Core Viewpoint - Kelong Pharmaceutical has received approval from the National Medical Products Administration for its chemical drug "Rotigotine Patch," indicating a significant advancement in its product portfolio and potential market opportunities in the treatment of Parkinson's disease [1] Company Summary - Kelong Pharmaceutical (002422.SZ) announced the registration approval of "Rotigotine Patch" [1] - The drug was developed by UCB Pharma and was first approved in the European Union in 2006 [1] - The drug was imported and approved for use in China in 2018 [1] Industry Summary - "Rotigotine Patch" is indicated for the treatment of early idiopathic Parkinson's disease symptoms and can be used as monotherapy or in combination with Levodopa throughout various stages of the disease [1]

Core Viewpoint - The approval of "Rotigotine Transdermal Patch" by the National Medical Products Administration marks a significant milestone for the company, as it is the first domestically approved generic version for treating Parkinson's disease in China [1] Group 1: Product Approval - The "Rotigotine Transdermal Patch" is the world's first transdermal patch for the treatment of Parkinson's disease, initially approved in the EU in 2006 and imported to China in 2018 [1] - The product is indicated for the treatment of early-stage idiopathic Parkinson's disease symptoms and can be used as a monotherapy or in combination with Levodopa throughout the disease stages [1] Group 2: Market Potential - The global sales forecast for the "Rotigotine Transdermal Patch" is projected to reach $330 million in 2024 [1] - The approval enhances the company's competitive position in the central nervous system (CNS) therapeutic area, where it already has multiple products approved and on the market [1]

Core Insights - On October 16, 2023, Kelun Pharmaceutical's stock increased by 0.23%, with a trading volume of 348 million yuan. The company experienced a net financing outflow of 11.58 million yuan on that day [1] - As of June 30, 2025, Kelun Pharmaceutical reported a revenue of 9.083 billion yuan, a year-on-year decrease of 23.20%, and a net profit attributable to shareholders of 1.001 billion yuan, down 44.41% year-on-year [2] - The company has distributed a total of 6.898 billion yuan in dividends since its A-share listing, with 3.587 billion yuan distributed over the past three years [2] Financing and Margin Trading - On October 16, 2023, Kelun Pharmaceutical had a financing buy-in of 24.09 million yuan, with a total financing balance of 9.56 billion yuan, representing 1.72% of its market capitalization [1] - The company's margin trading balance is above the 70th percentile of the past year, indicating a relatively high level of financing activity [1] - The short selling activity on the same day included a repayment of 15,300 shares and a short sale of 4,400 shares, with a total short selling amount of 153,500 yuan [1] Shareholder Structure - As of June 30, 2025, Kelun Pharmaceutical had 34,200 shareholders, an increase of 2.55% from the previous period, with an average of 38,138 circulating shares per shareholder, a decrease of 2.49% [2][3] - The top three circulating shareholders include China Europe Medical Health Mixed A, holding 42.60 million shares, and Hong Kong Central Clearing Limited, holding 39.99 million shares, with the latter reducing its holdings by 2.71 million shares [3]

