Core Insights - The total margin balance of the STAR Market on November 21 reached 251.77 billion yuan, a decrease of 4.746 billion yuan from the previous trading day [1] - The financing balance amounted to 250.91 billion yuan, down by 4.711 billion yuan, while the securities lending balance was 0.865 billion yuan, a reduction of 0.035 billion yuan [1] Individual Stock Performance - On November 21, 217 stocks in the STAR Market experienced net financing inflows, with 8 stocks having net inflow amounts exceeding 20 million yuan [1] - Dekoli topped the list with a net financing inflow of 1.56 billion yuan, followed by Aikesaibo, Yuanjie Technology, Haibosi Chuang, Yangguang Nuohuo, and Ruilian New Materials [1]

Core Insights - On November 21, Sunshine Nuohuo's stock rose by 4.47%, with a trading volume of 530 million yuan [1] - The company reported a financing buy-in of 93.76 million yuan and a net financing buy of 30.38 million yuan on the same day [1][2] - As of September 30, 2025, Sunshine Nuohuo's revenue decreased by 6.65% year-on-year to 856 million yuan, and net profit fell by 21.38% to 163 million yuan [2] Financing and Margin Trading - On November 21, the total financing and margin trading balance for Sunshine Nuohuo reached 626 million yuan, accounting for 9.13% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of activity [1] - There were no shares sold or repaid in the margin trading segment on the same day, with a balance of 0 yuan [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders increased by 6.76% to 9,204, while the average number of circulating shares per person decreased by 6.33% [2][3] - The company has distributed a total of 105 million yuan in dividends since its A-share listing, with 84.29 million yuan distributed over the past three years [3] - Notable changes in institutional holdings include a reduction in shares held by the sixth-largest shareholder and the entry of a new shareholder, Hong Kong Central Clearing Limited [3]

Core Viewpoint - The company is currently involved in a significant legal dispute with Hunan Hengsheng Pharmaceutical Co., Ltd., with ongoing appeals and potential financial implications for the company [2][3][5]. Summary by Sections Legal Proceedings - The case is in the second instance of litigation, which has been filed but not yet heard [2]. - The company is both the appellant and the appellee in this case, having filed a counterclaim against Hengsheng Pharmaceutical [2][3]. Financial Implications - The original claim amount is 20 million yuan, with a counterclaim of approximately 7.41 million yuan, and the first-instance judgment amounting to about 2.4 million yuan [2]. - The company has proactively made full provisions for bad debts related to accounts receivable and contract assets, indicating that the lawsuit will not negatively impact current or future profits [2][7]. Recent Developments - Following the first-instance judgment, the company has submitted an appeal to the Hunan High People's Court, seeking to overturn the initial ruling and support its counterclaims [5]. - Hengsheng Pharmaceutical has also filed an appeal, requesting the enforcement of a technical development contract and an increase in the compensation amount [6].

Core Viewpoint - The company is currently involved in a significant legal dispute with Hunan Hengsheng Pharmaceutical Co., Ltd, with the case now in the second instance of litigation, having been filed but not yet heard in court [2][5]. Summary by Sections Litigation Status - The case is in the second instance, which has been filed but not yet heard in court [2]. - The company is both the appellant and the appellee in this case, having been the defendant in the first instance and now filing a counterclaim [2]. Financial Implications - The amount involved in the original lawsuit is 20,000,000.00 yuan, while the counterclaim amounts to 7,407,283.51 yuan, and the first-instance judgment awarded 2,403,230.253 yuan [2]. - The company has fully provisioned for bad debts related to accounts receivable and contract assets from Hengsheng Pharmaceutical, indicating that the lawsuit will not negatively impact the company's current or future profits [2][7]. Legal Actions Taken - The company has filed an appeal against the first-instance judgment, seeking to overturn specific parts of the ruling and requesting that the court dismiss the plaintiff's claims while supporting the company's counterclaims [5]. - Hengsheng Pharmaceutical has also filed an appeal, requesting the enforcement of a technical development contract and seeking to amend the compensation awarded in the first-instance judgment [6][7].

