一、关于董事会秘书离任的情况 广州市香雪制药股份有限公司（以下简称"公司"）董事会于近日收到公司 董事、董事会秘书徐力先生的书面辞职报告，徐力先生因个人原因，申请辞去公 司董事会秘书职务，根据《公司法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《公司章程》等相关规定，徐力先生的辞职 申请自送达董事会之日起生效。辞去上述职务后，徐力先生仍在公司担任董事职 务。 截至本公告披露日，徐力先生持有公司 201,701 股，占公司总股本 0.03%， 不存在应当履行而未履行的承诺事项，其辞去董事会秘书职务后仍将严格按照 《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》《深 圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人员减 持股份（2025 年修订）》等相应法律、法规、规范性文件进行管理。 公司及董事会对徐力先生在任职期间为公司发展作出的贡献表示衷心的感 谢。 证券代码:300147 证券简称: ST 香雪 公告编号:2025-046 广州市香雪制药股份有限公司 关于董事会秘书离任及聘任董事会秘书的公告 本公司及董事会全体成员保证信息披露的内容真 ...

Group 1 - The forum "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities [1] Group 2 - The chairman of Guangzhou Xiangxue Pharmaceutical Co., Ltd., Wang Yonghui, emphasized the revolutionary opportunities that artificial intelligence (AI) and big data technologies bring to the development of traditional Chinese medicine (TCM), promoting its scientific and international progress [3] - Wang pointed out that TCM is fundamentally a data science, but the traditional reliance on individual experiences of renowned doctors has limitations such as insufficient data volume and unstable effects, making it difficult to undergo scientific validation [3] - He noted that the long-standing transmission of TCM has been constrained by human contact, lifespan, and experience, with the current era of big data and AI capable of addressing these shortcomings [3] - Wang believes that TCM is an ideal application scenario for AI, as technological innovations provide strong support for the personalized diagnosis and treatment advantages of TCM [4] - He explained that large models align well with the dialectical logic of TCM, processing knowledge from vast data to holistic models, allowing for reasoning that captures non-linear associations [3] - The output from these models is dynamic and personalized, resulting in "fuzzy correctness" rather than purely logical data relationships [3] Group 3 - Through AI empowerment, TCM is breaking through the limitations of experiential "black box" phenomena, achieving precision and intelligence in diagnosis and treatment, ultimately leading to significant improvements in therapeutic effects and continuous evolution [4] - Wang expressed confidence that as therapeutic effects continue to improve, TCM will gain widespread recognition globally and shine in the field of human health [4]

Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou on September 23-24, focusing on the theme "New Pattern, New Path" and gathering global political, business, and academic elites to explore development opportunities [1] Group 2 - Wang Yonghui, Chairman of Guangzhou Xiangxue Pharmaceutical Co., Ltd., emphasized the spirit and aspirations of Chinese enterprises in the globalization process during his keynote speech [3] - He highlighted the explosive growth of Chinese biomedicine going abroad, with this year's overseas scale exceeding $80 billion, transitioning from simple product exports to intellectual property exports [3] - Wang pointed out that Traditional Chinese Medicine (TCM) represents unique Chinese cultural and medical resources, and it is currently facing a historic opportunity for internationalization [3] - He illustrated TCM's global influence, stating that "TCM is medicine for humanity, belonging to China and the world, as it is a shared wealth of all mankind" [3] - Despite its potential, he acknowledged that TCM's actual application in medicine remains limited, indicating that true acceptance and integration into global healthcare is still a distant goal [3]

Market Overview - The Shanghai Composite Index closed at 3877.55 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Technical Analysis - A total of 127 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - COFCO Technology: 5-day MA at 11.41 yuan, 10-day MA at 11.52 yuan, difference of -0.92% [1] - Jiuri New Materials: 5-day MA at 27.35 yuan, 10-day MA at 27.59 yuan, difference of -0.86% [1] - Potential Energy Trust: 5-day MA at 20.44 yuan, 10-day MA at 20.59 yuan, difference of -0.77% [1] Individual Stock Performance - COFCO Technology: Today's change of 0.09%, trading volume of 1.13% [1] - Jiuri New Materials: Today's change of 1.49%, trading volume of 1.84% [1] - Potential Energy Trust: Today's change of 0.34%, trading volume of 1.64% [1] - Other notable stocks with death crosses include: - Tongzhou Electronics: Today's change of -0.42%, trading volume of 2.40% [1] - ST Long Pharmaceutical: Today's change of -2.50%, trading volume of 2.14% [1] - Jin Hong Shun: Today's change of -1.44%, trading volume of 2.07% [1]

为进一步加强与投资者的互动交流，广州市香雪制药股份有限公司（以下简 称"公司"）将参加由中国证券监督管理委员会广东监管局、广东上市公司协会 联合举办的"向新提质 价值领航--2025 年广东上市公司投资者关系管理月投资 者集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周 五）15:30-17:00。 届时公司高管将在线就 2025 年半年度业绩、公司治理、发展战略、经营状 况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与！ 广州市香雪制药股份有限公司 关于参加广东辖区 2025 年投资者网上集体接待日活动的公告 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。 证券代码:300147 证券简称: ST 香雪 公告编号:2025-044 特此公告。 广州市香雪制药股份有限公司董事会 2025 年 9 月 16 日 ...

