Core Insights - The traditional Chinese medicine sector experienced a slight increase of 0.52% on November 14, with Jia Ying Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Jia Ying Pharmaceutical (002198) closed at 7.66, up 10.06% with a trading volume of 275,500 shares and a transaction value of 203 million yuan [1] - Zhongsheng Pharmaceutical (002317) closed at 26.00, up 9.98% with a trading volume of 791,200 shares and a transaction value of 2.03 billion yuan [1] - Te Yi Pharmaceutical (002728) closed at 15.21, up 9.98% with a trading volume of 1,662,000 shares and a transaction value of 2.44 billion yuan [1] - Other notable performers include Fangsheng Pharmaceutical (603998) with a 4.92% increase and Kangyuan Pharmaceutical (600557) with a 4.53% increase [1] Capital Flow - The traditional Chinese medicine sector saw a net inflow of 541 million yuan from institutional investors, while retail investors experienced a net outflow of 17.84 million yuan [2] - Major stocks like Zhongsheng Pharmaceutical and Te Yi Pharmaceutical had significant net inflows from institutional investors, indicating strong interest [3] - Conversely, retail investors showed a tendency to withdraw from several stocks, including Jia Ying Pharmaceutical and Kangyuan Pharmaceutical, reflecting a cautious sentiment [3]

Group 1 - The core viewpoint indicates a strong performance in the Traditional Chinese Medicine (TCM) sector, with the Zhongzheng TCM Index rising by 1.22% and individual stocks like Zhongsheng Pharmaceutical increasing by 9.98% [1] - The TCM ETF has shown a consistent upward trend, achieving an 8-day consecutive rise, with the latest price reported at 1.06 yuan [1] - The National Health Commission has projected a peak in influenza cases in China during mid-December to early January, which may positively impact the TCM market [1] Group 2 - CITIC Securities anticipates that the collection of traditional Chinese medicine will continue to expand, leading to increased brand concentration in the outpatient market [1] - The TCM industry is expected to reach a healthy inventory level by Q2 2025, following a period of destocking and sales efforts [1] - Continuous growth in R&D investment by TCM companies is highlighted as a key driver for future development, with a focus on innovative TCM contributing to stable growth [1]

Core Viewpoint - Jia Ying Pharmaceutical is a well-known enterprise in the traditional Chinese medicine sector, focusing on the research and production of traditional Chinese medicine with unique processing technology [1] Group 1: Business Performance - For Q3 2025, Jia Ying Pharmaceutical reported revenue of 293 million yuan, ranking 62nd among 69 companies in the industry, with the industry leader Baiyunshan generating 61.606 billion yuan [2] - The company's net profit for the same period was 21.7943 million yuan, placing it 50th in the industry, while the top performer, Yunnan Baiyao, achieved a net profit of 4.789 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jia Ying Pharmaceutical's debt-to-asset ratio was 8.48%, significantly lower than the industry average of 32.81%, indicating strong solvency [3] - The company's gross profit margin stood at 56.41%, higher than the industry average of 52.44%, reflecting a robust profit potential for its products [3] Group 3: Executive Compensation - The chairman, Li Neng, received a salary of 253,300 yuan in 2024, while the general manager, You Yongping, earned 370,000 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 0.91% to 24,500, with the average number of circulating A-shares held per shareholder increasing by 0.92% to 20,700 [5]

证券代码：002198 证券简称：嘉应制药 公告编号：2025-060 广东嘉应制药股份有限公司 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： 本次股东大会未出现否决议案的情况，也不存在涉及变更前次股东大会决议的 情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2025年10月31日（星期五）下午14：30； （2）网络投票：2025年10月31日。 2025 年第二次临时股东大会决议公告 通过深交所交易系统进行网络投票的具体时间为2025年10月31日上午9:15至 9:25，9：30至11：30，下午13：00至15：00；通过深交所互联网投票系统投票的具 体时间为：2025年10月31日上午9：15至下午3：00期间的任意时间。 2、现场会议召开地点：广东省梅州市东升工业园B区广东嘉应制药股份有限公 司会议室。 3、会议表决方式：采用现场表决与网络投票相结合的方式。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长李能先生因工作安排无法现场主持本次会议，由 公司过半数董事推举游永平先生主持。 ...

