Group 1 - The stock price of Shouxiangu (603896) closed at 22.65 yuan on August 22, 2025, an increase of 1.62% from the previous week [1] - The highest intraday price reached 22.92 yuan on August 22, while the lowest was 22.2 yuan on August 20 [1] - The current total market capitalization of Shouxiangu is 4.49 billion yuan, ranking 47th out of 67 in the traditional Chinese medicine sector and 3643rd out of 5152 in the A-share market [1] Group 2 - Shouxiangu provided a maximum pledge guarantee of 30 million yuan for its wholly-owned subsidiary, Jinhua Shouxiangu Pharmaceutical Co., Ltd., in collaboration with Zhejiang Wuyi Rural Commercial Bank [1] - The guarantee is part of a credit facility agreement that allows for financing from August 15, 2025, to May 1, 2027, without the need for counter-guarantees [1] - The company had previously approved a total credit limit of up to 800 million yuan at the 2024 annual shareholders' meeting, allowing for mutual guarantees among the company and its subsidiaries [1] Group 3 - The total amount of external guarantees provided by the listed company and its controlling subsidiaries is 19 million yuan, accounting for 8.27% of the latest audited net assets [1] - Jinhua Shouxiangu Pharmaceutical has a registered capital of 12.999 million yuan, with the company holding 100% equity [1] - As of March 31, 2025, the subsidiary's financial indicators showed total assets of 1.03377 billion yuan, total liabilities of 715.7963 million yuan, net assets of 317.9773 million yuan, operating income of 115.8209 million yuan, and net profit of 7.6159 million yuan [1]

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 ■ ● 累计担保情况 ■ 4、担保金额：人民币3,000万元 5、担保范围：本合同项下所产生的债权人的所有债权，包括但不限于本金、利息（包括罚息、复息、 生效法律文书确定的迟延履行期间的债务利息等）、融资过程中发生的垫付款、违约金、损害赔偿金、 一、担保情况概述 （一）担保的基本情况 三、担保协议的主要内容 1、债权人（质权人）：浙江武义农村商业银行股份有限公司 2、债务人：金华寿仙谷药业有限公司 3、出质人：浙江寿仙谷医药股份有限公司 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 ...

Core Viewpoint - Zhejiang Shouxiangu Pharmaceutical Co., Ltd. has announced a guarantee for its wholly-owned subsidiary, Jinhua Shouxiangu Pharmaceutical Co., Ltd., amounting to RMB 30 million, to support its financing needs with Wuyi Rural Commercial Bank [1][4]. Group 1: Guarantee Details - The guarantee amount provided is RMB 30 million, with a total guarantee balance of RMB 190 million for the subsidiary [1]. - The guarantee does not include any counter-guarantee [1]. - The total amount of external guarantees by the company is RMB 190 million, which does not exceed 50% of the company's latest audited net assets [1][4]. Group 2: Subsidiary Information - Jinhua Shouxiangu Pharmaceutical Co., Ltd. is a wholly-owned subsidiary of the company, established on August 27, 2003, with a registered capital of RMB 129.99 million [3]. - The subsidiary's main business includes the research and development of traditional Chinese medicine, as well as the sale of various food and health products [3]. Group 3: Financial Performance - As of the first quarter of 2025, the subsidiary reported total assets of RMB 1.03377 billion and total liabilities of RMB 715.80 million, resulting in a net asset value of RMB 317.98 million [3]. - The subsidiary's revenue for the year 2024 was RMB 462.89 million, with a net profit of RMB 2.41 million [3]. Group 4: Necessity and Reasonableness of Guarantee - The guarantee is deemed necessary to support the daily business development of the subsidiary, which is currently stable and does not have any significant litigation or arbitration issues [4]. - The company believes that the risk associated with this guarantee is manageable and does not harm the interests of the company or minority shareholders [4].

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： ...

证券日报网讯 7月30日晚间，寿仙谷发布公告称，近日，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。 （编辑 任世碧） ...

| 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.