Core Viewpoint - The company Changshan Pharmaceutical is facing multiple crises including financial deterioration, failed collective procurement, and high debt, challenging its aspirations for a turnaround through innovative drugs [2][3]. Financial Performance - In the first half of 2025, the company reported total revenue of 492 million yuan, a year-on-year decline of 13.42%, and a net profit attributable to shareholders of -29.09 million yuan [2]. - The company experienced a significant drop in second-quarter performance, with revenue decreasing nearly 10% quarter-on-quarter to 233 million yuan and a net profit loss of 32.87 million yuan, a staggering decline of 322.67% [4][5]. - The gross profit margin fell to 5% in the second quarter, marking a new low, and the overall gross profit margin for the first half of 2025 was 14.54%, down 8.28 percentage points year-on-year [6][8]. Business Segments - The company's main business remains heavily reliant on the heparin industry chain, with low molecular weight heparin preparations and heparin raw materials contributing 60.57% of total revenue [11]. - The revenue from low molecular weight heparin preparations was 204 million yuan, accounting for 41.46% of total revenue, but sales volume dropped by 19.17% year-on-year due to collective procurement policies [11][12]. Market Dynamics - The domestic heparin market is characterized by intense competition, with leading companies dominating the raw material export market, putting pressure on Changshan Pharmaceutical in the mid-to-low-end preparation market [13][14]. - The collective procurement policy has significantly reduced heparin preparation prices by over 50%, severely compressing profit margins for traditional product lines [14]. Innovation and R&D - The company’s R&D expenses decreased by 30.13% in the first half of 2025, primarily due to reduced direct investment in clinical trials for its drug Abenatide, which has faced delays in approval processes [17][18]. - The competitive landscape for GLP-1 drugs is intensifying, with several similar products already on the market, raising concerns about the differentiation and market potential of Changshan Pharmaceutical's Abenatide [18][19]. - The clinical progress of another innovative drug, CSCJC3456, has been slow, with the company still in the patient enrollment phase for its Phase I trial, lagging behind industry averages [19].

Core Viewpoint - The company is focusing on deepening its heparin business while also transitioning towards innovative drug development, particularly with the new drug Aibennate, which is in preparation for clinical trials [1] Group 1: Heparin Business - The company will continue to deepen its heparin business and promote the export of heparin preparations and raw materials [1] - The company aims to respond actively to changes in the domestic market and strives for the recovery and growth of heparin [1] Group 2: Innovative Drug Development - The company identifies innovative drugs as a key future development direction, pushing towards a transformation into an innovative drug enterprise [1] - Aibennate, a long-acting GLP-1 receptor agonist, is being prepared for weight loss clinical trials, with previous research data being utilized [1] - The marketing preparation for Aibennate includes team building, product knowledge training, and marketing plan formulation [1] Group 3: Clinical Trials and Regulatory Work - The first phase of clinical trials for Aibennate is in preparation and has not yet enrolled participants [1] - The company is working on supplementary technical documentation for Aibennate, which requires significant effort, aiming to complete it within the stipulated time [1] - The operational timeline of Changshan Kaijiejian does not affect the review process for Aibennate's market approval [1]

Group 1: Company Development and Strategy - The company will continue to focus on the heparin business, actively promoting the export of heparin preparations and raw materials, while flexibly responding to changes in the domestic market to achieve recovery and growth in the heparin business [1] - The company has identified innovative drugs as a key future development direction and is committed to transforming into an innovative drug enterprise [1] Group 2: Abebnate Progress and Sales Strategy - The submission of supplementary materials for Abebnate is a labor-intensive process and is not closely related to the issuance of the "Guidelines for the Clinical Trial of Recombinant Glucagon-like Peptide" [2] - The production capacity for Abebnate is currently over 20 million units annually, with the production facility previously built to meet the small-scale production needs for clinical trials [2] - The company is forming a marketing team for Abebnate and will gradually refine and adjust its marketing strategy based on the review progress and market conditions, but specific details cannot be disclosed at this time [2] Group 3: Other Relevant Issues - The technical cooperation with a U.S. company has not been affected by the political and economic situation, and the equity ratio of Changshan Kaijiejian remains unchanged during the renewal process [3] - The company currently has no specific plans for a targeted private placement, and the clinical trial for CSCJC3456 is ongoing, with no confirmed cancer type and no possibility of market launch in 2026 [3]