湖南启元律师事务所 关于广东嘉应制药股份有限公司 2025年第二次临时股东大会的 法律意见书 致：广东嘉应制药股份有限公司 湖南启元律师事务所（以下简称"本所"）接受广东嘉应制药股份有限公司（以 下简称"公司"）的委托，指派律师出席了公司 2025 年第二次临时股东大会（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，并发表本法律意 见。 本所根据《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《广东嘉应制药股份有限公司章程》（以下简称"《公司章程》"）的有关 规定出具本法律意见书。 为出具本法律意见书，本所声明如下： （一）本所出具本法律意见书是基于公司已承诺所有提供给本所的文件的正 本以及经本所查验与正本保持一致的副本均为真实、完整、可靠，无隐瞒、虚假 或重大遗漏之处。 （二）本所遵循了勤勉尽责和诚实信用原则，严格履行了法定职责，对本法 律意见书出具日以前已经发生或者存在的事实进行了充分的核查验证，保证本法 律意见书所认定的事 ...

Core Points - The company and its board members guarantee the authenticity, accuracy, and completeness of the quarterly report, assuming legal responsibility for any misrepresentation or omissions [2][3][5] - The quarterly financial report has not been audited [8] Financial Data - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no non-recurring profit and loss items applicable for the current reporting period [3] - The company has not defined any non-recurring profit and loss items as recurring [3] Shareholder Information - The company has not reported any changes in the top ten shareholders or any significant shareholders participating in securities lending [5] - The company received an administrative penalty notice from the China Securities Regulatory Commission, but it assesses that this will not significantly impact its operations [5] Financial Statements - The company has provided consolidated balance sheets and profit statements for the reporting period, with no net profit reported from mergers under common control [6][7]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥94,498,587.86, representing a year-on-year increase of 19.01%[5] - Net profit attributable to shareholders for Q3 2025 was ¥1,711,738.22, a significant increase of 161.26% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,353,870.99, up 144.51% year-on-year[5] - Basic earnings per share for Q3 2025 were ¥0.0034, reflecting a 161.32% increase from the previous year[5] - The total profit for Q3 2025 was ¥25,741,005.94, marking a 435.45% increase year-on-year, primarily due to increased operating income[9] - Net profit for the period was ¥21,794,297.70, significantly higher than ¥2,873,345.95 in the previous period, marking an increase of 658.73%[20] - The total comprehensive income for the period reached ¥20,783,297.70, a significant increase from ¥2,873,345.95 in the previous period[21] - Basic and diluted earnings per share both improved to ¥0.0429, compared to ¥0.0057 in the prior period[21] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥774,726,400.45, a decrease of 7.64% from the end of the previous year[5] - The company's total assets decreased to ¥774,726,400.45 from ¥838,820,451.71, a decline of 7.66%[18] - Current assets totaled ¥466,108,240.34, down 15.77% from ¥553,758,364.26 at the beginning of the period[17] - Non-current assets increased to ¥308,618,160.11, up from ¥285,062,087.45, representing an increase of 8.25%[17] - The company's total liabilities decreased to ¥65,718,005.22 from ¥80,599,696.61, a reduction of 18.43%[18] - The equity attributable to shareholders decreased to ¥709,008,395.23 from ¥758,220,755.10, a decline of 6.48%[18] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥71,227,192.33, a decline of 489.39% compared to the previous year[5] - The net cash flow from operating activities for the first nine months of 2025 was -71,227,192.33 RMB, a decrease of 489.39% compared to 18,291,801.37 RMB in the same period of 2024[10] - Cash received from other operating activities increased by 1235.39% to 52,537,639.24 RMB, primarily due to the recovery of inter-company loans from a related party[10] - The cash outflow for investing activities was -64,578,523.83 RMB, representing a 41.32% increase from -45,695,886.29 RMB in the previous year, mainly due to increased long-term asset investments[10] - The cash and cash equivalents at the end of the period decreased by 36.45% to 127,892,923.27 RMB, attributed to stock repurchases and investment expenditures[10] - Cash inflow from operating activities totaled ¥332,072,556.68, slightly up from ¥322,546,142.28 year-over-year[22] - The net cash flow from investing activities was -¥64,578,523.83, compared to a positive ¥90,493,577.13 last year[22] - The net cash flow from financing activities was -¥69,995,657.57, worsening from -¥25,401,080.43 in the previous period[22] - The ending cash and cash equivalents balance decreased to ¥127,892,923.27 from ¥216,891,217.73 year-over-year[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,483, with no preferred shareholders[11] - The largest shareholder, Dongfang Securities Co., Ltd., holds 10.28% of the shares, amounting to 52,148,000 shares[12] - The second-largest shareholder, Yangtianhe Pharmacy Co., Ltd., owns 7.00% of the shares, totaling 35,525,690 shares[12] Administrative and Regulatory Matters - The company received an administrative penalty notice from the China Securities Regulatory Commission, but it does not expect significant impacts on its operations[14] - The company did not undergo an audit for the third quarter financial report[23] - The financial report for the third quarter was released on October 29, 2025[24] Research and Development - Research and development expenses for the period were ¥7,167,677.83, compared to ¥5,583,739.76 in the previous period, indicating an increase of 28.48%[19] Other Financial Metrics - Accounts receivable increased by 76.25% to ¥135,696,791.67, attributed to relaxed credit policies and extended payment cycles for some customers[8] - Prepayments surged by 4723.06% to ¥78,816,564.06, mainly due to investments in drug approvals and R&D[8] - The company reported a 443.95% increase in operating profit, reaching ¥25,640,486.44, driven by higher revenue and reduced expenses[9] - Total operating revenue for the period reached ¥293,436,251.95, an increase of 13.03% compared to ¥259,604,624.04 in the previous period[19] - Total operating costs amounted to ¥266,450,162.51, up from ¥256,532,928.46, reflecting a growth of 3.56%[19] - The company reported a financial asset impairment loss of ¥1,296,086.72, compared to a loss of ¥353,872.07 in the previous period[20]

