| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-066 | | --- | --- | --- | --- | | 债券代码：113660 | 债券简称：寿 | 转债 22 | | 浙江寿仙谷医药股份有限公司 关于完成工商变更登记的公告 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。 一、基本情况介绍 浙江寿仙谷医药股份有限公司（以下简称"公司"或"寿仙谷"）于 2025 年 8 月 27 日召开第五届董事会第二次会议和第五届监事会第二次会议，审议通 过了《关于变更公司注册资本、取消监事会暨修订<公司章程>的议案》，具体内 容详见公司于 2025 年 8 月 28 日披露的《寿仙谷关于变更公司注册资本、取消监 事会暨修订<公司章程>及废止、修订和制定部分治理制度的公告》（公告编号： 2025-055）。该事项已经公司于 2025 年 9 月 18 日召开的 2025 年第一次临时股东 大会审议通过，并授权公司管理层及相关人员办理工商变更登记、章程备案等相 关事宜。 | 法定代表人： | 李明焱 | ...

Core Insights - Traditional Chinese medicine company Shouxiangu (603896) is diversifying into fast-moving consumer goods (FMCG) due to performance challenges, hiring former Wahaha sales manager Shen Jiangang to oversee operations [1][2] - The company has established a multi-category matrix for food and medicine integration, launching products like Dendrobium juice and Shouxiangu porridge, with all FMCG operations managed by its subsidiary [1][2] Financial Performance - Since its listing in May 2017, Shouxiangu's revenue grew continuously for six years, peaking at 829 million yuan in 2022, but saw a 5.39% decline in 2023 to 784 million yuan, with a further 11.81% drop projected for 2024 [2] - The company's net profit followed a similar trend, experiencing an 8.39% decline in 2023 and a projected 31.34% drop in 2024 [2] Recent Quarterly Results - In the first half of 2023, Shouxiangu reported total revenue of 300 million yuan, down 16.51% year-on-year, and a net profit of approximately 65.56 million yuan, down 33.99% [5] - The second quarter showed improvement with revenue of 129 million yuan, a decline of 6.64%, compared to a 22.68% drop in the first quarter, with July showing positive growth [5] Product Performance - In the first half of 2023, revenue from Ganoderma lucidum spore products was 216 million yuan, accounting for 73.11% of total revenue, down 17.79% year-on-year [5] - Revenue from Dendrobium products was 46.66 million yuan, representing 15.83% of total revenue, down 24.25% [6] Strategic Direction - Shouxiangu aims to maintain its focus on high-end products like third-generation broken-wall Ganoderma lucidum spore powder while considering a mix of high, medium, and low-tier products for different channels [7] - The company acknowledges the current market challenges and emphasizes the importance of effectively reaching consumers to capitalize on untapped market potential [8]

Group 1 - The board of directors of Zhejiang Shouxiangu Pharmaceutical Co., Ltd. held its fourth meeting of the fifth session on October 14, 2025, with all nine directors present, confirming compliance with relevant laws and regulations [1] - The board approved the election of Li Mingyan as the executive director and legal representative of the company, with a term lasting until the end of the fifth board session, with a unanimous vote of 9 in favor [1] - The board confirmed the members and convener of the audit committee, which will now assume the responsibilities previously held by the supervisory board, with Jin Ying as the convener, also serving until the end of the fifth board session [1]

Group 1 - The fifth meeting of the fifth board of directors of Zhejiang Shouxiangu Pharmaceutical Co., Ltd. was held on October 14, 2025, with all nine directors present [2] - The board approved the election of Li Mingyan as the executive director and legal representative of the company, effective immediately [3] - The board confirmed the members and convener of the audit committee, with Jin Ying as the convener, and decided to abolish the supervisory board [5]

| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-065 | | --- | --- | --- | --- | | 债券代码：113660 | 债券简称：寿 | 转债 22 | | 浙江寿仙谷医药股份有限公司 第五届董事会第四次会议决议公告 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 浙江寿仙谷医药股份有限公司（以下简称"公司"）第五届董事会第四次会 议于 2025 年 10 月 14 日在公司会议室以现场结合通讯表决方式召开，会议通知 于 2025 年 10 月 10 日以电子邮件形式发出，会议应到董事 9 名，实到董事 9 名， 公司高级管理人员、董事会秘书、证券事务代表列席了会议。本次会议由董事长 李明焱先生主持，会议的召开符合《公司法》及《公司章程》的有关规定。 根据《中华人民共和国公司法》《上市公司章程指引》及《公司章程》的规 定，董事会同意选举李明焱先生为代表公司执行事务的董事，并担任公司法定代 表人，任期自本次董事会审议通过之日起至第五届董事会届满之日止。 ...

