Core Viewpoint - The announcement details the share pledge and unpledge activities of Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd.'s controlling shareholder, Heilongjiang Chuangda Group Co., Ltd., indicating significant share movements and potential implications for investors [1][4]. Share Pledge and Unpledge Situation - Heilongjiang Chuangda Group has unpledged 124 million shares, representing 21.51% of its holdings and 13.18% of the company's total shares as of July 9, 2025 [1]. - The total number of shares pledged by Chuangda Group amounts to 470,094,541 shares, which is 81.56% of its holdings and 49.95% of the company's total shares [1]. - After the unpledge, Chuangda Group still has 337,604,541 shares pledged, which is 58.57% of its holdings and 35.87% of the company's total shares [1]. Financial Obligations and Debt Situation - As of June 30, 2025, Chuangda Group has issued exchangeable bonds totaling 950.35 million yuan, with the entire amount due within the next year [3]. - The credit rating of Chuangda Group was downgraded from AA to A+ by a credit rating agency, indicating potential concerns regarding its creditworthiness [3]. - The controlling shareholder's debt repayment sources include operational cash flow and dividends from subsidiaries, with no significant litigation or arbitration related to debt issues reported [4]. Risk Management and Future Actions - The company emphasizes that the current share pledge is to secure working capital loans from Longjiang Bank, and there are no immediate risks of forced liquidation or transfer of shares [4]. - Should the pledge ratio approach warning or liquidation thresholds, Chuangda Group plans to take proactive measures, including additional pledges or early repayments [4]. - The company will continue to monitor the situation and fulfill disclosure obligations to investors [4].

证券代码：603567 证券简称：珍宝岛 公告编号：临 2025-052 黑龙江珍宝岛药业股份有限公司 关于控股股东部分股份解质押及再质押的公告 重要内容提示: 黑龙江珍宝岛药业股份有限公司（以下简称"公司"或"珍宝岛"）控股 股东黑龙江创达集团有限公司（以下简称"创达集团"）因可交换公司债券换股， 截至本公告披露日持有公司股份 57,637.9841 万股无限售流通股，占公司总股本 的 61.24%。创达集团未间接持有公司股份，无一致行动人。 截至本公告披露日,创达集团累计质押公司股票数量为 470,094,541 股， 占其持有公司股份总数的 81.56%，占公司总股本的 49.95%。 控股股东累计质押股份数量（含本次）占其持股数量比例超过 80%，敬 请广大投资者注意投资风险。 公司于近日收到控股股东创达集团《关于对黑龙江珍宝岛药业股份有限公司 股票解质押及再质押的函》的通知，具体情况如下： 一、股份解质押的情况 创达集团于 2024 年 7 月 10 日将其持有的珍宝岛 12,400 万股无限售流通股 质押给龙江银行股份有限公司哈尔滨东大直支行（具体内容详见公司于 2024 年 7 月 12 日在上 ...

Core Viewpoint - The recent price adjustment notification from the Shanghai Sunshine Pharmaceutical Procurement Network has caused significant industry impact, with the second price drop for two major traditional Chinese medicine injections, indicating a strong signal for price control in the industry [1][2]. Group 1: Price Adjustments - The injection price of Shuanghuanglian (600mg) produced by Heilongjiang Songhua River Pharmaceutical Technology Co., has decreased from 19.7 yuan to 12.45 yuan, a reduction of over 36% [1]. - The price of Honghua injection (20ml) from Yabao Pharmaceutical Group has dropped from 74.98 yuan to 50.64 yuan, a decrease of over 32% [1]. - The average price reduction across 174 selected drugs in the third batch of national traditional Chinese medicine procurement reached 68%, marking a record high [2]. Group 2: Industry Context - The third batch of national traditional Chinese medicine procurement began in December 2024, led by the Hubei Provincial Medical Insurance Bureau, involving 95 generic products and 400+ companies [2]. - The price of Qingkailing injection (2ml) from Shanxi Taihang Pharmaceutical dropped by 93.8%, from 16.08 yuan to 0.99 yuan, setting a new price benchmark [2]. - The price adjustment reflects the urgent need for price balance in traditional Chinese medicine, as the industry has long faced issues of inflated prices and significant price differences among similar products [8]. Group 3: Regulatory and Market Implications - The price adjustments are part of a broader effort to address the price disparity issues that have emerged during the procurement process, which have hindered the effectiveness of price reductions [9]. - Starting from April 2025, the results of the third batch of traditional Chinese medicine procurement will be implemented nationwide, with 25 provinces already confirming execution dates [8]. - The Hubei Province plans to initiate the fourth batch of traditional Chinese medicine procurement this year, aiming to further optimize pricing calculation methods and quality standards [9].

