Summary of Warner Pharmaceuticals Conference Call Company and Industry Overview - Warner Pharmaceuticals holds a 38.1% stake in Zhigen Pharmaceuticals, with its innovative drug ZG001 identified as a potential growth driver [2][4] - The global antidepressant market is projected to grow from $4.8 billion in 2022 to $9 billion by 2030, with the Chinese market expected to reach approximately 6.5 billion yuan in 2023, reflecting a growth rate of 5.5% [2][4] Key Points and Arguments - Despite a slight revenue decline in 2024 due to centralized procurement impacts, the main revenue sources remain in the digestive, respiratory, and anti-infection sectors [2][4] - Warner Pharmaceuticals is actively developing innovative drugs, with eight first-class innovative drugs currently in research, including ZG001 [2][4] - ZG001 is seen as a potential alternative to esketamine, which has been approved for treatment-resistant depression since 2019 and is expected to reach global sales of $1.077 billion in 2024, with a peak sales estimate of $5 billion [3][11] - The company forecasts revenues of 1.57 billion, 1.79 billion, and 2 billion yuan for 2025 to 2027, with growth rates of approximately 11% to 12% [3][11] - ZG001 is currently undergoing a Phase 2A clinical trial, with completion expected in 2025, and is anticipated to significantly improve treatment rates for depression in China [3][10] Challenges and Advantages of Current Antidepressant Treatments - Existing first-line antidepressant treatments (e.g., SSRIs and SNRIs) have various side effects and a slow onset of action, requiring 2 to 4 weeks to see effects, with an efficacy rate of only 67% [5] - Esketamine offers rapid onset of action, showing symptom improvement within four hours, but carries risks of addiction and side effects [5][6] - Esketamine's sales have been increasing, surpassing $1 billion in 2024, with global sales reaching $734 million in the first half of 2025 [7] Clinical Application and Safety of Esketamine - Common adverse reactions to esketamine include elevated blood pressure, necessitating monitoring during administration [7] - Despite the risks, its significant efficacy leads to recommendations for treatment-resistant depression patients [7] Mechanism of Action for Esketamine and HNK - Research indicates that the antidepressant effects of ketamine may primarily be mediated by its metabolite HNK, which avoids addiction risks associated with ketamine itself [8][9] Market Potential for ZG001 - ZG001 is structurally similar to HNK and is expected to outperform traditional antidepressants, with a projected peak sales of 3.56 billion yuan in China by 2032 [10] - The treatment rate for depression in China is currently low, with only 4.7% of patients receiving treatment, indicating a significant market opportunity for ZG001 [10] Recommendation for Warner Pharmaceuticals - Warner Pharmaceuticals is recommended for investment due to the promising efficacy and safety profile of ZG001, which is expected to replace esketamine in the market [11]

Group 1 - The core viewpoint of the news is that Huana Pharmaceutical is experiencing a decline in revenue and net profit for the fiscal year 2024, with a projected revenue of 1.413 billion yuan, a decrease of 1.38% year-on-year, and a net profit of 164 million yuan, down 22.24% year-on-year [1] - The company's revenue for the first quarter of 2025 is expected to be 336 million yuan, with a net profit of 41 million yuan [1] - The decline in formulation revenue is primarily attributed to the price drop of inhaled acetylcysteine solution due to regional alliance procurement [1] Group 2 - The company's R&D expenses for 2024 are projected to be 158.33 million yuan, an increase of 53.45% compared to the previous year, driven by ongoing innovation drug development and increased investment in generic drug projects [1] - The ZG-001 capsule, a new antidepressant, has completed Phase I clinical trials and is currently undergoing Phase IIa trials, while ZG-002, a new drug for autoimmune diseases, is in Phase I clinical trials [1] - Zhigen Pharmaceutical plans to introduce strategic investors for a capital increase of no more than 70 million yuan, and the ZY022 project is expected to complete its IND application within the year and enter Phase I clinical trials [1]

