Core Viewpoint - The company has signed a strategic cooperation framework agreement with Jiaxing Andikang Biotechnology Co., Ltd. for the development and custom production of innovative drug raw materials and intermediates, establishing a long-term partnership for a duration of 10 years [1] Summary by Relevant Categories Agreement Details - The agreement is valid for 10 years, and it will terminate simultaneously with any project agreement that expires, is terminated, or is canceled [1] - The agreement does not involve substantial transactions and is not expected to have a significant impact on the company's operating performance for the current year [1] Future Implications - If the subsequent business progresses smoothly, it is expected to have a positive impact on future performance [1] - There is uncertainty regarding the achievement of specific cooperation and the fulfillment of the agreement [1] Historical Context - The company has successfully fulfilled all framework agreements signed in the past three years [1]

Core Points - The Shanghai Composite Index is at 3970.29 points with a change of 0.26%, and the total trading volume of A-shares is 1,534.396 billion yuan [1] - A total of 80 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] Summary of Companies - **Beifang Copper (000737)**: Today's change is +0.41%, with a 5-day moving average of 15.35 yuan, which is -1.96% lower than the 10-day moving average of 15.66 yuan [1] - **Huali Co., Ltd. (603038)**: Today's change is +2.30%, with a 5-day moving average of 20.29 yuan, which is -1.81% lower than the 10-day moving average of 20.67 yuan [1] - **Suotong Development (603612)**: Today's change is +2.12%, with a 5-day moving average of 24.45 yuan, which is -1.61% lower than the 10-day moving average of 24.85 yuan [1] - **New Lai Materials (300260)**: Today's change is +0.34%, with a 5-day moving average of 58.73 yuan, which is -1.55% lower than the 10-day moving average of 59.65 yuan [1] - **Lianchuang Optoelectronics (600363)**: Today's change is -0.29%, with a 5-day moving average of 61.53 yuan, which is -1.33% lower than the 10-day moving average of 62.36 yuan [1] - **Guangfa Securities (000776)**: Today's change is +0.27%, with a 5-day moving average of 22.61 yuan, which is -1.26% lower than the 10-day moving average of 22.90 yuan [1] - **China Electric Research (688128)**: Today's change is +0.77%, with a 5-day moving average of 31.90 yuan, which is -1.20% lower than the 10-day moving average of 32.29 yuan [1] - **StarNet (002396)**: Today's change is -0.73%, with a 5-day moving average of 26.52 yuan, which is -1.01% lower than the 10-day moving average of 26.79 yuan [1] - **Shan Zi Gaoke (000981)**: Today's change is +1.84%, with a 5-day moving average of 3.94 yuan, which is -0.93% lower than the 10-day moving average of 3.98 yuan [1] - **ST Weier (002058)**: Today's change is +1.78%, with a 5-day moving average of 25.25 yuan, which is -0.92% lower than the 10-day moving average of 25.49 yuan [1] - **Titan Chemical (002145)**: Today's change is +2.80%, with a 5-day moving average of 5.51 yuan, which is -0.85% lower than the 10-day moving average of 5.56 yuan [1] - **Hank Technology (688006)**: Today's change is +2.84%, with a 5-day moving average of 31.95 yuan, which is -0.82% lower than the 10-day moving average of 32.21 yuan [1] - **Inner Mongolia First Machinery (600967)**: Today's change is +0.60%, with a 5-day moving average of 18.61 yuan, which is -0.80% lower than the 10-day moving average of 18.76 yuan [1] - **Liangjiu 12 (301592)**: Today's change is -0.24%, with a 5-day moving average of 124.73 yuan, which is -0.77% lower than the 10-day moving average of 125.69 yuan [1] - **Zhongwu Robotics (688297)**: Today's change is +0.06%, with a 5-day moving average of 47.82 yuan, which is -0.77% lower than the 10-day moving average of 48.19 yuan [1] - **Chihong Zn & Ge (600497)**: Today's change is +0.62%, with a 5-day moving average of 6.63 yuan, which is -0.76% lower than the 10-day moving average of 6.68 yuan [1] - **Dadi (688077)**: Today's change is -0.27%, with a 5-day moving average of 34.01 yuan, which is -0.74% lower than the 10-day moving average of 34.26 yuan [1]

Core Viewpoint - The company has a range of medications available for the treatment of influenza, including Oseltamivir, Amantadine, and a series of Cephalosporins [1] Company Summary - The company, Prolog Pharma (000739.SZ), has confirmed its possession of various antiviral drugs effective against influenza [1]

Core Viewpoint - The company, Pro Pharmaceutical (000739.SZ), confirmed its production of various antiviral medications, including Oseltamivir, Amantadine, and a series of Cephalosporins, which are used for treating influenza, particularly in light of the recent outbreak of a new strain of influenza A [1] Company Summary - Pro Pharmaceutical has a portfolio that includes Oseltamivir, which is a well-known antiviral drug for influenza treatment [1] - The company also produces Amantadine and a range of Cephalosporin antibiotics, indicating a diverse product line in the antiviral and antibiotic sectors [1]

