Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.97 CNY, compared to the current stock price of 11.37 CNY [4]. Core Insights - The company reported a revenue of 834 million CNY in H1 2025, a year-on-year decrease of 8.35%, while the net profit attributable to shareholders increased by 23.67% to 169 million CNY [1]. - The growth in net profit is attributed to the strong performance of cardiovascular drugs, which saw a revenue increase of 16.05% to 276 million CNY, driven by a 20% increase in sales of specific products [2]. - The company is successfully expanding its market for innovative traditional Chinese medicine (TCM) products, with significant coverage achieved in public medical institutions [3]. Financial Performance - In H1 2025, the company's main pharmaceutical business generated 768 million CNY in revenue, a decrease of 8.20% year-on-year [2]. - The company expects revenue growth rates of 3.3%, 11.5%, and 11.7% for 2025 to 2027, with net profit growth rates of 20.2%, 20.3%, and 20.0% respectively [7]. - The projected earnings per share (EPS) for 2025 is 0.70 CNY, with a price-to-earnings (P/E) ratio of 16.3 [9]. Market Expansion and Innovation - The company has made significant progress in the market expansion of its innovative TCM products, with over 1,800 public medical institutions covered for its children's cough syrup and over 1,500 for its bone health product [3]. - The approval of a new TCM product for treating frequent tension-type headaches is expected to provide a new profit growth point if it is included in the national basic medical insurance directory [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in H1 2025 met expectations, driven by innovative traditional Chinese medicine, which is expected to support long-term growth [5] - The company reported a revenue of 834 million yuan in H1 2025, a year-on-year decline of 8.35%, while the net profit attributable to shareholders was 169 million yuan, a year-on-year increase of 23.67% [8] - The company is focusing on its pharmaceutical industrial sector, with a revenue of 768 million yuan from this segment, down 8.2% year-on-year [8] - Innovative traditional Chinese medicine is becoming a new profit growth point, with three innovative traditional Chinese medicine products approved [8] - The company is increasing its R&D investment, with R&D expenses reaching 68.09 million yuan in H1 2025, a year-on-year increase of 10.98% [8] Financial Summary - Revenue projections for the company are as follows: 1,629 million yuan in 2023, 1,777 million yuan in 2024, 1,749 million yuan in 2025E, 1,890 million yuan in 2026E, and 2,124 million yuan in 2027E [6] - The net profit attributable to shareholders is projected to be 187 million yuan in 2023, 255 million yuan in 2024, 342 million yuan in 2025E, 394 million yuan in 2026E, and 455 million yuan in 2027E [6] - The company’s earnings per share (EPS) is expected to grow from 0.43 yuan in 2023 to 1.04 yuan in 2027 [6] - The projected price-to-earnings (P/E) ratios are 26.72 for 2023, 19.56 for 2024, 14.58 for 2025E, 12.68 for 2026E, and 10.98 for 2027E [6]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, proposing a distribution of 0.15 RMB per share, which represents 38.92% of the net profit attributable to shareholders for the period [3][4]. Summary of Profit Distribution Plan - The total undistributed profit as of June 30, 2025, is 957,659,358.77 RMB, with a total share capital of 439,081,360 shares [3]. - The total cash dividend to be distributed amounts to 65,862,204 RMB (including tax) [3]. - The distribution will be based on the total share capital registered on the equity distribution record date, which will be specified in a future announcement [3][4]. Decision-Making Process - The company received authorization from the shareholders' meeting held on May 20, 2025, to formulate and implement the mid-term cash dividend plan [5]. - The board of directors convened on August 27, 2025, to review and approve the cash dividend distribution plan in accordance with the authorization received [5].

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：2025-078 湖南方盛制药股份有限公司 关于2025年半年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 8 月 29 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 年半年度业绩说明会， 就公司 2025 年半年度经营业绩情况，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、请问公司今年有什么创新上的突破或方向吗？ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 834 million yuan in H1 2025, a year-on-year decrease of 8.35%, while the net profit attributable to the parent company increased by 23.67% to 169 million yuan [4] - The company maintains a strong focus on innovative traditional Chinese medicine, which is expected to enhance its long-term competitive edge [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 308 million, 378 million, and 457 million yuan respectively, with corresponding EPS of 0.70, 0.86, and 1.04 yuan [4] Financial Performance Summary - In H1 2025, the gross profit margin was 70.30%, a decrease of 2.36 percentage points, while the net profit margin increased by 5.06 percentage points to 19.96% [4] - The sales expense ratio decreased by 8.21 percentage points to 33.58%, while the R&D expense ratio increased by 1.42 percentage points to 8.16% [4] - The company reported a significant increase in revenue from cardiovascular drugs, which reached 276 million yuan, up 16.05% [5] Product Development and Innovation - The company plans to acquire the patent rights for a Class 1 innovative chemical drug, IMM-H024, for 80 million yuan, which is expected to strengthen its innovative drug pipeline [6] - The "Yangxue Qufeng Zhitong Granules" is the company's third innovative traditional Chinese medicine product, which has passed preliminary review for inclusion in the national basic medical insurance directory [6]

