Group 1 - The core point of the article is that Kanghui Pharmaceutical announced significant shareholding and pledge details from a major shareholder, along with its revenue composition for the first half of 2025 [1] Group 2 - Kanghui Pharmaceutical's major shareholder, Shanghai Chuangxiangying Enterprise Management Partnership, holds approximately 5.99 million shares, accounting for 6% of the total share capital [1] - As of the announcement date, Chuangxiangying has pledged about 4 million shares, which is 66.67% of its holdings and 4% of the total share capital [1] - For the first half of 2025, Kanghui Pharmaceutical's revenue composition is as follows: 60.68% from pharmaceutical manufacturing, 36.79% from pharmaceutical distribution, and 2.53% from other businesses [1] - The current market capitalization of Kanghui Pharmaceutical is 2.4 billion yuan [1]

2025 年 9 月 10 日，公司接到创响盈通知，获悉其将所持有的公司 1,997,600 股股份办理了质押，质押登记日为 2025 年 9 月 9 日，具体情况如下： 证券代码：603139 证券简称：康惠制药 公告编号：2025-059 陕西康惠制药股份有限公司 关于持股 5%以上股东部分股权质押的公告 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： 陕西康惠制药股份有限公司（以下简称"公司"）持股 5%以上股东上海 创响盈企业管理合伙企业（有限合伙）（以下简称"创响盈"）持有公司股份 5,992,800 股，占公司总股本的 6%。 创响盈本次质押公司股份 1,997,600 股，占其持有公司股份的 33.33%， 占公司总股本的 2%。截至本公告披露日，创响盈累计质押公司股份 3,995,200 股，占其持有公司股份的 66.67%，占公司总股本的 4%。 2025 年 9 月 11 日 | | | | 是否为 | 是 | | | | | | | | --- | --- | --- | --- | -- ...

Core Viewpoint - The announcement from Kanghui Pharmaceutical indicates that a major shareholder, Chuangxiangying, has pledged 1.9976 million shares, which represents 33.33% of its holdings and 2% of the company's total share capital. The purpose of the pledge is to supplement working capital [1] Summary by Categories Shareholder Pledge - Chuangxiangying has pledged a total of 1.9976 million shares, accounting for 33.33% of its holdings and 2% of the total share capital of the company [1] - As of the announcement date, Chuangxiangying has cumulatively pledged 3.9952 million shares, which is 66.67% of its holdings and 4% of the company's total share capital [1] Financing Purpose - The funds raised from the share pledge will be used to supplement the company's working capital [1]

Core Points - The company has changed its official email address for investor communication from irsxkh@163.com to ir@sxkh.com [1] - The new email address is effective immediately from the date of the announcement, while the old email address will be deactivated [1] - Other contact information, including the office address and phone number, remains unchanged [1] Summary by Sections - **Email Change**: The company has updated its electronic communication channel for investors [1] - **Effective Date**: The new email address is officially in use from the announcement date, with the old address being phased out [1] - **Contact Information**: All other contact details, such as office address and phone number, will stay the same [1]

Core Points - Kanghui Pharmaceutical (603139) announced a change in its official email address to ir@sxkh.com due to actual work needs [1]

证券代码：603139 证券简称：康惠制药 公告编号：2025-058 陕西康惠制药股份有限公司 关于变更公司电子邮箱的公告 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。 变更前的公司电子邮箱：irsxkh@163.com 变更后的公司电子邮箱：ir@sxkh.com 除上述变更外，公司办公地址、联系电话等其他联系方式保持不变。变更后 的电子邮箱自本公告披露之日起正式启用，原邮箱地址同步停用，敬请广大投资 者注意。由此给投资者带来的不便，敬请谅解。欢迎广大投资者通过新的电子邮 箱与公司沟通交流。 特此公告。 陕西康惠制药股份有限公司董事会 2025 年 9 月 10 日 1 陕西康惠制药股份有限公司（以下简称"公司"）根据实际工作需要，对公 司电子邮箱进行变更，具体情况如下： ...

