证券代码：603896 证券简称：寿仙谷 公告编号：2025-057 一、说明会类型 本次投资者说明会以视频结合网络互动方式召开，公司将针对 2025 年半年 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点及活动日程 （一）会议召开时间：2025 年 9 月 12 日（星期五）下午 13:00-14:30 （二）会议召开地点：上海证券交易所上证路演中心（网址： 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 关于召开 2025 年上半度业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 12 日（星期五）下午 13:00-14:30 浙江寿仙谷医药股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划 ...

公司代码：603896 公司简称：寿仙谷 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 Zhejiang Shouxiangu Pharmaceutical Co., Ltd. （浙江省武义县壶山街道商城路 10 号） 2025 年第一次临时股东大会 会议资料 浙江寿仙谷医药股份有限公司 2025 年第一次临时股东大会会议资料 浙江寿仙谷医药股份有限公司 2025 年第一次临时股东大会会议议程 一、会议召集人：浙江寿仙谷医药股份有限公司董事会 二〇二五年九月十八日 浙江寿仙谷医药股份有限公司 2025 年第一次临时股东大会会议资料 目 录 | 2025 | 年第一次临时股东大会会议议程 2 | | --- | --- | | 2025 | 年第一次临时股东大会会议须知 4 | | | 议案一：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 6 | | | 议案二：关于修订部分公司治理制度的议案 43 | 1 二、会议召开的日期、时间： 现场会议时间：2025 年 9 月 18 日 14:00 网络投票起止时间：自 2025 年 9 月 18 日至 2025 年 9 月 ...

| | | 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 关于召开 2025 年上半度业绩说明会的公告 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： 董事长：李明焱 浙江寿仙谷医药股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 9 月 12 日（星期五）下午 13:00-14:30 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动方式召开，公司将针对 2025 年半年 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 9 月 12 日（星期五）下午 13:00-14:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [7][11]. Core Insights - The company reported a revenue of 300 million yuan for H1 2025, a decrease of 16.51% year-on-year, with a net profit of 66 million yuan, down 33.99% [3]. - Despite the revenue decline, there is a noticeable improvement in the second quarter, with a year-on-year revenue drop of only 6.64%, compared to a 22.68% decline in the first quarter [3]. - The gross margin for H1 2025 was 80.81%, showing a slight increase of 0.43 percentage points, while the net profit margin decreased to 21.88%, down 5.79 percentage points [3]. Financial Performance - The company’s sales expenses ratio for H1 2025 was 44.41%, with management expenses at 15.31% and R&D expenses at 9.93% [4]. - Internet sales showed a positive trend, with revenue from online channels reaching 77 million yuan, an increase of 15.14% [5]. - The company has initiated a marketing reform that has begun to yield results, including strategic partnerships and the establishment of a nationwide distributor network [6]. Revenue and Profit Forecast - Revenue projections for 2025 to 2027 are 656 million, 711 million, and 777 million yuan, respectively, with net profits expected to be 158 million, 178 million, and 206 million yuan [7][9]. - The current price-to-earnings (P/E) ratios for the forecasted years are 27, 24, and 21, indicating a potential for growth as the company expands its market reach [7][9].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but there are signs of potential recovery in the third quarter due to improved sales performance in July [1][2] Financial Performance - In H1 2025, the company achieved revenue of 300 million yuan, a decrease of 16.51% year-on-year, and a net profit attributable to shareholders of 65.56 million yuan, down 33.99% year-on-year [1] - Q2 2025 revenue was 129 million yuan, a decline of 6.64% year-on-year, with a net profit of 7.18 million yuan, down 67.61% year-on-year [1][2] - The company's expense ratio increased, with a total expense ratio of 70.24% in H1 2025, up 12.04 percentage points year-on-year [2] Market and Product Performance - The decline in revenue was primarily attributed to weak consumer demand, although there was a notable improvement in Q2 compared to Q1 [2] - Revenue from Lingzhi spore powder products was 216 million yuan, down 17.79% year-on-year, while revenue from Dendrobium candidum products was 46.66 million yuan, down 24.25% year-on-year [3] - Internet sales showed growth, with revenue of 76.78 million yuan, an increase of 15.14% year-on-year [3] Strategic Initiatives - The company is expanding its market presence through flagship stores and traditional channels, with successful construction of flagship stores in several provinces [3] - A national strategic cooperation agreement was signed with Jiuzhoutong Pharmaceutical to enhance reach to retail pharmacies [3] - The company is focusing on new media channels, particularly influencer live streaming, to attract a younger customer demographic [3] Competitive Advantages - The company’s core competitive advantages include a full industry chain, superior variety breeding, and advanced processing technology for Lingzhi spore powder [4] - The company has established a comprehensive industry chain model and has developed 12 superior varieties, including 4 Lingzhi and 4 Dendrobium varieties [4] - Unique technologies for breaking and purifying Lingzhi spore powder ensure high absorption rates and product safety [4] Future Outlook - Due to slower-than-expected recovery in demand and rising expense ratios, the company has adjusted its revenue and profit forecasts for 2025-2027 [5] - Projected revenues for 2025, 2026, and 2027 are 697 million, 778 million, and 859 million yuan, respectively, with corresponding net profits of 138 million, 172 million, and 205 million yuan [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, primarily due to weak consumer demand, but there are signs of improvement in the third quarter [5][6] - The company is expanding its new media channels, with a notable performance in the internet segment, which saw a revenue increase of 15.14% year-on-year [6] - The company has established a competitive advantage through a full industry chain, excellent variety selection, and unique processing technologies [7][8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 300 million yuan, a decrease of 16.51% year-on-year, and a net profit of 65.56 million yuan, down 33.99% year-on-year [5] - The Q2 2025 revenue was 129 million yuan, a decline of 6.64% year-on-year, with a net profit of 7.18 million yuan, down 67.61% year-on-year [5] Market Expansion - The company is focusing on expanding its presence in provinces outside of Zhejiang through flagship stores and traditional channels, with positive sales results reported in July and August [6] - The internet channel's revenue growth is attributed to the development of new media channels, particularly influencer live streaming, which has attracted a younger customer base [6] Competitive Advantages - The company has developed a comprehensive industry chain model that ensures product safety and effectiveness, along with a resource library for superior medicinal materials [7][8] - Unique technologies for processing products, such as low-temperature supersonic airflow breaking and purification, enhance product quality and absorption rates [8] Future Projections - The revenue forecasts for 2025-2027 are adjusted to 697.14 million yuan, 777.59 million yuan, and 859.25 million yuan, with expected growth rates of 0.79%, 11.54%, and 10.50% respectively [8]

