证券代码：603207 证券简称：小方制药 公告编号：2025-029 上海小方制药股份有限公司 上海小方制药股份有限公司（以下简称"公司"）第二届董事会第五次会议 于2025年8月22日以现场和视频通讯相结合的方式召开，本次会议的通知于2025 年8月12日以电子邮件方式发出。本次会议由董事长方之光先生主持，应到董事9 人，实到董事9人，公司监事、高级管理人员列席了会议。本次董事会的召集、 召开和表决程序符合《中华人民共和国公司法》等有关法律法规及《公司章程》 的规定。 二、董事会会议审议情况 （一）审议通过《关于 2025 年半年度报告及其摘要的议案》 表决情况：同意9票，反对0票，弃权0票。 具体内容详见公司披露于上海证券交易所网站的《上海小方制药股份有限公 司2025年半年度报告》《上海小方制药股份有限公司2025年半年度报告摘要》。 本议案已经董事会审计委员会审议通过，并同意提交本次董事会审议。 （二）审议通过《关于2025年半年度募集资金存放与使用情况的专项报告 的议案》 第二届董事会第五次会议决议公告 一、董事会会议召开情况 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 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides critical information regarding the semi-annual report's accuracy, profit distribution plans, risk disclosures, and related-party transactions [Statement by the Board of Directors, Supervisory Board, and Senior Management](index=2&type=section&id=Statement%20by%20the%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Senior%20Management) The Board of Directors, Supervisory Board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with all directors attending and the report being unaudited - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility [3](index=3&type=chunk) - All company directors attended the board meeting, and this semi-annual report is unaudited [4](index=4&type=chunk)[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The company proposes a cash dividend of CNY 7.00 per 10 shares, totaling CNY 112.39 million, with a 93.02% semi-annual cash dividend ratio, authorized by the 2024 annual general meeting 2025 Semi-Annual Profit Distribution Plan | Indicator | Amount/Ratio | | :--- | :--- | | Cash dividend per 10 shares (tax inclusive) | CNY 7.00 | | Total proposed cash dividend (tax inclusive) | CNY 112,391,976.90 | | Semi-annual cash dividend ratio | 93.02% | | Total share capital (as of June 30, 2025) | 160,559,967 shares | - This profit distribution plan has been authorized by the company's 2024 Annual General Meeting, requiring no further shareholder approval [6](index=6&type=chunk) [Risk Statement and Disclosure](index=2&type=section&id=Risk%20Statement%20and%20Disclosure) Forward-looking statements in this report do not constitute substantial commitments, requiring investors to be aware of investment risks, with no material significant risks identified during the reporting period - Forward-looking statements regarding future plans in this report do not constitute substantial commitments to investors, who should be aware of investment risks [7](index=7&type=chunk) - During the reporting period, there were no particularly significant risks materially affecting the company's production and operations, with detailed risks disclosed in Section III, Management Discussion and Analysis [9](index=9&type=chunk) [Fund Occupation and Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20Guarantees) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties [8](index=8&type=chunk) - During the reporting period, there were no external guarantees provided in violation of prescribed decision-making procedures [8](index=8&type=chunk) [Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used throughout the report to ensure clarity and consistency in information disclosure [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, including company name, laws and regulations, regulatory bodies, actual controllers, and the reporting period, to ensure accuracy and consistency of information disclosure Definitions of Common Terms | Common Term | Meaning | | :--- | :--- | | The Company, Company, Xiaofang Pharmaceutical | Shanghai Xiaofang Pharmaceutical Co., Ltd. | | Actual Controller | FANG ZHIGUANG and LU AIPING | | Reporting Period | January 1, 2025 to June 30, 2025 | [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial data and performance indicators for the reporting period [Company Information](index=6&type=section&id=Company%20Information) The company's full Chinese name is Shanghai Xiaofang Pharmaceutical Co., Ltd., abbreviated as Xiaofang Pharmaceutical, with Fang Zhiguang as its legal representative - The company's Chinese name is Shanghai Xiaofang Pharmaceutical Co., Ltd., abbreviated as Xiaofang Pharmaceutical, with Fang Zhiguang as its legal representative [16](index=16&type=chunk) [Contact Person and Information](index=6&type=section&id=Contact%20Person%20and%20Information) The company's Board Secretary is Luo Xiaoxu, and the Securities Affairs Representative is Jiang Lili, both located at No. 777 Hongzhu Road, Fengxian District, Shanghai, with identical phone and fax numbers, and email info@xf-pharma.com Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Luo Xiaoxu | No. 777 Hongzhu Road, Fengxian District, Shanghai | 021-50818259 | 021-58202666 | info@xf-pharma.com | | Securities Affairs Representative | Jiang Lili | No. 777 Hongzhu Road, Fengxian District, Shanghai | 021-50818259 | 021-58202666 | info@xf-pharma.com | [Brief Introduction to Changes in Basic Information](index=6&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office address is No. 777 Hongzhu Road, Fengxian District, Shanghai, postal code 201411, with website www.xf-pharma.com, and no historical changes during the reporting period - The company's registered and office address is No. 777 Hongzhu Road, Fengxian District, Shanghai, postal code 201411, and its website is www.xf-pharma.com [18](index=18&type=chunk) - There were no historical changes to the company's registered and office addresses during the reporting period [18](index=18&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) The company's selected information disclosure newspapers include 'Shanghai Securities News' and six others, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's securities department, with no changes during the reporting period - The company's selected information disclosure newspapers include 'Shanghai Securities News,' 'China Securities Journal,' 'Securities Daily,' 'Securities Times,' 'Economic Information Daily,' 'Financial Times,' and 'China Daily' [19](index=19&type=chunk) - The website address for the semi-annual report is http://www.sse.com.cn, and the company's semi-annual report is available at its securities department [19](index=19&type=chunk) - There were no changes in information disclosure and document custody locations during the reporting period [19](index=19&type=chunk) [Brief Introduction to Company Shares](index=6&type=section&id=Brief%20Introduction%20to%20Company%20Shares) The company's shares are A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Xiaofang Pharmaceutical and stock code 603207 Company Stock Information | Share Type | Listing Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Xiaofang Pharmaceutical | 603207 | / | [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue grew by 3.06% and net profit by 1.69%, but operating cash flow decreased by 11.34%, total assets by 10.63%, and basic EPS by 24.24% 2025 Semi-Annual Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | CNY 269,789,667.43 | CNY 261,788,742.56 | 3.06 | | Total Profit | CNY 141,383,979.40 | CNY 138,933,390.15 | 1.76 | | Net Profit Attributable to Shareholders of Listed Company | CNY 120,821,251.32 | CNY 118,815,930.83 | 1.69 | | Net Cash Flow from Operating Activities | CNY 90,259,086.70 | CNY 101,804,955.91 | -11.34 | | **Indicator** | **End of Current Reporting Period** | **End of Prior Year** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of Listed Company | CNY 1,116,075,348.27 | CNY 1,234,234,681.98 | -9.57 | | Total Assets | CNY 1,253,421,164.37 | CNY 1,402,448,475.00 | -10.63 | 2025 Semi-Annual Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Period | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.75 | 0.99 | -24.24 | | Diluted Earnings Per Share (CNY/share) | 0.75 | 0.99 | -24.24 | | Basic EPS after Deducting Non-Recurring Gains and Losses (CNY/share) | 0.76 | 0.99 | -23.23 | | Weighted Average Return on Net Assets (%) | 9.63 | 18.58 | Decrease of 8.95 percentage points | | Weighted Average Return on Net Assets after Deducting Non-Recurring Gains and Losses (%) | 9.66 | 18.58 | Decrease of 8.92 percentage points | [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to CNY -416,365.23, primarily comprising government grants recognized in current profit or loss of CNY 84,158.55 and other non-operating income and expenses of CNY -574,000.00, after deducting income tax impact of CNY -73,476.22 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Government grants recognized in current profit or loss | 84,158.55 | | Other non-operating income and expenses apart from the above | -574,000.00 | | Less: Income tax impact | -73,476.22 | | **Total** | **-416,365.23** | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry, business operations, financial performance, core competencies, and potential risks during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=10&type=section&id=Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company specializes in R&D, production, and sales of topical drugs, benefiting from an aging population, health awareness, and diversified sales channels, maintaining a leading position with its 'Xinlong' brand and a 'distribution + direct sales' model - The company operates in the pharmaceutical manufacturing industry, primarily focusing on the R&D, production, and sales of topical drugs [28](index=28&type=chunk) - Demand in the topical drug market is driven by factors such as an aging population, increased health awareness, diversified sales channels (e-commerce penetration), and supportive industry policies, anticipating continued rapid development [28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company's main business focuses on the R&D, production, and sales of topical drugs, primarily over-the-counter products, possessing strong competitiveness and market recognition, and adopting a 'distribution + direct sales' model [31](index=31&type=chunk)[36](index=36&type=chunk) [Industry Overview](index=10&type=section&id=Industry%20Overview) The topical drug market is driven by factors such as an aging population, increased health awareness, diversified sales channels (e-commerce penetration), and supportive industry policies, anticipating continued rapid development - The accelerating trend of population aging, with seniors prone to digestive and skin diseases, drives increasing demand for topical drugs [28](index=28&type=chunk) - Increased health awareness leads consumers to prioritize skin care and disease treatment, creating a vast consumer base for the topical drug market [28](index=28&type=chunk) - The development of the internet and e-commerce has diversified topical drug sales channels, enhancing purchasing convenience and expanding market reach [28](index=28&type=chunk) - National policies support the development of grassroots health, optimizing the layout of primary healthcare institutions, improving the accessibility of topical drugs, and promoting market growth [29](index=29&type=chunk) [Company's Main Business](index=11&type=section&id=Company%27s%20Main%20Business) Xiaofang Pharmaceutical focuses on 'household essential medicines,' specializing in R&D, production, and sales of topical drugs across digestive, dermatological, and ENT categories, with the renowned 'Xinlong' brand and leading market share for multiple products, launching three new sub-brands during the reporting period - The company's main business focuses on the R&D, production, and sales of topical drugs, primarily over-the-counter products that are convenient to use, easy to store, and considered household essential medicines [31](index=31&type=chunk) - The 'Xinlong' trademark enjoys high market recognition, with various topical drug products like Kai Sai Lu (glycerin enema) and Calamine Lotion consistently holding a leading market share domestically [31](index=31&type=chunk) - The company's products cover various sub-segments, including digestive (e.g., Kai Sai Lu), dermatological (e.g., Calamine Lotion), and ENT (e.g., Iodine Glycerin), with broad applications [32](index=32&type=chunk)[33](index=33&type=chunk) - During the reporting period, the company strategically planned and launched three new sub-brands: Xinlong Hongtun, Long Yidian, and Xiaofang Hanhan, to consolidate market position and enhance brand influence [31](index=31&type=chunk) [Procurement Model](index=12&type=section&id=Procurement%20Model) The company's procurement department manages material purchasing and supplier relations for APIs, excipients, and packaging, with plans based on sales and production, ensuring supply quality and fair market prices through strict supplier evaluation and quality inspection - The procurement department is responsible for material purchasing and supplier management, formulating procurement plans based on sales plans, production plans, and inventory [34](index=34&type=chunk) - Supplier management is strict, with regular evaluations and optimizations conducted in collaboration with the Quality Assurance Department to ensure supply quality and compliance with fair market prices [34](index=34&type=chunk) - Quality inspections are conducted for materials from new or changed suppliers; changes in API and excipient suppliers require multi-batch trial production, process