Core Viewpoint - Jiuzhitang Co., Ltd. has undergone significant management changes, with Wang Lifeng appointed as the new chairman, replacing Sun Guangyuan, who has resigned from his positions [1]. Group 1: Company Overview - Jiuzhitang was established in May 1999 with a registered capital of approximately 860 million RMB [1]. - The company operates in the pharmaceutical sector, including drug production, wholesale, and retail [1]. - Major shareholders include Heilongjiang Cheneng Gongda Venture Capital Co., Ltd., Li Zhenguo, and Hunan Yifeng Pharmaceutical Co., Ltd. [1]. Group 2: Management Changes - Recent changes in the company's management include the resignation of Sun Guangyuan as the legal representative and chairman, with Wang Lifeng taking over these roles [1]. - Additional high-level executive changes have also occurred, although specific details on all individuals involved were not provided [3].

Market Overview - The Chinese medicine sector rose by 1.0% on July 29, with Foci Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Top Gainers in Chinese Medicine Sector - Foci Pharmaceutical (002644) closed at 10.69, up 9.98% with a trading volume of 841,300 shares and a turnover of 876 million yuan [1] - Zhongsheng Pharmaceutical (002317) also rose by 9.98% to 19.73, with a trading volume of 1,168,400 shares and a turnover of 2.26 billion yuan [1] - Other notable gainers include: - Zhendong Pharmaceutical (300158) up 6.66% to 7.69 [1] - Huasen Pharmaceutical (002907) up 6.50% to 18.51 [1] - Kangjia Pharmaceutical (600557) up 5.61% to 16.58 [1] Top Losers in Chinese Medicine Sector - Qidi Pharmaceutical (000590) fell by 2.65% to 12.13, with a trading volume of 134,500 shares and a turnover of 163 million yuan [2] - Zhenbaodao (603567) decreased by 2.21% to 12.40, with a trading volume of 182,700 shares and a turnover of 227 million yuan [2] - Other notable losers include: - Yunnan Baiyao (000538) down 1.20% to 55.82 [2] - Kangmei Pharmaceutical (600518) down 0.94% to 2.10 [2] Capital Flow Analysis - The Chinese medicine sector saw a net inflow of 798 million yuan from institutional investors, while retail investors experienced a net outflow of 625 million yuan [2][3] - Notable net inflows from institutional investors include: - Zhongsheng Pharmaceutical (002317) with a net inflow of 308 million yuan [3] - Zhendong Pharmaceutical (300158) with a net inflow of 96.32 million yuan [3] - Conversely, significant net outflows from retail investors were observed in: - Zhongsheng Pharmaceutical (002317) with a net outflow of 98.88 million yuan [3] - Zhendong Pharmaceutical (300158) with a net outflow of 65.62 million yuan [3]

Summary of Jiuzhitang Conference Call Company Overview - **Company**: Jiuzhitang - **Industry**: Traditional Chinese Medicine (TCM) Key Points and Arguments Sales and Profit Trends - Jiuzhitang's sales and profits are expected to decline in 2024, primarily due to the significant drop in sales of key products, An Gong Niu Huang Wan and Ejiao Kuai, which account for over 80% of the decline [2][3] - The company anticipates that its performance in 2025 will be flat or slightly improved, depending on the recovery of sales and consumer demand in the second half of the year [2][3] Prescription Drug Growth - The sales of Shuxuetong injection have shown significant growth, with an expected increase of approximately 10% in 2024 and continued growth in 2025 [2][4] - Other prescription drugs, such as Tianma Gouteng Granules, are projected to have a market scale between 30 million to 50 million, indicating potential for good growth [2][5] Future Growth Expectations - Jiuzhitang expects to return to double-digit growth in its main business by 2026-2027, driven by lower raw material prices and improved gross margins due to the establishment of a medicinal material company [2][6] Clinical Trials and New Drug Development - The clinical trials for stroke indications have completed Phase 1B and Phase 2A, with data collection and analysis expected to be completed by mid-2026, and the entire trial anticipated to finish around 2029 [2][8] - For pulmonary alveolar proteinosis (PAP), all 10 cases for Phase 2A have been completed, with data organization expected in July-August, and Phase 2B trials to follow [2][9] - The company is also focusing on stem cell therapy for autism, with trials expected to conclude around 2029-2030, highlighting its social value [2][10] Market Potential - The market for stroke indications is estimated to reach at least 10 billion, while the market for PAP is projected to be around 1 billion [2][18] - Jiuzhitang is the only company in China conducting research on stroke indications, indicating a favorable market outlook [2][8] Advantages in Stem Cell Therapy - Jiuzhitang has established a strong position in the stem cell therapy market, focusing on unique indications such as stroke, PAP, and autism, with significant expert and patient resources [2][11] - The company has invested in production capabilities and quality control, ensuring high standards in stem cell drug production [2][12][13] Regulatory Environment - The regulatory environment for stem cell therapy is becoming more favorable, with supportive policies emerging to facilitate clinical trials and commercialization [2][20] - The company plans to leverage its technology through licensing and patents for potential overseas market entry [2][23] Future Outlook - Jiuzhitang is optimistic about its future growth, with expectations of a rebound in 2025 and continued expansion in the coming years, supported by its solid industrial foundation and innovative drug development [2][27]

