截至9月30日，九洲药业股东户数5.92万，较上期增加10.22%；人均流通股15035股，较上期减少 9.27%。2025年1月-9月，九洲药业实现营业收入41.60亿元，同比增长4.92%；归母净利润7.48亿元，同 比增长18.51%。 分红方面，九洲药业A股上市后累计派现21.83亿元。近三年，累计派现12.45亿元。 机构持仓方面，截止2025年9月30日，九洲药业十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2036.80万股，相比上期增加781.25万股。中欧医疗健康混合A（003095）位居第六大流通 股东，持股1740.30万股，相比上期增加397.67万股。华宝中证医疗ETF（512170）位居第七大流通股 东，持股1522.25万股，相比上期减少256.29万股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月25日，九洲药业涨0.96%，成交额1.52亿元。两融数据显示 ...

Core Insights - The CRO (Contract Research Organization) industry in China is a strategic emerging industry that supports pharmaceutical innovation and is crucial for the transition from a pharmaceutical power to a pharmaceutical stronghold [1][9] - The development of policies for the CRO industry has evolved from a focus on the overall biopharmaceutical sector to specialized areas, emphasizing innovation, safety, and supply chain security [1][3] Policy Development History - The policy evolution from the "Tenth Five-Year Plan" to the "Fourteenth Five-Year Plan" has progressively recognized the importance of the CRO industry, with increasing support for specialized services [1] - The "Fifteenth Five-Year Plan" emphasizes differentiated, high-value innovation alongside supply chain security [1] National Policy Summary and Interpretation - Since 2006, multiple national policies have been introduced to support the CRO service system, focusing on regulatory standards, clinical trial optimization, and international development [3][7] - Key policies include the establishment of the MAH (Marketing Authorization Holder) system and the optimization of review and approval processes [3][7] Key National Policies (2025 Outlook) - Policies from 2006 to 2025 highlight the strategic importance of biopharmaceuticals and the CRO industry, with a focus on enhancing innovation capabilities and regulatory frameworks [4][5][6] - Recent policies aim to streamline clinical trial approvals and support the development of innovative drugs [6][10] Provincial and Municipal Policy Summary - Various provinces and cities have implemented supportive policies for the CRO industry, including investment subsidies, revenue rewards, and insurance subsidies, with some regions offering up to 50 million yuan in support [11][12] - Specific measures include allowing foreign investment in CROs and promoting AI integration in the industry [11][12][14] Provincial Development Goals - Regions like the Yangtze River Delta focus on high-end CRO service systems, while the Beijing-Tianjin-Hebei area emphasizes collaborative innovation and full-chain outsourcing [14] - Local governments aim to enhance the scale and service capabilities of the biopharmaceutical industry, with targeted initiatives for specific sectors such as seed industry CROs in Hainan [14]

Core Viewpoint - Jiuzhou Pharmaceutical emphasizes that its stock price is influenced by multiple factors including industry policies and market conditions, and the company will continue to focus on its core business development while enhancing its competitive edge and conveying long-term investment value to the market [1] Group 1 - The company acknowledges the impact of industry policies and market trends on its stock price [1] - Jiuzhou Pharmaceutical is committed to focusing on its main business and improving its core competitiveness [1] - The company aims to actively communicate its long-term investment value to the market [1]

证券代码：603456 证券简称：九洲药业 公告编号：2026-006 一、使用闲置募集资金进行现金管理履行的审议程序 浙江九洲药业股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日召开 第八届董事会第十一次会议，同意公司及子公司使用不超过人民币 12 亿元的闲 置募集资金进行现金管理，期限为自董事会审议通过之日起不超过 12 个月，单 笔投资产品的期限不超过 12 个月。具体内容详见公司于 2024 年 12 月 14 日在上 海证券交易所网站（www.sse.com.cn）和《上海证券报》披露的相关公告。 公司于 2025 年 12 月 9 日召开第八届董事会第十九次会议、第八届审计委员 会第十三次会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》， 同意公司及子公司在保障资金安全及确保不影响募集资金投资项目建设和使用 计划的前提下，使用不超过人民币 10 亿元的闲置募集资金适时购买安全性高、 流动性好的投资产品（包括但不限于结构性存款、定期存款、大额存单、通知存 款、收益凭证及银行或券商理财产品等），不得为非保本型。期限为自董事会审 议通过之日起不超过 12 个月，单笔投资产品 ...

