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 10 月 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持有人权益有 ...

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 景峰医药于2025年10月21日收到湖南省常德市中级人民法院（以下简称"常 德中院"或者"法院"）送达的（2024）湘07破申7号《民事裁定书》和（2025） 湘07破15号《决定书》，裁定受理彭东钜、上海鑫绰投资管理有限公司（以下统 称"申请人"）对公司的重整申请，并指定北京市中伦律师事务所担任公司管理 人。详见公司于同日披露的《关于法院裁定受理公司重整并指定管理人及公司股 票交易将被实施退市风险警示暨公司股票停复牌并变更证券简称的公告》（公告 编号：2025-075）。 （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 10 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 ...

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 10 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 experienced extreme volatility in its stock price, moving from a limit-up to a limit-down situation, indicating significant market fluctuations and investor sentiment shifts [2] Trading Performance - The stock recorded a trading volume of 50.68 million shares and a transaction value of 406 million yuan, reflecting high trading activity [2] - The stock exhibited a price fluctuation of 9.91% and a turnover rate of 5.76%, indicating substantial investor interest and volatility [2] - The amount of sell orders at the limit-down price reached 2.96 million yuan, suggesting strong selling pressure [2]

Core Viewpoint - *ST Jingfeng (000908.SZ) reported its Q3 2025 results, highlighting the presence of institutional investors holding a significant stake in the company [1] Group 1: Institutional Holdings - As of October 28, 2025, there are 2 institutional investors disclosing their holdings in *ST Jingfeng A-shares, totaling 125 million shares [1] - The total shares held by institutional investors account for 14.18% of *ST Jingfeng's total share capital [1] - The institutional investors include China Great Wall Asset Management Co., Ltd. and Pingjiang County State-owned Assets Administration Center, with the combined holding percentage remaining unchanged [1]

Market Overview - Major market indices opened higher, with the Shanghai Composite Index rising by 0.05% to 3990.27 points, the Shenzhen Component Index increasing by 0.40% to 13484.01 points, and the ChiNext Index up by 1.07% to 3263.98 points [1] Stock Performance - A total of 1761 stocks rose at the opening, with 11 stocks hitting the daily limit up. Notable performers included *ST Wanfang with 11 consecutive limit ups over 13 days, ST Zhongdi with 9 consecutive limit ups, and Pingtan Development with 7 limit ups over 9 days [1] - Conversely, 2802 stocks declined at the opening, with 6 stocks hitting the daily limit down, including *ST Suwu and *ST Heke [1] Price Continuity - Among stocks that hit the limit up yesterday, 9 stocks continued to rise at the opening today, including Pingtan Development and Shikong Technology. Stocks that opened lower included Yashi Chuangneng, Geer Software, and *ST Nanzhi, with declines of 5.20%, 5.04%, and 4.83% respectively [1] - From the stocks that hit the limit down yesterday, 4 stocks continued to decline today, including *ST Suwu and *ST Heke [1]

Company Updates - *ST Jingfeng announced the resignation of director Yang Dong due to personal reasons, effective immediately, and he will no longer hold any position within the company [1] - The board of directors has approved the nomination of Lian Qizhi as a non-independent director candidate, who will also serve on the audit committee and the remuneration and assessment committee upon election [1] Financial Performance - For the first half of 2025, *ST Jingfeng's revenue composition is as follows: pharmaceuticals account for 93.8%, while other segments account for 6.2% [1]

Company Performance - *ST Jingfeng reported a revenue of approximately 272 million yuan for the first three quarters of 2023, representing a year-on-year decrease of 7.75% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 44.56 million yuan [1] - The basic earnings per share showed a loss of 0.0507 yuan [1] Market Context - As of the report, *ST Jingfeng's market capitalization stood at 7.1 billion yuan [2] - The A-share market has recently surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with a new "slow bull" market pattern emerging [2]

