Group 1 - The report emphasizes the focus on chemical new materials and fine chemicals as key investment areas in the context of China's dual carbon goals, with a series of top-level designs and policies to accelerate the industry's transformation towards high-end, intelligent, and green development [4][21][49] - The Shenyuan Basic Chemical Index has outperformed the CSI 300 Index, rising by 31.7% year-to-date as of November 19, 2023, surpassing the CSI 300 by 15.1 percentage points, ranking 6th among 31 Shenyuan industries [4][11] - The report suggests that the demand for modified plastics is expected to grow significantly, with production increasing from 22.5 million tons in 2020 to 33.2 million tons in 2024, reflecting a compound annual growth rate of 10% [4][24][30] Group 2 - The vitamin industry is expected to see improvements in supply-demand structure due to restrictions on new production capacities for various vitamins, which will help stabilize prices and enhance market conditions [4][38][50] - China is the largest producer of vitamins globally, with an expected production of 491,000 tons in 2025, accounting for 89% of global output, and the country has implemented restrictions on new capacity for several vitamins [34][38][50] - The report highlights that the demand for vitamins is anticipated to grow, driven by global population growth and increasing life expectancy, which will enhance the need for nutritional products [42][48][50] Group 3 - The report recommends focusing on key companies such as Kingfa Technology, Yinhai Technology, and Guoen Co., which are expected to benefit from the growth in modified plastics [4][49][51] - For the vitamin sector, companies like Wanhua Chemical, New Hope Liuhe, and Tianxin Pharmaceutical are highlighted as key players to watch due to their strong market positions and growth potential [4][49][51] - The report indicates that modified plastics are recognized as a strategic emerging industry in China, supported by various policies aimed at promoting technological innovation and application [4][21][24]

Core Viewpoint - Tianxin Pharmaceutical (603235.SH) reported its Q3 2025 results, highlighting a slight decrease in institutional investor holdings compared to the previous quarter [1] Institutional Holdings - As of October 30, 2025, five institutional investors disclosed holdings in Tianxin Pharmaceutical, totaling 28.4284 million shares, which represents 6.49% of the company's total share capital [1] - The institutional holding percentage decreased by 0.06 percentage points compared to the previous quarter [1] Public Fund Holdings - One new public fund disclosed its holdings this quarter, namely the Huaxia CSI 800 Index Enhanced A [1] - A total of 34 public funds were not disclosed this quarter, including notable funds such as the Huitianfu CSI 300 Index Enhanced A and the Southern High Dividend Theme Stock A [1]

Core Viewpoint - Tianxin Pharmaceutical (603235.SH) reported a slight revenue growth but a decline in net profit for the first three quarters of 2025 [1] Financial Performance - The company achieved a revenue of 1.631 billion yuan, representing a year-on-year increase of 1.08% [1] - The net profit attributable to shareholders was 460 million yuan, showing a year-on-year decrease of 6.91% [1] - The net profit after deducting non-recurring items was 431 million yuan, down 7.84% year-on-year [1] - Basic earnings per share stood at 1.06 yuan [1]

Core Viewpoint - Tianxin Pharmaceutical (603235.SH) reported a slight increase in total operating revenue for the first three quarters of 2025, but a decline in net profit attributable to shareholders [1] Financial Performance - Total operating revenue reached 1.631 billion yuan, reflecting a year-on-year growth of 1.08% [1] - Net profit attributable to shareholders was 460 million yuan, showing a year-on-year decrease of 6.91% [1] - Basic earnings per share stood at 1.06 yuan [1]

