债券代码：112468 债券简称：16景峰01 湖南景峰医药股份有限公司 2016 年面向合格投资者公开发行公司债券 （第一期） 受托管理事务临时报告 债券受托管理人 （注册地址：中国（上海）自由贸易试验区世纪大道 100 号上海环球金融中心 75 楼 75T30 室） 摩根士丹利证券（中国）有限公司 关于 2025 年 8 月 1 重要声明 摩根士丹利证券（中国）有限公司（以下简称"摩根士丹利证券"）编制 本报告的内容及信息均来源于湖南景峰医药股份有限公司（以下简称"景峰医 药"、"公司"、"发行人"）对外披露的公告及相关公开信息披露文件。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为摩根士丹利证券 所作的承诺或声明。在任何情况下，未经摩根士丹利证券书面许可，不得用作 其他任何用途，投资者依据本报告所进行的任何作为或不作为，摩根士丹利证 券不承担任何责任。 2 摩根士丹利证券作为湖南景峰医药股份有限公司2016年面向合格投资者公 开发行公司债券（第一期）（以下简称"16景峰01"或"本期债券"）的受托管 理人，持续密切关注对该等债券 ...

Core Viewpoint - ST Jingfeng (000908) reported a decline in total revenue and a negative net profit for the first half of 2025, indicating increased short-term debt pressure and a need for careful financial management [1]. Financial Performance - Total revenue for the first half of 2025 was 183 million yuan, a decrease of 9.47% year-on-year [1]. - The net profit attributable to shareholders was -32.57 million yuan, showing a slight improvement of 1.47% compared to the previous year [1]. - In Q2 2025, total revenue was 83.28 million yuan, down 18.36% year-on-year, with a net profit of -20.67 million yuan, an increase of 35.27% year-on-year [1]. - The gross profit margin improved to 65.33%, up 3.78% year-on-year, while the net profit margin decreased to -17.55%, down 18.26% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 140 million yuan, accounting for 76.15% of revenue, an increase of 5.71% year-on-year [1]. Cash Flow and Debt Management - The net cash flow from operating activities decreased by 110.18%, attributed to reduced revenue [4]. - The net cash flow from investing activities saw a significant decline of 4405.63%, due to investments in Changde Jingze [5]. - The net cash flow from financing activities increased by 39.33%, linked to changes in bank financing [6]. - The net increase in cash and cash equivalents dropped by 1350.06%, also due to investments in Changde Jingze [7]. - The liquidity ratio stood at 0.19, indicating potential liquidity issues [1][10]. Historical Performance and Business Model - The company's historical return on invested capital (ROIC) was 46.16% last year, but the median ROIC over the past decade was only 0.82%, indicating weak investment returns historically [8]. - The company has reported losses in 12 out of 26 annual reports since its listing, suggesting a generally poor financial track record [8]. - The business model relies heavily on marketing-driven performance, necessitating a thorough examination of the underlying drivers [9].

Group 1 - The chemical pharmaceutical sector increased by 2.53% on August 25, with Shutaishen leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - Notable gainers in the chemical pharmaceutical sector included: - Buzoushen (300204) with a closing price of 61.00, up 16.17% and a trading volume of 445,500 shares [1] - Haichen Pharmaceutical (300584) with a closing price of 58.95, up 13.61% and a trading volume of 217,200 shares [1] - Changshan Pharmaceutical (300255) with a closing price of 53.25, up 12.84% and a trading volume of 683,900 shares [1] Group 2 - The chemical pharmaceutical sector experienced a net outflow of 426 million yuan from institutional investors, while retail investors saw a net inflow of 509 million yuan [2] - The top stocks by net inflow from retail investors included: - Anglikang (002940) with a net inflow of 163 million yuan, representing 22.87% of its trading volume [3] - Haichen Pharmaceutical (300584) with a net inflow of 132 million yuan, representing 10.90% of its trading volume [3] - Lingkang Pharmaceutical (603669) with a net inflow of 64.68 million yuan, representing 37.53% of its trading volume [3]

Core Viewpoint - ST Jingfeng (000908) reported a decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges [1] Financial Performance - The company achieved an operating income of 183 million yuan, a year-on-year decrease of 9.47% [1] - The net profit was -32.57 million yuan, showing a year-on-year increase of 1.47% [1] - Basic earnings per share were -0.0370 yuan [1] - The weighted average return on equity (ROE) was -49.70% [1]

Core Viewpoint - The company, Hunan Jingfeng Pharmaceutical Co., Ltd., has reported no cash dividends or stock bonuses for the current reporting period, and it has acknowledged accounting errors that require adjustments to previous financial statements [3][4]. Company Overview - Hunan Jingfeng Pharmaceutical Co., Ltd. has not experienced significant changes in its operational status during the reporting period [6]. Financial Data and Indicators - The company issued "16 Jingfeng 01" bonds with a principal of 800 million yuan, of which 505.36 million yuan has been repaid, leaving 294.64 million yuan overdue as of December 31, 2023. The latest extension agreement for repayment is set until June 30, 2024 [4]. - The company has calculated that it needs to accrue additional penalties of 20.96 million yuan for 2023 and 9.26 million yuan for the first half of 2024 due to the default situation triggered by the inability to repay the principal [4]. Shareholder Information - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [6].

