Core Viewpoint - The company, Zhendong Pharmaceutical (300158.SZ), has announced an adjustment to its share repurchase plan, increasing the maximum repurchase price from 6.00 CNY per share to 11.40 CNY per share, effective from August 25, 2025 [1] Summary by Relevant Sections - **Share Repurchase Plan** - The maximum repurchase price has been adjusted to 11.40 CNY per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1] - The total amount allocated for the share repurchase will be no less than 50 million CNY and no more than 100 million CNY [1]

证券代码：300158 证券简称：振东制药 公告编号：2025-049 山西振东制药股份有限公司 关于调整回购股份价格上限的公告 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。 重要内容提示： 1、为保障回购股份方案顺利实施，本次回购股份价格上限将由 6.00 元/股（含）调整为 11.40 元/股（含）。 2、除上述调整回购股份价格上限外，回购方案的其他内容不变。 3、回购股份价格上限调整的生效日期为 2025 年 8 月 25 日。 本次回购总金额不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）。截至本公告日，公司已累计回购股份 12,916,700 股，累计回购总金额为 51,025,218 元（不含交易费用），回购金额下 限已达到。按回购金额上限 10,000 万元、回购价格上限 11.40 元/股 进行测算，预计仍需要回购股份约为 4,296,000 股。同时根据已回购 的股份数量，预计公司将累计回购股份约为 17,212,700 股，约占公司 目前已发行总股本的 1.71%。具体回购股份的数量以回购期限届满时 实际回购的 ...

证券代码：300158 证券简称：振东制药 公告编号：2025-048 《关于调整回购股份价格上限的公告》内容详见中国证监会创业 板指定信息披露网站。 一、董事会会议召开情况 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 五次会议于 2025 年 8 月 25 日上午 9:00 以通讯表决方式召开，会议 通知于 2025 年 8 月 23 日以电话、邮件等方式通知全体董事（经全体 董事一致同意，豁免本次会议通知的时间要求）。会议应出席董事 9 名，实际出席董事 9 名。会议由公司董事长李昆先生主持，公司部分 高级管理人员列席了会议。本次会议的出席人数、召集、召开程序和 议事内容均符合国家有关法律、法规及《公司章程》的规定。 二、董事会会议审议情况 1、会议以 9 票同意、0 票反对、0 票弃权，审议通过了《关于调 整回购股份价格上限的议案》。 鉴于近期公司股票价格持续超出回购股份方案拟定的回购价格 上限，基于对公司未来持续稳定发展的信心和对公司价值的认可，同 时为了保障本次回购股份方案的顺利实施，公司将回购价格上限由 6.00 元/股（含）调整为 11.40 元/股（含）。该价格不高于本次董事 ...

Core Viewpoint - The financial performance of Zhendong Pharmaceutical in the first half of 2025 shows a decline in revenue and net profit, indicating challenges in the current market environment and the need for strategic adjustments to improve growth and operational quality [1][5]. Financial Performance - Zhendong Pharmaceutical reported a total revenue of 1.457 billion yuan, a decrease of 3.30% compared to the same period last year [2][5]. - The net profit attributable to shareholders was 7.93 million yuan, down 74.13% year-on-year [2][5]. - The net profit after deducting non-recurring gains and losses was -8.18 million yuan, representing a reduction in losses by 73.42% [2][5]. - The net cash flow from operating activities decreased significantly by 1177.57%, primarily due to the payment of a compensation amounting to 500 million yuan to Landi [4][5]. Product and Market Dynamics - The company’s main products, including traditional Chinese medicine and chemical drugs, experienced slight revenue declines, with traditional Chinese medicine revenue at 799 million yuan (down 3.91%) and chemical drugs at 628 million yuan (down 4.45%) [5][6]. - The ongoing pressures from healthcare cost control, volume-based procurement policies, and rising costs of raw materials and labor are intensifying competition in the pharmaceutical industry, impacting the company's operational performance [5][6]. Strategic Considerations - Zhendong Pharmaceutical is focusing on improving its revenue quality and operational health through the expansion of its product pipeline, increased sales of new products, and ongoing optimization of its business structure [3][6]. - The company needs to identify new growth points and enhance its core competitiveness to mitigate the downward trend in performance [6].

