Market Overview - On July 23, the Shanghai Composite Index rose by 0.01%, while the Shenzhen Component Index fell by 0.37%, and the ChiNext Index remained unchanged [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion yuan, with over 4,000 stocks declining [1] - Sectors such as hydropower, beauty care, securities insurance, CRO, banking, and small metals saw significant gains, while sectors like Hainan, military industry, ultra-high voltage, and cement experienced declines [1] Focus Stocks - Xue Ren Group experienced a trading halt, with the market's consecutive board height reduced to four for Nanmin Group [3] - Zhibo Design and Shen Shui Planning Institute both achieved a 20% increase for three consecutive boards in the hydropower station concept stocks [3] - Hengli Drilling Tools reached a 30% increase for three consecutive boards in the shield machine concept stocks, while China Railway Construction reached a 20% increase for three consecutive boards [3] Top Net Buy and Sell on Dragon and Tiger List - The top three net buying stocks were Xue Ren Group (244 million yuan), Kailong Co., Ltd. (134 million yuan), and Qingyun Technology (97.91 million yuan) [4] - The top three net selling stocks were Tianshan Co., Ltd. (295 million yuan), China Power Construction (220 million yuan), and Lansheng Co., Ltd. (150 million yuan) [5] - Xue Ren Group's stock surged, with a turnover rate of 32.19% and a trading volume of 2.372 billion yuan, with net buying from the Shenzhen Stock Connect of 164 million yuan [5] Company Developments - Xue Ren Group has developed a comprehensive technical plan for large-scale concrete temperature control needs in its projects and has participated in multiple hydropower projects in the Yarlung Tsangpo River basin [8] - The company’s helium compressor is used in a major national scientific research project, achieving international leading technology in the controlled nuclear fusion field [8] - Xue Ren Group is investing 280 million yuan to build a hydrogen fuel cell system production base, expected to be operational by July 2028, aligning with national hydrogen energy policies [8] Other Notable Stocks - Nanjing New Hundred, involved in innovative drugs and cell immunotherapy, reported a revenue increase of 1.98% to 6.7 billion yuan in 2024 [11] - Zhendong Pharmaceutical, focusing on anti-tumor traditional Chinese medicine, has a leading product in the market and has resolved a significant arbitration issue [15] - Tianshan Co., Ltd. saw a decline of 6.27% with a trading volume of 1.371 billion yuan, while Shangfeng Cement fell by 9.27% with a trading volume of 675 million yuan [12][18]

Core Viewpoint - The financing balance of the ChiNext market has increased, with a total of 378.92 billion yuan, marking a week-on-week increase of 0.22% [1] Group 1: Financing Balance Overview - The total margin balance of ChiNext stocks reached 380.07 billion yuan, with an increase of 0.21% from the previous trading day [1] - The financing balance specifically increased by 0.22% to 378.92 billion yuan, continuing a streak of 13 consecutive trading days of growth [1] - The margin trading balance for short selling decreased to 1.15 billion yuan, reflecting a reduction of approximately 0.06% [1] Group 2: Stocks with Increased Financing Balance - A total of 470 stocks experienced an increase in financing balance, with 31 stocks seeing an increase of over 10% [1] - The stock with the highest increase in financing balance was Dahongli, which saw a 65.04% increase to 91.58 million yuan, despite a 1.19% drop in its stock price [1][3] - Other notable stocks with significant increases include Guanlong Energy and Weiman Sealing, with increases of 50.49% and 47.29% respectively [1][3] Group 3: Market Performance of Stocks with Increased Financing Balance - Among the stocks with a financing balance increase of over 10%, the average price increase was 2.01%, with 15 stocks rising [2] - Stocks that hit the daily limit include Zhendong Pharmaceutical and Jinchun Co., with notable price increases of 14.13% and 11.00% respectively [2] - Conversely, stocks like Weiman Sealing and Guanlong Energy experienced declines of 16.05% and 5.67% respectively [2] Group 4: Stocks with Decreased Financing Balance - A total of 471 stocks saw a decrease in financing balance, with 15 stocks experiencing a decline of over 10% [4] - The stock with the largest decrease was Dingtai High-Tech, which saw a 17.09% drop in financing balance to 149.82 million yuan [4][5] - Other stocks with significant declines include Yangdian Technology and Xice Testing, with decreases of 16.94% and 13.91% respectively [4][5]

