证券代码：603896 证券简称：寿仙谷 公告编号：2025-050 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 关于为全资子公司提供担保的进展公告 近日，因业务发展需要，公司全资子公司寿仙谷药业与浙江武义农村商业银 行股份有限公司（以下简称"武义农商银行"）开展了授信业务。浙江寿仙谷医 药股份有限公司（以下简称"公司"）与浙江武义农村商业银行股份有限公司（以 下简称"武义农商银行"）签定了《最高额质押合同》，为武义农商银行向公司之 全资子公司寿仙谷药业自 2025 年 8 月 15 日至 2027 年 5 月 1 日融资期限内最高 融资限额为人民币 3,000.00 万元的所有融资债权提供最高额质押担保。本次担保 未提供反担保。 （二）内部决策程序 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 | | | 金华寿仙谷药业有限公司（以下简称"寿仙 | | --- | --- | --- | --- | --- | | | | 谷药业" ...

Group 1 - The latest stock price of Shouxiangu is 22.29 yuan, an increase of 0.16 yuan from the previous trading day, with a daily high of 22.38 yuan and a low of 22.02 yuan, and a total trading volume of 28,060 hands amounting to 0.62 billion yuan [1] - The company specializes in the research, production, and sales of traditional Chinese medicine health products, with key products including precious Chinese medicinal materials such as Ganoderma and Dendrobium [1] - Shouxiangu has recently led the formulation of the ISO international standard for "Traditional Chinese Medicine - Broken Wall Ganoderma Spore Powder," marking its fourth ISO international standard for Zhejiang-produced famous medicines [1] Group 2 - On August 14, Shouxiangu signed a strategic cooperation agreement with Jiuzhoutong Pharmaceutical, focusing on comprehensive business collaboration in channel construction, supply chain coordination, and market promotion [1] - Jiuzhoutong Pharmaceutical has established 141 high-standard pharmaceutical warehousing and logistics facilities nationwide, providing a stable distribution network foundation for the partnership [1]

证券代码：603896 证券简称：寿仙谷 公告编号：2025-049 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7月31日 ■ 上述产品备案成功不会对公司近期的生产经营产生重大影响，但有利于进一步补充完善公司的产品品 类，丰富公司的产品线，提升公司在保健食品领域的竞争力，符合公司布局大健康产业的战略规划，为 企业持续发展打下扩容基础。 特此公告。 浙江寿仙谷医药股份有限公司董事会 关于全资子公司完成国产保健食品备案的公告 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。 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的"寿仙 品牌破壁灵芝孢子粉"产品完成了国产保健食品备案工作，并获得浙江省市场监督管理局发放的国产保 健食品备案凭证。具体情况如下： ...

Group 1 - The company Shouxiangu announced that its wholly-owned subsidiary, Jinhua Shouxiangu Pharmaceutical Co., Ltd., has completed the domestic health food filing for its "Shouxiangu Brand Broken Wall Ganoderma Spore Powder" product [1] - The product has received the domestic health food filing certificate issued by the Zhejiang Provincial Market Supervision Administration [1]

| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-049 | | --- | --- | --- | --- | | 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 7 月 31 日 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的"寿仙品牌破壁灵芝孢子粉"产品完成了国产保健食品备 案工作，并获得浙江省市场监督管理局发放的国产保健食品备案凭证。具体情况 如下： | 产品名称 | 寿仙品牌破壁灵芝孢子粉 | | --- | --- | | 保健功能 | 有助于增强免疫力 | | 备案号 | 食健备 G202533002302 | | 备案人 | 金华寿仙谷药业有限公司 | | 备案人地址 | 浙江省金华市武义县壶山街道商城路 10 号 | | 备案结论 | 按照《中华人民共和国食品安全法》《保健食品注册与备 | | | 案管理办法》等法律、规章的规定，予以备案。 | 上述产品备案成功不会对公司近期的生产经营产生重大影响，但有利于进一 步补充完善公司的产品品类，丰富公司的产品线，提升公司 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Views - The market performance shows that the Chinese medicine sector has increased by 1.39% last week, while the overall pharmaceutical sector continues its upward trend, with Chinese medicine lagging behind [3][6] - The price governance of traditional Chinese medicine (TCM) is being implemented across multiple regions, with various local health insurance bureaus issuing notifications regarding price risk management for certain TCM products [9] - The valuation metrics for the Chinese medicine sector indicate a PE (ttm) of 28.69X, which has increased by 0.41X week-on-week, and a PB (lf) of 2.37X, which has also risen by 0.03X week-on-week [7] Summary by Sections Market Performance - The Chinese medicine sector reported a closing index of 6638.77 points, reflecting a 1.39% increase, while the overall pharmaceutical index closed at 8580.75 points, up by 1.9% [6][22] - The performance of individual companies within the sector varied, with notable gainers including Zhendong Pharmaceutical and Yabao Pharmaceutical, while Wanbangde and Weikang Pharmaceutical showed declines [6][22] Valuation - The current PE (ttm) for the Chinese medicine sector is 28.69X, with a one-year maximum of 30.13X and a minimum of 22.58X, placing it at the 32.65% percentile since 2013 [7] - The PB (lf) stands at 2.37X, with a one-year maximum of 2.65X and a minimum of 1.99X, positioning it at the 7.04% percentile since 2013 [7] Price Governance - Recent notifications from various local health insurance bureaus indicate a focus on price governance for TCM, with specific measures being taken in regions such as Ningxia and Jilin [9] - The governance aims to address price risks associated with TCM products, particularly those that exceed local minimum treatment costs [9] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11][12] - Specific recommendations include companies with strong R&D capabilities and unique products, as well as those less affected by centralized procurement [12]