Core Viewpoint - The company, Kanghui Pharmaceutical, has undergone a change in control and has decided to halt the production of its subsidiary, Shaanxi Youbang, which has been characterized by heavy assets, low output, and significant losses [2][3]. Group 1: Control Change and Immediate Actions - Kanghui Pharmaceutical announced the formal takeover by Li Hongming and Wang Xuefang, with Yuehe Zhichuang becoming the new controlling shareholder [2]. - The previous controlling shareholder, Kanghui Holdings, voluntarily relinquished its voting rights on 10% of its shares [2]. - The decision to stop production at Shaanxi Youbang was made after failed attempts to improve profitability through product restructuring [2][3]. Group 2: Acquisition Background and Financial Performance - The acquisition of Shaanxi Youbang in 2020 was controversial due to the target company's prior production halts and ongoing losses, totaling nearly 15 million yuan from 2018 to 2020 [3]. - The acquisition was made at a 161% premium, with expectations of future profitability that were not met, leading to significant losses in subsequent years [3][4]. - From 2021 to 2023, Shaanxi Youbang accumulated losses of 73.64 million yuan, triggering a performance compensation clause of 269 million yuan [5][6]. Group 3: Operational Challenges and Future Outlook - Shaanxi Youbang faced operational difficulties, including management inefficiencies and production delays, which contributed to its inability to meet performance targets [4][6]. - The company attempted to adjust its product structure and improve operations but failed to achieve effective production, leading to continued financial losses [6][7]. - As of mid-2025, Shaanxi Youbang reported total assets of 324 million yuan and liabilities of 440 million yuan, indicating a severe financial distress situation [7]. Group 4: Strategic Shift and New Directions - Following the control change, Kanghui Pharmaceutical is focusing on reducing financial burdens by divesting from loss-making assets like Shaanxi Youbang [10]. - The new management is exploring opportunities in artificial intelligence, indicating a strategic pivot away from traditional pharmaceutical operations [10]. - The company has registered a new subsidiary in Beijing to develop AI-related software, reflecting its intent to integrate AI with its pharmaceutical business [10].

Core Viewpoint - The control change of Kanghui Pharmaceutical has been completed, with the major shareholder shifting from Kanghui Holdings to Yuehe Zhichuang, and the actual controllers changing to Li Hongming and Wang Xuefang. This transition comes amid the announcement of the shutdown of its loss-making subsidiary, Shaanxi Youbang [1][3]. Company Overview - Kanghui Pharmaceutical specializes in the research, production, and sales of traditional Chinese medicine. The change of control began in March 2023 when Kanghui Holdings transferred 22% of its shares to Yuehe Zhichuang for 543 million yuan, relinquishing voting rights for an additional 10% [1][3]. - Following the control change, Li Hongming was appointed as the chairman of the board, with other new appointments including Wang Xiuying and Ma Wenjun, indicating a significant shift in the management team [3]. Financial Performance - Shaanxi Youbang, a subsidiary of Kanghui Pharmaceutical, has been facing continuous losses, leading to its recent shutdown. In 2024 and the first half of 2025, Shaanxi Youbang reported revenues of 7.96 million yuan and 18.30 million yuan, respectively, with net losses of 52.51 million yuan and 23.67 million yuan [5][6]. - The impact of Shaanxi Youbang's losses on Kanghui Pharmaceutical's net profit was significant, with a reduction of 26.78 million yuan in 2024, accounting for 29.88% of the company's net profit [5]. Market Reaction - Following the announcement of the control change, Kanghui Pharmaceutical's stock price initially fell but later recovered slightly, closing at 23.23 yuan per share, down 0.94%, with a market capitalization of 2.32 billion yuan [1][5]. Strategic Implications - There are speculations that the new management may aim to leverage Kanghui Pharmaceutical as a vehicle for listing assets from their other company, Yian Tianxia, which is currently in the process of listing on the Beijing Stock Exchange [4][5]. - The company has a history of high-priced acquisitions that have not yielded expected results, raising questions about the effectiveness of the new management in turning around the company's fortunes [6][10].

Group 1 - The company announced the approval of multiple resolutions during the first meeting of the sixth board of directors, including the appointment of a securities affairs representative [2]

（文章来源：证券日报） 证券日报网讯 9月4日晚间，康惠制药发布公告称，公司2025年第二次临时股东大会于2025年9月4日召 开，审议通过了《关于取消公司监事会并修订的议案》等多项议案。 ...