Report Basic Information - Reported Company: Jilin Aodong [16] - Industry: Chemical Pharmaceuticals [2] - Research Date: July 17, 2025 [16] - Company Representatives: Wang Zhenyu (Director, Deputy General Manager, Secretary of the Board), Zhao Renhe (Director of the Board Office, Securities Affairs Representative) [16] Participating Institutions - "Innovation Sailing, King's Moment - The 20th Pharmaceutical Hundred Listed Companies Exchange Meeting (Beijing Station)" [17] - Guosheng Securities (Representative: Zhang Yu) [17] - Beijing Hongdao (Representative: Tang Yulin) [17] - Yimin Fund (Representative: Gui Guan) [17] - CITIC Securities Asset Management (Representative: Peng Kang) [17] - Ginkgo Capital (Representative: Zhang Haijun) [17] Institution Proportion - Others: 33% [21] - Securities Companies: 17% [21] - Investment Companies: 17% [21] - Fund Management Companies: 17% [21] - Asset Management Companies: 17% [21] Core Business Highlights Business Revenue Structure in 2024 - Total revenue from three major business segments (traditional Chinese medicine, chemical drugs, and chain pharmacy wholesale and retail) reached 2.273761 billion yuan, with traditional Chinese medicine contributing 1.6055413 billion yuan (61.50%), chemical drugs 276.8538 million yuan (10.61%), and chain pharmacy business 391.366 million yuan (14.99%) [22] - Revenue from the health - care business was 212.1299 million yuan, accounting for 8.13% of the total revenue [22] Key Product Analysis - **An Shen Bu Nao Ye**: With a large target audience due to the increasing number of insomnia sufferers, its sales growth is supported by consumer trust in the brand and product efficacy, and the unique geographical advantage of its raw materials. It is mainly sold outside hospitals. The company implements an "An Shen +" combination strategy to drive performance growth [22][23] - **Xue Fu Zhu Yu Kou Fu Ye**: A well - recognized product with multiple honors. Its selection in the national Chinese patent medicine procurement alliance's volume - based procurement in 2024 is expected to expand sales. The company will continue brand building, strengthen cooperation with major pharmaceutical chains, and promote clinical use [24] Project Progress - **Chinese Medicine Formula Granule Project**: As of December 31, 2024, 228.776 million yuan of the raised funds had been used. Multiple workshops passed the GMP compliance inspection on January 23, 2025. The company has obtained 525 "Listing Filing Certificates for Chinese Medicine Formula Granules" and is focusing on market development [25] Investment in GF Securities - As of March 31, 2025, the company and its wholly - owned subsidiaries held 1,529,911,767 shares of GF Securities, accounting for 20.11% of the total shares. In 2024, the company's investment income from GF Securities was 174.94045 million yuan, a 40.69% increase from the previous year [25][26] Dividend Policy - The company has formulated a "Three - Year (2024 - 2026) Shareholder Return Plan", increasing the frequency and optimizing the rhythm of dividends. It has a 17 - year history of cash dividends, with a cumulative cash dividend of 4.505 billion yuan since listing. It aims to enhance the stability and predictability of dividends in the future [26]

Group 1: Industry Innovation - Jilin is leveraging innovation as a driving force to revitalize its secondary industry, showcasing a transformation in the Northeast region of China [1][15] - The Jilin Chemical Fiber Group, with over 60 years of history, is focusing on advanced products such as high-strength carbon fiber for aerospace applications and biomass-based artificial silk for international clothing brands [3][10] - The development of carbon fiber materials is expanding into various consumer products, including sports equipment and wind turbine blades, indicating a broadening market application [3][10] Group 2: Traditional Medicine and Modern Technology - The Aodong Industrial Park is integrating traditional Chinese medicine with modern technology, enhancing the extraction efficiency of medicinal ingredients by 30% through advanced biotechnological methods [5][8] - The use of AI visual inspection systems in pharmaceutical production aims for "zero defects" in products, ensuring high quality and traceability [7][8] - Jilin Aodong Pharmaceutical Group has invested 3 billion yuan in the industrial park, resulting in over a hundred innovative outcomes that enhance the preventive capabilities of traditional medicine [10][15] Group 3: Ginseng Product Innovation - The processing technology for ginseng is evolving, with products like freeze-dried ginseng blueberry slices and ginseng chocolate targeting younger consumers [11][13] - A wide variety of ginseng deep-processing products are being developed, moving from laboratory research to market availability, thereby increasing the accessibility of ginseng's health benefits [13][15] - The transformation of traditional ginseng into modern consumer products reflects a broader trend of innovation in Jilin's agricultural sector [11][15]

关于控股子公司获得国家药品标准（修订）颁布件 证券代码：000623 证券简称：吉林敖东 公告编号：2025-036 吉林敖东药业集团股份有限公司 的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，吉林敖东药业集团股份有限公司（以下简称"公司"）控股子公司吉 林敖东洮南药业股份有限公司（以下简称"洮南药业"）收到国家药品监督管理 局下发的"小牛脾提取物注射液"《国家药品标准（修订）颁布件》。现就相关 情况公告如下： 一、《国家药品标准（修订）颁布件》的主要内容 1．小牛脾提取物注射液 药品通用名称：小牛脾提取物注射液 汉语拼音：xiao niu pi ti qu wu zhu she ye 英文名：Calf Spleen Extractive Injection 剂型：注射剂 规格：2ml:5mg多肽：380μg核糖 原标准号：WS-10001-（HD-0794）-2002 标准依据：国家药品标准 批件号：XGB2025-003 修订内容与结论：小牛脾提取物注射液质量标准修订了鉴别、高分子量物质、 氨基酸、渗透压摩尔浓度、生物活性、细 ...