Core Viewpoint - The article emphasizes the importance of "five-dimensional positive growth" for companies, which includes continuous growth in total assets, operating income, net profit attributable to shareholders, R&D investment, and employee compensation from 2022 to 2024, as a measure of a company's internal motivation and sustainable development capability [2][3]. Summary by Sections Five-Dimensional Positive Growth - Companies with long-term competitiveness maintain steady growth not only in asset scale and revenue but also in innovation investment and human capital [3]. - A total of 156 companies in the A-share market meet the criteria of achieving three consecutive years of growth in the five key indicators, indicating a focus on solid asset foundations and strategic investments in R&D and employee compensation [3][4]. Industry Distribution - The 156 companies are concentrated in sectors such as machinery, electronics, power equipment, pharmaceuticals, and automobiles, highlighting the transformation and upgrading of China's manufacturing industry through technological accumulation and talent investment [4][6]. - The automotive sector leads with 30 companies, followed by power equipment (22), machinery (20), electronics (14), and pharmaceuticals (13), collectively accounting for over 63% of the group [6]. Key Industry Analysis - **Automotive**: The sector shows strong market vitality, particularly in new energy vehicles, with companies like BYD demonstrating significant growth through vertical supply chain integration and R&D investment [9]. - **Power Equipment**: Companies like Sungrow Power Supply benefit from global green energy demand, with continuous R&D ensuring technological leadership [12]. - **Machinery**: Companies such as Times Electric leverage their technological advantages to achieve growth in both domestic and international markets [13]. - **Electronics**: Firms like North Huachuang are capitalizing on domestic semiconductor expansion, with R&D driving rapid growth [15]. - **Pharmaceuticals**: Companies like Mindray Medical are expanding through continuous innovation in medical technology, supported by robust R&D investment [16]. Internal Logic of Growth - Achieving simultaneous growth in the five dimensions is challenging, with only 156 out of 5,383 A-share companies meeting the criteria by the end of 2024 [18]. - The interplay between R&D investment and human capital is crucial for maintaining competitive advantage in a rapidly evolving market [19][20]. Long-Termism and Employee Compensation - Employee compensation and R&D investment are identified as dual anchors of long-termism, with average employee compensation increasing by approximately 35% and R&D investment by about 42% from 2021 to 2024 among the 156 companies [25]. - This focus on human and innovation capital, despite potential short-term impacts on profit margins, enhances organizational stability and competitive barriers [25]. Conclusion - The article concludes that the concept of being a "respected" company should not solely rely on scale or profit but should also encompass the creation of economic value while promoting technological advancement, employee growth, and social welfare [26].

Core Insights - The Medical Health Index (980016) closed at 6759.45 points, up 1.78%, with a trading volume of 27.946 billion yuan and a turnover rate of 1.0% [1] - Among the index constituents, 40 stocks rose, with Huahai Pharmaceutical leading at a 7.59% increase, while 9 stocks fell, with BGI Genomics leading the decline at 2.93% [1] Index Performance - The Medical Health Index saw a net inflow of 1.063 billion yuan from main funds, while retail investors experienced a net outflow of 392 million yuan [1] - The top ten constituents of the index include major companies such as WuXi AppTec, Hengrui Medicine, and Mindray Medical, with varying market capitalizations and price changes [1] Fund Flow Analysis - Huahai Pharmaceutical had a main fund net inflow of 163 million yuan, while retail investors saw a net outflow of 76.6 million yuan [2] - Other notable companies with significant fund flows include Aier Eye Hospital and Hengrui Medicine, both experiencing mixed inflows and outflows from different investor categories [2]

