（文章来源：每日经济新闻） 康芝药业（300086.SZ）2月24日在投资者互动平台表示，尊敬的投资者，您好！ 苏拉明纳为公司的研 发项目，目前因临床进展未达预期，已暂停后续推进，目前正进行内部评估与策略调整。 敬请广大投 资者注意投资风险。公司将按要求及时履行信息披露义务。 每经AI快讯，有投资者在投资者互动平台提问：苏拉明纳政府己经为你开通绿色通道了，为什么都没 有进度呢？ ...

Company Fundamentals - The company reported a revenue of 326 million yuan for the first three quarters of 2025, a year-on-year decline of 10.29%, and a net profit loss of 96.61 million yuan [1] - The full-year performance forecast indicates an expected net profit loss of 153 million to 216 million yuan, reflecting ongoing losses that impact market confidence [1] Financial Condition - As of the end of Q3 2025, the company's debt-to-asset ratio stood at 42.86%, indicating some debt pressure [2] - The company faces liquidity issues due to relatively insufficient cash and significant short-term debt [2] Industry and Risk Analysis - The core segment of children's medicine showed growth, with a revenue increase of 20.23% year-on-year in the first half of 2025, while adult medicine segments experienced revenue declines [3] - The overall gross margin in the pharmaceutical industry has decreased, and intensified competition in the terminal market has led the company to increase sales and R&D expenditures, resulting in total operating costs exceeding operating income, which is a primary reason for the losses [3] Funding Situation - Market sentiment appears cautious, with a net outflow of 25.5 million yuan in principal funds on November 13, 2025, and a cumulative net outflow of 170 million yuan over the first ten trading days of February 2026, coinciding with a 14.89% drop in stock price [4] Recent Stock Performance - As of February 12, 2026, the company's stock price was 9.04 yuan, down 2.06% on that day, significantly below the 60-day moving average of 11.206 yuan, and reflecting a cumulative decline of 24.85% since the beginning of the year [5]

Core Viewpoint - The company is actively overseeing the share repurchase commitment by its major shareholder, emphasizing the protection of shareholder rights and compliance with regulatory requirements [2] Group 1 - The company has received a performance deposit of 110 million yuan from Hongshi Investment for the share repurchase [2] - The company is committed to urging the major shareholder to fulfill their obligations regarding the share repurchase [2] - The company will disclose relevant progress in accordance with regulatory requirements [2]

Group 1 - Intercontinental Oil and Gas focuses on oil exploration and development, with significant operations in Kazakhstan and the Malacca Strait, benefiting from the Hainan Free Trade Port's zero-tariff policy which will reduce equipment import costs and enhance cross-border energy trade efficiency, with a projected 30% increase in trade scale over the next three years [1][34] - Jinpan Technology, a leading manufacturer of high-end power distribution equipment, will benefit from reduced raw material costs and a 15% corporate income tax reduction, enhancing profitability and enabling expansion into the ASEAN power equipment market [2][35] - Hainan Airlines, a major player in the aviation sector, expects a significant increase in passenger traffic due to the visa-free policy for 86 countries and duty-free upgrades, with projected passenger volume exceeding 80 million by 2026 [3][36] Group 2 - Junda Co., a top photovoltaic cell manufacturer, anticipates growth in its solar business due to reduced equipment costs and tax incentives, with plans to participate in Hainan's integrated wind and solar storage projects [4][37] - Caesar Travel, a comprehensive tourism service provider, expects a doubling of cross-border tourism business and a significant increase in tourist arrivals, with projections of 180 million visitors by 2026 [5][38] - Xinda A, a diversified company focusing on motorcycle manufacturing and coal mining, aims to leverage the zero-tariff policy to enhance profitability and expand into the electric vehicle market [6][39] Group 3 - ST Huluwawa, a leading pediatric pharmaceutical company, will benefit from reduced raw material costs and tax incentives, with plans to expand into the ASEAN pharmaceutical market [8][40] - Hainan Ruize, a construction industry leader, anticipates a surge in infrastructure demand with projected investments exceeding 100 billion by 2026, benefiting from the Hainan Free Trade Port's policies [9][42] - Hainan Airport, a key player in airport operations, expects a doubling of cargo business and significant passenger growth due to the visa-free policy and duty-free upgrades [10][43] Group 4 - Hainan Development, an investment platform, anticipates a substantial increase in duty-free sales, projected to exceed 100 billion by 2026, benefiting from the Hainan Free Trade Port's policies [11][45] - Hainan Highway, a major highway operator, expects a significant increase in traffic volume, projected to exceed 200 million vehicles by 2026, benefiting from the integration of tourism and real estate [20][56] - Hainan Rubber, the world's largest natural rubber producer, aims to expand its market presence in ASEAN due to favorable trade policies and tax incentives [21][57]