Group 1: Company Vision and Development Goals - The company aims to deepen its heparin business and promote the export of heparin preparations and raw materials, while actively responding to domestic market changes to achieve recovery and growth in heparin sales [2][3] - The company is transitioning towards becoming an innovative drug enterprise, with a focus on innovative drugs as a key development direction [2][3] Group 2: Product Development and Approval Process - The submission of supplementary materials for Abena peptide is a complex technical task that requires significant effort, and the company is striving to complete it as soon as possible [3][4] - The approval process for Abena peptide involves multiple stages, and the company cannot guarantee that submission of supplementary materials will lead to market approval [4][5] - The company has invested over 10 years in the research and development of Abena peptide, indicating a strong commitment to its successful market entry [3][4] Group 3: Market and Sales Strategy - The company has a production capacity of over 20 million units annually for Abena peptide, which is currently in the clinical trial phase [5][6] - The marketing team for Abena peptide is being established, with ongoing training and strategy development, although specific details cannot be disclosed at this time [6][7] - The company is currently focused on domestic clinical trials for Abena peptide and has not yet set specific market targets for expansion [5][6] Group 4: Investor Relations and Communication - The company emphasizes transparency and compliance in its communication with investors, ensuring that all significant developments will be disclosed according to regulatory requirements [6][7] - The company reassures investors that the renaming of Abena peptide does not impact its market approval process or investment value [5][6]

Group 1 - The core viewpoint of the news is that Changshan Pharmaceutical has shown significant trading activity and financial metrics, indicating a high level of investor interest and potential volatility in its stock performance [1][2]. - On September 11, Changshan Pharmaceutical's stock rose by 3.42%, with a trading volume of 1.446 billion yuan. The net financing purchase on that day was 14.843 million yuan, with a total financing and securities balance of 2.027 billion yuan, which is 4.50% of its market capitalization [1]. - The company has a high financing balance, exceeding the 90th percentile of the past year, indicating strong investor engagement. The securities lending balance is also at a high level, with a remaining quantity of 100 shares and a balance of 4,898 yuan [1]. Group 2 - As of September 10, the number of shareholders for Changshan Pharmaceutical was 48,100, a decrease of 2.90% from the previous period. The average circulating shares per person increased by 2.99% to 19,079 shares [2]. - For the first half of 2025, Changshan Pharmaceutical reported a revenue of 492 million yuan, a year-on-year decrease of 13.42%. However, the net profit attributable to the parent company was -29.089 million yuan, showing a year-on-year increase of 37.98% [2]. - Since its A-share listing, Changshan Pharmaceutical has distributed a total of 181 million yuan in dividends, with 4.5953 million yuan distributed over the past three years. As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, increasing its holdings by 8.0391 million shares [3].

Group 1 - The company Changshan Pharmaceutical (300255) responded to investor inquiries on September 11, indicating that as of September 10, the number of shareholders was 48,098 [1]

