公司于 2025 年 8 月 25 日召开第六届董事会第五次会议，审议通 过了《关于调整回购股份价格上限的议案》，同意公司以集中竞价方 式回购股份的价格上限由不超过人民币 6 元/股（含）调整为不超过 人民币 11.4 元/股（含），回购股份方案的其他内容未发生变化。具 体 内 容 详 见 公 司 于 2025 年 8 月 25 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的相关公告。 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股 份》等相关规定，公司应当在回购期间每个月的前三个交易日内披露 截至上月末的回购进展情况。现将截至上月末的回购进展情况公告如 下： 一、股份回购进展情况 截至 2025 年 9 月 30 日，公司累计通过股份回购专用证券账户以 集中竞价交易方式回购公司股份 13,016,700 股，占公司目前总股本比 例为 1.29%，回购最高成交价为人民币 10.06 元/股，回购最低成交价 为人民币 3.51 元/股，成交总金额为人民币 52,030,929 元（不含交易 费用）。本次回购符合相关法律法规的规定及公司回购股份方案的要 求。 证券代码：30 ...

证券代码：300158 证券简称：振东制药 公告编号：2025-054 山西振东制药股份有限公司 关于股东股份解押及质押的公告 四、控股股东股份质押情况 1、公司控股股东振东集团本次股份质押与上市公司生产经营 需求无关。 2、公司控股股东振东集团未来半年内到期的质押股份数为 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 山西振东制药股份有限公司（以下简称"公司"或"本公司"）于 近日接到控股股东山西振东健康产业集团有限公司（以下简称"振 东集团"）通知，获悉其所持有的本公司部分股份做了解押及质押， 具体事项如下： 股东名称 是否为控 股股东 本次解押数量 （股） 占其所 持股份 比例 占公司 总股本 比例 起始日 解除日期 质权人 振东集团 是 20,320,000 6.72% 2.02% 2024.9.26 2025.9.29 中国银行股份有限公司 长治市分行 合计 20,320,000 6.72% 2.02% 一、股东股份解押基本情况 | 二、股东股份质押基本情况 | | --- | | 股东 | 是否为 | 本次质押 | 占其所持 | 占公司总股 | ...

Core Viewpoint - The innovative pharmaceutical concept stocks continue to decline, with significant drops observed in several companies [1] Company Summary - Borui Pharmaceutical has seen a decline of over 8% [1] - Tibet Pharmaceutical has dropped by more than 7% [1] - Fuyuan Pharmaceutical, Zhendong Pharmaceutical, and Maiwei Biotechnology have also experienced declines [1]

Core Viewpoint - The stock of Zhendong Pharmaceutical has experienced fluctuations, with a year-to-date increase of 67.82%, but recent declines in the short term raise concerns about its performance [1][2]. Group 1: Stock Performance - On September 23, Zhendong Pharmaceutical's stock fell by 2.03%, trading at 7.25 CNY per share, with a total market capitalization of 7.289 billion CNY [1]. - The stock has seen a net outflow of 6.7912 million CNY in principal funds, with significant selling pressure in the last trading session [1]. - Year-to-date, the stock has increased by 67.82%, but it has declined by 3.85% over the last five trading days and 23.28% over the last 20 days [1]. Group 2: Company Overview - Zhendong Pharmaceutical, established on November 15, 1995, and listed on January 7, 2011, is located in Changzhi, Shanxi Province [2]. - The company specializes in the research, production, and sales of generic and innovative drugs across various therapeutic areas, including oncology and urology [2]. - The revenue composition includes 54.82% from traditional Chinese medicine, 43.10% from chemical drugs, and 1.98% from other sources [2]. Group 3: Financial Performance - For the first half of 2025, Zhendong Pharmaceutical reported a revenue of 1.457 billion CNY, a year-on-year decrease of 3.30%, and a net profit attributable to shareholders of 7.9313 million CNY, down 74.13% year-on-year [2]. - The company has distributed a total of 3.372 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. - As of June 30, 2025, the number of shareholders decreased by 5.04% to 46,100, while the average circulating shares per person increased by 5.31% to 21,777 shares [2].