validation, and stability studies [34](index=34&type=chunk) [Production Model](index=12&type=section&id=Production%20Model) All company medicines are self-produced, strictly adhering to GMP, with a comprehensive quality system and management standards; production plans are dynamically adjusted based on market demand, aiming for standardized, procedural, institutionalized, automated, and intelligent production - All company medicines are self-produced, strictly adhering to the requirements of Good Manufacturing Practice (GMP), with a comprehensive quality system and management standards established [35](index=35&type=chunk) - Production plans are dynamically adjusted based on annual sales plans, inventory, and market demand to ensure smooth production operations [35](index=35&type=chunk) - The production process achieves standardization, proceduralization, and institutionalization, evolving towards automation and intelligence to build a smart factory [35](index=35&type=chunk)[45](index=45&type=chunk) [Sales Model](index=12&type=section&id=Sales%20Model) The company primarily employs a 'distribution + direct sales' model, with distribution through large pharmaceutical circulation enterprises to cover terminals, and direct sales partnering with major chain pharmacies and e-commerce platforms for rapid market access - The company primarily employs a 'distribution + direct sales' model for its sales operations, with direct clients including pharmaceutical distribution enterprises and chain pharmacies [36](index=36&type=chunk) - Under the distribution model, the company collaborates with large pharmaceutical circulation enterprises such as Jointown, Sinopharm Group, Shanghai Pharma Group, and China Resources Pharmaceutical, selling to end-users through their channels [37](index=37&type=chunk) - Under the direct sales model, the company deeply collaborates with major chain pharmacies like Neptunus, Yixintang, Laobaixing Pharmacy, Yifeng Pharmacy, Dingdang Kuaiyao, Guoda Pharmacy, and Shuyu Pingmin, as well as online B2C e-commerce platforms [37](index=37&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating revenue reached CNY 270 million (up 3.06%) and net profit CNY 121 million (up 1.69%), driven by brand building, channel expansion, new product development, capacity upgrades, and talent development 2025 Semi-Annual Key Operating Performance | Indicator | Current Reporting Period | Year-over-Year Growth | | :--- | :--- | :--- | | Operating Revenue | CNY 270 million | 3.06% | | Net Profit Attributable to Shareholders of Listed Company | CNY 121 million | 1.69% | - The company actively seeks breakthroughs, committed to building a full online-offline marketing integration, continuously promoting steady development of its main business, and intensifying market expansion efforts [38](index=38&type=chunk) - The company leads the market through three core strategies: brand, innovation, and customized targeting, and has created three new sub-brands: Xinlong Hongtun, Long Yidian, and Xiaofang Hanhan [31](index=31&type=chunk) [Deepening Brand Building and Expanding Omnichannel Layout](index=13&type=section&id=Deepening%20Brand%20Building%20and%20Expanding%20Omnichannel%20Layout) Leveraging over two decades of industry experience, exclusive product advantages, and a 'repurposing old drugs' strategy, the company deepens offline distribution and expands online channels to create an omnichannel marketing ecosystem, enhancing brand influence through a 'three-value' strategy (cost-effectiveness, aesthetic value, emotional value), with multiple products holding the top market share - The company's core competitive advantages include twenty-plus years of brand heritage and customer base, exclusive product advantages (Benzalkonium Bromide Tincture, Compound Borax Mouthwash), and a strategy of repurposing old drugs [40](index=40&type=chunk) - Channel development involves deepening offline distribution penetration, strengthening cooperation with key chain pharmacies; expanding online channels, and direct supply partnerships with B2C e-commerce platforms to build an integrated online and offline marketing ecosystem [40](index=40&type=chunk)[42](index=42&type=chunk) - According to data from Zhongkang Information CHIS system in 2024, over ten of the company's main products hold the top market share in their respective categories within the pharmaceutical retail market [40](index=40&type=chunk) - The company's brand building focuses on a 'three-value' strategy:性价比 (efficient and economical), 颜价比 (optimized packaging), and 心价比 (attentive service experience) [41](index=41&type=chunk) [Product Pipeline Reserve and Refined Consumer Demand](index=15&type=section&id=Product%20Pipeline%20Reserve%20and%20Refined%20Consumer%20Demand) The company focuses on the household essential topical drug segment, actively expanding its generic and innovative product pipeline, with R&D products including dry eye, antibacterial topical drugs, and acne treatments, notably collaborating with Shanghai Skin Disease Hospital to develop Compound Platycladus Tincture, a Class 1.1 traditional Chinese medicine new drug for hair loss treatment - The company focuses on the household essential topical drug sub-segment, with new product pipeline R&D centered on strategic positioning, expanding generic and innovative topical drugs [43](index=43&type=chunk) - Products under development include Polyvinyl Alcohol Eye Drops for dry eye, Mupirocin Ointment as an antibacterial topical drug, and Adapalene Gel for acne treatment [43](index=43&type=chunk) - The company is collaborating with Shanghai Skin Disease Hospital to develop Compound Platycladus Tincture, a Class 1.1 traditional Chinese medicine new drug for hair loss treatment, entering the vast hair loss treatment market [43](index=43&type=chunk)[44](index=44&type=chunk) [Capacity Expansion and Intelligence Enhancement](index=15&type=section&id=Capacity%20Expansion%20and%20Intelligence%20Enhancement) The company's 'Topical Drug Production Base New Construction Project' is progressing as planned, including new production workshops and pharmaceutical logistics areas, with equipment procurement and smart management system setup, aiming to develop intelligent production equipment, update internal management systems, and build a smart factory for standardization, informatization, digitalization, and intelligence - The company's ongoing 'Topical Drug Production Base New Construction Project' is proceeding as planned, involving the construction of topical preparation production workshops and pharmaceutical logistics (warehousing) operation