Group 1 - Company Kanghui Co., Ltd. reported a revenue of approximately 356 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 11.97% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 133 million yuan [1] - As of the report date, the market capitalization of Kanghui Co., Ltd. was 2.2 billion yuan [2] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2] - The technology sector is leading the market's transformation [2]

每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 曾健辉） 每经AI快讯，康惠股份（SH 603139，收盘价：21.93元）10月29日晚间发布公告称，康惠智创系公司 2025年5月投资设立的全资子公司，注册资本1000万元。为满足其业务发展需要，增强资金实力，公司 拟以自有或自筹资金的方式向康惠智创增资9000万元。本次增资完成后，康惠智创的注册资本将从1000 万元人民币增至1亿元人民币。 2025年1至6月份，康惠股份的营业收入构成为：医药制造占比60.68%，医药流通占比36.79%，其他业 务占比2.53%。 截至发稿，康惠股份市值为22亿元。 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥108,608,839.81, a decrease of 21.80% compared to the same period last year[4]. - The total profit for the period was -¥97,199,229.70, reflecting a decline of 167.23% year-on-year[4]. - The net profit attributable to shareholders was -¥92,300,339.12, down 211.97% from the previous year[4]. - The basic and diluted earnings per share were both -¥0.93, a decrease of 220.69% compared to the same period last year[5]. - Total operating revenue for the first three quarters of 2025 was CNY 356,141,252.19, a decrease of 11.93% compared to CNY 404,545,531.96 in the same period of 2024[21]. - Net profit for the first three quarters of 2025 was a loss of CNY 156,889,017.44, compared to a loss of CNY 47,782,213.85 in the same period of 2024, reflecting a significant increase in losses[22]. - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY -1.33, compared to CNY -0.38 in the same period of 2024, reflecting worsening financial performance[23]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,886,387,585.81, a slight decrease of 0.08% from the end of the previous year[5]. - The equity attributable to shareholders decreased by 15.45% to ¥724,839,306.46 compared to the end of the previous year[5]. - The company's total liabilities increased to CNY 1,140,973,925.89 in Q3 2025 from CNY 980,937,492.97 in Q3 2024, showing a rise in financial obligations[20]. - The total equity attributable to shareholders decreased to CNY 724,839,306.46 in Q3 2025 from CNY 857,322,192.02 in Q3 2024, indicating a decline in shareholder value[20]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥9,238,029.67, with a significant increase of 73.63% in cash outflows due to procurement and tax payments[5]. - Cash flow from operating activities for the first three quarters of 2025 was CNY 395,034,596.39, down from CNY 460,121,083.94 in 2024, indicating a decline in cash generation[25]. - The net cash flow from operating activities was -9,238,029.67, an improvement from -35,037,983.52 in the previous year[26]. - Total cash inflow from investing activities was 6,306,068.86, down from 50,350,737.66 year-over-year[26]. - The net cash flow from investing activities was -25,393,032.62, compared to -62,964,882.22 in the previous year[26]. - Cash inflow from financing activities totaled 287,442,770.40, a decrease from 351,117,999.19 year-over-year[27]. - The net cash flow from financing activities was 15,525,817.71, down from 61,594,907.49 in the previous year[27]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,458[10]. - The largest shareholder, Jiaxing Yuehe Zhichuang Technology Partnership, held 22.00% of the shares[10]. Operational Changes - The company’s subsidiary, Beijing Kanghui Zhichuang Technology Co., Ltd., has begun operations, although it has not yet significantly impacted overall performance[13]. - The company has completed the cancellation of its wholly-owned subsidiary, Xi'an Xinliangfang Pharmacy Co., Ltd., on August 4, 2025, which did not have a major impact on financial performance[13][14]. - The company’s governance structure has been adjusted, with the controlling shareholder changing from Kanghui Holdings to Yuehe Zhichuang, and the actual controllers are now Li Hongming and Wang Xuefang[12]. Cost Management - Total operating costs for the first three quarters of 2025 were CNY 449,560,000.04, slightly down from CNY 455,454,003.35 in 2024, indicating a cost reduction strategy[21]. - The company reported a significant increase in credit impairment losses, amounting to CNY -62,123,737.00 in 2025 compared to CNY -3,896,391.46 in 2024[22]. - Research and development expenses increased to CNY 5,114,091.34 in 2025 from CNY 4,697,380.27 in 2024, indicating a focus on innovation despite financial losses[21]. - The company reported an investment loss of CNY -3,970,242.88 in 2025, contrasting with a gain of CNY 2,304,092.47 in 2024, highlighting challenges in investment performance[21]. Cash and Equivalents - The company's cash and cash equivalents decreased to RMB 78,494,908.73 from RMB 97,600,121.36, representing a decline of about 19.6%[17]. - The ending balance of cash and cash equivalents was 78,494,022.59, compared to 113,435,205.75 at the end of the previous year[27].