Core Points - The legal opinion letter from Hunan Qiyuan Law Firm confirms the legality and validity of the procedures, qualifications, and voting results of the 2025 first extraordinary general meeting of shareholders of Jiu Zhi Tang Co., Ltd [1][5] Group 1: Meeting Procedures - The extraordinary general meeting was convened by the company's board of directors, with a notice published on June 28, 2025, detailing the meeting's time, location, method, agenda, and share registration [2][3] - The meeting was conducted using a combination of on-site and online voting, held at the company's management center in Beijing [3][4] Group 2: Attendance and Qualifications - A total of 316 shareholders and their proxies attended the meeting, representing 367,628,958 shares, which accounts for 43.4405% of the company's voting shares [4] - The qualifications of the meeting attendees, including current directors, supervisors, and senior management, were verified as compliant with legal and regulatory requirements [4][5] Group 3: Voting Procedures and Results - The meeting utilized a named voting method for on-site attendees, with two shareholder representatives appointed for counting and monitoring votes [5] - The voting results indicated a high level of approval for the proposals, with votes in favor reaching 371,542,080, representing 99.5125% of the valid voting rights [5]

Group 1 - The company has completed the election of three non-independent directors due to the resignation of the former chairman and two directors [1][2] - The newly elected non-independent directors are Wang Lifeng, Wu Qiang, and Yu Zhongfei, with their term aligned with the remaining term of the ninth board [1][2] - The ninth board of directors now consists of Wang Lifeng, Li Zhanguo, Wu Qiang, Yu Zhongfei, Sun Lianbin, Wang Yonghui, Zhang Jinsong, Chen Yanjing, and Zhang Quanguo, with the number of directors who are also senior management or employee representatives not exceeding half of the total number of directors [2] Group 2 - Wang Lifeng has been elected as the chairman of the ninth board of directors, and he will also serve as the legal representative of the company [2] - The special committee members of the board have been adjusted, with Wang Lifeng leading the Strategy Committee, while the Audit Committee remains unchanged [2]

证券代码：000989 证券简称：九芝堂 公告编号：2025-055 九芝堂股份有限公司 关于补选董事完成暨变更公司董事长、法定代表人 及调整董事会专门委员会成员的公告 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。 一、补选董事完成的情况 公告文件 因公司原董事长孙光远、原董事吕鸣、薄金锋的辞职，公司第九届董事会共 需补选三名非独立董事。公司董事会根据《公司法》及《公司章程》的有关规定， 提名王立峰、吴强、余忠飞为公司第九届董事会非独立董事候选人，任期自公司 股东大会审议通过之日起与第九届董事会余下任期一致。本事项已经公司 2025 年 6 月 26 日召开的第九届董事会提名、薪酬与考核委员会第三次会议以及第九 届董事会第七次会议审议通过。详细情况请参看公司于 2025 年 6 月 28 日发布的 相关公告。 经公司 2025 年 7 月 17 日召开的 2025 年第一次临时股东大会审议通过，选 举王立峰、吴强、余忠飞为公司第九届董事会非独立董事，任期自公司股东大会 审议通过之日起与第九届董事会余下任期一致。 公司本次补选董事的事项已完成，公司第九届董事会 ...

