证券代码：002873 证券简称：新天药业 公告编号：2025-052 贵阳新天药业股份有限公司 关于取得发明专利证书的公告 专利号：ZL 2023 1 0723330.2 授权公告号：CN 116718700 B 专利申请日：2023 年 06 月 19 日 授权公告日：2025 年 08 月 29 日 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 贵阳新天药业股份有限公司（以下简称"公司"）的全资子公司上海硕方医 药科技有限公司于近日收到国家知识产权局颁发的一项发明专利证书，具体情况 如下： 发明专利名称：一种检测白果水煎液指纹图谱的方法及其指纹图谱 证书号：第 8210031 号 发明名称：一种检测白果水煎液指纹图谱的方法及其指纹图谱 专利权人：上海硕方医药科技有限公司 地址：201499 上海市奉贤区望园路 1888 号 1 幢 5 层 发明人：韩豫；王亚茹；成亮；魏茂陈 董事会 2025 年 9 月 3 日 2 申请日时申请人：上海硕方医药科技有限公司 申请日时发明人：韩豫；王亚茹；成亮；魏茂陈 上述发明专利为公司自主技术创新，"一种检测白果水煎液 ...

Market Overview - The Chinese medicine sector experienced a decline of 1.31% on September 3, with Xintian Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - ST Xiangxue: Closed at 10.93, up 2.44% with a trading volume of 268,100 shares [1] - Guizhou Sanli: Closed at 12.80, up 1.43% with a trading volume of 84,000 shares [1] - Weikang Pharmaceutical: Closed at 22.99, up 1.10% with a trading volume of 78,800 shares [1] - Significant decliners included: - Xinda Pharmaceutical: Closed at 11.53, down 5.72% with a trading volume of 156,000 shares [2] - Zhendong Pharmaceutical: Closed at 8.21, down 4.53% with a trading volume of 675,200 shares [2] - Tailong Pharmaceutical: Closed at 6.72, down 4.00% with a trading volume of 294,400 shares [2] Capital Flow - The Chinese medicine sector saw a net outflow of 829 million yuan from institutional investors, while retail investors contributed a net inflow of 679 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Guizhou Sanli had a net inflow of 17.47 million yuan from institutional investors, but a net outflow of 13.66 million yuan from retail investors [3] - Weikang Pharmaceutical experienced a net inflow of 8.62 million yuan from institutional investors, while retail investors withdrew 9.30 million yuan [3] - Other notable stocks with significant capital movements include: - ST Xiangxue: Net inflow of 2.50 million yuan from institutional investors [3] - Yunnan Baiyao: Net inflow of 2.27 million yuan from institutional investors [3]

Core Viewpoint - Guizhou Xintian Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Shanghai Shuo Fang Pharmaceutical Technology Co., Ltd., has received a patent for a method to detect the fingerprint spectrum of ginkgo biloba decoction, which will enhance the company's intellectual property protection and core competitiveness [1] Summary by Relevant Categories Patent Information - The patent certificate (No. 8210031) was issued by the National Intellectual Property Administration, with the application date on June 19, 2023, and the authorization announcement date set for August 29, 2025 [1] Product Quality Assurance - The patented method allows for comprehensive detection of the chemical components of ginkgo biloba, providing a basis for ensuring product quality, which will be utilized in the production of related new drugs [1] Impact on Company Operations - While the patent does not have a significant immediate impact on the company's production and operations, it contributes positively to the enhancement of the intellectual property protection system [1]

Market Overview - The Chinese medicine sector experienced a decline of 0.36% on August 28, with Xintian Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Buchang Pharmaceutical (603858) with a closing price of 20.02, up 5.59% and a trading volume of 325,000 shares, totaling 654 million yuan [1] - Tianmu Pharmaceutical (600671) closed at 20.40, up 5.37% with a trading volume of 159,300 shares, totaling 324 million yuan [1] - Jilin Aodong (000623) closed at 20.34, up 1.75% with a trading volume of 239,000 shares, totaling 479 million yuan [1] - Conversely, significant decliners included: - Xinda Pharmaceutical (002873) with a closing price of 12.00, down 4.76% and a trading volume of 304,000 shares, totaling 364 million yuan [2] - Qidi Pharmaceutical (000590) closed at 12.22, down 4.61% with a trading volume of 221,600 shares, totaling 274 million yuan [2] - Kangjia Pharmaceutical (600557) closed at 17.22, down 4.39% with a trading volume of 313,700 shares, totaling 537 million yuan [2] Capital Flow - The Chinese medicine sector saw a net outflow of 1.134 billion yuan from institutional investors, while retail investors contributed a net inflow of 930 million yuan [2] - Key stocks with significant capital flow included: - Zhendong Pharmaceutical (300158) with a net inflow of 67.58 million yuan from institutional investors [3] - Jilin Aodong (000623) with a net inflow of 13.62 million yuan from institutional investors [3] - Tianmu Pharmaceutical (600671) with a net inflow of 7.33 million yuan from institutional investors [3]

