Core Insights - Cube Pharmaceuticals (003020.SZ) reported its Q3 2025 results on October 30, 2025, highlighting a total of 39.4014 million A-shares held by three institutional investors, representing 20.72% of the company's total share capital [1] Institutional Holdings - The institutional investors include Hefei Cube Investment Group Co., Ltd., China Merchants Fund Management Co., Ltd. - Social Security Fund 2108 Portfolio, and China Minsheng Bank Co., Ltd. - Invesco Great Wall Medical Health Mixed Securities Investment Fund [1] - Compared to the previous quarter, the total institutional holding percentage decreased by 0.06 percentage points [1] Public Fund Activity - One new public fund disclosed its holdings in Cube Pharmaceuticals this quarter, specifically Invesco Great Wall Medical Health Mixed Class A [1] - A total of 60 public funds were not disclosed in this quarter compared to the previous one, including Hai Fu Tong Growth Value Mixed A, CITIC Construction Investment Rotation Mixed A, and others [1] Social Security Fund - One new social security fund disclosed its holdings in Cube Pharmaceuticals, which is the China Merchants Fund Management Co., Ltd. - Social Security Fund 2108 Portfolio [1]

Core Viewpoint - Lifan Pharmaceutical (003020.SZ) reported a decline in revenue for the first three quarters of 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - The company achieved an operating revenue of 1.081 billion yuan, a year-on-year decrease of 3.95% [1] - The net profit attributable to shareholders of the listed company was 121 million yuan, reflecting a year-on-year increase of 1.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 89.35 million yuan, which represents a year-on-year decrease of 20.23% [1] - Basic earnings per share stood at 0.64 yuan [1]

Core Viewpoint - The company reported a decline in revenue for the first three quarters of 2025, while net profit showed a slight increase, indicating mixed financial performance [1] Financial Performance - The company achieved operating revenue of 1.081 billion yuan for the first three quarters, representing a year-on-year decrease of 3.95% [1] - The net profit attributable to shareholders of the listed company was 121 million yuan, reflecting a year-on-year increase of 1.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 89.35 million yuan, which is a year-on-year decrease of 20.23% [1]

Company Overview - Lifan Pharmaceutical (SZ 003020) announced the convening of its sixth second board meeting on October 28, 2025, to review the proposal for the "2025 Third Quarter Report" [1] - As of the report, Lifan Pharmaceutical has a market capitalization of 5.4 billion yuan [1] Revenue Composition - For the first half of 2025, Lifan Pharmaceutical's revenue composition is as follows: - Pharmaceutical manufacturing accounted for 91.14% - Pharmaceutical retail accounted for 7.71% - Other segments accounted for 1.16% [1]

证券代码：003020 证券简称：立方制药 公告编号：2025-073 合肥立方制药股份有限公司 关于召开2025年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规 则》《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、 行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 17 日 15:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具 体时间为 2025 年 11 月 17 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 7、出席对象： （1）在股权登记日持有公 ...

证券代码：003020 证券简称：立方制药 公告编号：2025-070 合肥立方制药股份有限公司 第六届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 合肥立方制药股份有限公司（以下简称"公司"）第六届董事会第二次会议 于 2025 年 10 月 24 日以电子邮件、电话、短信等方式通知公司全体董事。会议 于 2025 年 10 月 28 日在公司会议室以现场结合通讯表决方式召开，会议应出席 董事 8 人，实际出席董事 8 人，其中以通讯方式出席会议董事 3 人，董事崔欢喜 先生及独立董事杨模荣先生、李进华先生以通讯方式出席会议并表决。公司高级 管理人员列席了会议。会议由公司董事长季俊虬先生主持。 本次董事会会议的召集、召开程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、董事会会议审议情况 与会董事经过认真审议并投票表决，审议通过了如下议案： 本议案已经第六届董事会审计委员会第二次会议审议通过。 具体内容详见公司同日在《证券时报》《上海证券报》和巨潮资讯网 （http://www. ...

