Market Performance - As of August 18, the Shanghai Composite Index rose by 0.85%, closing at 3728.0273 points [1] - The Shenzhen Component Index increased by 1.73%, closing at 11835.572 points [1] Top Gainers in Hunan Stocks - Changlan Technology opened at 20.030 and closed at 21.130, with a daily increase of 9.99% and a trading volume of 460,259 lots [2] - *ST Gauss opened at 8.370 and closed at 8.580, rising by 5.02% with a trading volume of 36,994 lots [2] - Tuowei Information opened at 32.600 and closed at 33.790, up by 4.71% and a trading volume of 2,171,164 lots [2] - Jiugui Liquor opened at 50.620 and closed at 52.450, increasing by 3.59% with a trading volume of 158,619 lots [2] - Hunan Development opened at 12.640 and closed at 12.930, up by 2.86% with a trading volume of 234,758 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, decreasing by 11.76% with a trading volume of 611,606 lots [3] - Shanhe Intelligent opened at 19.020 and closed at 18.800, down by 2.64% with a trading volume of 2,368,356 lots [3] - Aoshikang opened at 39.420 and closed at 38.810, falling by 2.04% with a trading volume of 87,629 lots [3] - Hualing Steel opened at 5.590 and closed at 5.480, down by 1.97% with a trading volume of 122,223 lots [3] - ST Jingfeng opened at 5.800 and closed at 5.730, decreasing by 1.21% with a trading volume of 15,009 lots [3]

Group 1 - The core point of the article highlights that ST Jinfeng's shareholders have a pledge ratio of 12.44% of the total share capital, ranking 751st in the two markets as of August 15 [1] - ST Jinfeng's shareholders have pledged a total of 10.9 million shares across 11 transactions, with a total pledged market value of 635 million yuan [1] - The main business of Hunan Jinfeng Pharmaceutical Co., Ltd. includes the research, manufacturing, and sales of pharmaceutical products, with key products including various injections and capsules that are unique or under national medical insurance categories [1] Group 2 - Over the past year, ST Jinfeng's stock has increased by 137.70% [1]

Company Overview - Hunan Jingfeng Pharmaceutical Co., Ltd. specializes in the research, manufacturing, and sales of pharmaceutical products, with key products including various injections and capsules, many of which are unique in the market and covered by national health insurance [2]. Financial Performance - For Q1 2025, the company reported revenue of 100 million yuan, a year-on-year decrease of 0.46%, and a net loss of approximately 11.90 million yuan, representing a significant year-on-year decline of 960.04%. The gross profit margin stood at 66.62% [3]. Market Position - As of August 14, ST Jingfeng's closing price was 5.77 yuan, with a rolling price-to-earnings (PE) ratio of 35.87 times. The company's total market capitalization is 5.076 billion yuan. In comparison, the average PE ratio for the chemical pharmaceutical industry is 66.15 times, with a median of 35.63 times, placing ST Jingfeng at the 91st position in the industry ranking [1][3]. Capital Flow - On August 14, ST Jingfeng experienced a net outflow of 12.84 million yuan in principal funds, continuing a trend of outflows over the past five days, totaling 19.22 million yuan [1].

Group 1 - The core point of the article highlights that ST Jinfeng's shareholders have a pledge ratio of 12.56% of the total share capital, ranking 745th in the market as of August 8 [1] - ST Jinfeng's shareholders have pledged a total of 111 million shares across 11 transactions, with a total market value of 663 million yuan [1] - The company, Hunan Jinfeng Pharmaceutical Co., Ltd., specializes in the research, manufacturing, and sales of pharmaceutical products, with key products including various injections and capsules that are unique or included in national medical insurance [1] Group 2 - Over the past year, ST Jinfeng's stock has increased by 133.46%, indicating significant growth in its market performance [1]

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 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 ...