Group 1: Pharmaceutical Industry - Warner Pharmaceuticals (688799.SH) has a significant competitive advantage in the bismuth agent segment of the digestive field; the new antidepressant ZG-001 is expected to exceed a peak value of 3.5 billion yuan; ZG-001 is anticipated to iterate on esketamine and has potential for international expansion [2][3] Group 2: New Energy Industry - Putailai (603659.SH) is expected to see a gradual bottom reversal in its lithium battery anode performance; the company’s CVD-deposited silicon-carbon anode has secured small-scale production orders, with Anhui Zicheng planning to commence production in Q2 2025, which is expected to gradually expand in the consumer electronics and drone sectors; the company’s advantages in separators and profitability are expected to continue improving [3] Group 3: Banking Industry - Postal Savings Bank (601658.SH) has seen its controlling shareholder increase holdings to stabilize stock prices; the bank is establishing a company to layout in technology finance, and it offers high dividends while its stock price is overall at a low level [4]

证券代码：688799 证券简称：华纳药厂 公告编号：2025-068 湖南华纳大药厂股份有限公司 关于控股子公司增资扩股引入战略投资者 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。 一、本次交易进展情况 3、执行事务合伙人：北京鹊山投资管理有限公司（以下简称"鹊山投资"） 4、出资额：10,210万元人民币 湖南华纳大药厂股份有限公司（以下简称"公司"、"华纳药厂"）于2025年4月18日召开第四届董事会第 一次会议及第四届监事会第一次会议、于2025年5月12日召开2024年年度股东大会，审议通过了《关于 控股子公司增资扩股引入战略投资者暨关联交易的议案》，同意控股子公司上海致根医药科技有限公司 （以下简称"致根医药"）引入战略投资者进行增资扩股，增资金额合计不超过7,000万元。具体内容详 见公司于2025年4月22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 公司关于控股子公司增资扩股引入战略投资者暨关联交易的公告》（公告编号：2025-032）。近日 ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-068 湖南华纳大药厂股份有限公司 关于控股子公司增资扩股引入战略投资者 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。 一、本次交易进展情况 湖南华纳大药厂股份有限公司（以下简称"公司"、"华纳药厂"）于 2025 年 4 月 18 日召开第四届董事会第一次会议及第四届监事会第一次会议、于 2025 年 5 月 12 日召开 2024 年年度股东大会，审议通过了《关于控股子公司增资扩股 引入战略投资者暨关联交易的议案》，同意控股子公司上海致根医药科技有限公 司（以下简称"致根医药"）引入战略投资者进行增资扩股，增资金额合计不超 过 7,000 万元。具体内容详见公司于 2025 年 4 月 22 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控股子公司增资 扩股引入战略投资者暨关联交易的公告》 （公告编号：2025-032）。近日，本次交 易各方已正式签署《投资协议书》。 二、本次投资方的 ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-068 湖南华纳大药厂股份有限公司 关于控股子公司增资扩股引入战略投资者 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。 一、本次交易进展情况 湖南华纳大药厂股份有限公司（以下简称"公司"、"华纳药厂"）于 2025 年 4 月 18 日召开第四届董事会第一次会议及第四届监事会第一次会议、于 2025 年 5 月 12 日召开 2024 年年度股东大会，审议通过了《关于控股子公司增资扩股 引入战略投资者暨关联交易的议案》，同意控股子公司上海致根医药科技有限公 司（以下简称"致根医药"）引入战略投资者进行增资扩股，增资金额合计不超 过 7,000 万元。具体内容详见公司于 2025 年 4 月 22 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控股子公司增资 扩股引入战略投资者暨关联交易的公告》（公告编号：2025-032）。近日，本次交 易各方已正式签署《投资协议书》。 二、本次投资方的基 ...

