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]

Core Viewpoint - Jiuzhou Pharmaceutical's stock has experienced fluctuations, with a year-to-date increase of 46.67% but a recent decline in the last five trading days by 3.30% [1] 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% [2] - The net profit attributable to the parent company for the same period was 748 million yuan, showing an increase of 18.51% year-on-year [2] Stock Market Activity - As of November 5, Jiuzhou Pharmaceutical's stock price was 19.34 yuan per share, with a market capitalization of 17.202 billion yuan [1] - The stock has seen a net outflow of main funds amounting to 21.4868 million yuan, with significant selling pressure observed [1] Shareholder Information - As of September 30, 2025, the number of Jiuzhou Pharmaceutical's shareholders increased to 59,200, up by 10.22% from the previous period [2] - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 20.368 million shares, an increase of 7.8125 million shares [3] Dividend Distribution - Jiuzhou Pharmaceutical 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]

证券代码：603456 证券简称：九洲药业 公告编号：2025-063 浙江九洲药业股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 10 月 31 日 (二)股东大会召开的地点：浙江九洲药业股份有限公司会议室（浙江省台州市椒 江区外沙路 99 号） | 1、出席会议的股东和代理人人数 | 524 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 425,977,164 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 48.31 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事长花莉蓉女士主持，会议召集、召开及表决方式符合《公 司法》等有关法律法规和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一 ...

浙江天册律师事务所 关于 浙江九洲药业股份有限公司 2025 年第一次临时股东大会的 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 0 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 2025 年第一次临时股东大会的 法律意见书 编号：TCYJS2025H1774 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"九洲药业"或"公司"）的委托，指派本所律师参加公司 2025 年第一次 临时股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和有关规范性文件，以及《浙江九 洲药业股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意 见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所 ...

Core Viewpoint - Jiuzhou Pharmaceutical is a well-established manufacturer of chemical raw materials and pharmaceutical intermediates in China, with strong technical capabilities and scale advantages in the custom drug development and production service sector [1] Financial Performance - In Q3 2025, Jiuzhou Pharmaceutical reported a revenue of 4.16 billion yuan, ranking 5th in the industry out of 29 companies, surpassing the industry average of 2.547 billion yuan and the median of 607 million yuan, but still lagging behind the top competitors WuXi AppTec at 32.857 billion yuan and Kanglong Chemical at 10.086 billion yuan [2] - The company's net profit for the same period was 749 million yuan, also ranking 5th in the industry, above the average of 585 million yuan but below the median of 80.706 million yuan, with WuXi AppTec leading at 12.206 billion yuan and Tigermed at 1.092 billion yuan [2] Financial Ratios - As of Q3 2025, Jiuzhou Pharmaceutical's debt-to-asset ratio was 17.67%, down from 21.67% year-on-year and below the industry average of 22.79%, indicating lower debt pressure [3] - The gross profit margin for Q3 2025 was 37.55%, an increase from 34.75% year-on-year, and close to the industry average of 37.70%, reflecting improved profitability [3] Executive Compensation - The chairman, Hua Lirong, received a salary of 1.985 million yuan in 2024, a decrease of 528,000 yuan from 2023 [4] - The president, Mei Yijiang, earned 3.276 million yuan in 2024, down 339,000 yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.22% to 59,200, while the average number of shares held per shareholder decreased by 9.27% to 15,000 [5] - Major shareholders include Hong Kong Central Clearing Limited and various mutual funds, with notable increases in holdings from some shareholders [5] Business Highlights - The CDMO business continues to grow rapidly, driven by strong overseas demand and an increase in key clinical batches and NDA projects [5][6] - The TIDES business is progressing well, with the second phase of peptide production capacity set to launch [5][6] - The company is expanding its global footprint, with significant growth in the Japanese, Korean, and U.S. markets [5] Future Projections - Revenue forecasts for Jiuzhou Pharmaceutical are 5.57 billion yuan, 5.83 billion yuan, and 6.29 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 949 million yuan, 1.052 billion yuan, and 1.207 billion yuan for the same years [5][6]

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常熟经济开发区支行（以 下简称"农业银行常熟经济开发区支行"）； 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 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 ...

Core Viewpoint - The medical innovation sector is experiencing a structural recovery, with significant inflows into the Medical Innovation ETF and positive performance from key companies in the sector [1][2]. Group 1: Market Performance - On October 29, the Medical Innovation ETF (516820.SH) fell by 1.28%, with component stocks showing mixed results; Chuaning Biological (301301) led gains at 5.12%, while Ailis (688578) saw the largest decline at 5.13% [1]. - The Medical Innovation ETF has seen continuous net inflows over the past five days, with a peak single-day net inflow of 38.68 million yuan, totaling 66.42 million yuan and an average daily net inflow of 13.28 million yuan [1]. Group 2: Industry Trends - The pharmaceutical sector has undergone a prolonged valuation adjustment, but a significant structural recovery trend has emerged recently, supported by policies promoting commercial insurance development [1]. - The investment and financing landscape in the pharmaceutical sector is expected to recover, driven by a rebound in the secondary market, with continued positive sentiment in the CXO and upstream segments [1]. - Recent quarterly reports from several CXO companies, including WuXi AppTec, Tigermed, and others, indicate a positive outlook for the industry [1]. Group 3: Future Outlook - The CXO sector continues to show strong performance, with companies like WuXi AppTec and Boteng surpassing expectations in their quarterly results [2]. - The innovative drug sector is on a long-term upward trend, with opportunities arising from both domestic revenue growth and international expansion [2]. - The expectation of interest rate cuts in the U.S. is likely to enhance global liquidity and support the trend in technology stocks, providing an opportunity for investors to capitalize on the rebound in core pharmaceutical assets through the Medical Innovation ETF [2].