Group 1 - The legal opinion letter is issued by Shanghai Jintiancheng (Wuhan) Law Firm regarding the 2024 annual general meeting of shareholders of Qianjiang Yong'an Pharmaceutical Co., Ltd. [1][2] - The law firm confirms that it has fulfilled its legal responsibilities and conducted necessary verifications for the meeting, ensuring the accuracy and legality of the conclusions presented in the legal opinion [2][12] - The meeting was convened by the company's board of directors, with the decision made during the sixth meeting of the seventh board on April 28, 2025 [2][5] Group 2 - The notice for the annual general meeting was published on April 29, 2025, detailing the meeting's convenor, date, time, and other relevant information, with more than 20 days' notice given [3][5] - The meeting took place on June 24, 2025, at the company's conference room, presided over by the acting chairman [3][4] - The meeting utilized a combination of on-site and online voting methods, with specific time slots allocated for each [4][6] Group 3 - A total of 561 shareholders and their proxies attended the meeting, representing 76,031,566 shares, which is 26.2953% of the total voting shares [5][6] - The online voting system recorded 548 participants, representing 2,205,550 shares, or 0.7628% of the total voting shares [6][7] - The meeting's agenda included proposals that were within the authority of the shareholders' meeting and consistent with the published notice [7][12] Group 4 - The voting results showed that 78,104,116 shares were in favor of the proposals, accounting for the majority of the valid voting shares [8][12] - Among the minority investors, 12,607,582 shares voted in favor, representing 98.9561% of the valid votes from small shareholders [8][10] - The legal opinion concludes that the meeting's procedures, qualifications of the convenor, attendees, and voting processes comply with relevant laws and regulations, confirming the validity of the voting results [12]

Meeting Overview - The shareholder meeting of Yong'an Pharmaceutical Co., Ltd. was held on June 24, 2025, with both on-site and online voting options available [1] - A total of 561 shareholders participated, representing 78,237,116 shares, which is 27.0581% of the total voting shares [1] Proposal Review and Voting Results - The following proposals were reviewed and approved during the meeting: - The 2024 Board of Directors Work Report was approved with 99.8300% in favor [2] - The 2024 Supervisory Board Work Report was approved with 99.8328% in favor [2] - The 2024 Annual Report and its summary were approved with 99.8855% in favor [3] - The 2024 Financial Settlement Report was approved with 99.8828% in favor [4] - The 2024 Profit Distribution Plan was approved with 99.8212% in favor [5] - The reappointment of the accounting firm was approved with 99.8598% in favor [6] - The proposal for using self-owned funds for entrusted financial management was approved with 99.8250% in favor [6] Small Shareholder Voting - Small shareholders also participated in the voting, with the following results: - For the 2024 Board of Directors Work Report, 12,607,582 shares were in favor, representing 0.5949% of the small shareholders' voting rights [2] - For the 2024 Supervisory Board Work Report, 12,609,782 shares were in favor, representing 0.5753% of the small shareholders' voting rights [3] - For the 2024 Annual Report, 12,650,982 shares were in favor, representing 0.2527% of the small shareholders' voting rights [4] - For the 2024 Financial Settlement Report, 12,648,882 shares were in favor, representing 0.2363% of the small shareholders' voting rights [5] - For the 2024 Profit Distribution Plan, 12,600,682 shares were in favor, representing 0.2865% of the small shareholders' voting rights [6] - For the reappointment of the accounting firm, 12,630,882 shares were in favor, representing 0.3799% of the small shareholders' voting rights [6] - For the entrusted financial management proposal, 12,603,682 shares were in favor, representing 0.4961% of the small shareholders' voting rights [6] Legal Verification - The meeting was witnessed by lawyers from Shanghai Jintiancheng (Wuhan) Law Firm, confirming that the meeting's procedures and voting results were in compliance with relevant laws and regulations [6]