Core Viewpoint - The Heilongjiang Provincial Drug Administration announced the results of the GMP compliance inspections for 16 pharmaceutical companies, confirming their adherence to the 2010 revised Good Manufacturing Practice standards [3]. Group 1: Compliance Inspection Results - Heilongjiang Sanlian Pharmaceutical Co., Ltd. was inspected for its small-volume injection production line, specifically for anti-tumor drugs, and found compliant [3]. - Harbin Pharmaceutical Group's second factory was inspected for its granule and oral liquid production lines, confirming compliance [3]. - Heilongjiang Huabei Pharmaceutical Co., Ltd. was inspected for its solid dosage forms and traditional Chinese medicine extraction processes, and was found compliant [3]. Group 2: Inspection Details - The inspections were conducted between April and May 2025, with specific dates for each company listed [3]. - The inspection covered various production lines, including small-volume injections, oral liquids, and traditional Chinese medicine extracts [3]. - The results indicate a focus on ensuring quality and compliance within the pharmaceutical manufacturing sector in Heilongjiang Province [3].

Core Viewpoint - The article highlights the significant market opportunities for Zhenbaodao Pharmaceutical as it leads a marketing campaign during the critical phase of Traditional Chinese Medicine (TCM) procurement, aiming for substantial growth by 2025 through strategic initiatives and enhanced market coverage [1][2]. Group 1: Market Strategy - Zhenbaodao Pharmaceutical has initiated a "100-day battle" marketing campaign to capitalize on the implementation of national TCM procurement policies, with 28 provinces already executing related documents [2]. - The company has launched the "Thousand County Project" to enhance terminal development, focusing on comprehensive recruitment, systematic assessment, and deep market penetration [2]. - The marketing strategy emphasizes a proactive approach with a focus on ensuring effective implementation of targets and providing robust support for the campaign [2]. Group 2: Product Recognition and Market Growth - The company's core products have gained widespread recognition among medical professionals and patients, creating a positive feedback loop that drives market growth [3]. - Key products such as Blood Setong Injection and Xue Shuan Tong Capsules have achieved significant clinical recognition and accessibility, transitioning from high-end hospital specialties to standard offerings in grassroots medical settings [3]. - The price reductions of core products post-procurement are expected to benefit a broader patient base, significantly increasing their coverage in county-level medical facilities [3]. Group 3: Marketing Assurance Mechanism - Zhenbaodao Pharmaceutical's marketing performance for 2025 is backed by a dual assurance mechanism of "policy baseline + grassroots increment," ensuring strong revenue growth [4]. - The procurement rules provide a locked-in share for public hospitals, securing the company's revenue targets for 2025 [4]. - The combination of the "Thousand County Project" and the "100-day battle" is designed to rapidly enhance market penetration and overcome terminal barriers, positioning the company for significant market share redistribution [4].

