Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, highlighting innovative drugs and left-side sector recovery as the main investment opportunities [4][44]. Core Insights - The innovative drug sector remains in a high prosperity state, with significant collaborations continuing to emerge. The upcoming 85th American Diabetes Association (ADA) Scientific Sessions in June 2025 is expected to provide important clinical and research updates from endocrine and metabolic drug companies, suggesting investment opportunities in this area [11][44]. - The report emphasizes the increasing approval and quality of new drugs in China, indicating a recovery in the innovative drug sector that has been undervalued for several years. The global recognition of China's technological capabilities is also drawing renewed attention from capital markets towards domestic pharmaceutical companies [27][44]. - The report suggests focusing on leading companies with international expansion and innovation progress, such as Heng Rui Medicine, BeiGene, Innovent Biologics, and others, as well as ADC leaders like Keren Pharmaceutical and Bai Li Tianheng [27][44]. Summary by Sections Pharmaceutical Sector - UroGen Pharma's FDA approval of Zusduri, the first and only drug for treating recurrent low-grade intermediate-risk non-muscle invasive bladder cancer, marks a significant breakthrough in drug delivery systems [20][21]. - The report highlights the progress in chronic disease metabolism, with Eli Lilly's oral Lp(a) lowering drug being considered for breakthrough therapy designation, indicating a growing pipeline of innovative treatments [23][27]. - Merck's oral PCSK9 inhibitor Enlicitide has shown positive results in Phase III trials, representing a significant advancement in cholesterol management therapies [28][29]. Medical Devices - The launch of the MAGLUMI X10, a high-speed automated chemiluminescence immunoassay analyzer, reflects the increasing demand for innovative medical devices in China [33][35]. - The investment by Xianjian Technology in Jianhu Medical to develop electrophysiology products indicates a strategic move to enhance capabilities in high-end medical devices [36][38]. Medical Services - The successful initiation of China's first invasive brain-computer interface clinical trial signifies a major advancement in medical technology, with potential applications for improving the quality of life for patients with spinal cord injuries and amputations [39][40]. - The report anticipates rapid growth in related industries, including high-end imaging equipment and surgical robots, driven by technological advancements and policy support [40]. Traditional Chinese Medicine - The approval of Fangsheng Pharmaceutical's innovative traditional Chinese medicine product marks a significant step in the development of new drugs in this sector, with an expected increase in new drug applications in the coming years [41][43].

Group 1: Overview of Market Trends - The performance of the Shanghai Composite Index and the ChiNext Index over the past year shows significant fluctuations, with the ChiNext Index experiencing a decline of 32% [2][3] - The top five performing industries recently include Beauty Care, Banking, and Pharmaceutical Biotechnology, while the bottom five include Defense, Computer, and Electronic sectors [3][4] Group 2: Company Insights - Meitu Inc. (01357.HK) - Meitu is positioned as a leader in the visual economy, leveraging AI to accelerate commercialization, with projected revenues of 4.14 billion, 4.99 billion, and 5.82 billion yuan for 2025-2027, reflecting growth rates of 23.8%, 20.6%, and 16.6% respectively [6][7] - The company has a large user base and is expanding its product offerings, with a monthly active user count of 266 million as of December 2024, showing a year-on-year growth of 6.7% [7][8] - Meitu's strategy focuses on enhancing AI capabilities, global expansion, and productivity, with a projected increase in paid user penetration rates [8] Group 3: Company Insights - Greentown China Holdings Limited (03900.HK) - Greentown China reported a growth in monthly sales, with a total sales amount of 186 billion yuan in May 2025, marking a year-on-year increase of 14.8% [9][11] - The company maintains a strong land acquisition strategy, with a total of 30 new land plots acquired in the first five months of 2025, reflecting a land acquisition intensity of 84% [11][12] - Profit forecasts for 2025-2027 are set at 3.33 billion, 4.54 billion, and 5.43 billion yuan, with corresponding EPS of 1.31, 1.79, and 2.14 yuan [9][11] Group 4: Company Insights - Poly Developments and Holdings Group Co., Ltd. (600048.SH) - Poly Developments remains the top-ranked company in the industry despite a decline in sales amount and area in May 2025, with a signed sales amount of 285.12 billion yuan, down 19.26% year-on-year [14][15] - The company has a strong focus on high-tier cities, with over 90% of land acquisitions occurring in first and second-tier cities [14][16] - Profit forecasts for 2025-2027 are estimated at 5.68 billion, 6.56 billion, and 7.51 billion yuan, with corresponding PE ratios of 17.2, 14.9, and 13.0 [14][15] Group 5: Company Insights - Fangsheng Pharmaceutical Co., Ltd. (603998.SH) - Fangsheng Pharmaceutical's newly approved product, a traditional Chinese medicine for tension-type headaches, is expected to enhance its performance in the cardiovascular sector, with profit forecasts of 308 million, 378 million, and 457 million yuan for 2025-2027 [18][19] - The prevalence of tension-type headaches presents a significant market opportunity, as they account for a large percentage of primary headache cases [19][20] Group 6: Company Insights - Zai Lab Limited (09688.HK) - Zai Lab is adopting a dual strategy of "License-in + Independent R&D" to build a differentiated product pipeline, with expected revenues of 567 million, 830 million, and 1.226 billion USD for 2025-2027 [22][23] - The company anticipates significant growth from its lead product, with multiple key products expected to submit NDA applications in 2025 [22][23]