areas [45](index=45&type=chunk) - The company continuously researches and designs intelligent production equipment to enhance the efficiency of existing product lines, and gradually updates internal management systems to build a smart factory for topical drugs [45](index=45&type=chunk) - The goal is to achieve standardization, informatization, digitalization, intelligence, and smart digitalization to meet continuously growing production demands [45](index=45&type=chunk) [Talent Team Building](index=16&type=section&id=Talent%20Team%20Building) The company systematically advances organizational capability upgrades around strategic development needs, focusing on talent team building, including optimizing the job grade system, improving the performance evaluation system, and forward-looking training plans, aiming to provide diversified career paths and cultivate core competencies - The company systematically advances organizational capability upgrades around strategic development needs, focusing on talent team building [46](index=46&type=chunk) - Optimizing the job grade system, establishing job grade standards covering all positions, clarifying capability requirements and responsibility boundaries, and designing differentiated development paths [46](index=46&type=chunk) - Improving the performance evaluation system, linking job value, performance output, and personal development; designing 'talent pipeline programs' for key positions to proactively cultivate core competencies [46](index=46&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=16&type=section&id=Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its R&D innovation in topical drugs (including exclusive varieties and new hair loss drug development), a rich product portfolio with comprehensive dosage forms (63 drug approvals), a nationwide sales network, and strong brand advantage and customer loyalty, with multiple products recognized as 'Shanghai Famous and Quality Products' - The company focuses on R&D innovation in topical drugs, possessing exclusive approval numbers for 'Benzalkonium Bromide Tincture' and 'Compound Borax Mouthwash,' and actively invests in Class 1 new traditional Chinese medicine R&D, such as collaborating with Shanghai Skin Disease Hospital to develop Compound Platycladus Tincture, a Class 1.1 new traditional Chinese medicine for hair loss treatment [47](index=47&type=chunk) - The company boasts a rich product portfolio and comprehensive dosage forms, holding **63** drug approvals covering various topical drug forms such as tinctures, ear drops, and ointments, along with independent production and quality control capabilities [48](index=48&type=chunk) - The sales network widely covers the entire country, collaborating with large pharmaceutical distribution enterprises like Sinopharm Group, Shanghai Pharma Group, China Resources Pharmaceutical, and Jointown, as well as numerous chain pharmacies, supported by a professional and efficient sales team [49](index=49&type=chunk) - The company has established strong brand advantages and customer loyalty, with 'Xiaofang at home, no worries for minor ailments' deeply ingrained, and multiple products recognized as 'Shanghai Famous and Quality Products,' ensuring steady performance growth [50](index=50&type=chunk) [Major Operating Performance During the Reporting Period](index=17&type=section&id=Major%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2025, operating revenue grew by 3.06% and net profit by 1.69%; sales expenses increased by 33.93%, R&D expenses decreased by 26.47%, and operating cash flow declined by 11.34%, with significant balance sheet shifts including a 19.90% decrease in monetary funds and a 37.63% increase in accounts receivable 2025 Semi-Annual Financial Statement Item Variation Analysis | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 269,789,667.43 | 261,788,742.56 | 3.06 | | Operating Cost | 85,477,394.19 | 87,539,532.01 | -2.36 | | Selling Expenses | 27,418,140.81 | 20,471,502.44 | 33.93 | | Administrative Expenses | 8,731,975.43 | 7,162,358.00 | 21.91 | | R&D Expenses | 4,824,571.08 | 6,561,697.12 | -26.47 | | Net Cash Flow from Operating Activities | 90,259,086.70 | 101,804,955.91 | -11.34 | | Net Cash Flow from Investing Activities | 5,412,688.88 | -34,781,018.81 | N/A | | Net Cash Flow from Financing Activities | -236,974,852.31 | -3,476,452.35 | N/A | - The change in selling expenses was primarily due to increased investment in marketing system construction during the reporting period [52](index=52&type=chunk) - The change in net cash flow from investing activities was primarily due to the redemption of cash management funds and a year-over-year decrease in investment in the topical drug production base construction during the reporting period [52](index=52&type=chunk) - The change in net cash flow from financing activities was primarily due to the implementation of the 2024 annual profit distribution plan in H1 2025 [52](index=52&type=chunk) [Analysis of Main Business](index=17&type=section&id=Analysis%20of%20Main%20Business) Main business analysis focuses on financial statement item changes, with selling expenses significantly increasing by 33.93% due to marketing system investment, R&D expenses decreasing by 26.47%, net cash flow from operating activities declining by 11.34%, net cash flow from investing activities turning positive, and net cash flow from financing activities experiencing a substantial outflow due to profit distribution 2025 Semi-Annual Key Financial Data Changes | Item | Change (%) | Reason for Change | | :--- | :--- | :--- | | Selling Expenses | 33.93 | Increased investment in marketing system construction | | R&D Expenses | -26.47 | (Not detailed, but a significant decrease) | | Net Cash Flow from Operating Activities | -11.34 | (Not detailed, but a decrease) | | Net Cash Flow from Investing Activities | N/A (turned positive from negative) | Redemption of cash management funds and reduced investment in production base construction | | Net Cash Flow from Financing Activities | N/A (significant negative growth) | Implementation of the 2024 annual profit distribution plan | [Analysis of Assets and Liabilities](index=18&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets decreased by 10.63% and net assets by 9.57%; monetary funds decreased by 19.90%, accounts receivable increased by 37.63%, contract liabilities decreased by 55.70%, and other current liabilities increased by 52.94% 2025 Semi-Annual Asset and Liability Status Changes | Item Name | Current Period-End Amount (CNY) | Prior Year-End Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 