Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

Market Overview - The precision medicine sector experienced a decline of 1.77% on November 4, with TuoJing Life leading the drop [1][2] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable stock performances in the precision medicine sector included: - RenDu Bio (688193) closed at 52.90, up 1.05% with a trading volume of 7076.23 hands and a transaction value exceeding 36.99 million yuan [1] - TuoJing Life (300642) closed at 22.73, down 2.86% with a trading volume of 78,200 hands and a transaction value of 178 million yuan [2] - Other companies like DaAn Gene (002030) and Anke Bio (300009) showed minimal changes, with DaAn Gene remaining flat at 6.57 and Anke Bio down 0.55% to 10.84 [1][2] Capital Flow - The precision medicine sector saw a net outflow of 979 million yuan from institutional investors, while retail investors contributed a net inflow of 642 million yuan [2][3] - Specific stock capital flows indicated: - GuoMai Technology (002093) had a net inflow of 8.61 million yuan from institutional investors, while retail investors saw a net outflow of 15.98 million yuan [3] - TuoJing Life experienced minimal net inflow from institutional investors at 25,000 yuan, with retail investors also showing a slight outflow [3]

Core Viewpoint - Qianhong Pharmaceutical is a leading enterprise in the biopharmaceutical sector in China, focusing on drug research, production, and sales, with a full industry chain advantage and multiple core technologies [1] Group 1: Business Performance - In Q3 2025, Qianhong Pharmaceutical achieved a revenue of 1.215 billion yuan, ranking 45th among 110 companies in the industry, significantly lower than the top companies, East China Pharmaceutical at 32.664 billion yuan and Fosun Pharmaceutical at 29.393 billion yuan [2] - The net profit for the same period was 368 million yuan, ranking 25th in the industry, with the top company, Heng Rui Medicine, reporting 5.76 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Qianhong Pharmaceutical's debt-to-asset ratio was 8.48%, down from 10.04% year-on-year and significantly lower than the industry average of 35.26%, indicating strong solvency [3] - The gross profit margin for the same period was 57.71%, higher than the previous year's 54.02% and above the industry average of 57.17%, reflecting strong profitability [3] Group 3: Leadership and Compensation - The chairman, Wang Yaofang, has a salary of 369,500 yuan in 2023, while the general manager, Wang Ke, has a salary of 1.2873 million yuan, a slight decrease from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.17% to 73,600, with an average holding of 12,800 circulating A-shares, a decrease of 1.15% [5] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 49.0352 million shares, an increase of 19.8701 million shares from the previous period [5] Group 5: Future Outlook - In H1 2025, Qianhong Pharmaceutical reported a revenue of 862 million yuan, a year-on-year increase of 0.72%, and a net profit of 258 million yuan, up 41.17% [5] - The company has four innovative drugs in phase II clinical trials or about to enter phase III, indicating a strong innovation pipeline [6] - Revenue forecasts for 2025-2027 are adjusted to 1.749 billion, 2.091 billion, and 2.500 billion yuan, with net profit forecasts of 459 million, 423 million, and 475 million yuan respectively [5][6]

Core Viewpoint - Qianhong Pharmaceutical is actively advancing the construction of its raw material drug production base in Hubei, aiming for early production commencement [2] Group 1 - The company is currently in the process of building its Qianhong Hubei raw material drug production base project [2] - The company is focusing on the production progress of strategic investment projects in the upstream raw material sector, particularly in Hubei [2]

Core Viewpoint - Qianhong Pharmaceutical (002550.SZ) reported a slight increase in revenue and a significant rise in net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 1.215 billion yuan, representing a year-on-year increase of 0.61% [1] - The net profit attributable to shareholders reached 383 million yuan, marking a year-on-year increase of 23.79% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 271 million yuan, reflecting an 18.76% year-on-year increase [1] - Basic earnings per share were reported at 0.3066 yuan [1]

常州千红生化制药股份有限公司 关于修订《公司章程》的公告 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。 常州千红生化制药股份有限公司（以下简称"本公司"或"公司"）于 2025 年 10 月 28 日 召开第六届董事会第十一次会议和第六届监事会第八次会议，审议通过了《关于修订<公司章程> 的议案》，该议案尚需提交公司 2025 年第一次临时股东大会审议。具体情况如下： 一、关于取消监事会的情况 为全面贯彻落实法律法规要求，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司章程指引（2025 年修订）》、《上市公司股东会规则》以及《深圳证券 交易上市公司自律监管指引第 1 号——主板上市公司规范运作（2025 年修订）》等法律、法规 和规范性文件的相关规定，结合公司实际情况，公司拟不再设置监事会，监事会的职权由董事会 审计委员会行使，公司《监事会议事规则》相应废止。同时，公司各项规章制度中涉及监事会、 监事的规定不再适用，公司拟对《公司章程》相关条款进行修订，拟制定、修订部分配套的公司 治理制度。 证券代码：002550 证券简称：千红制药 ...

