公司持续执行股份回购计划，截至2025年12月累计回购8099万元，同时通过转让财务公司股权优化资产 负债率，这些举措的后续效果值得关注。 行业政策与环境 经济观察网重药控股（000950）近期经营动态与外部合作取得进展，涉及与辉瑞的合作里程碑付款、公 司资产结构优化以及行业政策影响。 近期事件 公司参股子公司药友制药与辉瑞签署全球独家许可协议，已于2026年1月收到首付款1.5亿美元，后续5 亿美元里程碑款的支付进度可能成为市场焦点。 公司状况 医药商业板块受创新药概念及政策预期影响，2025年12月曾出现外资净买入和板块活跃现象，后续行业 动态可能对公司股价形成联动效应。 以上内容基于公开资料整理，不构成投资建议。 ...

Group 1 - The Chongqing state-owned enterprise reform sector increased by 0.61% compared to the previous trading day, with Qianli Technology leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4131.98, up 0.09%, while the Shenzhen Component Index closed at 14160.93, down 0.35% [1] - The trading volume and turnover for Qianli Technology were 347,300 shares and 369 million yuan, respectively, with a price increase of 2.22% [1] Group 2 - The net outflow of main funds in the Chongqing state-owned enterprise reform sector was 2.3995 million yuan, while retail investors saw a net inflow of 4.728 million yuan [2] - The trading data indicates that Qianli Technology had a net inflow of 25.4663 million yuan from main funds, while retail investors had a net outflow of 1.3324 million yuan [3] - The overall performance of stocks in the sector showed mixed results, with some stocks like Qianli Technology and Sanfeng Environment experiencing gains, while others like Chongqing Port and Chongqing Water experienced losses [3]

Market Overview - The Chongqing state-owned enterprise reform sector declined by 0.7% compared to the previous trading day, with Chongqing Pharmaceutical Holdings leading the decline [1] - The Shanghai Composite Index closed at 4128.37, up 0.13%, while the Shenzhen Component Index closed at 14210.63, up 0.02% [1] Stock Performance - Notable stock performances include: - Shanghai Sanmao (600689) closed at 14.29, up 0.78% with a trading volume of 30,300 shares and a turnover of 43.27 million yuan - Chongqing Construction (600939) closed at 3.23, up 0.31% with a trading volume of 133,800 shares and a turnover of 43.05 million yuan - Chongqing Pharmaceutical Holdings (000950) closed at 5.90, down 1.83% with a trading volume of 366,700 shares and a turnover of 218 million yuan [1][2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 119 million yuan from institutional investors, while retail investors saw a net inflow of 62.65 million yuan [2] - The capital flow for individual stocks shows: - Jieling Pickled Vegetables (002507) had a net inflow of 5.71 million yuan from institutional investors, but a net outflow of 13.01 million yuan from retail investors [3] - Chongqing Water (601158) had a net outflow of 3.40 million yuan from institutional investors, with a net inflow of 1.18 million yuan from retail investors [3]

Core Viewpoint - A major pharmaceutical company, Zhongyao Holdings, has come under scrutiny due to tax issues, with a total of 76.2 million yuan in tax payments required over two instances, raising concerns about its internal control and compliance capabilities [1][2]. Tax Compliance Concerns - The tax payments relate to the "Western Development Corporate Income Tax Incentive Policy," which allows a reduced tax rate of 15% for qualifying businesses, but requires that 60% of revenue comes from encouraged industries [2]. - The repeated tax payments suggest potential systemic issues in the company's judgment regarding the applicability of tax incentives, indicating possible inconsistencies in understanding the policy among subsidiaries [2]. Financial Impact and Cash Flow Pressure - While the tax payment amount may not significantly impact the overall performance of the group, which has annual revenues exceeding 80 billion yuan, the associated financial risks are notable [3]. - The late payment penalties, which accrue at a daily rate of 0.05% (approximately 18.25% annually), highlight a disconnect between financial planning and tax compliance, suggesting that the company may not have adequately reserved funds for tax liabilities [3]. Governance Structure and Internal Control Issues - Zhongyao Holdings operates under a dual-entity structure, which may lead to uneven control over subsidiaries and potential management challenges [4]. - The involvement of 29 subsidiaries in tax issues indicates that these risks are not isolated incidents, raising questions about the adequacy of guidance provided to subsidiaries regarding local tax regulations [4]. Conclusion - The ongoing tax payment issues at Zhongyao Holdings serve as a warning to all companies benefiting from regional tax incentives, emphasizing the need for rigorous compliance and management of tax-related matters [5]. - The market will be closely watching whether the company will conduct further tax self-assessments or adjust its business strategies in the western regions [5].