Core Viewpoint - The lawsuit involving Shaanxi Kanghui Pharmaceutical Co., Ltd. has progressed to the second instance, with the appellant withdrawing the appeal, which is not expected to negatively impact the company's profits for the current or future periods [2][6][7]. Group 1: Lawsuit Background - The company initiated a lawsuit against Hubei Kelaivi Biological Pharmaceutical Co., Ltd. in September 2024 regarding the payment of equity repurchase deposit and repurchase amount [3]. - The first-instance judgment was received in May 2025, and an appeal was filed by Yiwikangyuan (Beijing) Pharmaceutical Technology Co., Ltd. in July 2025 [3]. Group 2: Recent Developments - The company recently received a civil ruling from the Shaanxi Intermediate People's Court, allowing the appellant to withdraw the appeal, which means the first-instance judgment will take effect [3][5]. - The second-instance case acceptance fee was 110,885 yuan, with a reduced fee of 55,442.5 yuan to be borne by the appellant [4]. Group 3: Financial Implications - The amount involved in the lawsuit is 37.994 million yuan plus interest [6]. - The withdrawal of the appeal is anticipated to have no adverse effect on the company's current or future profits, and the company will continue to monitor the situation closely [7].

Market Overview - The Chinese traditional medicine sector experienced a decline of 0.31% on October 27, with Zhenbaodao leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the traditional medicine sector included: - Weikang Pharmaceutical (300878) with a closing price of 23.90, up 3.46% [1] - ST Xiangxue (300147) at 10.25, up 2.60% [1] - Jiuzi Tang (000989) at 10.02, up 2.14% [1] - Conversely, Zhenbaodao (603567) saw a significant decline of 6.23%, closing at 11.13 [2] - Other notable decliners included: - Taiji Group (600129) down 3.21% [2] - Kunming Pharmaceutical Group (600422) down 2.21% [2] Capital Flow - The traditional medicine sector experienced a net outflow of 344 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [2] - The sector's overall capital flow indicated a mixed sentiment, with speculative funds showing a net inflow of 163 million yuan [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Jilin Aodong (000623) with a net inflow of 81.97 million yuan from institutional investors [3] - Yunnan Baiyao (000538) with a net inflow of 62.26 million yuan [3] - Jiuzi Tang (000989) with a net inflow of 26.22 million yuan [3] - Notable outflows were observed in: - Jilin Aodong with a retail net outflow of 72.25 million yuan [3] - Yunnan Baiyao with a retail net outflow of 67.54 million yuan [3]

证券代码：603139 证券简称：康惠股份 公告编号：2025-065 陕西康惠制药股份有限公司 关于诉讼进展暨收到撤诉裁定的公告 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： ●是否会对上市公司损益产生负面影响：根据咸阳市中级人民法院的裁定， 本次诉讼事项为上诉人撤回上诉，预计不会对公司本期或期后利润产生不利影响。 一、诉讼的基本情况 陕西康惠制药股份有限公司（以下简称"公司"）就要求与湖北科莱维生物 药业有限公司（以下简称"科莱维"）支付股权回购定金及股权回购款事项于 2024 年 9 月向陕西省咸阳市秦都区人民法院提起诉讼并申请诉前财产保全。具体内容 详见公司于 2024 年 9 月 21 日在上海证券交易所网站（www.sse.com.cn）披露的 《陕西康惠制药股份有限公司关于科莱维回购公司所持其 42.8725%股权进展暨 公司提起诉讼的公告》（公告编号：2024-048）。 2025 年 5 月，公司收到陕西省咸阳市秦都区人民法院《民事判决书》【（2024） 陕 0402 民初 8921 号】， ...

