浙江九洲药业股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 证券代码：603456 证券简称：九洲药业 公告编号：2025-053 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2024年12月13日召开的第八届董事会第十一次会议、第八届监事会 第七次会议，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12亿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），且该等投资产品不得用于质押，不用于以证 券投资为目的的投资行为。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大会审议。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）和《上海证券报》 披露的相关公告； 特别风险提示：尽管本次公司及子公司购买的现金管理产品安全性高、 流动性好，但金融市场受宏观经济、财政及货币政策的影响较大 ...

Core Viewpoint - The article discusses the recent adjustments in stock holdings by social security funds in the A-share market, highlighting the sectors and companies that have seen increased or decreased investments. Group 1: Increased Holdings - Social security funds have emerged as significant shareholders in 41 A-shares, with a total market value of 12.622 billion yuan as of August 12 [2] - Notable increases in holdings were observed in the banking, feed, and small home appliance sectors, with Changshu Bank being the most heavily invested stock, showing a significant increase in shares held [2][3] - Hai Da Group saw its holdings nearly double, with social security funds holding a total of 21.0344 million shares by the end of the first half of the year [7] - Other companies like Huace Navigation, Li New Energy, and Nanwei Medical also experienced increases in holdings exceeding 2 million shares [8] Group 2: Decreased Holdings - Jiuzhou Pharmaceutical was the most significantly reduced stock, with a decrease of 11.4141 million shares, representing over a 50% reduction in holdings [10] - Other companies such as Jerry Shares and Aide Biology also faced substantial reductions, with Jerry Shares seeing a decrease of over 10 million shares [11] - The chemical sector experienced notable reductions, with companies like Huafeng Chemical and Aide Biology being among those affected [12] Group 3: New Investments - Satellite Chemical was highlighted as a new investment by social security funds, with the fund becoming the ninth largest shareholder with 20.1693 million shares [13] - Other new investments included companies like Su Shi Testing and Xin Qiang Lian, which have seen significant market interest from multiple social security fund combinations [13] - Su Shi Testing, despite a 16% drop in stock price during the second quarter, rebounded by nearly 17% since July, indicating potential growth prospects [14]

Market Performance - On August 13, the medical services sector rose by 4.02%, led by Innovative Medical [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - The table lists various stocks in the medical services sector, with notable declines including *ST Bio down 4.95% and ST Zhongzhu down 2.66% [1] - Other stocks such as Lanwei Medical and Baicheng Pharmaceutical also experienced minor declines of 1.76% and 1.59% respectively [1] Capital Flow Analysis - The medical services sector saw a net inflow of 1.962 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.888 billion yuan [3] - Notable stocks with significant net inflows from institutional investors include Yaoming Kande with 1.13 billion yuan and Kanglong Huacheng with 248 million yuan [3] - Conversely, retail investors showed significant outflows from stocks like Yaoming Kande and Kanglong Huacheng, indicating a shift in investor sentiment [3]

Group 1 - The company, Zhejiang Jiuzhou Pharmaceutical Co., Ltd., announced that its subsidiary, Rebo (Suzhou) Pharmaceutical Co., Ltd., successfully passed the FDA's cGMP inspection conducted from May 19 to May 22, 2025 [1] - The inspection covered six major systems: quality system, materials, production, packaging and labeling, equipment facilities, and laboratory controls [1] - The inspection result was classified as NAI (No Action Indicated), indicating compliance with FDA standards [1] Group 2 - The successful FDA inspection provides a solid foundation for the company to expand its international market presence and positively impacts its ability to enter global regulated markets [1] - The company has established a tiered cGMP quality management system that meets global industry-leading standards, which enhances its overall competitiveness and future development [1]

Core Insights - Jiuzhou Pharmaceutical (603456.SH) announced that its subsidiary, Rebo (Suzhou) Pharmaceutical Co., Ltd., successfully passed the cGMP inspection conducted by the FDA from May 19 to May 22, 2025 [1] Group 1 - The FDA inspection covered six major systems: quality system, materials, production, packaging and labeling, equipment facilities, and laboratory controls [1] - Rebo Suzhou received the Establishment Inspection Report (EIR) from the FDA, confirming compliance with cGMP standards [1]

Core Viewpoint - The company Jiuzhou Pharmaceutical (603456.SH) announced that its subsidiary, Rebo (Suzhou) Pharmaceutical Co., Ltd., successfully passed the cGMP inspection by the FDA, which enhances its capability to expand in international markets [1] Group 1: FDA Inspection Results - Rebo (Suzhou) underwent an FDA cGMP inspection from May 19 to May 22, 2025, covering six major systems: quality system, materials, production, packaging and labeling, facilities, and laboratory controls [1] - The establishment inspection report (EIR) received from the FDA confirms that Rebo (Suzhou) meets the cGMP quality management system and production environment standards required by the FDA [1] Group 2: Implications for Market Expansion - The successful FDA inspection provides a solid foundation for the company to continue expanding into international markets and positively impacts its ability to enter global regulated markets [1] - The company has established a tiered cGMP quality management system that aligns with global industry-leading standards in research and development, production, quality control, and project management, which will enhance its overall competitiveness and future development [1]

