Group 1: Company Performance and Financials - In 2024, the company achieved operating revenue of 2.371 billion yuan and a net profit attributable to shareholders of 216 million yuan, with cash flow from operating activities increasing by 83.14% to 199 million yuan [2] - The company aims to maintain high-quality development despite challenges from rising raw material prices, focusing on product-centric strategies and diversifying its product portfolio [2][3] Group 2: Innovation and R&D - The company is actively developing its stem cell research, with ongoing clinical trials for treatments related to ischemic stroke and autoimmune diseases, having enrolled 31 and 8 participants respectively [3] - A GMP-compliant stem cell R&D production base has been established, meeting both Chinese and U.S. drug application standards, and the company has received CNAS certification [3] Group 3: Shareholder Returns - The company announced a cash dividend of 3 yuan per 10 shares for the 2024 fiscal year, with the dividend record date on May 7 and payment on May 8 [4] - Cumulatively, the company has distributed over 4 billion yuan in dividends since its listing [5] Group 4: Corporate Governance - In January, the company underwent a change in control, with the Heilongjiang Provincial State-owned Assets Supervision and Administration Commission becoming the new actual controller, which is expected to enhance operational efficiency and market competitiveness [6]

Summary of Key Points Core Insights - The report highlights various companies undergoing temporary suspensions of trading due to different reasons, including financial disclosures and potential delisting risks. This indicates a volatile market environment where investor confidence may be affected by such events [2][3][4]. Company Specifics - ST Jiuzhi (000989) announced a temporary suspension of trading on May 6, 2025, due to the cancellation of other risk warnings [2]. - In the case of ST Gongzhi (000584), trading was suspended due to a risk warning regarding potential delisting, effective from April 28, 2025 [2]. - ST Hengli (000622) and Tianmao Group (000627) also faced trading suspensions due to their inability to disclose periodic reports within the legal timeframe, effective from May 6, 2025 [2]. - Binhai Energy (000695) is undergoing a trading suspension as it plans to issue shares for asset acquisition and raise matching funds, effective from April 30, 2025 [2]. - Electric Power Investment Energy (002128) is also suspended for similar reasons related to asset acquisition and related party transactions, effective from May 6, 2025 [2]. Industry Context - The report reflects a broader trend in the market where companies are facing increased scrutiny and regulatory challenges, leading to trading suspensions. This could signal potential investment risks in the affected sectors [2][3][4].

证券代码：000989 证券简称：ST九芝 公告编号：2025-044 九芝堂股份有限公司 公告文件 关于撤销其他风险警示暨停复牌的公告 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。 特别提示： 1、九芝堂股份有限公司（以下简称"公司"）股票交易于 2025 年 5 月 6 日 停牌一天，于 2025 年 5 月 7 日开市起复牌。 2、公司股票自 5 月 7 日开市起撤销其他风险警示，证券简称由 "ST 九芝" 变更为"九芝堂"，证券代码仍为"000989"，撤销其他风险警示后，公司股票交 易日的涨跌幅限制由 5%变更为 10% 。 一、股票种类、简称、证券代码、涨跌幅以及股票停复牌安排 1、股票种类：人民币普通股； 2、股票简称：由"ST 九芝"变更为"九芝堂"； 3、证券代码：仍为"000989"； 4、撤销其他风险警示的起始日：2025 年 5 月 7 日； 5、公司股票停复牌安排：公司股票将于 2025 年 5 月 6 日停牌一天，并于 2025 年 5 月 7 日开市起复牌； 公告文件 出具无法表示意见或者否定意见的内部控制审计报告或者鉴证报告， ...

ST九芝(000989.SZ)公告称，公司股票交易于2025年5月6日 停牌一天，于5月7日开市起 复牌。公司股票 自5月7日起撤销其他风险警示，证券简称由"ST九芝"变更为"九芝堂"，证券代码仍为"000989"。撤销其 他风险警示后，公司股票交易日的涨跌幅限制由5%变更为10%。 ...