Core Insights - The evaluation criteria for companies in China are shifting from a focus on single profit metrics to a multidimensional assessment of capabilities, emphasizing long-term competitiveness through sustained growth in assets, revenue, net profit, R&D investment, and employee compensation [1][19] - A total of 156 companies in the A-share market have met the criteria of achieving positive growth across these five dimensions for three consecutive years, indicating a robust foundation for sustainable development [1][13] Industry Distribution - The 156 companies are primarily distributed across sectors such as machinery, electronics, power equipment, pharmaceuticals, and automotive, highlighting the transformation and upgrading of China's manufacturing industry through technological accumulation and talent investment [2][5] - The automotive sector leads with 30 companies, followed by power equipment (22), machinery (20), electronics (14), and pharmaceuticals (13), collectively accounting for over 63% of the total [3][5] Key Industries and Representative Companies - **Automotive (30 companies)**: This sector includes traditional vehicles, new energy vehicles, and smart solutions, showcasing China's leadership in the global automotive industry transformation [6] - BYD (002594.SZ) has demonstrated strong growth through vertical integration and significant R&D investment, establishing a robust competitive barrier [6] - Fuyao Glass (600660.SH) has capitalized on the trend of automotive intelligence and consumer upgrades, enhancing product value and driving revenue growth [7] - **Power Equipment (22 companies)**: This sector benefits from the dual carbon strategy, with growth driven by advancements in renewable energy technologies and smart grid construction [8] - Sungrow Power Supply (300274.SZ) has seen rapid growth due to its leadership in photovoltaic inverters and energy storage systems [8] - Guoxuan High-tech (002074.SZ) focuses on battery technology, leveraging continuous investment in R&D to build a competitive edge [8] - **Machinery (20 companies)**: This sector reflects the transformation of Chinese manufacturing, with companies benefiting from domestic industrial upgrades [9] - Times Electric (688187.SH) has sustained growth through its core competencies in rail transit equipment and expansion into new industries [9] - Tiandi Technology (600582.SH) leads in intelligent coal mining equipment, achieving steady growth through technological advancements [10] - **Electronics (14 companies)**: This sector has shown significant growth, driven by demand in semiconductors, high-end components, and consumer electronics [11] - Northern Huachuang (002371.SZ) has benefited from the expansion of domestic wafer fabrication, leading to rapid revenue growth [11] - Haiguang Information (688041.SH) has established a strong presence in the domestic CPU market, capitalizing on the demand for localized computing power [11] - **Pharmaceuticals (13 companies)**: This sector is driven by aging populations and increased health awareness, with companies focusing on R&D in innovative drugs and high-end medical devices [12] - Mindray Medical (300760.SZ) has built core competencies through continuous innovation in medical technology [12] - East China Pharmaceutical (000963.SZ) is expanding its growth through innovative drug development and aesthetic medicine [12] Five-Dimensional Growth Logic - Achieving positive growth across the five dimensions is a complex task, with only 156 out of 5,383 A-share companies meeting this standard, indicating a strong correlation between R&D investment and sustainable growth [13][18] - The combination of total assets, revenue, net profit, R&D investment, and employee compensation reflects a company's health and sustainability, with each dimension interlinked [14][15][16]

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.

证券日报网讯 10月13日晚间，科伦药业发布公告称，公司2025年度中期权益分派方案为：以公司现有 总股本剔除已回购股份7，272，164股后的1，590，781，208股为基数，向全体股东每10股派发现金红 利1.260000元人民币现金（含税）。股权登记日为2025年10月20日，除权除息日为2025年10月21日。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Kelun Pharmaceutical announced a cash dividend distribution plan, where it will distribute 1.26 RMB per 10 shares to all shareholders, based on a total share count of approximately 1.591 billion shares after excluding repurchased shares [1] - The record date for the dividend is set for October 20, 2025, and the ex-dividend date is October 21, 2025 [1] - As of the report, Kelun Pharmaceutical has a market capitalization of 55.5 billion RMB [1] Group 2 - For the first half of 2025, the revenue composition of Kelun Pharmaceutical is as follows: 89.66% from the pharmaceutical manufacturing sector, 7.01% from research and development projects, and 3.33% from other businesses [1]

1.因四川科伦药业股份有限公司（以下简称"公司"）回购专用证券账户中 的股份不参与 2025 年度中期权益分派，公司本次实际现金分红的总金额=实际参 与分配的总股本×分配比例，即 200,438,432.2080 元=1,590,781,208 股×0.126 元 /股。 2.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，按股权登记日的总股本折算的每股现金红利=实际 现金分红总金额÷股权登记日的总股本=200,438,432.2080 元÷1,598,053,372 股 =0.1254266 元/股，即：本次权益分派实施后的除权除息价格=股权登记日收盘价 0.1254266 元/股。 一、 股东大会审议通过利润分配方案情况 公司2025年度中期权益分派方案已于2025年9月15日经公司2025年第二次临 时股东大会审议通过，本次权益分派方案的具体内容为：公司以利润分配实施公 告确定的股权登记日当日的可参与分配的股本数量为基数，向全体股东每10股派 发现金红利1.260000元（含税）；不转增， ...