Group 1: Industry Overview - The innovation in China's pharmaceutical research and development has significantly increased, with the National Medical Products Administration approving 43 innovative drugs in the first half of 2025, a year-on-year growth of 59%, marking a historical high for the same period [1] - From 2018 to 2024, a total of 197 innovative drugs have been approved in China, with the annual approval rate rising from 11 in 2018 to 48 in 2024, indicating a steady growth trend [1] - Multiple supportive policies have contributed to the rapid development of innovative drugs in China, including the issuance of measures to support high-quality development of innovative drugs by the National Healthcare Security Administration and the National Health Commission [1] Group 2: Company Focus - Zhendong Pharmaceutical has made significant investments in innovative drug research and development, with R&D expenditure reaching 251 million yuan in 2024, a year-on-year increase of 25.27%, accounting for 8.44% of its operating revenue [2] - The company is focusing on innovative drug development in oncology and dermatology, with ongoing projects including ZD09 for gastric cancer, ZDH02 for breast cancer bone metastasis, and SH003 for atopic dermatitis [2] - Zhendong Pharmaceutical plans to leverage the capabilities of its newly established Shanghai New Drug Creation Center to accelerate breakthroughs in innovative drug development and enhance the quality of its product pipeline [2] Group 3: Future Outlook - The company aims to continue its transformation towards research and development innovation, aligning its existing product pipeline with advancements in collaboration with top domestic and international research institutions [3] - Zhendong Pharmaceutical is committed to injecting vitality into innovative drug research and development, ultimately providing more high-quality medications for global patients [3]

Core Viewpoint - The contract dispute between Shanxi Zhendong Pharmaceutical Co., Ltd. and Beijing Landi Pharmaceutical Co., Ltd. has been resolved, with Zhendong Pharmaceutical paying a total of 500 million yuan in arbitration fees, concluding nearly a year of contention [1][2][3]. Group 1: Arbitration Resolution - Zhendong Pharmaceutical has completed the payment of 500 million yuan as per the arbitration ruling, with the final payment of 100 million yuan made on July 18 [3]. - The arbitration was initiated by Landi Pharmaceutical, which sought 1.467 billion yuan in compensation from Zhendong Pharmaceutical [2]. - The arbitration case was officially concluded on January 24, 2025, with both parties bearing their respective legal and arbitration costs [2]. Group 2: Financial Performance - Zhendong Pharmaceutical has reported continuous losses for three consecutive years, with revenues declining from 37.29 billion yuan in 2022 to 29.71 billion yuan in 2024, representing year-on-year decreases of 26.80%, 2.75%, and 18.06% respectively [4]. - The net profit attributable to shareholders has also seen significant declines, with losses of approximately 512.9 million yuan, 439.84 million yuan, and 1.329 billion yuan for the years 2022, 2023, and 2024, reflecting year-on-year declines of 101.96%, 14.24%, and 2920.55% respectively [4]. - The substantial drop in performance in 2024 was attributed to non-operational factors such as major arbitration issues, overdue trust products, and inventory impairments [4]. Group 3: Core Product Performance - The decline in revenue is linked to struggles in core products amid intense market competition [6]. - Zhendong Pharmaceutical's key products include the patented compound Qushi injection and the Minoxidil lotion, with the latter being a significant focus for the company [7]. - The market share of the Minoxidil lotion reached 47.3%, but the company does not hold the patent for this product, indicating a need for time to improve overall performance [7].

Core Viewpoint - The announcement reveals that the controlling shareholder of Zhendong Pharmaceutical, Zhendong Group, has pledged 7.32 million shares of the company, which accounts for 2.42% of its holdings and 0.73% of the total share capital of the company [1] Summary by Relevant Categories Share Pledge Details - The pledge started on July 17, 2025, and the purpose of the pledge is for the group's own production and operation [1] - After this pledge, Zhendong Group has cumulatively pledged 200 million shares, representing 66.08% of its holdings and 19.86% of the total share capital of the company [1]

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： 证券代码：300158 证券简称：振东制药 公告编号：2025-035 山西振东制药股份有限公司 关于股东股份质押的公告 截至公告披露日，上述股东所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占其 | 占公 | 情况 | | 情况 | | | 股东 | 持股 | 持股 | 本次质押 | 本次质押 | 所持 | 司总 | 已质押 | | | | | 名称 | 数量 | 比例 | 前质押股 | 后质押股 | 股份 | 股本 | 股份限 | | 未质押股 | 占未质 | | | | | 份数量 | 份数量 | 比例 | 比例 ...

