Core Viewpoint - On July 21, a total of 23 listed companies had their restricted shares unlocked, with a total market value of approximately 5.36 billion yuan [1] Summary by Category Restricted Share Unlocking - The specific details of the restricted share unlocking include: - Shandong High Energy (000803): 1.2772 million shares from equity incentive - Yueyang Xingchang (000819): 2.1525 million shares from equity incentive - Zhangyu A (000869): 2.0357 million shares from equity incentive - Sheneng Co., Ltd. (600642): 9.7161 million shares from equity incentive - Batian Co., Ltd. (002170): 1.2 million shares from equity incentive - Wanma Co., Ltd. (002276): 2.6112 million shares from equity incentive - Chuanfa Longmang (002312): 12.5 million shares from A-share issuance - Chengda Pharmaceutical (301201): 6.15594 million shares with extended lock-up period - Maoshuo Power (002660): 8.22983 million shares from A-share issuance - Laobaixing (603883): 193.6 thousand shares from equity incentive - Zhenbaodao (603567): 726.9 thousand shares from equity incentive - Lifang Pharmaceutical (003020): 234 thousand shares from equity incentive - Triangle Defense (300775): 110.4 thousand shares from equity incentive - Yidao Information (001314): 46.26 thousand shares from equity incentive - Honghe Technology (603256): 252.65 thousand shares from equity incentive - Guomao Co., Ltd. (603915): 165.8 thousand shares from equity incentive - Arrow Home (001322): 135.28 thousand shares from equity incentive - Hongying Intelligent (001266): 18 thousand shares from equity incentive - Kangpeng Technology (688602): 4.6189 million shares - Juyi Technology (688162): 108.1 thousand shares - Xidiwei (688173): 15.4 million shares - Aike Optoelectronics (688610): 68 thousand shares - Hangcai Co., Ltd. (688563): 180 thousand shares [1]

Core Viewpoint - The company, Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd., has announced a guarantee for its associate company, Anhui Jiuzhou Fangyuan Pharmaceutical Co., Ltd., amounting to RMB 200 million to support its bank financing needs [1][2]. Summary by Sections Guarantee Overview - The guarantee is provided to Anhui Jiuzhou Fangyuan for a maximum amount of RMB 200 million, with a guarantee period of 12 months [1][4]. - The guarantee is structured as a joint liability guarantee, and there is a counter-guarantee from other shareholders of Anhui Jiuzhou Fangyuan [2][4]. Internal Decision-Making Process - The company's board of directors approved the guarantee proposal on June 15, 2025, with a majority of directors in favor [2]. - The shareholders' meeting on June 25, 2025, also approved the guarantee amount of RMB 200 million [2]. Basic Information of the Guaranteed Entity - Anhui Jiuzhou Fangyuan is a company in which the company holds a 34.82% stake, with other major shareholders holding significant portions as well [3]. - The company was established on May 7, 2013, and has a registered capital of RMB 324.76 million [3]. Main Content of the Guarantee Agreement - The guarantee covers all debts including principal, interest, penalties, and any costs incurred in enforcing the creditor's rights [4]. - The total amount of external guarantees provided by the company is RMB 1.791 billion, which is 22.96% of the company's latest audited net assets [5]. Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to support the operational needs of Anhui Jiuzhou Fangyuan, which has a stable operational status and good credit record [4][5]. - The board believes that the risks associated with the guarantee are controllable and will not harm the interests of the company or its shareholders [5].

黑龙江珍宝岛药业股份有限公司 证券代码：603567 证券简称：珍宝岛 公告编号：临2025-054 为满足参股子公司安徽九洲方圆制药有限公司（以下简称"安徽九洲方圆"） 的银行融资需要，公司于 2025 年 7 月 16 日与中国农业银行亳州谯城支行签订《最 高额保证合同》，为参股子公司安徽九洲方圆向其申请借款提供担保，担保本金 最高金额为人民币 2.00 亿元，担保方式为连带责任保证，保证期限为 12 个月。 本次担保存在反担保。 （二） 内部决策程序 关于为参股子公司提供担保进展的公告 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： 担保对象及基本情况 | 被担保人名称 | | 安徽九洲方圆制药有限公司 | | | --- | --- | --- | --- | | 本次担保金额 | 20,000 | 万元 | | | 实际为其提供的担保余额 担保对象 | 20,000 | 万元 | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | 本次担保是否有反担保 | 是 ...

