浙江司太立制药股份有限公司 总经理工作细则 第一章 总则 第一条 为了明确浙江司太立制药股份有限公司（以下简称"公司"）总 经理的职责，保障总经理高效、协调、规范地行使职权，保障公司、股东、债权 人的合法权益，促进公司持续发展，根据《中华人民共和国公司法》（以下简称 "《公司法》"）和《浙江司太立制药股份有限公司公司章程》（以下简称"《公 司章程》"）等有关规定，特制定本细则。 浙江司太立制药股份有限公司 总经理工作细则 第二条 总经理是公司的高级管理人员，负责贯彻落实董事会决议，主 持公司的生产经营和日常管理工作，并对董事会负责。 第三条 本细则所称的高级管理人员包括公司总经理、副总经理、财务 负责人、董事会秘书及《公司章程》规定的其他人员。 第二章 总经理的任免 第四条 公司总经理、副总经理、财务负责人、董事会秘书及其他高级 管理人员实行董事会聘任制，提名和聘任程序如下： （一） 公司设总经理 1 名，由董事会决定聘任或者解聘； （二） 公司设副总经理 3 名，由总经理提名，董事会决定聘任或者解 聘。总经理对董事会负责，副总经理对总经理负责。 第五条 公司董事可受聘兼任公司高级管理人员。 第六条 公司的总 ...

浙江司太立制药股份有限公司 重大信息内部报告制度 浙江司太立制药股份有限公司 重大信息内部报告制度 （二）各部门和各分子公司负责人； （三）公司派驻参股公司的董事、监事和高级管理人员； （四）公司控股股东和实际控制人； （五）持有公司 5%以上股份的其他股东； 第一章 总 则 （六）其他可能获取重大信息的知情人员。 第二章 重大信息的范围 第四条 本制度所称重大信息是指对公司股票及其衍生品种交易价格可能产 生较大影响的重大事件信息，包括但不限于重大交易事项、关联交易事项、重大 风险情形、重大变更事项及其他重大事项，但不包括定期报告编制时应提供的资 料信息。 第五条 重大交易事项，包括除公司日常经营活动之外发生的下列类型的事 第一条 为规范浙江司太立制药股份有限公司（以下简称"公司"）的重大信 息内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理，确保公 司真实、准确、完整、及时、公平地披露所有对公司证券及其衍生品种交易价格 可能产生较大影响的信息，维护投资者的合法权益，根据《中华人民共和国公司 法》、《中华人民共和国证券法》、《上市公司信息披露管理办法》、《上海证 券交易所股票上市规则》、《公司章程 ...

Market Overview - The chemical pharmaceutical sector experienced a decline of 0.66% on October 9, with Nanjing New Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the chemical pharmaceutical sector included: - Haichen Pharmaceutical (300584) with a closing price of 63.81, up 13.76% and a trading volume of 155,800 shares, totaling 973 million yuan [1] - Changshan Pharmaceutical (300255) closed at 49.29, up 8.21% with a trading volume of 394,400 shares, totaling 1.916 billion yuan [1] - Conversely, Nanjing New Pharmaceutical (688189) saw a significant drop of 19.96%, closing at 9.10 with a trading volume of 32,300 shares, totaling 29.426 million yuan [2] Capital Flow - The chemical pharmaceutical sector experienced a net outflow of 1.108 billion yuan from institutional investors, while retail investors saw a net inflow of 544 million yuan [2] - The capital flow for specific stocks showed: - Changshan Pharmaceutical had a net inflow of 14.6 million yuan from institutional investors, but a net outflow of 14 million yuan from retail investors [3] - Haichen Pharmaceutical recorded a net inflow of 85.3 million yuan from institutional investors, with retail investors showing a net outflow of 68 million yuan [3]