地址：武汉市江汉区云霞路 187 号民生金融中心 8 层 03-05 电话：027-83828888 邮编：430030 上海市锦天城（武汉）律师事务所 关于潜江永安药业股份有限公司 二○二四年年度股东会的 法律意见书 本所同意将本法律意见书与本次股东会的决议一并进行公告，并依法对发表 的法律意见承担相应法律责任。 鉴此，本所律师根据上述法律、法规、规章及规范性文件的要求，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，现出具法律意见如下： 上海市锦天城（武汉）律师事务所 法律意见书 上海市锦天城（武汉）律师事务所 关于潜江永安药业股份有限公司 二○二四年年度股东会的 法律意见书 致：潜江永安药业股份有限公司 上海市锦天城（武汉）律师事务所（以下简称"本所"）接受潜江永安药业 股份有限公司（以下简称"公司"）的委托，委派本律师出席公司二○二四年年 度股东会（下简称"本次股东会"），就公司召开本次股东会的有关事宜，根据 《中华人民共和国公司法》（以下简称《公司法》）《上市公司股东会规则》（以 下简称《股东会规则》）等法律、法规、规章和其他规范性文件以及《潜江永安 药业股份有限公司章程》（以下简称《公司章程 ...

证券代码：002365 证券简称：永安药业 公告编号：2025-41 潜江永安药业股份有限公司 2024 年年度股东会决议公告 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、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议召开时间：2025年6月24日（星期二）14:00 网络投票时间：2025年6月24日 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年6 月24日上午9:15—9:25,9:30-11:30 和下午13:00—15:00。 （2）通过深圳证券交易所互联网投票系统投票的时间为：2025年6月24日 9:15—15:00期间的任意时间。 2、现场会议召开地点：湖北省潜江经济开发区广泽大道2号潜江永安药业股 份有限公司（以下简称"公司"）二楼会议室 2、中小股东（指除公司董事、监事、高级管理人员以及单独或者合计持有 公司 5%以上股份的股东以外的其他股东）出席会议情况 通过现场和网络投票的股东561人，代表 ...

医药生物行业资金流出榜 （原标题：14.41亿元主力资金今日抢筹医药生物板块） 沪指6月23日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅分别为2.25%、1.97%。医药生物行业 今日上涨0.89%。跌幅居前的行业为食品饮料、家用电器、钢铁，跌幅分别为0.80%、0.43%、0.11%。 医药生物行业今日上涨0.89%，全天主力资金净流入14.41亿元，该行业所属的个股共475只，今日上涨的有400只，涨停的有6只；下跌的有65只， 跌停的有1只。以资金流向数据进行统计，该行业资金净流入的个股有247只，其中，净流入资金超亿元的有5只，净流入资金居首的是永安药业， 今日净流入资金2.35亿元，紧随其后的是塞力医疗、华海药业，净流入资金分别为1.65亿元、1.25亿元。医药生物行业资金净流出个股中，资金净 流出超3000万元的有9只，净流出资金居前的有众生药业、创新医疗、新诺威，净流出资金分别为1.42亿元、6423.29万元、5901.06万元。（数据 宝） 医药生物行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量 ...

Core Viewpoint - The new FDA regulation mandating the addition of taurine in infant formula and pet food has significantly impacted the global food industry, leading to a surge in demand and prices for taurine, with Chinese company Yong'an Pharmaceutical becoming a key player in this market [1][3]. Group 1: Market Dynamics - The price of food-grade taurine skyrocketed by 75% within a month, with quotes reaching 25,000 yuan per ton, compared to 13,000 yuan per ton in March 2025 [3]. - The global taurine market is characterized by a supply-demand imbalance, with an annual demand of approximately 160,000 tons and existing production capacity of only 140,000 tons, resulting in a supply gap of about 20,000 tons [9]. Group 2: Company Positioning - Yong'an Pharmaceutical holds over 90% of the global taurine production capacity and is the only company with FDA and EFSA certifications, allowing it to charge a premium price of 82,000 USD per ton for its pharmaceutical-grade taurine [10]. - The company has seen a 120% year-on-year increase in exports of its pharmaceutical-grade products to the US and EU markets [10]. Group 3: Industry Trends - The demand for taurine is driven by various applications, including functional beverages and high-end pet food, with the young consumer demographic in China showing a 20% annual growth in taurine consumption [5]. - The pet food market has seen a penetration rate of over 35% for premium products, with some cat food containing taurine levels ten times higher than those for humans [5]. Group 4: Competitive Landscape - The taurine industry is highly concentrated, with three main players: Yong'an Pharmaceutical, Shengyuan Environmental Protection, and New Hecheng, which together dominate the market [9]. - Shengyuan Environmental Protection is set to launch a new 40,000-ton food-grade taurine project in the second half of 2025, potentially altering the competitive dynamics in the mid-to-low-end market [13].

