Group 1 - The company, Rundu Co., Ltd. (002923), reported that as of September 10, 2025, the total number of shareholders is 24,743 [1]

Company Overview - Zhuhai Rundu Pharmaceutical Co., Ltd. was established in 1999 and listed on the Shenzhen Stock Exchange in January 2018 [2] - The company focuses on the research, production, and sales of chemical drug formulations, raw materials, and intermediates, covering various therapeutic areas [2] Business Performance - In the first half of 2025, the company's other business segments, including CMO and CDMO, achieved a year-on-year growth of 196.89%, with revenue reaching 6.58 million yuan [3] - The nicotine products from Jingmen Company are classified under raw material manufacturing, with significant sales growth, although it has not yet impacted overall performance [3] Regulatory and Product Development - The company’s innovative drug, the hydrochloride injection of dextromethorphan, had its registration application accepted in March 2024, with ongoing review processes [4] Financial Challenges - The net profit for raw materials and intermediates declined due to a significant drop in raw material prices, despite stable sales revenue [5][6] - The formulation business faced a decrease in net profit due to the impact of national procurement policies and a drop in sales of key products like rabeprazole sodium enteric-coated capsules [6]

（编辑 袁冠琳） 证券日报网讯 润都股份9月8日在互动平台回答投资者提问时表示，公司的1类创新药盐酸去甲乌药碱注 射液已于2024年3月向国家药品监督管理局提交注册申请，并获得受理，同年12月，公司收到药学补充 资料通知，于2025年4月完成补充研究并提交相关资料（此次发补，无临床相关内容）。截至目前，相 关程序已进入后续审评序列。后续如有重大进展，公司将会严格按照信息披露规定，及时履行信息披露 义务。公司全资子公司——润都制药（荆门）有限公司生产的尼古丁品质获得客户广泛认可，可用于相 关新型烟草产品生产，上半年销量显著提升，目前这一业务尚未对公司整体经营业绩产生重大影响。公 司将持续关注新型烟草终端产品的发展趋势，积极寻求合作与发展机会。 ...

Market Performance - The Artemisinin concept index rose by 0.17%, ranking third among concept sectors, with three stocks increasing in value, including Baihua Medicine which hit the daily limit, and Fosun Pharma and China Resources Sanjiu which rose by 0.39% and 0.05% respectively [1] - The top gainers in the Artemisinin sector were Baihua Medicine, Fosun Pharma, and China Resources Sanjiu, while the biggest losers included Delong Huineng, New Harmony, and Zhejiang Medicine, which fell by 3.33%, 1.18%, and 1.17% respectively [1] Capital Flow - The Artemisinin concept sector experienced a net outflow of 58 million yuan in main capital, with Baihua Medicine receiving the highest net inflow of 109 million yuan, followed by China Resources Sanjiu and Zhejiang Medicine with net inflows of 14.16 million yuan and 5.79 million yuan respectively [2] - The net inflow ratios for Baihua Medicine, China Resources Sanjiu, and Zhejiang Medicine were 29.47%, 5.98%, and 2.65% respectively, indicating strong interest in these stocks [3] Stock Performance Details - Baihua Medicine had a daily increase of 10.03% with a turnover rate of 9.48% and a main capital flow of 108.91 million yuan, leading the sector [3] - Other notable stocks included China Resources Sanjiu with a slight increase of 0.05% and a turnover rate of 1.18%, and Zhejiang Medicine which decreased by 1.17% with a turnover rate of 1.48% [3][4]

Summary of Key Points Core Viewpoint - The company, Rundu Co., has experienced a significant decline in shareholder numbers and financial performance, indicating potential challenges ahead [2]. Shareholder Information - As of August 31, the number of shareholders for Rundu Co. was 25,794, a decrease of 3,564 from the previous period (August 20), representing a 12.14% decline [2]. - This marks the second consecutive period of decline in shareholder numbers [2]. Stock Performance - The closing price of Rundu Co. was 13.88 yuan, down 0.86%, with a cumulative decline of 6.28% since the concentration of shares began [2]. - The stock experienced 2 days of increase and 8 days of decrease during the reporting period [2]. Financial Performance - For the first half of the year, Rundu Co. reported total revenue of 548 million yuan, a year-on-year decrease of 8.22% [2]. - The net profit for the same period was -36.19 million yuan, reflecting a year-on-year decline of 195.75% [2]. - The basic earnings per share were reported at -0.1100 yuan [2].

Core Viewpoint - Recent financial report from Rundu Co., Ltd. shows significant declines in key financial metrics, indicating potential challenges in operational performance and profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 548 million yuan, a decrease of 8.22% compared to 597 million yuan in 2024 [1]. - Net profit attributable to shareholders was -36.19 million yuan, reflecting a drastic decline of 195.75% from a profit of 37.80 million yuan in the previous year [1]. - Gross margin decreased to 36.41%, down 25.16% year-on-year, while net margin turned negative at -6.6%, a drop of 204.32% [1]. - Total expenses (selling, administrative, and financial) reached 174 million yuan, accounting for 31.73% of revenue, an increase of 8.51% year-on-year [1]. - Earnings per share fell to -0.11 yuan, a decrease of 200% from 0.11 yuan in the previous year [1]. Cash Flow and Debt Analysis - Operating cash flow per share decreased by 88.54% to 0.03 yuan, indicating reduced cash generation from operations [1][3]. - The company’s cash and cash equivalents increased by 58.84% to 202 million yuan, while interest-bearing liabilities rose by 17.55% to 607 million yuan [1][3]. - The cash flow from investing activities improved by 85.24%, attributed to reduced long-term asset investments [3]. Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 3.2%, significantly lower than the historical median of 16.01%, indicating weak capital returns [3]. - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers of performance [3]. - The company is focusing on expanding its product matrix in various therapeutic areas, including cardiovascular, digestive, and pain relief medications [5][6]. Product Development and Market Trends - The company is developing a new chemical drug, the hydrochloride of deoxynoradrenaline, which is positioned for use in cardiac stress testing [5]. - Sales of nicotine products have shown significant growth, although they have not yet had a major impact on overall performance [5]. - The company aims to enhance its generics and innovative drug development, particularly in high-tech barrier generics and original new drugs [6].