Group 1 - Company X is currently undergoing auditing and evaluation work [1] - Company Y has not yet received any orders in the "space photovoltaic" sector [1] - Company Z plans to invest 1 billion yuan in the construction of a synthetic biology manufacturing project in Xinjiang [1] Group 2 - Company A has won a 994 million yuan EPC project [1] - Company B's subsidiary has secured a project worth 101 million yuan [1] - Company C's subsidiary is expected to be awarded a project for the total engineering contract of Huahong FAB9B [1] Group 3 - Company D reported a net profit of 177 million yuan for 2025, representing a year-on-year increase of 42.81% [1] - Company E reported a net profit of 34.93 million yuan for 2025, with a year-on-year growth of 30.13% [1] Group 4 - Company F plans to acquire a portion of equity in Company G, which will increase its holding and achieve control [1] - Company H and its subsidiary plan to transfer 80% of the equity in Wuhan Shengchong [1] Group 5 - Company I has completed the repurchase of 875,000 shares [2] - Company J plans to raise no more than 5 billion yuan through a private placement for a 20GWh power battery project [2] - Company K's actual controller is under investigation by the China Securities Regulatory Commission for alleged market manipulation [2]

（文章来源：证券日报） 证券日报网讯 2月5日，重药控股发布公告称，截至2026年1月31日，公司通过股份回购专用证券账户以 集中竞价交易方式累计回购股份数量为15，406，600股，约占公司总股本的0.8915%。 ...

格隆汇2月5日丨重药控股(000950.SZ)公布，截至2026年1月31日，公司通过股份回购专用证券账户以集 中竞价交易方式累计回购股份数量为1540.66万股，约占公司总股本的0.8915%；最高成交价为5.48元/ 股、最低成交价为5.01元/股，支付总金额为8099.88万元（不含交易费用）。本次回购符合法律法规、 规范性文件的有关规定及公司回购股份方案的要求。 ...

重药控股公告称，公司此前决定使用自有资金及专项贷款回购股份用于减资，回购资金8000万至1亿 元，价格不超6.6元/股，期限12个月。截至2026年1月31日，公司累计回购1540.66万股，约占总股本的 0.8915%，最高成交价5.48元/股、最低成交价5.01元/股，支付总金额8099.88万元。后续将按规定继续实 施回购并披露信息。 ...

证券代码：000950 证券简称：重药控股 公告编号：2026-006 重药控股股份有限公司 关于回购股份进展的公告 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。 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《深圳 证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，具体情况 如下： 1.公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 重药控股股份有限公司（以下简称"公司"）分别于 2025 年 7 月 10 日、2025 年 7 月 28 日召开第九届董事会第十五次会议、2025 年第三次临时股东会，审议 通过了《关于回购公司股份的议案》，同意公司使用自有资金及股票回购专项贷 款，通过深圳证券交易所交易系统以集中竞价交易方式回购公司已发行的人民币 普通股（A 股），用于减少公司注册资本。本次用于回购股份的资金总额不低于 人民币 8,000 万元（含本数），不超过人民币 10,000 ...

Market Overview - The pharmaceutical commercial sector declined by 1.0% on January 28, with Renmin Tongtai leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Notable gainers in the pharmaceutical sector included: - China Medicine (600056) with a closing price of 11.21, up 2.28% and a trading volume of 531,600 shares, totaling 593 million yuan [1] - Yixin Pharmacy (002727) closed at 14.09, up 0.64% with a trading volume of 220,100 shares, totaling 311 million yuan [1] - Major decliners included: - Renmin Tongtai (600829) closed at 12.35, down 4.93% with a trading volume of 432,700 shares, totaling 537 million yuan [2] - Saili Medical (603716) closed at 23.29, down 4.71% with a trading volume of 157,600 shares, totaling 374 million yuan [2] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 528 million yuan from institutional investors, while retail investors saw a net inflow of 603 million yuan [2] - The capital flow for key stocks showed: - China Medicine had a net inflow of 32.15 million yuan from institutional investors, but a net outflow of 15.57 million yuan from retail investors [3] - Shanghai Pharmaceutical (601607) had a net inflow of 9.01 million yuan from institutional investors, with a significant net outflow of 32.51 million yuan from retail investors [3]