临时公告 证券代码：000989 证券简称：九芝堂 公告编号：2025-062 九芝堂股份有限公司 关于控股子公司研发新药启动临床试验的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导 性陈述或者重大遗漏负连带责任。 2025 年 3 月 12 日，九芝堂股份有限公司（以下简称"公司"）发布《关于 控股子公司研发新药获得临床试验批准的公告》，公司控股子公司九芝堂美科（北 京）细胞技术有限公司（以下简称"北京美科"）研发的新药人骨髓间充质干细 胞注射液近日收到国家药品监督管理局核准签发的《药物临床试验批准通知书》， 同意开展治疗孤独症的临床试验。具体信息详见公司于 2025 年 3 月 12 日发布在 《中国证券报》《证券时报》《证券日报》《上海证券报》及巨潮资讯网的相关 公告。 近日，上述研究项目在临床试验牵头单位首都医科大学附属北京安定医院通 过伦理委员会审查。北京美科与北京安定医院认为已经具备启动临床试验的条件， 于 2025 年 8 月 26 日召开临床试验启动会。现将主要相关情况公告如下： 一、临床试验项目情况 1、本项临床试验用药品为人骨髓间充质干细胞（hBMMSC ...

公告文件 证券代码：000989 证券简称：九芝堂 公告编号：2025-064 九芝堂股份有限公司 关于并购基金存续期限延长的公告 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。 2025 年 8 月 26 日，九芝堂股份有限公司（以下简称"公司"）第九届董事 会第十次会议审议通过《关于并购基金存续期限变更的议案》，公司控股子公司 珠海横琴九芝堂雍和启航股权投资基金（有限合伙）（以下简称"并购基金"） 存续期限即将到期，同意将其存续期限延长 15 年，并购基金存续期延至 2040 年 9 月 5 日。具体情况如下： 一、并购基金基存续期限延长的情况 珠海横琴九芝堂雍和启航股权投资基金（有限合伙）成立于 2017 年 9 月 6 日，成立后主要聚焦于干细胞产业方向的投资，发起设立了九芝堂美科（北京） 细胞技术有限公司和投资 Stemedica Cell Technologies, Inc.。截至目前，并 购基金投资的项目处在干细胞研发和临床阶段。 二、并购基金存续期限延长对公司的影响 本次并购基金存续期限延长符合并购基金的实际运作情况，有利于保证并购 基金的良好 ...

公告文件 二、董事会会议审议情况 证券代码：000989 证券简称：九芝堂 公告编号：2025-063 九芝堂股份有限公司 第九届董事会第十次会议决议公告 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、董事会会议召开情况 九芝堂股份有限公司第九届董事会第十次会议通知于 2025 年 8 月 22 日以电 子邮件方式发出，会议于 2025 年 8 月 26 日以通讯方式召开。会议应出席董事 9 名，实际出席董事 9 名。本次董事会会议的召开符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 在公司董事充分理解会议议案并表达意见后，本次会议一致审议通过了以下 议案： 关于并购基金存续期限变更的议案 公司控股子公司珠海横琴九芝堂雍和启航股权投资基金（有限合伙）（以下 简称"并购基金"）存续期限即将到期，现将其存续期限延长15年，并购基金存 续期延至2040年9月5日。详细内容请参看公告在《中国证券报》《证券时报》《证 券日报》《上海证券报》及巨潮资讯网的《关于并购基金存续期限变更的公告》 （公告编号：2025-064）。 表决情况：同意 9 票， ...

Market Overview - As of August 26, the Shanghai Composite Index fell by 0.39% to 3868.3820 points, while the Shenzhen Component Index rose by 0.26% to 12473.174 points [1] Top Gainers in Hunan Stocks - Topvi Information opened at 37.290 and closed at 40.270, achieving a daily increase of 10.00% with a trading volume of 1,329,989 lots [2] - Youa Shares opened at 7.020 and closed at 7.610, marking a rise of 5.84% and a trading volume of 2,169,265 lots [2] - ST Jiajia opened at 6.590 and closed at 6.860, with a daily increase of 5.05% and a trading volume of 106,992 lots [2] - Yuhuan CNC opened at 22.430 and closed at 23.620, reflecting a rise of 4.79% with a trading volume of 155,652 lots [2] - Jiugui Liquor opened at 66.500 and closed at 69.400, increasing by 3.37% with a trading volume of 447,908 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, experiencing a decline of 11.76% with a trading volume of 611,606 lots [3] - Jiu Zhi Tang (Rights Protection) opened at 12.460 and closed at 12.250, down by 3.62% with a trading volume of 526,762 lots [3] - *ST Biology (Rights Protection) opened at 9.770 and closed at 9.450, decreasing by 3.57% with a trading volume of 91,325 lots [3] - Changlan Technology opened at 19.200 and closed at 18.820, falling by 3.14% with a trading volume of 97,154 lots [3] - Shanhe Intelligent opened at 16.660 and closed at 16.220, down by 2.64% with a trading volume of 1,057,297 lots [3]