Core Viewpoint - The stock of Zhendong Pharmaceutical has experienced fluctuations, with a notable decline in recent trading days despite a significant increase in price year-to-date. Group 1: Stock Performance - On September 19, Zhendong Pharmaceutical's stock fell by 2.11%, trading at 7.42 yuan per share, with a total market capitalization of 74.59 billion yuan [1] - Year-to-date, the stock price has increased by 71.76%, but it has decreased by 4.13% over the last five trading days and 11.46% over the last twenty days [1] - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on August 11, where it recorded a net purchase of 86.65 million yuan [1] Group 2: Company Overview - Zhendong Pharmaceutical, established on November 15, 1995, and listed on January 7, 2011, is located in Changzhi City, Shanxi Province [2] - The company specializes in the research, production, and sales of generic and innovative drugs across various therapeutic areas, including oncology and urology, with a revenue composition of 54.82% from traditional Chinese medicine and 43.10% from chemical drugs [2] - As of June 30, the number of shareholders was 46,100, a decrease of 5.04% from the previous period, with an average of 21,777 circulating shares per person, an increase of 5.31% [2] Group 3: Financial Performance - For the first half of 2025, Zhendong Pharmaceutical reported a revenue of 1.457 billion yuan, a year-on-year decrease of 3.30%, and a net profit attributable to shareholders of 7.93 million yuan, down 74.13% year-on-year [2] - The company has distributed a total of 3.372 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, increasing its holdings by 5.0578 million shares to 7.9704 million shares [3]

Group 1 - The core point of the article is that the company, Zhendong Pharmaceutical, has received acceptance for its Pre-NDA application for the innovative drug Lactobacillus dual live bacteria capsule from the CDE, indicating progress towards potential market entry [2][3] - The company stated that further steps include submitting a new drug marketing application and undergoing rigorous review and on-site inspection processes before the product can be marketed [2] - The company will fulfill its information disclosure obligations based on subsequent developments and advises investors to make cautious decisions and be aware of investment risks [2]

Market Overview - On September 18, the Chinese medicine sector declined by 0.74%, with Weikang Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - Zhendong Pharmaceutical: closed at 7.58, up 2.43% with a trading volume of 795,500 shares [1] - Buchang Pharmaceutical: closed at 19.29, up 2.17% with a trading volume of 109,600 shares [1] - Taiji Group: closed at 22.00, up 1.24% with a trading volume of 151,300 shares [1] - Major decliners included: - Weikang Pharmaceutical: closed at 22.44, down 3.86% with a trading volume of 46,700 shares [2] - Zhenbaodao: closed at 11.71, down 3.62% with a trading volume of 89,700 shares [2] - Panlong Pharmaceutical: closed at 30.55, down 3.32% with a trading volume of 64,400 shares [2] Capital Flow - The Chinese medicine sector experienced a net outflow of 456 million yuan from institutional investors, while retail investors saw a net inflow of 263 million yuan [2] - The sector's capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Inflow/Outflow - Zhendong Pharmaceutical had a net inflow of 74.68 million yuan from institutional investors, while retail investors had a net outflow of 77.75 million yuan [3] - Other companies like Zhongsheng Pharmaceutical and Ziyun Mountain also showed significant net inflows from institutional investors, while experiencing outflows from retail investors [3]