Group 1 - The company has completed the establishment of a securities account for its 2024 employee stock ownership plan, with the account opened on October 23, 2025 [1][2] - The company currently does not hold any stocks under the 2024 employee stock ownership plan and will continue to monitor its implementation progress [2] - The company has disclosed the relevant documents regarding the securities account opening [3] Group 2 - The company's wholly-owned subsidiary, Jiying Pharmaceutical (Hunan) Co., Ltd., has changed its business scope and completed the industrial and commercial registration [4][5] - The new business scope includes drug production, drug wholesale and retail, food production and sales, and other related activities [5] - The subsidiary has obtained a new business license reflecting these changes [6]

2025 年第二次临时股东大会会议资料 广东嘉应制药股份有限公司 GUANGDONG JIAYING PHARMACEUTICAL CO.,LTD 2025年第二次临时股东大会 会议资料 - 1 - 股票简称：嘉应制药 股票代码：002198 会议日期：二〇二五年十月三十一日 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会须知 根据《上市公司股东大会规则》、《股东大会议事规则》等相关规定，为维护投资者 的合法权益，确保广东嘉应制药股份有限公司（以下简称"公司"）2025 年第二次临时股 东大会的顺利召开，特制定会议须知如下，望出席股东大会全体人员遵守: 1、各股东请按照本次股东大会会议通知（2025 年 10 月 16 日刊登在《证券时报》、 《证券日报》、《中国证券报》及巨潮资讯网 http://www.cninfo.com.cn 的《关于召开 2025 年第二次临时股东大会的通知》）中规定的时间和登记方法办理参加会议手续，证明文件 不齐或手续不全的，谢绝参会。 2、参与融资融券业务持有公司股份的股东，如选择网络投票可将投票意向告知受托证 券公司再由证券公司为投资者进行投票或股东直接 ...

Core Points - The company announced a change in the business scope of its wholly-owned subsidiary, Jiying Pharmaceutical (Hunan) Co., Ltd. [2] - The business scope change was completed due to the company's development needs, and the subsidiary has obtained a new business license following the registration process [2]