Company Performance - Huabang Health reported Q3 2023 revenue of approximately 9.086 billion yuan, representing a year-on-year increase of 1.98% [1] - The net profit attributable to shareholders was approximately 612 million yuan, showing a year-on-year increase of 35.37% [1] - Basic earnings per share reached 0.3101 yuan, which is a year-on-year increase of 35.53% [1] Market Context - As of the report, Huabang Health has a market capitalization of 9.7 billion yuan [2] - The A-share market has surpassed 4000 points, indicating a significant market resurgence after a decade of stagnation, with technology leading the market's new "slow bull" pattern [2]

Group 1 - The core point of the article is that Huabang Health (SZ 002004) held its third meeting of the ninth board of directors on October 27, 2025, via communication voting, where it reviewed the proposal to amend the internal control system of its holding subsidiary [1] - For the first half of 2025, Huabang Health's revenue composition is as follows: pesticides accounted for 56.82%, pharmaceuticals for 27.33%, tourism for 8.29%, others for 4.34%, and medical services for 3.21% [1] - As of the report date, Huabang Health has a market capitalization of 9.7 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market and a new "slow bull" pattern emerging [1]

（一）会议以 6 票赞成、0 票反对、0 票弃权的表决结果审议通过了《2025 年第三季度报告》。 详见公司于同日刊载在《中国证券报》、《证券时报》、《上海证券报》、巨潮 资讯网（www.cninfo.com.cn）的《2025 年第三季度报告》（公告编号：2025050）。 （二）会议以 6 票赞成、0 票反对、0 票弃权的表决结果审议通过了《关于 修订<控股子公司内部控制制度>的议案》。 证券代码：002004 证券简称：华邦健康 公告编号：2025049 华邦生命健康股份有限公司 第九届董事会第三次会议决议公告 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、会议召开及议案审议情况 华邦生命健康股份有限公司（以下简称"公司"）第九届董事会第三次会议通 知于 2025 年 10 月 23 日以电子邮件的形式发出，2025 年 10 月 27 日通过通讯表 决的形式召开，公司 6 名董事都参加了本次会议，会议的通知及召开符合《公司 法》及《公司章程》的规定，合法有效。会议由董事长张松山先生主持，经与会 各位董事认真讨论研究，审议通过了以下议案： 华邦生命 ...

Financial Performance - Revenue for Q3 2025 reached ¥3,140,956,336.25, an increase of 5.13% year-over-year[4] - Net profit attributable to shareholders was ¥223,364,748.06, representing a significant increase of 61.33% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses was ¥204,644,408.60, up 45.22% year-over-year[4] - Basic earnings per share rose to ¥0.1132, reflecting a 61.48% increase from the previous year[4] - Total operating revenue for the current period reached ¥9,085,988,424.34, an increase of 1.97% compared to ¥8,909,836,679.88 in the previous period[15] - Net profit for the current period was ¥879,434,399.12, representing a significant increase of 50.2% from ¥585,116,805.81 in the previous period[16] - Total comprehensive income attributable to the parent company reached ¥622,934,831.64, up from ¥418,515,326.94 in the previous period, representing a growth of 48.8%[17] - Basic and diluted earnings per share increased to ¥0.3101 from ¥0.2288, reflecting a rise of 35.6%[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥29,244,289,412.92, a decrease of 0.70% from the end of the previous year[4] - The company reported a total asset value of ¥29,244,289,412.92, a slight decrease from ¥29,450,469,334.61[13] - Current liabilities totaled ¥8,526,767,570.66, down from ¥10,415,060,826.26, indicating improved liquidity management[13] - Long-term borrowings increased to ¥2,850,558,852.81 from ¥2,398,848,937.41, suggesting a strategy to leverage debt for growth[13] - The company’s total equity rose to ¥16,098,611,174.80 from ¥15,473,409,319.37, reflecting strong retained earnings and capital accumulation[13] Cash Flow - Operating cash flow for the year-to-date was ¥1,131,901,142.14, an increase of 27.76%[4] - Net cash flow from operating activities was ¥1,131,901,142.14, compared to ¥885,946,568.51 in the previous period, marking a growth of 27.8%[17] - Cash inflow from investment activities totaled ¥18,118,132,691.69, significantly higher than ¥12,375,803,182.69 in the prior period, indicating a growth of 46.2%[18] - Net cash flow from investment activities was -¥449,614,603.23, an improvement from -¥709,689,608.23 in the previous period[18] - Cash inflow from financing activities decreased to ¥6,853,542,011.82 from ¥7,617,758,637.18, a decline of 10.0%[18] - Net cash flow from financing activities was -¥971,013,081.29, compared to -¥53,861,526.92 in the previous period, indicating a significant increase in cash outflow[18] - The ending balance of cash and cash equivalents decreased to ¥2,374,168,629.85 from ¥2,964,680,684.12, a decline of 19.8%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 72,377[8] - The largest shareholder, Chongqing Huibang Zhuoyuan Technology Co., Ltd., holds 18.71% of shares, totaling 370,449,804 shares[8] - Zhang Songshan, a natural person, holds 5.91% of shares, totaling 117,095,583 shares, with 61,910,000 shares pledged[8] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder being a non-state-owned legal entity[8] - The company has not disclosed any related party transactions or agreements among the top shareholders[8] Operational Efficiency - The weighted average return on equity was 2.31%, an increase of 0.94% compared to the previous year[4] - The company achieved an operating profit of ¥1,061,070,480.48, up from ¥784,087,500.30, showcasing operational efficiency improvements[16] - Total operating costs decreased slightly to ¥8,097,647,440.81 from ¥8,114,670,346.58, reflecting a cost reduction strategy[15] - Research and development expenses were ¥281,993,931.22, slightly down from ¥301,716,088.01, indicating a focus on efficiency in innovation spending[16] Other Income and Investments - Investment income for the period was ¥21,877,855.30, a substantial increase of 143.64% year-over-year[7] - The company reported a significant increase in other income, totaling ¥36,664,665.35, up 448.03% from the previous year[7] - The company issued convertible bonds, resulting in a 108.48% increase in payable bonds to ¥1,134,982,944.65[7] Comprehensive Income - Other comprehensive income after tax was ¥24,148,295.85, a recovery from a loss of ¥69,850,813.11 in the previous period, indicating better financial performance overall[16] Audit and Reporting - The company did not undergo an audit for the third quarter financial report[19] - The financial report for the third quarter was released on October 29, 2025[20]