Group 1 - Central Plaza received a warning letter from Jiangsu Securities Regulatory Commission due to failure to timely disclose significant litigation progress and accounting treatment, affecting the accuracy of the 2025 semi-annual report [4] - Jiaron Technology announced a stock suspension as it plans a major asset restructuring through share issuance and fundraising, with the suspension expected to last no more than 10 trading days [5] - Maiwei Co. is undergoing a debt restructuring involving accounts receivable totaling 371 million yuan, with an estimated loss of 85.465 million yuan, aimed at accelerating cash flow recovery and reducing receivables risk [6] Group 2 - New World plans to use up to 850 million yuan of idle fundraising to purchase financial products or deposits, having previously used 575 million yuan for similar purposes [7] - Huyou Pharmaceutical's HYP-6589 tablet clinical trial application for treating advanced non-small cell lung cancer has been accepted by the National Medical Products Administration [8] - Sunshine Nuohuo's lawsuit against Hengsheng Pharmaceutical has entered the second instance, with the original claim amounting to 20 million yuan and a counterclaim of 740.73 thousand yuan [9] Group 3 - Guolian Aquatic received a warning letter from Guangdong Securities Regulatory Commission for non-operating fund occupation by its controlling shareholder, with a total borrowing of 7.8 million yuan [10] - Renfu Pharmaceutical's application for the marketing authorization of Dexmethylphenidate capsules has been accepted, targeting ADHD treatment [11] - Jindi Co. signed a strategic cooperation letter with Dongpei Co. to explore collaboration on humanoid robot harmonic reducer assemblies [12] Group 4 - Yuyuan Co. repurchased 1 million A-shares for a total payment of approximately 5.386 million yuan, as part of a broader repurchase plan of 200-300 million yuan [13] - Yuheng Pharmaceutical's executives increased their holdings by 1.12% through a judicial auction, acquiring 25 million shares [14] - Zhonghuan Co. shareholders plan to reduce their holdings by 1.02% and 0.24% respectively, citing personal funding needs [15] Group 5 - Huibo Co. won a contract for the Iraq NaftKhana oilfield restoration project worth approximately 1.596 billion yuan, expected to significantly impact 2026-2027 performance [17] - Dajin Heavy Industry's subsidiary signed a contract for a European offshore wind farm project valued at approximately 1.339 billion yuan, representing 35.41% of the company's 2024 audited revenue [18]

Regulatory Actions - Haosai is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure, but the company states that its operations remain normal and the investigation will not significantly impact management [2] - Central Plaza and its executives received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely disclose significant litigation progress, which led to inaccurate financial reporting [3] - Guolian Aquatic received a warning letter from the Guangdong Securities Regulatory Bureau for non-operating fund occupation by its controlling shareholder, which was not disclosed in a timely manner [9] Corporate Actions - Jiarong Technology is planning a major asset restructuring and has suspended trading of its shares, expected to last no more than 10 trading days [4] - Maiwei Co. announced a debt restructuring totaling 371 million yuan, with an expected loss of 85.465 million yuan, aimed at improving cash flow and reducing receivables risk [5] - New World plans to use up to 850 million yuan of idle fundraising to purchase financial products or deposits, with a total of 575 million yuan already invested in such products [6] Legal Matters - Sunshine Nuohuo's lawsuit against Hengsheng Pharmaceutical has entered the second instance, with the original claim amounting to 20 million yuan and a counterclaim of 7.4073 million yuan [8] Product Development - Huyou Pharmaceutical's HYP-6589 tablet has received acceptance for clinical trial applications for treating advanced non-small cell lung cancer [7] - Renfu Pharmaceutical's application for the marketing license of a new ADHD treatment has been accepted, with no similar products currently available in the domestic market [10] Strategic Partnerships - Jindi Co. signed a strategic cooperation letter of intent with Dongpei Co. to explore collaboration on humanoid robot harmonic reducer assemblies and key components [11] Share Buybacks and Holdings - Yuyuan Co. has repurchased 1 million A-shares for a total of approximately 5.3864 million yuan as part of a buyback plan [12] - Yuheng Pharmaceutical's executives increased their holdings by 1.12%, acquiring a total of 25 million shares [13] Major Contracts - Huayou Huibo has been awarded a contract worth 225 million USD for the Iraq NaftKhana oilfield project, which is expected to significantly impact future earnings [16] - Dajin Heavy Industry's subsidiary signed a contract worth approximately 1.339 billion yuan for a European offshore wind farm project, representing 35.41% of the company's expected annual revenue [17]

