Core Viewpoint - The company Fangsheng Pharmaceutical (603998) held a product launch and investor reception event on December 21, discussing recent operations, research and development, and new product plans, highlighting the inclusion of its innovative traditional Chinese medicine "Yangxue Qufeng Zhitong Granules" in the 2025 National Medical Insurance Directory through recent negotiations [1] Group 1: Strategic Plans - The company plans to increase investment in innovative traditional Chinese medicine, aiming to accelerate the progress of its research pipeline over the next three years [1] - The company aims to create a product matrix with multiple products achieving annual sales of 300 to 500 million yuan [1] - For the newly included "Yangxue Qufeng Zhitong Granules," the company has set a market target for 2026 to cover over 500 public medical institutions and strives for its sales revenue to exceed that of its previous innovative product "Xuanqi Jiangu Pian" in its first year [1] Group 2: Research and Development - The company currently has a research pipeline for innovative traditional Chinese medicine covering multiple departments, with several projects such as "Yiqi Xiaoliu Granules" and "Ziying Granules" having received clinical trial approval [1] - The chemical drug research project "Indobufen Tablets" has obtained a drug registration certificate [1] Group 3: Financial Performance - In the first three quarters, the company achieved a net profit attributable to shareholders of 268 million yuan, representing a year-on-year increase of 17.60% [1] - The industrial hemp business of the company's wholly-owned subsidiary, Yunnan Fuya Biotechnology Co., Ltd., generated nearly 20 million yuan in revenue in the first three quarters of 2025, showing significant year-on-year growth, with expectations for annual revenue to exceed 30 million yuan for the first time [1]

湖南方盛制药股份有限公司 关于投资者接待日活动召开情况的公告 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 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 近日，养血祛风止痛颗粒通过国家医保谈判，首次纳入《国 家基本医疗保险、生育保险和工伤保险药品目录（2025年）》。 为使广大客户、投资者与行业分析师更深入了解该产品及公司发 展动态，湖南方盛制药股份有限公司（以下简称"公司"）于2025 年12月21日（周日）举办"养血祛风止痛颗粒新品上市发布会暨 投资者接待日"活动。现将有关情况公告如下： 一、活动基本情况 1、召开时间：2025年12月21日（周日），9:00-12:00； 证券代码：603998 证券简称：方盛制药 公告编号：2025-105 2、召开地点：公司研发大楼一楼大礼堂（长沙市国家高新 技术产业开发区嘉运路299号）； 3、参会人员：董事长兼总经理周晓莉女士、党委书记兼董 事长助理张庆华先生、董事兼副总经理陈波先生、董事萧钺先生、 董事会秘书何仕先生 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

（文章来源：证券日报） 证券日报网讯 12月18日，方盛制药在互动平台回答投资者提问时表示，截至2025年9月30日股东户数为 30993户。 ...

证券日报网讯12月18日，方盛制药（603998）在互动平台回答投资者提问时表示，经公司董事会审议通 过，基于公司整体战略发展与治理体系优化的需要，周晓莉女士于2022年3月起被选举为公司董事长兼 总经理，且公司于2025年1月20日完成第六届董事会换届，周晓莉女士被续聘为公司第六届董事会董事 长兼总经理。在担任董事长兼总经理期间，周晓莉女士忠实勤勉地履行董事长兼总经理职责，有效领导 公司董事会运作，为公司重大战略决策的制定与实施发挥了核心作用。 ...

Core Viewpoint - The company Fangsheng Pharmaceutical is initiating the liquidation of five subsidiaries that have not been operational or have ceased operations, following the previous liquidation of eight companies within four months, totaling thirteen companies [1][3][4]. Group 1: Company Actions - Fangsheng Pharmaceutical announced the liquidation of five subsidiaries, including Hunan Fangtai No. 2 to No. 5 Management Partnership and Hunan Fangsheng Tang Traditional Chinese Medicine Technology Co., Ltd. [3][16]. - The registered capital of these companies ranges from 8.78 million yuan (Fangtai No. 5) to 30 million yuan (Fangsheng Tang) [3][16]. - The company aims to reduce management costs and optimize resource allocation to enhance operational efficiency, consistent with the reasons for the previous liquidation [4][17]. Group 2: Financial Performance - In 2024, Fangsheng Pharmaceutical achieved a revenue of 1.777 billion yuan, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 255 million yuan, up 36.61% [6][18]. - The first three quarters of 2025 saw a net profit of 268 million yuan, representing a year-on-year growth of 17.60% [6][18]. - However, the medical business and other segments experienced a significant revenue decline of 41.12% to 76.96 million yuan in 2024, primarily due to the exit of three companies from the consolidated financial statements [6][18]. Group 3: Business Structure and Challenges - The company’s core products include various medications, with some experiencing revenue declines due to centralized procurement price reductions and the divestiture of pharmaceutical commercial operations [20][22]. - Despite the growth in core product sales, the overall revenue growth is hindered by price reductions and the exit of certain business segments [20][22]. - Fangsheng Pharmaceutical's total market value as of December 17 was 4.878 billion yuan, which is below the industry median, and its revenue of 1.777 billion yuan is only 35% of the industry average [22][23].

Group 1 - The company, Hunan Fangsheng Pharmaceutical Co., Ltd., has received a GMP compliance inspection notice from the Hunan Provincial Drug Administration, indicating that its production lines meet the required standards [1][2]. - The inspection took place on July 8, and from July 15 to 17, 2025, focusing on the production lines for Ezetimibe and Benidipine in the raw material drug workshop [1]. - The inspection concluded that the company complies with the Drug Administration Law, the Drug Production Supervision and Administration Measures, and the Good Manufacturing Practice (GMP) standards [1][2]. Group 2 - The successful GMP compliance inspection is expected to enhance the company's ability to diversify its product offerings and maintain stable production capacity to meet market demand [2]. - The pharmaceutical industry is characterized by high technology, high risk, and high added value, which means that future sales of various products may be influenced by market conditions and industry policies, leading to significant uncertainty [2].

