一、董事会会议召开情况 证券代码：002550 证券简称：千红制药 公告编号：2025-028 常州千红生化制药股份有限公司 第六届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、 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"）第六届 董事会第十一次会议通知于 2025 年 10 月 17 日通过邮件方式发出，会议于 2025 年 10 月 28 日在公司会议室以现场结合通讯表决的方式召开，会议应出席董事 9 人，实际出席董事 9 人，其中任胜祥先生以通讯表决方式出席。会议由董事长王 耀方先生召集并主持。本次会议的通知、召开以及董事出席人数和表决人数符合 《公司法》等法律法规和本公司《公司章程》的有关规定。 二、董事会会议审议情况 本次董事会会议形成决议如下： （一）审议通过了《公司 2025 年第三季度报告》 表决结果：同意 9 票，反对 0 票，弃权 0 票，议案获得通过。 《常州千红生化制药股份有限公司 2025 年第三季度报告》详见信息披露媒 体：巨潮资讯网 www.cninfo.com.cn 和 2025 年 ...

常州千红生化制药股份有限公司 第一章 总 则 2025 年员工持股计划管理办法 1.依法合规原则 公司实施员工持股计划，严格按照法律、行政法规的规定履行程序，真实、 准确、完整、及时地履行信息披露义务。任何人不得利用员工持股计划进行内幕 交易、操纵证券市场等证券欺诈行为。 2.自愿参与原则 公司实施的员工持股计划遵循员工自愿参与的原则，不存在以摊派、强行分 配等方式强制员工参与本员工持股计划的情形。 3.风险自担原则 第一条 为规范常州千红生化制药股份有限公司（以下简称"公司"）2025 年 员工持股计划（以下简称"本员工持股计划"）的实施，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》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《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、规章、规范性文件及《常州千红生化制药股份有限公 司章程》（以下简称"《公司章程》"）和《常州千红生化制药股份有限公司 2025 年员工持股计划（草案）》的规定，制定《常州千红生化制药股份有限公司 20 ...

Group 1 - The company's Q3 revenue reached 353 million yuan, representing a year-on-year increase of 0.35% [1] - The net profit for Q3 was 125 million yuan, showing a year-on-year decline of 1.28% [1] - For the first three quarters, the company's revenue totaled 1.215 billion yuan, reflecting a year-on-year growth of 0.61% [1] Group 2 - The net profit for the first three quarters was 383 million yuan, indicating a year-on-year increase of 23.79% [1]

Financial Performance - The company's revenue for Q3 2025 was CNY 353,243,546.31, an increase of 0.35% compared to the same period last year[5]. - Net profit attributable to shareholders decreased by 1.28% to CNY 125,175,767.17, while net profit excluding non-recurring items increased by 48.35% to CNY 72,363,494.95[5]. - The company's basic earnings per share for the period was CNY 0.1002, a decrease of 1.28% year-on-year[5]. - The company reported a 23.79% increase in net profit attributable to shareholders year-to-date, primarily due to the recovery of overdue payments and improved gross margin[9]. - Total operating revenue for the current period reached ¥1,215,015,041.44, a slight increase of 0.34% compared to ¥1,207,602,942.05 in the previous period[20]. - Net profit for the current period was ¥368,133,628.60, representing a 23.25% increase from ¥298,597,921.90 in the previous period[21]. - Earnings per share (EPS) increased to ¥0.3066, up from ¥0.2471 in the previous period, reflecting a growth of 23.66%[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,015,488,485.71, reflecting a growth of 6.54% compared to the end of the previous year[5]. - The company achieved a total asset of CNY 3,015,488,485.71 as of September 30, 2025, an increase from CNY 2,830,441,261.34 at the beginning of the period[17]. - The total current assets rose to CNY 1,937,455,509.21, compared to CNY 1,693,701,086.50 at the start of the period, reflecting a growth of approximately 14.4%[17]. - The total liabilities decreased to CNY 255,862,455.43 from CNY 313,870,622.96, a decline of approximately 18.5%[18]. - The company's equity remained stable at CNY 1,279,800,000.00 throughout the reporting period[18]. Cash Flow - Cash flow from operating activities decreased by 35.36% year-to-date, totaling CNY 291,346,733.72[5]. - Cash flow from operating activities generated a net amount of ¥291,346,733.72, a decrease of 35.39% compared to ¥450,750,025.74 in the previous period[22]. - Cash inflow from financing activities was $24.5 million, significantly higher than $3 million in the previous period[23]. - The net cash flow from financing activities was -$146.4 million, compared to -$325.1 million in the previous period[23]. - The ending balance of cash and cash equivalents was $439.3 million, down from $637.5 million year-over-year[23]. Investments and Expenses - The cash flow from investing activities decreased by CNY 82,724,600, mainly due to increased purchases of bank wealth management products[10]. - Research and development expenses rose to ¥69,864,138.78, an increase of 14.83% from ¥60,923,369.71 in the previous period, indicating a focus on innovation[20]. - Investment income for the current period was ¥9,500,453.35, compared to ¥5,156,866.58 in the previous period, reflecting an increase of 84.56%[21]. - The company reported a significant reduction in financial expenses, with a net financial cost of -¥202,730.64 compared to -¥1,263,366.71 in the previous period, showing improved financial management[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 73,615[12]. - The company's weighted average return on equity was 4.66%, a decrease of 0.60% compared to the previous year[5]. Legal and Regulatory Matters - The company reached a settlement with Jianyuan Trust, receiving a payment of CNY 56,994,275.53 related to a financial product dispute[14]. - The company has completed all legal proceedings related to the Jianyuan Trust case as of the report date[15]. - The third quarter financial report was not audited[24]. - The company will implement new accounting standards starting from 2025[25].