Core Viewpoint - Jilin Aodong's subsidiary, Taonan Pharmaceutical, has received the revised national drug standard for "Bovine Spleen Extract Injection," which is expected to create favorable conditions for the company's steady development, although sales remain uncertain due to market environment changes [1] Group 1 - The national drug standard revision includes updates on identification, high molecular weight substances, amino acids, osmotic pressure molar concentration, biological activity, bacterial endotoxins, antihypertensive substances, peptides, and ribonucleic acid content measurement [1] - The revised quality standards will be implemented from the date of issuance, ensuring compliance with the new requirements [1] - The company acknowledges that the sales situation of the drug may be influenced by changes in the market environment, indicating potential uncertainties [1]

Group 1: Company Overview - Jilin Aodong Pharmaceutical Group Co., Ltd. reported a total revenue of 2,273.76 million CNY in 2024, with traditional Chinese medicine contributing 1,605.54 million CNY (61.50%), chemical drugs 276.85 million CNY (10.61%), and retail and wholesale of chain pharmacies 391.37 million CNY (14.99%) [2][3] - The health sector achieved sales of 212.13 million CNY, accounting for 8.13% of total revenue [2][3] Group 2: Key Products and Market Performance - The main product, "Anshen Bnona Liquid," has a broad audience due to increasing insomnia cases, with significant consumer recognition of its efficacy and quality [3] - "Xuefu Zhuyu Oral Liquid," a classic formula, has gained market attention and was selected for centralized procurement, which is expected to enhance its sales scale and market share [4] Group 3: Investment and Financial Performance - As of March 31, 2025, the company holds 1,529,911,767 shares of GF Securities, representing 20.11% of its total share capital [6] - GF Securities reported a net profit of 9,636.83 million CNY in 2024, with the company's investment income from GF Securities reaching 1,749.40 million CNY, a 40.69% increase from the previous year [6] Group 4: Shareholder Returns - The company has implemented cash dividends for 17 consecutive years, totaling 4.505 billion CNY since its listing, and plans to enhance the stability and predictability of future dividends [6]

Core Viewpoint - The event "Rational Investment Accompanying Me - Entering the Listed Company Jilin Aodong" aims to enhance communication between investors and the company, promoting rational, value, and long-term investment concepts [1] Group 1: Company Overview - Jilin Aodong has been recognized as a leading company in the Chinese pharmaceutical industry, ranking among the top 100 pharmaceutical companies in China for 11 consecutive years and awarded as one of the 500 most valuable brands in China [1][2] - The company has transformed from a state-owned deer farm to a publicly listed pharmaceutical company, expanding its business into various fields including traditional Chinese medicine, chemical drugs, health products, and food [2][3] - Jilin Aodong's product portfolio includes well-known products such as Anshen Bnnao Liquid and Xiaoer Chaigui Fever Oral Liquid, supported by a robust product hierarchy aimed at driving performance growth [2][3] Group 2: Business Strategy and Financial Performance - The company operates with a "pharmaceutical + finance + health" multi-wheel drive strategy, leveraging financial investments to enhance its core pharmaceutical business and extend its reach into biopharmaceuticals and internet healthcare [3] - Jilin Aodong holds 628 production approval numbers, with over 300 for both traditional Chinese medicine and chemical drugs, indicating a strong regulatory compliance and product diversity [3] - The company plans to maintain a stable dividend policy, with potential increases as operational performance improves, and is actively working on enhancing sales in its enzyme product line and chain pharmacy profitability [4] Group 3: Investor Engagement and Future Outlook - The event facilitated direct interaction between investors and the company's management, allowing for discussions on dividend policies, product sales, and profitability of chain pharmacies [4] - The company aims to continue its commitment to innovation and responsibility, striving for a more prosperous future while contributing to the development of the Chinese pharmaceutical industry [5]