证券代码：003020 证券简称：立方制药 公告编号：2025-072 合肥立方制药股份有限公司 （二）本次利润分配预案的合法性、合规性 本次2025年中期利润分配预案符合《中华人民共和国公司法》《上市公司 关于 2025 年中期利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 合肥立方制药股份有限公司（以下称"公司"）于2025年10月28日召开第 六届董事会第二次会议，审议通过了《关于2025年中期利润分配预案的议案》， 根据《公司章程》的规定，本议案尚需提交公司股东会审议通过。现将具体情 况公告如下： 一、2025年中期利润分配预案基本情况 （一）利润分配预案的具体内容 根据公司 2025 年第三季度财务报告（未经审计），2025 年前三季度，公 司实现合并归属于上市公司股东的净利润 120,941,686.73 元，合并报表期末可 供分配的利润为 1,005,683,946.87 元，母公司报表期末可供分配的利润为 961,390,806.95 元，根据合并报表和母公司报表中可供分配利润孰低的原则，公 司可供股东分配的利润为 961, ...

Core Insights - The company reported a third-quarter revenue of 348 million, a decrease of 2.12% compared to the previous year [1] - The net profit for the third quarter was 30.71 million, down 26.08% year-over-year [1] - For the first three quarters, the total revenue reached 1.081 billion, reflecting a decline of 3.95% [1] - The net profit for the first three quarters was 121 million, showing a slight increase of 1.65% [1] Financial Performance - Third-quarter revenue: 348 million, down 2.12% [1] - Third-quarter net profit: 30.71 million, down 26.08% [1] - Year-to-date revenue (first three quarters): 1.081 billion, down 3.95% [1] - Year-to-date net profit (first three quarters): 121 million, up 1.65% [1]

Financial Performance - Q3 2025 revenue was CNY 348,249,636.51, a decrease of 2.12% year-over-year, while year-to-date revenue reached CNY 1,080,686,112.23, down 3.95% compared to the previous year[3] - Net profit attributable to shareholders for Q3 2025 was CNY 30,714,543.73, a decline of 26.08%, with year-to-date net profit at CNY 120,941,686.73, an increase of 1.65%[3] - Basic and diluted earnings per share for Q3 2025 were CNY 0.1606, down 25.96% year-over-year, while year-to-date earnings per share were CNY 0.64, up 1.59%[3] - Total operating revenue for the current period was ¥1,080,686,112.23, a decrease of 3.9% from ¥1,125,115,398.63 in the previous period[21] - Net profit for the current period was ¥123,112,463.41, an increase of 6.3% compared to ¥115,656,533.48 in the previous period[22] - Earnings per share (EPS) for the current period was ¥0.64, up from ¥0.63 in the previous period[23] Cash Flow - The company reported a net cash flow from operating activities of CNY 188,023,749.26 for the year-to-date, representing a significant increase of 48.43%[10] - Cash inflow from operating activities totaled ¥1,300,473,614.31, an increase from ¥1,200,615,262.71 in the previous period[24] - Cash outflow from operating activities totaled $1,112,449,865.05, compared to $1,073,938,500.05 in the previous period, reflecting an increase of approximately 3.5%[25] - Net cash generated from operating activities was $188,023,749.26, up from $126,676,762.66, representing a growth of about 48.4%[25] - The ending balance of cash and cash equivalents was $402,570,486.96, compared to $319,783,092.31 in the previous period, representing an increase of approximately 25.8%[25] Assets and Liabilities - Total assets as of September 30, 2025, were CNY 2,597,696,324.22, a slight increase of 0.45% from the end of the previous year[3] - The company's equity attributable to shareholders increased by 3.51% year-over-year, reaching CNY 1,798,951,171.77[3] - The total liabilities decreased to ¥652,242,719.71 from ¥673,376,707.67, a reduction of 3.7%[20] - The company reported a total current liabilities of CNY 373.68 million in accounts payable, up from CNY 347.53 million, indicating an increase of approximately 7.5%[18] Research and Development - R&D expenses for the first nine months of 2025 totaled CNY 71,036,638.08, an increase of 32.02% compared to the same period in 2024, reflecting increased investment in R&D projects[9] - Research and development expenses rose to ¥71,036,638.08, compared to ¥53,806,835.68 in the previous period, indicating a significant increase of 32.0%[22] Investments - Investment income for the first nine months of 2025 was CNY 27,629,384.28, a substantial increase of 206.13% year-over-year, attributed to the sale of a stake in Nanjing Mainowei Pharmaceutical Technology Co., Ltd.[9] - Cash inflow from investment activities amounted to $623,326,166.66, significantly higher than $281,061,137.75 in the prior period, indicating a rise of approximately 122.1%[25] - The company reported a cash inflow of $598,377,416.01 from investment recoveries, up from $275,000,118.72, indicating a growth of about 117.9%[25] Stock and Equity - The company completed the repurchase and cancellation of 1,078,318 restricted stocks, accounting for 0.56% of the total share capital before the repurchase, reducing the total share capital from 191,260,500 shares to 190,182,182 shares[14] - Total equity increased to ¥1,945,453,604.51 from ¥1,912,598,606.44, reflecting a growth of 1.7%[20] Other Financial Metrics - The company experienced a significant increase in prepayments, which rose by 170.74% to CNY 28,969,999.70, primarily due to increased advance payments for raw materials[7] - Deferred income increased by 153.78% to CNY 46,385,487.14, mainly due to government subsidies meeting recognition conditions[8] - The company’s long-term equity investments slightly decreased from CNY 174.68 million to CNY 173.65 million[18] - The company’s total non-current assets increased from CNY 1.40 billion to CNY 1.41 billion, showing a growth of about 0.8%[18] - The company’s deferred income tax assets increased from CNY 14.51 million to CNY 15.43 million, reflecting a growth of approximately 6.4%[18] Dividend and Interest - The company paid $125,760,565.92 in dividends and interest, an increase from $96,370,631.83, reflecting a rise of approximately 30.5%[25] Audit Status - The financial report for the third quarter was not audited, as stated by the board of directors[27]

