Core Viewpoint - Aorite's stock price has shown a positive trend with an 11.95% increase year-to-date, reflecting strong financial performance and market interest in the company [2]. Company Overview - Aorite Pharmaceutical Co., Ltd. is located in the Badu Industrial Park, Tiantai County, Zhejiang Province, established on March 5, 1998, and listed on September 21, 2020 [2]. - The company's main business involves the research, production, and sales of specialty raw materials and pharmaceutical intermediates, with revenue composition as follows: 85.12% from raw materials and intermediates, 11.64% from finished drugs, 2.74% from import and export trade, and 0.50% from other sources [2]. - Aorite belongs to the pharmaceutical and biological industry, specifically in the chemical pharmaceutical and raw material drug sector, and is associated with concepts such as small-cap stocks, raw materials, buybacks, peptide drugs, and synthetic biology [2]. Financial Performance - For the period from January to September 2025, Aorite achieved a revenue of 1.237 billion yuan, representing a year-on-year growth of 13.67%, while the net profit attributable to shareholders was 354 million yuan, up 24.58% year-on-year [2]. - As of September 30, the number of Aorite's shareholders was 11,500, a decrease of 2.17% from the previous period, with an average of 35,094 circulating shares per person, an increase of 3.92% [2]. Dividend Information - Since its A-share listing, Aorite has distributed a total of 372 million yuan in dividends, with 272 million yuan distributed over the past three years [3].

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

Shareholder Reduction Plans - Zhongjing Technology's shareholder Longi Green Energy plans to reduce holdings by no more than 3.8764 million shares [1] - Guobo Electronics' shareholder China Electronics Technology Group plans to reduce holdings by no more than 2.00% [1] - Hongbai New Materials' shareholder Xinyu Baolong plans to reduce holdings by no more than 19.5 million shares [1] - Founder Securities' shareholder China Cinda plans to reduce holdings by no more than 82.321 million shares [1] - Ningbo Zhongbai's shareholder Zhang Jiangbo plans to reduce holdings by no more than 1% [1] - Suli Co., Ltd.'s shareholder Gusheng Investment plans to reduce holdings by no more than 900,000 shares [1] - Ruihua Tai's shareholder Hangke New Century plans to reduce holdings by no more than 180,000 shares [1] - Shenkong's shareholder More Liangzhao plans to reduce holdings by no more than 2% [1] Other Notable Events - Yao Yigou received a tax matter notification [1] - ST Lingnan is being prosecuted for alleged collusion in bidding [1]

Group 1: Share Buyback Announcement - The company has approved a share buyback plan with a total fund of no less than RMB 60 million and no more than RMB 120 million, with a maximum buyback price of RMB 25.00 per share, to be completed within 12 months [2] - As of October 31, 2025, the company has repurchased 2,124,938 shares, accounting for 0.52% of the total share capital, with a total expenditure of RMB 44,006,599.68 [4] - The maximum buyback price has been adjusted to RMB 24.71 per share following the annual profit distribution plan [3] Group 2: Shareholder Reduction Plan - Major shareholders hold a total of 167,919,800 shares, representing 41.34% of the company's total shares, with specific holdings detailed for each entity [9] - The shareholder Tian Tai Bo En plans to reduce its holdings by up to 1,000,000 shares within three months after the announcement, which is 0.25% of the total share capital [10] - The reduction is aimed at meeting the financial needs of some partners and has been planned in accordance with previous commitments made during the IPO [12][14]

Group 1 - The company, Aorite (605116), announced on November 4 that it has repurchased a total of 2,124,938 shares through the Shanghai Stock Exchange trading system, representing 0.52% of its current total share capital [1]

