证券代码：603439 证券简称：三力制药 公告编号：2026-006 贵州三力制药股份有限公司（以下简称"公司"）于2025年11月27日召开的 第四届董事会第十七次会议和第四届监事会第十六次会议，审议通过了《关于回 购注销部分限制性股票的议案》，同意公司以自有资金回购注销2024年限制性股 票激励计划中部分已获授但尚未解除限售的限制性股票合计200,000股。具体内 容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《贵州三力制 药股份有限公司关于回购注销部分限制性股票的公告》（公告编号：2025-065） 《贵州三力制药股份有限公司关于回购注销部分限制性股票减资暨通知债权人 的公告》（公告编号：2025-066）。 2025年10月24日，公司于上海证券交易所网站（www.sse.com.cn）披露了《贵 州三力制药股份有限公司股权激励限制性股票回购注销实施公告》（公告编号： 2025-056），共注销872,000股限制性股票，注销日期为2025年10月28日，注销后 股本变更为408,930,216股，目前暂未完成工商变更。 2026年3月9日，公司召开第四届董事会第二十二次会 ...

证券代码：603439 证券简称：三力制药 公告编号：2026-005 贵州三力制药股份有限公司 关于回购注销部分限制性股票的公告 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： 贵州三力制药股份有限公司（以下简称"公司"）于 2026 年 3 月 9 日召开了 第四届董事会第二十二次会议，审议通过了《关于回购注销部分限制性股票的议 案》。公司 2024 年限制性股票激励计划（以下简称"激励计划"或"本激励计划"） 中激励对象冯由超先生因离职而不再具备激励资格，公司拟将其持有的共计 40,000 股已获授但尚未解锁的限制性股票回购。根据公司 2024 年第二次临时股 东大会的授权，公司将对 2024 年限制性股票激励计划部分激励对象已获授但尚 未解除限售的限制性股票进行回购注销。本次回购注销部分限制性股票事宜符合 法律、行政法规、部门规章、规范性文件、《公司章程》及本次股权激励计划等 相关规定。现将有关事项说明如下： 一、本激励计划已履行的相关审批程序和信息披露情况 1、2024 年 10 月 08 日，公司第 ...

北京市中伦律师事务所 关于贵州三力制药股份有限公司 限制性股票激励计划之回购注销部分限制性股票事项的 法律意见书 二〇二六年三月 北京市中伦律师事务所 关于贵州三力制药股份有限公司 限制性股票激励计划之回购注销部分限制性股票事项的 法律意见书 致：贵州三力制药股份有限公司 根据本所与贵州三力制药股份有限公司（以下简称"贵州三力"或"公司"） 签署的《专项法律服务合同》，本所接受公司的委托担任其本次股权激励计划的 专项法律顾问，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励 管理办法》（以下简称"《管理办法》"）等相关法律、法规和规范性文件以及 《贵州三力制药股份有限公司章程》（以下简称"《公司章程》"）的规定，就 贵州三力2024年限制性股票激励计划部分激励对象已获授但尚未解除限售的限 制性股票予以回购注销（以下简称"本次回购并注销"）的相关事项出具本法律 意见书。 为出具本法律意见书，本所律师对涉及本次激励计划的下述有关方面的事实 及法律文件进行了核查与验证： 1 1、本次回购并注销的批准与授权； 2、本次回购并注销的原因、回 ...