Core Viewpoint - Qianhong Biopharma's stock price has experienced fluctuations, with a year-to-date increase of 44.83% but a recent decline in the last 5, 20, and 60 trading days [1] Company Overview - Qianhong Biopharma, established on April 30, 2003, and listed on February 18, 2011, is located in Changzhou, Jiangsu Province. The company specializes in the research, production, and sales of various pharmaceutical products, including lyophilized powder, small-volume injections, tablets, and active pharmaceutical ingredients [2] - The company's main business revenue composition is 62.97% from formulations and 36.70% from active pharmaceutical ingredients [2] - As of June 30, 2025, the number of shareholders increased by 27.00% to 72,800, while the average circulating shares per person decreased by 22.62% to 12,934 shares [2] Financial Performance - For the first half of 2025, Qianhong Biopharma reported revenue of 862 million yuan, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 258 million yuan, reflecting a significant year-on-year growth of 41.17% [2] - The company has distributed a total of 1.862 billion yuan in dividends since its A-share listing, with 453 million yuan distributed over the past three years [3] Stock Market Activity - On October 14, 2023, Qianhong Biopharma's stock price fell by 2.00% to 8.81 yuan per share, with a trading volume of 144 million yuan and a turnover rate of 1.71%, resulting in a total market capitalization of 11.275 billion yuan [1] - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on August 7, 2023, where it recorded a net purchase of 10.2288 million yuan [1]

Core Insights - On October 9, brokerages set target prices for listed companies a total of 12 times, with notable increases for companies such as Weikang Medical, Sanor Bio, and Tongfu Microelectronics, showing target price increases of 44.29%, 35.27%, and 24.46% respectively, across the personal care, medical device, and semiconductor industries [1] Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on October 9, with BYD receiving recommendations from 2 brokerages, while Qianhong Pharmaceutical and Mulinsen each received 1 recommendation [1] Rating Adjustments - Northeast Securities upgraded Jiangfeng Electronics' rating from "Hold" to "Buy" on October 9 [1] Initial Coverage - On October 9, brokerages initiated coverage with 5 new ratings, including: - Dongfang Guoxin received a "Buy" rating from Sinolink Securities - Sanyou Medical received a "Recommended" rating from Ping An Securities - Yidian Tianxia received a "Buy" rating from Zhongyou Securities - Jiangfeng Electronics received a "Buy" rating from Northeast Securities - Cambrian received a "Buy" rating from Huaxin Securities [1]

