Core Viewpoint - Changshan Pharmaceutical (300255) has received a drug registration certificate for its Heparin Sodium Injection from the Turkmenistan drug regulatory authority, indicating a significant step in expanding its market presence [1] Company Summary - The Heparin Sodium Injection is primarily used for the prevention and treatment of thromboembolic diseases such as myocardial infarction, thrombophlebitis, and pulmonary embolism [1] - The drug is also indicated for disseminated intravascular coagulation (DIC) caused by various reasons, as well as for anticoagulation during procedures like dialysis, extracorporeal circulation, catheterization, and microvascular surgeries [1]

Core Viewpoint - Changshan Pharmaceutical (300255.SZ) has received a drug registration certificate for its Heparin Sodium Injection from the Turkmenistan drug regulatory authority, indicating a significant step in expanding its market presence in the region [1]. Group 1: Company Developments - The Heparin Sodium Injection is primarily used for the prevention and treatment of thromboembolic diseases such as myocardial infarction, thrombophlebitis, and pulmonary embolism [1]. - The drug is also indicated for disseminated intravascular coagulation (DIC) caused by various reasons, as well as for procedures like hemodialysis, extracorporeal circulation, catheterization, and microvascular surgeries [1]. - Additionally, it is utilized for anticoagulation treatment of certain blood specimens or instruments [1].

Core Viewpoint - The company has received a drug registration certificate for its Heparin Sodium Injection from the Turkmenistan drug regulatory authority, which is expected to positively impact its expansion into overseas markets [1] Group 1: Product Approval - The Heparin Sodium Injection is in an injectable form with a specification of 5ml and a validity period of 5 years [1] - This drug is used for the prevention and treatment of thrombosis and related diseases [1] Group 2: Market Impact - The approval is seen as a positive step for the company's overseas market expansion [1] - Currently, the overseas sales revenue from heparin preparations constitutes a low proportion of the company's total revenue [1] Group 3: Sales Influences - Drug sales are influenced by various factors including overseas policies, exchange rates, and competition [1]

Core Viewpoint - The company announced the resignation of its Vice President, Li Zhihua, due to personal reasons, effective from the date the resignation report is delivered to the board of directors [1] Group 1: Resignation Details - Li Zhihua's resignation from the Vice President position will take effect immediately upon submission of the resignation report to the board [1] - His original term as Vice President was from December 27, 2024, to December 26, 2027 [1] Group 2: Continued Involvement - After resigning from the Vice President role, Li Zhihua will continue to hold other positions within the company [1] - Li Zhihua holds 290,000 shares of the company's stock [1]

关于公司副总经理辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、公司副总经理辞职情况 河北常山生化药业股份有限公司（以下简称公司）副总经理李治华先生于近 日向公司提交了离职申请，因个人原因申请辞去副总经理职务。根据《公司法》 及《公司章程》的相关规定，李治华先生的离职申请自辞职报告送达公司董事会 之日起生效，其副总经理原任期为 2024 年 12 月 27 日至 2027 年 12 月 26 日。 李治华先生辞去副总经理职务后，仍在公司担任其他职务。李治华先生的工 作内容已按公司规定办理了交接，其辞去副总经理职务不会影响公司日常生产经 营活动。 截至目前，李治华先生持有公司股票290,000股，其辞去公司职务后，所持 股份将根据《公司法》《深圳证券交易所创业板股票上市规则》《上市公司董事 和高级管理人员所持本公司股份及其变动管理规则》等相关法律法规的规定进行 管理。李治华先生不存在应履行而未履行完毕的承诺。 李治华先生在任公司副总经理职务期间，勤勉尽责、忠于职守，为公司发展 发挥了积极作用，公司及董事会对李治华先生在任职副总经理期间为公司所做出 ...

证券代码：300255 证券简称：常山药业 公告编号：2025-50 河北常山生化药业股份有限公司 关于肝素钠注射液获得土库曼斯坦药品注册证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 有效期：5 年 二、药品的其他相关情况 肝素钠注射液主要用于防治血栓形成或栓塞性疾病（如心肌梗塞、血栓性静 脉炎、肺栓塞等）；各种原因引起的弥漫性血管内凝血（DIC）；也用于血液透析、 体外循环、导管术、微血管手术等操作过程及某些血液标本或器械的抗凝处理。 三、对公司的影响及风险提示 本次肝素钠注射液获得土库曼斯坦注册批文，对公司拓展海外市场带来一定 积极影响。目前公司肝素制剂产品海外销售收入占公司营业总收入比例较低。 河北常山生化药业股份有限公司（以下简称公司）于近日收到通知，公司药 品肝素钠注射液获得土库曼斯坦药品监督管理部门签发的药品注册证书，现将相 关情况公告如下： 一、药品注册文件的基本情况 药品名称：肝素钠注射液 剂型：注射剂 规格：5ml 药品生产企业：河北常山生化药业股份有限公司 药品销售容易受到海外市场政策环境变化、汇率波动、市场竞争等因素的影 响 ...

938只股公布截至11月30日最新股东户数，相比上期股东户数下降的有459只，降幅居前的是华英农业、 海马汽车、杭州高新等。 投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有949家、953家、1051家公司在互动 平台透露了股东户数，截至发稿，共有938家公司公布了截至11月30日股东户数。 上期筹码集中股回测：40%跑赢沪指 证券时报·数据宝对上一期(11月20日)筹码集中股监测显示，这些股11月11日以来平均下跌1.89%，走势 强于同期沪指表现（下跌2.35%），其中，40%的筹码集中股相对大盘获超额收益。 上期股东户数降逾一成个股中，绿岛风涨幅最高，11月11日以来累计上涨33.40%，涨幅居前的还有普 路通、常山药业等。 证券时报·数据宝统计显示，共有938只个股公布了11月30日股东户数，与上期（11月20日）相比，股东 户数下降的有459只。其中股东户数降幅超一成的有25只。 股东户数降幅最多的是华英农业，截至11月30日最新股东户数为50981户，较11月20日下降25.80%，筹 码 ...

来源：@华夏时报微博 华夏时报记者 赵文娟 于娜 北京报道 常山药业（300255）一则股权转让公告引发市场聚焦。公司实控人高树华以21.28亿元对价，向重庆元素私募基金 协议转让其持有的5.01%股份。而这一交易的背景，是公司股价自2023年9月低点飙升近15倍的疯狂走势，以及基 本面持续承压的鲜明反差。 针对相关问题，《华夏时报》记者向常山药业（300255）致函询问，截至发稿未获回复。 折价转让引关注 据公告，公司实控人高树华拟将所持4600万股（占总股本5.0051%）转让给重庆元素私募证券投资基金管理有限 公司（代表"元素致远行千里一号私募证券投资基金"，下称"元素基金"）。转让单价定为46.25元/股，交易总额 21.275亿元。这一价格较公告当日收盘价56.13元折让约20%，凸显了转让方较强的变现意愿。 本报记者注意到，在本次权益变动前，高树华持有的2.80亿股中，1.55亿股处于质押状态，质押比例超55%，资金 压力可见一斑。事实上，这已是他两年内第二次大规模股权转让，2024年2月其曾以9.2元/股转让5.77%股份，套 现4.88亿元。 | | | | 报告期末普通股股东总数 | | 4 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于河北常山生化药业股份有限公司 2025 年第一次临时股东会的 法律意见书 国枫律股字[2025]C0141 号 致：河北常山生化药业股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2025 年第一次临时股东会（以下简称"本次会议"）。 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定 职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任； 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《中华人民共和国公司法》《证券法》《股东会规则》《证 ...