Core Viewpoint - Zhendong Pharmaceutical's stock has experienced significant fluctuations, with a year-to-date increase of 70.14%, but a recent decline in the last five and twenty trading days [1][2]. Company Overview - Zhendong Pharmaceutical, established on November 15, 1995, and listed on January 7, 2011, is located in Changzhi, Shanxi Province. The company specializes in the research, production, and sales of generic and innovative drugs across various therapeutic areas, including oncology, hair care, digestion, urology, and cardiovascular health [2]. - The company's revenue composition includes 54.82% from traditional Chinese medicine, 43.10% from chemical drugs, 1.98% from other sources, and 0.10% from sales materials [2]. 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%. The net profit attributable to the parent company was 7.9313 million yuan, reflecting a significant decline of 74.13% compared to the previous 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]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 5.04% to 46,100, with an average of 21,777 circulating shares per person, an increase of 5.31% [2]. - Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 7.9704 million shares, an increase of 5.0578 million shares from the previous period [3].

Core Viewpoint - The announcement from Zhendong Pharmaceutical indicates that its controlling shareholder, Shanxi Zhendong Health Industry Group Co., Ltd., has pledged shares for operational purposes, which may impact the company's financial stability and investor confidence [2] Group 1: Share Pledge Details - The controlling shareholder has pledged 12.5 million shares [2] - This pledge represents 4.14% of the shares held by the controlling shareholder [2] - The pledged shares account for 1.24% of the total share capital of the company [2]

证券代码：300158 证券简称：振东制药 公告编号：2025-053 山西振东制药股份有限公司 关于股东股份质押的公告 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，具体 事项如下： 一、股东股份质押基本情况 | 股东 | 是否为控 | 本次质押 数量 | 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 | | | | 限售股 | | 始日 | 期日 | | 用途 | | | | （股） | 比例 | 比例 | | 质押 | | | | | | 振东 集团 | 是 | 12,500,000 | 4.14% | 1.24% | 否 | 否 | 2025.9.5 | ...

Core Viewpoint - Despite facing external challenges, the company demonstrates resilience in its operations and continues to show multi-dimensional development [1] Business Performance - In the first half of 2025, the company achieved revenue of 1.457 billion yuan, maintaining stability [2] - The revenue structure is balanced, with traditional Chinese medicine (TCM) and Western medicine each accounting for approximately half of total revenue [2] - TCM revenue reached 799 million yuan, representing 54.82% of total revenue, while Western medicine revenue was 628 million yuan, accounting for 43.10% [3][4] Product Development - The company has a diverse product pipeline with 11 exclusive products and 589 approvals, including 250 products listed in the 2024 National Medical Insurance Catalog, making up 56.69% of its offerings [1] - Key products such as Dafeixin Minoxidil and Xihuang Pills are experiencing steady sales growth, contributing significantly to overall revenue [4] - New products like hair growth tablets and Bai Granules have been launched, enhancing the product lineup and driving sales growth [5] Financial Health - The company's gross profit margin improved to 51.15% in the first half of 2025, with TCM gross margin increasing by 3.52 percentage points [6] - The overall debt ratio was low at 19.59%, down nearly 7 percentage points from the end of 2024, indicating strong financial stability [7] Research and Development - The company invested 251 million yuan in R&D in 2024, accounting for 8.44% of revenue, with a 25.27% increase from the previous year [8] - A new drug research center was established, focusing on innovative drug development, including anti-tumor drugs and TCM [8][9] Governance and Strategy - A new board of directors was appointed in November 2024, marking a shift towards a younger and more professional management team [11] - The company is adapting to industry trends by focusing on value creation rather than just scale expansion, aligning with the broader "anti-involution" strategy in the pharmaceutical sector [12]

Group 1 - The core point of the article is that Zhendong Pharmaceutical announced the release of a portion of shares pledged by its controlling shareholder, Shanxi Zhendong Health Industry Group Co., Ltd. [2] - The number of shares released from pledge is 26,404,495 shares [2]

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解除质押，具体 事项如下： 一、股东股份解押基本情况 | 股东名称 | 是否为控 股股东 | 本次解押数量 （股） | 占其所 持股份 | 占公司 总股本 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 比例 | 比例 | | | | | 振东集团 | 是 | 26,404,495 | 8.74% | 2.63% | 2024.09.13 | 2025.09.03 | 晋商银行股份有限公司 长治分行 | | 合计 | | 26,404,495 | 8.74% | 2.63% | | | | 证券代码：300158 证券简称：振东制药 公告编号：2025-052 山西振东制药股份有限公司 关于股东股份解押的公告 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。 1、本次解除质押基本情况 特此公告 ...

Company Overview - Shanxi Zhendong Pharmaceutical Co., Ltd. was established on November 15, 1995, and listed on January 7, 2011. The company is located in Changzhi City, Shanxi Province [2] - The 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] - The revenue composition is as follows: Traditional Chinese medicine accounts for 54.82%, chemical drugs for 43.10%, other for 1.98%, sales materials for 0.10%, and research income for 0.00% [2] Financial Performance - For the first half of 2025, the company 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] - Since its A-share listing, the company has distributed a total of 3.372 billion yuan in dividends, with no dividends distributed in the last three years [3] Stock Performance - As of September 3, the stock price of Zhendong Pharmaceutical was 8.42 yuan per share, with a market capitalization of 8.465 billion yuan. The stock has increased by 94.91% year-to-date, but has decreased by 4.43% in the last five trading 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 866.539 million yuan [1] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 7.9704 million shares, an increase of 5.0578 million shares compared to the previous period [3]

Group 1 - The company Shanxi Zhendong Pharmaceutical Co., Ltd. announced the progress of its share repurchase plan as of August 31, 2025 [1] - The share repurchase plan was approved on October 22 and November 12, 2024, with a total repurchase fund limit of 100 million yuan and a minimum of 50 million yuan, at a price not exceeding 6 yuan per share [2] - The maximum repurchase price was later adjusted to not exceed 11.4 yuan per share, while other terms remained unchanged [2] Group 2 - As of August 31, 2025, the company repurchased a total of 13.0167 million shares, accounting for 1.29% of the total share capital, with a total transaction amount of 52.0309 million yuan [3] - The highest transaction price was 10.06 yuan per share, and the lowest was 3.51 yuan per share [3] - The company's share repurchase activities complied with relevant regulations and guidelines [4]

Summary of Key Points Core Viewpoint - Zhendong Pharmaceutical announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 13,016,700 shares, which represents 1.29% of the current total share capital [1] - The maximum purchase price for the shares was RMB 10.06 per share, while the minimum purchase price was RMB 3.51 per share [1] - The total amount spent on the share buyback reached RMB 52,030,929, excluding transaction fees [1]

Group 1 - The company, Zhendong Pharmaceutical, announced a share buyback of approximately 13.02 million shares, representing 1.29% of its total share capital, with a total expenditure of about 52.03 million RMB [1] - The highest and lowest prices for the share buyback were 10.06 RMB and 3.51 RMB per share, respectively [1] - As of the report date, the market capitalization of Zhendong Pharmaceutical is 8.6 billion RMB [1] Group 2 - For the first half of 2025, the revenue composition of Zhendong Pharmaceutical is as follows: pharmaceutical production and sales accounted for 110.27%, herbal planting industry for 31.67%, and technical services for 3.38%, with inter-segment eliminations at -45.32% [1]