Market Overview - The medical services sector experienced a decline of 2.71% on November 21, with Baihua Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included Yangguang Nuohua, which rose by 4.47% to a closing price of 61.21, with a trading volume of 86,300 shares and a transaction value of 530 million [1] - Baihua Pharmaceutical saw a significant decline of 9.67%, closing at 9.06, with a trading volume of 292,400 shares and a transaction value of 275 million [2] - Other notable decliners included Chengda Pharmaceutical (-9.58%), Berry Genomics (-8.67%), and Guangzheng Eye Hospital (-7.26%) [2] Capital Flow - The medical services sector experienced a net outflow of 1.325 billion in institutional funds, while retail investors saw a net inflow of 1.332 billion [2] - The table of capital flow indicates that major stocks like Yangguang Nuohua had a net inflow of 10.986 million from institutional investors, while retail investors had a net inflow of 1.374 million [3]

证券代码：688621 证券简称：阳光诺和 公告编号：2025-103 北京阳光诺和药物研究股份有限公司 关于公司诉讼事项的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 为切实维护公司和股东的利益，针对上述一审判决结果，公司向湖南省高级 人民法院提交《民事上诉状》，上诉状的主要内容如下： （1）依法撤销一审判决第一项、第二项、第四项，改判驳回被上诉人的全 部诉讼请求、支持上诉人的全部反诉请求；或将本案发回一审法院重审； 案件所处的诉讼阶段：二审已立案，尚未开庭 上市公司所处的当事人地位：上诉人及被上诉人（一审被告及反诉原告） 涉案金额：原起诉状中涉案金额为 20,000,000.00 元；反诉金额为 7,407,283.51 元；一审判决金额为 2,403,230.253 元。 是否会对上市公司损益产生负面影响：公司根据审慎性原则按照会计准 则已对恒生制药应收账款和合同资产全额计提了坏账准备，因此该诉讼事项对公 司当期及期后利润不会构成负面影响。截至本公告日，本次诉讼二审尚未开庭审 理，最终执行 ...

Core Viewpoint - The lawsuit between Sunshine Nuohong and Hengsheng Pharmaceutical has been filed for a second trial, with the company as both the appellant and the appellee, involving a total claim amount of 20 million yuan and a counterclaim of 740.73 thousand yuan [1] Summary by Relevant Sections - **Lawsuit Details** - The original claim amount in the lawsuit is 20 million yuan, while the counterclaim is 740.73 thousand yuan [1] - The first-instance judgment awarded 240.32 thousand yuan [1] - **Financial Impact** - The company has fully provided for bad debts related to accounts receivable and contract assets from Hengsheng Pharmaceutical, indicating no negative impact on current or future profits from the lawsuit [1] - **Uncertainty of Outcome** - The outcome of the second trial remains uncertain, and the specific impact will depend on the execution of the effective judgment [1]