Core Viewpoint - Pro Pharmaceutical Co., Ltd. announced the repurchase of 10,060,000 shares, representing 0.87% of its total share capital as of October 31, 2025 [1] Summary by Category - **Share Repurchase Details** - The company has conducted a share repurchase through a dedicated securities account via centralized bidding [1] - The total number of shares repurchased is 10,060,000 [1] - This repurchase accounts for 0.87% of the company's current total share capital of 1,158,443,576 shares [1]

Core Viewpoint - The company, Prologis Pharmaceutical, has announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of its own shares [1] Summary by Categories Share Buyback - The company has repurchased a total of 10.06 million shares, which represents 0.87% of its current total share capital [1] - The total amount spent on the share buyback is 144 million yuan, excluding transaction fees [1]

Core Viewpoint - Pro Pharmaceutical (000739.SZ) has repurchased a total of 10.06 million shares, representing 0.87% of the company's total share capital, through a centralized bidding transaction as of October 31, 2025 [1] Summary by Category - **Share Repurchase Details** - The maximum transaction price was 15.03 CNY per share, while the minimum transaction price was 13.62 CNY per share [1] - The total amount spent on the repurchase was 144 million CNY, excluding transaction fees [1]

Core Viewpoint - Prolo Pharmaceutical (000739.SZ) has repurchased a total of 10.06 million shares, representing 0.87% of the company's total share capital, through a centralized bidding transaction as of October 31, 2025 [1] Summary by Category - **Share Repurchase Details** - The maximum transaction price was 15.03 CNY per share, while the minimum transaction price was 13.62 CNY per share [1] - The total amount spent on the repurchase was 144 million CNY, excluding transaction fees [1]

证券代码：000739 证券简称：普洛药业 公告编号：2025-61 根据《公司回购股份报告书》（公告编号：2025-06），若公司在本次回购 期限内发生派发红利、送红股、资本公积金转增股本等除权除息事项，自股价除 权除息之日起，按照中国证监会及深圳证券交易所的相关规定相应调整回购价格 上限。公司2024年度分红派息实施后，回购股份的价格上限由22元/股（含）调 普洛药业股份有限公司 关于回购公司股份的进展公告 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。 普洛药业股份有限公司（以下简称"公司"）于2025年2月19日召开第九届 董事会第十次会议审议通过了《关于回购公司股份方案的议案》，同意公司使用 自有资金以集中竞价交易方式回购公司部分股份，用于实施公司股权激励或员工 持股计划。本次回购股份价格不超过人民币22元/股（含），回购资金总额不低 于人民币7,500万元（含）且不超过人民币15,000万元（含）。具体回购股份数 量以回购期限届满或回购股份实施完毕时实际回购股份数量为准。回购期限为自 公司董事会审议通过回购股份方案之日起12个月内。具体内容详见公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][2]. Core Insights - The company's traditional business faces short-term pressure, while the CDMO (Contract Development and Manufacturing Organization) business shows strong growth certainty [1][2]. - For the first three quarters of 2025, the company reported a revenue of 7.76 billion yuan, down 16.4%, and a net profit of 700 million yuan, down 19.5% [1][5]. - The CDMO segment has seen significant growth, with revenue increasing by nearly 20% year-on-year, and its gross margin rising to 44.5% [1][2]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 2.32 billion yuan, a decrease of 18.9%, and a net profit of 140 million yuan, down 44.0% [1][5]. - The gross margin for Q3 was 23.4%, an increase of 0.2 percentage points, while the net margin was 5.9%, a decrease of 2.6 percentage points [1][5]. Business Segments - The raw materials segment generated revenue of 5.19 billion yuan, significantly down due to the contraction of low-margin API trading and weak demand in some categories [1][2]. - The CDMO segment's revenue reached 1.69 billion yuan, becoming the largest gross margin contributor with a gross margin of 44.5% [1][2]. - The formulation segment's revenue was 830 million yuan, down approximately 10% due to price reductions from domestic procurement [1][2]. CDMO Growth - As of Q3 2025, the company had 391 commercial projects (+15%), 853 clinical projects (+41%), and 1,343 quoted projects (+68%) in the CDMO segment [2]. - The total order value for projects to be delivered in the next 2-3 years is expected to reach 5.2 billion yuan, supporting continued high growth in CDMO revenue [2]. Profit Forecast - The company forecasts revenues of 11.06 billion yuan, 11.67 billion yuan, and 12.92 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.0%, 5.5%, and 10.7% [2][9]. - The projected net profits for the same years are 1.00 billion yuan, 1.22 billion yuan, and 1.50 billion yuan, with growth rates of -2.5%, 21.2%, and 23.4% [2][9].