证券代码：300158 证券简称：振东制药 公告编号：2025-029 山西振东制药股份有限公司 关于变更 2024 年年度股东大会现场会议地点的公告 | 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。 | 特别提示：山西振东制药股份有限公司（以下简称"公司"）2024 年年度股东大会现场会议地点变更为：北京市海淀区创业路 18 号北 京振东科技大厦 4 层会议室。敬请投资者注意。 公司拟于 2025 年 5 月 14 日（星期三）召开公司 2024 年年度股 东大会，具体内容详见 2025 年 4 月 21 日披露于巨潮资讯网 （www.cninfo.com.cn）的《关于召开 2024 年年度股东大会的通知》 （公告编号：2025-025）及 2025 年 5 月 7 日披露于巨潮资讯网 （www.cninfo.com.cn）的《关于召开 2024 年年度股东大会的提示性 公告》（公告编号：2025-028）。 为便于股东参会，公司决定将 2024 年年度股东大会现场会议地 点变更为：北京市海淀区创业路18号北京振东科技大厦4层会议 ...

证券代码：300158 证券简称：振东制药 公告编号：2025-027 山西振东制药股份有限公司 关于回购公司股份的进展公告 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"） 分别于 2024 年 10 月 22 日、11 月 12 日召开公司第六届董事会第二 次会议、2024 年第二次临时股东大会，审议通过了《关于回购公司 股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购 公司部分股份，回购的股份将全部用于注销并减少公司注册资本。本 次用于回购股份的资金总额上限为人民币 10,000 万元，回购下限为 人民币 5,000 万元，回购价格不超过人民币 6.00 元/股（含本数）， 回购股份的实施期限为自公司股东大会审议通过本次回购股份方案 之日起不超过 12 个月。具体内容详见公司于 2024 年 10 月 24 日、2024 年 11 月 12 日刊登在巨潮资讯网（www.cninfo.com.cn）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， ...

证券代码：300158 证券简称：振东制药 公告编号：2025-028 山西振东制药股份有限公司 关于召开 2024 年年度股东大会的提示性公告 | 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。 | 山西振东制药股份有限公司（以下简称"公司"）第六届董事会第 三次会议审议通过了《关于召开 2024 年年度股东大会的议案》，决 定于 2025 年 5 月 14 日（星期三）召开公司 2024 年年度股东大会， 并已于 2025 年 4 月 21 日在巨潮资讯网（www.cninfo.com.cn）披露了 《关于召开 2024 年年度股东大会的通知》（公告编号：2025-025）。 为进一步保护投资者的合法权益，方便各位股东行使股东大会表 决权，现将会议有关事项再次提示如下： 一、召开会议的基本情况 1、股东大会届次：2024 年年度股东大会 2、会议召集人：山西振东制药股份有限公司（以下简称"公司"） 董事会 3、会议召开的合法、合规：公司第六届董事会第三次会议决议 通过《关于召开 2024 年年度股东大会的议案》，本次股东大会的召 集 ...

Core Viewpoint - 2024 is a significant downturn year for Zhending Pharmaceutical, marked by substantial financial losses and operational challenges, revealing both immediate and long-term vulnerabilities in the company's business model [2][3]. Financial Performance - The company reported a total revenue of 2.971 billion yuan in 2024, a year-on-year decline of 18.06% - The net profit attributable to shareholders was a loss of 1.329 billion yuan, representing a staggering year-on-year drop of 2920.55% - The non-recurring net profit was -686 million yuan, down 491.35% year-on-year [2][5]. Non-Operating Losses - Major non-operating losses stemmed from an arbitration dispute with former subsidiary Beijing Landi Pharmaceutical, which resulted in a 1.4 billion yuan penalty for producing substandard drugs - The arbitration claim amounted to 1.467 billion yuan, with a settlement of 500 million yuan directly impacting the company's financials, accounting for 46.36% of total profit for the period [3][4]. Core Business Weakness - The pharmaceutical production and sales revenue fell to 2.313 billion yuan, down 20.50% year-on-year, while the medicinal plant cultivation revenue decreased to 634 million yuan, a decline of 8.99% - The simultaneous contraction in core business areas indicates a persistent weakening of market competitiveness [5][6]. Product Competition - The company's key products, including Fufang Kucan Injection and Dafeixin Minoxidil Lotion, face increasing competition in the market - Dafeixin's market share rose to 47.3% in 2024, but it does not hold the patent for Minoxidil, exposing it to competitive risks from other players like Sanofi's Mandi, which commands a 72.6% market share in the Minoxidil sector [6][7]. Innovation and R&D Challenges - The company has faced significant setbacks in innovation, with 27 drugs entering national or provincial procurement, but 8 of these had zero actual procurement volumes - The termination of several key R&D projects indicates a lack of new product development, which is critical for future growth [8][9]. International Expansion and Cost Management - Despite claims of pursuing international registration for Fufang Kucan Injection and other initiatives, R&D expenses were only 351 million yuan, about 11.82% of revenue, with no substantial progress reported - The gross margin for medicinal plant cultivation was only 12.7%, significantly lower than industry leader Tongrentang, which exceeds 25% [10].