Core Insights - The company reported a revenue of 300 million yuan and a net profit of 65.5586 million yuan for the first half of 2025, with core products including various forms of Ganoderma lucidum spore powder and Dendrobium candidum products [1] Group 1: Financial Performance - The company's main business revenue composition shows that Ganoderma lucidum spore powder products accounted for 73.11% of total revenue, while Dendrobium candidum products made up 15.83% [1] Group 2: Research and Development - The company has 92 ongoing research projects, including 56 industry-academia-research cooperation projects, and has successfully completed 7 projects [2] - The company received 27 patent applications (including 26 invention patents) and 4 authorized patents, along with 6 software registrations [2] - The core patent for "dewalling Ganoderma lucidum spore powder tablets and their preparation method" won the "China Patent Excellence Award" [2] Group 3: Market Expansion and Brand Development - The company has effectively expanded its channels and brand, replicating successful experiences from Hangzhou to other cities like Ningbo, Shaoxing, Shanghai, and Jiangsu [3] - During the reporting period, the company held its first national招商大会, signing 7 strategic partners and completing agreements with distributors in 5 provinces [3] - The company has enhanced its brand influence through various marketing activities, including the Lingzhi Culture Festival and collaborations with new media platforms [3] Group 4: Industry Position and Future Outlook - The company aims to establish itself as the leading brand in organic national medicine and the global leader in Ganoderma lucidum products [3] - The company is committed to deepening digital transformation and scientific research innovation while continuing to expand its market presence [3]

Group 1 - The company Shouxiangu announced on August 28 that its fifth board meeting was held on August 27, 2025, combining in-person and remote voting methods [1] - The meeting reviewed the proposal regarding the additional expected amount for daily related transactions for the year 2025 [1]

Meeting Overview - The second meeting of the fifth board of directors of Zhejiang Shouxiangu Pharmaceutical Co., Ltd. was held on August 27, 2025, in accordance with the Company Law and the Articles of Association [1] Financial Reporting - The board approved the 2025 semi-annual report, which complies with the relevant regulations and is accurate and complete [2] - The voting results for the semi-annual report were unanimous with 9 votes in favor, 0 against, and 0 abstentions [2] Fund Management - The board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulations and accurate disclosure [2] - The voting results for the fund management report were also unanimous with 9 votes in favor, 0 against, and 0 abstentions [2] Related Party Transactions - The board approved the proposal to increase the estimated amount of daily related party transactions for 2025, specifically raising the deposit limit with Wuyi Rural Commercial Bank to 550 million yuan [3][4] - The voting results for this proposal were 6 votes in favor, 0 against, and 0 abstentions, with certain directors abstaining from voting [3] Corporate Governance Changes - The board approved a proposal to change the company's registered capital and abolish the supervisory board, transferring its responsibilities to the audit committee [4] - The registered capital was adjusted from 198,241,889 yuan to 198,243,911 yuan due to the conversion of bonds [4] - The proposal to amend the Articles of Association was also approved with unanimous support [4] Upcoming Shareholder Meeting - The company plans to hold its first extraordinary general meeting of 2025 on September 18, 2025, in accordance with the Company Law and Articles of Association [5] - The voting results for the meeting proposal were unanimous with 9 votes in favor, 0 against, and 0 abstentions [5]

Meeting Overview - The second meeting of the fifth Supervisory Board of Zhejiang Shuxian Valley Pharmaceutical Co., Ltd. was held on August 27, 2025, with all three supervisors present [1] - The meeting was chaired by Ms. Xu Lingyan and complied with relevant regulations [1] Financial Report Approval - The Supervisory Board approved the 2025 semi-annual report, which accurately reflects the company's financial status and operational results, adhering to regulatory requirements [2] - The report was deemed to have no insider information leakage or other actions harming the company's interests [2] Fund Usage Report Approval - The Supervisory Board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with relevant regulations [2] - The report accurately reflects the usage of raised funds and fulfills information disclosure obligations [2] Related Party Transactions - The Supervisory Board approved the proposal to increase the estimated amount of daily related party transactions for 2025, stating that these transactions are based on operational needs and do not harm the interests of the company or shareholders [3] - The pricing of transactions with related parties is not substantially different from that with non-related parties [3] Capital Change and Governance Structure - The Supervisory Board approved a proposal to change the company's registered capital and abolish the Supervisory Board, transferring its responsibilities to the Audit Committee of the Board [4] - The registered capital will change from 198,241,889.00 yuan to 198,243,911.00 yuan due to the conversion of bonds into shares [4] - The proposal requires approval at the company's first extraordinary general meeting of 2025 [4]