Group 1 - The core point of the news is that Shanxi Zhendong Pharmaceutical Co., Ltd. has adjusted the upper limit of its share repurchase price from 6.00 yuan per share to 11.4 yuan per share to ensure the effective execution of the repurchase plan in the current market environment [2][3] - The initial repurchase plan announced on October 24, 2024, aimed to use a total fund of "not less than 50 million yuan and not more than 100 million yuan" to repurchase shares at a price not exceeding 6 yuan per share within 12 months after the shareholders' meeting approval [2] - The adjustment in the repurchase price was driven by the company's stock price consistently exceeding the original upper limit, necessitating a revision to facilitate the continuation of the repurchase operations [2] Group 2 - The company has already repurchased a total of 12.9167 million shares, accounting for 1.28% of the current total share capital as of the announcement date [3] - The management's decision to raise the repurchase price reflects their strong confidence in the company's future stable development and intrinsic value, aiming to protect shareholder interests [3] - In recent years, the company has been actively expanding its business layout, particularly in the innovative drug research and development sector, with product coverage in oncology, dermatology, and gynecology [2]

Core Insights - The company reported a revenue of 1.457 billion yuan and a net profit of 7.93 million yuan for the first half of 2025, with a basic earnings per share of 0.0077 yuan [1] Group 1: Strategic Development - The company has shifted its focus towards innovative drugs and core areas such as dermatology, optimizing resource allocation and enhancing operational efficiency [2] - The company has implemented asset structure optimization by shutting down loss-making enterprises and reducing low-margin businesses, which has effectively improved revenue quality [2] - The core product matrix has contributed stable revenue, with the star product, Dafeixin Minoxidil Solution, leading the market with a 43% market share in the hair loss treatment sector [2] Group 2: Product Pipeline and Innovation - The company has expanded its innovative drug pipeline, focusing on areas such as oncology, dermatology, and gynecology, with several drugs in development [4] - A significant breakthrough was achieved with the Lactobacillus dual live bacteria capsule developed by a subsidiary, which reached the primary endpoint in Phase III clinical trials [4] Group 3: Women's Health Sector - The company is transitioning from a single product supplier to a comprehensive solution provider for women's health, establishing a product matrix for health management throughout women's life cycles [5] - The company has built a clinical network covering 3,000 tertiary hospitals and 5,000 maternal and child health hospitals, and has formed strategic partnerships with platforms like JD Health and Alibaba Health [5] - This "pharmaceutical + health management" model enhances user engagement and opens new growth opportunities beyond drug sales [5]

Core Viewpoint - Zhendong Pharmaceutical has reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of losses for three consecutive years, raising concerns about how the company will reverse its performance downturn [1][2]. Financial Performance - In the first half of 2025, Zhendong Pharmaceutical achieved revenue of approximately 1.457 billion yuan, a year-on-year decrease of 3.3% [1]. - The net profit attributable to shareholders was about 7.93 million yuan, down 74.13% year-on-year [1]. - The company has reported cumulative losses since 2022, with revenues of 3.729 billion yuan in 2022, 3.626 billion yuan in 2023, and 2.971 billion yuan in 2024, reflecting declines of 26.80%, 2.75%, and 18.06% respectively [2]. Key Products and Market Position - Zhendong Pharmaceutical's main business includes the research, production, and sales of generic and innovative drugs, particularly in oncology, dermatology, and urology [1]. - The company's core products include the proprietary Fufang Kucan Injection and Dafeixin Minoxidil Lotion, with the latter being a key focus for the company in the hair loss treatment market [3]. - Dafeixin Minoxidil Lotion holds a market share of 43% in the retail market for hair growth products as of the first half of 2025, down from 47.3% in 2024 [3]. Legal and Financial Challenges - The company faced significant financial strain due to a 500 million yuan arbitration payment related to a dispute with Beijing Landi Pharmaceutical Co., which was fully paid in July 2025 [4][5]. - The net cash flow from operating activities was approximately -403 million yuan, primarily due to the arbitration payment [4]. Future Outlook and Strategic Measures - Zhendong Pharmaceutical is focusing on optimizing its asset structure, shutting down loss-making businesses, and implementing strict cost control measures to reduce losses [1]. - The company has plans to launch new products, including hair growth tablets and white granules, in 2024 [1].

Market Performance - The Chinese medicine sector rose by 0.47% on August 25, with Tianmu Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers in Chinese Medicine Sector - Tianmu Pharmaceutical (600671) closed at 19.80, up 10.00% with a trading volume of 144,000 shares and a transaction value of 271 million [1] - Jizhitang (000989) closed at 12.71, up 8.08% with a trading volume of 895,100 shares [1] - Zhendong Pharmaceutical (300158) closed at 66.80, up 7.28% with a trading volume of 1,339,500 shares [1] - Enwei Pharmaceutical (301331) closed at 39.08, up 6.95% with a trading volume of 40,600 shares [1] - New Great Pharmaceutical (002873) closed at 13.31, up 6.06% with a trading volume of 537,200 shares [1] Decliners in Chinese Medicine Sector - Jichuan Pharmaceutical (600566) closed at 26.57, down 3.45% with a trading volume of 277,600 shares [2] - ST Xiangxue (300147) closed at 10.44, down 2.79% with a trading volume of 356,600 shares [2] - Lingrui Pharmaceutical (600285) closed at 23.68, down 1.82% with a trading volume of 170,300 shares [2] Capital Flow Analysis - The Chinese medicine sector experienced a net outflow of 334 million from institutional investors, while retail investors saw a net inflow of 164 million [2][3] - Major stocks like Jizhitang and Tianmu Pharmaceutical had significant net inflows from retail investors, while institutional investors showed mixed interest [3]

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]