证券代码：603439 证券简称：三力制药 公告编号：2026-004 贵州三力制药股份有限公司 第四届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 2026 年 3 月 9 日，贵州三力制药股份有限公司（以下简称"公司"）第四 届董事会第二十二次会议在公司会议室以现场和通讯表决方式召开。本次会议的 会议通知和材料于 2026 年 3 月 3 日以书面及通讯等方式送达所有参会人员。本 次会议应到董事 9 人，实到董事 9 人。本次会议由董事长张海先生召集和主持， 本次会议无列席人员。会议的召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 会议以记名投票表决方式，审议通过了如下议案： （一）审议通过《关于回购注销部分限制性股票的议案》 本次回购注销部分限制性股票事项不会对公司的财务状况和经营成果产生 实质性影响，不会影响本激励计划的继续实施。公司管理团队将继续认真履行工 作职责，为公司和股东创造价值。公司 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Summary of Sanli Pharmaceutical Conference Call Company Overview - **Company**: Sanli Pharmaceutical - **Core Products**: Kaohoujian series, particularly the pediatric version with over 80% coverage in secondary hospitals [2][4] Industry Insights - **Market Focus**: The company aims to enhance coverage in grassroots medical institutions, which could significantly boost sales if products are included in the essential drug list [2][4] - **OTC Business Development**: Sanli is focusing on developing its OTC business, segmented into respiratory and elderly care lines to meet market demands [2][6] Financial Projections - **2026 Revenue Forecast**: Expected total revenue of approximately 1.9 to 2 billion CNY, with contributions from: - Respiratory line: 1.2 to 1.3 billion CNY - Supplement line: 400 to 500 million CNY - Other product lines: 100 to 200 million CNY - **2025 Performance Outlook**: Anticipated revenue of 1.6 to 1.7 billion CNY due to low incidence of respiratory diseases and inventory pressure [3][21] Product Pipeline and R&D - **Essential Drug List Candidates**: Four products are potential candidates for the essential drug list, with the pediatric Kaohoujian having the highest probability of inclusion [4][13] - **Innovation Strategy**: The company has shifted focus from classic formulas to innovative traditional Chinese medicine, collaborating with research institutions on multiple projects expected to yield results in six to eight years [11][24] Market Strategy - **Sales Channel Expansion**: Sanli has transitioned from prescription sales to a multi-channel sales approach, including partnerships with top national chains and an emphasis on O2O (online-to-offline) retail strategies [6][18] - **Grassroots Market Potential**: The company aims to increase its market share in grassroots settings, currently at 5% to 8%, with a target of 20% to 30% for successful products [15] Competitive Landscape - **Impact of Drug List Adjustments**: Inclusion in the essential drug list could significantly enhance market penetration and prescription volumes for key products [12][14] - **Response to Price Reductions**: The company does not view price reductions from centralized procurement as detrimental, as it can reduce sales expenses to maintain profit margins [17] Operational Readiness - **Capacity and Distribution**: Preparations for the new essential drug list have been ongoing since 2018, focusing on channel development and distribution team enhancements [16] - **Integration of Acquisitions**: The integration of acquired companies is nearly complete, with a unified sales strategy across the OTC business [22] Challenges and Risks - **Inventory Management**: The company has faced inventory pressures due to low disease incidence, impacting financial performance in 2025 [20] - **Market Competition**: The company acknowledges the competitive landscape in the orthopedic and gynecological sectors, which are not yet significant revenue contributors [7] Conclusion Sanli Pharmaceutical is strategically positioned to enhance its market presence through innovative product development, expansion into grassroots healthcare, and a robust OTC strategy. The potential inclusion of key products in the essential drug list could further drive growth, despite current challenges related to inventory and market competition.

证券日报网讯1月29日，三力制药（603439）在互动平台回答投资者提问时表示，公司高度关注中成药 行业相关监管政策调整，始终严格按照国家药品监管要求开展生产经营及产品研发工作。 ...

Core Viewpoint - The company acknowledges that its stock price is influenced by various factors including macroeconomic environment, industry cycles, and fluctuations in the secondary market [2] Group 1 - The company emphasizes its commitment to enhancing operational performance and management standards [2] - The company aims to create value for its shareholders [2]

Core Viewpoint - Sanli Pharmaceutical announced an expected net profit attributable to shareholders of the parent company for 2025 to be between 36 million and 52 million yuan, representing a significant decrease compared to the previous year's figure of 274.03 million yuan, indicating a decline of 22.02 million to 23.80 million yuan, or a year-on-year decrease of 81.02% to 86.86% [1] Financial Performance - The projected net profit for 2025 is estimated to be between 36 million yuan and 52 million yuan [1] - This represents a decrease of 22.02 million to 23.80 million yuan compared to the previous year's net profit of 274.03 million yuan [1] - The year-on-year decline percentage is estimated to be between 81.02% and 86.86% [1]