Company Overview - Hunan Jingfeng Pharmaceutical Co., Ltd. specializes in the research, manufacturing, and sales of pharmaceutical products, with a diverse product line including unique national insurance drugs and various injectable solutions [2]. Financial Performance - For Q1 2025, the company reported revenue of 100 million yuan, a year-on-year decrease of 0.46%, and a net loss of approximately 11.9 million yuan, representing a significant year-on-year decline of 960.04%. The gross profit margin stood at 66.62% [3]. Market Position - As of August 4, ST Jingfeng's stock closed at 5.94 yuan, down 1.16%, with a rolling price-to-earnings (PE) ratio of 36.92 times. The company's total market capitalization is 5.226 billion yuan [1]. - In comparison to the chemical pharmaceutical industry, which has an average PE ratio of 65.00 times and a median of 35.58 times, ST Jingfeng ranks 93rd in the industry [1][3]. Capital Flow - On August 4, the company experienced a net outflow of 3.8761 million yuan in principal funds, continuing a trend of outflows over the past five days, totaling 37.949 million yuan [1].

Group 1 - The core point of the article highlights that ST Jingfeng's shareholders have a pledge ratio of 12.63% of the total share capital, ranking 749th in the market as of the last trading day on August 1 [1] - ST Jingfeng's shareholders have pledged a total of 111 million shares across 11 transactions, with a total market value of 668 million yuan [1] - The company specializes in the research, manufacturing, and sales of pharmaceutical products, with key products including various injection solutions and capsules, many of which are unique in the national market and included in the national medical insurance [1] Group 2 - The stock price of ST Jingfeng has increased by 199.00% over the past year [1] - The chairman of the company is Zhang Li [1]

Group 1 - The core point of the article highlights the financial performance and stock activity of ST Jingfeng (000908) as of August 1, 2025, with a closing price of 6.01 yuan, a slight increase of 0.17%, and a trading volume of 14.73 million hands, amounting to 88.27 million yuan in transaction value [1] - The company reported a total operating revenue of 100 million yuan for Q1 2025, reflecting a year-on-year decrease of 0.46%, while the net profit attributable to shareholders was 11.90 million yuan, down 960.04% year-on-year [1] - The liquidity ratios of the company are concerning, with a current ratio of 0.242, a quick ratio of 0.188, and a high debt-to-asset ratio of 102.85% [1] Group 2 - ST Jingfeng has made investments in 27 companies and participated in 13 bidding projects, indicating active engagement in business expansion [2] - The company holds 2 trademark registrations and 3 patents, showcasing its focus on intellectual property [2] - ST Jingfeng has one administrative license, which may reflect its compliance and operational capabilities within the pharmaceutical industry [2]

Core Points - The controlling shareholder Ye Xiangwu and his concerted parties have experienced a change in equity that has reached a 1% integer multiple due to forced execution of shares [1][2] - As of July 31, 2025, Ye Xiangwu and his concerted parties' total shareholding in the company has decreased to 13.22% [2] Summary by Sections Shareholder Information - Ye Xiangwu and his concerted parties guarantee that the information provided to the company is true, accurate, and complete [1] - The forced execution involves 8.75 million shares of "ST Jingfeng," accounting for 0.99% of the company's total share capital [1] Changes in Shareholding - The shareholding change is attributed to various factors including forced selling through centralized bidding and the lifting of restrictions on executive shares [2] - The change in shareholding is based on the detailed equity change report disclosed on June 15, 2022, which did not initially recognize Bi Yuan as a concerted party [2]

Core Viewpoint - The report outlines the financial difficulties faced by Hunan Jingfeng Pharmaceutical Co., Ltd., including overdue debts and the company's inability to repay loans on time, which may lead to significant operational impacts [2][4][6]. Debt Maturity Overview - The company signed a loan agreement with Huaxia Bank Shanghai Branch for 138 million yuan, with an initial term from February 9, 2023, to February 9, 2024, which was later extended to January 27, 2025 [2]. - A supplementary guarantee agreement was signed, changing collateral and pledges for a loan of 117 million yuan, with a new repayment date set for July 27, 2025, at a fixed interest rate of 4.55% [3]. Debt and Guarantee Status - As of July 27, 2025, the company anticipates an inability to repay the principal and interest of 117.1 million yuan, with total overdue debts amounting to 155.96 million yuan, representing 190.66% of the company's audited net assets [4][5]. - The company has provided joint liability guarantees for overdue debts, with a total overdue guarantee amount of 164.32 million yuan, which is 200.88% of the company's audited net assets [5]. Impact on the Company and Response Measures - The overdue debts may lead to potential lawsuits, arbitration, and freezing of bank accounts and assets, which could affect daily operations [6]. - The company is taking proactive measures to address the overdue debts, including loan extensions and establishing communication mechanisms for risk mitigation [6].