Group 1: Industry Insights - The recent national centralized procurement involves 316 commonly used drugs, with a procurement period extending to the end of 2028, providing stable expectations for the pharmaceutical industry, which may impact the order environment for Jiuzhou Pharmaceutical as a raw material and CDMO enterprise [1] - The innovative drug sector shows a clear recovery trend, with a 13.34% year-on-year increase in IND applications in 2025, leading to heightened demand in the CRO/CDMO industry, where leading companies like Jiuzhou Pharmaceutical are expected to benefit from optimized order structures [1] Group 2: Company Developments - Jiuzhou Pharmaceutical expressed significant potential in its peptide CDMO business, particularly after the patent expiration of Semaglutide, indicating the company will actively seize market opportunities, although specific impacts were not quantified [1] - The stock price of Jiuzhou Pharmaceutical has shown fluctuations, with a range of 0.89% over the past week and a trading volume of 1.05 billion yuan on February 12, 2026, closing at 18.08 yuan, reflecting a daily increase of 0.61% [2] - On February 12, 2026, there was a net inflow of 707.68 million yuan in main funds, reversing the previous day's net outflow of 1,751.05 million yuan, indicating a shift in investor sentiment [2]

Core Viewpoint - Jiuzhou Pharmaceutical (603456) has demonstrated a strong development trend in its peptide business, offering a one-stop service capability from custom peptide compounds to registration and commercial GMP production [1] Group 1: Business Development - The company has seen an increase in order volume and project numbers in its peptide business [1] - An additional annual production capacity of 800 kilograms for peptides is set to commence in 2025, with specific project orders already secured [1] - The overall capacity utilization rate for the company's peptide segment is expected to remain between 40% and 50% in 2026, aligning with current business plans and market demand [1]

证券代码：603456 证券简称：九洲药业 公告编号：2026-005 浙江九洲药业股份有限公司 关于开立募集资金现金管理产品专用结算账户及 使用闲置募集资金进行现金管理的进展公告 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： 现金管理受托方：中国农业银行股份有限公司台州椒江支行营业室（以 下简称"农业银行台州椒江支行"）； 履行的审议程序：浙江九洲药业股份有限公司（以下简称"公司"、 "九洲药业"）于2025年12月9日召开的第八届董事会第十九次会议、第八届审 计委员会第十三次会议，审议通过了《关于使用闲置募集资金进行现金管理的议 案》，同意公司及子公司在保障资金安全及确保不影响募集资金投资项目建设和 使用计划的前提下，使用不超过人民币10亿元的闲置募集资金适时购买安全性高、 流动性好的投资产品（包括但不限于结构性存款、定期存款、大额存单、通知存 款、收益凭证及银行或券商理财产品等），不得为非保本型。期限为自董事会审 议通过之日起不超过12个月，单笔投资产品的期限不超过12个月。本事项无需提 交股东会审议。 ...

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Core Viewpoint - Jiuzhou Pharmaceutical (603456) emphasizes that its stock performance is influenced by multiple factors including market conditions and sector rotation, while the company remains focused on its core business development and enhancing its competitive edge [1] Group 1 - The company will continue to enhance its core competitiveness through standardized operations and transparent communication with the market [1] - Jiuzhou Pharmaceutical aims to convey long-term investment value to the market [1]

Core Viewpoint - The company, Zhejiang Jiuzhou Pharmaceutical Co., Ltd., has announced the use of idle raised funds for cash management, specifically to redeem maturing cash management products and continue cash management activities [1][2]. Cash Management Overview - The entrusted party for cash management is Agricultural Bank of China, Changshu Economic Development Zone Branch [2]. - The board of directors approved the use of up to RMB 1 billion of idle raised funds for cash management, ensuring that it does not affect the construction and use of investment projects [2][7]. - The cash management products include high-security and liquid investment options such as structured deposits, time deposits, large certificates of deposit, notice deposits, income certificates, and bank or brokerage wealth management products [2][7]. Cash Management Details - The amount used for cash management is RMB 30 million [4][5]. - The cash management product involved is a large certificate of deposit with a duration of 6 months [5]. - The company has previously raised RMB 2.5 billion through a non-public offering of shares, with a net amount of RMB 2.49 billion after deducting issuance costs [6]. Purpose of Cash Management - The purpose of cash management is to enhance the efficiency of fund utilization while ensuring the safety of funds and the normal operation of investment projects [3][10]. Risk Management - The company emphasizes that the cash management will only involve high-security and liquid products, minimizing investment risks [8][9]. - Strict adherence to prudent investment principles and confidentiality regarding cash management activities is mandated [9]. Impact on Company - The cash management activities are not expected to affect the implementation of investment projects or the company's future operations, financial status, or cash flow significantly [10].