证券简称：千红制药 证券代码：002550 公告编号：2025-033 常州千红生化制药股份有限公司 2025 年员工持股计划（草案）摘要 二零二五年十月 常州千红生化制药股份有限公司 2025 年员工持股计划（草案）摘要 声 明 本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其内容真实性、准确性、完整性承担个别和连带的 法律责任。 1 常州千红生化制药股份有限公司 2025 年员工持股计划（草案）摘要 风险提示 1.本员工持股计划须经公司股东大会审议通过后方可实施，但能否获得公司 股东大会批准，存在不确定性。 2.本员工持股计划的具体实施方案属初步结果，能否达到计划规模、能否完 成实施，存在不确定性。 3.如参加对象的认购资金不足，本员工持股计划存在不能成立或者低于预计 规模的风险。 4.公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注意 投资风险。 2 常州千红生化制药股份有限公司 2025 年员工持股计划（草案）摘要 特别提示 1.本员工持股计划系依据《中华人民共和国公司法》《中华人民共和国证券 法》《关于上市公司实施员工持股计划试点的指导意见 ...

董事会薪酬与考核委员会关于公司 2025 年员工持股计划 相关事项的意见 常州千红生化制药股份有限公司（以下简称"本公司"或"公司"）第六届 董事会薪酬与考核委员会第四次会议于 2025 年 10 月 28 日在公司会议室召开， 根据《公司法》、《证券法》、《关于上市公司实施员工持股计划试点的指导意 见》、《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、规范性文件以及本公司《公司章程》的有关规定，现就公司 2025 年员工持股计划相关事项发表意见如下： 1、公司 2025 年员工持股计划（草案）的内容符合《关于上市公司实施员工 持股计划试点的指导意见》、《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、规范性文件以及本公司《公司章程》的 有关规定，不存在损害公司及全体股东利益的情形。 2、公司实施本次员工持股计划有利于建立、健全长期有效的激励约束机制， 增强员工的凝聚力和公司的竞争力，充分调动公司核心骨干员工的积极性和创造 性，有利于公司的长期、持续、健康发展。 3、公司发布 2025 年员工持股计划（草案）之前，已经召开职工代表大会并 ...

风险提示 1.本员工持股计划须经公司股东大会审议通过后方可实施，但能否获得公司 股东大会批准，存在不确定性。 证券简称：千红制药 证券代码：002550 公告编号：2025-032 常州千红生化制药股份有限公司 2025 年员工持股计划（草案） 二零二五年十月 常州千红生化制药股份有限公司 2025 年员工持股计划（草案） 声 明 本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误 导性陈述或重大遗漏，并对其内容真实性、准确性、完整性承担个别和连带的 法律责任。 1 常州千红生化制药股份有限公司 2025 年员工持股计划（草案） 2.本员工持股计划的具体实施方案属初步结果，能否达到计划规模、能否完 成实施，存在不确定性。 3.如参加对象的认购资金不足，本员工持股计划存在不能成立或者低于预计 规模的风险。 4.公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注意 投资风险。 2 常州千红生化制药股份有限公司 2025 年员工持股计划（草案） 特别提示 1.本员工持股计划系依据《中华人民共和国公司法》《中华人民共和国证券 法》《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易 ...

2025 年第一次临时股东大会议案汇编 股票简称：千红制药 股票代码：002550 1 常州千红生化制药股份有限公司 2025 年第一次临时股东大会议案汇编 常州千红生化制药股份有限公司 江苏省常州市新北区云河路 518 号 | ৰ্ম | | --- | | | | 常州千红生化制药股份有限公司 2025 年第一次临时股东大会议案汇编 议案一 关于修订《公司章程》的议案 常州千红生化制药股份有限公司（以下简称"本公司"或"公司"）于 2025 年 10 月 28 日召开第六届董事会第十一次会议和第六届监事会第八次会议，审议 通过了《关于修订<公司章程>的议案》，该议案尚需提交公司 2025 年第一次临时 股东大会审议。具体情况如下： 一、关于取消监事会的情况 为全面贯彻落实法律法规要求，根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《上市公司章程指引（2025 年修订）》、《上市公司股东会规则》 以及《深圳证券交易上市公司自律监管指引第 1 号——主板上市公司规范运作 （2025 年修订）》等法律、法规和规范性文件的相关规定，结合公司实际情况， 公司拟不再设置监事会，监事会的职权由董事会审计委员 ...