707,591,842.32 | 883,430,759.69 | -19.90 | | | Notes Receivable | 652,392.20 | 1,650,545.14 | -60.47 | Decrease in bank acceptance bills received | | Accounts Receivable | 120,912,267.40 | 87,850,912.95 | 37.63 | Longer collection cycle for new chain clients | | Prepayments | 5,220,068.74 | 10,797,878.16 | -51.66 | Decrease in prepayments for raw material purchases | | Other Current Assets | 2,862,509.98 | 1,661,067.24 | 72.33 | Increase in return costs receivable | | Deferred Income Tax Assets | 2,105,120.80 | 3,360,767.37 | -37.36 | Decrease in accrued rebate amounts | | Short-term Borrowings | 652,392.20 | 1,650,545.14 | -60.47 | Decrease in discounted notes receivable | | Contract Liabilities | 396,271.42 | 894,531.05 | -55.70 | Decrease in advance receipts for goods | | Other Current Liabilities | 4,468,370.20 | 2,921,568.02 | 52.94 | Increase in payables for returned goods | - As of the reporting period end, net assets attributable to shareholders of the listed company were **CNY 1,116,075,348.27**, a **9.57%** decrease from the prior year-end; total assets were **CNY 1,253,421,164.37**, a **10.63%** decrease from the prior year-end [22](index=22&type=chunk) [Analysis of Investment Status](index=19&type=section&id=Analysis%20of%20Investment%20Status) The company's investment activities primarily involve financial assets measured at fair value; during the reporting period, while specific fair value change gains/losses for other financial assets were not disclosed, purchases amounted to CNY 30,430,625.98, sales/redemptions to CNY 31,202,091.46, with an ending balance of CNY 17,744.84 2025 Semi-Annual Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gains/Losses for Current Period (CNY) | Purchases for Current Period (CNY) | Sales/Redemptions for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 789,210.32 | | 30,430,625.98 | 31,202,091.46 | 17,744.84 | | Total | 789,210.32 | | 30,430,625.98 | 31,202,091.46 | 17,744.84 | [Potential Risks](index=21&type=section&id=Potential%20Risks) The company faces risks including intensified market competition, changes in pharmaceutical industry policies, product concentration, R&D underperformance, increased sales and promotion expenses, and raw material price fluctuations, all of which could adversely affect its market share, operating performance, and financial condition - Market competition risk: If competitors launch products with superior efficacy or cost-effectiveness, and the company fails to maintain its competitive advantage, its market share and performance will be affected [59](index=59&type=chunk) - Pharmaceutical industry policy and regulatory change risk: Future policy adjustments may lead to product price reductions, sales declines, and a significant drop in profitability [60](index=60&type=chunk) - Product concentration risk: Key products like Kai Sai Lu (glycerin enema) and Calamine Lotion account for a high proportion of revenue and gross profit; intensified market competition or adverse changes could significantly impact the company's operations [60](index=60&type=chunk) - R&D risk: R&D results falling short of expectations, inability to achieve technological breakthroughs, or unsuccessful/underperforming product approvals will adversely affect operating efficiency and sustainable development capabilities [60](index=60&type=chunk) - Risk of increased selling and promotion expenses: As marketing channels deepen and new products are launched, selling expenses and promotional investments may rise [61](index=61&type=chunk) - Raw material price fluctuation risk: Sustained increases in prices of key raw materials like glycerin will adversely affect the company's operating performance [61](index=61&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=23&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details the company's corporate governance structure, including changes in key personnel, profit distribution, employee incentives, and environmental information disclosure [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management - During the reporting period, there were no changes in the company's directors, supervisors, or senior management [64](index=64&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=23&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company proposes a cash dividend of CNY 7.00 (tax inclusive) per 10 shares to all shareholders, with a cash dividend ratio of 93.02%, authorized by the 2024 annual general meeting, requiring no further review 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Whether to distribute or convert | Yes | | Dividend per 10 shares (tax inclusive) | CNY 7.00 | | Semi-annual cash dividend ratio | 93.02% | - This profit distribution plan has been authorized by the company's 2024 Annual General Meeting, requiring no further shareholder approval [64](index=64&type=chunk) [Status and Impact of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=Status%20and%20Impact%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company has implemented the 2025 Restricted Stock Incentive Plan, completing the initial grant registration, with related matters disclosed in interim announcements and no subsequent progress or changes; no other equity incentive, employee stock ownership, or other incentive measures were in place during the reporting period - The company has implemented the 2025 Restricted Stock Incentive Plan and completed the initial grant registration, with relevant information disclosed in interim announcements and no subsequent progress or changes in implementation [65](index=65&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=24&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Shanghai Xiaofang Pharmaceutical Co., Ltd. is included in the list of enterprises required to disclose environmental information by law, with its environmental information disclosure report available on the Shanghai Municipal Bureau of Ecology and Environment website - Shanghai Xiaofang Pharmaceutical Co., Ltd. is included in the list of enterprises required to disclose environmental information by law, and its environmental information disclosure report can be found on the designated website [66](index=66&type=chunk) [Section V Significant Matters](index=25&type=section&id=Section%20V%20Significant%20Matters) This section covers significant matters including commitment fulfillment, related-party transactions, guarantees, audit status, and other material events during the reporting period [Fulfillment of Commitments](index=25&type=section&id=Fulfillment%20of%20Commitments) All commitments made by the company's actual