湖南华纳大药厂股份有限公司 关于 2025 年度增加向金融机构申请综合授信额度预 计的公告 证券代码：688799 证券简称：华纳药厂 公告编号：2025-072 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。 湖南华纳大药厂股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召 开第四届董事会第二次会议，审议通过了《关于 2025 年度增加向金融机构申请 综合授信额度预计的议案》，本事项无需提交公司股东大会审议。现将相关事宜 公告如下： 一、原审批的申请授信额度情况 公司于 2025 年 3 月 7 日召开第四届董事会第三次临时会议，审议通过了《关 于 2025 年度向金融机构申请综合授信额度预计的议案》，同意公司及合并报表范 围内子公司在 2025 年度向银行申请不超过人民币 86,000 万元的综合授信额度。 具体内容详见公司于 2025 年 3 月 10 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 2025 年度向金融机构申请综合授信 额度预计的公告 ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-070 本次会议审议通过了如下议案： （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关公告。 表决结果：3 票同意，0 票反对，0 票弃权。 湖南华纳大药厂股份有限公司 第四届监事会第二次会议决议公告 公司监事会及全体监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、监事会会议召开情况 湖南华纳大药厂股份有限公司（以下简称"公司"）第四届监事会第二次会 议于 2025 年 8 月 28 日以现场结合通讯方式召开，本次会议的通知于 2025 年 8 月 18 日送达公司全体监事。会议由监事会主席马飞先生主持，应出席监事 3 人， 实际出席监事 3 人。会议的召集、召开、表决程序符合相关法律、法规及《湖南 华纳大药厂股份有限公司章程》（以下简称"《公司章程》"）的相关规定，所作决 议合法有效。 二、监事会会议审议情况 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 （ ...

湖南华纳大药厂股份有限公司2025 年半年度报告 公司代码：688799 公司简称：华纳药厂 湖南华纳大药厂股份有限公司 2025 年半年度报告 1 / 202 湖南华纳大药厂股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中描述可能存在的相关风险，敬请查阅本报告"第三节 管理层讨论与分析" 之"四、风险因素"。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人黄本东、主管会计工作负责人吴桂英及会计机构负责人（会计主管人员）吴桂 英声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 九、 是否存在被控股股东 ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-069 湖南华纳大药厂股份有限公司 第四届董事会第二次会议决议公告 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、董事会会议召开情况 湖南华纳大药厂股份有限公司（以下简称"公司"）第四届董事会第二次会 议于 2025 年 8 月 28 日以现场结合通讯方式召开，本次会议的通知于 2025 年 8 月 18 日送达公司全体董事。会议由董事长黄本东先生主持，应出席董事 7 人， 实际出席董事 7 人。会议的召集、召开、表决程序符合相关法律、法规及《湖南 华纳大药厂股份有限公司章程》（以下简称"《公司章程》"）的相关规定，所作决 议合法有效。 表决结果：7 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司 2025 年半年度募集资金存放、管理与实际使用 情况的专项报告的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关公告。 本议案已经第四届董事会审计委员会第二次会议审议通过。 本议案已经第四届董事会第二次独立 ...

（文章来源：每日经济新闻） 每经AI快讯，8月29日，A股化学制药板块触底反弹，向日葵涨20%涨停，多瑞医药涨超13%，华海药 业、同和药业均涨9%，华纳药厂、立方制药等涨。 ...

Core Viewpoint - The innovative pharmaceutical stocks experienced a significant rebound, with Huahai Pharmaceutical and Kangchen Pharmaceutical both hitting the daily limit up, indicating strong market interest and investor confidence in the sector [1] Industry Summary - The National Medical Products Administration of China reported that the country's pharmaceutical industry ranks second globally, with approximately 30% of the world's innovative drugs currently under research [1] - Since the beginning of the 14th Five-Year Plan, a total of 387 pediatric drugs and 147 rare disease drugs have been approved for market, effectively addressing the medication needs of key populations [1] Company Summary - Huahai Pharmaceutical and Kangchen Pharmaceutical both reached the daily limit up, reflecting positive market sentiment towards their stock performance [1] - Other companies such as Puris, Duolai Pharmaceutical, Haoyuan Pharmaceutical, Huana Pharmaceutical, Medisi, Lifang Pharmaceutical, and Guangshengtang also saw stock increases, with some rising over 5% [1]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The innovative pharmaceutical and medical device market continues to thrive, with an increase in the prosperity of segmented tracks. The Shanghai Composite Index rose by 2.37%, while the pharmaceutical and biological sector increased by 3.08%, ranking 10th among 31 primary sub-industries. The pharmaceutical sector has shown strong recovery and continuity, aligning with previous predictions that declines would be short-lived and shallow [4][8][5]. - The market remains focused on innovative pharmaceuticals and medical devices, with significant events catalyzing the sector. Key highlights include a price increase of up to 170% for Eli Lilly's weight loss drug Mounjaro in the UK and the announcement of pivotal clinical trial results for a dual-target antibody by CanSino Biologics [4][8][5]. - Recommendations for investment focus on specific segments such as GLP-1 drugs, second-generation IO companies, and innovative medical devices, with notable companies identified for potential growth [4][8][5]. Summary by Sections Industry Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biological industry [2]. Market Dynamics - The pharmaceutical sector has shown a year-to-date return of 25.02%, outperforming the Shanghai Composite Index by 18.22 percentage points. The sector's valuation is currently at 27.0 times PE, with a premium of 32.9% compared to the overall A-share market [5][16][8]. Key Company Performance - Notable companies recommended for investment include WuXi Biologics, 3SBio, Changchun High-tech, and others, with their respective stock performances highlighted [2][26][25]. Sector Trends - The report emphasizes the ongoing trend of innovation in pharmaceuticals and medical devices, with specific attention to the GLP-1 drug market and second-generation IO companies, suggesting a rotation of investment opportunities within these segments [4][8][5].

