Core Viewpoint - The company, Zhejiang Shouxiangu Pharmaceutical Co., Ltd., is launching a shareholder reward program in celebration of the Mid-Autumn Festival, aiming to express gratitude to shareholders and enhance their understanding of the company's products and intrinsic value [1]. Group 1: Shareholder Reward Program - The company is conducting the "Shouxiangu 2025 Shareholder Return" activity to establish a long-term and diverse shareholder return mechanism [1]. - During the event, shareholders and their representatives can purchase specific products at exclusive discounted prices, with a limit of one purchase per person [1]. Group 2: Product Offerings - The following products are available for shareholders at discounted prices: - Shouxiangu Xianzhi No. 3 Broken Wall Ganoderma Spore Powder Tablets (去壁款) - Original price: 4752 RMB, Shareholder price: 3299 RMB [2]. - Shouxiangu Xianzhi No. 3 Broken Wall Ganoderma Spore Powder (去壁款) - Original price: 2720 RMB, Shareholder price: 1900 RMB [2]. - Shouxiangu Sugar-Free Iron Skin Maple Bean Granules (2g*10 bags/box) - Original price: 1192 RMB, Shareholder price: 828 RMB [3].

Group 1 - The core idea of the article is that Shouxiangu (603896.SH) is launching a shareholder reward activity in celebration of the Mid-Autumn Festival, aiming to establish a long-term and diverse shareholder return mechanism while expressing gratitude to shareholders for their support [1] - During the event, shareholders and their representatives can purchase specific products at exclusive discounted prices, with a limit of one purchase per person [1] Group 2 - The products available for purchase include: - Shouxiangu Xianzhi No. 3 Broken Wall Ganoderma Spore Powder (去壁款) at a regular price of 4752 yuan, discounted to 3299 yuan for shareholders [2] - Shouxiangu Xianzhi No. 3 Broken Wall Ganoderma Spore Powder (去壁款) at a regular price of 2720 yuan, discounted to 1900 yuan for shareholders [2] - Shouxiangu Sugar-Free Iron Skin Maple Bean Granules (2g*10 bags/box) at a regular price of 1192 yuan, discounted to 828 yuan for shareholders [3]

| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-062 | | --- | --- | --- | --- | | 债券代码：113660 | 债券简称：寿 | 22 转债 | | 浙江寿仙谷医药股份有限公司 关于 2025 年股东回馈活动的公告 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。 中秋佳节将至，为建立长效、多样的股东回报机制，更借传统节日之韵传递 感恩心意——感谢广大股东长期以来对浙江寿仙谷医药股份有限公司（以下简称 "公司"或"寿仙谷"）的关心与支持，同时让股东在共话中秋、同品佳节意蕴 的氛围中，更好地了解和体验公司产品，深化对公司内在价值的理解与认识，公 司特开展"寿仙谷 2025 年股东回馈"活动。现将活动内容公告如下： 一、活动时间 2025 年 9 月 23 日 00 时至 2025 年 10 月 22 日 12 时。未在该时段参与活动 的，则视为股东自动放弃参与本次活动的权利。 二、参加活动股东范围 截至 2025 年 9 月 12 日（寿仙谷 2025 年第一次临时股东 ...

Core Viewpoint - The company announces a shareholder reward event scheduled from September 23 to October 22, 2025, allowing eligible shareholders to purchase products at discounted prices [1] Group 1: Event Details - The shareholder reward event will take place from September 23 to October 22, 2025 [1] - Eligible shareholders can purchase products such as Shouxiangu Xianzhi No. 3 broken-wall Ganoderma lucidum spore powder tablets and sugar-free iron skin maple granules at preferential prices [1] - Individual shareholders must participate by scanning a QR code via WeChat, while corporate shareholders need to submit identification and undergo verification [1] Group 2: Company Policy - The event does not constitute a profit distribution, and the company retains the final interpretation rights regarding the event [1]

