Group 1 - Shareholder Wang Ke increased his stake in the company by acquiring 9.6 million shares through block trading, with a transaction amount of 84.096 million yuan [1] - The combined shareholding ratio of Wang Ke and his concerted party Wang Yaofang rose from 24.91% to 25.66% [1] - Jiangsu Securities Regulatory Bureau issued a warning letter to Wang Ke on September 11, 2025, for failing to disclose timely when his shareholding ratio approached the 25% threshold [1]

本公司及董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002550 证券简称：千红制药 公告编号：2025-027 常州千红生化制药股份有限公司 关于收到江苏证监局对公司股东出具警示函的公告 二、相关情况说明 公司及股东等相关责任人收到《警示函》后高度重视，将严格按照江苏证监 局的要求，深入反思，充分汲取教训并引以为戒，切实加强对《上市公司信息披 露管理办法》及相关法律法规、规范性文件的学习，切实提高规范意识和履职能 力，提升公司规范运作水平和信息披露质量，杜绝此类事件再次发生，并将严格 按照江苏证监局的要求及时报送书面报告。 本次收到《警示函》事项不会影响公司正常的生产经营，公司将严格按照相 关监管要求和有关法律法规的规定，及时履行信息披露义务，敬请广大投资者注 意投资风险。 特此公告。 常州千红生化制药股份有限公司（以下简称"公司"或"本公司"）于 2025 年 9 月 11 日收到中国证券监督管理委员会江苏监管局出具的《关于对王轲采取 出具警示函措施的决定》（〔2025〕154 号）（以下简称"警示函"），现将相 关内容公告如下： 一、警示函的主要内 ...

Group 1 - The company Qianhong Pharmaceutical (002550.SZ) has completed Phase II clinical trials for its innovative drug QHRD106 and has submitted the relevant materials to the CDE for review, with plans to enter Phase III clinical trials upon approval [1] - QHRD107 has completed patient enrollment for Phase IIa and is actively engaging in critical clinical communication with the CDE to advance its clinical research [1] - The company encourages investors to pay attention to future announcements for specific progress updates [1]

Core Viewpoint - The company is addressing concerns regarding potential disagreements between major shareholders affecting the progress of clinical trials for two innovative drugs, QHRD106 and QHRD107, and reassures that these projects are advancing as planned [2]. Group 1 - The company confirmed that its board and management are committed to promoting innovation and development [2]. - The clinical trials for the innovative drug projects QHRD106 and QHRD107 are proceeding in an orderly manner as scheduled [2]. - The company is currently in active communication with regulatory authorities to apply for the next phase of clinical research [2].

Group 1 - The Chinese government will include the HPV vaccine in the national immunization program, aiming to protect women's health and potentially eliminate cervical cancer by 2050 [1] - The inclusion of the HPV vaccine is expected to provide significant cost-effectiveness in preventing cervical cancer among adolescent females [1] Group 2 - Reports indicate that the Trump administration may consider an executive order to impose stricter restrictions on experimental drugs and clinical data from China, which has led to a decline in the stock prices of innovative drug companies in A-shares and H-shares [2] - However, some institutions believe that these restrictions may be mere posturing, as the development of Chinese innovative drugs continues to accelerate, with improvements in pipeline quantity and quality [2] Group 3 - Wang Chen has been removed from his position as Vice President of the Chinese Academy of Engineering, with the reasons for his dismissal remaining unclear [3] - Wang Chen is a prominent expert in respiratory medicine and has been involved in significant medical projects, which have previously sparked controversy [3] Group 4 - Zhang Jianhui, the General Manager of Jindike, passed away due to illness, marking a significant loss for the company and highlighting the risks associated with reliance on key individuals in the biotech sector [4] Group 5 - Qianhong Pharmaceutical received a regulatory letter due to its actual controller's failure to comply with disclosure obligations after increasing shareholding beyond the stipulated threshold [5] - The incident reflects potential internal control weaknesses within Qianhong Pharmaceutical [5]