Core Viewpoint - The stock price of Yong'an Pharmaceutical (002365.SZ) surged over 200% in just two and a half months, reaching a peak of 29.19 yuan per share, despite facing significant challenges in its core business and new ventures [1][3][7]. Stock Price Surge - Since April, Yong'an Pharmaceutical's stock price increased from under 9 yuan to a maximum of 29.19 yuan, with a peak increase of 224% [3]. - The surge was driven by speculation around a supply-demand gap for taurine, especially after the FDA mandated its inclusion in infant formula and pet food [3][4]. - Yong'an Pharmaceutical holds a 50% market share in taurine production, with an annual capacity of 58,000 tons, and exports 60.23% of its revenue [3][4]. Business Challenges - The company has faced a significant decline in revenue, with a cumulative drop of 42.6% from 2022 to 2024, and a net loss of over 4 million yuan in Q1 2025 [1][7][8]. - The taurine segment, which constitutes 75.67% of total revenue, saw a revenue decline of 4.14% in 2024, despite a 16.32% increase in sales volume [8]. - The average selling price of taurine has decreased, leading to a drop in gross margin from 29.4% to 24.02% [8]. Management and Market Reactions - The company experienced management turmoil with the investigation of its actual controller and chairman, Chen Yong, leading to a market reaction that included a stock price drop [9]. - Despite the management issues, the stock price saw a brief recovery due to interest in new health products, such as the "Yijianeng" solid functional beverage, which achieved significant sales on various e-commerce platforms [4][8]. Future Outlook - The sustainability of the taurine price increase remains uncertain, as it has recently dropped from a peak of 25,000 yuan per ton to 16,000 yuan per ton [8]. - Yong'an Pharmaceutical is attempting to diversify its revenue through health products, but these currently represent a small portion of overall revenue [8].

Core Viewpoint - Yong'an Pharmaceutical's stock price surged over 200% in just two and a half months, driven by speculation around taurine supply shortages, despite facing significant operational challenges and declining revenues [1][2][6]. Stock Performance - The stock price rose from under 9 yuan to a peak of 29.19 yuan, marking a maximum increase of 224% [2]. - As of June 19, the stock closed at 25.44 yuan after experiencing a trading halt [2]. - The company's price-to-earnings ratio (TTM) reached 261, significantly higher than the industry average of 32 [1]. Taurine Market Dynamics - The speculation around taurine was fueled by a projected supply gap due to regulatory changes in the U.S. requiring taurine in infant formula and pet food by April 2025 [2]. - Yong'an Pharmaceutical holds approximately 50% of the taurine market share with a production capacity of 58,000 tons per year, primarily exporting 60.23% of its revenue overseas [2][7]. - Despite rumors of taurine prices skyrocketing, actual prices peaked at 25,000 yuan per ton in early May before dropping to 16,000 yuan per ton [7]. Financial Performance - Yong'an Pharmaceutical's revenue is projected to decline by 42.6% from 2022 to 2024, with a drop from 1.462 billion yuan to 839 million yuan [7]. - The company reported a net loss of over 4 million yuan in the first quarter of 2025, a 115.23% year-on-year decline [7]. - The taurine segment, which constitutes 75.67% of total revenue, saw a 4.14% decline in revenue for 2024, despite a 16.32% increase in sales volume [7]. Management and Operational Challenges - The company is facing dual challenges of declining core business and uncertainty regarding new ventures [1][6]. - The chairman, Chen Yong, was placed under investigation, leading to a temporary stock price drop [4][9]. - Despite the turmoil, the company is attempting to pivot towards health products, with its subsidiary launching a solid functional beverage that gained traction in online sales [8][9]. Market Sentiment and Speculation - The stock's dramatic rise was largely driven by speculative trading, with significant participation from retail investors and various trading firms [4]. - The market's reaction to management changes and operational challenges indicates a potential disconnect between stock performance and underlying business fundamentals [6][9].