2025 年 1 月 24 日，公司收到仲裁委员会仲裁庭送达的《（2025） 中国贸仲京裁字第 0227 号裁决书》（以下简称"裁决书"），根据 仲裁结果，公司需向朗迪公司支付人民币 5 亿元。公司支付完毕全部 款项后，双方之间与《药品委托生产合同》及其补充合同相关的所有 争议（包括 DE20242588 号案本请求及反请求下的全部争议，及其他 任何潜在的求偿或主张）即全部解决，《股权出售协议》相关所有争 议亦全部解决，任何一方不得再以任何理由就前述争议向对方提起诉 讼/仲裁或其他权利主张。具体内容详见公司于 2025 年 1 月 24 日在 巨潮资讯网(http://www.cninfo.com.cn)上披露的《关于公司重大仲裁事 项进展的公告》（公告编号：2025-005）。 证券代码：300158 证券简称：振东制药 公告编号：2025-036 山西振东制药股份有限公司 关于公司重大仲裁事项履行完毕的公告 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。 一、本次仲裁的基本情况 （一）本次仲裁事项受理的基本情况 山西振东制药股份有限公司（以下简称"公司"、 ...

Group 1 - The core viewpoint of the article highlights the significant shift in the hair transplant industry with the introduction of a "taxi-style pricing scheme" by the National Medical Insurance Administration, moving away from the controversial fixed-price model to a per-follicle pricing system [1] - The hair transplant industry is currently facing challenges, as exemplified by Yonghe's financial performance, which has shown continuous losses since its IPO in 2021, with net profits of 120 million yuan, -85.85 million yuan, -546 million yuan, and -226 million yuan from 2021 to 2024 [1] - In contrast, the market for hair loss treatment drugs, particularly Minoxidil, is thriving, with Mandey's sales revenue projected to reach 1.337 billion yuan in 2024, reflecting a year-on-year growth of approximately 18.9% [1] Group 2 - Mandey has maintained a dominant market position, with over 50% market share in 2024, and has consistently held more than 70% market share from 2017 to 2022 [4] - The younger demographic is increasingly affected by hair loss, with over 2.5 billion people in China experiencing this issue, and 74.6% of them being born in the 1980s and 1990s [6] - The rise of Minoxidil products is attributed to the younger generation's preference for scientifically validated treatments, with Mandey and Dafeixin being the two leading brands in the market [8][12] Group 3 - Mandey has successfully penetrated both offline and online markets, establishing partnerships with over 2,000 public medical institutions and 90,000 retail pharmacies, while also achieving over 60% of its sales through e-commerce channels [10][11] - The introduction of new Minoxidil products, such as Mandey's foam formulation, has enhanced its market competitiveness, with the foam being the only approved formulation in China that minimizes skin irritation [9] - The overall hair health market in China has grown significantly, from 58.29 billion yuan in 2020 to 79.55 billion yuan in 2023, with projections to exceed 116.54 billion yuan by 2028 [20] Group 4 - The entry of new players and technological advancements in the Minoxidil market have led to increased competition, with companies like Lunan Pharmaceutical launching new products that challenge traditional brands like Dafeixin [24][25] - Dafeixin, despite its long-standing presence in the market, is facing challenges due to the emergence of new competitors and a decline in its market share, with a reported revenue of 2.971 billion yuan in 2024, down 18.06% year-on-year [26] - The article concludes that the Minoxidil market's explosive growth is driven by a younger, more educated consumer base that prioritizes effective and scientifically validated treatment options [27][28]

证券代码：300158 证券简称：振东制药 公告编号：2025-034 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 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： 注：①上表中出现合计数与各分项数值总和不符，为四舍五入所致。 股东 名称 是否为 控股股 东 本次解除质 押股份数量 （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 2,320,000 0.77% 0.23% 2024.6.21 2025.7.2 中国银行股份有限 公司长治市分行 振东 集团 是 4,000,000 1.32% 0.40% 2024.6.27 2025.7.2 中国银行股份有限 公司长治市分行 振东 集团 是 5,000,000 1.65% 0.50% 2024.5.14 2025.7.2 中国银行股份有限 公司长治市分行 振东 集团 ...

证券代码：300158 证券简称：振东制药 公告编号：2025-033 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， ...