Summary of the Conference Call for Cube Pharmaceutical Company Overview - **Company**: Cube Pharmaceutical - **Focus**: Industrial strategy, divesting low-margin wholesale business, emphasizing traditional Chinese medicine (TCM) and chemical formulations through proprietary technology and M&A to enhance overall profitability [2][3][8] Key Points and Arguments Financial Performance - **2025 Half-Year Profit Growth**: Profit growth close to 17%, indicating a recovery to positive growth [2][7] - **Future Revenue and Profit Growth**: Expected revenue and profit growth to exceed 20% annually starting in 2025, driven by exclusive TCM products, new varieties entering essential drug lists, and rapid growth in chemical products [2][7][24] Product Development and Market Position - **Traditional Chinese Medicine (TCM)**: - **Yiqi Hewei Capsule**: Achieved high growth after being included in the essential drug list, with sales exceeding 300 million yuan in 2024 [2][9] - **Acquisition of Jiufang Pharmaceutical**: Introduced exclusive TCM products like Ge Tong Tong Luo Capsule and Hu Di Enteric-Coated Capsule, expected to participate in the new GL directory adjustments [2][6][10] - **Chemical Formulations**: - **Focus on Jinma Products**: Company holds production qualifications for anesthetics and has a controlled-release technology platform [2][4][6] - **Key Products**: - **Methylphenidate Controlled-Release Tablets**: First generic approved in April 2025, significant market potential for ADHD treatment [4][17] - **Hydrocodone Controlled-Release Tablets**: Approved in March 2023, with a market demand of approximately 1.5 billion yuan in 2023 [16] Market Dynamics - **Market Positioning**: - **Yiqi Hewei Capsule**: Ranked fifth in the domestic public hospital market for TCM gastrointestinal drugs [2][9] - **Ge Tong Tong Luo Capsule**: Sales close to 300 million yuan in 2022, with rapid growth in retail [2][10] - **Chemical Product Strategy**: - Emphasis on controlled-release technology to enhance medication safety and compliance, with products like Amlodipine and Felodipine gaining market traction [13][14] Strategic Changes - **Business Model Transformation**: Shifted focus to industrial strategy, increasing the share of high-margin industrial business, resulting in an overall gross margin increase from 30%-40% to 70% [4][11][8] - **Response to Market Policies**: Implemented strategies to mitigate risks from drug procurement policies, focusing on products exempt from centralized procurement [15][18] Future Outlook - **Growth Potential**: Strong growth potential in the next 3-5 years, particularly in TCM and chemical formulations, with a focus on gastrointestinal diseases and stroke recovery [10][24][25] - **Core Product Monitoring**: Continuous tracking of core products like methylphenidate and hydrocodone for their market performance and growth trajectory [25] Additional Important Insights - **Market Demand for ADHD Treatments**: Significant demand for ADHD medications, with a patient population exceeding 20 million in China [17][22] - **Regulatory Environment**: Strict regulations for narcotic products ensure a stable market environment, protecting existing companies and maintaining competitive advantages [18][19] This summary encapsulates the key insights from the conference call, highlighting Cube Pharmaceutical's strategic focus, financial performance, product development, and market dynamics.