Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical and biotechnology industry [6] Core Viewpoints - The pharmaceutical sector has outperformed the CSI 300 index, with the Shenwan Pharmaceutical Biotechnology Index rising by 2.46% from September 1 to September 14, 2025, and by 26.80% year-to-date, surpassing the CSI 300 index by 1.16 percentage points and 11.88 percentage points respectively [1][13] - The current valuation of the pharmaceutical sector stands at 31.58 times (TTM overall method, excluding negative values), with a premium of 148.92% compared to the CSI 300 index [16] - The National Medical Products Administration (NMPA) has announced measures to optimize the review and approval process for innovative drug clinical trials, aiming to complete reviews within 30 working days for eligible applications [20] - The ongoing reforms in drug review and approval systems are expected to enhance the efficiency of clinical trials and accelerate the development of innovative drugs, benefiting companies in this sector [21] Summary by Sections 1. Biweekly Market Review - The pharmaceutical sector's performance from September 1 to September 14, 2025, shows a 2.46% increase, ranking 8th among 31 Shenwan first-level industry indices [11] - Year-to-date, the pharmaceutical sector has increased by 26.80%, also ranking 8th among the indices [13] - The top ten stocks by increase include Zhendemedical (+46.67%), Haooubo (+34.22%), and Kangwei Century (+30.28%), while the top ten stocks by decrease include Shutaishen (-24.15%) and Shanghai Yizhong (-15.39%) [17][18] 2. Important Events - On September 12, 2025, the NMPA released an announcement to support innovative drug development by optimizing the clinical trial review process [20] 3. Industry Insights - The report emphasizes the acceleration of innovative drug development in China, with significant results emerging and ongoing policy optimizations expected to further support this trend [21] - The second half of 2025 is expected to see continued focus on innovative drugs, international expansion, and the clearing of procurement processes, with specific attention to insulin and orthopedic sectors [21]

证券代码：300204 证券简称：舒泰神 公告编号：2025-068 舒泰神（北京）生物制药股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍暨减持计划实施完毕的公告 公司持股 5%以上股东香塘集团有限公司保证向公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供信息一致。 舒泰神（北京）生物制药股份有限公司（以下简称"公司"或"舒泰神"） 于 2025 年 08 月 15 日披露了《关于持股 5%以上股东减持股份的预披露公告》（公 告编号 2025-045），香塘集团有限公司（以下简称"香塘集团"）计划在本减持计 划公告之日起 15 个交易日后的 3 个月内，即 2025 年 09 月 08 日至 2025 年 12 月 07 日期间（法律法规规定的窗口期不减持），通过证券交易所以大宗交易方式 减持股份不超过 477.77 万股，占公司总股本的 1%；以集中竞价方式减持股份不 超过 477.77 万股，占公司总股本的 1%。若计划减持期间公司有送股、配股、资 本公积金转增股本等股份变动事项，则对上述股份减持数量进行相应调 ...

Group 1 - The Shanghai Municipal Medical Procurement Management Office announced a suspension of procurement qualifications for certain drugs starting from September 16, 2025, due to non-compliance with price adjustment requirements by some companies [1] - A total of 10 drugs, comprising 15 specifications, are affected by this suspension, involving 11 companies including Shuyou Shen (Beijing) Biopharmaceutical Co., Ltd. and Sichuan Baili Pharmaceutical Co., Ltd. [1]

