重要内容提示： ■ 一、对外投资基本情况 湖南华纳大药厂股份有限公司（以下简称"公司"）于2024年8月29日召开第三届董事会第十一次会议、 第三届监事会第十一次会议，审议通过了《关于公司与关联方共同向参股公司增资暨关联交易的议 案》，同意公司行使优先认购权，与公司关联方湖南潜致投资合伙企业（有限合伙）（以下简称"潜致 投资"）及珠海前列药业有限公司（以下简称"前列药业"）的其他股东同时引入新股东，共同认购前列 药业股东凯特立斯（深圳）科技有限公司（以下简称"凯特立斯"）持有的前列药业726.00万元未实缴的 出资份额。其中，公司拟以自有资金认购不超过310.00万元，潜致投资拟以自有资金认购不超过80.00万 元。具体内容详见公司于2024年8月31日在上海证券交易所网站（www.sse.com.cn）披露的《湖南华纳 大药厂股份有限公司关于公司与关联方共同向参股公司增资暨关联交易的公告》（公告编号：2024- 049）。 证券代码：688799 证券简称：华纳药厂 公告编号：2025-078 湖南华纳大药厂股份有限公司 关于公司与关联方共同向参股公司增资暨关联交易的进展公告 本公司董事会及全体董事保证本公 ...

（文章来源：证券日报） 证券日报网讯 9月24日晚间，华纳药厂发布公告称，公司于2024年8月29日召开第三届董事会第十一次 会议、第三届监事会第十一次会议，审议通过了《关于公司与关联方共同向参股公司增资暨关联交易的 议案》，同意公司行使优先认购权，与公司关联方湖南潜致投资合伙企业（有限合伙）（简称"潜致投 资"）及珠海前列药业有限公司（简称"前列药业"）的其他股东同时引入新股东，共同认购前列药业股 东凯特立斯（深圳）科技有限公司持有的前列药业726.00万元未实缴的出资份额。其中，公司拟以自有 资金认购不超过310.00万元，潜致投资拟以自有资金认购不超过80.00万元。目前前列药业各方股东已签 署股权转让协议，并于近日办理完成本次股权转让的工商变更登记手续。 ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-078 湖南华纳大药厂股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召 开第三届董事会第十一次会议、第三届监事会第十一次会议，审议通过了《关于 公司与关联方共同向参股公司增资暨关联交易的议案》，同意公司行使优先认购 权，与公司关联方湖南潜致投资合伙企业（有限合伙）（以下简称"潜致投资"） 及珠海前列药业有限公司（以下简称"前列药业"）的其他股东同时引入新股东， 共同认购前列药业股东凯特立斯（深圳）科技有限公司（以下简称"凯特立斯"） 持有的前列药业 726.00 万元未实缴的出资份额。其中，公司拟以自有资金认购 不超过 310.00 万元，潜致投资拟以自有资金认购不超过 80.00 万元。具体内容详 见公司于 2024 年 8 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的《湖 南华纳大药厂股份有限公司关于公司与关联方共同向参股公司增资暨关联交易 的公告》（公告编号：2024-049）。 二、本次对外投资进展情况 目前前列药业各方股东已签署股权转让协议，并于近日办理完成本次股权转 让的工商变更登记手续， ...

Core Insights - Warner Pharmaceutical's stock increased by 5.11% to 60.88 CNY per share, with a trading volume of 207 million CNY and a turnover rate of 2.68%, resulting in a total market capitalization of 7.995 billion CNY [1] Company Overview - Hunan Warner Pharmaceutical Co., Ltd. is located in Changsha, Hunan Province, and was established on April 30, 2001, with its listing date on July 13, 2021 [1] - The company's main business includes the research, production, and sales of chemical raw materials, chemical drug formulations, and traditional Chinese medicine formulations [1] - Revenue composition: Formulations account for 73.19%, raw materials and intermediates 25.22%, technical services 1.52%, plant extracts and food 0.06%, and others 0.01% [1] Shareholder Insights - Anxin Fund's Anxin Medical Health Stock A (010709) is among the top ten circulating shareholders of Warner Pharmaceutical, having increased its holdings by 504,400 shares in Q2, totaling 1,229,400 shares, which represents 0.94% of the circulating shares [2] - The estimated floating profit from this investment is approximately 3.639 million CNY [2] Fund Performance - Anxin Medical Health Stock A (010709) has a total asset size of 444 million CNY and has achieved a year-to-date return of 78.02%, ranking 57 out of 4,222 in its category [2] - Over the past year, the fund has returned 98.91%, ranking 578 out of 3,804, and since inception, it has achieved a return of 69.99% [2] Fund Manager Insights - The fund manager of Anxin Medical Health Stock A is Chi Chenshen, who has been in the position for 4 years and 251 days, with a total asset size of 946 million CNY [3] - The best fund return during his tenure is 72.35%, while the worst return is 68.37% [3] Fund Holdings - Anxin Medical Health Stock A (010709) has Warner Pharmaceutical as its sixth-largest holding, with 1,229,400 shares, accounting for 5.37% of the fund's net value [4] - The estimated floating profit from this position is also approximately 3.639 million CNY [4]