Core Insights - Qianhong Pharmaceutical achieved a revenue of 862 million yuan in H1 2025, representing a year-on-year increase of 0.72% [1] - The company reported a net profit attributable to shareholders of 258 million yuan, reflecting a year-on-year growth of 41.17% [1] - The revenue from the formulation segment was 543 million yuan, showing a decline of 7.15% year-on-year, while the gross margin for this segment improved to 69.90%, an increase of 8.54 percentage points year-on-year [1] Clinical Development - As of June 30, 2025, the company has four innovative drugs in phase II clinical trials or about to enter phase III, with several others in phase I or awaiting approval for clinical research [1] - The original Class I new drug QHRD107 capsule has completed phase IIa clinical trials and has been successfully published at the EHA annual meeting, currently applying to the CDE for phase IIb clinical research [1] - The original Class I new drug QHRD106 injection has completed phase II clinical trials and is currently applying to the CDE for phase III clinical research [1] Financial Forecast - Based on the stable revenue growth and rapid profit increase in H1 2025, the revenue forecasts for 2025-2027 have been updated to 1.749 billion yuan, 2.091 billion yuan, and 2.500 billion yuan respectively [1] - The net profit forecasts for 2025-2027 have been updated to 459 million yuan, 423 million yuan, and 475 million yuan respectively [1] - The company maintains an "overweight" rating [1]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company reported a revenue of 862 million yuan in H1 2025, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 258 million yuan, up 41.17% year-on-year [1] - The gross margin of the formulation segment improved significantly, with a gross margin of 69.90%, an increase of 8.54 percentage points year-on-year [1] - The company has four innovative drugs in Phase II clinical trials or about to enter Phase III, with several others in earlier stages of clinical trials [2] - Revenue forecasts for 2025-2027 have been updated to 1.749 billion, 2.091 billion, and 2.500 billion yuan, respectively, while net profit forecasts for the same period are updated to 459 million, 423 million, and 475 million yuan [3] Financial Data and Valuation - The company’s revenue for 2025E is projected to be 1.74879 billion yuan, with a growth rate of 14.58% [4] - The projected net profit for 2025E is 458.71 million yuan, reflecting a growth rate of 28.84% [4] - The earnings per share (EPS) for 2025E is estimated at 0.36 yuan, with a price-to-earnings (P/E) ratio of 27.76 [4] - The company’s total assets are projected to reach 3.10627 billion yuan by 2025E [10]

Company Overview - Qianhong Biopharma Co., Ltd. is located in Changzhou, Jiangsu Province, established on April 30, 2003, and listed on February 18, 2011. The company specializes in the research, production, and sales of various pharmaceutical products, including lyophilized powder, lyophilized powder injections (including anti-tumor drugs), small-volume injections, tablets, hard capsules, granules, and raw materials [2]. Financial Performance - For the first half of 2025, Qianhong Biopharma achieved operating revenue of 862 million yuan, representing a year-on-year growth of 0.72%. The net profit attributable to the parent company was 258 million yuan, showing a significant year-on-year increase of 41.17% [2]. - The company has distributed a total of 1.862 billion yuan in dividends since its A-share listing, with 453 million yuan distributed over the past three years [3]. Stock Performance - As of September 23, Qianhong Biopharma's stock price was 9.38 yuan per share, with a market capitalization of 12.005 billion yuan. The stock has increased by 54.20% year-to-date but has seen a decline of 5.44% over the past five trading days and 12.42% over the past 20 days [1]. - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on August 7, where it recorded a net purchase of 10.2288 million yuan [1]. Shareholder Information - As of June 30, 2025, Qianhong Biopharma had 72,800 shareholders, an increase of 27.00% from the previous period. The average circulating shares per person decreased by 22.62% to 12,934 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 29.1651 million shares, a decrease of 11.9864 million shares from the previous period [3]. Business Segments - The company's main business revenue composition includes 62.97% from formulation series and 36.70% from raw material series, with other contributions at 0.33% [2]. - Qianhong Biopharma operates within the pharmaceutical and biological industry, specifically in the chemical pharmaceutical sector, and is involved in various concept sectors such as heparin, ursodeoxycholic acid, antigen detection, medical devices, and biomedicine [2].

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Viewpoints - The growth of healthcare expenses, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating that commercial health insurance may provide a solution to the pressures faced by the medical insurance system [3][15] - The commercial health insurance sector is expected to grow significantly, with premiums projected to reach 97.74 billion yuan by 2024, driven by low penetration rates and the need for additional funding sources [20][24] - Policies are increasingly supportive of commercial health insurance, particularly in relation to innovative drugs, which are now being included in the commercial health insurance directory [71][76] Summary by Sections Part 1: Healthcare Financing System - The healthcare financing system in China consists of government, social, and personal contributions, with social contributions being the main driver for future growth [10][15] Part 2: Growth of Health Insurance - The commercial health insurance market is expected to fill a significant funding gap, with an estimated shortfall of over 1.7 trillion yuan by 2030 [21][22] - Medical insurance is the primary source of compensation within commercial health insurance, with a compensation rate of approximately 68.79% in 2022 [27][31] Part 3: Core Products of Medical Insurance - The report highlights the importance of medical insurance as a key focus area, noting that it directly compensates for medical expenses, unlike critical illness insurance [31][35] Part 4: Policy Support for Health Insurance Development - A series of policies since 2009 have aimed to promote the development of commercial health insurance, with specific targets for market size and coverage [71][72] Part 5: Investment Recommendations - The report suggests focusing on innovative drug companies with rich pipelines, DTP pharmacies, and companies in the TPA industry, as well as innovative medical devices and high-end medical service providers [77]