证券代码：603235 证券简称：天新药业 公告编号：2025-039 江西天新药业股份有限公司 关于 2025 年第三季度经营数据的公告 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》的相关规定，现将江西天新药业股份有限公司 2025 年第三季度经 营数据（未经审计）公告如下： 一、 2025年第三季度主要经营数据 1、主营业务分产品情况 单位：元 币种：人民币 | 产品分类 | 2025 | 年 7-9 | 月收入 | 2024 | 年 7-9 月收入 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | 族维生素 B | | 395,488,928.56 | | | 401,195,030.12 | -1.42% | | 其他维生素 | | 75,344,959.19 | | | 109,653,603.34 | -31.29% | | 精细化工品 | | 34,984,101.99 | | | 29,978,803.76 | 16.70% | | 小计 | | 505,817,989.74 | | | 540 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 508,595,002.96, a decrease of 7.02% compared to the same period last year[3] - The total profit for the quarter was CNY 127,055,539.55, reflecting a decline of 27.36% year-over-year[3] - The net profit attributable to shareholders was CNY 104,290,326.83, down 30.15% from the previous year[3] - The net profit after deducting non-recurring gains and losses was CNY 94,675,521.79, a decrease of 31.60% compared to the same period last year[3] - The basic earnings per share for the quarter was CNY 0.24, a decline of 29.41% year-over-year[4] - The net profit for the current period is CNY 460,303,876.13, a decrease of 6.3% compared to CNY 494,482,977.97 in the previous period[20] - Operating profit for the current period is CNY 553,261,896.65, down from CNY 587,740,147.18, reflecting a decline of 5.8%[20] - The company's operating revenue for the first three quarters of 2025 was CNY 1,625,646,618.98, a slight decrease of 0.48% compared to CNY 1,633,432,476.62 in the same period of 2024[33] - The net profit for the first three quarters of 2025 reached CNY 536,096,069.54, compared to CNY 525,646,257.31 in 2024, reflecting an increase of about 1.7%[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,934,285,419.01, an increase of 5.91% from the end of the previous year[4] - The company's total assets as of September 30, 2025, amounted to RMB 5,934,285,419.01, up from RMB 5,603,291,129.63 at the same time last year, reflecting an increase of about 5.9%[18] - Current assets totaled RMB 2,587,926,908.17, a decrease from RMB 2,695,380,695.48 in the previous year, representing a decline of approximately 4.0%[15] - Non-current assets increased to RMB 3,346,358,510.84 from RMB 2,907,910,434.15, marking a growth of around 15.1%[16] - Total liabilities rose to RMB 1,149,043,344.60, compared to RMB 987,405,152.49 in the previous year, indicating an increase of approximately 16.3%[17] - The total liabilities decreased to CNY 543,767,134.91 in 2025 from CNY 704,835,472.43 in 2024, representing a reduction of approximately 22.8%[30] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 490,550,179.09, reflecting an increase of 11.53%[4] - The net cash flow from operating activities is CNY 490,550,179.09, up from CNY 439,852,434.45, indicating an increase of 11.5%[24] - The company's cash inflow from operating activities totaled CNY 1,780,950,222.18 in the first three quarters of 2025, up from CNY 1,593,464,113.43 in 2024, marking an increase of approximately 11.8%[37] - The cash inflow from investment activities is CNY 3,894,940,838.33, compared to CNY 1,008,678,662.63, indicating a substantial increase of 285.5%[25] - The net cash flow from financing activities is CNY -50,707,065.23, an improvement from CNY -278,708,874.74 in the previous period[25] Equity - The equity attributable to shareholders increased to CNY 4,785,242,074.41, up 3.67% from the previous year[4] - The company's total equity as of September 30, 2025, was CNY 4,947,159,833.20, compared to CNY 4,702,011,542.52 at the end of 2024, indicating an increase of about 5.2%[30] Costs and Expenses - Total operating costs for the first three quarters of 2025 were RMB 1,105,745,608.76, compared to RMB 1,058,098,256.39 in 2024, indicating an increase of about 4.5%[19] - Operating costs included RMB 891,446,362.73 in operating expenses, which decreased from RMB 931,582,176.69 in the previous year, showing a reduction of approximately 4.3%[19] - The cost of goods sold for the first three quarters of 2025 was CNY 907,898,585.59, down from CNY 984,594,065.63 in 2024, indicating a reduction of approximately 7.8%[34] - Research and development expenses for the current period are CNY 71,324,408.74, slightly down from CNY 72,715,184.45, a decrease of 1.9%[20] - Research and development expenses for the first three quarters of 2025 were CNY 34,255,601.16, up from CNY 30,744,470.05 in 2024, reflecting an increase of approximately 11.5%[34] Investment Income - The company reported a total investment income of CNY 6,155,700.75, an increase from CNY 3,650,670.48, reflecting a growth of 68.6%[20] - The total cash inflow from investment activities was $3,894,871,946.32, significantly up from $953,658,662.63, indicating a growth of about 308.5%[38] - The net cash flow from investment activities was $202,049,347.01, recovering from a negative cash flow of -$503,404,909.46 in the prior period[38] Market Strategy - The company is focusing on expanding its market presence and enhancing product development, although detailed strategies were not provided in the conference call[19] Exchange Rate Impact - The impact of exchange rate changes on cash and cash equivalents was $3,540,484.46, compared to $38,277,230.60 previously[38]

