Market Overview - The Chinese traditional medicine sector rose by 0.84% on October 15, with Zhendong Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Zhendong Pharmaceutical (300158) closed at 6.93, with a gain of 5.64% and a trading volume of 913,500 shares, amounting to a transaction value of 636 million yuan [1] - Tianmu Pharmaceutical (600671) closed at 19.62, up 5.31%, with a trading volume of 73,800 shares [1] - Zuoli Pharmaceutical (300181) closed at 19.07, increasing by 4.21%, with a trading volume of 283,300 shares [1] - Other notable performers include Zhongsheng Pharmaceutical (002317) and Xintian Pharmaceutical (002873), with gains of 3.99% and 3.70% respectively [1] Capital Flow - The traditional medicine sector saw a net inflow of 378 million yuan from institutional investors, while retail investors experienced a net outflow of 276 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing confidence while retail investors withdrew funds [2] Individual Stock Capital Flow - Zuoli Pharmaceutical (300181) had a net inflow of 76.71 million yuan from institutional investors, while retail investors saw a net outflow of 38.14 million yuan [3] - Zhendong Pharmaceutical (300158) experienced a net inflow of 56.45 million yuan from institutional investors, with retail investors withdrawing 51.44 million yuan [3] - Yunnan Baiyao (000538) had a net inflow of 52.53 million yuan from institutional investors, but retail investors withdrew 56.48 million yuan [3]

Core Viewpoint - Jilin Aodong's stock price has shown significant growth this year, with a 23.47% increase, and the company is actively involved in various sectors including traditional Chinese medicine and health products [1][2]. Financial Performance - For the first half of 2025, Jilin Aodong reported a revenue of 1.126 billion yuan, a year-on-year decrease of 20.21%, while the net profit attributable to shareholders was 1.282 billion yuan, reflecting a year-on-year increase of 138.44% [2]. - Cumulative cash dividends since the company's A-share listing amount to 4.664 billion yuan, with 1.881 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Jilin Aodong was 66,000, a decrease of 1.60% from the previous period, with an average of 18,059 circulating shares per shareholder, an increase of 1.62% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 4.6149 million shares to 15.0138 million shares, and Southern CSI 500 ETF, which increased its holdings by 1.9148 million shares to 14.2479 million shares [3].

Core Viewpoint - Jilin Aodong Pharmaceutical Group Co., Ltd. has announced its 2025 interim cash dividend distribution plan, which includes a total cash dividend of 234,476,317.40 yuan, distributing 2.00 yuan per 10 shares to shareholders [2][3][10]. Summary by Sections Dividend Distribution Plan - The cash dividend distribution plan was approved at the company's first extraordinary general meeting on September 19, 2025, with a total share capital of 1,195,895,387 shares, excluding 23,513,800 shares held in the company's repurchase account [3][4]. - The actual cash dividend amount is calculated based on the adjusted total shares eligible for distribution, resulting in a cash dividend of 2.00 yuan per 10 shares, amounting to a total of 234,476,317.40 yuan [2][3][10]. Shareholder Eligibility - The dividend distribution is applicable to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on October 21, 2025 [8][11]. Payment Method - Cash dividends will be distributed on October 22, 2025, through the shareholders' securities companies or other custodial institutions [9][11]. - The company will bear all legal responsibilities if there are any discrepancies in the cash dividend distribution due to changes in shareholders' account holdings during the application period [9]. Taxation Details - The cash dividend will be subject to different tax rates based on the type of shares held, with specific provisions for Hong Kong investors and domestic investors [7][8].

（文章来源：证券日报） 证券日报网讯 10月13日晚间，吉林敖东发布公告称，公司2025年半年度利润分配方案为：以公司现有 总股本1，195，895，387股扣除公司股票回购专用证券账户上的股份23，513，800股后的1，172， 381，587股为基数，向全体股东每10股派2.00元人民币现金（含税）。股权登记日为2025年10月21日， 除权除息日为2025年10月22日。 ...

Group 1 - The company Jilin Aodong (SZ 000623) announced a profit distribution plan, proposing a cash dividend of 2 yuan per 10 shares, amounting to approximately 234 million yuan in total [1] - The total share capital for the distribution is approximately 1.172 billion shares after deducting about 23.51 million shares held in the company's stock repurchase account [1] - The ex-dividend date is set for October 22, 2025, with the record date on October 21, 2025 [1] Group 2 - For the first half of 2025, the company's revenue composition is as follows: 73.63% from the pharmaceutical industry, 16.59% from wholesale and retail of chain pharmacies, 7.39% from food, 1.76% from other industries, and 0.62% from other businesses [1] - As of the report date, Jilin Aodong's market capitalization stands at 24.6 billion yuan [1]

证券代码：000623 证券简称：吉林敖东 公告编号：2025-054 吉林敖东药业集团股份有限公司 2025年中期分红派息实施公告 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。 特别提示： 1.吉林敖东药业集团股份有限公司（以下简称"公司"）回购专用证券账户 中的股份不参与2025年中期权益分派，公司本次实际现金分红的总金额=实际参 与分配的总股本×分配比例，即234,476,317.40元=1,172,381,587股×0.20元/ 股。 2.本次权益分派实施后，根据股票市值不变原则，实施权益分派前后公司总 股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益分派 实施后除权除息价格计算时，按股权登记日的总股本折算的每10股现金红利=实 际 现 金 分 红 总 金 额 ÷ 股 权 登 记 日 的 总 股 本 × 10=234,476,317.40÷1,195,895,387×10=1.960675元，即：本次权益分派实施 后的除权除息价格=股权登记日收盘价-0.1960675元/股。 公司2025年半年度利润分配方案已获公司于2025年9月 ...