Group 1 - Zhejiang Dingli achieved a net profit of 1.051 billion yuan in the first half of 2025, a year-on-year increase of 27.49% [1] - The company reported an operating income of 4.336 billion yuan, representing a year-on-year growth of 12.35% [1] - Basic earnings per share were 2.08 yuan [1] Group 2 - Dexin Technology announced that its shareholder plans to reduce its stake by no more than 1%, equating to 2.3351 million shares [1] - The company specializes in the research, design, manufacturing, and sales of lithium battery cutting molds and precision components [1] Group 3 - Fangda Group signed new orders worth 970 million yuan in the second quarter of 2025 [1] - The total amount of signed but uncompleted contracts reached 4.916 billion yuan by the end of the second quarter [1] Group 4 - Warner Pharmaceutical's shareholder plans to reduce its stake by no more than 1.3 million shares, which is approximately 0.9899% of the total share capital [3] - The company focuses on the research, production, and sales of chemical raw materials and traditional Chinese medicine [3] Group 5 - Zijin Mining's vice president plans to reduce his holdings by no more than 250,300 shares [4] - The company is engaged in the exploration and development of mineral resources, including gold, copper, and lithium [4] Group 6 - Shenkong Co. received government subsidies totaling 14.9 million yuan [6] - The company specializes in the research, production, and sales of large-diameter silicon materials and semiconductor products [6] Group 7 - Jincai Hulin's shareholder plans to reduce its stake by no more than 2.5%, which amounts to 19.4798 million shares [1] - The company is involved in heat treatment equipment manufacturing and related services [1] Group 8 - New Media Co. plans to reduce its stake by no more than 6.8434 million shares, approximately 2.99% of the total share capital [1] - The company focuses on IPTV, internet audio-visual services, and content copyright [1] Group 9 - Aidi Pharmaceutical received a drug registration certificate for its product in Zanzibar, allowing for commercial sales [8] - The product is a new drug developed for the treatment of HIV-1 infection [8] Group 10 - Changlan Technology plans to reduce its stake by no more than 1%, equating to 1.9311 million shares [10] - The company specializes in the research, production, and sales of power cable accessories [10] Group 11 - Qiaofeng Intelligent announced that two shareholders plan to reduce their holdings by no more than 2.14% of the total share capital [12] - The company focuses on the research, production, and sales of CNC machine tools [12] Group 12 - Junxin Co. signed a tripartite preliminary agreement to build a solid waste disposal power facility valued at approximately 280 million USD in Almaty [13] - The company specializes in waste incineration power generation and related environmental services [13] Group 13 - Qinglong Pipe Industry signed a strategic cooperation framework agreement with Tian Shan High-tech [14] - The company is involved in the research, production, and sales of high-quality water supply pipes [14] Group 14 - Defang Nano's shareholder plans to reduce its stake by no more than 1%, equating to 2.7954 million shares [1] - The company specializes in the research, production, and sales of lithium-ion battery materials [1] Group 15 - ST Lutong's specific shareholder plans to reduce its stake by up to 3%, including 2 million shares through centralized bidding and 4 million shares through block trading [1] - The company focuses on cable television network equipment and smart control systems [1] Group 16 - Tongzhou Electronics reported a net profit of 203 million yuan in the first half of 2025, a significant turnaround from a loss of 36.08 million yuan in the previous year [17] - The company achieved an operating income of approximately 540 million yuan, representing a year-on-year growth of 606.52% [17] Group 17 - Rebecca reported a net profit of 9.3759 million yuan in the first half of 2025, a year-on-year increase of 15.31% [18] - The company achieved total operating revenue of approximately 598 million yuan, reflecting a year-on-year growth of 4.20% [18] Group 18 - Ruixin Technology's shareholders plan to reduce their holdings by no more than 4.9493 million shares, which is up to 3% of the total share capital [20] - The company specializes in the research, production, and sales of precision aluminum alloy components [20]

Core Viewpoint - The major shareholder Xu Xiaoqiang of Hunan Warner Pharmaceutical Co., Ltd. plans to reduce his shareholding by up to 1,300,000 shares, accounting for approximately 0.9899% of the company's total share capital due to personal financial needs [1][2] Shareholding Structure - As of the announcement date, Xu Yan holds 18,480,000 shares, representing 14.0725% of the total share capital, while Xu Yuehan holds no shares [1][3] - Xu Xiaoqiang's current shareholding includes 1,407,800 shares obtained before the IPO and 563,120 shares acquired through capital reserve conversion [2] Reduction Plan Details - The reduction period is set from August 19, 2025, to November 18, 2025, with a maximum of 1,300,000 shares to be sold through block trading [2][4] - The plan allows for adjustments in the number of shares to be reduced if there are changes in the company's share structure during the reduction period [2][4] Compliance and Commitments - The major shareholders have made commitments regarding share transfer restrictions, including a 12-month lock-up period post-IPO, during which they cannot transfer or manage their shares [5][6] - The company assures that the reduction plan complies with relevant laws and regulations, and will not significantly impact the company's governance or ongoing operations [9]

