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]

上海合晟资产管理股份有限公司成立于2011年，于2014年成为国内首批（50家）基金业协会登记的私募 基金管理人之一，是国内规模领先的信用债研究与投资机构。公司员工具有良好的教育背景、国内资本 市场的长期从业经验、崇高的职业操守和对资管事业的高度热情。合晟资产拥有精准的行业公司分析能 力、敏锐的个券信用风险识别能力以及完善的全程风险管理体系，通过动态优选组合为委托人创造超额 收益。公司一直秉承用专业和勤奋为客户创造超越市场平均水平的稳定收益的理念坚持价值投资，坚持 研究创造价值，孜孜不倦在债券研究投资领域勤奋耕耘。 调研纪要：公司2024年度实现营业收入14.13亿元，同比减少1.38%；实现归属于上市公司股东的净利润 1.64亿元，同比减少22.24%。2025年第一季度实现营业收入3.36亿元，实现归属于上市公司股东的净利 润0.41亿元。制剂收入下滑主要受到吸入用乙酰半胱氨酸溶液在区域联盟集采价格下降的影响。2024年 度公司研发费用15,833.21万元，较上年同期增长53.45%，公司研发费用的增长是由于创新药研发项目 持续推进以及仿制药研发项目投入增加共同导致。ZG-001胶囊是新型抗抑郁药，已完 ...

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 ...

统计显示，换手率超5%的高换手率个股中，屹唐股份为上市5日内的新股。 科创50指数今日下跌0.21%，报收992.39点，科创板全日成交量28.75亿股，成交额959.99亿元，加权平 均换手率为1.61%。 市场表现看，换手率超5%的个股中，今日上涨的有43只，涨幅居前的有之江生物、南新制药、亚虹医 药等，分别上涨20.00%、18.16%、17.32%。跌幅居前的有华纳药厂、美迪西、大地熊等，分别下跌 7.23%、3.58%、3.35%。 证券时报·数据宝统计显示，今日可交易科创板股中，358只股收盘上涨，涨幅超过10%的有6只，其 中，上纬新材、之江生物等2股涨停，涨幅在5%至10%的有26只，收盘下跌的有219只。 分行业看，今日换手率超5%的个股中，所属医药生物行业个股最多，有20只个股上榜；计算机、电力 设备等紧随其后，分别有10只、6只个股上榜。 资金流向方面，高换手率个股中，有32股今日获主力资金净流入，净流入金额较多的有之江生物、亚虹 医药、南新制药，净流入金额分别为1.00亿元、8265.59万元、3176.00万元，净流出金额较多的有屹唐 股份、鼎通科技、仕佳光子，净流出金额分别为1.4 ...