controllers, shareholders, related parties, and the company itself, either during or continuing into the reporting period, have been timely and strictly fulfilled, primarily concerning share lock-ups, share price stabilization, advance compensation, share repurchases, and profit distribution policies - All commitments made by the company's actual controllers, shareholders, related parties, and the company itself, either during or continuing into the reporting period, have been timely and strictly fulfilled [68](index=68&type=chunk)[69](index=69&type=chunk) - Commitments primarily include share lock-ups (controlling shareholders, actual controllers, institutional shareholders, individual shareholders, directors, supervisors, senior management, and their close relatives), share price stabilization, advance compensation, share repurchases, and profit distribution policies [69](index=69&type=chunk)[92](index=92&type=chunk)[97](index=97&type=chunk)[99](index=99&type=chunk)[102](index=102&type=chunk)[108](index=108&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[119](index=119&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=41&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties [120](index=120&type=chunk) [Illegal Guarantees](index=41&type=section&id=Illegal%20Guarantees) During the reporting period, the company had no illegal guarantees - During the reporting period, the company had no illegal guarantees [121](index=121&type=chunk) [Semi-Annual Report Audit Status](index=41&type=section&id=Semi-Annual%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is unaudited [5](index=5&type=chunk) [Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Prior Year's Annual Report](index=41&type=section&id=Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Prior%20Year%27s%20Annual%20Report) During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the company's prior year's annual report - During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the company's prior year's annual report [121](index=121&type=chunk) [Bankruptcy and Reorganization Related Matters](index=41&type=section&id=Bankruptcy%20and%20Reorganization%20Related%20Matters) During the reporting period, the company had no bankruptcy and reorganization related matters - During the reporting period, the company had no bankruptcy and reorganization related matters [121](index=121&type=chunk) [Significant Litigation and Arbitration Matters](index=41&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - During the reporting period, the company had no significant litigation or arbitration matters [121](index=121&type=chunk) [Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, Actual Controllers Suspected of Violations, Penalties, and Rectification Status](index=41&type=section&id=Listed%20Company%20and%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20Actual%20Controllers%20Suspected%20of%20Violations%2C%20Penalties%2C%20and%20Rectification%20Status) During the reporting period, neither the company nor its directors, supervisors, senior management, controlling shareholders, or actual controllers were suspected of violations, subjected to penalties, or underwent rectification - During the reporting period, neither the company nor its directors, supervisors, senior management, controlling shareholders, or actual controllers were suspected of violations, subjected to penalties, or underwent rectification [121](index=121&type=chunk) [Explanation of the Integrity Status of the Company and Its Controlling Shareholders, Actual Controllers During the Reporting Period](index=41&type=section&id=Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%20and%20Its%20Controlling%20Shareholders%2C%20Actual%20Controllers%20During%20the%20Reporting%20Period) During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity, with no matters requiring explanation - During the reporting period, the company and its controlling shareholders and actual controllers maintained good integrity, with no matters requiring explanation [121](index=121&type=chunk) [Significant Related-Party Transactions](index=41&type=section&id=Significant%20Related-Party%20Transactions) During the reporting period, the company had no related-party transactions concerning daily operations, asset or equity acquisitions/disposals, significant joint external investments, related-party creditor-debtor relationships, or financial business between related financial companies/company-controlled financial companies and related parties - During the reporting period, the company had no related-party transactions related to daily operations [120](index=120&type=chunk) - During the reporting period, the company had no related-party transactions involving asset or equity acquisitions or disposals [121](index=121&type=chunk) - During the reporting period, the company had no significant related-party transactions involving joint external investments [121](index=121&type=chunk) - During the reporting period, the company had no related-party creditor-debtor relationships [121](index=121&type=chunk) - During the reporting period, the company had no financial business between related financial companies, company-controlled financial companies, and related parties [121](index=121&type=chunk) [Significant Contracts and Their Fulfillment](index=43&type=section&id=Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company signed a 'Compound Platycladus Tincture Cooperative Development Agreement' with Shanghai Skin Disease Hospital to jointly develop a Class 1.1 traditional Chinese medicine new drug for hair loss treatment, involving an upfront technology transfer and support fee of CNY 20 million, with subsequent sales royalties as agreed; no trusteeship, contracting, leasing, or significant guarantee matters were present - During the reporting period, the company signed a 'Compound Platycladus Tincture Cooperative Development Agreement' with Shanghai Skin Disease Hospital to jointly conduct the translational development of a Class 1.1 traditional Chinese medicine new drug for hair loss treatment [122](index=122&type=chunk) - This collaboration includes preclinical research, investigator-initiated clinical trials (IIT), and registration-oriented clinical trials for the new drug, aiming to obtain new drug marketing approval from the National Medical Products Administration [122](index=122&type=chunk) - Cooperative development fees include an upfront technology transfer and technical support fee of **CNY 20 million**, with sales royalties paid according to agreed terms and proportions after the drug's market launch [122](index=122&type=chunk) [Explanation of Progress in Use of Raised Funds](index=44&type=section&id=Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's initial public offering raised a total of CNY 498.8 million, with a net amount of CNY 448.2 million; as of the reporting period end, cumulative investment reached CNY 295.8 million, a 66% progress rate, with the 'Topical Drug Production Base New Construction Project' at 73.75%, 'New Product Development Project' at 1.57%, and 'Marketing System Construction and Brand Promotion Project' at 30.27%; the company also used CNY 100 million of idle raised funds for cash management 2025 Semi-Annual Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY) | Total Investment Pledged in Prospectus (CNY) | Cumulative Raised Funds Invested as of Reporting Period End (CNY) | Cumulative Investment Progress as of Reporting Period End (%) | Amount Invested in Current Year (CNY) | Percentage of Amount Invested in Current Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 498,800,000.00 | 448,217,298.50 | 295,843,110.92 | 66 | 35,237,791.73 | 7.86 | | Total | 498,800,000.00 | 448,217,298.50 | 295,843,110.92 | 66 | 35,237,791.73 | 7.86 | 2025 Semi-Annual Detailed Use of Raised Funds for Investment Projects | Project Name | Total Planned Investment of Raised Funds (CNY) | Amount Invested in Current Year (CNY) | Cumulative Raised Funds Invested as of Reporting Period End (CNY) | Cumulative Investment Progress as of Reporting Period End (%) | Date Project Reaches Intended Usable State | Remaining Amount (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Topical Drug Production Base New Construction Project | 388,217,298.50 | 28,504,282.03 | 286,291,841.22 | 73.75 | August 2026 | 101,925,457.28 | | New Product Development Project | 30,000,000.00 | 470,000.00 | 470,000.00 | 1.57 | N/A | 29,530,000.00 | | Marketing System Construction and Brand Promotion Project | 30,000,000.00 | 6,263,509.70 | 9,081,269.70 | 30.27 | N/A | 20,918,730.30 | - The company uses idle raised funds not exceeding **CNY 200 million** for cash management, with the cash management balance at **CNY 100 million** as of the reporting period end [125](index=125&type=chunk) [Explanation of Other Significant Matters](index=47&type=section&id=Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation [127](index=127&type=chunk) [Section VI Share Changes and Shareholder Information](index=48&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including restricted stock grants and public float, along with information on its shareholders and key personnel holdings [Changes in Share Capital](index=48&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital increased by 559,967 shares to 160,559,967 shares, primarily due to the initial grant registration of the 2025 Restricted Stock Incentive Plan; restricted shares decreased by 802,248, with a corresponding increase in unrestricted tradable shares, mainly due to the listing of restricted shares from the initial public offering's offline placement 2025 Semi-Annual Share Capital Changes | Share Class | Quantity Before Change | Change (+, -) | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 120,802,248 | -242,281 | 120,559,967 | | II. Unrestricted Tradable Shares | 39,197,752 | 802,248 | 40,000,000 | | III. Total Shares | 160,000,000 | 559,967 | 160,559,967 | - On March 5, 2025, **802,248 shares** of restricted shares from the company's initial public offering's offline placement became tradable, leading to a decrease in restricted shares and an increase in unrestricted tradable shares [131](index=131&type=chunk) - On April 8, 2025, the company's 2025 Restricted Stock Incentive Plan completed its initial grant registration, with **559,967 shares** actually granted, increasing the company's total share capital [132](index=132&type=chunk) [Shareholder Information](index=51&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 14,798 common shareholders; among the top ten, controlling shareholder Yun Jia Yuan Dong Co., Ltd. held 58.59%, being the largest shareholder, with some shareholders holding restricted shares, including Wang Qiong's 2,400,000 shares which are frozen - As of the reporting period end, the total number of common shareholders was **14,798** [135](index=135&type=chunk) Top Ten Shareholders' Holdings as of Reporting Period End | Shareholder Name | Shares Held at Period End | Percentage (%) | Restricted Shares Held | Pledge, Mark, or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Yun Jia Yuan Dong Co., Ltd. | 94,080,000 | 58.59 | 94,080,000 | None | Overseas Legal Person | | Jiaxing Youjia Enterprise Management Partnership (Limited Partnership) | 5,760,000 | 3.59 | 5,760,000 | None | Other | | Jiaxing Biyu Enterprise Management Partnership (Limited Partnership) | 5,760,000 | 3.59 | 5,760,000 | None | Other | | Wang Qiong | 2,400,000 | 1.49 | 2,400,000 | Frozen 2,400,000 | Domestic Natural Person | | Ruan Hongxian | 2,400,000 | 1.49 | 2,400,000 | None | Domestic Natural Person | | Li Weihong | 2,400,000 | 1.49 | 2,400,000 | None | Domestic Natural Person | | Laobaixing Pharmaceutical Group Co., Ltd. | 2,400,000 | 1.49 | 2,400,000 | None | Domestic Non-State-Owned Legal Person | | Guoxin Capital Co., Ltd. | 2,400,000 | 1.49 | 2,400,000 | None | State-Owned Legal Person | | Shandong New Era Private Equity Fund Management Co., Ltd. - Shandong New Kinetic Energy Leading Medical and Healthcare Equity Investment Fund Partnership (Limited Partnership) | 2,400,000 | 1.49 | 2,400,000 | None | Other | | Wu Tiande | 2,206,100 | 1.37 | 0 | None | Domestic Natural Person | - Yun Jia Yuan Dong Co., Ltd. is an enterprise controlled by the company's actual controllers, Mr. Fang Zhiguang and Ms. Lu Aiping [138](index=138&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=54&type=section&id=Information%20on%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management, nor were they granted equity incentives - During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management [142](index=142&type=chunk) - During the reporting period, directors, supervisors, and senior management were not granted equity incentives [142](

证券代码：603207 证券简称：小方制药 公告编号：2025-031 关于2025年中期利润分配方案的公告 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： 每10股派发现金红利人民币7.00元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将在相关公告中披露。 此次利润分配方案无需提交公司股东大会审议。 一、利润分配方案内容 截至2025年6月30日，上海小方制药股份有限公司（以下简称"公司"） 2025年上半年实现归属于母公司所有者的净利润为人民币120,821,251.32元，母 公司未分配利润为人民币412,762,362.83元。根据《公司法》《上海证券交易所 股票上市规则》等相关法律法规以及《公司章程》的规定，公司2025年中期拟以 实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 1、公司拟向全体股东每10股派发现金红利 ...