Group 1 - The 22nd China International Health Expo opened in Xiamen, focusing on "National Health" and showcasing the achievements of the health industry over the past 30 years [1] - Shouxiangu was awarded the title of "Leading Enterprise in Tribute to 30 Years of Health Industry Development" during the expo [1] - The expo emphasized green development, low-carbon environmental protection, and digital transformation, aiming to build a global health industry communication platform [1] Group 2 - Shouxiangu set up a 100 square meter exhibition hall, integrating brand display, cultural experience, and technological interaction, showcasing its research and industrialization achievements in the field of Ganoderma [2] - The company has established the world's largest Ganoderma genetic resource bank, preserving over 13,000 genetic resources and has developed multiple Ganoderma varieties [2] - Shouxiangu's cultivation base has received organic certification from various regions including China, the EU, the US, Japan, and Canada [2] Group 3 - The company developed the "third-generation wall-breaking technology for Ganoderma spore powder," which reportedly enhances the content of active ingredients and human absorption rates, winning a gold medal at the Geneva International Invention Exhibition [2] - In its digital transformation, Shouxiangu has built a collaborative system across the entire industry chain, including "smart farms, smart factories, smart markets, and smart laboratories" [2] - The cultivation end has implemented an "intelligent adaptive organic cultivation model," increasing the yield of medicinal materials by 50%-80% and improving the stability of active ingredients by 35% [2] Group 4 - At the expo, Shouxiangu displayed three core product series: Ganoderma, Dendrobium, and Saffron, covering traditional Chinese medicine products and health foods [2] - The company also showcased national intangible cultural heritage techniques, including "Wuyi Shouxiangu Traditional Chinese Medicine Processing Skills" and "Tiepi Fengdou" production techniques [2] - Shouxiangu's chairman emphasized the importance of traditional Chinese medicine and the company's commitment to technological innovation and cultural heritage to enhance the Ganoderma industry [2]

Group 1 - The 22nd China International Health Expo opened in Xiamen, focusing on "national health" and showcasing the achievements of the health industry, with Shouxiangu being awarded the title of "Leading Enterprise in Tribute to 30 Years of Health Industry Development" [1] - The expo aims to create a global platform for health industry exchange and cooperation, emphasizing green development, low-carbon environmental protection, and digital transformation [1] - Shouxiangu has established a large germplasm resource bank for Ganoderma lucidum, preserving over 13,000 germplasm resources and has developed multiple varieties [2] Group 2 - The company has developed a third-generation wall-breaking technology for Ganoderma lucidum spore powder, which reportedly enhances the content of effective components and human absorption rates, winning a gold medal at the Geneva International Invention Exhibition [2] - Shouxiangu has led the formulation of various standards for medicinal materials, including multiple international, national, and industry standards, with the ISO standards for Ganoderma lucidum and Dendrobium officinale applied in over 30 countries and regions [2] - The company is advancing the construction of a "smart farm + smart factory + smart market + smart laboratory" system, incorporating intelligent management in planting and processing, with some bases recognized as national-level 5G factories [2] Group 3 - The company continues to focus on research and innovation across the entire Ganoderma lucidum industry chain, aiming to promote product and technology upgrades [3]