Company and Industry Summary Company Overview - The company, Shouxiangu, is a leading enterprise in the Lingzhi (Ganoderma lucidum) industry in China, established in 1909 and recognized as a time-honored brand of traditional Chinese medicine [6][8] - It was listed on the Shanghai Stock Exchange on May 10, 2017, becoming the first stock in the Lingzhi industry [1] Core Products - The main products include Lingzhi powder, Dendrobium officinale, and saffron, with Lingzhi powder accounting for approximately 70% of revenue [7] - The company has developed various forms of products, including powder, granules, and tablets [7] Industry Standards and Innovations - The company has established a comprehensive standardized system for the entire industry chain, ensuring product safety, effectiveness, and stability [1] - It has developed advanced processing technologies, including a patented supersonic wall-breaking technology that enhances the extraction of active ingredients [2][10] - The company has led the formulation of international standards for Lingzhi and Dendrobium officinale, contributing to high-quality development in the industry [5][11] Research and Development - The company has a strong focus on R&D, with 179 R&D personnel, accounting for 16.01% of the total workforce [8] - It has been involved in over 100 national and provincial major scientific projects and holds 47 authorized patents [5][16] - Recent clinical studies have shown that its products can significantly improve immune function and have potential applications in cancer treatment [17][18] Financial Performance - In 2024, the company reported a net profit of 175 million yuan, a decrease of 31.34% year-on-year, with a revenue drop of 22.68% in Q1 2025 [12] - The decline in revenue is attributed to economic slowdown and ongoing marketing reforms [12] - The gross profit margin for 2024 was 80.72%, a decrease of 2 percentage points from the previous year [14] Market and Sales Performance - Revenue from the Zhejiang region was 442 million yuan, a decrease of 7.52% year-on-year, while online sales reached 171 million yuan, down 19.51% [14] - The company has implemented a comprehensive marketing strategy to reverse the declining trend in revenue and profits [19] Strategic Goals - The company aims to achieve a vision of generating 10 billion yuan in revenue, total assets, and farmer income by 2035 [19] - It plans to innovate its profit model, reform its provincial distribution system, and enhance brand visibility [19] Conclusion - Shouxiangu is positioned as a leader in the Lingzhi industry, with a strong commitment to R&D, quality standards, and market expansion, despite facing recent financial challenges. The company is focused on long-term growth and enhancing investor returns while contributing to public health.

Investment Rating - The industry maintains an "Overweight" rating, suggesting a positive outlook for investment opportunities in the Chinese medicine sector [6]. Core Insights - The Chinese medicine sector saw a 1.08% increase last week, with the overall pharmaceutical sector experiencing a general upward trend [2]. - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.86X, reflecting a slight increase, while the price-to-book (PB) ratio stands at 2.31X, also showing a minor rise [3]. - The market for Chinese medicinal materials is currently in a low season, with a slight decline in price indices due to increased rainfall in southern regions [4]. - As of July 12, 2025, three out of five listed companies in the Chinese medicine industry reported positive net profit growth, with the lowest growth rate at 24.3% [5]. Summary by Sections Market Performance - The Chinese medicine sector index closed at 6451.72 points, up 1.08% last week, while the overall pharmaceutical index rose by 1.82% [2][17]. Valuation - The PE ratio (ttm) for the Chinese medicine sector is 27.86X, up 0.29X week-on-week, with a one-year maximum of 30.13X and a minimum of 22.58X. The PB ratio (lf) is 2.31X, up 0.03X, with a one-year maximum of 2.65X and a minimum of 1.99X [3][19]. Industry Trends - The Chinese medicine sector is entering the mid-year reporting season, with a focus on performance metrics such as inventory and accounts receivable [5]. - The report highlights three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, indicating potential growth areas within the sector [6][9]. Investment Recommendations - Recommended companies include those with strong R&D capabilities and unique products, as well as those less affected by price collection policies. Specific companies highlighted are Zhaoli Pharmaceutical, Pizaihuang, and Shouxiangu [10].