Group 1 - The core point of the article is that Shouxiangu (SH 603896) held its fourth meeting of the fifth board of directors on October 14, 2025, to review various proposals, including the confirmation of the audit committee members and the convener [1] - For the first half of 2025, Shouxiangu's revenue composition was as follows: manufacturing accounted for 95.69%, other businesses for 2.67%, and additional business activities for 1.63% [1] - As of the time of reporting, Shouxiangu's market capitalization was 4.1 billion yuan [1]

| 债券代码：113660 | 债券简称：寿 转债 | | --- | --- | | | 22 | | 证券代码：603896 | 证券简称：寿仙谷 公告编号：2025-064 | 根据《上海证券交易所股票上市规则》等有关法律法规的规定和《浙江寿仙 谷医药股份有限公司公开发行可转换公司债券募集说明书》的约定，"寿 22 转债" 转股期自 2023 年 5 月 23 日至 2028 年 11 月 16 日止（如遇法定节假日或休息日延 至其后的第 1 个工作日；顺延期间付息款项不另计息）。"寿 22 转债"的初始转 股价格为 38.08 元/股；因实施公司 2022 年度权益分派，"寿 22 转债"转股价格 自 2023 年 7 月 4 日由 38.08 元/股调整为 37.65 元/股；因实施公司 2023 年度权益 分派，"寿 22 转债"转股价格自 2024 年 6 月 20 日由 37.65 元/股调整为 37.27 元 /股；因公司发生回购专用证券账户股份注销相关事宜，自 2024 年 7 月 8 日，"寿 22 转债"转股价格由 37.27 元/股调整为 37.11 元/股；因实施公司 2024 年 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The initiation of the real-world comprehensive value evaluation pilot work by the National Medical Insurance Administration is expected to enhance the clinical evaluation system for traditional Chinese medicine (TCM) [8][9][10] - The TCM sector has shown a relative performance decline compared to the broader pharmaceutical sector, with a 1.95% drop last week [4][14] - The TCM sector's current Price-to-Earnings (PE) ratio is 27.38X, reflecting a slight decrease, while the Price-to-Book (PB) ratio stands at 2.32X [6] Market Performance - The TCM index closed at 6449.62 points, down 1.95% last week, while the overall pharmaceutical sector fell by 2.2% [4][14] - The performance of individual companies within the TCM sector varied, with notable gainers including Fangsheng Pharmaceutical and Tianmu Pharmaceutical, while companies like Zhongsheng Pharmaceutical and Zhendong Pharmaceutical lagged [5][20][22] Valuation Metrics - The TCM sector's PE (ttm) is at 27.38X, down 0.54X week-on-week, with a one-year range of 24.72X to 30.26X [6] - The PB (lf) is recorded at 2.32X, also showing a slight decrease, with a one-year range of 2.17X to 2.65X [6] Supply Chain Insights - The demand for TCM materials has increased, particularly for gift-giving purposes, leading to a slight rise in the price index [7] - The overall price index for TCM materials was 237.22 points, reflecting a 0.4% increase from the previous week [7] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11][12] - Specific investment targets include companies with strong R&D capabilities and unique products, as well as those less affected by centralized procurement [11][12]

Core Viewpoint - The company has successfully completed the re-registration of its "Shouxiangu Brand Ganoderma Spore Oil Soft Capsules," ensuring stable production and sales, while aiming for product transformation and upgrading in the traditional Chinese medicine sector [1][14]. Group 1: Company Performance - From 2017 to 2022, the company's total revenue increased from 370 million to 829 million, with net profit rising from 89 million to 278 million [3]. - However, in 2024, the company experienced a revenue decline of 11.81% to 692 million and a net profit drop of 31.34% to 175 million [3][6]. - In the first half of 2025, the company reported a revenue of 300 million, down 16.51%, and a net profit of 66 million, down 33.99% [10]. Group 2: Product Structure and Strategy - The sales revenue from Ganoderma spore powder products accounted for 70.87%, 69.27%, and 65.75% of the company's main business income from 2022 to 2024, indicating a reliance on a single product line [1]. - The company is focusing on diversifying its product offerings while maintaining its core business, with plans to enhance research and development of rare traditional Chinese medicinal materials [1][2]. - The company has initiated marketing reforms and established a national distributor system to improve sales performance [11]. Group 3: Market Outlook - The company anticipates that Ganoderma spore powder could become the leading product in the health supplement market, surpassing other products like Cordyceps and bird's nest [7]. - The company aims to reach a scale of 10 billion by 2035, despite recent setbacks in growth [7].

近日，浙江寿仙谷医药股份有限公司（以下简称"公司"）全资子公司金华寿仙谷药业有限公司"寿仙谷 牌灵芝孢子油软胶囊"产品完成了国产保健食品再注册工作，并获得国家市场监督管理总局发放的国产 保健食品注册证书。具体情况如下： 证券代码：603896 证券简称：寿仙谷 公告编号：2025-063 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 关于全资子公司完成国产保健食品再注册的公告 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。 ■ 本次再注册成功确保了"寿仙谷牌灵芝孢子油软胶囊"产品的正常生产和销售，对公司产品体系的稳定起 到重要作用。公司将继续按照公司制定的规划，坚守主业，立足现有产业特色优势，瞄准中医药前沿科 技，致力于灵芝、铁皮石斛、西红花等名贵珍稀中药材的深度研究开发，实现产品转型升级，做精做强 主业。 特此公告。 浙江寿仙谷医药股份有限公司董事会 2025年9月27日 ...