Group 1 - The stock price of Xintian Pharmaceutical is reported at 12.81 yuan, down 0.50 yuan or 3.76% from the previous trading day [1] - The stock reached a high of 13.47 yuan and a low of 12.78 yuan during the trading session, with a trading volume of 391,500 hands and a transaction amount of 508 million yuan [1] - Xintian Pharmaceutical operates in the traditional Chinese medicine industry, focusing on the research, development, production, and sales of traditional Chinese medicine and chemical drugs [1] Group 2 - On August 26, the company hosted a research meeting with several institutions, including Morgan Stanley Fund and Caitong Fund, discussing the progress of its research pipeline [1] - The research information indicates that the company has made progress in the development of modified new drugs for tumor adjuvant therapy [1] - On August 26, the net outflow of main funds from Xintian Pharmaceutical was 66.77 million yuan, accounting for 2.18% of the circulating market value [1] Group 3 - Over the past five trading days, the cumulative net outflow of main funds reached 137 million yuan, representing 4.47% of the circulating market value [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The company has made progress in R & D pipelines, including in the fields of oncology, cardiovascular and cerebrovascular diseases, gynecology and pain, and urinary system diseases [19]. - The company has achieved breakthroughs in the secondary development of listed products, such as the multiple effects of Kuntai Capsules, the high - level evaluation of Kushen Gel and Ningmitai Capsules [20][21]. - The company increased investment in Huilun Pharmaceutical due to its innovation ability, R & D achievements, and commercialization capabilities [22][23]. - The company's main products are currently not affected by the centralized procurement policy, and it will take measures to deal with potential impacts [24]. - The company's short - term business performance decline is affected by raw material price increases, R & D investment, etc., and it will take corresponding measures to deal with it [25][26]. - The company believes that traditional Chinese medicine innovation is an important part of the development of the pharmaceutical industry and will balance short - and long - term R & D investment [26][28]. 3. Summary According to the Directory 3.1 Research Basic Situation - Research object: Xintian Pharmaceutical - Industry: Traditional Chinese medicine - Reception time: August 26, 2025 - Reception personnel: Wang Guangping (Director, Deputy General Manager, Secretary of the Board of Directors), Liang Yongsong (Securities Manager) [16] 3.2 Detailed Research Institutions - Fund management companies: Morgan Stanley Fund, Caitong Fund, Guohai Franklin Fund, Morgan Fund, Zhongou Fund - Other types: Xianghe Investment, Ruiyi Investment - Securities companies: Orient Securities Self - operation, Hua'an Securities, Zhongyou Securities [17] 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data - **R & D pipelines**: In the oncology field, a 2.3 - class improved new drug submitted an IND application in July 2025; in the cardiovascular and cerebrovascular field, two 1.1 - class traditional Chinese medicine innovative drugs are in the process of process research; in the gynecology and pain field, classic famous prescriptions are preparing for NDA application; in the urinary system diseases field, a 1.1 - class traditional Chinese medicine innovative drug project is being advanced [19]. - **Secondary development of listed products**: Kuntai Capsules have multiple effects on perimenopausal syndrome and reproductive health; Kushen Gel was rated as Class A in clinical value and won a science and technology progress award; Ningmitai Capsules were certified as Class A in clinical comprehensive evaluation and are undergoing a multi - center clinical trial [20][21]. - **Investment in Huilun Pharmaceutical**: Huilun Pharmaceutical has a strong R & D system and commercialization experience. The company increased its investment in Huilun Pharmaceutical by 40 million yuan in August 2025 [22][23]. - **Centralized procurement policy**: The company's main products are currently not affected by the centralized procurement policy. It will increase OTC market investment and control costs [24]. - **Business performance**: The decline in business performance is affected by raw material price increases and R & D investment. The company will adjust marketing strategies and manage raw material procurement [25][26]. - **Innovation drug strategy**: Traditional Chinese medicine innovation is an important part of the company's development. The company will balance short - and long - term R & D investment [26][28].