Core Viewpoint - The financial performance of Heilongjiang Treasure Island Pharmaceutical Co., Ltd. for 2024 shows a decline in revenue and net profit, influenced by national drug procurement policies and internal cost management strategies [1][2]. Financial Performance Summary - The company reported a revenue of 2.704 billion yuan, a year-on-year decrease of 13.84%, and a net profit of 438 million yuan, down 7.30%. However, the non-recurring net profit increased significantly by 1,365.50% to 403 million yuan due to increased income and profit from the pharmaceutical industrial sector and reduced overall expenses [1][2]. - The gross profit margin for 2024 was 55.11%, an increase of 12.71 percentage points compared to the previous year [1]. Business Segment Analysis Pharmaceutical Industrial Sector - Revenue increased by 20.23% to 1.976 billion yuan, with a gross margin of 64.37%. The main contributors to this growth were products 1 and 2, which are traditional Chinese medicine preparations [1][3]. - The sales volume of key products showed significant growth, with product 1's revenue increasing by 335.96% and product 2's by 171% [2][3]. Pharmaceutical Commercial Sector - Revenue decreased by 52.05% to 313.58 million yuan, primarily due to the impact of national procurement policies, which led to lower prices and reduced order volumes from medical institutions [4][5]. - The tightening of hospital budgets and increased competition from major players in the industry further pressured the commercial distribution business [4][5]. Traditional Chinese Medicine Trade Sector - Revenue plummeted by 81% to 794.62 million yuan as the company anticipated a significant price correction in the market and strategically reduced its trading activities to mitigate risks [4][5]. - The company focused on securing raw materials for its own production needs while scaling back on non-essential trading activities [4][5]. Quarterly Revenue Trends - The first quarter showed significantly higher revenue compared to subsequent quarters, attributed to seasonal demand for respiratory and cardiovascular medications, as well as the timing of national procurement policies [5][6]. - The company’s sales strategy adjustments and the execution of procurement policies contributed to the observed revenue fluctuations across different quarters [5][6]. Changes in Business Model - The company has shifted its business model to focus more on regional distributors and large-scale partnerships, moving away from direct distribution to enhance efficiency and reduce costs [6][7]. - The operational model for each business segment remains largely unchanged, although there has been a strategic adjustment in the proportion of business activities across segments [6][7].

Core Insights - The company reported a revenue of 2.704 billion yuan in 2024, a year-on-year decline of 13.84%, and a net profit attributable to shareholders of 438 million yuan, down 7.3% year-on-year, while the non-net profit increased significantly by 1365.5% to 403 million yuan due to increased revenue and profit from the pharmaceutical industrial sector and a decrease in overall expenses [1] Group 1: Pharmaceutical Industrial Sector - The company's core products include cardiovascular drugs and respiratory disease medications, with higher demand observed in the first and fourth quarters due to seasonal factors [2] - In Q1 2024, there was a significant increase in the demand for respiratory disease medications due to a surge in viral flu cases, alongside a rise in cardiovascular drug demand during the spring [2] Group 2: Pharmaceutical Commercial Sector - The pharmaceutical commercial sector faced revenue impacts due to the increasing number and amount of products subject to national centralized procurement, leading to price reductions [3] - Hospitals are actively reducing procurement scales and amounts in response to ongoing medical reforms, resulting in decreased delivery orders for the company [3] Group 3: Traditional Chinese Medicine Trade Sector - The company anticipates a significant price correction in traditional Chinese medicine after a period of price increases, leading to a strategic reduction in non-productive trade activities to mitigate high-level risks [3] - In Q2, the company increased revenue by strategically selling part of its inventory of traditional Chinese medicine in anticipation of a price decline in the latter half of the year [3]