控股子公司内部控制制度 （2025年10月） 第一章 总 则 华邦生命健康股份有限公司 第一条 为加强华邦生命健康股份有限公司（以下简称"公司"） 对控股子公司的管理，确保控股子公司规范、高效、有序运作，切实 保护公司及投资者利益，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《上市公司治理准则》、《深圳证券交易所股票 上市规则》、《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、法规、部门规章和《华邦生命健康股 份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制 度。 第二条 本制度适用于公司总部及各级控股子公司。 第二章 规范运作 第八条 控股子公司应当依据《公司法》及有关法律法规的规定， 参照本制度的要求，建立起健全的法人治理结构和内部控制制度。 第九条 控股子公司应明确经营战略和经营方向，围绕主业审慎运 营，控股子公司董事、监事、高级管理人员应忠实履行对控股子公司 和公司的勤勉尽责义务。 第四条 本制度所称控股子公司是指根据公司总体战略规划或业 务发展需要而依法设立或收购的由公司控股或实际控制的具有独立法 人资格的有限责任公司或股份公司。 第五条 ...

证券代码：002004 证券简称：华邦健康 公告编号：2025048 华邦生命健康股份有限公司 关于控股股东的一致行动人部分股份质押的公告 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。 华邦生命健康股份有限公司（以下简称"公司"）于近日接到公司控股股东 的一致行动人张一卓先生的通知，获悉其将所持有本公司的部分股份办理质押业 务,具体情况如下： 一、本次质押基本情况 | 股东 | 是否为控股股东 | 本次质押股份 | 占其所持股 | 占公司总 | 是否 | 是否为 | | | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 数量（股） | 份比例 | 股本比例 | 为限 | 补充质 | 质押起始日 | 解除质押日期 | 质权人 | 用途 | | | 其一致行动人 | | | | 售股 | 押 | | | | | | 张一卓 | 是 | 22,080,000 | 40.10% | 1.12% | 否 | 否 | 2025.10. ...