证券代码：000989 证券简称：ST九芝 公告编号：2025-043 九芝堂股份有限公司 2024 年度分红派息实施公告 公告文件 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。 特别提示： 截至本公告日，九芝堂股份有限公司（以下简称"公司"）通过股票回购专 用证券账户持有股份 9,660,000 股, 公司回购专用证券账户上的股份不参与 2024 年度权益分派，本次实际可参与权益分派的总股本为 846,282,012 股，公司本次 实际现金分红的总金额=（公司总股本-公司回购专用证券账户上的股份）×分配 比 例 = 实 际 参 与 分 配 的 总 股 本 ×分 配 比 例 ， 即 253,884,603.60 元 = （855,942,012-9,660,000）股×0.30 元/股=846,282,012 股×0.30 元/股。 因公司回购股份不参与分红，本次权益分派实施后，根据股票市值不变原则， 实施权益分派前后公司总股本保持不变，现金分红总额分摊到每一股的比例将减 小，因此，本次权益分派实施后除权除息价格计算时，每 10 股现金红利应以 2.9661 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first quarter, while cash flow from operating activities showed substantial growth [3]. Financial Performance - The company's operating revenue decreased by 25.36% compared to the same period last year, primarily due to a decline in sales of certain products [3]. - The net profit attributable to shareholders decreased by 19.40%, which is mainly attributed to the drop in operating revenue [3]. - The net cash flow from operating activities increased by 118.41%, driven by improved collection of sales receivables and a reduction in cash paid for goods and services [3]. Shareholder Information - The company underwent a change in control, with major shareholder Li Zhenguo transferring 53,500,000 shares (6.25% of total shares) to Heilongjiang Cheneng Venture Capital Co., Ltd. at a price of 7.19 yuan per share, totaling 384,665,000 yuan [6]. - Following the transfer, Cheneng Venture Capital became the controlling shareholder, with the Heilongjiang Provincial Government becoming the actual controller of the company [6]. Share Buyback - The company approved a share buyback plan, allocating between 50 million and 100 million yuan to repurchase shares for employee stock ownership plans or equity incentives [7]. - As of March 17, 2025, the company had repurchased 9,660,000 shares, representing 1.13% of the total share capital, with a total expenditure of approximately 76.2 million yuan [7]. Other Important Matters - The company’s wholly-owned subsidiary transferred 70% of its stake in Beijing Yue Rutang Traditional Chinese Medicine Clinic to Beijing Tenghu Health Technology Co., Ltd., resulting in the clinic no longer being included in the consolidated financial statements [8].

公告资料 证券代码：000989 证券简称：ST九芝 公告编号：2025-042 九芝堂股份有限公司 2024年年度股东大会决议公告 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 4 月 23 日（星期三）下午 14:30 （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 4 月 23 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过深交所互联网投票系统投票的具体时间为：2025 年 4 月 23 日上午 9:15 至下午 15:00 的任意时间。 （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。 公告资料 出席本次会议的股东（含代理人）732 名，代表股份 427,185,845 股，占公 司有表决权股份总数的 50.4780%。 （有表决权股份总数为公 ...

1 湖南启元律师事务所 关于九芝堂股份有限公司 2024年年度股东大会的 法律意见书 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 2024 年年度股东大会（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师的 文件的正 ...