Core Viewpoint - Hunan Jingfeng Pharmaceutical Co., Ltd. (*ST Jingfeng) has shown a reverse trend in performance improvement, with a net profit of 11.9975 million yuan in Q3 2025, representing a year-on-year increase of 23.91% [1] Group 1: Debt Restructuring and Financial Improvement - The orderly progress of the restructuring process has injected vital energy into *ST Jingfeng, significantly alleviating debt pressure [2] - The company has reached agreements with bondholders to effectively reduce financial costs, improving the quality of financial statements [2] - Capital injection and debt waivers have collectively supplemented working capital and optimized the asset-liability structure, creating conditions for the recovery of core business [2] Group 2: Asset Optimization and Cash Flow Improvement - *ST Jingfeng has optimized resource allocation through asset disposals, leading to a significant improvement in cash flow [3] - The company has implemented cost reduction and efficiency enhancement measures, improving the efficiency of fund utilization [3] - By divesting loss-making subsidiaries and focusing on core product lines, the company has laid a foundation for improved operational efficiency [3] Group 3: Market Expansion and R&D Support - The company's core products have achieved volume growth through successful bids in centralized procurement, becoming a key support for revenue growth [4] - The collaboration with Shijiazhuang Pharmaceutical Group is expected to activate the value of existing assets, providing a rebirth opportunity for *ST Jingfeng [4] - Short-term financial improvements are driving performance rebounds, while long-term sustainability will depend on the volume growth of core products and R&D conversion efficiency [4]

Financial Performance - The company's operating revenue for Q3 2025 was ¥88,468,069.36, a decrease of 3.97% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2025 was ¥11,997,449.39, representing an increase of 23.91% year-on-year[5]. - The net cash flow from operating activities increased by 32.02% to ¥30,237,660.00 for the year-to-date period[11]. - Total operating revenue decreased to ¥271,855,932.89 from ¥294,702,061.41, a decline of approximately 7.3% year-over-year[22]. - Net profit for the period was a loss of ¥43,275,302.08, compared to a loss of ¥49,537,995.02 in the previous period, showing an improvement of approximately 12.9%[24]. - The total comprehensive income for the period was a loss of ¥43,144,469.50, compared to a loss of ¥49,390,479.30 in the previous period, reflecting an improvement of approximately 12.5%[24]. Assets and Liabilities - The total assets at the end of the reporting period were ¥877,985,236.43, down 6.60% from the previous year-end[5]. - The company's total liabilities decreased to ¥915,740,332.36 from ¥955,113,140.50, a reduction of about 4.1%[20]. - The equity attributable to shareholders decreased by 54.40% to ¥37,298,014.96 compared to the previous year-end[5]. - The company's current liabilities totaled CNY 787,923,945.80, a decrease from CNY 904,732,064.73 at the beginning of the period[19]. - The company has outstanding principal of CNY 29,463.92 million on its "16 Jingfeng 01" bonds, which have not been repaid as of December 31, 2023[17]. Cash Flow and Financing - Cash and cash equivalents decreased to CNY 26,144,344.03 from CNY 85,523,763.96[18]. - Cash flow from operating activities generated ¥30,237,662.81, an increase from ¥22,904,392.10 in the previous period, representing a growth of approximately 32.3%[25]. - Total cash inflow from financing activities was $20,000,000.00, while cash outflow reached $152,753,968.54, resulting in a net cash flow of -$132,753,968.54[26]. - Cash outflow for debt repayment was $143,283,819.51, indicating a substantial commitment to servicing existing debt[26]. Restructuring and Legal Matters - The company has entered a restructuring process as of the report date, aiming to improve its asset-liability structure and operational status[16]. - The company has initiated pre-restructuring proceedings to enhance the feasibility of its restructuring plan[15]. - The company has appointed Beijing Zhonglun Law Firm as the administrator for its restructuring process[15]. - If the restructuring fails, the company faces the risk of bankruptcy and potential delisting of its shares[16]. - The company has ongoing issues with bond repayments, with ¥29,463.92 million still overdue as of December 31, 2023[6]. Accounting and Reporting - The company plans to adjust its financial statements to correct previous accounting errors, which may impact future reports[7]. - The company did not undergo an audit for the third quarter financial report[27]. - The financial report for the third quarter is unaudited, which may impact investor confidence[27]. - The company plans to implement new accounting standards starting in 2025, which may affect financial reporting[28]. Other Financial Metrics - The basic earnings per share improved by 24.02% to -0.0136 for Q3 2025 compared to the same period last year[5]. - Research and development expenses were ¥7,735,744.64, slightly down from ¥8,558,779.13, indicating a decrease of about 9.6% year-over-year[22]. - The company reported an investment income of ¥1,395,768.83, compared to a loss of ¥432,127.99 in the previous period, marking a significant turnaround[22]. - Basic and diluted earnings per share were both reported at -0.0507, an improvement from -0.0555 in the previous period[24]. - The company reported a non-recurring loss of ¥7,537,377.97 for the current reporting period[9].