浙江九洲药业股份有限公司 关于子公司通过美国 FDA 现场检查的公告 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。 浙江九洲药业股份有限公司（以下简称"公司"）子公司瑞博（苏州）制药 有限公司（以下简称"瑞博苏州"）于 2025 年 5 月 19 日至 2025 年 5 月 22 日期 间接受了美国食品药品监督管理局（以下简称"FDA"）的 cGMP（现行药品生 产质量管理规范）现场检查，检查范围涵盖质量体系、物料、生产、包装与标签、 设备设施、实验室控制六大系统。近日，瑞博苏州收到美国 FDA 签发的现场检 查报告（EIR，Establishment Inspection Report），该报告表明瑞博苏州已通过本 次 cGMP 现场检查，现将相关情况公告如下： 一、美国 FDA 现场检查的相关情况 证券代码：603456 证券简称：九洲药业 公告编号：2025-052 公司名称：瑞博（苏州）制药有限公司 检查地点：江苏省常熟市碧溪街道通联路 18 号 浙江九洲药业股份有限公司 FDA FEI：3007114474 检查结 ...

本次通过美国FDA现场检查，表明瑞博苏州在药品cGMP质量管理体系和生产环境设施等方面符合美国 FDA要求，为公司持续拓展国际市场提供了坚实的保障，并对拓展全球规范市场带来积极影响。同时公 司建立了符合全球行业领先标准的研发、生产、质量控制和项目管理的分级cGMP质量管理体系，对提 升公司综合竞争力及未来发展有着积极的推动作用。 九洲药业（603456）(603456.SH)发布公告，公司子公司瑞博(苏州)制药有限公司(以下简称"瑞博苏州") 于2025年5月19日至2025年5月22日期间接受了美国食品药品监督管理局(以下简称"FDA")的cGMP(现行 药品生产质量管理规范)现场检查，检查范围涵盖质量体系、物料、生产、包装与标签、设备设施、实 验室控制六大系统。近日，瑞博苏州收到美国FDA签发的现场检查报告(EIR，Establishment Inspection Report)，该报告表明瑞博苏州已通过本次cGMP现场检查。 ...

Group 1: AI Application Company Valuation - ARR (Annual Recurring Revenue) is more suitable as a valuation anchor for high-growth AI businesses, with valuations for high-growth AI startups generally around 50 times ARR or higher [1][6][7] - Examples of valuations include OpenAI and Anthropic at approximately 40-60 times ARR, while AI tools like Runway and ElevenLabs are valued at 55 times and 40 times ARR respectively [6][7] - The assumption for a 50 times ARR valuation is based on a projected compound annual growth rate of 100% for ARR over the next three years and a steady-state net profit margin of 30% [7] Group 2: 瑞达期货 (Ruida Futures) - The company has a solid brokerage, asset management, and risk management foundation, expected to benefit from the development of the futures industry, leading to performance growth [2][8] - The brokerage business is robust, with commission rates above the industry average, and the asset management CTA scale and performance are industry-leading [8][9] - The forecast for 2025 indicates a year-on-year increase of 11.2% in net profit to 425 million yuan [2][8] Group 3: 快手-W (Kuaishou-W) - The company is expected to achieve net profits of 17.7 billion yuan, 21 billion yuan, and 24.4 billion yuan from 2025 to 2027, with corresponding PE ratios of 17.5x, 14.8x, and 12.7x [3][12] - Kuaishou focuses on AI-driven technology and continuous product upgrades, providing diverse services in entertainment, online marketing, e-commerce, and local life [12][13] - The competitive landscape in the short video industry is stable, with Kuaishou and Douyin holding over 60% market share [13] Group 4: 药石科技 (YaoShi Technology) - The company achieved revenue of 920 million yuan in the first half of 2025, a year-on-year increase of 23.48%, while net profit decreased by 26.54% [4][15] - The CDMO business continues to grow, with new orders increasing by 19.88% year-on-year [15][16] - Revenue forecasts for 2025-2027 are 1.931 billion yuan, 2.287 billion yuan, and 2.747 billion yuan, with growth rates of 14.4%, 18.4%, and 20.1% respectively [17]

（文章来源：每日经济新闻） 长城国瑞证券8月11日发布研报称，给予九洲药业（603456.SH，最新价：18.45元）买入评级。评级理 由主要包括：1）主要经营业绩回暖，现金流表现较佳；2）CDMO项目管线持续丰富，新客户拓展顺 利；3）TIDES事业部及相关技术平台快速发展，积极推进产能扩张建设；4）API业务营收略有波动， 毛利率持续修复。风险提示：重点CDMO订单放量不及预期；原料药和中间体价格波动风险；环保政策 风险；安全生产风险。 ...