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。 湖南景峰医药股份有限公司（以下简称"公司"或"景峰医药"）董事会于 2025 年 5 月 16 日收到股东平江县国有资产事务中心（以下简称"平江国资"） 出具的《关于提出湖南景峰医药股份有限公司 2024 年度股东大会临时提案的告 知函》，平江国资提议公司董事会将《关于选举刘树林为景峰医药第八届董事会 非独立董事候选人的议案》提交至公司 2024 年度股东大会审议。 根据《中华人民共和国公司法》《上市公司股东会规则》的规定，单独或者 合计持有公司百分之一以上股份的股东，可以在股东大会会议召开十日前提出临 时提案并书面提交董事会。董事会应当在收到提案后二日内通知其他股东，并将 该临时提案提交股东大会审议。经核查，截至临时提案提出之日，股东平江国资 持有公司股份 11,083,369 股，占总股本的 1.26%，具有提出临时提案的资格， 且该临时提案属于股东大会的职权范围，具有明确的议题和具体决议事项，符合 《中华人民共和国公司法》《上市公司股东会规则》和《公司章程》的相关规定。 公司董事会同意将该临时提案提交至公司 ...

Investment Rating - The report maintains a positive outlook on the innovative drug sector within the healthcare industry [1]. Core Insights - The pharmaceutical sector outperformed the CSI 300 index slightly, with the Shenwan Pharmaceutical and Biological Index rising by 1.27% from May 12 to May 16, 2025, and by 2.48% year-to-date, ranking 11th among 31 Shenwan primary industry indices [1][12]. - The current valuation of the pharmaceutical sector stands at 26.80 times (TTM overall method, excluding negative values), with a premium of 141.06% compared to the CSI 300 index [15]. - The innovative drug segment is experiencing a pullback due to U.S. President Trump's announcement regarding drug price reductions, but the report suggests that the actual implementation of such policies will be challenging and will not significantly impact Chinese innovative drug companies' international expansion [3][20]. Summary by Sections 1. Market Review - The pharmaceutical sector's performance from May 12 to May 16, 2025, showed a 1.27% increase, outperforming the CSI 300 index by 0.15 percentage points [10]. - Year-to-date, the sector has increased by 2.48%, surpassing the CSI 300 index by 3.64 percentage points [12]. 2. Key Events - On May 12, 2025, President Trump announced plans to sign an executive order aimed at reducing prescription drug prices in the U.S., potentially lowering prices by 30% to 80% [19]. 3. Industry Perspective - The innovative drug sector is expected to continue as a key investment theme for 2025, with a focus on international expansion and emerging markets, particularly in companies like Kexing Pharmaceutical [4][21]. - The report highlights that the ongoing collection and procurement policies in various pharmaceutical fields are accelerating, with potential growth in segments like insulin and orthopedics [4][21].

Group 1 - As of May 16, three ST companies, *ST Aonong, ST Muyao, and *ST Kexin, announced the removal of their ST labels, bringing the total number of companies that have "un-capped" this year to over 20 [1] - In April and May, three listed companies from Hunan successfully removed their ST labels, with two more applying for the same [1] - The three Hunan companies that successfully "un-capped" are Bubugao, Jiuzhitang, and Youkeshu [1] Group 2 - ST Bubugao successfully "un-capped" on April 21, attributed to successful restructuring and the introduction of the Pang Donglai model, enhancing its competitive advantage [1] - ST Bubugao's fresh product category gross margin increased to 22%, exceeding the industry average by 15 percentage points, and its unique brand ratio in shopping centers is expected to reach 31% by 2024 [1] - For Q1 2025, ST Bubugao reported earnings per share of 0.04 yuan and a net profit of 119.04 million yuan, with a year-on-year growth rate of 488.44% [1] Group 3 - ST Jiuzhitang successfully "un-capped" on May 7, focusing on the production and sales of hepatitis and blood supplement series drugs [2] - The company rectified internal control deficiencies that led to a negative audit opinion last year, and announced a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan [2] Group 4 - *ST Youkeshu completed its restructuring and changed its name to "Youkeshu," focusing on B2C cross-border e-commerce [2] - The company reported a debt restructuring gain of 210 million yuan, with a net profit of 17,290 yuan for Q1 2025, reflecting a year-on-year growth rate of 105.80% [2] Group 5 - *ST Kaiyuan announced a cash asset donation of 230 million yuan from an affiliate, leading to a positive net asset position by the end of 2024 [3] - *ST Jingfeng is in the pre-restructuring phase and has applied to remove its delisting risk warning after achieving a positive net asset position for 2024 [3]

债券代码：112468 债券简称：16景峰01 摩根士丹利证券（中国）有限公司 关于 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） 2025 年 5 月 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持有人权益有重大影响的事项。 根据《公司债券受托管理人执业行为准则》《公司债券发行与交易管理办法》 等相关规定及本期债券《受托管理协议》的约定，摩根士丹利证券特此出具本受 托管理事务临时报告。根据景峰医药于2025年5月10日披露的《关于子公司增资 暨公司放弃权利的关联交易进展公告》（公告编号：2025-043），现就相关情况 报告如下： 一、交易概述 景峰医药分别于2025年4月8日、4月24日召开了第八届董事会第三十七次会 议、2025年第一次临时股东大会，会议审议通过了《关于子公司增资暨公司放弃 权利的 ...

