Group 1 - The core viewpoint of the article highlights Meinuohua's financial performance in Q3 2023, showing significant growth in revenue and net profit [1] - Meinuohua reported a revenue of approximately 1.117 billion yuan for the first three quarters of 2023, representing a year-on-year increase of 17.67% [1] - The net profit attributable to shareholders was about 95.93 million yuan, reflecting a year-on-year increase of 51.66% [1] - The basic earnings per share reached 0.43 yuan, which is an increase of 48.28% compared to the previous year [1] Group 2 - As of the report date, Meinuohua's market capitalization stands at 5.1 billion yuan [2]

Group 1 - The core point of the article is that Meinuohua (SH 603538) held its 18th meeting of the fifth board of directors on October 27, 2025, where it reviewed the "2025 Third Quarter Report" and other documents [1] - For the year 2024, Meinuohua's revenue composition is as follows: 96.14% from self-operated pharmaceuticals, 3.52% from trade, and 0.34% from other businesses [1] - As of the time of reporting, Meinuohua has a market capitalization of 5.1 billion yuan [1]

| 证券代码：603538 | 证券简称：美诺华 | 公告编号：2025-106 | | --- | --- | --- | | 转债代码：113618 | 转债简称：美诺转债 | | 二、董事会会议审议情况 （一）审议通过《2025 年第三季度报告》 具体内容详见公司于上海证券交易所网（www.sse.com.cn）等指定信息披露 媒体同日披露的《2025 年第三季度报告》。 本议案已经公司董事会审计委员会全体成员审议通过，并同意将本议案提交 公司董事会审议。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 宁波美诺华药业股份有限公司 第五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 宁波美诺华药业股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日以 书面、电子邮件等方式向公司全体董事发出召开第五届董事会第十八次会议的通 知和会议材料。2025 年 10 月 27 日，公司第五届董事会第十八次会议在公司会 议室以现场结合通讯表决方式召开。本次会议 ...

Financial Performance - Revenue for Q3 2025 reached CNY 439.46 million, an increase of 28.80% year-over-year[4] - Total profit for Q3 2025 was CNY 57.88 million, reflecting a growth of 5.79% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was CNY 46.87 million, up 5.78% year-over-year[4] - Year-to-date revenue as of Q3 2025 was CNY 1.12 billion, representing a 17.67% increase from the previous year[4] - Year-to-date net profit attributable to shareholders reached CNY 95.93 million, a significant increase of 51.66% compared to the same period last year[4] - The basic earnings per share for Q3 2025 was CNY 0.21, a 5.00% increase from the previous quarter[6] - The diluted earnings per share for Q3 2025 was CNY 0.20, reflecting a 5.26% increase from the previous quarter[6] - Total operating revenue for the first three quarters of 2025 reached ¥1,116,793,584.58, an increase of 17.7% compared to ¥949,078,888.15 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥101,141,381.38, representing a 49.3% increase from ¥67,712,359.44 in 2024[20] - Earnings per share for the first three quarters of 2025 were ¥0.43, compared to ¥0.29 in the same period of 2024[20] - The total comprehensive income for the first three quarters of 2025 was ¥101,270,325.50, compared to ¥67,882,973.44 in 2024, indicating a growth of 48.9%[20] Cash Flow - The cash flow from operating activities for the year-to-date period decreased by 55.66% to CNY 31.93 million due to increased procurement costs[10] - The cash inflow from operating activities for the first three quarters of 2025 was CNY 1,182,691,449.93, an increase of 5.0% compared to CNY 1,125,620,482.17 in the same period of 2024[23] - The net cash flow from operating activities decreased to CNY 31,925,429.36 in 2025, down 55.6% from CNY 71,996,591.12 in 2024[23] - The cash inflow from investment activities totaled CNY 535,571,542.41, up 7.4% from CNY 498,559,927.67 in the previous year[24] - The net cash flow from investment activities was negative at CNY -47,309,692.86, an improvement from CNY -84,071,680.68 in 2024[24] - The cash inflow from financing activities increased to CNY 830,637,979.13, compared to CNY 760,134,748.59 in the same period last year, marking a growth of 9.2%[24] - The net cash flow from financing activities decreased to CNY 15,127,252.41, down 55.8% from CNY 34,162,461.02 in 2024[24] - The total cash outflow for operating activities was CNY 1,150,766,020.57, an increase of 9.2% from CNY 1,053,623,891.05 in the previous year[23] - The company received CNY 70,733,475.25 in tax refunds, a decrease of 7.3% from CNY 76,293,106.22 in 2024[23] - The company reported a total cash outflow for investment activities of CNY 582,881,235.27, which was relatively stable compared to CNY 582,631,608.35 in the previous year[24] Assets and Liabilities - The total assets as of the end of Q3 2025 were CNY 4.75 billion, a 2.08% increase from the end of the previous year[6] - The company's total current assets as of September 30, 2025, amount to ¥2,074,208,973.95, an increase from ¥1,971,456,075.31 as of December 31, 2024[15] - Total assets as of September 30, 2025, are ¥4,748,162,999.72, compared to ¥4,651,221,247.28 at the end of 2024[15] - The company's total liabilities decreased to ¥2,329,036,956.23 in 2025 from ¥2,359,778,651.01 in 2024, a reduction of approximately 1.3%[17] - Total equity attributable to shareholders increased to ¥2,314,743,224.46 in 2025 from ¥2,192,744,591.54 in 2024, reflecting a growth of about 5.6%[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 34,704[12] - The largest shareholder, Ningbo Meinuohua Holding Group Co., Ltd., holds 45,285,661 shares, representing 20.53% of total shares[12] - The company has a total of 12,070,253 shares held by individual shareholder Yao Chengzhi, representing 5.47%[12] - The company has no significant changes in the shareholding structure or any major new strategies reported during the period[13] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥64,306,170.45, slightly down from ¥64,469,834.54 in 2024[19] - The company reported an investment income of ¥8,933,777.64 in 2025, a significant recovery from a loss of ¥25,977,207.38 in 2024[19] Inventory and Borrowings - Inventory has increased to ¥915,673,142.37 from ¥773,762,417.23 year-over-year[15] - Short-term borrowings have risen to ¥545,184,048.34 from ¥479,056,993.19 year-over-year[15] - The total non-current assets are ¥2,673,954,025.77, a slight decrease from ¥2,679,765,171.97[15]