11日上午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期 卫生健康工作发展成就。据介绍，今年国家将推出面向适龄女生的HPV疫苗接种服务，并将HPV疫苗纳 入国家免疫规划，保护女性健康。 每经记者｜陈星 每经编辑｜董兴生 点评：青少年女性接种HPV疫苗，最具有宫颈癌防治的成本效益。随着我国将HPV疫苗纳入国家免疫规 划，或将有助于实现在2050年基本消除宫颈癌的目标。 ｜ 2025年9月12日 星期五 ｜ NO.2 特朗普政府或加强对中国药品限制？机构：虚张声势！ NO.1 HPV疫苗将纳入国家免疫规划 9月11日，A股、H股创新药概念集体走低。消息面上，有媒体报道称，特朗普政府正研议一项行政命 令，打算严格限制来自中国的实验性药物与临床数据，以应对中国生物科技崛起对美国产业的威胁。对 此消息，相关机构表示，这一"限制"或为虚张声势。中国创新药从管线价值到临床验证、BD出海、商 业化逐步兑现，从跟跑到并跑、再到领跑全球，管线数量、质量大幅提升。中国创新药发展趋势加速， 产业逻辑不变，BD仍在加速，景气度持续向上。 点评：该行政令草案的影响存在不确定性，首先其是否能落地是 ...

Group 1 - The company Qianhong Pharmaceutical (002550.SZ) is actively communicating with the CDE regarding its innovative drugs QHRD106 and QHRD107, which are in the process of applying for the next stage of clinical research [1] - The company aims to advance the drug development progress in accordance with CDE requirements and is committed to regulatory compliance in its disclosures [1] Group 2 - An investor inquired about the core content of the CDE's feedback on drugs 106 and 107, questioning whether it pertains to technical details, clinical trial data, or procedural inquiries, and if it involves significant issues affecting drug safety and efficacy [3] - The investor also asked if the company needs to submit supplementary materials in response to the feedback and the expected timeline for such submissions [3]

Summary of Qianhong Pharmaceutical Conference Call Company Overview - **Company**: Qianhong Pharmaceutical - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 858 million CNY, up 10.7% year-on-year [2][3] - **Net Profit**: 258 million CNY, up 41.17% year-on-year [3] - **Cash Flow**: Operating cash flow decreased by 48% to 146 million CNY, primarily due to increased raw material procurement [2][3] - **Gross Margin**: Overall gross margin increased by 3.63 percentage points to 56.27% [2][3] - Raw material segment gross margin: 32.8% - Formulation segment gross margin: 69.9% [2][3] Research and Development - **R&D Investment**: 60.12 million CNY, with 43.85 million CNY expensed, a 25.3% increase year-on-year [2][5] - **Core Innovative Drugs**: - **QZD106**: Phase III clinical application submitted, expected approval in mid to late September [2][5][21] - **QZD107**: Phase IIb clinical trial application submitted, expected approval in mid to late September [2][5][6] - QZD107 Phase IIa results show a complete response rate (CCR) above 40%, with some patients exceeding 55% [6] Business Development and Strategic Initiatives - **Business Development Focus**: Emphasis on innovative drug business development (BD), particularly for CDK9 inhibitors [7] - **Heparin Raw Material Pricing**: Prices have been declining since the beginning of the year, with stable expectations for the second half of 2025 and Q1 2026 [4][9] - **Joint Venture**: The Henan Qianmu project has commenced production, with first sales expected in September [2][10] Market Performance and Sales - **Innoheparin Sodium**: Exceeded expectations in the eighth national procurement, with contract volumes three times higher than anticipated [4][16] - **Bayer Collaboration**: Expected sales of the compound digestive enzyme product to reach 5 million boxes, a 20%-30% increase year-on-year [4][17] - **Legal Settlement**: Recovered approximately 110 million CNY from a settlement with Jianyuan Trust, expected to contribute around 90 million CNY to the profit statement [4][18] Future Outlook - **New Drug Development**: Focus on ID211 (growth hormone deficiency) and QHD110 (CDK4/6 inhibitor for glioma) [4][11] - **R&D Strategy**: Continued investment in small molecule and large molecule drug development, with significant increases expected in 2026 due to key clinical trials [12] - **Sales Strategy**: Prioritizing self-operated sales teams for innovative drugs, with peak sales expectations for QZD106 estimated between 2 billion to 4 billion CNY [27] Additional Insights - **Raw Material Inventory**: Increasing inventory of Gansu products to mitigate future price fluctuations [25] - **Clinical Trial Progress**: QZD106 has shown promising results in Phase II trials, with plans for a larger Phase III trial [21][22] - **Market Challenges**: Facing pressure in the European market due to global demand and domestic competition, but maintaining a unique customer channel [19] This summary encapsulates the key points from the conference call, highlighting the financial performance, R&D advancements, strategic initiatives, and market outlook for Qianhong Pharmaceutical.