Group 1 - The chemical pharmaceutical sector experienced a decline of 0.2% on September 17, with Warner Pharmaceuticals leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - Notable gainers in the chemical pharmaceutical sector included ST Tian Sheng, which rose by 4.97% to a closing price of 5.28, and Bai Li Tian Heng, which increased by 4.08% to 372.00 [1] Group 2 - Warner Pharmaceuticals saw a significant decline of 9.22%, closing at 57.92, contributing to the overall downturn in the sector [2] - Other notable decliners included Anglikang, down 4.53% to 41.28, and Guangsheng Tang, down 4.40% to 111.91 [2] - The sector experienced a net outflow of 1.541 billion yuan from major funds, while retail investors saw a net inflow of 1.516 billion yuan [2][3] Group 3 - Major fund inflows were observed in companies like Heng Rui Pharmaceutical, which had a net inflow of 3.43 million yuan, while retail investors showed a net outflow of 58.13 million yuan [3] - The top net inflows from retail investors were seen in Hai Zheng Pharmaceutical, with 34.03 million yuan, and Hua Yuan Biological, with 30.05 million yuan [3] - The overall trend indicates a shift in investment dynamics within the chemical pharmaceutical sector, with retail investors showing resilience despite major fund outflows [3]

Core Insights - Warner Pharmaceuticals' stock increased by 2.92%, reaching a new high of 65.57 CNY per share, with a total market capitalization surpassing 8.61 billion CNY [1] - The trading volume for Warner Pharmaceuticals was 401 million CNY [1]

Core Viewpoint - The article discusses the performance of the stock market on September 15, highlighting mixed results among major indices and sector performances, with a focus on active sectors like gaming and pork, while noting the underperformance of certain materials sectors [2][5][10]. Market Performance - The three major indices closed with mixed results: Shanghai Composite Index at 3860.5 points, down 0.26%; Shenzhen Component Index at 13005.77 points, up 0.63%; and ChiNext Index at 3066.18 points, up 1.52% [2][3]. - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, a decrease of 245.8 billion yuan from the previous trading day, with over 3300 stocks declining and more than 1900 stocks rising [2][3]. Sector Performance - Active sectors included pork (+2.82%), gaming (+3.65%), and automotive parts, while superconductors and retail concepts showed weak performance [5][6]. - Notable stocks in the gaming sector included Xinghui Entertainment, which hit a 20% limit up, and Perfect World, which also reached the limit up, with several other gaming stocks rising over 6% [6]. - In the pork sector, stocks like Delisi and Aonong Biological reached their daily limit, while Tiankang Biological rose over 8% [7]. Capital Flow - Main capital inflows were observed in the automotive, electric equipment, and machinery sectors, while there were outflows from electronics, communications, and defense sectors [10]. - Specific stocks with significant net inflows included BYD, Top Group, and Zhongdali De, with net inflows of 840 million yuan, 716 million yuan, and 700 million yuan respectively [11]. - Conversely, stocks like Northern Rare Earth, Wolong Electric Drive, and Zhongji Xuchuang faced substantial net outflows of 2.01 billion yuan, 1.83 billion yuan, and 1.386 billion yuan respectively [12]. Institutional Views - Citic Securities noted that the market is entering a high-level consolidation phase, with macro trading becoming a significant variable affecting market direction [14]. - Huatai Securities expressed a positive mid-term outlook for the domestic fundamentals, suggesting maintaining a high position while focusing on cost-effectiveness and industry prosperity [14].

