合法权益、确保大会正常秩序和议 事效率为原则，认真履行《公司章程》中规定的职责。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。 股东参加股东大会履行其法定义务，不得侵犯其他股东的合法权益。 2 / 79 ...