Core Insights - The article highlights the transformation journey of Warner Pharmaceutical from a generic drug manufacturer to an innovative pharmaceutical company, focusing on niche markets such as depression and rare animal medicine substitutes [3][10]. Company Overview - Warner Pharmaceutical, established in 2001, has evolved through three decades: from inception to growth, and now to a leading innovative pharmaceutical enterprise in China [4]. - The company reported a revenue of 14.13 billion yuan in 2024, with a 20.34% year-on-year increase from its manufacturing subsidiary [4][11]. R&D Investment - In 2024, Warner Pharmaceutical invested 1.58 billion yuan in R&D, accounting for over 11% of its revenue, which is significantly higher than the industry average of 8.2% [11]. - Cumulatively, the company has invested over 4.8 billion yuan in R&D from 2020 to 2024, with a 53.45% increase in R&D spending compared to the previous year [11]. Product Development Strategy - The company employs a "product cluster development" strategy, focusing on integrated raw material and formulation advantages, particularly in respiratory and anti-infection products [5][8]. - Warner Pharmaceutical has nearly 80 drug registration approvals, with over 50 raw material products transitioned to market-ready status [5]. New Projects and Facilities - The company is developing a high-end raw material drug project aimed at enhancing its competitive strength and production capabilities, aligning with international standards [7]. - The new facility is expected to improve automation and smart manufacturing, creating conditions for the industrialization of high-end generic and innovative drugs [7]. Innovation and Market Position - Warner Pharmaceutical has been recognized in the top 100 of China's chemical drug R&D strength rankings, reflecting its commitment to innovation [9]. - The company is focusing on niche areas for innovative drug development, avoiding crowded markets like anti-tumor drugs, and is exploring new fields such as endangered animal medicine substitutes [10].

Summary of Warner Pharmaceuticals Conference Call Company Overview - Warner Pharmaceuticals is primarily engaged in the integrated production and sales of chemical drugs and raw materials, focusing on digestive, respiratory, and anti-infection products. The company has faced significant impacts from centralized procurement policies, but is gradually moving out of the most negative phase of these impacts, with expectations of a turning point in the second half of 2025 [4][2]. Key Product Insights - The new antidepressant ZG001 targets the domestic market of approximately 95 million depression patients, addressing clinical pain points such as slow onset and low efficacy of existing medications. ZG001 is expected to be particularly effective in treating Major Depressive Disorder with Suicidal Ideation (MDSI) [2][5]. - ZG001 is currently in Phase 2A clinical trials, with data readout expected by the end of 2025 and Phase 2B trials starting in 2026. The drug aims for conditional market approval by 2027 [12][2]. Market Potential - The Chinese market for depression treatment is vast, with a significant number of patients suffering from severe depression and a high proportion exhibiting suicidal tendencies. The potential market for ZG001 is estimated to exceed 10 billion RMB if it successfully eliminates addictive side effects [3][13]. - The existing antidepressant market in China is growing rapidly, with a market size of approximately 700 million USD in 2020 and a double-digit growth rate expected [5]. Competitive Landscape - ZG001 differentiates itself from Johnson & Johnson's esketamine nasal spray by using a metabolite of ketamine, which retains rapid antidepressant effects while avoiding addictive side effects. This characteristic is crucial for acceptance among Chinese clinicians [11][14]. - The anticipated pricing for ZG001 is expected to be lower than that of Johnson & Johnson's product, which is priced around 8,000 USD for a four-week treatment course in overseas markets [13]. Financial Projections - Warner Pharmaceuticals anticipates an operating profit of approximately 200 million RMB for the year, although reported profits may fluctuate due to non-operating factors [2][4]. - The combined peak sales potential for ZG001 in the MDSI and treatment-resistant depression indications is projected to exceed 10 billion RMB, indicating substantial growth potential [16][18]. Future Outlook - The company is optimistic about ZG001's prospects in both domestic and potential overseas markets, with a total market capitalization growth potential exceeding 20 billion RMB if successful [17][18]. - The focus remains on the domestic market for the time being, given the current stage of clinical trials for ZG001 [17]. Conclusion - Warner Pharmaceuticals is positioned to capitalize on the growing demand for effective depression treatments in China, with ZG001 representing a significant opportunity to address unmet clinical needs while navigating the challenges posed by existing procurement policies and market competition [2][4][14].

8月7日，华纳药厂连续5个交易日下跌，区间累计跌幅-10.00%。湖南华纳大药厂股份有限公司成立于2001年,于2021年在上交所科创板上市(股票代 码:688799);是一家拥有多个研发中心、可对接全球创新资源,覆盖中药、化药、生物大分子药物产业链,立足中国、布局全球的创新驱动型药品生产企业。 安信医药健康股票A基金经理为池陈森。 简历显示，池陈森先生:经济学硕士。历任中投证券有限责任公司研究所研究员,上海域秀资产管理有限公司研究部研究员,中泰证券股份有限公司研究所研究 员,安信基金管理有限责任公司研究部研究员,现任安信基金管理有限责任公司研究部基金经理。 | ○ 基金经理:池陈森 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：4年又208天 | 任职起始日期：2021-01-12 现任基金公司：安信基金管理有限责任公司 | | | 基金经理简介:池陈森先生经济学硕士。历任中投证券有限责任公司研究所研究员,上海域秀 资产管理有限公司研究部研究员,中泰证券股份有限公司研究所研究员,安信基金管 ...