人民财讯8月25日电，小方制药（603207）8月25日晚间披露2025年半年报，上半年实现营业收入2.7亿 元，同比增长3.06%；归母净利润1.21亿元，同比增长1.69%；基本每股收益0.75元。公司拟向全体股东 每10股派发现金红利7元(含税)。 ...

小方制药公告，2025年上半年营业收入2.7亿元，同比增长3.06%。净利润1.21亿元，同比增长1.69%。 ...

8月22日，小方制药跌0.90%，成交额1.07亿元。两融数据显示，当日小方制药获融资买入额2192.24万 元，融资偿还1739.52万元，融资净买入452.72万元。截至8月22日，小方制药融资融券余额合计1.12亿 元。 融资方面，小方制药当日融资买入2192.24万元。当前融资余额1.12亿元，占流通市值的7.99%。 融券方面，小方制药8月22日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，上海小方制药股份有限公司位于上海市奉贤区洪朱路777号，成立日期1993年8月12日，上市 日期2024年8月26日，公司主营业务涉及外用药的研发、生产和销售。主营业务收入构成为：消化类 51.05%，皮肤类39.79%，五官类9.08%，其他(补充)0.07%。 截至3月31日，小方制药股东户数1.91万，较上期增加9.65%；人均流通股2097股，较上期减少8.80%。 2025年1月-3月，小方制药实现营业收入1.29亿元，同比增长3.33%；归母净利润5984.27万元，同比增长 14.63%。 分红方面，小方制药A股上 ...

Group 1 - The core point of the article is that 31 stocks will have their restrictions lifted next week, with a total market value of 23.481 billion yuan based on the latest closing prices [1] - Rongbai Technology has the highest market value of restricted shares to be released, with 250 million restricted shares becoming tradable next week, primarily consisting of original shareholders' restricted shares from the initial public offering [1] - Several companies, including Nine Company-WD, Baiwei Storage, Rongbai Technology, Wanma Co., and Yinhui Technology, have recently received institutional research [1] Group 2 - The table lists the stocks with the highest market value of restrictions lifted, including Rongzi Technology (5.707 billion yuan), Zhenhua Wind Power (5.282 billion yuan), and Xuantai Pharmaceutical (3.798 billion yuan) [3] - The percentage of restricted shares released relative to the total shares varies, with Xuantai Pharmaceutical having 68.61% of its shares restricted, while Zhenhua Wind Power has 43.04% [3] - The price changes since August for these stocks show varied performance, with Kai Ge Precision Machinery increasing by 31.54% and Xuantai Pharmaceutical decreasing by 4.01% [3]

证券代码：603207 证券简称：小方制药 公告编号：2025-028 上海小方制药股份有限公司 关于首次公开发行部分限售股上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为首发股份；股票认购方式为网下，上市股 数为14,400,000股。 本次股票上市流通总数为14,400,000股。 ? 本次股票上市流通日期为2025 年 8 月 26 日。 一、本次限售股上市类型 经中国证券监督管理委员会《关于同意上海小方制药股份有限公司首次公开 发行股票注册的批复》（证监许可[2023]2147号）同意注册，并经上海证券交易所 同意，上海小方制药股份有限公司（以下简称"公司"）首次公开发行人民币普 通股（A股）4,000万股，并于2024年8月26日在上海证券交易所主板上市交易。公 司首次公开发行股票完成后，总股本为16,000万股，其中有限售条件流通股 占当时公司总股本的24.50%。 本次上市流通的限售股为公司首次公开发行限售股，股份数量为 开发行股票并上市之日起12个月，现该 ...

证券日报网讯 8月20日晚间，小方制药发布公告称，本次股票上市类型为首发股份；股票认购方式为网 下，上市股数为14，400，000股。本次股票上市流通总数为14，400，000股。本次股票上市流通日期为 2025年8月26日。 （文章来源：证券日报） ...

Group 1 - Company Xiaofang Pharmaceutical announced that 14.4 million restricted shares will be unlocked and listed for trading on August 26, 2025, accounting for 8.97% of the total share capital [1] - For the year 2024, Xiaofang Pharmaceutical's revenue composition is as follows: 99.93% from pharmaceutical preparations and 0.07% from other businesses [1] Group 2 - As of the latest report, Xiaofang Pharmaceutical has a market capitalization of 5.9 billion yuan [2]