证券日报网讯 12月16日晚间，方盛制药发布公告称，近日，公司收到湖南省药品监督管理局签发的 《药品 GMP 符合性检查告知书》。 （文章来源：证券日报） ...

Group 1 - Action Education plans to repurchase shares worth between 20 million to 25 million yuan at a price not exceeding 45 yuan per share for employee stock ownership plans or equity incentives [1] - Fulin Technology's shareholders plan to reduce their holdings by up to 2% of the company's total shares, amounting to a maximum of 24.44 million shares starting from December 22, 2025 [2] - Huashu shares' shareholders intend to reduce their holdings by up to 1% of the company's total shares, which is a maximum of 35.94 million shares [3] Group 2 - Silan Microelectronics has obtained a filing certificate for its 12-inch high-end analog integrated circuit chip manufacturing production line project, with an investment of 10 billion yuan and a monthly production capacity of 20,000 wafers [4] - Aerospace Information confirms that its main business does not involve commercial aerospace and that its operations are normal without significant changes [5] - Qinglong Pipe Industry signed a supply contract worth 294 million yuan for PCCP and pressure steel pipes, accounting for 10.43% of its 2024 revenue [6] Group 3 - Huaxin Precision plans to invest up to 1 billion yuan of idle funds in low-risk financial products [7] - Hainan Rubber received insurance compensation totaling approximately 26.65 million yuan for rubber income and tree insurance [8] - Lianmei Holdings announced the suspension of its subsidiary Fulin Thermal Power due to economic slowdown and reduced customer demand [9] Group 4 - Ruifeng Bank has been approved to issue up to 2.5 billion yuan in secondary capital bonds to enhance its capital and risk resistance [11] - China Pacific Insurance reported a 9.4% year-on-year increase in premium income for its life insurance subsidiary, totaling 250.32 billion yuan [12] - Sunshine Nuohuo signed an agreement with Peking University to establish a joint laboratory for innovative drug development [13] Group 5 - Century Huatong completed the cancellation of 56.12 million repurchased shares, reducing its total share capital from 7.428 billion to 7.372 billion shares [14] - Yaxin Security received a government subsidy of 3 million yuan [15] - Haili Biology's subsidiary received registration certification for a bone repair material in Indonesia [16] Group 6 - Yian Technology's subsidiary secured a major project for magnesium alloy components worth 430 million yuan, expected to start production by the end of March 2026 [17] - Jiangte Electric plans to contest the proposed cancellation of its lithium-containing mining rights [18] - COFCO Technology announced the resignation of its deputy general manager due to work changes [19] Group 7 - Fangsheng Pharmaceutical passed the GMP compliance inspection for its raw material production lines [21] - Bohai Ferry announced the resignation of two deputy general managers for personal and age-related reasons [22] - ST Fuhua appointed a new general manager [23] Group 8 - Huazhong CNC received project funding of 17.7 million yuan, accounting for 31.97% of its audited net profit for 2024 [24] - Oppein Home used 15 million yuan of idle funds to purchase a large time deposit with a 0.9% annual yield [25] - China General Nuclear Power's Ningde Unit 6 has begun full construction, utilizing Hualong One technology with a capacity of 1210 MW [26] Group 9 - Jiayuan Technology's chairman has had the investigation order lifted, and the company is operating normally [27] - Fulaixin Materials' application for a specific stock issuance has been approved by the Shanghai Stock Exchange [28] - Shuhua Sports plans to invest up to 500 million yuan in a health industry park project [29] Group 10 - Rhine Biology's stock will continue to be suspended due to ongoing control change and asset acquisition plans [30] - Haishi Science received approval for clinical trials for four innovative drugs targeting various diseases [31] - Hangcai Co. plans to repurchase shares worth between 50 million to 100 million yuan at a price not exceeding 80 yuan per share [32] Group 11 - Yinxin Technology received a cash dividend of 18 million yuan from its subsidiary [33] - Tianfulong plans to increase its wholly-owned subsidiary's capital by 580 million yuan [34] - Poly United's subsidiary won a bid for a stripping project worth 1.528 billion yuan [35] Group 12 - Minglida's deputy general manager resigned due to health reasons [36] - ST Guohua appointed a new deputy general manager [37] - China Xidian's subsidiaries won contracts totaling 1.005 billion yuan for Southern Power Grid projects [38]

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：2025-104 湖南方盛制药股份有限公司 关于公司通过药品GMP符合性检查的公告 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，湖南方盛制药股份有限公司（以下简称"公司"）收 到湖南省药品监督管理局签发的《药品 GMP 符合性检查告知书》， 现就相关情况公告如下： 三、对公司的影响及风险提示 第 1 页，共 2 页 公司本次获得药品 GMP 符合性检查结果，表明公司相关生 产线符合 GMP 要求，有利于公司进一步丰富生产品种，保持稳 二、本次检查所涉生产线情况 生产线名称 设计产能 主要生产品种 原料药车间（101 车间）B 区与 E 区依 折麦布生产线 依折麦布原料药 4,000kg/年 依折麦布 原料药车间（101 车间）A 区与 E 区盐 酸贝尼地平生产线 盐酸贝尼地平原料药 500kg/年 盐酸贝尼地平 湖南方盛制药股份有限公司 HUNANFANGSH ...