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 | | --- | --- | ...

| | | 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 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 18 日 (二)股东大会召开的地点：浙江省武义县黄龙三路 12 号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 299 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 83,793,357 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 42.2678 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议通知于 2025 年 8 月 28 日公告，会议 资料于 2025 年 9 月 5 日发布，董事长李明焱先生主持会议，会议记录 ...

法律意见书 浙江天册律师事务所 关于 浙江寿仙谷医药股份有限公司 2025 年第一次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 法律意见书 浙江天册律师事务所 关于浙江寿仙谷医药股份有限公司 2025 年第一次临时股东大会的 编号：TCYJS2025H1583 号 致：浙江寿仙谷医药股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江寿仙谷医药股份有限公司 （以下简称"寿仙谷"或"公司"）的委托，指派本所律师参加公司 2025 年第一 次临时股东大会（以下简称"本次股东大会"），并根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"） 和《上市公司股东会规则》（以下简称"《股东会规则》"）等有关法律、行政法 规、规章和其他规范性文件的要求以及《浙江寿仙谷医药股份有限公司章程》（以 下简称"《公司章程》"）的规定，出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人员的 资格、召集人的 ...

Core Viewpoint - The company has decided not to adjust the conversion price of the "Shou 22 Convertible Bonds" despite triggering conditions for a downward adjustment, citing confidence in its future development potential and the need to treat all investors fairly [1][6]. Group 1: Convertible Bond Issuance and Terms - The company issued 3.98 million convertible bonds on November 17, 2022, with a total amount of 398 million yuan, and the bonds are set to mature on November 16, 2028 [2]. - The initial conversion price was set at 38.08 yuan per share, which has been adjusted to 36.84 yuan per share as of the latest update [2][4]. - The conversion period for the bonds is from May 23, 2023, to November 16, 2028 [1]. Group 2: Conversion Price Adjustment Conditions - The conversion price can be adjusted downward if the company's stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5]. - The specific threshold for triggering the adjustment was set at 31.31 yuan per share [4][5]. Group 3: Board Decision on Price Adjustment - On September 15, 2025, the board unanimously decided not to adjust the conversion price, with all five votes in favor and no opposition [5]. - The board will reassess the situation if the adjustment conditions are triggered again within the next six months, starting from September 16, 2025 [6].

Core Viewpoint - Zhejiang Shouxiangu Pharmaceutical Co., Ltd. has decided not to adjust the conversion price of its "Shou 22 Convertible Bonds" despite triggering the downward adjustment clause due to stock price performance [2][7]. Group 1: Convertible Bond Details - The "Shou 22 Convertible Bonds" were issued on November 17, 2022, with a total amount of 398 million yuan and a maturity period of six years [3]. - The initial conversion price was set at 38.08 yuan per share, which has been adjusted to 36.84 yuan per share as of May 23, 2023 [5][6]. - The bond's conversion period is from May 23, 2023, to November 16, 2028 [5]. Group 2: Price Adjustment Clause - The downward adjustment clause is triggered when the stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - From August 26 to September 15, 2025, the stock price met the criteria for triggering this clause [2][6]. Group 3: Board Decision - The board of directors held a meeting on September 15, 2025, and unanimously decided not to adjust the conversion price, with all five votes in favor [7]. - The decision was made considering the company's future potential and market conditions, aiming to protect the interests of all investors [7].

Group 1 - The company announced that it will not adjust the conversion price of the "Shou 22 Convertible Bond" downward during the next six months, from September 16, 2025, to March 15, 2026 [1] - If the downward adjustment clause is triggered again, the board will hold another meeting to decide whether to exercise the right to adjust the conversion price [1] - The first trading day for recalculating the conversion price will be March 16, 2026, or the next trading day if it falls on a non-trading day [1]

| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-059 | | --- | --- | --- | --- | | 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 关于不向下修正"寿 22 转债"转股价格的公告 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： 自 2025 年 8 月 26 日至 2025 年 9 月 15 日期间，浙江寿仙谷医药股份有 限公司（以下简称"公司"、"寿仙谷"）股票满足连续三十个交易日中有十五个交 易日的收盘价低于"寿 22 转债"当期转股价格的 85%（即 31.31 元/股），已触发 "寿 22 转债"转股价格向下修正条款。 经公司第五届董事会第三次会议审议通过，决定本次不向下修正"寿 22 转债"转股价格，且未来六个月内（2025 年 9 月 16 日至 2026 年 3 月 15 日）， 若再次触发"寿 22 转债"转股价格向下修正条款，亦不提出向下修正方案。以 2026 年 3 月 16 日（若为 ...

Investment Rating - The industry rating is maintained at "Overweight" [7] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 0.03% last week, while the overall pharmaceutical sector experienced a minor decline of 0.36% [2] - The TCM sector's PE (ttm) is at 28.52X, with a PB (lf) of 2.42X, indicating a stable valuation compared to historical data [3] - The demand for TCM materials is expected to rise as the traditional medication peak season approaches, leading to a rebound in market conditions [4] - The promotion of TCM at the grassroots level is anticipated to accelerate, supported by government initiatives to enhance TCM services in community health centers and county hospitals [5][6] Market Performance - The TCM sector's index closed at 6720.55 points, reflecting a 0.03% increase, while the pharmaceutical sector index was at 9157.77 points, down 0.36% [2][18] - The performance of individual companies within the TCM sector varied, with leading companies including Yiling Pharmaceutical and Wanbangde, while companies like Kangyuan Pharmaceutical and Zhendong Pharmaceutical lagged [2][15][17] Valuation - The TCM sector's PE (ttm) is at 28.52X, unchanged from the previous week, with a one-year maximum of 30.26X and a minimum of 22.58X [3] - The PB (lf) stands at 2.42X, also stable, with a one-year maximum of 2.65X and a minimum of 1.99X [3] Policy and Regulatory Environment - The State Council's recent approval of the "Healthcare Strengthening Foundation Project" aims to enhance the use of TCM in grassroots healthcare settings, which is expected to significantly impact the sector [5] - The National Health Commission's response regarding the basic drug directory management indicates potential adjustments that could favor TCM applications in grassroots markets [6] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [10][11] - Specific investment targets include companies with strong R&D capabilities, those less affected by centralized procurement, and leading TCM brands [10][11]