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]

振东制药（300158.SZ）9月18日在投资者互动平台表示，公司创新药乳杆菌二联活菌胶囊Pre-NDA申请 已获CDE受理。后续尚需完成提交新药上市申请，经过审评、现场核查等严格的审批审评程序方可上市 销售。公司将根据后续进展情况及时履行信息披露义务，敬请广大投资者谨慎决策，注意防范投资风 险。 每经AI快讯，有投资者在投资者互动平台提问：公司创新药乳杆菌二联活菌胶囊在官网查询已经亮 灯，是否代表本月可以拿到生产批件？ （文章来源：每日经济新闻） ...

证券之星消息，9月18日中药板块较上一交易日下跌0.74%，维康药业领跌。当日上证指数报收于 3831.66，下跌1.15%。深证成指报收于13075.66，下跌1.06%。中药板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日中药板块主力资金净流出4.56亿元，游资资金净流入1.93亿元，散户资金净流入 2.63亿元。中药板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300158 振东制药 | | 7468.12万 | 12.28% | 307.26万 | 0.51% | -7775.39万 | -12.79% | | 002317 | 众生药业 | 4981.74万 | 5.33% | -3446.28万 | -3.68% | -1535.47万 | -1.64% | ...

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].

9月16日，振东制药盘中下跌2.13%，截至10:39，报7.35元/股，成交1.13亿元，换手率1.51%，总市值 73.89亿元。 资料显示，山西振东制药股份有限公司位于山西省长治市上党区光明南路振东科技园，成立日期1995年 11月15日，上市日期2011年1月7日，公司主营业务涉及肿瘤、毛发、消化、泌尿、心脑等仿制药、创新 药的研发、生产、销售,以及种子种苗抚育、种植、加工、仓储、饮片于一体的中药材全产业链。主营 业务收入构成为：中药54.82%，化药43.10%，其他1.98%，销售材料0.10%，研发收入0.00%。 资金流向方面，主力资金净流出2859.85万元，特大单买入0.00元，占比0.00%，卖出555.02万元，占比 4.93%；大单买入1634.09万元，占比14.51%，卖出3938.91万元，占比34.98%。 振东制药所属申万行业为：医药生物-中药Ⅱ-中药Ⅲ。所属概念板块包括：抗流感、维生素、医药电 商、肝炎治疗、幽门螺杆概念等。 截至6月30日，振东制药股东户数4.61万，较上期减少5.04%；人均流通股21777股，较上期增加5.31%。 2025年1月-6月，振东制药实现 ...

证券日报网讯 9月9日晚间，振东制药发布公告称，控股股东山西振东健康产业集团有限公司在晋商银 行股份有限公司长治分行办理了股份质押业务，质押用途为自身生产经营。本次质押数量1250万股，占 其所持股份比例4.14%，占公司总股本比例1.24%。 （文章来源：证券日报） ...

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]