Core Viewpoint - The announcement details the completion of a legal representative change and the issuance of a new business license for Shaanxi Kanghui Pharmaceutical Co., Ltd, following the approval of several resolutions at the recent shareholder and board meetings [1][3]. Group 1: Corporate Changes - The company held its second extraordinary general meeting and the first meeting of the sixth board of directors on September 4, 2025, where resolutions regarding the cancellation of the supervisory board and amendments to the Articles of Association were approved [1]. - The legal representative of the company has been changed to Mr. Li Hongming, with all other registration details in the business license remaining unchanged [1]. Group 2: Business Information - The company is registered with a capital of 99.88 million RMB and operates as a joint-stock company [1]. - The business scope includes the production and sale of various pharmaceutical forms such as tablets, capsules, granules, oral liquids, and more, as well as services related to traditional Chinese medicine and pharmaceutical technology [1].

证券日报网讯10月23日晚间，康惠股份（603139）发布公告称，近日，公司完成了法定代表人的工商变 更登记及《公司章程》、第六届董事会董事、总经理及财务总监等备案手续，并取得了咸阳市行政审批 服务局换发的《营业执照》，公司法定代表人变更为李红明先生。 ...

关于完成法人变更并换领新营业执照的公告 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、准确性和完整性法律责任。 陕西康惠制药股份有限公司（以下简称"公司"）于 2025 年 9 月 4 日分别 召开了 2025 年第二次临时股东大会及第六届董事会第一次会议，审议通过《关 于取消公司监事会并修订<公司章程>的议案》《关于选举公司第六届董事会董事 的议案》及《关于选举公司第六届董事会董事长的议案》等相关议案。根据《公 司章程》有关规定，董事长为公司的法定代表人。具体内容详见公司在上海证券 交易所网站（www.sse.com.cn）披露的 2025-047、2025-048、2025-054、2025-055 号公告。 近日，公司完成了法定代表人的工商变更登记及《公司章程》、第六届董事 会董事、总经理及财务总监等备案手续，并取得了咸阳市行政审批服务局换发的 《营业执照》，公司法定代表人变更为李红明先生。除上述事项外，公司《营业 执照》的其他登记事项不变。变更后的登记信息如下： 名称：陕西康惠制药股份有限公司 证券代码：603139 证券简称：康惠股份 公告编号 ...

Core Insights - Xianyang has a rich traditional Chinese medicine (TCM) resource base and is the only prefecture-level city in China with a TCM university, indicating a strong foundation for the TCM industry [1] Industry Development - The production of medicinal plants in Xianyang exceeds 300 species, with over 20,000 professionals in the pharmaceutical sector and 10 companies with an output value exceeding 100 million yuan [1] - The newly implemented regulations aim to further stimulate the innovation and development of TCM in Xianyang [1][7] Company Highlights - Dongtai Pharmaceutical Co., Ltd. has established a standardized production base for dry toad skin, covering over 460 acres, and reported an annual output value of 1.87 billion yuan [2] - The company operates 11 production lines and produces over 70 types of TCM products, utilizing 30,000 tons of medicinal materials annually [2] - Xianyang has 38 pharmaceutical production enterprises, with nearly 90% being TCM manufacturers, and 607 approved traditional Chinese medicine products [3] Technological Innovation - The shift from manual to automated production in TCM manufacturing is exemplified by the operations at Kanghui Pharmaceutical Co., Ltd., which has reduced the number of operators from over ten to just two [5] - The company is engaged in research on green manufacturing technologies for TCM, collaborating with Shaanxi University of Traditional Chinese Medicine [5] - Xianyang is establishing an innovation cluster for TCM, aiming to create a billion-level TCM industry cluster and enhance technological self-reliance [6] Market Expansion - The new regulations encourage the development of new products using TCM raw materials, such as health foods and medicinal cuisine, to extend the industry chain [7] - Companies like Haitian Pharmaceutical are diversifying into the health sector with products like seabuckthorn masks and functional beverages, aligning with market demands [8] Future Outlook - The focus will be on cultivating new varieties, enhancing the brand recognition of "Xian Medicine," and optimizing traditional formulas to develop more renowned products [9]