Group 1 - Kanglongda's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 4.83 million shares [1] - The company specializes in the research, production, and sales of special and ordinary labor protection gloves [1] Group 2 - Haizheng Pharmaceutical's subsidiary plans to collaborate with East China Institute on a biological method for synthesizing heparin, with a project contract amount not exceeding 120 million yuan [2] - The company focuses on the research, production, and sales of chemical raw materials and formulations [3] Group 3 - Tianyin Holdings received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [4] - The company is engaged in the sales of smart terminals, e-commerce, lottery, mobile resale, and mobile internet businesses [4] Group 4 - Shanghai Yashi plans to use up to 200 million yuan of temporarily idle raised funds for cash management in high-security, liquid deposit products [5] - The company specializes in supply chain logistics and execution trade [6] Group 5 - Parker New Materials intends to use 130 million yuan of idle raised funds to purchase structured deposits with expected annual yields between 0.59% and 2.9001% [7] - The company focuses on the research, production, and sales of various types of ring forgings, free forgings, and die forgings [7] Group 6 - Huayang New Materials appointed Jing Hongsheng as the new general manager [8] Group 7 - Liyuan Technology's shareholder plans to reduce holdings by up to 2.03% of the company's shares, totaling no more than 3.04 million shares [9] - The company specializes in the research, design, and integration of environmental water treatment systems and hydrogen fuel cell engine systems [9] Group 8 - Shengnuo Biopharmaceutical's subsidiary received approval for the listing application of Visepegenatide raw materials, a GLP-1 receptor agonist for treating type 2 diabetes and obesity [10][11] - The company focuses on the research, production, and sales of peptide raw materials and formulations [10] Group 9 - Puluo Pharmaceutical plans to repurchase shares worth between 180 million and 360 million yuan, with a maximum price of 23 yuan per share [12] - The company specializes in the research, production, and sales of raw material intermediates and innovative drugs [12] Group 10 - Dongfang Electric's subsidiary plans to establish a joint venture with Anhui Waneng Energy, with a registered capital of approximately 1.857 billion yuan [13] - The company is involved in the development, design, manufacturing, and sales of advanced power generation equipment [13] Group 11 - Hefei China announced that its stock will resume trading on November 20 after completing a review of abnormal trading fluctuations [14] - The company focuses on international trade and after-sales services related to in vitro diagnostic medical devices [14] Group 12 - Dafeng Industrial won a bid for the stage equipment project of the Shenzhen International Performing Arts Center, with a contract amount of 165 million yuan [15] - The company specializes in cultural sports equipment, digital art technology, and operation services [15] Group 13 - Baiyunshan's subsidiary received a drug registration certificate for An Gong Niu Huang Wan in Vietnam [16] - The company is engaged in the research, manufacturing, and sales of traditional Chinese and Western medicines [16] Group 14 - Neusoft Group received a notification to supply intelligent cockpit domain controllers for multiple models from a well-known domestic automobile manufacturer, with an estimated total amount of about 4.2 billion yuan [17] - The company focuses on providing industry solutions and software products [17] Group 15 - Huayu Pharmaceutical's product received overseas marketing approval [18] - The company specializes in the research, production, and sales of innovative and high-quality generic drugs in the oncology field [18] Group 16 - Yao Pi Glass received approval from the CSRC for its stock issuance to specific investors [19] - The company specializes in the production and sales of float glass and processed glass [19] Group 17 - Guangyu Yuan's vice president Wang Junbo resigned due to work adjustments [20] - The company focuses on the production and sales of traditional Chinese medicine products [20] Group 18 - Biyi Co. received approval from the CSRC for its stock issuance to specific investors [21] - The company specializes in the design, manufacturing, and sales of smart small household appliances [21] Group 19 - Sunshine Nuohe's application for acquiring 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds has been accepted by the Shanghai Stock Exchange [22] - The company provides comprehensive drug research and development services for domestic pharmaceutical enterprises and research institutions [22] Group 20 - Longxin General plans