Core Viewpoint - Tonghua Golden Horse announced a revenue of 650 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.12%, while net profit reached 16.804 million yuan, marking a significant increase of 34.77% [1] Financial Performance - The company's revenue for the first half of 2025 was 650 million yuan, showing a slight increase of 0.12% compared to the previous year [1] - Net profit for the same period was 16.804 million yuan, which represents a year-on-year growth of 34.77% [1] Dividend Policy - The company has decided not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Core Viewpoint - Tonghua Golden Horse (000766) is currently undergoing the normal review process for its new drug, Amber Tetrahydroaminoacridine Tablets, and will disclose relevant information according to regulations [1] Group 1 - The new drug is in the standard evaluation phase as confirmed by the company on August 14 [1] - The company will provide updates on the new drug's review progress based on the public information from the drug review center [1] - Investors are advised to pay attention to the company's announcements for further details [1]

Core Viewpoint - The company has indicated that it will determine its profit distribution plan based on relevant laws, regulations, and its articles of association, and investors should pay attention to future announcements regarding profit distribution [1] Group 1 - An investor inquired whether the company would achieve profitable dividends by 2025 [1] - The company responded affirmatively, stating that profit distribution will be based on legal and regulatory frameworks [1]

Core Viewpoint - Tonghua Golden Horse (000766) is currently undergoing a normal review process for its new drug, indicating that pauses during the review are a standard part of the drug evaluation process [1] Group 1 - The company is actively communicating with the Center for Drug Evaluation (CDE) and responding to relevant materials during the review process [1]

Core Viewpoint - Tonghua Golden Horse's new drug review is nearing approval according to the CDE workflow, with the company actively preparing for Phase IV clinical trials as part of its international strategic planning [2]. Group 1 - The company's new drug review process is in the final stages of approval [2]. - The clinical trials mentioned are not for supplementing Phase III data but are part of the company's market judgment and strategic planning [2]. - The company is preparing for Phase IV clinical trials focusing on deep research and expanding indications, which does not affect the current comprehensive review process of the new drug [2].

Core Viewpoint - The hepatitis concept sector has experienced a decline of 1.54%, ranking among the top declines in concept sectors, with notable declines in stocks such as Hanyu Pharmaceutical, New Sky Pharmaceutical, and Guangsheng Tang [1][2]. Sector Performance - The hepatitis concept sector saw a net outflow of 3.611 billion yuan, with 120 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2]. - The leading stocks in terms of net outflow include Hanyu Pharmaceutical with 256 million yuan, followed by Guangsheng Tang, Tonghua Jinma, and Zhendong Pharmaceutical with outflows of 189 million yuan, 159 million yuan, and 153 million yuan respectively [2][3]. Stock Performance - Among the stocks in the hepatitis concept sector, Hanyu Pharmaceutical declined by 8.91%, Guangsheng Tang by 6.56%, and Tonghua Jinma by 4.15% [3][4]. - Conversely, stocks such as Rejing Bio, Chengyi Pharmaceutical, and Furu Pharmaceutical saw increases of 10.97%, 5.41%, and 4.50% respectively [1][7]. Capital Flow - The main stocks with net inflows include Qianhong Pharmaceutical, Hailan Pharmaceutical, and Puni Testing, with inflows of 129 million yuan, 48.48 million yuan, and 24.35 million yuan respectively [2][7]. - The overall trend indicates a significant capital outflow from the hepatitis concept sector, reflecting investor sentiment and market dynamics [2][3].

天眼查商业履历信息显示，通化金马药业集团股份有限公司，成立于1993年，位于通化市，是一家以从 事医药制造业为主的企业。企业注册资本96649.4707万人民币，实缴资本96649.4707万人民币。公司法 定代表人为张玉富。 通过天眼查大数据分析，通化金马药业集团股份有限公司共对外投资了25家企业，参与招投标项目5000 次，知识产权方面有商标信息57条，专利信息34条，此外企业还拥有行政许可258个。 来源：金融界 金融界消息 截至2025年8月5日收盘，通化金马（000766）报收于23.16元，上涨0.09%，换手率1.95%， 成交量18.81万手，成交金额4.36亿元。 资金流向方面，今日主力资金净流出2171.97万元，占比成交额4.99%。其中，超大单净流出1706.29万 元、占成交额3.92%，大单净流出465.69万元、占成交额1.07%，中单净流出流入755.59万元、占成交额 1.73%，小单净流入1416.38万元、占成交额3.25%。 通化金马最新一期业绩显示，截至2025一季报，公司营业总收入2.99亿元、同比增长1.25%，归属净利 润1158.28万元，同比增长26.09% ...