Investment Rating - The investment rating for Fangsheng Pharmaceutical is "Buy" (maintained) [1] Core Views - The approval of the self-developed innovative traditional Chinese medicine, Yao Xue Qu Feng Zhi Tong Granules, is expected to enhance the performance of the cardiovascular segment, with a positive outlook on its market potential and sales [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 308 million, 378 million, and 457 million yuan respectively, with corresponding EPS of 0.70, 0.86, and 1.04 yuan [4] Financial Summary - The total market capitalization is 4.808 billion yuan, with a current stock price of 10.95 yuan [1] - Revenue for 2025 is projected at 2.032 billion yuan, with a year-on-year growth of 14.3% [8] - The gross margin is expected to be 71.6% in 2025, with a net margin of 15.1% [8] - The P/E ratio for 2025 is estimated at 15.6 times [8] - The company’s return on equity (ROE) is projected to be 15.5% in 2025 [8]

医药生物/中药Ⅱ 方盛制药（603998.SH） 聚焦头痛用药需求，养血祛风止痛颗粒带来新增量 2025 年 06 月 10 日 投资评级：买入（维持） | 日期 | 2025/6/9 | | --- | --- | | 当前股价(元) | 10.95 | | 一年最高最低(元) | 13.58/8.47 | | 总市值(亿元) | 48.08 | | 流通市值(亿元) | 48.08 | | 总股本(亿股) | 4.39 | | 流通股本(亿股) | 4.39 | | 近 3 个月换手率(%) | 222.76 | chaoshuran@kysec.cn 证书编号：S0790123110015 养血祛风止痛颗粒获批上市，赋能心脑血管板块增长，维持"买入"评级 2025 年 6 月 9 日，公司自主研发的 1.1 类中药创新药-养血祛风止痛颗粒获批上 市，其主要成分为黄芪、当归、党参、麸炒白术等。养血祛风止痛颗粒基于中国 近代著名中医大家张锡纯先生的代表性方剂"升陷汤"加减配方而成，能够补气 养血，散风止痛，用于频发性紧张型头痛中医辨证属气血两虚证。我们看好公司 创新中药养血祛风止痛颗粒的市场前景和销售潜力， ...

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：2025-061 湖南方盛制药股份有限公司 关于中药创新药养血祛风止痛颗粒获得 《药品注册证书》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。 2025年6月9日，湖南方盛制药股份有限公司（以下简称"公 司"）全资子公司广东方盛健盟药业有限公司（以下简称"健盟 药业"）收到国家药品监督管理局（以下简称"国家药监局"） 核准签发的《药品注册证书》，公司自主研发的中药创新药养血 祛风止痛颗粒已获得药品批准文号，并可进行生产。2024年9月 18日，公司已就该药品的注册进展情况发布了提示性公告（具体 内容详见公司2024-076号公告）。现将相关情况公告如下： 二、药品研究情况 养血祛风止痛颗粒基于中国近代著名中医大家张锡纯先生 第 1 页，共 5 页 药品名称 养血祛风止痛颗粒 受理号 CXZS2400030 证书编号 2025S01680 主要成分 黄芪、当归、党 ...

证券代码：603998 证券简称：方盛制药 公告编号：2025-060 湖南方盛制药股份有限公司 各方已于2025年6月3日正式签署《投资合作协议》以明确各方权利义务关系，香港合资公司成立后即成 为《药品品种转让协议》约定的"甲方指定方"与康溢医药重新签订《药品品种转让协议》。 三、对公司的影响 本次香港合资公司股权结构调整，不会对公司正常生产经营、未来财务状况和经营成果带来重大影响， 亦不会影响此前的药品上市许可转让交易，此前已签署协议受让药品上市许可相关过户手续尚在准备过 程中。 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"方盛制药"或"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；并于同日与港捷有限公司（以下简称"港捷公 司"）、自然人赵国灏先生及向红梅女士签订《投资合作协议》，拟 ...