Core Points - The announcement details the release of share pledges by the controlling shareholder of Zhejiang Sitaili Pharmaceutical Co., Ltd., Mr. Hu Jinsheng, involving 8,820,000 shares, which represents 2.01% of the company's total share capital and 19.57% of his personal holdings [1][2] - As of the announcement date, the controlling shareholders, including Mr. Hu Jian and Mr. Hu Jinsheng, along with their concerted action party, hold a total of 97,926,256 shares, accounting for 22.34% of the company's total share capital, with a cumulative pledge of 37,900,000 shares, which is 38.70% of their holdings [1][2] Summary of Share Pledge Release - The release of the pledged shares was executed by Mr. Hu Jinsheng, with no plans to re-pledge the released shares in the future [1] Cumulative Pledged Shares Situation - The cumulative pledged shares by the controlling shareholders and their concerted action party are detailed, indicating a significant portion of their holdings are still pledged [1]

证券代码：603520 证券简称：司太立 公告编号：2025-043 浙江司太立制药股份有限公司 关于控股股东股份质押解除的公告 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。 重要内容提示： | 一、本次股份解除质押基本情况 | | --- | 本次解除质押人：浙江司太立制药股份有限公司（以下简称"公司"） 控股股东胡锦生先生。本次解除质押股份数量：8,820,000股（占公司 总股本的2.01%,占其本人持有公司股份数的19.57%）。 截至本公告披露日，控股股东胡健先生、胡锦生先生及其一致行动人 上海牧鑫私募基金管理有限公司－牧鑫春辰1号私募证券投资基金合 计持有公司股份97,926,256股，占公司总股本比例22.34%，合计持有 公司股份累计质押数量（本次解除质押后）37,900,000股，占其持股 比例38.70%。 | | | 截至本公告披露日，胡锦生先生不存在将本次解除质押股份用于后续质押的 计划。 二、股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人累计质押股份情况如下： | 股东名称 | 持股数 ...

Group 1 - The announcement from Sitaly on September 23 indicates the release of share pledges by the controlling shareholder, Mr. Hu Jinsheng, involving 8,820,000 shares, which represents 2.01% of the company's total share capital and 19.57% of his personal holdings [1] - As of the announcement date, the controlling shareholders, Mr. Hu Jian and Mr. Hu Jinsheng, along with their concerted action partner, Shanghai Muxin Private Fund Management Co., Ltd., hold approximately 97.93 million shares, accounting for 22.34% of the total share capital [1] - The total number of pledged shares by these shareholders amounts to 37.90 million, which constitutes 38.7% of their total holdings [1]

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The pricing power of innovative drugs is improving, reflecting the global competitiveness of Chinese pharmaceutical companies [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions due to continued domestic substitution and accelerated overseas business progress [2]. - The neurosurgery and neurointervention fields are experiencing stable growth post-collection, with new products being launched [2]. - The high-value consumables market is expected to benefit from ongoing domestic replacement and the introduction of new products [2]. Group 3: Medical Devices - The medical device sector is seeing a recovery in bidding prices, with ongoing high-speed growth in bidding data this year [2]. - Companies are entering a phase of inventory reduction, with performance expected to improve in the second half of the year [2]. - The low-value consumables sector is experiencing product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is concentrating on central state-owned enterprises, gradually clearing the competitive landscape [2]. - The demand side is expected to see continuous upgrades to new products, with industry sentiment gradually improving [2]. Group 5: API (Active Pharmaceutical Ingredients) - The API sector is benefiting from the end of a capital expenditure peak, with three growth logic points driving upward trends: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies in the API sector are expected to see explosive growth in revenue and profits [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is witnessing a recovery in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs and ongoing observation of collection progress [2]. - The retail pharmacy sector is influenced by the pace of supply-side clearing and business model upgrades, with expectations of increased store closures in the second half of 2025 [2]. Group 8: Research and Development Services - The domestic innovative drug business development is heating up, likely driving downstream demand recovery [2]. - The overseas market presents significant growth opportunities for domestic companies, leveraging cost-effectiveness and service differentiation [2].