Summary of the Conference Call for Zhendong Pharmaceutical Industry Overview - The global adrenaline market reached $5.3 billion in 2023, with the out-of-hospital market accounting for $4.7 billion, indicating a significant demand for improved solutions due to high injection failure rates and usability issues with existing products [2][3][10]. Key Points on Zhendong Pharmaceutical - Zhendong Pharmaceutical is launching a new generation of adrenaline nasal spray with a bioavailability of 93%, significantly higher than Nefi's 31%, and is expected to fill the domestic out-of-hospital market gap [2][3][11]. - The nasal spray is anticipated to achieve sales of $54 million globally by 2025 and $494 million by 2028, showcasing the potential of the nasal spray market [2][4]. - The domestic out-of-hospital adrenaline market has a potential annual gap of $34 million, with an overall market size estimated at approximately 6-7 billion RMB [2][4]. - Zhendong has applied for independent intellectual property rights regarding the concentration and ratio of penetration enhancers, creating a technological barrier against competitors [2][10]. Market Position and Strategy - The company plans to submit IND applications in both the U.S. and China around May 2026, with clinical trials expected to begin in mid-2026 [3][12]. - Zhendong aims to capture 70% of the domestic market share for adrenaline products, projecting peak sales of 2 billion RMB despite Nefi's lead in market entry [3][15][18]. - The company’s strategy includes leveraging its technological advantages to quickly gain market share post-launch, despite Nefi's earlier market education efforts [16][17]. Competitive Advantages - Zhendong's nasal spray offers several advantages over existing products: 1. Higher bioavailability (93%) and faster absorption [5][11]. 2. Better safety profile with lower risk during repeated dosing [5]. 3. Superior storage stability at room temperature, making it more convenient than products requiring special storage [9]. 4. Lower production costs, enhancing competitive pricing [9]. Clinical Development and Future Plans - The first phase of clinical trials will focus on pharmacokinetics (PK) and safety, with a target enrollment of around 200 healthy participants [7][8]. - The company is positioned to challenge existing injection products in emergency markets, with a focus on overcoming technical barriers related to nasal drug delivery [22][29]. Financial Expectations - Zhendong anticipates a net profit of 30 million RMB in 2025, reflecting a strong outlook for its new product line [20]. Conclusion - Zhendong Pharmaceutical is strategically positioned to capitalize on the growing adrenaline market with its innovative nasal spray, backed by strong technological advantages and a clear market entry strategy. The company is set to address significant unmet needs in the out-of-hospital setting, potentially reshaping the competitive landscape in this sector [6][29].

Company Overview - Shanxi Zhendong Pharmaceutical Co., Ltd. is located in Changzhi City, Shanxi Province, and was established on November 15, 1995. The company went public on January 7, 2011. Its main business includes the research, production, and sales of generic and innovative drugs related to oncology, hair, digestion, urology, and cardiovascular diseases, as well as a full industry chain for traditional Chinese medicine [2]. Financial Performance - For the first half of 2025, Zhendong Pharmaceutical achieved operating revenue of 1.457 billion yuan, a year-on-year decrease of 3.30%. The net profit attributable to the parent company was 7.9313 million yuan, down 74.13% year-on-year [2]. - The company has cumulatively distributed 3.372 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - As of September 17, Zhendong Pharmaceutical's stock price was 7.38 yuan per share, with a market capitalization of 7.419 billion yuan. The stock has increased by 70.83% year-to-date but has seen a decline of 4.28% in the last five trading days and 13.99% in the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 11, where it recorded a net purchase of 86.6539 million yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders was 46,100, a decrease of 5.04% from the previous period. The average circulating shares per person increased by 5.31% to 21,777 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 7.9704 million shares, an increase of 5.0578 million shares from the previous period [3].

Core Viewpoint - Zhendong Pharmaceutical is enhancing its focus on allergy emergency medications by introducing an innovative epinephrine nasal spray formulation, addressing the limitations of traditional epinephrine injections [1][2]. Group 1: Market Opportunity - There are approximately 240 million patients with allergic rhinitis in China, with food allergy rates among children under one year old ranging from 6% to 8%, indicating a growing patient population [1]. - The global epinephrine market reached $5 billion in 2020, with the auto-injector segment accounting for 93.3% of the market share, reflecting a compound annual growth rate (CAGR) of 18% over five years [1]. Group 2: Product Development - Zhendong Pharmaceutical's nasal spray is based on years of formulation technology development and aims to provide a more user-friendly alternative to traditional epinephrine delivery methods [2][3]. - The new nasal spray formulation is designed to have higher bioavailability, faster absorption rates, and less local irritation compared to existing nasal delivery technologies, outperforming similar products already on the market [2]. Group 3: Regulatory and Patent Strategy - The product is currently undergoing preclinical research, with core patents already filed in major markets including China, the US, Europe, Japan, and South Korea, covering key aspects such as drug composition and preparation processes [3]. - The company plans to accelerate clinical research and registration applications to bring the product to market as soon as possible [3].