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 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 "方盛制药"或"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；并于同日与港捷有限公司（以下简称 "港捷公司"）、自然人赵国灏先生及向红梅女士签订《投资合 作协议》，拟在香港特别行政区成立合资子公司（以下简称"香 港合资公司"），注册资本 2,000 万港元，公司以自有资金出资 700 万港元，持股 35%，为公司控股子公司；该合资子公司成立 后，其将按照《投资合作协议》《药品品种转让协议》的相关约 定，与康溢医药就上述 20 个药品品种转让重新签订《药品品种 转让协议》并履行相关义务（详见公司 20 ...

Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. plans to increase capital in its subsidiary Fangsheng R&D Co. with a total investment of 24 million yuan from the company and its partners, aiming to enhance its drug research and development capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [2][3][12] Summary by Sections 1. Transaction Overview - Fangsheng Pharmaceutical intends to invest 24 million yuan in Fangsheng R&D Co., with New Yuan Investment contributing 46 million yuan, and both Tongmu Technology and the core talent holding entity contributing 5 million yuan each. Post-investment, the shareholding structure will be Fangsheng Pharmaceutical 35%, New Yuan Investment 55%, Tongmu Technology 5%, and the core talent holding entity 5% [2][3] - The investment is classified as a related party transaction due to the involvement of New Yuan Investment, which is an affiliated entity. Related directors abstained from voting [2][3] - The investment does not constitute a major asset restructuring as per regulations, and it has been approved by the independent directors and the board of directors without needing shareholder approval [2][4] 2. Purpose and Reason for the Capital Increase - The capital increase aims to support the company's strategic development in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging local resources and policies to accelerate the R&D of traditional Chinese medicine projects and mitigate R&D risks [3][12] 3. Related Party Information - New Yuan Investment is controlled by the same individual as Fangsheng Pharmaceutical, establishing a related party relationship. The core talent holding entity will consist of key personnel from the company, which may include current directors and senior management [6][7] 4. Capital Increase Details - The registered capital of Fangsheng R&D Co. will increase from 20 million yuan to 100 million yuan, with the new capital structure reflecting the contributions from all parties involved [9][10] - The governance structure will include a board of directors with three members, where Fangsheng Pharmaceutical appoints two directors and the chairman [10][12] 5. Impact on the Company - Following the capital increase, Fangsheng R&D Co. will remain under the control of Fangsheng Pharmaceutical, allowing it to consolidate its financial statements. This move is expected to enhance the sustainability of R&D investments and facilitate the commercialization of innovative traditional Chinese medicine [12]

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：2025-059 湖南方盛制药股份有限公司 关于向控股子公司增资暨关联交易的公告 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： 交易简要内容：方盛制药拟以现金 2,400 万元向控股子公司方盛融科进行增资， 新元产投、通牧科技、公司核心人才持股主体拟分别以现金 4,600 万元、500 万元、500 万元向方盛融科进行增资。本次增资完成后，方盛制药、新元产投、通牧科技及公司核 心人才持股主体将分别持有方盛融科 35%、55%、5%及 5%的股权。因公司能通过董事 会多数席位主导方盛融科经营决策，故对方盛融科具有控制权，方盛融科继续纳入公司 合并报表范围； 新元产投为公司关联法人，公司现任董事及高级管理人员可能参与核心人才持 股主体（尚未设立），因此本次增资事项构成关联交易，关联董事按规定回避了表决； 本次增资不构成《上市公司重大资产重组管理办法》规定的 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 该议案表决情况：3 票同意，0 票反对，0 票弃权，表决通过。 独立董事：高学敏、杜守颖、袁雄 2025年5月29日 第 1页，共 1页 （2025 年第二次临时会议） 湖南方盛制药股份有限公司（以下简称"公司"）第六届董事会 独立董事专门会议 2025 年第二次临时会议于 2025 年 5 月 29 日以通讯 表决的方式召开。会议通知及会议材料已于 2025 年 5 月 27 日以电子 邮件、微信、电话等方式通知全体独立董事。本次会议由独立董事袁 雄先生召集并主持，会议应出席独立董事 3 人，实际出席独立董事 3 人。本次会议参与表决人数及召集、召开程序符合《公司法》和《公 司章程》的有关规定，会议合法有效。会议审议并通过了《关于对控 股子公司增资暨关联交易的议案》： 本次对广东方盛融科药业有限公司（以下简称"方盛融科"）增 资将有效充实方盛融科药品研发项目的资金实力，将进一步增强方盛 融科研发投入的可持续性，能够在一定程度上分担公司的新品研发投 入及研发风险，不存在损害中小股东利益的情形，符合有关法律 ...