Core Viewpoint - In 2024, Zhendong Pharmaceutical faced multiple operational challenges leading to a significant deterioration in its financial condition, with a reported revenue decline of 18.06% and a net loss of 1.33 billion yuan [1][3]. Financial Performance - The company's total revenue for 2024 was 2.971 billion yuan, down from the previous year [1][3]. - The net profit attributable to shareholders was a loss of 1.329 billion yuan, a substantial increase from a loss of 43.98 million yuan in 2023 [1][3]. - The non-recurring net profit also showed a loss of 686 million yuan, significantly higher than the previous year's loss of 116 million yuan [1][3]. Business Segments - Zhendong Pharmaceutical's two main business segments, pharmaceutical production and sales, and medicinal herb planting, both experienced declines [1][3]. - Revenue from pharmaceutical production and sales was 2.313 billion yuan, a decrease of 20.50% year-on-year [1][3]. - Revenue from medicinal herb planting and sales was 634 million yuan, down 8.99% year-on-year [1][3]. Regulatory Issues - In October 2023, a subsidiary, Landi Pharmaceutical, faced administrative penalties for 32 batches of calcium carbonate D3 granules failing inspections, resulting in a fine of 134 million yuan and a confiscation of illegal gains of 6.18 million yuan [2][7]. - In September 2024, Landi Pharmaceutical initiated arbitration against Zhendong Pharmaceutical for 1.467 billion yuan, leading to a final compensation payment of 500 million yuan by Zhendong [2][6][7]. Shareholder Actions - Since its listing, Zhendong Pharmaceutical has seen significant shareholder sell-offs, with a total of 176.2 million shares sold, amounting to 1.359 billion yuan [2][8]. - The controlling shareholder, Li Anping, has personally cashed out 706 million yuan through share reductions [2][8].

Core Viewpoint - The internationalization of traditional Chinese medicine (TCM) faces significant challenges, including the lack of unified international standards, difficulties in dialogue between Chinese and Western medicine, and insufficient clinical efficacy evidence. The company emphasizes quality and research as primary strategies for international expansion, followed by market considerations [1][3]. Group 1: Quality Assurance - The quality of medicinal materials is crucial as it directly affects the efficacy of drugs. Various factors influence the quality, including the geographical origin of the materials, harvesting seasons, processing methods, and storage techniques [3]. - The company has been exploring traceability in medicinal materials to ensure product quality over the years [3]. Group 2: Research and Evidence - The company aims to strengthen the acceptance of TCM among overseas doctors by building a robust evidence chain through scientific research. This is essential for enhancing public recognition of TCM products [3]. - There is a need for collaborative research efforts to provide sufficient evidence for regulatory acceptance, which is vital for advancing internationalization [3]. Group 3: Market Expansion - The company is also exploring the export of TCM functional foods, aiming to expand beyond the Chinese community into larger markets, contingent on maintaining quality and research foundations [3]. - The internationalization process for TCM companies is lengthy and challenging, requiring multiple cycles of "going out, bringing in, and going out again" [4].