Core Insights - Q2 2025 financial results show a slight increase in total revenue and a significant rise in net profit, indicating strong performance [1][3] - The company has achieved continuous growth in key financial metrics over the past two years, reflecting operational efficiency and profitability [3] Financial Performance - Total revenue for the first half of 2025 reached 862 million yuan, an increase of 6.18 million yuan or 0.72% year-on-year [1] - Net profit attributable to shareholders was 258 million yuan, up by 75.26 million yuan or 41.17% compared to the same period last year [1] - Operating cash flow showed a net inflow of 146 million yuan [1] Profitability Metrics - The latest gross profit margin stands at 56.31%, an increase of 1.92 percentage points from the previous quarter and 3.61 percentage points year-on-year, marking three consecutive years of growth [3] - Return on equity (ROE) is reported at 9.83%, up by 2.04 percentage points from the same period last year [3] - Diluted earnings per share increased to 0.21 yuan, reflecting a rise of 0.06 yuan or 41.73% year-on-year [3] Efficiency Ratios - Total asset turnover ratio is 0.30 times [3] - Inventory turnover ratio improved to 0.96 times, an increase of 0.19 times or 25.42% year-on-year [3] Shareholder Structure - The number of shareholders is reported at 72,800, with the top ten shareholders holding 581 million shares, accounting for 45.39% of total equity [3] - The largest shareholder, Wang Yaofang, holds 19.96% of the shares [3]

Core Viewpoint - Qianhong Pharmaceutical (002550) reported a solid performance in its 2025 mid-year financial results, with notable increases in revenue and net profit, indicating improved profitability and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 reached 862 million yuan, a year-on-year increase of 0.72% [1]. - The net profit attributable to shareholders was 258 million yuan, reflecting a significant year-on-year growth of 41.17% [1]. - In Q2 2025, total revenue was 411 million yuan, up 4.16% year-on-year, while net profit for the quarter was approximately 97.08 million yuan, an increase of 23.38% [1]. - The gross margin improved to 56.31%, up 6.86% year-on-year, and the net margin rose to 28.96%, a 40.45% increase [1]. - Total expenses (selling, administrative, and financial) amounted to 207 million yuan, accounting for 23.99% of revenue, a slight increase of 0.32% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.21 yuan, a rise of 41.73% compared to the previous year [1]. - The net asset value per share was 2.05 yuan, up 11.91% year-on-year [1]. - Operating cash flow per share decreased to 0.11 yuan, down 48.68% year-on-year [1]. Cash Flow Analysis - The net cash flow from operating activities decreased by 48.68%, primarily due to increased procurement of raw materials [2]. - The net cash flow from investing activities surged by 989.13%, attributed to an increase in investment in bank wealth management products [2]. - The net cash flow from financing activities increased by 53.82%, influenced by stock buybacks in the previous year [3]. Business Model and Market Position - The company's return on invested capital (ROIC) was reported at 12.81%, indicating strong capital returns [4]. - The historical median ROIC over the past decade was 6.92%, with a notable low of -6.07% in 2020, suggesting variability in investment returns [4]. - The business model is primarily driven by marketing efforts, necessitating further investigation into the underlying factors of this drive [5]. Accounts Receivable and Analyst Expectations - The accounts receivable to profit ratio reached 93.71%, highlighting a potential area of concern [6]. - Analysts project that the company's performance for 2025 will reach approximately 443 million yuan, with an average EPS forecast of 0.35 yuan [6]. Fund Holdings - Tianhong Healthcare Mixed A Fund holds the largest position in Qianhong Pharmaceutical, with 4.95 million shares, marking a new entry into the top ten holdings [7].