证券代码：603456 证券简称：九洲药业 公告编号：2025-065 浙江九洲药业股份有限公司 第八届董事会第十八次会议决议公告 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 浙江九洲药业股份有限公司（以下简称"公司"）第八届董事会第十八次会议 于2025年 11 月12日以现场表决结合通讯表决的方式召开。本次董事会已于2025 年 11 月 7 日以电子邮件、电话等方式通知全体董事、高级管理人员。会议应出 席董事 9 人，实际出席董事 9 人。全体董事推举董事长花莉蓉女士主持本次会议， 本次会议参与表决人数及召集、召开程序符合《公司法》和《公司章程》的有关 规定，合法有效。 二、董事会会议审议情况 1、审议通过了《关于选举代表公司执行公司事务董事的议案》； 董事会同意选举花莉蓉女士（简历见附件）为代表公司执行公司事务的董事， 并担任公司法定代表人，任期自本次董事会审议通过之日起至公司第八届董事会 任期届满之日止。 表决结果：同意：9 票；反对：0 票；弃权：0 票。 2、审议通过了《关于选举审计委 ...

Group 1 - The core point of the article is that Jiuzhou Pharmaceutical (SH 603456) held its 18th meeting of the 8th board of directors on November 12, 2025, to discuss various proposals, including the election of a director to represent the company in executing its affairs [1] - For the fiscal year 2024, Jiuzhou Pharmaceutical's revenue composition is heavily weighted towards the production and sales of chemical raw materials and intermediates, which account for 98.56% of total revenue, while other businesses contribute only 1.44% [1] - As of the time of reporting, Jiuzhou Pharmaceutical has a market capitalization of 17.7 billion yuan [1]

Core Viewpoint - Jiuzhou Pharmaceutical's stock has shown significant performance, with a year-to-date increase of 53.80%, indicating strong market interest and potential growth in the pharmaceutical sector [1][2]. Financial Performance - For the period from January to September 2025, Jiuzhou Pharmaceutical achieved a revenue of 4.16 billion yuan, representing a year-on-year growth of 4.92%. The net profit attributable to shareholders was 748 million yuan, reflecting an 18.51% increase compared to the previous year [2]. - The company has distributed a total of 2.183 billion yuan in dividends since its A-share listing, with 1.245 billion yuan distributed over the last three years [3]. Stock Market Activity - As of November 12, Jiuzhou Pharmaceutical's stock price was 20.28 yuan per share, with a trading volume of 283 million yuan and a turnover rate of 1.59%. The total market capitalization stood at 18.038 billion yuan [1]. - The stock has seen a net inflow of 10.22 million yuan from major funds, with significant buying activity noted in large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 59,200, a rise of 10.22%. The average number of circulating shares per shareholder decreased by 9.27% to 15,035 shares [2][3]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and China Europe Medical Health Mixed A, both of which increased their holdings [3].

Core Viewpoint - The article discusses the retirement of Huaxuan De, the former richest person in Taizhou, who plans to transfer his shares in Zhongbei Group and Taizhou GeDe to his daughters, marking a significant change in the ownership structure of Jiuzhou Pharmaceutical. Group 1: Share Transfer Details - Huaxuan De intends to transfer 42.50% of his shares in Zhongbei Group and 10% in Taizhou GeDe to his daughters, Huali Rong and Huaxiao Hui [1][2] - The share transfer includes 28.50% to Huali Rong and 14% to Huaxiao Hui, with the payment amounts being 41.33 million yuan and 20.48 million yuan respectively [1] - The estimated market value of the shares transferred, based on Jiuzhou Pharmaceutical's stock price, is approximately 2.476 billion yuan [1] Group 2: Company Background and Leadership Changes - Jiuzhou Pharmaceutical was founded in 1998, evolving from a struggling company to a prominent player in the pharmaceutical industry under Huaxuan De's leadership [3] - Huali Rong currently serves as the chairman of Jiuzhou Pharmaceutical, while Huaxiao Hui has resigned from her director position as of December 2024 [3][4] - Huaxuan De has been instrumental in the company's growth, transitioning it from raw material production to contract research and manufacturing [3] Group 3: Market Context and Implications - The transfer of shares signifies Huaxuan De's complete withdrawal from active management, potentially reducing distractions from the company's operations [7] - The recent legal issues surrounding Xu Xiren, a figure connected to Huaxuan De, have brought renewed attention to his legacy and the companies involved [5][6]

Core Viewpoint - The transfer of shares from Hua Xuande to his daughters marks a significant change in the ownership structure of Zhongbei Group and its indirect control over Jiuzhou Pharmaceutical, with the daughters becoming the new actual controllers of the company [1][2]. Group 1: Share Transfer Details - Hua Xuande plans to transfer 42.50% of his shares in Zhongbei Group and 10% in Taizhou Gede to his daughters, Hua Lirong and Hua Xiaohui, with payments of 41.33 million yuan and 20.48 million yuan respectively [1]. - The transferred shares correspond to an estimated market value of approximately 2.476 billion yuan in Jiuzhou Pharmaceutical [1]. Group 2: Impact on Company Control - Following the share transfer, Hua Xuande will no longer hold any shares in Zhongbei Group or Taizhou Gede, thus ceasing to have indirect control over Jiuzhou Pharmaceutical [2]. - The new actual controllers of Jiuzhou Pharmaceutical will be Hua Lirong, who is currently the chairman, and Hua Xiaohui, who has resigned from her director position [2]. Group 3: Hua Xuande's Contributions - Hua Xuande has significantly contributed to the development of Zhongbei Group and Jiuzhou Pharmaceutical, transforming the company from a struggling entity into a prominent player in the industry [2]. - Under his leadership, Jiuzhou Pharmaceutical was established in 1998 and went public in 2014, marking a pivotal moment in the company's history [2]. Group 4: Recent Developments - Hua Xuande remains the chairman of Zhongbei Group and holds director positions in other companies, despite stepping back from direct involvement in Jiuzhou Pharmaceutical [3]. - Recent news regarding the criminal detention of a related figure in the industry has brought Hua Xuande back into the spotlight, highlighting his connections within the sector [4].