Core Viewpoint - The 22nd China International Health Expo highlighted the achievements of Zhejiang Shouxiangu Pharmaceutical Co., Ltd., recognized as a leading enterprise in the health industry, showcasing its innovations in the Ganoderma lucidum sector and its commitment to traditional Chinese medicine and technological advancement [2][5]. Group 1: Company Achievements - Shouxiangu has established the world's largest Ganoderma lucidum germplasm resource bank, preserving over 13,388 varieties since the 1990s [3]. - The company developed the first domestically approved Ganoderma lucidum variety "XianZhi No. 1" in 2001, breaking the reliance on imports from Japan and South Korea [3]. - Shouxiangu has built over 10,000 acres of organic medicinal herb cultivation bases, achieving various organic certifications from China, the EU, the US, Japan, and Canada [3]. Group 2: Technological Innovations - The company has independently developed the third-generation wall-breaking technology for Ganoderma lucidum spore powder, significantly enhancing the effective ingredient content by over 10 times and improving absorption rates by an average of 29 times compared to regular wall-breaking spore powder [3]. - Shouxiangu has been recognized with a gold medal at the 46th Geneva International Exhibition of Inventions for its technological breakthroughs [3]. Group 3: Standardization and Digital Transformation - Since 2006, Shouxiangu has undertaken the development of over 100 international, national, and industry standards, including ISO standards for Ganoderma lucidum and other medicinal herbs [4]. - The company is set to implement new ISO standards for "White Atractylodes" and "Wall-Breaking Ganoderma lucidum spore powder" in July 2024 and July 2025, respectively, enhancing China's international influence in traditional medicine [4]. - Shouxiangu is advancing digital transformation by creating a collaborative application system across the entire industry chain, including smart farms and factories, which has led to a 50%-80% increase in medicinal herb yield and a 35% improvement in effective ingredient stability [4]. Group 4: Product Offerings and Cultural Heritage - At the expo, Shouxiangu showcased its core product lines, including Ganoderma lucidum, Dendrobium, and saffron, covering traditional Chinese medicine products, health foods, and herbal daily necessities [5]. - The company also presented its national intangible cultural heritage techniques for traditional Chinese medicine processing, emphasizing its commitment to cultural preservation alongside technological innovation [5].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The adjustment of medical insurance and commercial insurance directories will enter the price negotiation stage, and attention should be paid to the progress of subsequent stages [7] - The market performance of the traditional Chinese medicine sector has shown a decline, with the TCM index dropping by 2.13% last week [3][12] - The demand for traditional Chinese medicinal materials remains relatively stable, while supply has increased due to the new harvest, leading to a slight decrease in price indices [6] Market Performance - The traditional Chinese medicine sector reported a decline of 2.13%, while the overall pharmaceutical sector fell by 2.07% [3][12] - The performance of individual companies varied, with leading companies including Weikang Pharmaceutical and Wanbangde, while companies like Jiuzhitang and Xintian Pharmaceutical lagged behind [4] Valuation - The TCM sector's PE (ttm) is 27.92X, down by 0.6X week-on-week, with a one-year maximum of 30.26X and a minimum of 22.85X [5] - The PB (lf) stands at 2.36X, also down by 0.06X week-on-week, with a one-year maximum of 2.65X and a minimum of 2.02X [5] Investment Suggestions - The report suggests focusing on three main investment lines: 1. Price governance, emphasizing the importance of price reduction and market share for competitive products [8][9] 2. Consumption recovery, driven by macroeconomic improvement and increased health awareness among the aging population [10] 3. State-owned enterprise reform, which presents investment opportunities through performance enhancement [10] - Recommended stocks include Zhaoli Pharmaceutical, Pizaihuang, and Shouxiangu [10]

（文章来源：证券日报） 证券日报网讯 9月18日晚间，寿仙谷发布公告称，公司于2025年9月18日召开职工代表大会。经与会职 工代表选举通过，同意选举黄俊华女士担任公司第五届董事会职工代表董事。 ...

| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-061 | | --- | --- | --- | --- | | 债券代码：113660 | 债券简称：寿 22 | 转债 | | （一）提前离任的基本情况 （二）离任对公司的影响 重要内容提示： 2025 年 9 月 18 日，浙江寿仙谷医药股份有限公司（以下简称"公司"）于 2025 年第一次临时股东大会结束后收到董事刘国芳女士提交的书面辞职报告。 因公司组织架构调整，刘国芳女士申请辞去公司第五届董事会非独立董事职务， 其辞职报告自送达公司董事会之日起生效。除辞任非独立董事职务之外，刘国芳 女士担任公司其他职务不变，继续担任副总经理兼董事会秘书职务。 公司于 2025 年 9 月 18 日召开职工代表大会。经与会职工代表选举通过，同 意选举黄俊华女士担任公司第五届董事会职工代表董事，任期自本次职工代表大 会审议通过之日起至第五届董事会任期届满之日止。 一、董事离任情况 | 姓名 | 离任 | 离任时 | | 原定任 期到期 | | 离任原 | 是否继 续在公 | 具体职 | 是否存在 未履行完 | | --- | --- | ...