Core Viewpoint - The traditional Chinese medicine (TCM) sector is experiencing a significant surge in stock performance, driven by strong policy support and increasing market demand for TCM products [1][2]. Group 1: Market Performance - The TCM sector has shown rapid growth, with companies like Xintian Pharmaceutical leading the charge by hitting the daily limit on stock price increases, accompanied by a notable increase in trading volume [1]. - Other companies in the sector, such as Yibai Pharmaceutical, Zhendong Pharmaceutical, and others, are also witnessing substantial gains, indicating a broad-based rally within the TCM industry [1]. Group 2: Policy Support - The Chinese government is enhancing support for the TCM industry, as evidenced by the State Council's issuance of guidelines aimed at improving TCM quality and promoting high-quality development within the sector [1][2]. - The guidelines emphasize the protection and utilization of TCM resources, as well as optimizing the industrial structure and strengthening the TCM supply chain [1]. Group 3: Market Demand - There is a growing demand for TCM driven by increasing health awareness among the population and the aging demographic, which is expected to continue fueling the sector's growth [1][2]. - The expansion of the TCM market is anticipated to create new opportunities in related fields, such as TCM raw material cultivation, which will benefit farmers and agricultural service providers [1]. Group 4: Related Sectors - The TCM research and development sector is poised to benefit from government encouragement for innovation, leading to increased investment in new TCM drugs and classic formulations [2]. - The healthcare sector is closely linked to TCM, with the development of TCM products expected to drive innovation and upgrades in healthcare offerings, including TCM therapies and wellness services [2]. Group 5: Challenges and Future Potential - Despite the positive outlook, the TCM industry faces challenges such as the need for unified quality standards and sustainable resource utilization [2]. - However, the combination of policy support, growing market demand, and the industry's own development trends suggests that the TCM sector and its related fields have significant growth potential in the future [2].

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [3] - There are no preferred shareholders or related information regarding preferred shares during the reporting period [3] Group 2 - The company has a total of 12,916,700 shares held in a repurchase account, representing 1.28% of the total shares [2] - There are no significant changes in the top 10 shareholders or the top 10 unrestricted circulating shareholders due to securities lending activities [2][3] - The company does not require retrospective adjustments or restatements of previous accounting data [2]

证券代码：300158 证券简称：振东制药 公告编号：2025-044 山西振东制药股份有限公司 一、董事会会议召开情况 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 四次会议于 2025 年 8 月 22 日上午 9:00 在公司会议室通过现场及通 讯表决方式召开，会议通知于 2025 年 8 月 12 日以电话、邮件等方式 通知全体董事。会议应出席董事 9 名，实际出席董事 9 名。会议由公 司董事长李昆先生主持，公司全体监事及高级管理人员列席了会议。 本次会议的出席人数、召集、召开程序和议事内容均符合国家有关法 律、法规及《公司章程》的规定。 二、董事会会议审议情况 年半年度报告>及其摘要》。 《2025 年半年度报告》及《2025 年半年度报告摘要》内容详见 中国证监会创业板指定信息披露网站。 本议案已由董事会审计委员会审议并通过。 及其子公司使用自有资金进行现金管理的议案》。 本着股东利益最大化原则，为提高资金的使用效率，在确保不影 响公司正常经营以及保证流动性和资金安全的前提下，公司董事会同 意公司及公司子公司使用额度不超过人民币 10 亿元的自有资金进行 现金管理，并授权管理层在上 ...

Group 1 - The sixth meeting of the supervisory board of Shanxi Zhendong Pharmaceutical Co., Ltd. was held on August 22, 2025, with all three supervisors present, confirming compliance with legal and regulatory requirements [1] - The supervisory board reviewed the 2025 semi-annual report and found that the report accurately reflects the company's actual situation without any false statements or omissions [1] - The semi-annual report and its summary are available on the designated information disclosure website of the China Securities Regulatory Commission [1] Group 2 - The supervisory board approved the proposal for the company and its subsidiaries to use up to RMB 1 billion of idle self-owned funds for cash management, focusing on low to medium-risk financial products [2] - The decision to utilize idle funds is aimed at improving capital efficiency and cash management returns, aligning with the interests of the company and all shareholders, particularly minority shareholders [2] - The cash management proposal complies with relevant regulations and does not involve high-risk investment products as defined by the Shenzhen Stock Exchange [2]