Market Overview - The Chinese medicine sector experienced a decline of 0.37% on September 15, with ST Xiangxue leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Wanbangde (002082) with a closing price of 11.33, up 10.00% [1] - Kangmei Pharmaceutical (600518) at 2.18, up 4.81% [1] - Zhongheng Group (600252) at 2.88, up 3.97% [1] - Conversely, ST Xiangxue (300147) saw a significant decline of 4.39%, closing at 10.66 [2] - Other notable decliners included: - Enwei Pharmaceutical (301331) down 3.25% [2] - Zhendong Pharmaceutical (300158) down 2.97% [2] Trading Volume and Capital Flow - The Chinese medicine sector recorded a net outflow of 470 million yuan from institutional investors, while retail investors saw a net inflow of 398 million yuan [2] - The trading volume for major stocks included: - Kangmei Pharmaceutical with a trading volume of 9.5463 million shares and a transaction value of 2.086 billion yuan [1] - Wanbangde with a trading volume of 414,700 shares and a transaction value of 448 million yuan [1] Capital Inflow Analysis - Major stocks with significant net inflows from institutional investors included: - Kangmei Pharmaceutical with a net inflow of 18.7 million yuan [3] - Wanbangde with a net inflow of 67.5 million yuan [3] - Conversely, stocks like Zhongheng Group and Panzhong Pharmaceutical experienced net outflows from institutional investors [3]

Group 1 - The traditional Chinese medicine sector saw an increase of 0.99% on September 5, with ST Xiangxue leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the traditional Chinese medicine sector included ST Xiangxue, which rose by 10.41% to a closing price of 11.24, and Daren Tang, which increased by 3.89% to 45.91 [1] Group 2 - The traditional Chinese medicine sector experienced a net inflow of 55.44 million yuan from institutional investors, while retail investors saw a net outflow of 151 million yuan [2] - Major stocks with significant net inflows included Tian Shili with 54.05 million yuan and Jilin Aodong with 31.24 million yuan [3] - ST Xiangxue had a net inflow of 24.95 million yuan from institutional investors, despite a net outflow from retail investors [3]

Group 1 - Major financial institutions like JPMorgan, Citigroup, and Morgan Stanley have recently increased their holdings in H-shares such as CATL, ZTE, and WuXi AppTec, indicating a growing interest in these stocks [1] - JPMorgan's long position in CATL H-shares rose from 5.98% to 6.06%, while Morgan Stanley's increased from 4.96% to 6.05% [1] - The Hong Kong stock market showed strong performance in August, with the Hang Seng Index rising by 1.23% and the Hang Seng Tech Index increasing by 4.06% [3] Group 2 - There is a concern that retail investors often enter the market after institutions have already made their moves, leading to potential losses for these investors [5] - A notable example of institutional behavior is highlighted, where foreign institutions claimed to avoid thematic stocks but were found heavily invested in restructuring concept stocks after earnings reports were released [6] - The concept of "institutional inventory" is introduced as a key indicator of institutional trading activity, suggesting that active participation by institutions can signal future stock performance [9][11] Group 3 - The article emphasizes the importance of understanding the true flow of funds rather than relying on news, which often lags behind actual market movements [14] - It is suggested that retail investors should focus on analyzing data that reveals institutional actions to avoid being misled by superficial news [14] - The conclusion stresses that those who can access and interpret real data will have a competitive advantage in the market [14]

Core Viewpoint - ST Xiangxue reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - Total revenue for the first half of 2025 was 818 million yuan, a decrease of 25.4% year-on-year [1]. - The net profit attributable to shareholders was -234 million yuan, down 72.96% year-on-year [1]. - In Q2 2025, total revenue was 397 million yuan, a decline of 24.77% year-on-year, with a net profit of -146 million yuan, down 46.79% year-on-year [1]. Profitability Metrics - Gross margin was 28.53%, a decrease of 13.69% year-on-year [1]. - Net margin was -26.61%, a decline of 141.38% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 365 million yuan, accounting for 44.59% of revenue, an increase of 20.42% year-on-year [1]. Balance Sheet Indicators - Current ratio reached 0.27, indicating increased short-term debt pressure [1]. - Cash and cash equivalents were 96.22 million yuan, down 5.98% year-on-year [1]. - Accounts receivable increased to 903 million yuan, up 10.97% year-on-year [1]. Shareholder Metrics - Earnings per share were -0.35 yuan, a decrease of 75.0% year-on-year [1]. - Net asset value per share was 1.24 yuan, down 54.12% year-on-year [1]. - Operating cash flow per share was -0.07 yuan, a significant decline of 637.6% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.01% over the past decade [3]. - The worst year for ROIC was 2024, at -14.88%, indicating poor investment returns [3]. - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers [3]. Financial Health Indicators - Cash flow situation is concerning, with cash to current liabilities ratio at 1.98% and average operating cash flow to current liabilities at 3.5% over the past three years [3]. - Debt situation is also alarming, with interest-bearing debt ratio at 29.73% and total interest-bearing debt to average operating cash flow ratio at 12.98% [3]. - Financial expenses are high, with financial expenses to average operating cash flow ratio at 136.16% [3].

Core Viewpoint - ST Xiangxue reported a significant decline in revenue and an increase in net losses for the first half of 2025, indicating financial distress and operational challenges [1] Financial Performance - The company's operating revenue for the first half of 2025 was 818 million yuan, a year-on-year decrease of 25.40% [1] - The net loss attributable to shareholders of the listed company was 234 million yuan, which represents a year-on-year increase of 72.96% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 207 million yuan, reflecting a year-on-year increase of 91.43% [1] - The basic loss per share was 0.35 yuan [1]