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology industry [2] Core Insights - Geopolitical disturbances and fluctuations in innovative drugs have limited impact on the innovation theme, while opportunities in medical devices are becoming apparent [9] - The report highlights the ongoing optimization of centralized procurement rules for medical consumables, indicating a shift from a "lowest price" approach to a "preventing excessive competition" strategy [10] - The approval process for innovative drugs is accelerating, with a new 30-day review channel established for eligible innovative drug applications [9][10] Summary by Sections Industry Overview - The pharmaceutical sector has shown a return of 26.80% since the beginning of 2025, outperforming the Shanghai Composite Index by 11.88 percentage points [14] - The report notes a mixed performance among sub-sectors, with medical devices and medical services showing positive growth while biopharmaceuticals and chemical drugs faced declines [9][14] Market Dynamics - The report indicates that the medical device sector is experiencing a recovery, with significant movements in stocks related to CRO/CDMO and medical devices [22] - Recent geopolitical news has caused short-term volatility in the innovative drug sector, but the market has quickly stabilized [9] Key Company Performance - The report recommends several companies for investment, including WuXi AppTec, WuXi Biologics, and others, which are expected to perform well in the current market environment [6][25] - The average performance of recommended stocks has shown a 6.64% increase this month, outperforming the broader pharmaceutical industry [24] Regulatory Developments - The National Medical Products Administration has announced measures to streamline the clinical trial approval process for innovative drugs, enhancing efficiency and transparency [9][12] - New procurement rules for coronary intervention balloon medical consumables have been introduced, emphasizing the need for reasonable pricing and cost commitments from bidding companies [10][12]

Summary of Key Points Core Viewpoint - On September 12, 18 listed companies disclosed share reduction plans, with no companies announcing share increases on that day [1]. Group 1: Companies and Their Reduction Plans - Mars Man plans to reduce shares by up to 2.94% by a concerted action of its controlling shareholder [2]. - Minfa Aluminum's shareholder Huang Tianhu plans to reduce shares by up to 1% [2]. - Hengtian Hailong's shareholder China Hengtian Group intends to reduce up to 3% of the company's shares [2]. - Zhiwei Intelligent's controlling shareholder Guo Xuhui plans to reduce up to 7.5 million shares [2]. - Peking University Medicine plans to reduce 3% of its shares [2]. - Jin'an Guoji's controlling shareholder Donglin Investment and its concerted parties plan to reduce up to 3% [2]. - *ST Yitong's shareholder plans to reduce up to 2.96% of the company's shares [2]. - International Composite's shareholder Yunnan Yunxi plans to reduce up to 1.5% of the company's shares [2]. - Donghua Software's controlling shareholder Xue Xiangdong plans to reduce up to 1.4% of the company's shares [2]. - Huali Group's controlling shareholder Hong Kong Junyao plans to reduce up to 1.5% of the company's shares [2]. - Warner Pharmaceutical's shareholder Xu Xiaoqiang has cumulatively reduced 1.2961 million shares from September 1 to September 12 [2]. - Bidder Pharmaceutical's shareholders plan to collectively reduce up to 1% of the company's shares [2]. - Borui Data's shareholders plan to collectively reduce up to 5.4% of the company's shares [2]. - Tonglian Precision's shareholders Shenchuang Investment and its concerted parties plan to reduce up to 3% of the company's shares [2]. - Juguang Technology's controlling shareholder and its concerted parties have recently reduced 868,800 shares [2]. - Huat Gas's shareholders plan to reduce up to 2% of the company's shares [2]. - Beileisong's shareholder Wang Qiaoqing plans to reduce up to 1% of the company's shares [2]. - New Classics' shareholder Chen Liping plans to reduce up to 1.2 million shares [2].

Group 1 - Warner Pharmaceuticals announced that major shareholder Xu Yan and his associate Xu Xiaoqiang reduced their holdings by 1,296,100 shares, accounting for 0.9870% of the company's total shares from September 1 to September 12, 2025, completing the reduction plan [1] - The company's revenue composition for the year 2024 shows that pharmaceutical manufacturing accounted for 99.01% of total revenue, while other businesses contributed 0.99% [1] - As of the latest report, Warner Pharmaceuticals has a market capitalization of 8.4 billion yuan [2]