九芝堂股份有限公司 2025 年半年度报告全文 九芝堂股份有限公司 九芝堂股份有限公司 2025 年半年度报告全文 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 2025-057 公司负责人王立峰、主管会计工作负责人周鲁宝及会计机构负责人(会计 主管人员)周鲁宝声明：保证本半年度报告中财务报告的真实、准确、完整。 2025 年 8 月 21 日 所有董事均已出席了审议本次半年报的董事会会议。 1 本半年度报告涉及的未来计划、发展战略等前瞻性描述，不构成公司对 投资者的实质承诺，请投资者注意投资风险。 公司已在本报告"第三节、管理层讨论与分析"中分析了公司未来发展可 能面临的风险因素和应对措施，请投资者注意阅读。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 8 | | 第四节 | ...

章程附件 九芝堂股份有限公司 股东会议事规则 （2025 年修订草案） (2001 年 4 月 27 日 2000 年年度股东大会通过； 2001 年 12 月 27 日 2000 年第 2 次临时股东大会修正； 2002 年 5 月 9 日 2002 年年度股东大会修正； 2003 年 5 月 9 日 2002 年年度股东大会修正； 2005 年 6 月 28 日 2005 年第 1 次临时股东大会修正； 2006 年 9 月 2 日 2006 年第 3 次临时股东大会修订； 2007 年 11 月 7 日 2007 年第 5 次临时股东大会修正； 2014 年 2 月 28 日 2014 年第 1 次临时股东大会修正； 2016 年 1 月 15 日 2016 年第 1 次临时股东大会修正； 2016 年 5 月 12 日 2015 年年度股东大会修正； 2017 年 5 月 11 日 2016 年年度股东大会修正； 2017 年 11 月 2 日 2017 年第 1 次临时股东大会修正； 2018 年 1 月 18 日 2018 年第 1 次临时股东大会修正； 2019 年 5 月 29 日 2018 ...

公司章程 九芝堂股份有限公司章程 （2025 年修订草案） （1999 年 11 月 8 日第 1 次临时股东大会会议通过； 2000 年 6 月 5 日第 1 次临时股东大会修正； 2001 年 12 月 27 日第 2 次临时股东大会修正； 2003 年 5 月 9 日 2002 年年度股东大会修正； 2003 年 6 月 25 日 2003 年第 1 次临时股东大会修正； 2004 年 4 月 22 日 2003 年度股东大会修正； 2005 年 4 月 4 日 2004 年股东大会修正； 2005 年 6 月 28 日 2005 年第 1 次临时股东大会修正； 2006 年 4 月 19 日 2005 年年度股东大会修正； 2006 年 9 月 2 日 2006 年第 3 次临时股东大会修订； 2007 年 8 月 16 日 2007 年第 3 次临时股东大会修正； 2007 年 11 月 7 日 2007 年第 5 次临时股东大会修正； 2008 年 9 月 19 日 2008 年第 1 次临时股东大会修正； 2009 年 4 月 22 日 2008 年年度股东大会修正； 2010 年 1 月 15 ...

Group 1 - The core viewpoint of the article highlights the decline in the production of traditional Chinese medicine (TCM) in China, with a projected decrease in output and significant year-on-year reductions [1][3] - According to data from the National Bureau of Statistics, the production of TCM in China is expected to be 156,000 tons by June 2025, representing a year-on-year decrease of 6.6% [1] - In the first half of 2025, the cumulative production of TCM in China reached 875,000 tons, showing a cumulative decline of 13% [1] Group 2 - The article lists several publicly listed companies in the TCM sector, including Yunnan Baiyao, Tongrentang, and others, indicating the key players in the industry [1] - The report referenced is the "2025-2031 China Traditional Chinese Medicine Industry Development Situation Analysis and Industry Prospect Planning Report" published by Zhiyan Consulting, which provides insights into the future of the TCM industry [1][2]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11][12]. Core Insights - The company is entering a new development phase with the actual controller being the Heilongjiang State-owned Assets Supervision and Administration Commission, following a significant share transfer agreement [8][20]. - The company has a well-established product portfolio in both prescription and OTC drugs, with a strong brand presence in various therapeutic areas [2][9][40]. - The company is actively developing stem cell drugs targeting ischemic stroke, pulmonary alveolar proteinosis, and autism, indicating a promising competitive landscape [10][25]. Summary by Sections Company Overview - The company has a history of over 300 years and has evolved into a large modern pharmaceutical enterprise with 23 subsidiaries, focusing on R&D, production, and sales [20][25]. Product Portfolio - The company’s OTC products focus on tonics and cover multiple fields, including traditional Chinese medicine, with notable products like Liuwei Dihuang Wan and Donkey-hide Gel Blood Granules [2][40][41]. - The prescription drug segment is centered around cardiovascular and neurological products, with key offerings such as Xuexitong Injection and Angong Niuhuang Wan [9][62][66]. Financial Projections - Revenue forecasts for 2025-2027 are projected at CNY 2.481 billion, CNY 2.716 billion, and CNY 2.976 billion, respectively, with net profits expected to be CNY 231 million, CNY 299 million, and CNY 375 million [11][12]. Market Position - The company has a strong market presence, with several products achieving over CNY 100 million in sales, including Xuexitong Injection and Angong Niuhuang Wan, which are among the top in their respective categories [25][66][67].

Group 1 - The stock price of JiuZhiTang as of August 4, 2025, is 11.57 yuan, down 0.06 yuan or 0.52% from the previous trading day [1] - The stock opened at 11.51 yuan, reached a high of 11.78 yuan, and a low of 11.03 yuan, with a volatility of 6.45% [1] - The trading volume was 373,700 hands, with a transaction amount of 425 million yuan and a turnover rate of 5.38% [1] Group 2 - JiuZhiTang operates in the traditional Chinese medicine industry and is also involved in innovative drugs and hair medical sectors [1] - The company's main business includes the research, development, production, and sales of traditional Chinese medicine and biopharmaceutical products [1] - The products range from traditional Chinese medicine preparations to modern biopharmaceutical products [1] Group 3 - On the morning of August 4, JiuZhiTang's stock experienced a rapid decline, with a drop of over 2% within 5 minutes, reaching a price of 11.47 yuan at 9:35 AM with a transaction amount of 43.43 million yuan [1] - In terms of capital flow, on August 4, the net outflow of main funds was 28.19 million yuan, with a cumulative net outflow of 40.66 million yuan over the past five days [1]

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 ...