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 ...

Core Viewpoint - The stock of Changshan Pharmaceutical experienced significant volatility following a company announcement, leading to mixed emotions among investors, with some feeling elated and others despondent [1][3]. Group 1: Stock Market Reaction - On June 7, 2025, Changshan Pharmaceutical's stock price plummeted over 7% in early trading, with trading volume surging to nearly four times the average of the previous ten days [3]. - Investors engaged in various analyses and speculations regarding the company's situation, but no clear consensus emerged on the underlying causes of the stock's decline [3]. - The company's long-term shareholders expressed their frustrations and uncertainties about the future, highlighting the emotional toll of the investment experience [3][5]. Group 2: Company Strategy and R&D - Changshan Pharmaceutical has steadily increased its R&D expenditure over the past three years, with investments in 2024 and the first half of 2025 accounting for a double-digit percentage of the company's revenue [5]. - The company's board emphasized a "long-termism" strategy in its annual and semi-annual reports, despite the pressure from institutional investors for short-term performance [5][10]. - Internal communications revealed the intense efforts of the R&D team, indicating the complexity and rigor of the scientific research process [7]. Group 3: Market Dynamics and Investor Sentiment - The pharmaceutical sector in the first half of 2025 showed a clear divide, with established companies maintaining valuations while early-stage innovators like Changshan Pharmaceutical faced greater market volatility [10]. - Institutional investors and retail investors are engaged in a tug-of-war, with differing expectations and levels of patience regarding the company's performance [10][12]. - Recent reports from several institutions downgraded Changshan Pharmaceutical's valuation range but noted its "long-term potential," reflecting a cautious yet optimistic outlook [12]. Group 4: Regulatory and Approval Challenges - The complexity of new drug approvals was highlighted, emphasizing that any minor error could lead to delays and increased costs, which adds to the pressure on the company [10]. - The company has made legal adjustments to patent protections, which were interpreted by the market as signals of a delayed product launch, further complicating investor perceptions [8]. Group 5: Broader Implications - The situation surrounding Changshan Pharmaceutical transcends the company itself, representing a collective trial for China's innovative drug sector and the challenges faced in the pursuit of future advancements [12].

Core Viewpoint - Changshan Pharmaceutical (300255) stated on September 8 that it does not have information regarding the number of shareholders as of September 2 [1] Group 1 - The company responded to investor inquiries on an interactive platform [1] - The lack of information on shareholder data may indicate a communication gap between the company and its investors [1]

Group 1 - The company approved a guarantee limit of up to 1.04 billion RMB for its wholly-owned subsidiary to provide financing support [1] - The subsidiary signed a guarantee contract with a bank for a total financing amount not exceeding 600 million RMB [1] - The guarantee is within the previously approved limit and does not require further board or shareholder approval [1] Group 2 - As of December 31, 2024, the company's total assets were approximately 450.13 million RMB, with total liabilities of about 297.61 million RMB [3] - The company reported a net loss of approximately 10.37 million RMB for the year 2024 [3] - The total amount of guarantees provided by the company and its subsidiaries reached 2.06 billion RMB, which is 131.86% of the latest audited net assets [4]