Core Viewpoint - Jiangxi Tianxin Pharmaceutical Co., Ltd. is set to hold a performance briefing for the third quarter of 2025 to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 6, 2025, from 16:00 to 17:00 [6][7]. - The meeting will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [5][6]. - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center website [5][6]. Group 2: Investor Participation - Investors can submit questions for the briefing from October 30, 2025, to November 5, 2025, by accessing the "Pre-Question Collection" section on the Shanghai Stock Exchange Roadshow Center website or via the company's email [2][8]. - The company will address commonly asked questions during the performance briefing [2][3]. Group 3: Key Personnel - Key participants in the briefing will include Mr. Yu Xiaobing (General Manager), Mr. Liu Luyao (Independent Director), Mr. Luo Xuelin (Financial Director), and Mr. Dong Yi (Board Secretary) [4].

证券代码：603235 证券简称：天新药业 公告编号：2025-038 江西天新药业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 会议召开时间：2025 年 11 月 6 日（星期四）下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 30 日（星期四）至 11 月 5 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过江西天新 药业股份有限公司（以下简称"公司"）邮箱 ir@txpharm.com 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 6 日（星期四）下午 16:00-17:00 （二）会议召开地点：上证路演中心（网址：https:// ...

Core Points - Jiangxi Tianxin Pharmaceutical Co., Ltd. held its first employee representative meeting on September 17, 2025, where Mr. Li Quanguo was elected as the employee representative director for the third board of directors [1][2] - Mr. Li Quanguo's term will last until the end of the current board's term, and he meets all legal qualifications for the position [1][2] - The company confirmed that the number of directors who are also senior management and employee representatives does not exceed half of the total number of directors [1] Meeting Details - The first temporary shareholders' meeting was held on September 17, 2025, at the company's conference room in Le Ping City, Jiangxi Province [4] - The total number of shares eligible for voting at the meeting was 435,170,280, after accounting for shares in the company's repurchase account that do not have voting rights [5] - The meeting was conducted in accordance with the Company Law and the company's articles of association, with both on-site and online voting methods used [5][6] Resolutions Passed - The meeting approved the proposal to abolish the supervisory board and amend the company's articles of association [7] - The first proposal was a special resolution that received more than two-thirds of the valid voting rights held by attending shareholders [7] Legal Verification - The meeting was witnessed by lawyers from Beijing Zhonglun (Shanghai) Law Firm, who confirmed that the meeting's procedures and voting results were in compliance with applicable laws and the company's articles of association [8]

Meeting Overview - The first extraordinary general meeting of shareholders was held on September 17, 2025, at the company's conference room in Jiangxi Province [2] - The total share capital of the company is 437,780,000 shares, with 435,170,280 shares eligible for voting after excluding repurchased shares [2] Voting and Resolutions - No resolutions were rejected during the meeting [2] - The meeting adopted a combination of on-site and online voting methods, presided over by Chairman Xu Jiangnan, in compliance with relevant laws and regulations [3] - Two key resolutions were passed: 1. The proposal to abolish the supervisory board and amend the Articles of Association [5] 2. The proposal to revise, formulate, and abolish certain corporate governance systems [5] - The first resolution required a two-thirds majority of the voting shares present to pass, which was achieved [6] Legal Verification - The meeting was witnessed by lawyers from Beijing Zhonglun (Shanghai) Law Firm, confirming that the procedures and voting were in accordance with applicable laws and the company's Articles of Association [7] Employee Representative Director Election - On September 17, 2025, the company held its first employee representative meeting, electing Li Quanguo as the employee representative director for the third board of directors [9] - Li Quanguo meets the qualifications for directorship as per relevant laws and regulations, and his term will last until the end of the current board's term [10]