Core Viewpoint - The recent legal issues surrounding Zhang Qinghua, the controlling shareholder of Fangsheng Pharmaceutical, are linked to insider trading activities that occurred between 2017 and 2018, resulting in significant financial losses for him and others involved [1][2][3]. Company Overview - Fangsheng Pharmaceutical focuses on innovative traditional Chinese medicine and was listed in 2014. Its core products address various medical fields, including cardiovascular, pediatric, musculoskeletal, gynecological, respiratory, and anti-infection treatments [1]. - As of the end of 2024, Zhang Qinghua directly holds 35.53% of Fangsheng Pharmaceutical's shares, and his investment management company holds an additional 2.08% [3]. Financial Performance - In 2024, Fangsheng Pharmaceutical reported a revenue of 1.777 billion yuan, representing a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 255 million yuan, up 36.61% [4]. - For the first quarter of 2025, the company recorded a revenue of 418 million yuan, a decrease of 4.6% year-on-year, while the net profit reached 88 million yuan, an increase of 25.74% [4]. Legal Context - Zhang Qinghua's insider trading activities are associated with a major asset restructuring involving the acquisition of Haikou Qili Pharmaceutical Co., which was publicly announced in early 2018. The insider information sensitive period was from December 13, 2017, to February 4, 2018 [2]. - The China Securities Regulatory Commission (CSRC) has previously issued an administrative penalty against Zhang Qinghua for these actions, and he is now facing potential criminal charges [5]. Implications of Legal Proceedings - The legal proceedings highlight the complexities of securities law enforcement in China, where administrative penalties can precede criminal charges. The distinction between administrative violations and criminal offenses is significant, with different standards of proof required [5]. - The recent decision to grant Zhang Qinghua bail does not imply guilt but indicates ongoing legal scrutiny regarding the insider trading allegations [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603998 证券简称：方盛制药 公告编号：2025-066 湖南方盛制药股份有限公司 关于公司实际控制人相关事项的进展公告 张庆华先生目前未在公司担任董事、高级管理人员职务，前述事项内容仅涉及张庆华先生个人，与公司 的日常经营管理、业务开展无关，不会对公司日常经营、业务及财务状况造成影响。 公司将继续关注上述事项的进展情况，并严格按照有关法律、法规的规定和要求，及时履行信息披露义 务。公司指定的信息披露媒体为上海证券交易所网站、《上海证券报》《证券日报》《证券时报》《中 国证券报》，公司所有信息均以在上述指定媒体披露的信息为准，敬请广大投资者注意投资风险。 特此公告 湖南方盛制药股份有限公司董事会 2025年8月7日 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"公司"）控股股东暨实际控制人张庆华先生因涉嫌内幕交易公司 股票，于2021年1月18日收到中国证券监督管理委员会下发的《行政处罚决定书》（[2020]111号、 [20 ...

Mergers and Acquisitions - Tengjing Technology has decided to terminate the acquisition of 100% shares of Xunke Communication due to changes in market conditions and difficulties in reaching an agreement on the transaction plan [1] Earnings Disclosure - Ganli Pharmaceutical reported a revenue of 2.067 billion yuan for the first half of 2025, representing a year-on-year increase of 57.18%, and a net profit of 604 million yuan, up 101.96% year-on-year [2] - Shangwei New Materials announced a revenue of 784 million yuan for the first half of 2025, a year-on-year increase of 12.50%, but a net profit of 29.90 million yuan, down 32.91% year-on-year [3] - SMIC reported a sales revenue of 2.209 billion USD for the second quarter of 2025, a quarter-on-quarter decrease of 1.7%, with a gross margin of 20.4%, down 2.1 percentage points quarter-on-quarter [4] Shareholding Changes - Babai Co. announced that its major shareholder, Guangzhou Yunmei Industrial Investment Partnership, plans to reduce its holdings by no more than 2% of the company's shares, equivalent to 223.08 million shares [5] - Xianheng International disclosed that its major shareholder, Goldman Sachs Asia, intends to reduce its holdings by no more than 3%, which amounts to 12.30 million shares [6] - Linuo Pharmaceutical Packaging announced that its shareholders plan to reduce their holdings by no more than 3%, totaling 697.87 million shares [7] Risk Events - Fangsheng Pharmaceutical announced that its actual controller, Zhang Qinghua, has been placed under residential surveillance starting from August 6, 2025 [8]

Mergers and Acquisitions - Tengjing Technology has decided to terminate the acquisition of 100% shares of Xunke Communication due to changes in market conditions and difficulties in reaching an agreement on the transaction plan [1] Performance Disclosure - Ganli Pharmaceutical reported a revenue of 2.067 billion yuan for the first half of 2025, representing a year-on-year increase of 57.18%, and a net profit of 604 million yuan, up 101.96% year-on-year [2] - Shunwei New Materials announced a revenue of 784 million yuan for the first half of 2025, a year-on-year increase of 12.50%, but a net profit of 29.90 million yuan, down 32.91% year-on-year [3] - SMIC reported a sales revenue of 2.209 billion USD for the second quarter of 2025, a quarter-on-quarter decrease of 1.7%, with a gross margin of 20.4%, down 2.1 percentage points quarter-on-quarter [4] Shareholding Changes - Babai Co. announced that its major shareholder, Guangzhou Yunmei Industrial Investment Partnership, plans to reduce its holdings by no more than 223.08 million shares, accounting for 2% of the total share capital [5] - Xianheng International disclosed that its major shareholder, Goldman Sachs Asia, intends to reduce its holdings by no more than 12.30 million shares, representing no more than 3% of the total shares [6] - Lino Pharmaceutical Packaging announced that its shareholders plan to reduce their holdings by no more than 697.87 million shares, accounting for 3% of the total share capital [7] Risk Events - Fangsheng Pharmaceutical announced that its actual controller, Zhang Qinghua, has been placed under residential surveillance starting from August 6, 2025 [8]

