Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Insights - The market for traditional Chinese medicine (TCM) in musculoskeletal diseases is expected to grow significantly due to an aging population and increasing prevalence of related conditions [2][18] - The oral medication segment presents structural opportunities, while external patches are anticipated to continue expanding [3][32] Summary by Sections 1. Demand Growth in Musculoskeletal TCM Market - The aging population in China reached 202 million people aged 65 and above in 2023, leading to a rise in musculoskeletal disorders [2][18] - The penetration rate of musculoskeletal pain among the population aged 56 and above is 60.8%, while it is 42.2% among those aged 35 and below, indicating a younger demographic is increasingly affected [2][23] - The global pain management drug market is projected to reach $110.4 billion by 2030, with significant growth potential in China compared to markets in the US and Japan [2][28] 2. Structural Opportunities in Oral Medications - The oral TCM market is stable, with the top 10 products each generating sales below 1 billion yuan, indicating a lack of large-scale products [3][47] - Three innovative TCM products in the musculoskeletal field are expected to be approved and enter the national medical insurance directory from 2020 to 2024, which may lead to rapid market growth [3][53] - The basic drug policy aims to increase the usage of essential medicines, providing a competitive advantage for unique insurance products [3][69] 3. Expansion of External Patches - Compared to mature markets like Japan and South Korea, China's external patch market has significant room for growth, with external patches likely to gradually replace oral medications [3][30] - The concentration of external patches in public medical institutions and retail pharmacies is high, allowing leading companies to increase their market share [3][30] - Price increases are expected to continue driving growth in the external patch industry [3][32] 4. Investment Recommendations - Companies to watch include Fangsheng Pharmaceutical, Panlong Pharmaceutical, Lingrui Pharmaceutical, and Qizheng Tibetan Medicine, which have significant advantages in musculoskeletal TCM products [4]

政策动向 优化医养结合服务供给国家卫健委印发工作方案 7月22日，国家卫健委今天印发医养结合示范项目工作方案。通过创建全国医养结合示范县（市、区） 和示范机构，鼓励各地深入推进医养结合工作，不断扩大和优化医养结合服务供给。 工作方案明确，全国医养结合示范机构的创建条件为运营满5年及以上，近2年入住率达到实际运营床位 的65%及以上，入住失能、失智老年人占比超过65%。优先推荐对老年人开展健康和需求综合评估，建 立老年人电子健康档案，对老年疾病开展早期干预，开展居家和社区医养结合服务，为老年人家庭照护 者提供心理干预、培训和支持，注重发挥中医药特色和优势，利用信息化手段提升医养结合服务质量和 效率的医养结合机构。同时，满足"五好"要求，分别是环境设施好、人员队伍好、内部管理好、服务质 量好、服务效果好。 自2022年开始，国家卫生健康委启动医养结合示范项目创建工作，2024年1月命名第一批示范单位。 2025年国家卫生健康委继续开展医养结合示范项目创建，每2年开展一次评估，每次命名示范县（市、 区）、示范机构各100个左右，2030年完成创建工作。 药械审批 人福医药：利斯的明透皮贴剂获得药品注册证书 7月22 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2025-065 湖南方盛制药股份有限公司 关于公司受让药品生产技术的进展公告 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。 2022 年 12 月 14 日，湖南方盛制药股份有限公司（以下简 称"方盛制药"或"公司"）与湖南省回春堂药业有限公司（以 下简称"回春堂药业"）签订了《药品上市许可转让协议》，决 定以人民币 230 万元受让"强力枇杷露"药品品种的所有权（详 见公司 2022-134 号公告）。2023 年 3 月，因公司内部规划调整， 经公司董事长审批同意，将公司从回春堂药业受让的"强力枇杷 露"药品品种的所有权转让至全资子公司江西滕王阁药业有限公 司（以下简称"滕王阁药业"）。现将上述事项最新进展情况公 告如下： 一、公司受让药品生产技术的进展 为进一步有效发挥公司的药品批文价值，提高资产运营效率， 公司拟与康普药业股份有限公司（以下简称"康普药业"） ...