具体内容详见公司分别于 2025 年 4 月 9 日、4 月 25 日在巨潮资讯网上披露 的《关于子公司增资暨公司放弃权利的关联交易公告》（公告编号：2025-022） 及《2025 年第一次临时股东大会决议公告》（公告编号：2025-029）。 二、交易进展情况 证券代码：000908 证券简称：*ST 景峰 公告编号：2025-043 湖南景峰医药股份有限公司 关于子公司增资暨公司放弃权利的关联交易进展公告 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。 一、交易概述 湖南景峰医药股份有限公司（以下简称"公司"）分别于 2025 年 4 月 8 日、 4 月 24 日召开了第八届董事会第三十七次会议、2025 年第一次临时股东大会， 会议审议通过了《关于子公司增资暨公司放弃权利的关联交易议案》，同意公司 子公司常德景诚医药科技有限公司（以下简称"常德景诚"）与石药控股集团有 限公司、常德市德源招商投资有限公司、上海石药国方先导一期创业投资合伙企 业（有限合伙）共同向常德景诚子公司常德景泽医药科技有限公司（以下简称"常 德景泽"）增资，并由常德景泽参与大连德 ...

证券代码：000908 证券简称：*ST 景峰 公告编号：2025-042 湖南景峰医药股份有限公司 股票交易异常波动的公告 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。 特别风险提示： 1、湖南景峰医药股份有限公司（以下简称"公司"）已进入预重整程序， 公司能否进入重整程序尚存在不确定性。鉴于上市公司重整申请审查流程较为 复杂，本次重整申请能否被受理存在重大不确定性。 2、石药控股集团有限公司（以下简称"石药集团"）虽已中选为预重整 投资人且签署《重整投资协议》，但重整事项仍面临多重不确定性，包括但不 限于重整方案的最终确定、权益调整安排、重整投资款项支付、股价及重整投 资成本、重整投资人内部审议程序、司法审查程序、债权人会议审议结果及股 东大会审议结果等。因此，石药集团最终能否参与重整并执行完毕重整计划尚 存在重大不确定性。 3、公司因 2023 年经审计的期末净资产为负值，公司股票自 2024 年 5 月 6 日起被实施退市风险警示；大信会计师事务所（特殊普通合伙）（以下简称 "大信"）对公司 2023 年度内部控制出具了否定意见的审计报告，公司 20 ...

Core Viewpoint - In April 2025, Hunan Jingfeng Pharmaceutical Co., Ltd. released its 2024 annual report, revealing significant changes in key financial indicators such as revenue, net profit, and cash flow, indicating potential operational challenges and risks for investors [1] Financial Performance Summary - **Revenue**: The company reported a revenue of 416,031,777.19 yuan in 2024, a decrease of 36.67% from 656,893,837.84 yuan in 2023. The pharmaceutical business accounted for 94.05% of total revenue, declining by 37.86% [2] - **Net Profit**: The net profit attributable to shareholders was 152,304,308.31 yuan, a turnaround from a loss of 236,100,444.69 yuan in 2023. However, the net profit excluding non-recurring items was -76,117,930.25 yuan, indicating weak core business profitability [3] - **Earnings Per Share**: Basic earnings per share improved to 0.1731 yuan from -0.2684 yuan in 2023, while the diluted earnings per share excluding non-recurring items was -0.0865 yuan, highlighting the disparity in earnings quality [4] Expense Analysis - **Sales Expenses**: Sales expenses decreased by 60.51% to 137,032,632.93 yuan from 347,051,196.83 yuan in 2023, potentially impacting market promotion and sales performance [5] - **Management Expenses**: Management expenses fell by 28.09% to 112,695,669.98 yuan, reflecting successful cost reduction measures [6] - **Financial Expenses**: Financial expenses remained stable at 40,282,025.19 yuan, indicating ongoing debt pressure, with a notable bond balance of 185 million yuan due [7] Cash Flow Analysis - **Operating Cash Flow**: The net cash flow from operating activities turned negative at -5,550,958.03 yuan, down 115.83% from 35,063,943.44 yuan in 2023, indicating weakened cash generation ability [10] - **Investing Cash Flow**: The net cash flow from investing activities was positive at 64,489,461.03 yuan, a recovery from -9,366,822.30 yuan in 2023, primarily due to asset disposals [11] - **Financing Cash Flow**: The net cash flow from financing activities improved to -10,724,112.52 yuan from -192,978,032.40 yuan in 2023, reflecting a need for improved financing conditions [12] Overall Assessment - Despite achieving a net profit turnaround, the company faces challenges with declining revenue, deteriorating cash flow, and reduced R&D investment, which may impact future growth potential. Investors should closely monitor the company's restructuring process, market strategy adjustments, and cost control efforts to assess investment value and risks [1]

湖南景峰医药股份有限公司 审 计 报 告 大信审字[2025]第 1-00019 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 审 计 报 告 大信审字[2025]第 1-00019 号 湖南景峰医药股份有限公司全体股东： 一、审计意见 我们审计了湖南景峰医药股份有限公司（以下简称"景峰医药"）的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利 ...

湖南景峰医药股份有限公司 内控审计报告 大信审字[2025]第 1-02833 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2025]第 1-02833 号 湖南景峰医药股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了湖 南景峰医药股份有限公司（以下简称"景峰医药"）2024 年 12 月 31 日的财务报告内部控制的 ...

湖南景峰医药股份有限公司 非经营性资金占用及其他关 联资金往来情况汇总表的专 项审计报告 大信专审字[2025]第 1-02401 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 非经营性资金占用及其他关联资金往来情况汇总表的 专项审计报告 大信专审字[2025]第 1-02401 号 湖南景峰医药股份有限公司全体股东： 我们接受委托，审计了湖南景峰医药股份有限公司（以下简称"景峰医药"）的财务报 ...