Core Insights - The company reported third-quarter revenue of 439 million, representing a year-on-year increase of 28.80% [1] - Net profit for the third quarter was 46.87 million, showing a year-on-year growth of 5.78% [1] - For the first three quarters, total revenue reached 1.117 billion, reflecting a year-on-year increase of 17.67% [1] - Net profit for the first three quarters was 95.93 million, with a significant year-on-year growth of 51.66% [1] Financial Performance - Third-quarter revenue: 439 million, up 28.80% year-on-year [1] - Third-quarter net profit: 46.87 million, up 5.78% year-on-year [1] - Year-to-date revenue (first three quarters): 1.117 billion, up 17.67% year-on-year [1] - Year-to-date net profit (first three quarters): 95.93 million, up 51.66% year-on-year [1]

Core Viewpoint - Meinuo Pharma's stock has experienced fluctuations, with a year-to-date increase of 72.12%, but a recent decline in the last 20 and 60 days, indicating potential volatility in investor sentiment [1][2]. Financial Performance - For the first half of 2025, Meinuo Pharma reported a revenue of 677 million yuan, representing a year-on-year growth of 11.42%, and a net profit attributable to shareholders of 49.06 million yuan, which is a significant increase of 158.97% [2]. - Cumulative cash dividends since the A-share listing amount to 149 million yuan, with 50.58 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 24, Meinuo Pharma's stock price was 21.79 yuan per share, with a market capitalization of 4.807 billion yuan. The stock saw a trading volume of 155 million yuan and a turnover rate of 3.25% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) six times this year, with the most recent appearance on August 28, where it recorded a net buy of -113 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders increased to 32,400, up by 17.14%, while the average number of tradable shares per person decreased by 14.63% to 6,590 shares [2]. - Notable changes in institutional holdings include the exit of certain funds from the top ten circulating shareholders [3]. Business Overview - Meinuo Pharma, established on February 19, 2004, and listed on April 7, 2017, specializes in the research, production, and sales of specialty APIs (Active Pharmaceutical Ingredients) and finished drugs. The revenue composition includes 57.74% from intermediates and APIs, 29.53% from formulations, 8.87% from CDMO (Contract Development and Manufacturing Organization), and 3.52% from trade [1].