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2025-064 湖南方盛制药股份有限公司 关于子公司中药创新药研发项目获得药物临床试验 批准通知书的公告 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。 受理号：CXZL2500024 审批结论：根据《中华人民共和国药品管理法》及有关规定， 经审查，2025 年 4 月 22 日受理的香芩解热颗粒临床试验申请符 合药品注册的有关要求，在进一步完善临床试验方案的基础上， 同意本品开展用于成人流行性感冒湿热郁表证的临床试验。 二、新药的相关情况 香芩解热颗粒的处方为临床经验方，是岐黄学者、中华中医 药学会儿科分会主任委员、云南省中医药领军人才、云南省名中 医熊磊教授经验方，经长期临床应用疗效肯定，用于湿热郁表型 第 1 页，共 3 页 2025 年 7 月 10 日，湖南方盛制药股份有限公司（以下简称 "公司"或"方盛制药"）全资子公司云南方盛融和药业有限公 司（以下简称 ...

Core Viewpoint - Fangsheng Pharmaceutical (603998) announced that its wholly-owned subsidiary, Yunnan Fangsheng Ronghe Pharmaceutical Co., Ltd., has received the clinical trial approval notice from the National Medical Products Administration for the innovative traditional Chinese medicine, Xiangqin Jietuo Granules, which is intended for the treatment of adult influenza with damp-heat syndrome [1] Company Summary - The innovative drug Xiangqin Jietuo Granules is classified as a Category 1 traditional Chinese medicine and is currently not available in domestic or international markets [1] - As of June 30, 2025, the cumulative research and development investment for this drug project is approximately 16.0569 million yuan [1] Industry Summary - Traditional Chinese medicine is widely used in the treatment of respiratory diseases, with sales of traditional Chinese medicine for respiratory conditions exceeding 80 billion yuan across three major terminals and six major markets in China in recent years [1]

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. ●湖南方盛制药股份有限公司（以下简称"公司"）控股股东暨实际控制人张庆华 先生办理完成了856万股（占公司总股本的1.95%）公司股份解除质押手续； ●截至本公告披露日，张庆华先生直接持有公司的股份总数为156,019,500股，占公 司股份总数（439,081,360股）的35.53%；张庆华先生质押的公司股份总数为65,905,200 股，占其直接持有公司股份总数的42.24%，占公司股份总数的15.01%；张庆华先生控股 的湖南开舜投资咨询有限公司之控股子公司泰州共生创业投资管理有限公司（以下简称 "共生投资"）持有公司股份数为9,131,807股，共生投资质押的公司股份总数为0股； 张祖嵘女士持有公司股份数423,300股，张祖嵘女士质押的公司股份总数为0股；综上， 张庆华先生及其一致行动人共生投资、张祖嵘女士合计持有公司165,574,607股，以此计 算，张庆华先生及其一致行动人共生投资、张祖嵘女士合计质押的公司股份总数为 65,905,200股，占持股总数的39.80%。 公司收到控股股东暨 ...

Group 1 - The company has acquired ownership of 20 registered pharmaceutical products from Kangyi Pharmaceutical Co., Ltd., including "Throat and Pharynx Clear Capsules" and "Zhebei Cough Syrup (Yellow Box)" in Hong Kong [2] - On June 3, 2025, the company signed an investment cooperation agreement to adjust the equity structure of its Hong Kong joint venture [2] - The Hong Kong joint venture, Hong Kong Fangsheng Pharmaceutical Co., Ltd., has completed registration in the Hong Kong Special Administrative Region, with the company contributing HKD 10 million for a 50% stake [2] Group 2 - To expedite the registration of the acquired pharmaceutical products in mainland China, the company signed a supplementary agreement on June 20, 2025, to adjust the transfer steps and payment terms [3][4] - The supplementary agreement does not constitute a major adjustment to the original transfer agreement and will not affect the acquisition of the pharmaceutical products [4]

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2025-062 湖南方盛制药股份有限公司 关于受让药品上市许可的进展公告 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、交易概述 2025 年 3 月 25 日，湖南方盛制药股份有限公司（以下简称 "公司"）受让康溢医药有限公司（以下简称"康溢医药"）持 有的"喉咽清胶囊""浙贝止咳露（黄盒）"等合计 20 个在香 港特别行政区卫生署（以下简称"香港卫生署"）注册的药品品 种的所有权（详见公司 2025-030 号公告）；2025 年 6 月 3 日， 公司与自然人赵国灏先生、港捷有限公司、湖南科祺创新科技有 限公司与湖南筱沐医药科技有限公司签订《投资合作协议》，调 整对香港合资子公司的股权结构（详见公司 2025-060 号公告）。 第 1 页，共 2 页 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. ...