Core Viewpoint - The Shanghai Municipal Medical Procurement Management Office announced the suspension of procurement qualifications for certain drugs due to non-compliance with price adjustment requirements, affecting multiple companies including Shutaishen and Baili Pharmaceutical [1][2]. Group 1: Impact on Shutaishen - Shutaishen's product, Compound Polyethylene Glycol (3350) Quality Vitamin C Powder, is set to be launched on October 9, 2024, as the first domestic generic, aimed at bowel cleansing before medical procedures [1]. - Shutaishen has experienced a continuous decline in revenue for three years and has reported losses for five consecutive years, totaling over 1 billion yuan [2]. - In the first half of 2025, Shutaishen reported revenue of 126 million yuan, a year-on-year decline of 31.14%, with a net profit of -24.64 million yuan [2]. Group 2: Impact on Baili Pharmaceutical - Baili Pharmaceutical's product, Oral Solution of Enalapril Maleate, is also included in the suspended procurement list [2]. - Baili Pharmaceutical reported revenue of 113 million yuan in the first half of 2025, accounting for 66% of its parent company Baili Tianheng's revenue, with a net profit of -23.48 million yuan [2]. - Baili Tianheng's revenue has been declining due to falling sales in its chemical and traditional Chinese medicine product segments, which are crucial for supporting innovative drug research and development [2]. Group 3: Other Affected Products - Other drugs affected by the procurement suspension include Vancomycin Capsules, Betamethasone Ointment, Calcium Acetate Oral Solution, and several others from various pharmaceutical companies [3].

Group 1 - Shanghai Sunshine Pharmaceutical Procurement Network announced that starting from September 16, 2025, certain drug procurement qualifications will be suspended due to non-compliance with price adjustment requirements by some companies [1] - A total of 10 drugs, including 15 specifications, are affected, involving 11 companies such as Shutaishen and Sichuan Baili Pharmaceutical [1] - Shutaishen's product, Compound Polyethylene Glycol (3350) Quality Vitamin C Powder, is set to be launched on October 9, 2024, as the first domestic generic, aimed at bowel cleansing before medical procedures [1] Group 2 - Shutaishen has experienced a continuous revenue decline for three years and has reported losses for five consecutive years, accumulating over 1 billion yuan in losses [2] - In the first half of 2025, Shutaishen reported revenue of 126 million yuan, a year-on-year decline of 31.14%, with a net profit of -24.64 million yuan [2] - Sichuan Baili Pharmaceutical's oral solution of Enalapril Maleate is also included in the suspended procurement list, with Baili Pharmaceutical reporting revenue of 113 million yuan in the first half of 2025, accounting for 66% of its parent company's revenue [2] Group 3 - Other drugs affected by the procurement suspension include Vancomycin Capsules, Betamethasone Ointment, Calcium Acetate Oral Solution, and several others from various pharmaceutical companies [3]

证券时报·数据宝统计显示，舒泰神今日收盘价为38.14元，下跌1.01%，日换手率为4.54%，成交额为 7.89亿元，全天主力资金净流出7179.13万元，近5日该股累计下跌0.70%，近5日资金合计净流出3.33亿 元。 据天眼查APP显示，舒泰神(北京)生物制药股份有限公司成立于2002年08月16日。注册资本47777.2555 万人民币。（数据宝） 舒泰神9月16日大宗交易平台共发生9笔成交，合计成交量465.87万股，成交金额1.51亿元。成交价格均 为32.42元，相对今日收盘价折价15.00%。从参与大宗交易营业部来看，机构专用席位共出现在9笔成交 的买方或卖方营业部中，合计成交金额为1.51亿元，净买入1.51亿元。 进一步统计，近3个月内该股累计发生11笔大宗交易，合计成交金额为1.55亿元。 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 123.87 | 4015.87 | 32.42 | ...

Summary of Key Points Core Viewpoint - The stock of Shuotai Shen experienced a decline of 1.01% on September 16, closing at 38.14 yuan, with significant block trades occurring totaling 4.6587 million shares and a transaction value of 151 million yuan [1][2]. Trading Activity - A total of 9 block trades were recorded, all at a price of 32.42 yuan per share, with a consistent discount of 15% from the market price [1][2]. - The first four trades involved 61,000 shares, 67,000 shares, 61,000 shares, and 91,500 shares respectively, with transaction values of approximately 19.78 million yuan, 21.72 million yuan, 19.78 million yuan, and 29.66 million yuan [1]. - The subsequent trades included 15,000 shares, 9,000 shares, 6,500 shares, 123,870 shares, and 31,000 shares, with transaction values ranging from approximately 210,000 yuan to 40.16 million yuan [2]. Recent Performance - Over the past three months, Shuotai Shen has seen a total of 11 block trades with a cumulative transaction value of 155 million yuan [3]. - In the last five trading days, the stock has decreased by 0.70%, with a net outflow of 309 million yuan in principal funds [3].