证券代码：603456 证券简称：九洲药业 公告编号：2025-064 关于控股股东及一致行动人上层股权结构进行内部调整 暨实际控制人减少的提示性公告 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： 一、本次股权比例调整的具体情况 截至本公告披露日，中贝集团持有公司 283,518,812 股股份，占公司总股本的 31.88%，为公司控股股东；中贝集团持有台州歌德 90.00%股权，台州歌德为中贝集 团的控股子公司，台州歌德持有公司 40,585,680 股股份，占公司总股本的 4.56%，为 公司控股股东的一致行动人。 本次调整前，花轩德分别直接持有中贝集团 42.50%股权、台州歌德 10.00%股权， 通过中贝集团和台州歌德合计间接持有公司 15.75%股权；花莉蓉分别直接持有中贝 集团 22.50%股权、九洲药业 3.59%股权，通过中贝集团间接持股、九洲药业直接持 股方式，合计持有公司 11.68%股权；花晓慧直接持有中贝集团 22.50%股权，通过中 贝集团间接持有公司 8.10%股权。 本次股权比 ...

住所：浙江省台州市椒江区 通信地址：浙江省台州市椒江区崇善路 1 号 股份变动性质：减少 浙江九洲药业股份有限公司 简式权益变动报告书 浙江九洲药业股份有限公司 简式权益变动报告书 上市公司名称：浙江九洲药业股份有限公司 股票上市地点：上海证券交易所 股票简称：九洲药业 股票代码：603456 信息披露义务人：花轩德 签署日期：2025 年 11 月 11 日 1 / 15 浙江九洲药业股份有限公司 简式权益变动报告书 声明 一、信息披露义务人依据《中华人民共和国公司法》、《中华人民共和国证券 法》、《上市公司收购管理办法》、《公开发行证券公司信息披露内容与格式准则第 15 号——权益变动报告书》及相关法律、法规、规范性文件编写本权益变动报 告书。 二、本信息披露义务人签署本权益变动报告书已获得必要的授权和批准，其 履行亦不违反信息披露义务人章程及内部规定中的任何条款，或与之相冲突。 三、依据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司 收购管理办法》、《公开发行证券公司信息披露内容与格式准则第 15 号——权益 变动报告书》的规定，本报告书已全面披露了信息披露义务人在浙江九洲药业股 份有限 ...

浙江天册律师事务所 关于浙江九洲药业股份有限公司 实际控制人减少之 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江九洲药业股份有限公司 实际控制人减少之 法律意见书 编号：TCYJS2025H1884 号 致：浙江九洲药业股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江九洲药业股份有限公司 （以下简称"公司"或"九洲药业"）的委托，就九洲药业实际控制人减少相关事 宜的合法合规性进行专项核查，并根据核查情况出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司收购管理办法》（以下简称"《收购管理办法》"）、 《上海证券交易所股票上市规则》（以下简称"《上市规则》"）、《律师事务所从事证 券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等法律、 法规和规范性文件的有关规定，按照律师行业公认的业务标准、道德规范和勤勉尽 责精神对相关事项进行了核查。 法律意见书 3. 本所律师承 ...

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Core Insights - The company maintains a "buy" rating, with revenue for Q1-Q3 2025 at 4.16 billion yuan (up 4.92% year-on-year) and net profit attributable to shareholders at 748 million yuan (up 18.51% year-on-year) [2] - The company is expanding its CDMO business and enhancing its presence in emerging fields, with a steady increase in orders and projects [3] - The improvement in profitability is attributed to stabilized prices in the raw material drug sector and the continued growth of the high-margin CDMO segment [2][3] Financial Performance - For Q3 2025, revenue reached 1.29 billion yuan (up 7.37% year-on-year) and net profit attributable to shareholders was 222 million yuan (up 42.30% year-on-year) [2] - The gross margin for Q1-Q3 2025 was 37.55% (up 2.80 percentage points year-on-year), and the net profit margin was 17.97% (up 2.06 percentage points year-on-year) [2] - The company has adjusted its EPS forecasts for 2025-2027 to 1.09, 1.28, and 1.48 yuan, respectively, and raised the target price to 28.16 yuan based on a PE of 22X for 2026 [2] Business Development - As of H1 2025, the company has undertaken 38 projects in the raw material CDMO sector, covering various therapeutic areas including oncology and cardiovascular diseases [3] - The company has successfully provided services to over 80 clients in the formulation CDMO business, covering more than 100 active formulation projects [3] - The company has introduced over 20 new clients in the peptide and conjugate business, with a focus on diabetes and cancer treatments, and has seen rapid growth in overseas orders [3] Catalysts - The improvement in raw material drug prices has exceeded expectations, and the terminal demand for new businesses has also surpassed forecasts [4]