Group 1 - The company expects a net profit attributable to shareholders of approximately -77 million to -66 million yuan for the first half of 2025, indicating a loss compared to the same period last year [1][2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is approximately -83 million to -73 million yuan [1][2] - The performance forecast period is from January 1, 2025, to June 30, 2025, and the forecast is based on preliminary calculations by the company's financial department, not yet audited by certified public accountants [1][2] Group 2 - In the same period last year, the total profit was 501.67 million yuan, with a net profit attributable to shareholders of 393.33 million yuan and a net profit of 362.12 million yuan after deducting non-recurring gains and losses [2] - The primary reason for the expected loss is a decrease in product prices, leading to a 57% year-on-year decline in revenue and a 64% year-on-year decline in gross profit [2]

Core Viewpoint - The company, Zhenbaodao (603567.SH), is focusing on a dual-driven strategy of "Modern Traditional Chinese Medicine + Innovative Drugs" to enhance its growth potential and competitiveness in the pharmaceutical industry [1] Group 1: Business Strategy - The company is intensifying its efforts in smart manufacturing of traditional Chinese medicine, innovative drug research and development, and biopharmaceutical layout [1] - The R&D progress of the company's Class 1 innovative traditional Chinese medicine, Qingjiang Weigao Granules, has reached a critical milestone with the successful enrollment of the first subject in the Phase II clinical trial at Changsha Third Hospital [1] Group 2: Product Development - The company’s equity investment in Teruisi ADC innovative drug pipeline is showing substantial progress, with multiple projects advancing to clinical or registration preparation stages [1] - The core product competitiveness and medium to long-term growth potential of the company are expected to be further enhanced [1]

证券代码：603567 证券简称：珍宝岛 公告编号：2025-053 黑龙江珍宝岛药业股份有限公司 2025年半年度业绩预告的公告 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: ●本期业绩预告适用于净利润为负值的情形。 ●黑龙江珍宝岛药业股份有限公司（以下简称"公司"）预计2025年半年度 实现归属于上市公司股东的净利润约为-7,700万元到-6,600万元，与上年同期相 比，将出现亏损。 ●公司预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的净 利润约为-8,300万元到-7,300万元。 一、本期业绩预告情况 （一）业绩预告期间：2025年1月1日至2025年6月30日。 （二）业绩预告情况 1、经财务部门初步测算，公司预计2025年半年度实现归属于上市公司股东 的净利润约为-7,700万元到-6,600万元，与上年同期相比，将出现亏损。 2、公司预计2025年半年度实现归属于上市公司股东的扣除非经常性损益的 净利润约为-8,300万元到-7,300万元。 （三）本期业绩预告为公司根据经营情 ...

Investment Rating - The report maintains an optimistic outlook on the pharmaceutical industry, particularly for 2025, suggesting a potential for diverse investment opportunities as the sector recovers from low valuations and public fund allocations [10]. Core Insights - The pharmaceutical sector is currently experiencing low valuations, with public funds under-allocating to this area. The report anticipates a recovery driven by macroeconomic factors and significant product launches [10]. - The report emphasizes a shift in the innovative drug sector from quantity to quality, highlighting the importance of differentiated products and international expansion for profitability [10]. - The medical device sector is seeing a rebound in bidding volumes, particularly in imaging equipment, and is expected to benefit from domestic product upgrades and international market expansion [10]. - The report identifies a growing trend in the CXO and life sciences services sector, with expectations for increased investment and a recovery in demand [10]. - The traditional Chinese medicine sector is projected to benefit from policy changes and market dynamics, with specific companies recommended for investment based on their unique product offerings and market positions [12]. Summary by Sections Market Review - The report notes a 1.80% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 sectors [7]. - The top-performing stocks include Frontline Bio-U, MediWest, and Lianhuan Pharmaceutical, while the worst performers include ST Weiming and Innovent Biologics [7]. Overall Perspective and Investment Themes - The report suggests that the pharmaceutical industry is poised for growth, with a focus on innovative drugs, medical devices, and traditional Chinese medicine. Specific companies are highlighted for their potential in these areas [10][12]. - The report also discusses the implications of policy changes and market trends for the pharmaceutical and medical device sectors, indicating a favorable environment for investment [10][12]. Company-Specific Insights - Companies like Baiyi, Xinda, and Kangfang are highlighted for their innovative drug pipelines and potential for growth in the coming years [10][12]. - The report provides detailed insights into the clinical progress of various drugs across different companies, indicating a robust pipeline that could drive future revenue [13][20][24][30][35][38].

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

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 ...