2025年8月29日，方盛制药(603998.SH)发布2025年中报。 公司营业总收入为8.34亿元，较去年同报告期营业总收入减少7600.00万元，同比较去年同期下降 8.35%。归母净利润为1.69亿元。经营活动现金净流入为1.29亿元。 公司摊薄每股收益为0.39元。 公司最新总资产周转率为0.26次，较去年同期总资产周转率减少0.02次，同比较去年同期下降8.56%。 最新存货周转率为0.65次，在已披露的同业公司中排名第47，较去年同期存货周转率减少0.06次，同比 较去年同期下降7.83%。 公司最新资产负债率为43.90%，在已披露的同业公司中排名第45。 公司最新毛利率为70.30%，较上季度毛利率减少0.20个百分点，较去年同期毛利率减少2.36个百分点。 最新ROE为10.33%。 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 该议案表决情况：6 票同意，0 票反对，0 票弃权，表决通过。 二、关于公司 2025 年半年度利润分配方案的预案 董事会提议：拟以公告实施利润分配的股权登记日当天收盘后的 总股本为基数，向股权登记日在册全体股东每 10 股派发 1.50 元现金 红利（含税），不送红股，不进行资本公积金转增股本。 上述预案在 2024 年年度股东大会授权范围内，公司将在法定时限 第 1页，共 2页 证券代码：603998 证券简称：方盛制药 公告编号：2025-075 湖南方盛制药股份有限公司 第六届董事会第三次会议决议公告 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"）第六届董事会 第三次会议于 2025 年 8 月 27 日下午 14:30 在公司办公大楼一楼会议 室（一）以现场与通讯表决相结合的方式召开。公司证券部已于 2025 年 8 月 17 日以电子邮件、微信、电话等方式通知全体董 ...

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：2025-076 截至 2025 年 6 月 30 日，公司母公司报表中期末未分配利润 为人民币 957,659,358.77 元。经董事会决议，公司 2025 年半年 度拟以实施权益分派股权登记日登记的总股本为基数分配利润。 本次利润分配方案如下： 上市公司拟向全体股东每股派发现金红利 0.15 元（含税）。 截至 2025 年 6 月 30 日，公司总股本 439,081,360 股，以此计算 合计拟派发现金红利 65,862,204 元（含税），占公司 2025 年半 年度归属于上市公司股东的净利润比例为 38.92%。 如在本公告披露之日起至实施权益分派股权登记日期间，公 司总股本发生变动，公司拟维持每股分配比例不变，相应调整分 配总额。如后续总股本发生变化，将另行公告具体调整情况。 本次利润分配方案无需提交股东会审议。 湖南方盛制药股份有限公司 关于 2025 年半年度利润分配方案公告 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、 ...

Core Viewpoint - Fangsheng Pharmaceutical (603998.SH) reported a decline in revenue for the first half of the year, while net profit showed significant growth [1] Financial Performance - The company achieved operating revenue of 834.25 million yuan, a year-on-year decrease of 8.35% [1] - The net profit attributable to shareholders of the listed company was 169.24 million yuan, reflecting a year-on-year increase of 23% [1]