Core Viewpoint - Zhendong Pharmaceutical (300158.SZ) has reported a continuous decline in performance, with significant losses attributed to non-operational factors such as arbitration issues, overdue trust products, and inventory impairment [2][4][5]. Financial Performance - In 2024, the company achieved revenue of 2.971 billion yuan, a year-on-year decrease of 18.1%, and a net loss of 1.329 billion yuan, with losses widening compared to the previous year [2][3]. - The company has experienced a decline in revenue for three consecutive years, with total losses accumulating to 1.424 billion yuan [4][5]. - For Q1 2025, Zhendong Pharmaceutical reported revenue of 755 million yuan, a year-on-year decrease of 3.53%, and a net profit of 1.1572 million yuan, down 94.99% year-on-year [8]. Asset Decline - Total assets decreased from 10.104 billion yuan in Q1 2022 to 4.635 billion yuan in Q1 2025, representing a reduction of approximately 54% over three years [8]. Operational Challenges - The decline in revenue is attributed to multiple external factors, including significant price reductions due to provincial alliance drug procurement, restricted market access in certain regions, and the impact of outpatient policy on retail traffic [5][6]. - The retail pharmacy industry has seen a closure rate rise to 5.7%, and the overall market for traditional Chinese medicine is experiencing a downturn, with a comprehensive price index dropping by 9.6% year-on-year [5]. Non-Operational Factors - The company cited major arbitration matters, overdue trust products, and inventory impairment as significant contributors to its substantial losses [4][5]. - Zhendong Pharmaceutical faced a claim of approximately 1.467 billion yuan from Beijing Landi Pharmaceutical Co., which was settled for 500 million yuan following arbitration [6][7]. Impairment and Financial Strategy - In 2024, the company recognized impairment losses totaling 291 million yuan, which will reduce the operating profit for the reporting period [8]. - The company announced it would not distribute profits for 2024, indicating a focus on financial recovery [8].

近三年来，振东制药业绩持续处于下滑和亏损状态。 振东制药（300158.SZ）业绩持续亏损，2024年亏损金额同比扩大逾29倍。 根据年报，该公司2024年实现营业收入29.71亿元，同比下降18.06%，归母净利润亏损13.29亿元，同比 下降逾29倍，主要受重大仲裁事项、信托产品逾期兑付及存货减值等非经营性因素影响。 今年一季度虽然略微扭亏为盈，但业绩仍同比下滑，其中归母净利润同比大减95%。 振东制药的业绩自2022年开始出现下滑和亏损态势。值得注意的是，该公司销售费用较高，2022年～ 2024年销售费用占营业收入的比重均超过38%；2025年一季度销售费用占营收的比例也达33.84%。 此外，振东制药曾因内控存在缺陷、资金占用等问题遭到监管处罚，从而引发高管层人事变动。 仲裁事项、信托踩雷拖累业绩 2024年，振东制药营业收入为29.71亿元，同比下降18.06%。其中，医药生产销售行业收入23.13亿元， 占营收的比例为77.86%；药材种植、销售行业收入6.34亿元，占营收的比例为21.34%。 对于营收下滑的原因，该公司称，主要受多重外部环境变化影响：一是省级联盟药品集中带量采购导致 部分品种 ...

证券代码：300158 证券简称：振东制药 公告编号：2025-026 山西振东制药股份有限公司 关于股东股份质押及解押的公告 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质押及解押， 具体事项如下： 一、股东股份质押及解押基本情况 | 股东 | 是否为控 | 本次质押 | 占其所 持股份 | 占公司 总股本 | 是否为 | 是否为 补充 | 质押起 | 质押到 | 质权人 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 股股东 | 数量（股） | | | 限售股 | | 始日 | 期日 | | 用途 | | | | | 比例 | 比例 | | 质押 | | | | | | 振东 | | | | | | | | 办理解除 | 中国银行股份 | 自身生 | | 集团 | 是 | ...

Core Insights - The company reported a revenue decline of 18.06% to 2.971 billion yuan in 2024, with a net loss of 1.329 billion yuan [1][2] - The decline is attributed to unexpected price drops in certain products, restricted market access in some regions, and the implementation of outpatient policy affecting retail traffic [1] - The overall market for traditional Chinese medicine is experiencing a downturn, with a 9.6% year-on-year decrease in the comprehensive price index [1] Revenue Breakdown - Total revenue for 2024 was 2.971 billion yuan, down from 3.626 billion yuan in 2023 [2] - Revenue from pharmaceutical production and sales accounted for 77.86% of total revenue, while traditional Chinese medicine sales contributed 21.34% [3] - Online sales represented 7.88% of total revenue, with offline sales making up 91.33% [3] Product and Market Development - The company has established four major therapeutic areas: oncology, dermatology, nephrology, and gastroenterology, covering 81% of prefecture-level cities and 87% of county-level cities [4] - Key products include a variety of injections and capsules, with a focus on expanding market presence through both self-operated and distributor models [4] - The company has initiated 2 new innovative drug projects and 9 generic drug raw material projects in 2024, alongside ongoing development in both raw materials and formulations [5] Traditional Chinese Medicine Initiatives - The company is advancing the registration of its compound injection with the FDA and has completed efficacy studies for other products [6] - In 2024, the company introduced 11 new products, enhancing its product structure and laying a foundation for improved operational quality and profitability [6]