Group 1 - The core viewpoint of the article is that Xintian Pharmaceutical (SZ 002873) has engaged with investors through a research meeting, indicating active investor relations and transparency [1] - For the first half of 2025, Xintian Pharmaceutical reported that its main revenue accounted for 99.9% of total revenue, with other business activities contributing only 0.1% [1] - As of the report date, Xintian Pharmaceutical has a market capitalization of 3.1 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to positive performance among listed companies in this sector [1]

Group 1 - The company held an investor relations event with 10 institutions, including Morgan Stanley Fund and Caitong Fund, on August 26, 2025, in Shanghai [1] - The company is advancing multiple research pipelines in important therapeutic areas, including oncology, cardiovascular, gynecology, and urology, with significant progress in clinical trials and drug development [2] - The company has made substantial investments in Huilun Pharmaceutical, focusing on major diseases and critical care, with nearly 20 innovative drug research pipelines expected to enter clinical phases by the end of the year [3] Group 2 - The company has not been affected by centralized procurement due to its unique patented products and is increasing investment in the OTC market while enhancing brand building [4] - The company experienced a decline in operating performance in the first half of 2025 due to rising raw material prices and changes in the pharmaceutical industry, but anticipates a return to stable growth as raw material prices decrease [4] - The company emphasizes the importance of traditional Chinese medicine innovation in the pharmaceutical industry and has established a comprehensive R&D platform to ensure balanced strategic development and shareholder returns [5]

R&D Pipeline and Innovations - The company has three ongoing 1.1 class clinical phase III projects and has made breakthroughs in other important therapeutic areas, including oncology, cardiovascular, gynecology, and urology [2][3]. - In the oncology field, a modified new drug for auxiliary treatment has been submitted for IND approval in July 2025 [2]. - The company is advancing a 1.1 class innovative drug for treating benign prostatic hyperplasia and related symptoms [2]. Product Development and Clinical Research - The company has achieved significant results in the secondary development of existing products, such as Kun Tai capsules, which have shown efficacy in alleviating perimenopausal syndrome and improving reproductive health [3]. - The company’s product Kushi Gel has been rated as A-level clinical value, demonstrating its effectiveness in maintaining vaginal microecological balance [3]. - The company is conducting a multi-center, randomized, double-blind clinical trial for Ning Mi Tai capsules, approved by the National Medical Products Administration [3]. Investment in Subsidiaries - The company has increased its investment in Huilun Pharmaceutical, recognizing its innovative capabilities and complete commercialization experience [4][5]. - Huilun Pharmaceutical has nearly 20 small molecule drug innovation projects, with over ten expected to enter clinical phases by the end of 2025 [4]. Market Strategy and Challenges - The company’s main products are currently not affected by centralized procurement policies due to their unique patent status [7]. - The company plans to enhance its OTC market presence and brand building to mitigate the impact of market fluctuations [7]. - Rising raw material costs and industry policy changes have led to a temporary decline in revenue, prompting the company to adjust its marketing strategies and strengthen cost control [8][9]. Future Outlook and R&D Focus - The company emphasizes the importance of traditional Chinese medicine (TCM) innovation, aligning with national policy support and market demand for chronic disease treatment [10]. - A balanced approach to short-term and long-term R&D investments is crucial for sustainable growth and shareholder returns [11].

Core Viewpoint - New Tian Pharmaceutical (002873.SZ) is increasing its investment in Shanghai Huilun Pharmaceutical Co., Ltd. through a plan to use 40 million yuan for equity investment, despite previous failed attempts to gain full control of Huilun Pharmaceutical [1][2]. Investment Details - After this investment, New Tian's total investment in Huilun will reach 360 million yuan, increasing its shareholding to 15.4567% [2][7]. - The investment will be executed through a combination of capital increase and share acquisition, with 20 million yuan allocated for capital increase and another 20 million yuan for share purchase from a shareholder [3][7]. - Other investors, including Yantai Tianzi Huilai Venture Capital and Beijing Jinhui Feng Investment Management, will also participate in this round of funding, contributing a total of 72 million yuan at a price of 8.5 yuan per share [3]. Historical Context - New Tian has made multiple investments in Huilun since early 2020, with the most recent failed attempt at a full acquisition in March 2024 [1][6]. - The company has previously invested 20 million yuan for a 1.98% stake, followed by additional investments that increased its stake to 14.5971% before this latest round [4][7]. Financial Performance - New Tian's revenue and net profit have been declining for two and a half years, with a reported revenue of 358 million yuan in the first half of 2025, down 18.88% year-on-year, and a net profit of 5.77 million yuan, down 80.99% [2][9]. - Huilun's financial performance has also been volatile, with a net loss of 19.29 million yuan in the first half of 2025 and a significant drop in revenue and profit in recent years [2][8][9]. Strategic Rationale - New Tian aims to enhance its competitiveness in the small molecule drug sector through this investment, focusing on areas such as oncology and cardiovascular diseases [2][8]. - The investment is seen as a strategic move to position New Tian as a leading comprehensive pharmaceutical enterprise, despite the challenges faced by both companies [8][9].