Core Insights - On November 4, six A-share listed companies disclosed share buybacks, including Huakai Yibai, Midea Group, and Ningde Times [1] - Seventeen A-share listed companies announced share reductions, including Yinghe Technology and Tianhe Solar [1] Buyback Summary - Huakai Yibai: Director Zhuang Junchao plans to buy back at least 30 million yuan worth of shares [2] - Midea Group: Has repurchased A-shares totaling 9.575 billion yuan [2] - Qingyue Technology: Actual controller Gao Yudi proposed a buyback of 10 million to 20 million yuan [2] - Shenzhen Ruijie: Obtained a commitment letter for a special loan for stock buyback [2] - Ningde Times: As of October 31, has repurchased 15.9908 million shares for a total amount of 4.386 billion yuan [2] - Huarong Co.: Plans to buy back shares worth 40 million to 125 million yuan [2] Reduction Summary - Yinghe Technology: Director Wang Jun plans to reduce holdings by no more than 2,700 shares [2] - Shenzhou Information: Shareholder Shen Chang Technology has completed the reduction of 9.5 million shares [2] - Tianhe Solar: Youze Venture Capital reduced holdings by 12.4749 million shares from September 5 to November 3 [2] - Hongbai New Materials: Shareholder Xinyu Baolong plans to reduce no more than 3% of shares [2] - Guobo Electronics: Shareholder Zhongdian Ke Guomi plans to reduce no more than 2% of shares [2] - Aorite: Shareholder Tiantai Boren plans to reduce no more than 0.25% of shares [2] - Yinuosi: Shareholder Zhangjiang Biomedical Base plans to transfer 4.2294 million shares, accounting for 3% of total equity [2] - Founder Securities: Third-largest shareholder China Cinda plans to reduce no more than 1% of shares [2] - Nine Company: Depository receipt holders plan to reduce no more than 0.04% of depository receipts [2] - Ningbo Zhongbai: Shareholder Zhang Jiangbo plans to reduce no more than 1% of shares [2] - Fudan Zhangjiang: Shareholder Yang Zongmeng plans to reduce no more than 1% of shares [2] - Liqun Co.: Director and executive Hu Peifeng plans to reduce no more than 0.08% of shares [2] - Suli Co.: Shareholder Jiesheng Investment plans to reduce no more than 0.48% of shares [2] - Shengkong Co.: Shareholder More Light plans to reduce no more than 2% of shares [2] - Ruihua Tai: Shareholder Hangke New Century plans to reduce no more than 1% of shares [2] - Shentong Technology: Directors Wang Huan and Zhou Baocong plan to reduce no more than 0.0473% of shares [2] - Huapei Niuwu: Shareholder Guoshou Chengda plans to reduce no more than 2% of shares [2]

Core Viewpoint - Aorete (605116.SH) announced that Tian Tai Bo En plans to reduce its shareholding by up to 1 million shares, representing no more than 0.25% of the company's total share capital, due to the personal funding needs of certain partners [1] Summary by Sections - Share Reduction Plan - Tian Tai Bo En intends to reduce its holdings through centralized bidding and block trading methods within a three-month period following a 15 trading day window where no shares will be sold [1]

证券代码：605116 证券简称：奥锐特 公告编号：2025-081 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东的基本情况 截至本公告发布日，奥锐特药业股份有限公司（以下简称"公司"）的股份 总数为 406,195,234 股，天台铂恩投资管理合伙企业（有限合伙）（以下简称"天 台铂恩"）及其一致行动人浙江桐本投资有限公司（以下简称"浙江桐本"）、 天台铂融投资合伙企业（有限合伙）（以下简称"天台铂融"）合计持有公司股 份 167,919,800 股，占公司总股本的 41.34%。其中天台铂恩持有公司股份 6,606,000 股，占公司总股本的 1.63%，浙江桐本持有公司股份 153,583,200 股， 占公司总股本的 37.81%，天台铂融持有公司股份 7,730,600 股，占公司总股本 的 1.90%。上述股份均来源于公司首次公开发行股票前取得的股份。 减持计划的主要内容 因部分合伙人自身资 ...

| 证券代码：605116 | 证券简称：奥锐特 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：111021 | 债券简称：奥锐转债 | | 奥锐特药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/1/22 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 1 月 | 21 日~2026 | 年 | 1 | 月 | 20 日 | | 预计回购金额 | 6,000万元~12,000万元 | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | √用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 2,124,938股 | | | | | ...

Core Points - The company Aorite (605116) announced on November 4 that Tian Tai Bo En Investment Management Partnership (Limited Partnership), holding 1.63% of shares, plans to reduce its stake by up to 1 million shares, which is 0.25% of the total share capital, through centralized bidding and block trading within three months after a 15-day window period [1] Group 1 - Tian Tai Bo En has been an employee stock ownership platform since before the company's IPO and has not reduced its holdings since the listing [1] - The reduction is aimed at meeting the financial needs of some employees who have invested for many years, allowing them to access funds to improve their living conditions [1]