Core Viewpoint - Guizhou Sanli (603439.SH) has completed its share repurchase program, which was set to expire on September 12, 2025, in compliance with relevant laws and regulations [1] Summary by Categories Share Repurchase Details - The company repurchased a total of 7.8693 million shares, representing 1.92% of its total share capital [1] - The highest transaction price during the repurchase was RMB 14.20 per share, while the lowest was RMB 11.82 per share [1] - The average repurchase price was RMB 12.70 per share, with a total expenditure of RMB 99.9544 million (excluding transaction fees) [1]

Core Viewpoint - Guizhou Sanli announced a share buyback plan from September 13, 2024, to September 12, 2025, with a total repurchase of 7.8693 million shares, representing 1.92% of the total share capital, for a total amount of 99.9544 million yuan, at a price range of 11.82 yuan to 14.2 yuan per share. The repurchased shares will be used for employee stock ownership plans or equity incentive plans [1]. Summary by Category - **Share Buyback Details** - The company will complete a share buyback of 7.8693 million shares [1] - This represents 1.92% of the total share capital [1] - The total amount for the buyback is 99.9544 million yuan [1] - The price range for the buyback is between 11.82 yuan and 14.2 yuan per share [1] - **Purpose of Buyback** - The repurchased shares will be utilized for employee stock ownership plans or equity incentive plans [1]

Group 1 - On September 11, Guizhou Sanli conducted a block trade of 3 million shares, with a transaction amount of 38.82 million yuan, accounting for 39.7% of the total transaction volume for that day [1] - The transaction price was 12.94 yuan, which was in line with the market closing price of 12.94 yuan [1]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index at 3814.20 points, down by 1.14%, while the total trading volume reached 1.8782 trillion yuan, indicating a fluctuating market environment [1] Group 1: Market Performance - The Shanghai Composite Index is currently above the annual line, reflecting a slight decline of 1.14% [1] - The total trading volume of A-shares today is reported at 1.8782 trillion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 12 A-shares have surpassed the annual line today, with notable stocks including: - Shangneng Electric (300827) with a deviation rate of 8.99% and a daily increase of 11.84% [1] - Renfu Pharmaceutical (600079) showing a deviation rate of 8.06% and a daily increase of 9.99% [1] - Saiteng Co., Ltd. (603283) with a deviation rate of 5.06% and a daily increase of 7.32% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - ST Jinglun (600355) with a deviation rate of 0.53% and a daily increase of 1.14% [1] - Shichuang Energy (688429) with a deviation rate of 0.76% and a daily increase of 2.14% [1]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3820.98 points, slightly below the previous day, with a decline of 0.96% and a total trading volume of 1,472.176 billion yuan [1] Group 1: Market Performance - The Shanghai Composite Index is currently above the annual line, indicating a positive long-term trend despite the recent decline [1] - A total of 10 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Renfu Pharmaceutical (600079) with a deviation rate of 8.06% and a daily increase of 9.99% [1] - Shangneng Electric (300827) with a deviation rate of 7.79% and a daily increase of 10.60% [1] - Zhengfan Technology (688596) with a deviation rate of 3.15% and a daily increase of 4.01% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - Jinyuan Co. (000546) with a deviation rate of 0.07% and a daily increase of 0.80% [1] - Blue Arrow Electronics (301348) with a deviation rate of 0.65% and a daily increase of 1.06% [1]

Group 1 - The company Guizhou Sanli announced that it has not implemented share repurchase as of August 2025 [2] - As of August 31, 2025, the company has repurchased a total of 7,869,300 shares through centralized bidding, which accounts for 1.92% of the company's total share capital [2]

格隆汇9月1日丨贵州三力(603439.SH)公布，2025年08月01日至2025年08月31日期间，公司未实施回购 股份。截至2025年08月31日，公司通过集中竞价交易方式已累计回购股份7,869,300股，占公司截至本公 告日总股本的1.92%，回购最高价格为人民币14.20元/股，回购最低价格为人民币11.82元/股，支付的总 金额为99,954,426.00 ...