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - The Chinese medicine sector saw a 1.27% increase last week, lagging behind other pharmaceutical segments, with the overall pharmaceutical sector rising by 3.64% [2] - The price-to-earnings (PE) ratio for the Chinese medicine sector is 27.57X, up 0.34X week-on-week, while the price-to-book (PB) ratio is 2.28X, also showing a slight increase [3] - The market for traditional Chinese medicine materials is experiencing increased supply but declining prices, with a 0.5% drop in the total price index last week [4] Summary by Sections Market Performance - The Chinese medicine sector's performance is weaker compared to other pharmaceutical segments, with notable companies like Jiuzi Tang and Zoli Pharmaceutical performing well, while others like Mayinglong and Dong'e Ejiao lag behind [2][15] Valuation - The current PE ratio of 27.57X places the sector at the 29.53% percentile since 2013, while the PB ratio of 2.28X is at the 5.37% percentile [3] Supply Chain Dynamics - The market for Chinese medicinal materials is characterized by increased production and declining prices, with a significant number of categories experiencing price drops [4] Policy Developments - The dual-track system for medical insurance and commercial insurance is being implemented, allowing for dynamic adjustments and submissions for inclusion in the basic medical insurance directory [5][6] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform, highlighting companies with strong R&D capabilities and unique products [11][12][13]

Group 1 - Shengde Xintai won a bid for a thermal power steel pipe project worth approximately 217 million yuan, accounting for 8.15% of its audited revenue for 2024 [1] - High-speed Electric's subsidiary won a project for the Shanghai-Nanjing-Hefei high-speed railway, with a bid amount of 71.76 million yuan [1] - Cangge Mining's subsidiary received a construction permit for a lithium-boron mining project, with a construction area of 106,900 square meters [2] Group 2 - China Electric Power Construction signed a mining transportation project contract in Guinea worth approximately 5.063 billion yuan, with a total duration of about 72 months [3] - Guobang Pharmaceutical's subsidiary completed the registration of an equity investment fund focusing on strategic emerging industries [4] - Deshi Co. obtained two invention patents related to oil and gas field development [5][26] Group 3 - Xue Tian Salt Industry expects a significant decrease in net profit for the first half of 2025, projecting a decline of 76.34% to 80.29% [6] - Rundu Co. received a drug registration certificate for moxifloxacin hydrochloride tablets, used for treating various bacterial infections [7] - China Nuclear Power reported a 15.65% increase in power generation in the first half of the year, with nuclear power generation up by 12.01% [8] Group 4 - Suqian Liansheng obtained two invention patents related to wastewater treatment methods [9] - Boshi Co. signed a 109 million yuan operation and maintenance service contract for solid product packaging [11] - *ST Sailong's subsidiary received a drug registration certificate for torasemide injection, used for various medical conditions [13] Group 5 - North Bay Port reported a 10.95% increase in cargo throughput for the first half of 2025, with container throughput also showing growth [14] - Kaiwei Te expects a revenue increase of 56.17% to 90.87% for the first half of 2025 [15] - Wankai New Materials plans to reduce production and conduct maintenance on 60,000 tons of PET capacity, affecting overall performance [16] Group 6 - Haiwang Bio's HW130 injection successfully completed Phase I clinical trials, showing good safety and tolerability [19] - Zhenai Meijia received a total of 22.8 million yuan in compensation for land acquisition, which will significantly impact its 2025 performance [20] - Changyuan Electric reported a 23.58% decrease in power generation in June, with a notable decline in thermal power generation [21] Group 7 - Shouxiangu's subsidiary completed the registration of two health food products [22] - Kailun Co. announced the resignation of its deputy general manager and board secretary [23] - Xibu Muye reported a 2.15% year-on-year increase in fresh milk production in June [24] Group 8 - Deshi Co. obtained two invention patents related to oil and gas field development [26] - Jingwei Huikai plans to acquire a 12.44% stake in Nuo Si Micro for 149 million yuan [27] - Electric Alloy completed the registration of its subsidiary in Mexico [29] Group 9 - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of 2025 [30] - Guizhou Moutai repurchased approximately 3.38 million shares, accounting for 0.2692% of its total share capital [31][32] - Warner Pharmaceutical received approval for the listing application of a raw material drug for treating respiratory diseases [34] Group 10 - Yuan Dong Bio's independent director is under investigation for serious violations [35] - Dash Intelligent signed a contract for a smart project worth 11.88 million yuan [36] - Dayou Energy plans to transfer 586,500 tons of coal production capacity replacement indicators [37] Group 11 - Foton Motor reported a 150.96% increase in new energy vehicle sales in the first half of 2025 [39] - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [40] - Zongshen Power expects a net profit increase of 70% to 100% for the first half of 2025 [42] Group 12 - Yingboer plans to sell its wholly-owned subsidiary for 239 million yuan [44] - Changan Automobile reported a 1.59% increase in total vehicle sales in the first half of 2025 [46] - Fulian Precision signed a cooperation framework agreement with Sichuan Development Longmang [48] Group 13 - Nengte Technology plans to repurchase shares worth 300 million to 500 million yuan [50] - Longsoft Technology's controlling shareholder donated 3.43% of the company's shares [51] - Data Port's shareholders plan to reduce their holdings by up to 2% [52]