Core Viewpoint - The Chinese Medicine ETF (560080) has shown resilience despite a recent market downturn, with significant capital inflow and a leading position in its category [1][7]. Market Performance - The Chinese Medicine ETF (560080) experienced a nearly 1% decline after a significant opening drop, with a total trading volume exceeding 110 million yuan [1]. - The ETF has seen a net inflow of over 170 million yuan in the last 10 days, bringing its total size to nearly 2.4 billion yuan, leading its peers [1]. Component Stocks - Most component stocks of the Chinese Medicine ETF (560080) closed in the red, with notable declines including Jilin Aodong (-1.44%), Yunnan Baiyao (-1.01%), and Dong'e Ejiao (-1.22%) [3][4]. Yearly Index Performance - The Chinese Medicine Index has shown negative returns year-to-date, with a decline of 3.27% this year and an 8.13% drop in 2024, marking a four-year streak of negative annual performance [4]. Valuation Metrics - The TTM price-to-earnings ratio for the Chinese Medicine ETF (560080) stands at 25.11, which is at the 22.28% percentile of the past decade, indicating a more favorable valuation [6]. Leverage and Financing - Financing activities remain robust, with the latest financing balance for the ETF exceeding 84 million yuan, maintaining historical highs [7]. Industry Outlook - According to CITIC Securities, channel adjustments in the Chinese medicine sector are nearing completion, with expectations for demand recovery in the fourth quarter [9]. - The demand for traditional Chinese medicine products is anticipated to stabilize, with a gradual recovery expected as external pressures ease [9]. New Drug Developments - The number of new drug applications in the Chinese medicine sector is on the rise, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [10][12]. - Recent approvals for new drugs from companies like Fangsheng Pharmaceutical and Tianzhihui are expected to contribute positively to their growth [12].

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant fluctuations, with the A-share medical sector facing downward pressure, particularly in the CXO segment, while the innovative drug sector remains a focal point for investors despite recent adjustments [1][5][7]. Group 1: A-share Market Performance - The A-share medical sector opened lower and continued to decline, with major player WuXi AppTec leading the drop at 7.2%, and the largest medical ETF (512170) falling by 2.03% [1]. - The overall trend for the medical sector has been a recent upward movement, indicating potential for rebound despite short-term corrections [1]. Group 2: Hong Kong Market Performance - The Hong Kong medical sector initially showed signs of recovery but faced renewed selling pressure, with innovative drug stocks like Rongchang Bio and Innovent Biologics dropping over 11% [1][5]. - The Hong Kong innovative drug ETF (520880) experienced a decline of 2.25%, losing all moving averages, with a trading volume of 3.69 billion [1][5]. Group 3: Innovative Drug Sector Insights - The innovative drug sector, despite entering a phase of adjustment since September, continues to attract significant investor interest, with the Hong Kong innovative drug ETF (520880) raising over 675 million in the last 20 days [5][7]. - Analysts suggest that the innovative drug sector may see renewed opportunities in Q4, driven by upcoming academic conferences and policy implementations that could support domestic innovation [7]. Group 4: Investment Strategies - Investment strategies in the medical sector are focusing on two main lines: identifying companies with strong Q3 performance and exploring opportunities in innovative drugs for potential rebounds [7]. - The fund manager of the Hong Kong innovative drug ETF (520880) emphasizes the importance of balancing investments within the sector, including medical devices and services that may gain market attention [7].

Core Insights - The traditional Chinese medicine sector saw a rise of 0.96% on October 10, with Wanbangde leading the gains. In contrast, the Shanghai Composite Index fell by 0.94% and the Shenzhen Component Index dropped by 2.7% [1] Group 1: Market Performance - The closing price of Wanbangde was 13.43, with a significant increase of 9.99% and a trading volume of 268,400 shares, amounting to a transaction value of 347 million yuan [1] - Other notable performers included Tianmu Pharmaceutical, which closed at 19.15 with a 4.36% increase, and ST Xiangxue, which rose by 4.32% to close at 10.86 [1] - The overall trading volume for the traditional Chinese medicine sector was substantial, with individual stocks showing varied performance in terms of price changes and trading volumes [1] Group 2: Capital Flow - The traditional Chinese medicine sector experienced a net inflow of 212 million yuan from institutional investors, while retail investors saw a net outflow of 153 million yuan [2] - The capital flow data indicates that while some stocks attracted institutional investment, others faced significant selling pressure from retail investors [3] - Wanbangde had a net outflow of 64.05 million yuan from institutional investors, despite its price increase, indicating a complex market sentiment [3]

Group 1 - The Chinese medicine concept continues to rise, with Wanbangde hitting the daily limit, and companies such as Kangzhi Pharmaceutical, Tianmu Pharmaceutical, Zhenbaodao, and Jilin Aodong also experiencing gains [1]