湖南启元律师事务所 关于九芝堂股份有限公司 2025年第一次临时股东大会的 法律意见书 1 致：九芝堂股份有限公司 湖南启元律师事务所（以下简称"本所"）接受九芝堂股份有限公司（以下简 称"公司"）的委托，指派本所律师出席了公司 2025 年第一次临时股东大会（以 下简称"本次股东大会"），对本次股东大会的召集和召开程序、出席会议人员及 召集人的资格、表决程序和表决结果的合法有效性进行律师见证，并发表法律意 见。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）等我国现行法律法规、规范性 文件以及《九芝堂股份有限公司章程》（以下简称"《公司章程》"）等有关规定 出具本法律意见书。 本所及本所律师声明如下： （一）本所律师根据本法律意见书出具日以前已经发生或者存在的事实，严 格履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证， 保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、 准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 （二）本所律师出具本法律意见书是基于公司已承诺所有提供给本所律 ...

公告资料 证券代码：000989 证券简称：九芝堂 公告编号：2025-053 九芝堂股份有限公司 2025年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议召开时间：2025 年 7 月 17 日（星期四）下午 14:30 （3）召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 （4）现场会议召开地点：九芝堂股份有限公司管理中心第一会议室（北京 市朝阳区朝阳体育中心东侧路甲 518 号 A 座） （5）召集人：公司董事会 （6）主持人：公司董事长孙光远先生 会议召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 2、会议出席情况 （2）网络投票时间： 通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具体时 间为 2025 年 7 月 17 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； ...

公告文件 证券代码：000989 证券简称：九芝堂 公告编号：2025-054 九芝堂股份有限公司 第九届董事会第八次会议决议公告 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八次会议通知于 2025 年 7 月 9 日以电 子邮件方式发出，会议于 2025 年 7 月 17 日在公司管理中心第一会议室以现场方 式召开。会议应出席董事 9 人，实际出席董事 9 人（其中委托出席的董事 1 人。 因工作原因，王永辉委托李振国出席会议并代为行使表决权）。会议由副董事长 李振国先生主持，公司董事会秘书列席了本次会议。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。 表决情况：同意 9 票，反对 0 票，弃权 0 票，审议通过。 2、关于确定公司法定代表人的议案 确认董事长王立峰担任本公司法定代表人。任期自本次董事会审议通过之日 起至董事会重新确定法定代表人人选为止。 表决情况：同意 9 票，反对 0 票，弃权 0 票，审议通过。 3、关于调整第九届董事会专门委员会成员的议 ...

Industry Overview - Ejiao is a solid glue made from the dried skin or fresh skin of donkeys, known for its health benefits such as blood replenishment and immune enhancement [1][4] - The industry is currently in a growth phase, with over 200 manufacturers in China, and the market is expected to expand due to rising health awareness and disposable income [6][16] Product Classification - Ejiao products can be classified into three categories: medicinal products, health supplements, and food products, with specific regulatory approvals required for each [2] Industry Chain Analysis - The ejiao industry chain consists of donkey breeding (upstream), ejiao production and processing (midstream), and sales channels including hospitals, retail pharmacies, and e-commerce platforms (downstream) [4][5] Market Size and Growth - The ejiao market size in China is projected to reach approximately 29.1 billion yuan by 2024, with a significant increase in production from 7,460 tons in 2019 to 13,768.84 tons in 2024 [13][16] Competitive Landscape - The ejiao market is characterized by a duopoly, with Dong'e Ejiao and Fupai Ejiao dominating the market, holding 70% and 10% market shares respectively [20][21] - The top brands in the ejiao industry include Dong'e Ejiao, Fupai Ejiao, and Tongrentang, with Dong'e Ejiao leading in brand recognition [18][19] Regional Development - Shandong province is a key player in the ejiao industry, with 203 production enterprises and significant government support for industry development [21][23] - The consumption of ejiao is particularly strong in East China, where traditional practices drive demand [24] Industry Trends - The ejiao industry is expected to see a shift towards high-end and differentiated products, with increasing competition as new players enter the market [28] - The market is projected to grow to nearly 40 billion yuan by 2030, with a compound annual growth rate of 5.3% [29]