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The industry is positioned for a "Davis double" effect, where both performance and valuation are expected to improve [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions, while domestic replacements continue to grow, and overseas business progresses rapidly [2]. - The neurosurgery and neurointervention fields are stabilizing after centralized procurement, with new products expected to contribute to growth [2]. Group 3: Medical Devices - The medical device sector is experiencing a high-speed growth in bidding data, with companies entering a destocking phase, which is expected to improve performance in the second half of the year [2]. - The low-value consumables sector is seeing continuous product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape [2]. - The demand side is expected to upgrade towards new products, gradually improving the industry's overall health [2]. Group 5: API (Active Pharmaceutical Ingredients) - The industry is at an upward turning point due to the end of a capital expenditure peak, combined with three growth drivers: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies are expected to see explosive growth in revenue and profits in the medium term [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is seeing a revival in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs, while the retail pharmacy sector is influenced by supply-side adjustments and business model upgrades [2]. - The performance of offline pharmacies is expected to improve in the second half of 2025, with leading chains like YaoXingTang making progress in store upgrades [2]. Group 8: Research Reports - A series of in-depth research reports on various companies and sectors within the pharmaceutical and medical device industries have been published, highlighting their growth potential and market positioning [3][4].

Core Viewpoint - The stock of Zhejiang Sitaili Pharmaceutical Co., Ltd. experienced a 6.12% increase, reaching 12.65 CNY per share, with a total market capitalization of 5.546 billion CNY as of September 15 [1] Group 1: Company Overview - Zhejiang Sitaili Pharmaceutical Co., Ltd. was established on September 15, 1997, and went public on March 9, 2016 [1] - The company specializes in the production and sales of non-ionic iodine contrast agent raw materials and quinolone raw materials [1] - The revenue composition of the company includes: contrast agents 79.73%, other supplementary products 10.19%, other 6.16%, CMO/CDMO 2.41%, and quinolone series 1.52% [1] Group 2: Fund Holdings - One fund, Xingye Healthcare A (011466), holds a significant position in Sitaili, with 1.8991 million shares, accounting for 4.83% of the fund's net value, making it the sixth-largest holding [2] - The fund has achieved a year-to-date return of 36.14% and a one-year return of 49.23%, ranking 1872 out of 8246 and 3177 out of 8054 in its category, respectively [2] - The fund manager, Chen Xu, has been in position for 4 years and 193 days, with a total fund size of 385 million CNY [2]

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology industry [2] Core Insights - Geopolitical disturbances and fluctuations in innovative drugs have limited impact on the innovation theme, while opportunities in medical devices are becoming apparent [9] - The report highlights the ongoing optimization of centralized procurement rules for medical consumables, indicating a shift from a "lowest price" approach to a "preventing excessive competition" strategy [10] - The approval process for innovative drugs is accelerating, with a new 30-day review channel established for eligible innovative drug applications [9][10] Summary by Sections Industry Overview - The pharmaceutical sector has shown a return of 26.80% since the beginning of 2025, outperforming the Shanghai Composite Index by 11.88 percentage points [14] - The report notes a mixed performance among sub-sectors, with medical devices and medical services showing positive growth while biopharmaceuticals and chemical drugs faced declines [9][14] Market Dynamics - The report indicates that the medical device sector is experiencing a recovery, with significant movements in stocks related to CRO/CDMO and medical devices [22] - Recent geopolitical news has caused short-term volatility in the innovative drug sector, but the market has quickly stabilized [9] Key Company Performance - The report recommends several companies for investment, including WuXi AppTec, WuXi Biologics, and others, which are expected to perform well in the current market environment [6][25] - The average performance of recommended stocks has shown a 6.64% increase this month, outperforming the broader pharmaceutical industry [24] Regulatory Developments - The National Medical Products Administration has announced measures to streamline the clinical trial approval process for innovative drugs, enhancing efficiency and transparency [9][12] - New procurement rules for coronary intervention balloon medical consumables have been introduced, emphasizing the need for reasonable pricing and cost commitments from bidding companies [10][12]