Core Insights - The company reported a significant decline in both revenue and net profit for the first half of 2025, with total revenue at 548 million yuan, down 8.22% year-on-year, and a net loss attributable to shareholders of 36.19 million yuan, a decrease of 195.75% compared to the previous year [1][4][6] Financial Performance - The company's main revenue for Q2 2025 was 293 million yuan, showing a slight increase of 0.79% year-on-year [1][4] - The net profit attributable to shareholders for Q2 2025 was a loss of 38.06 million yuan, which represents a drastic decline of 535.2% year-on-year [1][4] - The company's non-recurring net profit for the first half of 2025 was a loss of 44.84 million yuan, down 242.47% year-on-year, while the Q2 non-recurring net profit was a loss of 42.59 million yuan, a decline of 821.03% year-on-year [1][4][5] Profitability Metrics - The company's gross margin stood at 36.41%, reflecting a year-on-year decrease of 25.16% [5] - The return on assets was reported at -3.22% [6] - Earnings per share were recorded at -0.11 yuan, indicating a year-on-year decline of 200% [6][8] Shareholder Information - The largest shareholder, Li Xi, holds 39.08% of the shares, followed by Chen Xinmin with 9.77% [11] - The number of shareholders has decreased from 2.98 million in Q3 2024 to 1.18 million in Q2 2025 [13]

Core Viewpoint - Zhuhai Rundu Pharmaceutical Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period last year [3][4]. Financial Performance - The company's revenue for the first half of 2025 was approximately 548.07 million yuan, a decrease of 8.22% from 597.17 million yuan in the same period last year [3]. - The net profit attributable to shareholders was a loss of approximately 36.19 million yuan, a decline of 195.75% compared to a profit of 37.80 million yuan in the previous year [3]. - The net cash flow from operating activities was approximately 9.45 million yuan, down 88.54% from 82.46 million yuan in the previous year [3]. - Basic and diluted earnings per share were both -0.11 yuan, compared to 0.11 yuan in the previous year, indicating a 200% decline [3]. Industry Overview - The pharmaceutical industry in China is undergoing a transformation, with a focus on high-quality development and innovation, supported by new regulatory frameworks [4][5]. - The industry saw a revenue of 1,227.52 billion yuan, a slight decrease of 1.2% year-on-year, indicating a challenging market environment [6]. Business Operations - The company specializes in the research, production, and sales of chemical drug formulations and raw materials, focusing on therapeutic areas such as cardiovascular, anti-infection, digestive, analgesic, and anesthetic treatments [4][6]. - The company has established a complete industrial chain from intermediates to raw materials and formulations, enhancing its competitive edge in the market [6][8]. Product Development - The company has submitted three product registration applications during the reporting period, indicating ongoing efforts to expand its product portfolio [8]. - The company’s raw materials and intermediates have been recognized for their quality, with products sold in major markets including Europe, the USA, Japan, and South Korea [7][10]. Market Strategy - The company is actively developing new markets, particularly in North Africa and the Middle East, while enhancing its service quality and brand recognition [11][12]. - The marketing strategy focuses on a customer-centric approach, combining direct and distributor sales to improve market penetration [7][11].

Core Viewpoint - Zhuhai Rundu Pharmaceutical Co., Ltd. reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance and financial health [2][3]. Financial Performance - The company's operating revenue for the reporting period was approximately 548.07 million yuan, a decrease of 8.22% compared to the same period last year [2]. - The net profit attributable to shareholders was a loss of approximately 36.19 million yuan, representing a decline of 195.75% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was a loss of approximately 44.85 million yuan, down 242.47% from the previous year [2]. - The net cash flow from operating activities was approximately 9.45 million yuan, a decrease of 88.54% compared to the same period last year [2]. - Basic and diluted earnings per share were both -0.11 yuan, a drop of 200% year-on-year [2]. - The weighted average return on equity was -3.22%, down 6.40% from the previous year [2]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 2.12 billion yuan, a decrease of 3.35% from the end of the previous year [3]. - The net assets attributable to shareholders were approximately 1.07 billion yuan, down 7.50% from the previous year-end [3]. Shareholder Information - The top two shareholders, Li Xi and Chen Xinmin, each hold 30.12% of the shares, collectively controlling 60.24% of the company [3][4]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [4]. Important Events - The company clarified that it has not engaged in the production or sale of toxic or harmful food products, despite allegations against another pharmaceutical company [4]. - The company is actively monitoring the situation and will fulfill its disclosure obligations as required by law and the Shenzhen Stock Exchange [4].

Group 1 - The board meeting of Zhuhai Runduo Pharmaceutical Co., Ltd. was held on August 29, 2025, with all 7 directors present, either in person or via communication voting [1] - The board unanimously approved the 2025 semi-annual report, confirming that it accurately reflects the company's actual situation without any false records or significant omissions [1] - The meeting was chaired by Chairman Chen Xinmin and complied with the relevant provisions of the Company Law of the People's Republic of China and the company's articles of association [1] Group 2 - The company disclosed the summary of the 2025 semi-annual report in various financial newspapers and on the website of the China Securities Regulatory Commission [2] - The board's decision and the semi-annual report are available for public review as per the company's disclosure obligations [2]