to increase capital in its wholly-owned subsidiary by no more than 1.65 billion yuan [23] - The company specializes in the research, production, and sales of motorcycles and engines [23] Group 21 - Jiekang Equipment received a corrective order from the Tianjin Securities Regulatory Bureau due to internal control deficiencies [24] - The company specializes in the research, production, and sales of nuclear biochemical safety equipment [24] Group 22 - Wantong Technology plans to raise no more than 920 million yuan through a private placement to supplement working capital [25] - The company focuses on information technology services for highways and ports [25] Group 23 - Dongshan Precision has submitted an application for H-share listing to the Hong Kong Stock Exchange [26] - The company specializes in the research, production, and sales of electronic circuit products and precision components [26] Group 24 - Yonghe Intelligent Control plans to publicly transfer 100% equity of its wholly-owned subsidiary Kunming Medical Oncology Hospital [27] - The company specializes in water and heating valve fittings, tumor precision radiation therapy, and photovoltaic battery businesses [27] Group 25 - Aok Shares signed a strategic cooperation framework agreement with Suzhou Qitian New Materials Co., Ltd. [28] - The company focuses on the research and production of high-end new materials derived from ethylene oxide and ethylene [28] Group 26 - Hongquan Technology's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 299,440 shares [29] - The company specializes in the research, production, and sales of intelligent connected products and software platform development [29] Group 27 - Shilong Industrial's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 7.2 million shares [30] - The company specializes in the research, production, and sales of chemical products [30] Group 28 - Tangrenshen decided to terminate the investment in the "Dongchong Phase III Pig Breeding Base Construction Project," reallocating the remaining funds of 78.9587 million yuan to supplement working capital [31] - The company specializes in the research, production, and sales of feed, pigs, meat products, and animal health products [31] Group 29 - Gaode Infrared's actual controller plans to reduce holdings by up to 3% of the company's shares, totaling no more than 12.8 million shares [32] - The company specializes in infrared focal plane detector chips and infrared thermal imaging systems [32] Group 30 - Kangyuan Pharmaceutical's actual controller recently increased holdings by 20,000 shares [33] - The company specializes in the research, production, and sales of pharmaceuticals [33] Group 31 - Haida Group plans to repurchase shares worth between 1 billion and 1.6 billion yuan, with a maximum price of 62.00 yuan per share [34] - The company provides overall solutions for animal husbandry [34] Group 32 - Qizhong Technology's 850 million yuan convertible bonds have been approved for listing [35] - The company specializes in advanced packaging and testing of integrated circuits [35] Group 33 - Dingyang Technology launched the new SNA5000B series vector network analyzer [36] - The company specializes in the research, production, and sales of general electronic testing and measuring instruments [36] Group 34 - Airo Energy plans to distribute a cash dividend of 0.9375 yuan per share to all shareholders [37] - The company specializes in photovoltaic energy storage systems and products [37] Group 35 - Hechuan Technology's actual controller and some directors plan to reduce holdings by up to 6% of the company's shares [38] - The company specializes in the research, production, and sales of industrial automation products [38] Group 36 - China First Heavy Industries' chairman was arrested for suspected bribery [39] - The company specializes in heavy machinery manufacturing for various industries [39] Group 37 - Lianhuan Pharmaceutical plans to invest 15 million yuan in joint research with Nanjing University for anti-thrombotic small nucleic acid drugs [40] - The company specializes in the manufacturing and sales of chemical raw materials [40] Group 38 - Anxu Biotech's shareholder plans to reduce holdings by up to 0.94% of the company's shares, totaling no more than 120,000 shares [41] - The company specializes in the research, production, and sales of POCT reagents and instruments [41] Group 39 - Yaxiang Integration's shareholder reduced holdings by 130,000 shares [42] - The company specializes in providing cleanroom engineering and related services for high-tech electronic industries [42] Group 40 - Zhongwen Media plans to use up to 9.5 billion yuan of idle funds to purchase financial products [43] - The company specializes in traditional publishing and various new media businesses [43]