Core Viewpoint - Ningbo Meinuo Pharmaceutical Co., Ltd. has received the drug registration certificate for Irbesartan and Hydrochlorothiazide tablets from the National Medical Products Administration, enhancing its market competitiveness and expanding its cardiovascular product pipeline [1][5]. Drug Information - Drug Name: Irbesartan and Hydrochlorothiazide Tablets - Dosage Form: Tablets - Specification: Each tablet contains 150mg of Irbesartan and 12.5mg of Hydrochlorothiazide [1][2]. - Application: Drug registration for domestic production [2]. - Approval Validity: Until October 13, 2030 [2]. - Holder of Marketing Authorization: Ningbo Meinuo Tiankang Pharmaceutical Co., Ltd. [2]. - Manufacturing Company: Ningbo Meinuo Tiankang Pharmaceutical Co., Ltd. [2]. - Approval Conclusion: The drug meets the registration requirements as per the Drug Administration Law of the People's Republic of China [2]. Drug Indications and Market Context - Indication: Used for the treatment of primary hypertension [3]. - Composition: A combination of the angiotensin II receptor antagonist Irbesartan and the thiazide diuretic Hydrochlorothiazide, which can produce a synergistic effect in lowering blood pressure [3]. - R&D Investment: As of the announcement date, the company has invested approximately RMB 5.8747 million in research and development [3]. - Market Competition: Major approved companies for this drug in China include China National Pharmaceutical Group Corporation, Beijing Four Rings Keba Pharmaceutical Co., Ltd., and Jiangsu Zhengda Tianqing Pharmaceutical Co., Ltd. [3]. - Global Sales: The global sales of Irbesartan and Hydrochlorothiazide tablets reached USD 817 million in 2024, with sales in China amounting to USD 184 million [3]. Impact on Company - The approval of Irbesartan and Hydrochlorothiazide tablets signifies the company's qualification for production and sales in the domestic market, positively impacting its operational development and enhancing product competitiveness [5].

Core Viewpoint - Meinuo Pharma's stock has shown significant volatility, with a year-to-date increase of 75.51%, but recent trends indicate a decline over the past 20 and 60 days [1][2]. Financial Performance - For the first half of 2025, Meinuo Pharma reported revenue of 677 million yuan, representing a year-on-year growth of 11.42%, and a net profit attributable to shareholders of 49.06 million yuan, which is a substantial increase of 158.97% [2]. - The company has distributed a total of 149 million yuan in dividends since its A-share listing, with 50.58 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 21, Meinuo Pharma's stock price was 22.22 yuan per share, with a market capitalization of 4.902 billion yuan. The stock experienced a trading volume of 1.05 billion yuan and a turnover rate of 2.23% [1]. - The stock has appeared on the "龙虎榜" (Dragon and Tiger List) six times this year, with the most recent appearance on August 28, where it recorded a net buy of -113 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders increased to 32,400, up by 17.14%, while the average number of tradable shares per person decreased by 14.63% to 6,590 shares [2]. - Notable changes in institutional holdings include the exit of certain funds from the top ten circulating shareholders [3]. Business Overview - Meinuo Pharma, established on February 19, 2004, specializes in the research, production, and sales of specialty APIs (Active Pharmaceutical Ingredients) and finished drugs. The revenue composition includes 57.74% from intermediates and APIs, 29.53% from formulations, 8.87% from CDMO (Contract Development and Manufacturing Organization), and 3.52% from trade [1].

药品注册证书的公告 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。 宁波美诺华药业股份有限公司（以下简称"公司"）全资子公司宁波美诺华 天康药业有限公司（以下简称"美诺华天康"）于近日收到国家药品监督管理局 （以下简称"国家药监局"）核准签发的厄贝沙坦氢氯噻嗪片《药品注册证书》， 现将相关情况公告如下： 一、药品相关信息 | 证券代码：603538 | 证券简称：美诺华 | 公告编号：2025-105 | | --- | --- | --- | | 转债代码：113618 | 转债简称：美诺转债 | | 宁波美诺华药业股份有限公司 关于全资子公司获得厄贝沙坦氢氯噻嗪片 1、药品名称：厄贝沙坦氢氯噻嗪片 2、剂型：片剂 3、规格： 每片含厄贝沙坦 150mg，氢氯噻嗪 12.5mg。 4、申请事项：药品注册（境内生产） 5、注册分类：化学药品 4 类 6、受理号：CYHS2402184 7、药品批准文号：国药准字 H20255680 8、药品批准文号有效期：至 2030 年 10 月 13 日 9、上市许可持有人：宁波美诺华天康 ...

Core Viewpoint - Meinuo Pharma has received approval from the National Medical Products Administration for the production and sale of Irbesartan Hydrochlorothiazide tablets, enhancing its market competitiveness and expanding its cardiovascular product pipeline [1] Group 1 - Meinuo Pharma's wholly-owned subsidiary, Ningbo Meinuo TianKang Pharmaceutical Co., Ltd., has obtained the drug registration certificate for Irbesartan Hydrochlorothiazide tablets [1] - The drug is indicated for the treatment of primary hypertension, which addresses a significant health issue [1] - The approval marks a significant milestone for the company, allowing it to produce and sell the drug in the domestic market [1] Group 2 - The introduction of this product is expected to positively impact the company's operational development [1] - The approval enhances the company's product offerings in the cardiovascular segment, which is crucial for growth in this therapeutic area [1]