Core Viewpoint - The report highlights the financial performance and operational strategies of Hunan Jingfeng Pharmaceutical Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit, while emphasizing the company's focus on key therapeutic areas and ongoing product development [1][5][22]. Company Overview and Financial Indicators - Hunan Jingfeng Pharmaceutical Co., Ltd. is listed on the Shenzhen Stock Exchange under the stock code 000908, with a focus on pharmaceutical manufacturing [2][3]. - The company reported a revenue of approximately 183.39 million yuan, a decrease of 9.47% compared to the previous year [4][22]. - The net profit attributable to shareholders was approximately -32.57 million yuan, reflecting a decline of 1.47% [4][22]. - The total assets at the end of the reporting period were approximately 939.98 million yuan, down 3.82% from the previous year [4]. Business Operations - The company operates primarily in the pharmaceutical manufacturing sector, with a focus on cardiovascular diseases, orthopedic pain, oncology, and pediatric medicine [5][6]. - The product pipeline includes key medications such as heart and brain capsules, sodium hyaluronate injections, and various oncology drugs [6][13]. - The company has established a comprehensive marketing network covering all 31 provinces and regions in China, focusing on both public and private hospitals [18][19]. Financial Performance Analysis - The company's operating costs decreased by 15.29% to approximately 63.59 million yuan, while sales expenses increased by 7.72% to approximately 82.71 million yuan [22]. - The gross margin for the pharmaceutical segment was reported at 66.82%, with a notable decrease in the gross margin for injection products [22]. - The company experienced a significant drop in cash flow from operating activities, reporting a net outflow of approximately -1.67 million yuan, a decline of 110.18% [22]. Market Position and Competitive Advantage - The company has successfully secured multiple bids in the orthopedic and oncology sectors, demonstrating strong market influence and competitive strength [15][16]. - The focus on innovative drug development and adherence to Good Manufacturing Practices (GMP) ensures high-quality production standards [10][12]. - The company is actively involved in government procurement programs, which enhances its market presence and sales performance [18][19]. Future Outlook - The company aims to diversify its product pipeline, focusing on high-end formulations and expanding its presence in the hyaluronic acid market [17]. - Ongoing research and development efforts are directed towards enhancing existing products and introducing new therapies to meet market demands [12][19].

Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments [2][5]. Financial Performance - The company's operating revenue for the reporting period was approximately 202.58 million yuan, a decrease of 9.47% compared to the same period last year [2][3]. - The net profit attributable to shareholders was approximately -33.05 million yuan, reflecting a slight improvement of 1.47% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was approximately -26.50 million yuan, down by 12.50% from the previous year [2][3]. - The basic and diluted earnings per share were both -0.0370 yuan, showing a 1.60% increase compared to the previous period [3]. Cash Flow and Assets - The net cash flow from operating activities was -1.67 million yuan, a significant decline of 110.18% compared to the previous year [3]. - Total assets at the end of the reporting period were approximately 939.98 million yuan, down 3.82% from the previous year [3]. - The net assets attributable to shareholders decreased by 39.79% to approximately 81.80 million yuan [3]. Debt and Compliance - The company has faced issues with bond repayments, with overdue principal amounting to approximately 29.46 million yuan, triggering a default situation [3][4]. - The company has entered into multiple extension agreements with bondholders, with the latest extension set until June 30, 2024 [3][4]. Shareholder Information - The top ten shareholders include individuals and state-owned entities, with the largest shareholder holding 13.74% of the shares [4]. - There were no changes in the controlling shareholder or actual controller during the reporting period [4][5]. Important Matters - No significant changes in the company's operational situation were reported during the period [5].

Group 1 - The core viewpoint of the article highlights ST Jingfeng's financial performance, indicating a decline in revenue and continued net losses in the first half of 2025 compared to the previous year [1] - ST Jingfeng reported an operating revenue of approximately 183 million yuan for the first half of 2025, representing a year-on-year decrease of 9.47% [1] - The net loss attributable to shareholders for the same period was approximately 32.57 million yuan, with a basic loss per share of 0.037 yuan [1] - In comparison, the operating revenue for the first half of 2024 was about 203 million yuan, with a net loss of approximately 33.05 million yuan and a basic loss per share of 0.0376 yuan [1] Group 2 - As of the report, ST Jingfeng's market capitalization stands at 5.2 billion yuan [2]

湖南景峰医药股份有限公司 2025 年半年度财务报告 湖南景峰医药股份有限公司 2025 年半年度财务报告 (未经审计) 2025 年 8 月 1 湖南景峰医药股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：湖南景峰医药股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 25,625,164.60 | 85,523,763.96 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 100,000.00 | 8,729,861.68 | | 应收账款 | 68,178,281.27 | 61,404,601.27 | | 应收款项融资 | | | | 预付款项 | 5,477,354.27 | 5,016,762.01 | | 应收保费 | | | | ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：湖南景峰医药股份有限公司 单位：人民币万元 | | 公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 四川高华企业管理有 | 本公司之子公司 | 其他应收款 | 59.30 | | | | 59.30 | 项目开发费 | 经营性往来 | | 限公司 | 之小股东 | | | | | | | | | | 马鹰军 | 本公司之子公司 | 其他应收款 | 1,930.00 | | | | 1,930.00 | 股权转让款 | 经营性往来 | | | 之小股东 | | | | | | | | | | 总计 | | | 15,083.29 | 6,308.61 | 0 | 6,104.7 | 15,287.2 | | | 法定代表人：刘树林 主管会计工作负责人：马学红 会计机构负责人：汤艳 | | 资金占用方名称 | 占用方与上市公司 | 上市公司核算的会 | 2025 年期初占 | 2025 年半年度占用累 | 2025 年半 ...