湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 公司收到控股股东暨实际控制人张庆华先生通知，其已于 2025年10月27日办理完成了部分股份解除质押的相关手续，具体 情况如下： 证券代码：603998 证券简称：方盛制药 公告编号：2025-093 湖南方盛制药股份有限公司 关于控股股东部分股份解除质押的公告 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: ●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1,400万股（占公司总股本的3.19%）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55,325,200 股，占其直接持有公司股份总数的35.46%，占公司股份总数的12.60%；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咨询有限公司（原"泰州共 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's profitability continues to rise, with core business development remaining robust [8] - In Q3 2025, the company achieved revenue of 420 million yuan, a decrease of 4.3% year-on-year, while net profit attributable to shareholders was 99.04 million yuan, an increase of 8.5% [8] - The company has shown strong operational resilience, with a net profit margin reaching 23.6%, the highest level in history [8] - The company has signed agreements to acquire patents for innovative drug projects, which is expected to strengthen its product pipeline [8] Financial Performance Summary - Total revenue forecast for 2023A is 1,629 million yuan, with a projected growth of 9.15% in 2024A and 13.36% in 2025E [1] - Net profit attributable to shareholders is expected to grow from 186.82 million yuan in 2023A to 255.22 million yuan in 2024A, and further to 309.13 million yuan in 2025E, reflecting a growth rate of 36.61% in 2024A [1] - The latest diluted EPS is projected to increase from 0.43 yuan in 2023A to 0.58 yuan in 2024A, reaching 0.70 yuan in 2025E [1] - The P/E ratio is expected to decrease from 28.51 in 2023A to 20.87 in 2024A, and further to 17.23 in 2025E [1]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

Core Viewpoint - The company held a Q3 2025 performance briefing on October 24, 2025, to discuss its operational performance and address investor concerns [1] Group 1: Company Performance and Strategy - The company's respiratory medication revenue has decreased by nearly 60% year-on-year due to industry factors, prompting a strategic focus on expanding market coverage and enhancing brand awareness for key products [2] - The company has successfully expanded its pediatric cough syrup's market presence, covering over 2,000 public medical institutions, with significant progress in adult indications research [2] - The management plans to accelerate the development of innovative traditional Chinese medicine (TCM) products, aiming to establish a product matrix with annual sales of 300-500 million yuan for multiple products [3][4] Group 2: Product Development and Market Position - The company has received approval for its blood-nourishing pain relief granules but has not yet launched them in hospitals; it plans to consider OTC status for easier access [5] - The company is focusing on chronic disease areas such as orthopedics and cardiovascular health, with several innovative TCM projects in the pipeline, including clinical trials for various products [5] - The company aims to leverage historical opportunities in TCM development to enhance market coverage and brand building, fostering new profit growth points [5]

湖南方盛制药股份有限公司 HUNANFANGSHENGPHARMACEUTICALCO.,LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2025-092 湖南方盛制药股份有限公司 关于2025年第三季度业绩说明会召开情况的公告 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。 湖南方盛制药股份有限公司（以下简称"方盛制药"或"公 司"）于 2025 年 10 月 24 日（星期五）上午 09:00—10:00 以网 络互动方式，通过上证路演中心召开 2025 年第三季度业绩说明 会，就公司 2025 年第三季度经营业绩情况，以及其他投资者普 遍关心的问题与投资者进行交流与沟通。现将有关情况公告如下： 一、本次说明会召开情况 出席本次网上业绩说明会的公司人员为：董事长兼总经理周 晓莉女士、独立董事袁雄先生、财务总监曹湘琦女士、董事会秘 书何仕先生。 二、投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会上提出的问题进行了回复，相关 问题及回复整理如下： 问题 1、受行业因素影响，呼吸系统用药收入同比下降 ...

Core Points - Fangsheng Pharmaceutical announced the completion of the release of part of the pledged shares by its controlling shareholder and actual controller, Zhang Qinghua, on October 23, 2025 [2] - The number of shares released from pledge amounts to 31.58 million shares [2]

Core Viewpoint - Fangsheng Pharmaceutical announced that it has not provided guarantees for its controlling shareholders, actual controllers, or their affiliates, and there are no overdue external guarantees [2] Summary by Categories - **Company Announcement** - Fangsheng Pharmaceutical released a statement confirming that it has not provided any guarantees for its controlling shareholders and actual controllers [2] - The company also stated that there are no overdue external guarantees [2]

Core Insights - The company reported a revenue of 1.253 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 7.02% [1] - The net profit attributable to shareholders increased to 268 million yuan, showing a year-on-year growth of 17.6% [1] - The non-recurring net profit reached 213 million yuan, reflecting a year-on-year increase of 30.54% [1] - The basic earnings per share stood at 0.61 yuan [1]

Core Insights - Fangsheng Pharmaceutical reported a Q3 revenue of 419 million yuan, a year-on-year decrease of 4.26% [1] - The net profit for Q3 was 99.04 million yuan, showing a year-on-year increase of 8.49% [1] - For the first three quarters, the total revenue was 1.253 billion yuan, down 7.02% year-on-year [1] - The net profit for the first three quarters reached 268 million yuan, reflecting a year-on-year growth of 17.60% [1]

Core Viewpoint - Fangsheng Pharmaceutical (603998.SH) reported a decline in revenue for the third quarter, while net profit showed an increase, indicating mixed financial performance [1] Financial Performance - The company achieved operating revenue of 419 million yuan in the third quarter, a year-on-year decrease of 4.26% [1] - Net profit attributable to shareholders was 99.04 million yuan, reflecting a year-on-year increase of 8.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 71.20 million yuan, representing a year-on-year growth of 36.37% [1] - Basic earnings per share were reported at 0.22 yuan [1]