Core Insights - The company reported a net profit of 7.93 million yuan for the first half of 2025, with a year-on-year growth of 73.42% in net profit excluding non-recurring items, driven by strategic adjustments, product pipeline expansion, and business structure optimization [1] Group 1: Strategic Focus and Resource Allocation - The company's strategic focus on innovative drugs and core areas has led to more efficient resource allocation, concentrating R&D and marketing resources on advantageous sectors [2] - The company has optimized its asset structure by shutting down loss-making enterprises and reducing low-margin businesses, which has effectively decreased losses and improved revenue quality [2] Group 2: Product Performance and Market Position - The core product matrix has contributed to stable revenue, with the star product, Dafeixin Minoxidil Solution, leading the market in hair loss treatment with a market share of 43% in the first half of 2025 [2] - New products, such as Shengbai Granules, have been included in multiple authoritative guidelines and have completed listings in 28 provinces, providing significant sales growth momentum [2] Group 3: Marketing Innovations - The company has employed innovative marketing strategies through chain pharmacies, e-commerce, and exclusive member operations, enhancing brand presence and product sales [3] Group 4: Innovation in Drug Pipeline - The company continues to expand its innovative drug pipeline, focusing on areas such as oncology, dermatology, and gynecology, with several drugs in development [4] - A significant breakthrough has been achieved with a vaginal probiotic capsule, which has shown superior efficacy and safety in clinical trials compared to traditional treatments [4][5] Group 5: Women's Health Ecosystem - The company is transitioning from a single product supplier to a comprehensive women's health solution provider, covering various health scenarios throughout women's life cycles [6] - A clinical network has been established, covering 3,000 tertiary hospitals and 5,000 maternal and child health hospitals, enhancing service delivery and user engagement [7] Group 6: Competitive Advantage and Future Outlook - The company's focus on women's health and innovative drug development is expected to enhance its market share and drive future growth [7] - The strategic alignment of innovation, market focus, and resource optimization positions the company to navigate industry transformations effectively [7]

Major Events - China Railway announced an investigation into the construction accident at the Qianzhai Yellow River Bridge, which resulted in 12 fatalities and 4 missing persons. The bridge is 1596.2 meters long with a contract value of approximately 436 million yuan. The company stated that this incident will not have a significant impact on its operations and performance [4] - Greenme announced plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [5] - Jingwang Electronics plans to invest 5 billion yuan in the Zhuhai Jinwan base expansion project, focusing on high-growth areas such as AI computing power and automotive intelligence [6][7] - Mingtai Aluminum intends to sell a 2.5% stake in Sanmenxia Aluminum to Jiaozuo Wanfang, with the share price set at 5.39 yuan per share, expecting to receive 149 million shares [8] - Dingsheng New Materials also plans to sell a 0.57% stake in Sanmenxia Aluminum under similar terms [9] Performance Overview - Xiyu Co. reported a net profit of 1.062 billion yuan for the first half of 2025, a year-on-year increase of 32.76%, with total revenue of 21.093 billion yuan, up 12.35% [10] - Jintailang reported a net profit of 358 million yuan, a 3.95% increase, with revenue of 9.528 billion yuan, up 2.49% [11] - Huaxia Eye Hospital achieved a net profit of 282 million yuan, a 6.2% increase, with revenue of 2.139 billion yuan, up 4.31% [12] - Juxin Technology reported a net profit growth of 123.19%, reaching 91.375 million yuan, with revenue of 449 million yuan, up 60.12% [13][14] - Zhendong Pharmaceutical reported a net profit of 7.9313 million yuan, a decline of 74.13%, with revenue of 1.457 billion yuan, down 3.3% [15] - China Merchants South Oil reported a net profit decline of 53.28%, totaling 570 million yuan, with revenue of 2.772 billion yuan, down 21.43% [16] - Chongqing Construction reported a net loss of 249 million yuan, with revenue of 14.359 billion yuan, down 7.97% [17] - Huacan Optoelectronics reported a net loss of 115 million yuan, with revenue of 2.532 billion yuan, up 33.93% [18] - Digital Government reported a net loss of 18.6927 million yuan, with revenue of 321 million yuan, down 40.34% [19] Major Contracts - Zhonggong International signed a contract for an overseas road engineering project in Nicaragua, valued at approximately 513 million yuan, which represents 4.2% of the company's total revenue for 2024 [20] Shareholding Changes - Tiancheng Technology announced that shareholder Qingxun Electronics plans to reduce its stake by up to 119,000 shares, representing no more than 0.1% of the total share capital [22] - Ailong Technology's controlling shareholder plans to reduce its stake by up to 1.69% through various trading methods [23]