Market Overview - The CITIC Pharmaceutical Index increased by 1.5% during the week of June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.5 percentage points, ranking 24th among CITIC's primary industry classifications [1] - Year-to-date, the CITIC Pharmaceutical and Biotechnology Index has risen by 7.0%, outperforming the CSI 300 Index by 7.3 percentage points, ranking 12th among CITIC's industry classifications [1] - The top five performing stocks for the week were: Shenzhou Cell (+30.5%), Haooubo (+27.1%), Huaren Health (+26.0%), Maiwei Bio (+17.4%), and Nanmo Bio (+16.5%) [1] Industry Insights - The DLBCL market, valued at billions, is seeing the introduction of new ADC drugs, with a focus on Teruisi (a subsidiary of Zhenbao Island) [2] - DLBCL accounts for approximately 30% to 40% of all non-Hodgkin lymphoma cases, with a rapid progression that necessitates quick medical intervention [2] - The first-line treatment, CHOP, has a cure rate of 30-35%, while the introduction of Rituximab marked a significant milestone in DLBCL treatment [2] - Despite advancements, nearly 40% of DLBCL patients remain uncured, prompting a shift towards targeted therapies [2] - The ADC drug, Vebotuzumab, has broken through the long-standing treatment ceiling with the Pola-R-CHP regimen [2] - Teruisi's TRS005, targeting CD20, has received breakthrough therapy designation and is showing promising efficacy signals in early trials [2] Short-term Investment Strategy - The pharmaceutical sector has underperformed the broader market by approximately 0.5 percentage points, attributed to capital flowing into non-financial and technology sectors [3] - The market saw a positive performance in early week driven by innovative drugs, but faced a pullback due to controversies surrounding Rongchang Bio [3] - The National Healthcare Security Administration has issued guidelines for adjusting the basic medical insurance directory, which may expand the payment system for innovative drugs, benefiting future commercialization [3] - Key investment focuses include: 1) Innovation as a long-term theme, emphasizing leading companies and those with business development/data readout catalysts; 2) Identifying companies with strong performance ahead of Q2 earnings [3] Recommended Stocks - Current recommended stocks include: Innovent Biologics, CanSino Biologics, CSPC Pharmaceutical Group, Yunnan Baiyao, and Zhenbao Island [4] - For July, recommended stocks include: Heng Rui Medicine, Innovent Biologics, CanSino Biologics, Kanghong Pharmaceutical, Kangzhe Pharmaceutical, Yunnan Baiyao, Tianan Pharmaceutical, and Linuo Paradice [4]

中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 关于黑龙江珍宝岛药业股份有限公司 2024 年年度报告的信息披露 监管问询函的回复 中国·北京 BEIJING CHINA 中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 关于黑龙江珍宝岛药业股份有限公司 上海证券交易所上市公司管理一部： 2025年6月3日，贵部出具了《关于黑龙江珍宝岛药业股份有限公司2024年年 度报告的信息披露监管问询函》（以下简称"问询函"），我们作为黑龙江珍宝岛 药业股份有限公司（以下简称"珍宝岛公司"）2024年度财务报表的审计机构， 对问询函中需要本所回复的相关问题履行了核查程序，现将核查情况说明如下： 问题 1：关于业绩变化。年报显示，2024 年公司实现营业收入 27.04 亿元， 同比下滑 13.84%，归母净利润 4.38 亿元，同比下滑 7.30%，扣非净利润 4.03 亿 元，同比增长 1,365.50%，扣非净 ...

请公司补充披露：（1）结合行业政策、公司产品结构、采购价格变化、公司发 展战略等，量化分析公司各板块收入、毛利率变化的原因及合理性； 证券代码：603567 证券简称：珍宝岛 公告编号：临 2025-051 黑龙江珍宝岛药业股份有限公司 关于对上海证券交易所关于公司 2024 年年度报告 的信息披露监管问询函的回复公告 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。 黑龙江珍宝岛药业股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日收到上 海证券交易所下发的《关于黑龙江珍宝岛药业股份有限公司 2024 年年度报告的信息 披露监管问询函》（上证公函【2025】0715 号，以下简称"《监管问询函》"），根据上 海证券交易所的规定，公司现将《监管问询函》中的问题回复如下： 一、关于业绩变化。年报显示，2024 年公司实现营业收入 27.04 亿元，同比下 滑 13.84%，归母净利润 4.38 亿元，同比下滑 7.30%，扣非净利润 4.03 亿元，同比增 长 1,365.50%，扣非净利润大幅增长主要系医药工业板块 ...