Core Insights - The CSI 1000 Healthcare Index has shown significant growth, with a 13.89% increase over the past month, 24.30% over the last three months, and 27.10% year-to-date [1] Group 1: Index Performance - The CSI 1000 Healthcare Index is currently at 13651.50 points [1] - The index is designed to provide a diversified investment option by selecting liquid and representative securities from each industry [1] Group 2: Index Holdings - The top ten weighted stocks in the CSI 1000 Healthcare Index include: - Borui Pharmaceutical (3.51%) - Tonghua Golden Horse (2.65%) - Zai Lab (2.51%) - Zhongsheng Pharmaceutical (1.75%) - Zhaoyan New Drug (1.70%) - Anke Biotechnology (1.66%) - Yipinhong (1.63%) - Zuoli Pharmaceutical (1.59%) - Furuide (1.39%) - Dongcheng Pharmaceutical (1.33%) [1] - The index's market distribution shows that the Shanghai Stock Exchange accounts for 55.62%, while the Shenzhen Stock Exchange accounts for 44.38% [1] Group 3: Industry Composition - The industry composition of the CSI 1000 Healthcare Index is as follows: - Chemical drugs: 36.28% - Medical devices: 19.30% - Traditional Chinese medicine: 17.00% - Biological drugs: 14.30% - Medical commerce and services: 7.16% - Pharmaceutical and biotechnology services: 5.94% [2] Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments [2] - When a sample company is delisted, it will be removed from the index, and any mergers, acquisitions, or splits will be handled according to maintenance guidelines [2]

Group 1 - The company is currently in the normal review process for its new drug, Amber Batin Akridin Tablets, which has resumed evaluation after a pause [2] - The occurrence of pauses during the review process is a standard part of the professional and comprehensive evaluation of new drugs [2] - The company is actively communicating with the Center for Drug Evaluation (CDE) and responding to relevant materials during this process [2]

Core Points - The company is Tonghua Golden-Horse Pharmaceutical Industry Co., Ltd, established in 1993 and registered in Jilin Province, China [4][6][7] - The company aims to build a health industry chain and ecosystem, contributing to the modernization and internationalization of the national health industry while maximizing shareholder returns [9] - The registered capital of the company is RMB 966,494,707 [7] Chapter Summaries Chapter 1: General Principles - The company is established to protect the rights of shareholders, employees, and creditors, following the Company Law and Securities Law of the People's Republic of China [4] - The company has undergone several changes in its registration and licensing, including a name change to Tonghua Golden-Horse Pharmaceutical Industry Co., Ltd in 2000 [6][7] Chapter 2: Business Objectives and Scope - The business objectives include serving human health and contributing to the health industry [9] - The business scope includes manufacturing various pharmaceutical forms, research and development of traditional Chinese medicine, and medical project investments [9] Chapter 3: Shares - The company issues shares in the form of stocks, with a total of 966,494,707 shares issued, all being ordinary shares [10][21] - The company follows principles of fairness and transparency in share issuance [10] Chapter 4: Shareholders and Shareholder Meetings - Shareholders have rights to dividends, attend meetings, and supervise company operations [16] - The company must hold annual shareholder meetings within six months after the end of the fiscal year [25] Chapter 5: Board of Directors - The board of directors is responsible for the company's management and must act in the best interest of the company and its shareholders [18] - The company has provisions for independent directors and committees within the board [18] Chapter 6: Senior Management - Senior management includes the general manager, deputy general managers, and other key personnel [8] Chapter 7: Financial Accounting System, Profit Distribution, and Auditing - The company must adhere to a financial accounting system and undergo internal audits [8] Chapter 8: Notices and Announcements - The company is required to issue notices and announcements as per legal requirements [8] Chapter 9: Mergers, Divisions, Capital Increases, Reductions, Dissolution, and Liquidation - The company can merge, divide, increase or reduce capital, and dissolve according to legal procedures [8] Chapter 10: Amendments to the Articles - The company can amend its articles of association following the prescribed procedures [8] Chapter 11: Supplementary Provisions - The articles of association serve as a binding document for the company, shareholders, directors, and senior management [8]