张庆华先生目前未在公司担任董事、高级管理人员职务，前述事项内容仅涉及张庆华先生个人，与公司 的日常经营管理、业务开展无关，不会对公司日常经营、业务及财务状况造成影响。 智通财经APP讯，方盛制药(603998.SH)发布公告，公司控股股东暨实际控制人张庆华先生因涉嫌内幕 交易公司股票，于2021年1月18日收到中国证券监督管理委员会下发的《行政处罚决定书》([2020]111 号、[2020]112号)。2025年8月7日，张庆华先生向公司发送《告知函》，其于2025年8月6日收到长沙市 公安局直属分局下发的《取保候审决定书》(长公直(经)取保字[2025]0750号)，因前述事项，根据相关法 律规定，决定对其取保候审，限期从2025年8月6日起算。 ...

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：2025-066 湖南方盛制药股份有限公司 关于公司实际控制人相关事项的进展公告 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。 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因涉嫌内幕交易公司股票，于 2021 年 1 月 18 日收到中国证券监督管理委员会下发的《行政处罚决定 书》（[2020]111 号、[2020]112 号）（详见公司 2021-008 号公告）。 2025 年 8 月 7 日，张庆华先生向公司发送《告知函》，其于 2025 年 8 月 6 日收到长沙市公安局直属分局下发的《取保候审决定书》 （长公直（经）取保字[2025]0750 号），因前述事项，根据相关 法律规定，决定对其取保候审，限期从 2025 年 8 月 6 日起算。 张庆华先生目前未在公司担任董事、高级管理人员职务，前 述事项内容仅涉及张庆华先生个人 ...

方盛制药公告称，公司实际控制人张庆华于2025年8月6日收到长沙市公安局直属分局下发的《取保候审 决定书》，决定对其取保候审，期限从2025年8月6日起算。张庆华目前未在公司担任职务，前述事项内 容仅涉及其个人，与公司的日常经营管理、业务开展无关，不会对公司日常经营、业务及财务状况造成 影响。 ...

方盛制药董秘：尊敬的投资者，您好!"创新生物技术中心"和"合成生物技术平台"是公司从"创仿结合、创仿平衡"（创新药与仿制药的平衡发展）的发展大战略出发，以公司控股子公司广东暨大 投资者：根据2024年年报，贵司的创新研究院新增加了"创新生物技术中心"和"合生生物技术平台"，请问这两个研究中心（平台）主要研究领域或方向是什么？能详细描述一下吗？ 方盛制药董秘：尊敬的投资者，您好!"创新生物技术中心"和"合成生物技术平台"是公司从"创仿结合、创仿平衡"（创新药与仿制药的平衡发展）的发展大战略出发，以公司控股子公司广东暨大 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 投资者：请问贵公司子公司广东暨大基因药物工程研究中心有限公司，发展的情况如何？ 证券之星消息，方盛制药(603998)07月29日在投资者关系平台上答复投资者关心的问题。 ...

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]

Policy Developments - The National Health Commission issued a work plan for the integration of medical and elderly care services, promoting the establishment of national demonstration counties and institutions [2] - The criteria for creating demonstration institutions include operating for over 5 years, a bed occupancy rate of at least 65% in the last 2 years, and over 65% of residents being elderly individuals with disabilities or dementia [2] - The plan emphasizes comprehensive health assessments for the elderly, early intervention for age-related diseases, and the use of traditional Chinese medicine and information technology to enhance service quality [2] Drug and Device Approvals - Humanwell Healthcare announced that its subsidiary received a drug registration certificate for the transdermal patch for treating mild to moderate Alzheimer's disease, with a total R&D investment of approximately RMB 19 million [4] - Kehua Bio received medical device registration certificates for two nucleic acid testing kits, valid until July 16, 2030 [5] Financial Reports - Wohua Pharmaceutical reported a 303.16% year-on-year increase in net profit for the first half of the year, with revenue of RMB 425 million, a 7.64% increase [7] Capital Market Activities - Xiangsheng Medical signed an agreement with the Gates Foundation for the joint development and promotion of innovative obstetric and breast ultrasound screening devices, receiving project funding of USD 2.1 million [9] - Sanofi announced a deal to acquire Vicebio for up to USD 1.6 billion, including an upfront payment of USD 1.15 billion and milestone payments of USD 450 million [11] Industry Developments - The National Medical Insurance Administration reported that from January to June 2025, there were 200 million instances of personal account pooling in employee medical insurance, amounting to RMB 26.177 billion [13]