[Important Notice](index=2&type=section&id=Important%20Notice) This section provides critical disclaimers and affirmations regarding the semi-annual report's accuracy and the company's operational status. [I. Board of Directors and Senior Management Statement](index=2&type=section&id=I.%20Board%20of%20Directors%20and%20Senior%20Management%20Statement) The Board of Directors and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility - The Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[5](index=5&type=chunk) - Company head Zhou Xiaoli, chief accountant Cao Xiangqi, and accounting department head Cao Xiangqi affirm the financial report's truthfulness, accuracy, and completeness[6](index=6&type=chunk) [II. Board Meeting Attendance](index=2&type=section&id=II.%20Board%20Meeting%20Attendance) All company directors attended the Board of Directors meeting - All company directors attended the Board of Directors meeting[5](index=5&type=chunk) [III. Report Audit Status](index=2&type=section&id=III.%20Report%20Audit%20Status) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [V. Profit Distribution Plan](index=2&type=section&id=V.%20Profit%20Distribution%20Plan) The Board approved a profit distribution plan of **1.50 yuan (tax inclusive) cash dividend per 10 shares** to all registered shareholders, with no bonus shares or capital reserve conversions - The Board approved a **1.50 yuan (tax inclusive) cash dividend per 10 shares** to all registered shareholders based on the total share capital on the equity registration date for profit distribution[6](index=6&type=chunk) - No bonus shares or capital reserve conversions[6](index=6&type=chunk) [VI. Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=VI.%20Forward-Looking%20Statements%20Risk%20Disclaimer) Forward-looking statements regarding future plans and strategies do not constitute a substantial commitment to investors, urging caution on investment risks - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantial commitment to investors[7](index=7&type=chunk) - Investors are advised to be aware of investment risks[7](index=7&type=chunk) [VII. Controlling Shareholder and Related Party Fund Occupation](index=2&type=section&id=VII.%20Controlling%20Shareholder%20and%20Related%20Party%20Fund%20Occupation) There is no non-operating occupation of funds by controlling shareholders or other related parties - No non-operating occupation of funds by controlling shareholders or other related parties[8](index=8&type=chunk) [VIII. External Guarantees](index=2&type=section&id=VIII.%20External%20Guarantees) The company has not provided external guarantees in violation of prescribed decision-making procedures - No external guarantees were provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [IX. Directors' Assurance of Report Authenticity](index=2&type=section&id=IX.%20Directors'%20Assurance%20of%20Report%20Authenticity) No more than half of the directors are unable to guarantee the truthfulness, accuracy, and completeness of the semi-annual report - No more than half of the directors are unable to guarantee the truthfulness, accuracy, and completeness of the company's semi-annual report[8](index=8&type=chunk) [X. Significant Risk Alerts](index=2&type=section&id=X.%20Significant%20Risk%20Alerts) No particularly significant risks substantially affecting operations were identified during the reporting period; detailed risks are in the 'Potential Risks' section of Management Discussion and Analysis - No particularly significant risks substantially affecting the company's operations were identified during the reporting period[8](index=8&type=chunk) - The company has detailed various risks in its operations in this report, see "Potential Risks" in "Section III Management Discussion and Analysis"[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides a glossary of common terms used throughout the report, including company and subsidiary names, industry jargon, and regulatory bodies [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms, including company and subsidiary names, industry jargon (e.g., GMP, OTC, innovative traditional Chinese medicine), and regulatory bodies, providing a basis for understanding the report - Glossary of common terms, including names of subsidiaries such as the Company, Lühe Pharmaceutical, Fangsheng Jianmeng, and Fuya Bio[14](index=14&type=chunk) - Explanation of industry terms such as GMP (Good Manufacturing Practice), OTC (Over-the-Counter drugs), and innovative traditional Chinese medicine[15](index=15&type=chunk) - Lists regulatory bodies including MIIT, National Healthcare Security Administration, National Health Commission, CSRC, SSE, and NMPA[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics [I. Company Information](index=6&type=section&id=I.%20Company%20Information) This section provides basic registration information, including the company's Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is Hunan Fangsheng Pharmaceutical Co., Ltd., abbreviated as Fangsheng Pharmaceutical[17](index=17&type=chunk) - The company's legal representative is Zhou Xiaoli[17](index=17&type=chunk) [II. Contact Persons and Contact Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section lists the names, contact addresses, phone numbers, fax numbers, and email addresses of the Board Secretary and Securities Affairs Representative - The Board Secretary is He Shi, and the Securities Affairs Representative is Wang Chaoxia[18](index=18&type=chunk) - Contact phone number is 0731-88997135, and email addresses are heshi001@fangsheng.com.cn and wangchaoxia@fangsheng.com.cn respectively[18](index=18&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the company's registered and office addresses, noting no changes during the reporting period - The company's registered address is No. 789 Lusong Road, High-tech Zone, Changsha, and its office address is No. 299 Jiayun Road, National High-tech Industrial Development Zone, Changsha[19](index=19&type=chunk) - No changes to the company's registered or office addresses during the reporting period[19](index=19&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section discloses the designated newspapers for information disclosure, the website address for the semi-annual report, and the report's storage location, with no changes during the reporting period - The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[20](index=20&type=chunk) - The website address for the semi-annual report is www.sse.com.cn[20](index=20&type=chunk) - The company's semi-annual report is available at No. 299 Jiayun Road, National High-tech Industrial Development Zone, Changsha, with no changes during the reporting period[20](index=20&type=chunk) [V. Company Stock Overview](index=6&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[21](index=21&type=chunk) - Stock abbreviation is Fangsheng Pharmaceutical, stock code is 603998[21](index=21&type=chunk) [VII. Company Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section details key accounting data and financial indicators for H1 2025 versus prior year, explaining revenue decline alongside improved profitability H1 2025 Key Accounting Data vs. Prior Period | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 834.25 million yuan | 910.25 million yuan | -8.35 | | Total Profit | 186.49 million yuan | 155.20 million yuan | 20.16 | | Net Profit Attributable to Shareholders | 169.24 million yuan | 136.84 million yuan | 23.67 | | Net Profit Attributable to Shareholders After Non-Recurring Gains/Losses | 141.47 million yuan | 110.71 million yuan | 27.79 | | Net Cash Flow from Operating Activities | 129.49 million yuan | 66.34 million yuan | 95.19 | | Net Assets Attributable to Shareholders (Period-End) | 1.639 billion yuan | 1.511 billion yuan | 8.43 | | Total Assets (Period-End) | 3.057 billion yuan | 3.227 billion yuan | -5.29 | H1 2025 Key Financial Indicators vs. Prior Period | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.39 | 0.32 | 21.88 | | Diluted EPS (yuan/share) | 0.