证券代码：603439 证券简称：贵州三力 公告编号：2025-051 贵州三力制药股份有限公司 关于股份回购进展公告 三、 其他事项 一、 回购股份的基本情况 贵州三力制药股份有限公司（以下简称"公司"）于 2024 年 9 月 12 日召开了第 四届董事会第四次会议，审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》。同意公司使用自有资金通过集中竞价交易方式进行股份回购，回购股 份将全部用于后期实施员工持股计划或股权激励计划，回购资金总额不低于人民 币 8,000.00 万元（含），不超过人民币 12,000.00 万元（含），回购价格不超过人民 币 17.85 元/股（含），回购期限自公司董事会审议通过回购股份方案之日起 12 个 月内。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《贵州 三力制药股份有限公司关于以集中竞价交易方式回购公司股份方案的公告暨回购 报告书》（公告编号：2024-054）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，每个月的前 3 个交易日内披露截至上月末 ...

Core Viewpoint - The increasing prevalence of throat diseases due to environmental pollution, lifestyle changes, and an aging population is driving the demand for throat traditional Chinese medicine (TCM), with the market expected to reach 7.4 billion yuan in 2024, reflecting a year-on-year growth of 7.49% [1][9]. Overview - Throat diseases are primarily caused by various factors such as wind-heat invasion and internal heat, leading to symptoms like sore throat and hoarseness. Throat TCM is made from traditional Chinese medicinal ingredients and is used to treat throat-related ailments, characterized by stable efficacy and minimal side effects [1][3]. Development History - The throat medicine industry in China began relatively late, with significant advancements in chronic pharyngitis research in the 1980s leading to the development of throat medications. The market was initially fragmented, but the introduction of products like Guangxi Jinsongzi's throat lozenges in 1995 marked a turning point, establishing a competitive landscape [4][5]. Market Policy - The Chinese government has implemented various policies to support the development of the TCM industry, creating a favorable environment for throat TCM growth. These include measures to enhance TCM regulation and promote innovation [5][6]. Industry Chain - The throat TCM industry consists of an upstream segment focused on medicinal herb cultivation, a midstream segment for manufacturing, and a downstream segment involving sales through medical institutions, pharmacies, and e-commerce platforms. The primary consumer groups include individuals who use their voices frequently and patients with chronic throat conditions [6][7][8]. Current Market Situation - The throat TCM market is experiencing rapid growth, with a projected sales figure of 7.4 billion yuan in 2024. Tablets represent the largest segment at 41.65%, followed by granules and pills [1][9]. Competitive Landscape - The throat TCM market is characterized by high concentration, with the top five companies holding over 50% market share in retail pharmacies. Guangxi Jinsongzi leads with a market share of 16.95% [10][11]. Key Companies - Guangxi Jinsongzi Group is a major player in the throat TCM market, with a projected revenue of 1.185 billion yuan in 2024 and a gross profit margin of 75.46% [12]. - Guilin Sanjin Pharmaceutical Co., Ltd. is another key player, with a projected revenue of 2.194 billion yuan in 2024 and a gross profit margin of 73.41% [12]. Future Trends - The throat TCM industry is expected to focus on improving the quality of raw materials and production processes to meet rising consumer demands for high-quality products. Additionally, there is potential for international market expansion, particularly in Southeast Asia, as awareness and acceptance of TCM grow [13].

Financial Performance - Guizhou Sanli reported a net profit decline of 29.04% year-on-year, with a total revenue of 702 million yuan, down 23.73% compared to the previous year [1] - For Q2, the total revenue was 293 million yuan, reflecting a significant decrease of 41.14% year-on-year, while the net profit for the same period was 41.11 million yuan, down 32.61% [1] - The gross margin was 67.52%, a decrease of 1.27% year-on-year, and the net margin was 12.17%, down 5.49% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 366 million yuan, accounting for 52.18% of revenue, which is an increase of 3.46% year-on-year [1] - The company's cash flow per share was 0.04 yuan, a decrease of 24.7% year-on-year, and earnings per share were 0.2 yuan, down 31.03% [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 13.01% last year, indicating strong capital returns, with a historical median ROIC of 20.71% since its listing [3] - The debt situation is concerning, with interest-bearing debt increasing by 31.3% to 783 million yuan, and the interest-bearing asset-liability ratio reaching 26.43% [3] - The cash position is weak, with cash and cash equivalents down 47.12% to 284 million yuan, and the ratio of accounts receivable to profit at 236.47% [3] Market Position and Investment - The main driver of the company's performance is marketing, which requires further investigation into the underlying factors [3] - The largest fund holding Guizhou Sanli shares is Pengyang Jingwo Six-Month Holding Mixed A, with a current scale of 345 million yuan and a recent net value of 1.166 [3]