Group 1 - The article highlights that 165 companies reported their latest shareholder numbers as of September 10, with 31 companies experiencing a continuous decline in shareholder numbers for more than three periods, indicating a trend of concentrated holdings [1][2] - Among the companies with declining shareholder numbers, *ST Jinglun has seen a decrease for 11 consecutive periods, with a total decline of 36.88%, while Ha Han Hu Tong has decreased for 7 periods with a decline of 25.44% [1][2] - The companies with the largest recent declines in shareholder numbers include Xianfeng Electronics, Shaoyang Hydraulic, and Tianhe Defense, with decreases of 10.00%, 6.18%, and 4.65% respectively [1][2] Group 2 - In terms of market performance, 11 companies with declining shareholder numbers have seen their stock prices rise, while 20 have experienced declines, with *ST Jinglun, Changshan Pharmaceutical, and Yalian Machinery showing significant increases of 32.96%, 15.79%, and 14.01% respectively [2][3] - The industries with the most companies experiencing declining shareholder numbers include machinery equipment, pharmaceuticals, and national defense, with 10, 4, and 3 companies respectively [2] - Institutional interest has been noted, with 7 companies among those with declining shareholder numbers receiving institutional research in the past month, particularly Hai De Control and Guilin Sanjin, which were researched 2 times each [2]

Group 1 - The stock of Changshan Pharmaceutical increased by 5.36% on September 11, reaching a price of 49.90 yuan per share, with a trading volume of 1.027 billion yuan and a turnover rate of 2.35%, resulting in a total market capitalization of 45.861 billion yuan [1] - Changshan Pharmaceutical, established on September 28, 2000, and listed on August 19, 2011, is primarily engaged in the research, production, and sales of heparin series products. The main business revenue composition is as follows: 47.47% from water injection preparations, 39.24% from heparin raw materials, and 13.29% from other sources [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Yinhua Fund holds a significant position in Changshan Pharmaceutical. The Yinhua ChiNext 200 ETF (159575) held 4,000 shares in the second quarter, accounting for 2.02% of the fund's net value, making it the largest heavy stock [2] - The Yinhua ChiNext 200 ETF (159575) was established on December 20, 2023, with a latest scale of 9.2491 million. Year-to-date returns are 23.03%, ranking 1853 out of 4222 in its category, while the one-year return is 79.57%, ranking 763 out of 3798 [2] - The fund managers of Yinhua ChiNext 200 ETF are Zhang Yichi and Tan Yuefeng, with Zhang having a tenure of 4 years and 111 days and a total asset scale of 7.781 billion yuan, achieving a best return of 53.61% during his tenure [2]

Group 1 - The core viewpoint of the news is that Changshan Pharmaceutical has seen a significant increase in its stock price, with a rise of 5.36% to 49.90 CNY per share, and a total market capitalization of 45.861 billion CNY [1] - Changshan Pharmaceutical, established on September 28, 2000, and listed on August 19, 2011, specializes in the research, production, and sales of heparin series products, with its main business revenue composition being 47.47% from water injection preparations, 39.24% from heparin raw materials, and 13.29% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Bosera Fund has a significant position in Changshan Pharmaceutical, with the Bosera National Index 2000 ETF holding 1,400 shares, accounting for 0.55% of the fund's net value, ranking as the fifth-largest holding [2] - The Bosera National Index 2000 ETF, established on November 23, 2023, has a latest scale of 11.7815 million CNY and has achieved a year-to-date return of 35.55%, ranking 834 out of 4,222 in its category [2] - The fund manager, Tang Yibing, has a tenure of 3 years and 53 days, with the fund's total asset scale at 9.874 billion CNY, achieving a best return of 86.4% and a worst return of -41.93% during his tenure [2]

暨 2025 年半年报集体业绩说明会的公告 证券代码：300255 证券简称：常山药业 公告编号：2025-38 河北常山生化药业股份有限公司 关于参加 2025 年河北辖区上市公司投资者网上集体接待日 届时公司董事长、总经理高晓东先生、董事会秘书刘中英先生、财务总监岳 晓华女士将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投 资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 河北常山生化药业股份有限公司董事会 2025 年 9 月 10 日 本公司及其董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，河北常山生化药业股份有限公司（以下 简称"公司"）将参加由河北省上市公司协会与深圳市全景网络有限公司联合举 办的"2025 年河北辖区上市公司投资者网上集体接待日暨 2025 年半年报集体业 绩说明会活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互 ...