Core Viewpoint - The company expects a net profit loss attributable to shareholders of between 168 million to 238 million yuan for the fiscal year 2025 [1] Group 1: Reasons for Loss - The primary reason for the expected loss is intensified competition in the pharmaceutical terminal market, leading the company to increase sales investments and expand marketing channels while maintaining long-term R&D investments [1] - Despite little change in operating revenue during the reporting period, total operating costs are projected to exceed total operating income [1] Group 2: Impact of Non-Recurring Items - The estimated impact of non-recurring gains and losses on net profit is approximately -18 million yuan, primarily due to various government subsidies, gains from the disposal of non-current assets, and changes in the fair value of investment properties measured at fair value [1]

Financial Performance Forecast - The estimated net profit for 2025 is projected to be a loss between CNY 168 million and CNY 238 million, compared to a loss of CNY 216.21 million in the same period last year [3]. - The estimated loss after deducting non-recurring gains and losses is projected to be between CNY 153 million and CNY 216 million, compared to a loss of CNY 213.10 million in the same period last year [3]. - The estimated impact of non-recurring gains and losses on net profit is approximately -CNY 18 million, primarily from government subsidies and changes in fair value of investment properties [5]. Market Competition and Costs - The main reason for the expected loss is increased competition in the pharmaceutical market, leading to higher sales and marketing expenses while total operating costs exceed total operating revenue [5]. Communication and Assessment - The company has communicated with the accounting firm regarding the performance forecast, and there are no significant discrepancies in financial data [4]. - The performance forecast is based on preliminary calculations by the finance department and is subject to final assessments by evaluation and auditing institutions [7]. Investment Risks - Investors are advised to make cautious decisions and be aware of investment risks due to potential discrepancies in asset impairment and other results [7].

Core Viewpoint - Kangzhi Pharmaceutical has recently announced its participation in the centralized procurement of chemical drugs led by Hebei Province, successfully winning the bid for its product, Levocetirizine Hydrochloride Granules [1] Group 1 - The selected result will be officially implemented on March 1, 2026 [1] - The procurement cycle for the selected drugs is two years, with procurement agreements signed annually during this period [1]

Core Viewpoint - Kangzhi Pharmaceutical (300086.SZ) has recently participated in the centralized procurement of chemical drugs led by Hebei Province, successfully winning the bid for its product, Levocetirizine Hydrochloride Granules [1] Group 1: Product Details - The selected product is Levocetirizine Hydrochloride Granules, with a specification of 2.5mg [2] - The product is indicated for conditions such as measles, allergic rhinitis, eczema, dermatitis, and pruritus [2] Group 2: Procurement Information - The selected price for Levocetirizine Hydrochloride Granules is 36.24 yuan per box [2] - The agreed first-year procurement volume is approximately 729,299 bags for Hebei and 1,006,393 bags for Jiangxi [2]

Core Viewpoint - Kangzhi Pharmaceutical (300086.SZ) has been selected for the centralized procurement of its product, Levocetirizine Hydrochloride Granules, in Hebei Province, which is expected to enhance market sales and share, positively impacting the company's long-term development [1] Group 1: Product and Procurement Details - The selected product specification is 2.5mg, indicated for conditions such as urticaria, allergic rhinitis, eczema, dermatitis, and pruritus [1] - The procurement results will be officially implemented on March 1, 2026, with an annual signing during the procurement cycle [1] Group 2: Market Impact and Uncertainties - The selection is anticipated to expand the market sales of the selected product and increase market share [1] - However, the related procurement contract has not yet been signed, leading to uncertainties regarding the actual progress and its impact on the company's future performance [1]

证券代码：300086 证券简称：康芝药业 公告编号：2026-004 康芝药业股份有限公司 关于公司产品中选河北省牵头京津冀赣化学药品集中带量采购的 公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 康芝药业股份有限公司（以下简称"公司"）于近期参加河北省牵头京津冀 赣化学药品集中带量采购(文件编号 HBYPJC-2025-05) 申报工作，公司产品盐酸左 西替利嗪颗粒中选本次集中带量采购。现将相关情况公告如下： | 中选产 品 | | 批件号 | | 规格 | 适应症 | 包装 数量 | 中选价格 （单位： | 首年约定采购量（袋） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 元/盒） | 河北 江西 | | | 盐 酸 | 左 | 国 药 字 | 准 | 2.5mg | 荨麻疹、过敏性鼻 | 12 袋 | 36.24 | 729,299 | 1,006,393 | | 西 替 利 | | H20150042 | | | 炎、湿疹、皮炎、 ...