Group 1 - A total of 638 stocks reported their latest shareholder numbers as of June 10, with 268 stocks showing a decrease compared to the previous period [1][3] - Among the stocks with a decline in shareholder numbers, 16 stocks experienced a drop of over 10% [3] - The stock with the largest decrease in shareholder numbers was Shanshui Bide, which saw a 22% drop to 4,744 shareholders [3] Group 2 - The average increase of concentrated stocks since May 21 was 0.76%, outperforming the Shanghai Composite Index, which rose by 0.25% [2] - 44% of concentrated stocks achieved excess returns relative to the market [2] - Yuanlong Yatu had the highest increase among stocks with a decline in shareholder numbers, rising by 48.42% since May 21 [2] Group 3 - The latest concentrated stocks showed an average increase of 2.66% since June 1, with notable performers including Tongyuan Petroleum, Zhun Oil Co., and Jinchengzi, which increased by 85%, 55.44%, and 51.42% respectively [3] - Industries with the most concentrated stocks included machinery, electronics, and basic chemicals, with 31, 29, and 24 stocks respectively [3]

Investment Rating - The report maintains an "Outperform" rating for the hydrogen energy sector [4] Core Viewpoints - The hydrogen energy industry is experiencing continuous development due to favorable policies in China, with an increase in electrolyzer bidding projects and breakthroughs in hydrogen production technology. It is recommended to pay attention to companies involved in electrolyzer bidding [3][41] - The midstream sector is accelerating the development of hydrogen transportation and the construction of hydrogen refueling stations, suggesting a focus on companies capable of hydrogen transportation [3][41] - The downstream sector is exploring various application scenarios for hydrogen energy, promoting the adoption of hydrogen vehicles, and recommending attention to companies in the hydrogen vehicle application field [3][41] Industry Performance - As of June 13, 2025, the hydrogen energy index closed at 2047.76 points, with a weekly increase of 0.34% and a year-to-date increase of 15.25%. The hydrogen energy index ranked 42nd among the Shenwan secondary industry rankings, improving by 9 places compared to the previous week [8][15] - The top five companies in the hydrogen energy sector by weekly increase were Meichen Technology (40.96%), Yong'an Pharmaceutical (26.38%), Hengguang Co., Ltd. (25.1%), ST Baili (22.89%), and Pan-Asia Micro透 (22.02%). The top five companies by weekly decrease were Chaojie Co., Ltd. (-23.23%), Xue Ren Co., Ltd. (-14.57%), Huapei Power (-9.09%), Zhongcai Technology (-8.54%), and Xin Xun Da (-8.3%) [15][16] Hydrogen Industry Data Review - As of June 13, 2025, there have been 20 cumulative electrolyzer bidding projects in China, primarily involving alkaline and PEM types. A significant breakthrough was achieved with the development of a 2 MW AEM electrolyzer by Beijing Green Wave Hydrogen Energy Technology Co., Ltd. [17] - In April 2025, the production of fuel cell vehicles (FCVs) saw a decrease, with 342 units produced and 328 units sold, marking a month-on-month decline of 6.3% and 13%, respectively. Cumulatively, 926 FCVs were produced and 957 sold from January to April 2025, representing year-on-year declines of 22.45% and 10.89% [21][24] Industry Dynamics and Company Developments - Significant breakthroughs in hydrogen transportation technology were reported, including the successful operation of a non-metal flexible hydrogen pipeline by State Power Investment Corporation [36] - The first domestic hydrogen internal combustion engine generator set has been commercially operated in Hubei, showcasing the ability to utilize industrial by-product hydrogen for power generation [36] - Plug Power has partnered with Allied Green to advance a green hydrogen project in Uzbekistan, highlighting international collaboration in the hydrogen sector [38]