Investment Rating - The investment rating for the industry is "Positive" and is maintained [8]. Core Insights - The innovation layout of traditional Chinese medicine (TCM) companies includes two main categories: (1) TCM new drugs primarily classified as Class 1, which cannot currently use the same valuation system as innovative drugs due to differences in input-output, release rhythm, and lifecycle; (2) Innovative chemical and biological drugs, which are in need of value reassessment within TCM companies [2][6]. - The approval of TCM new drugs is accelerating, but the industry is still in its early development stage. From 2017 to 2024, the approval of TCM new drugs shows an accelerating trend, and with the implementation of policies and active corporate layouts, a surge in TCM new drug listings is expected [6][17]. - Several TCM companies are actively laying out innovative chemical and biological drugs, with companies like Jiuzi Tang, Kangyuan Pharmaceutical, Yiling Pharmaceutical, and Tianshili having multiple pipelines entering clinical stages, laying a solid foundation for long-term development [6][21]. Summary by Sections TCM New Drug Approval - The approval of TCM new drugs is showing an accelerating trend, indicating a potential future surge in listings due to supportive policies and active corporate strategies [6][17]. - The industry is still considered to be in its early development stage, with a different valuation system compared to chemical and biological drugs [6][17]. Innovative Drug Layout of TCM Companies - TCM companies are increasingly involved in the layout of innovative chemical and biological drugs, with several companies having multiple pipelines in clinical stages [21][22]. - Specific companies such as Jiuzi Tang focus on stem cell drugs, while Kangyuan Pharmaceutical has several pipelines in late-stage clinical trials for major diseases [21][22]. - Yiling Pharmaceutical has innovative chemical drugs entering the harvest stage, and Tianshili is involved in various fields including dual antibodies and stem cell injections [21][22]. Investment Perspective - The report suggests that the "insurance fund's transformation" will continue to evolve, with innovative drugs being a primary investment focus. Companies with healthy cash flow and innovative capabilities are favored [28]. - The report emphasizes the importance of breakthrough therapies and technological advancements, particularly in new treatment areas such as cytokine immunotherapy and PD1-based therapies [28].

Market Performance - The Chinese medicine sector rose by 0.47% on August 25, with Tianmu Pharmaceutical 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] Top Gainers in Chinese Medicine Sector - Tianmu Pharmaceutical (600671) closed at 19.80, up 10.00% with a trading volume of 144,000 shares and a transaction value of 271 million [1] - Jizhitang (000989) closed at 12.71, up 8.08% with a trading volume of 895,100 shares [1] - Zhendong Pharmaceutical (300158) closed at 66.80, up 7.28% with a trading volume of 1,339,500 shares [1] - Enwei Pharmaceutical (301331) closed at 39.08, up 6.95% with a trading volume of 40,600 shares [1] - New Great Pharmaceutical (002873) closed at 13.31, up 6.06% with a trading volume of 537,200 shares [1] Decliners in Chinese Medicine Sector - Jichuan Pharmaceutical (600566) closed at 26.57, down 3.45% with a trading volume of 277,600 shares [2] - ST Xiangxue (300147) closed at 10.44, down 2.79% with a trading volume of 356,600 shares [2] - Lingrui Pharmaceutical (600285) closed at 23.68, down 1.82% with a trading volume of 170,300 shares [2] Capital Flow Analysis - The Chinese medicine sector experienced a net outflow of 334 million from institutional investors, while retail investors saw a net inflow of 164 million [2][3] - Major stocks like Jizhitang and Tianmu Pharmaceutical had significant net inflows from retail investors, while institutional investors showed mixed interest [3]

序号代码名称最新价涨跌幅主力净流入主力净占比1300757罗博特科270.3620.02.80亿元7.02%2688629华 丰科技78.511.951.58亿元6.62%3002126银轮股份39.565.661.50亿元9.24%4000989九芝堂12.718.081.46亿 元13.21%5603083剑桥科技72.8810.011.38亿元34.55%6002171楚江新材10.263.741.28亿元12.73%7603345 安井食品77.062.711.18亿元10.78%8301018申菱环境70.682.181.06亿元7.71%9300783三只松鼠 27.914.961.03亿元11.2%10300012华测检测13.996.889739.11万元6.29% 来源：金融界 8月25日，养老金概念上涨1.46%，今日主力资金流入3226.09万元，概念股87只上涨，13只下跌。 主力资金净流入居前的分别为罗博特科（2.8亿元）、华丰科技（1.58亿元）、银轮股份（1.5亿元）、 九芝堂（1.46亿元）、剑桥科技（1.38亿元）。 ...

Group 1 - The core viewpoint of the news is that Jiuzhitang's stock has shown significant volatility, with a year-to-date increase of 56.73% but a recent decline in the last five trading days by 2.75% [1] - As of August 25, Jiuzhitang's stock price was 12.01 yuan per share, with a total market capitalization of 10.28 billion yuan [1] - The company has experienced net outflows of main funds amounting to 14.79 million yuan, with large orders showing a slight imbalance between buying and selling [1] Group 2 - Jiuzhitang, established on May 12, 1999, and listed on June 28, 2000, is primarily engaged in the research, production, and sales of traditional Chinese medicine and biopharmaceuticals, with prescription drugs accounting for 50.27% of its revenue [2] - As of June 30, 2025, Jiuzhitang reported a revenue of 1.265 billion yuan for the first half of the year, a decrease of 24.71% year-on-year, and a net profit of 144 million yuan, down 29.71% year-on-year [2] - The company has distributed a total of 4.364 billion yuan in dividends since its A-share listing, with 935 million yuan distributed over the last three years [3]

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

根据最新财报，九芝堂上半年营业收入12.65亿元，同比下降24.71%；归母净利润1.44亿元，同比下滑 29.71%。核心产品OTC业务收入下滑36.05%，处方药收入下降10.67%。 8月22日主力资金净流出4541.54万元，近五日主力资金累计净流出4903.47万元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月22日15时，九芝堂股价报11.76元，较前一交易日下跌1.92%。当日成交额4.81亿元，换 手率5.92%。 九芝堂主要从事中药及大健康产品的研发、生产和销售，业务涵盖OTC、处方药、医药商业等领域。公 司实际控制人为黑龙江省国资委。 ...