Core Viewpoint - Huabang Health has maintained a high dividend policy, distributing approximately 3 billion yuan in dividends since 2018, supported by its diversified business layout and high-profit advantages in the health industry [1][2][3] Dividend Policy and Shareholder Returns - The company has a strong foundation for maintaining high dividends and is considering sustainable profit distribution policies, including exploring diversified dividend methods [2] - A cash dividend plan of "10 for 2 yuan" has been proposed for 2025, with a total cash dividend amounting to 395 million yuan, representing 100% of the profit distribution total [2] - Despite the attractive dividend, the company faced challenges in 2024 due to goodwill impairment, leading to a suspension of cash dividends [2][3] Financial Health and Debt Pressure - As of mid-2025, Huabang Health's debt ratio was 46.17%, with a current ratio of 1.23, indicating some debt pressure [3] - The company had total current liabilities of approximately 9.38 billion yuan, including short-term loans of 3.27 billion yuan and non-current liabilities due within one year of 1.91 billion yuan, while cash and cash equivalents stood at only 2.946 billion yuan [3] - The significant short-term debt and insufficient cash reserves to cover these obligations present a challenge for the company [3] Business Diversification and Performance - Established in 1992 and listed in 2004, Huabang Health has developed a diversified business model focusing on the health industry, covering pharmaceuticals, medical services, agrochemicals, new materials, and tourism [4] - For the first half of 2025, the company reported a revenue of 5.945 billion yuan, a year-on-year increase of 0.39%, with operating profit of 667 million yuan, up 18.55%, and net profit attributable to shareholders of 388 million yuan, up 23.90% [4] - Despite overall growth, significant disparities exist among different business segments, particularly between the pharmaceutical sector and the agrochemical/new materials sector [5][6] Segment Performance - The pharmaceutical segment, as the core strength, achieved a revenue of 1.625 billion yuan with a gross margin of 78.59%, reflecting a 2.68% increase year-on-year [6] - In contrast, the agrochemical/new materials segment contributed 3.378 billion yuan in revenue, accounting for 56.82% of total revenue, but faced high costs leading to a low gross margin of 14.08% [6] - The company faces challenges in the agrochemical market due to intensified competition and declining prices, which negatively impact operations [6]

Core Viewpoint - Huabang Health's stock price has shown fluctuations, with a recent decline of 2.17% and a year-to-date increase of 15.02%, indicating mixed investor sentiment and market performance [1][2]. Financial Performance - For the first half of 2025, Huabang Health reported a revenue of 5.945 billion yuan, reflecting a year-on-year growth of 0.39%, while the net profit attributable to shareholders reached 388 million yuan, marking a significant increase of 23.90% [2]. - Cumulatively, the company has distributed 4.909 billion yuan in dividends since its A-share listing, with 1.265 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.86% to 73,800, while the average circulating shares per person increased by 3.99% to 25,486 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.599 million shares to 21.982 million shares, and Invesco Great Wall CSI Dividend Low Volatility 100 ETF, which reduced its holdings by 550,200 shares to 15.6347 million shares [3]. Market Activity - The stock experienced a trading volume of 119 million yuan with a turnover rate of 1.26%, and the main funds saw a net outflow of 13.1342 million yuan, indicating a cautious market sentiment [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with a net buy of -13.4632 million yuan on January 20, 2025 [1].

Core Insights - Huabang Health's stock increased by 5.09% to 5.16 CNY per share, with a trading volume of 365 million CNY and a turnover rate of 3.83%, resulting in a total market capitalization of 10.216 billion CNY [1] Company Overview - Huabang Life Health Co., Ltd. is located at 69 Xingguang Avenue, Renhe, Yubei District, Chongqing, established on March 11, 1992, and listed on June 25, 2004 [1] - The company's main business includes the research, production, and sales of pharmaceutical formulations, raw materials, and pesticides, as well as pharmaceutical distribution and pesticide import/export [1] - Revenue composition: Agricultural new materials 56.82%, pharmaceutical products 27.33%, tourism services 8.29%, others 4.34%, medical services 3.21% [1] Fund Holdings - Huabang Health is a significant holding in Huabao Fund, specifically in the Huabao Quantitative Stock Mixed Initiation A (017715), which held 104,600 shares in the second quarter, accounting for 1.37% of the fund's net value, ranking as the third-largest holding [2] - The fund has achieved a year-to-date return of 28.1%, ranking 3076 out of 8160 in its category, and a one-year return of 30.62%, ranking 2391 out of 8026 [2] Fund Manager Performance - The fund manager Xu Linming has a tenure of 16 years and 28 days, with a total fund asset size of 1.618 billion CNY, achieving a best return of 98.6% and a worst return of -43.03% during his tenure [3] - Co-manager Yu Yinyou has a tenure of 3 years and 111 days, managing assets of 491 million CNY, with a best return of 33.86% and a worst return of -0.92% [3]

Core Viewpoint - The company, Huabang Health, reported steady development in its pharmaceutical business, focusing on the research, production, and sales of pharmaceutical preparations and raw materials [1] Group 1: Business Development - The company is expanding its product categories while solidifying its existing offerings in skin treatment, anti-infection, and anti-tumor medications [1] - New growth points are being sought by expanding into cardiovascular, hypertension, and analgesic anti-inflammatory fields [1] Group 2: Product Line Expansion - The company is extending its focus from "skin treatment" to "skin care," actively launching a range of health products for skin [1] - Current product offerings include facial cleansers, whitening and spot-reducing products, soothing and repairing items, acne control, and baby skincare, all backed by pharmaceutical production management experience [1]