Core Viewpoint - The National Healthcare Security Administration has announced that certain pharmaceutical companies will have their drug procurement qualifications suspended starting from September 16, 2025, due to non-compliance with drug price adjustment requirements [1]. Group 1: Drug Procurement Suspension - The suspension affects specific drugs from various manufacturers, including Staidson (Beijing) BioPharmaceuticals Co., Ltd., which produces Compound Polyethylene Glycol (3350) Electrolyte Vitamin C Powder [5][9]. - The list of drugs affected by the procurement suspension includes various formulations and dosages, indicating a broad impact across multiple products [3][4]. Group 2: Company Information - Staidson (Beijing) BioPharmaceuticals Co., Ltd. was established in August 2002 and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on April 15, 2011, with the stock code 300204 [7][10]. - The company is currently discussing the implications of the procurement suspension internally, as confirmed by their securities department [9].

Group 1 - The core point of the article highlights the recent decline in the stock price of Shutaishen, which fell by 5.02% to 38.43 CNY per share, with a trading volume of 1.195 billion CNY and a turnover rate of 6.71%, resulting in a total market capitalization of 18.361 billion CNY [1] - Shutaishen (Beijing) Biopharmaceutical Co., Ltd. was established on August 16, 2002, and went public on April 15, 2011. The company primarily engages in the research, production, and sales of biological products and some chemical drugs [1] - The main revenue composition of Shutaishen includes: 59.17% from injectable mouse nerve growth factor (Sutai), 33.19% from compound polyethylene glycol electrolyte powder, and 7.63% from other products [1] Group 2 - From the perspective of major fund holdings, Huabao Fund has one fund heavily invested in Shutaishen, specifically Huabao Anying Mixed A (010868), which held 20,400 shares in the second quarter, accounting for 0.54% of the fund's net value, ranking as the eighth largest holding [2] - The estimated floating loss for Huabao Anying Mixed A today is approximately 41,400 CNY [2] - Huabao Anying Mixed A was established on June 8, 2021, with a current scale of 140 million CNY. Year-to-date returns are 9.09%, ranking 5991 out of 8246 in its category, while the one-year return is 15.93%, ranking 6375 out of 8054 [2]

Group 1 - The core point of the news is the performance and market position of Shutaishen (Beijing) Biopharmaceutical Co., Ltd., which saw a stock price increase of 5.06% to 41.71 CNY per share, with a trading volume of 1.532 billion CNY and a turnover rate of 8.45%, resulting in a total market capitalization of 19.928 billion CNY [1] - Shutaishen's main business involves the research, production, and sales of biological products and some chemical drugs, with the revenue composition being 59.17% from injectable mouse nerve growth factor (Sutai) and 33.19% from compound polyethylene glycol electrolyte powder [1] Group 2 - From the perspective of fund holdings, Changcheng Fund has a significant position in Shutaishen, with the Changcheng Health Life Mixed A Fund holding 328,900 shares, accounting for 3.57% of the fund's net value, making it the eighth largest holding [2] - The Changcheng Health Life Mixed A Fund has achieved a year-to-date return of 40.81% and a one-year return of 60.77%, ranking 1386 out of 8174 and 2045 out of 7981 in its category, respectively [2] Group 3 - The fund manager of Changcheng Health Life Mixed A is Tan Xiaobing, who has a tenure of 9 years and 225 days, with the fund's total asset size being 2.967 billion CNY [3] - During Tan's tenure, the best fund return was 176.09%, while the worst return was a loss of 28.66% [3]