Core Viewpoint - The innovative drug market is experiencing a surge in interest and investment, with significant inflows of capital and strong performance in related stocks [1][5]. Group 1: Market Performance - On July 15, the pharmaceutical ETF (562050) experienced a sharp increase during the opening auction, indicating heightened investor enthusiasm for innovative drugs [2][3]. - The ETF closed up 0.59% at 1.017 yuan per share, with a total trading volume of approximately 26.34 million yuan and a turnover rate of 22.94% [4]. - A-shares in innovative drugs have shown notable gains, with companies like ShenZhou Cell rising nearly 50% in the past month, and others like BoRui Medicine and Jilin AoDong increasing over 10% [5]. Group 2: Fund Performance and Strategy - The latest public fund reports reveal a significant shift towards innovative drugs, with the Changcheng Pharmaceutical Industry Selected Fund achieving over 90% returns, increasing its scale nearly 30 times in the second quarter [6][9]. - The fund manager of Yongying Medical Health Fund indicated a complete portfolio overhaul towards innovative drugs, with top holdings including ShuTaiShen and Rejing Biology, the latter seeing a staggering 443.59% increase this year [6][7]. - The Changcheng fund plans to continue focusing on innovative drugs in the third quarter, emphasizing clinical data, overseas licensing, and domestic sales growth [8]. Group 3: Policy and Market Trends - The innovative drug sector is benefiting from favorable policy developments, with the National Medical Insurance Bureau initiating adjustments to the drug catalog for 2025 [10]. - Data shows that the total amount for Chinese innovative drug licenses reached nearly 66 billion USD in the first half of 2025, surpassing the total for 2024, indicating a rapid rise in global competitiveness [11]. - The current market rally is primarily driven by clinical results and expectations for overseas licensing, with a focus on companies that have the potential for international expansion and those that have successfully transformed [11].

Group 1 - The A-share pharmaceutical sector experienced a strong rally, with the drug ETF (562050) rising by 1% and nearly 13 million yuan in trading volume, indicating strong buying interest [1] - The drug ETF (562050) is the first ETF in China tracking the CSI Pharmaceutical Index, focusing on innovative drugs and traditional Chinese medicine, while excluding medical and CXO sectors [1] - Key stocks in the ETF, such as Borui Pharmaceutical, Jilin Aodong, and Ailisi, saw gains exceeding 4%, while companies like Sanofi and BeiGene adjusted downwards [2][3] Group 2 - Jilin Aodong announced a significant profit increase for the first half of the year, projecting a net profit of 1.236 billion to 1.29 billion yuan, representing a year-on-year growth of 130% to 140% [3] - Other constituent stocks of the drug ETF, including Ganli Pharmaceutical and New Hecheng, also forecasted substantial profit increases, with growth rates of up to 114.12% and 70% respectively [3] - The policy environment is favorable, with the National Healthcare Security Administration confirming that the adjustment of the basic medical insurance drug list will align with the development of innovative drug lists by 2025 [3] - The pharmaceutical industry is supported by both policy and demand, with expectations of improved corporate profitability due to optimized negotiation rules for medical insurance and a steady increase in medical spending driven by aging and consumption upgrades [3]

Core Viewpoint - The performance of listed securities firms is expected to significantly increase in the first half of 2025, driven by the recovery of A-share market activity, positioning the brokerage sector as a leader in the current bull market [1][2]. Group 1: Performance Forecast - Nine listed brokerages have all reported expected profit increases, with a total net profit potentially exceeding 9 billion yuan, and an average growth rate of around 300% [2]. - Specific forecasts include: - Hongta Securities: Net profit of approximately 651.37 million to 696.29 million yuan, growth of 45% to 55% [3]. - Guosen Securities: Net profit of approximately 4.78 billion to 5.53 billion yuan, growth of 52% to 76% [4]. - Huaxi Securities: Net profit of approximately 445 million to 575 million yuan, growth of 1025.19% to 1353.90% [3]. - Hato Securities: Net profit of approximately 380 million yuan, growth of about 233.10% [4]. - Caida Securities: Net profit of approximately 363.34 million to 404.25 million yuan, growth of 51% to 68% [4]. - Guosheng Jinkong: Net profit of approximately 150 million to 220 million yuan, growth of 236.85% to 394.05% [4]. - Jilin Aodong: Net profit of approximately 1.236 billion to 1.289 billion yuan, growth of 130% to 140% [3]. - Guolian Minsheng: Net profit of approximately 1.129 billion yuan, growth of 1183% [4]. Group 2: Market Dynamics - The brokerage sector has seen significant inflows of capital, with 1.253 billion yuan of leveraged funds net buying into the non-banking sector since July, ranking eighth among industry sectors [5]. - Analysts from various brokerages are optimistic about the brokerage sector, citing a stable bottom in the capital market and the potential for upward breakthroughs in equity markets [5]. - The current market rally is characterized by internal momentum rather than concentrated policy support, indicating a self-driven upward trend in the index due to sustained inflows of incremental capital [5].

Group 1 - The company expects a positive net profit for the period from January 1, 2025, to June 30, 2025, indicating a significant improvement in performance [1] - The company has communicated with its accounting firm regarding the earnings forecast, and there are no disagreements on the forecast [1][2] - The substantial growth in performance is attributed to increased fair value changes and investment income, with non-recurring gains expected to positively impact net profit by approximately 114.50 million yuan, compared to a loss of 274.77 million yuan in the same period of 2024 [2]