湖南华纳大药厂股份有限公司 持股 5%以上股东、董事之一致行动人减持股份计 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、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东及董监高持有的基本情况 截至本公告披露日，湖南华纳大药厂股份有限公司（以下简称"公司"）股 东持股情况如下： 公司股东、董事徐燕先生直接持有公司股份 18,480,000 股（占公司总股本 14.0725%），其一致行动人徐小强先生直接持有公司股份 1,970,920 股（占公司总 股本 1.5009%），一致行动人徐悦菡女士直接持有公司股份 0 股（占公司总股本 0.0000%）。上述股份来源于公司首次公开发行前持有的股份及公司实施资本公积 金转增股本新增的无限售条件流通股，首次公开发行前持有的股份已于 2022 年 7 月 13 日起上市流通。 证券代码：688799 证券简称：华纳药厂 公告编号：2025-067 减持计划的主要内容 公司股东徐小强先生基于自身资金需求，计划减持公司股份不超过 1,300,000 股，其中计划通过竞价交易方式减持公司股份不 ...

Market Overview - The Sci-Tech Innovation Board (STAR Market) index decreased by 0.21%, closing at 992.39 points, with a total trading volume of 2.875 billion shares and a turnover of 95.999 billion yuan, resulting in an average turnover rate of 1.61% [1] - Among the tradable stocks on the STAR Market, 358 stocks closed higher, with 6 stocks hitting the daily limit, while 219 stocks closed lower [1] Stock Performance - The highest turnover rate was recorded by Yitang Co., Ltd., a newly listed stock, which saw a decline of 1.86% and a turnover rate of 19.71%, with a daily transaction amount of 820 million yuan and a net outflow of 141 million yuan in main funds [1] - Other notable stocks with high turnover rates included Borui Data, which increased by 7.23% with a turnover rate of 18.73%, and Jin Chengzi, Zhongyan Co., and Saifen Technology, with turnover rates of 15.34%, 15.10%, and 14.80% respectively [1] High Turnover Stocks - Among stocks with a turnover rate exceeding 5%, 43 stocks increased in value today, with the highest gains from Zhijiang Biology (20.00%), Nanxin Pharmaceutical (18.16%), and Yanhong Pharmaceutical (17.32%) [2] - The pharmaceutical and biological sector had the most stocks with high turnover rates, totaling 20, followed by the computer and power equipment sectors with 10 and 6 stocks respectively [2] Fund Flow Analysis - In terms of fund flow, 32 stocks with high turnover rates experienced net inflows, with Zhijiang Biology, Yanhong Pharmaceutical, and Nanxin Pharmaceutical receiving the most significant net inflows of 100 million yuan, 82.6559 million yuan, and 31.76 million yuan respectively [2] - Conversely, Yitang Co., Ltd., Dingtong Technology, and Shijia Photon saw the largest net outflows, amounting to 141 million yuan, 89.163 million yuan, and 76.5522 million yuan respectively [2] Leverage Fund Movements - Recent data indicates that 37 stocks with high turnover rates received net purchases from leveraged funds, with Yitang Co., Ltd., Rongchang Biology, and Dingtong Technology seeing significant increases in financing balances of 260 million yuan, 80.9046 million yuan, and 79.4712 million yuan respectively [3] - Stocks with decreased financing balances included Youfang Technology, Yingshi Innovation, and Guangda Special Materials, with reductions of 142 million yuan, 82 million yuan, and 49.5677 million yuan respectively [3] Notable Stocks on July 14 - A list of notable stocks with high turnover rates includes: - Yitang Co., Ltd. (688729): Closing price 20.55, daily change -1.86%, turnover rate 19.71%, net outflow -140.50 million yuan [4] - Borui Data (688229): Closing price 64.55, daily change 7.23%, turnover rate 18.73%, net inflow 21.51 million yuan [4] - Jin Chengzi (688291): Closing price 35.28, daily change 1.50%, turnover rate 15.34%, net inflow 3.69 million yuan [4] - Zhongyan Co. (688716): Closing price 37.16, daily change 9.01%, turnover rate 15.10%, net inflow 24.58 million yuan [4] - Saifen Technology (688758): Closing price 17.54, daily change 3.91%, turnover rate 14.80%, net inflow 10.26 million yuan [4]