Financial Performance - The company's revenue for Q1 2025 was ¥805,671,753.35, a decrease of 25.36% compared to ¥1,079,482,203.93 in the same period last year[4] - Net profit attributable to shareholders was ¥116,548,482.40, down 19.40% from ¥144,601,666.94 year-on-year[4] - Basic and diluted earnings per share were both ¥0.1377, representing an 18.47% decrease from ¥0.1689 in the same period last year[4] - Net profit for the current period is ¥121,831,502.30, a decline of 15.6% from ¥144,417,064.21 in the previous period[18] - The total comprehensive income amounted to CNY 121,831,502.30, down from CNY 144,417,064.21, indicating a decrease of about 15.6%[19] Cash Flow - The net cash flow from operating activities increased by 118.41%, reaching ¥55,661,035.20, compared to a negative cash flow of ¥302,402,236.01 in the previous year[4] - Cash flow from operating activities generated a net cash inflow of CNY 55,661,035.20, a significant improvement from a net outflow of CNY -302,402,236.01 in the previous period[22] - Cash inflow from investment activities totaled CNY 1,068,156,676.21, compared to CNY 191,392,274.42 in the previous period, marking an increase of approximately 460.5%[22] - Cash outflow from investment activities was CNY 1,524,113,532.89, up from CNY 358,226,823.95, indicating an increase of about 325.5%[22] - The net cash flow from financing activities was CNY 16,159,945.02, down from CNY 93,274,675.81, representing a decrease of approximately 82.7%[22] - The total cash and cash equivalents decreased by CNY 384,135,876.46, compared to a decrease of CNY 375,962,109.73 in the previous period[22] - The company received CNY 3,591,939.56 in tax refunds related to operating activities[22] - The company reported a significant increase in cash received from sales of goods and services, totaling CNY 528,065,623.62, compared to CNY 351,832,836.97 in the previous period[21] Assets and Equity - Total assets at the end of the reporting period were ¥5,388,206,440.25, an increase of 3.39% from ¥5,211,440,858.19 at the end of the previous year[4] - The company's equity attributable to shareholders rose by 3.11% to ¥3,869,760,901.38 from ¥3,753,212,418.98[4] - The total equity attributable to shareholders increased to ¥3,869,760,901.38, up from ¥3,753,212,418.98, showing a growth of 3.1%[15] Expenses - The company reported a 37.16% reduction in selling expenses, totaling ¥26,168,800.00, due to decreased revenue and cost-saving measures[6] - Total operating costs decreased to ¥665,265,010.85, a reduction of 28.4% compared to ¥928,718,084.94 last year[18] - Research and development expenses decreased to ¥24,366,474.33, down 22.4% from ¥31,431,947.80 in the previous period[18] - The company reported a significant increase in other income to ¥3,494,127.83 from ¥13,688,212.38, reflecting a decrease of 74.5%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 40,372[8] - The largest shareholder, Heilongjiang Cheneng Investment Co., Ltd., holds 205,730,587 shares, accounting for 24.04% of total shares[8] - Li Zhenguo, the second-largest shareholder, holds 161,898,371 shares, representing 18.91% of total shares, with 161,548,778 shares pledged[8] - The company plans to transfer 53,500,000 shares (6.25% of total shares) from Li Zhenguo to Heilongjiang Cheneng Investment Co., Ltd. at a price of 7.19 RMB per share, totaling 384,665,000 RMB[9] - The company has repurchased 9,660,000 shares, which is 1.13% of the total shares, with a total expenditure of 76,200,959.71 RMB[10] - The company has set a share repurchase plan with a budget between 50 million RMB and 100 million RMB[10] - The company’s control will change to Heilongjiang Cheneng Investment Co., Ltd. after the share transfer is completed[9] - The top ten shareholders do not have any associated relationships or act in concert with each other[8] Taxation - The company experienced a 161.52% increase in taxes payable, amounting to ¥6,223,490.00, primarily due to increased VAT and corporate income tax[6] Contract Liabilities - The company recorded a 40.86% increase in contract liabilities, reaching ¥7,482,470.00, due to an increase in advance payments received[6] Investments - The company reported a significant increase in investment income, which was ¥637,670.00, down 46.97% from ¥1,202,430.00 in the previous year, attributed to changes in accounting methods[7] - Long-term equity investments rose slightly to ¥232,671,242.32 from ¥228,782,281.05, indicating a growth of 1.7%[14]

Core Insights - ST Jiuzhitang (000989.SZ) reported a decline in revenue and net profit for 2024, with revenue at 2.371 billion yuan and net profit at 216 million yuan, representing decreases of 19.91% and 27.31% year-on-year respectively, marking two consecutive years of declining performance [1][8] - The prescription drug segment saw a significant revenue drop of 14.76%, with the core product, Xuexitong injection, experiencing a continuous decline in revenue for three years [1][7] - The company is facing challenges in meeting a profit commitment of 900 million yuan from 2025 to 2027, as it has not achieved a net profit exceeding 300 million yuan for the past seven years [1][9] Revenue Structure - The revenue structure of ST Jiuzhitang shows a "polarization" trend, with traditional OTC and prescription drug segments generating revenues of 1.134 billion yuan and 1.132 billion yuan, down 24.69% and 14.76% respectively, while the health products segment grew by 35.86% to 21.6482 million yuan, but remains too small to offset losses from core segments [3][4] - The overall gross margin for 2024 was 59.12%, a decrease of 1.43 percentage points, with the OTC segment's gross margin dropping significantly by 8.72 percentage points to 43.64% [5] Regulatory Environment - The National Healthcare Security Administration's new policy aims to create a fair pricing system for generic drugs, which poses a challenge for ST Jiuzhitang's OTC business as it must compete under a unified pricing framework [4][8] - Changes in the medical insurance directory have further restricted the coverage of Xuexitong injection, limiting its applicability to acute cerebral infarction patients, which may further squeeze its market share [7][10] New Business Development - ST Jiuzhitang is attempting to pivot towards innovative drugs and stem cell therapy, but these initiatives are still in the clinical research phase and are unlikely to provide immediate financial relief [1][10] - The company is working on two generic drugs, YB212 and SQ213, with YB212 expected to complete registration by June 2026, while the timeline for SQ213 remains unspecified [10][11] - The stem cell therapy projects are still in the research phase, and commercialization is expected to take considerable time [11]