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 [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 anticoagulation during procedures like dialysis, extracorporeal circulation, catheterization, and microvascular surgeries [1] - Additionally, it is utilized for anticoagulation treatment of certain blood specimens or instruments [1]

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 ...

Summary of Key Points Core Viewpoint - A total of 938 stocks reported their latest shareholder numbers as of November 30, with 459 stocks showing a decline in shareholder count compared to the previous period, indicating a trend of decreasing investor interest in certain companies [1][3]. Group 1: Shareholder Count Changes - Among the 938 stocks, 25 stocks experienced a decline in shareholder count of over 10%, with Huaying Agriculture showing the largest drop of 25.80%, bringing its total to 50,981 shareholders [3]. - Haima Automobile followed with a 19.43% decrease in shareholder count, totaling 200,890 [3]. - Other notable declines include Hangzhou High-tech at 18.01% and Xinlong Holdings at 18.00% [3]. Group 2: Market Performance of Concentrated Stocks - Stocks with concentrated holdings showed an average decline of 1.89% since November 11, which was better than the Shanghai Composite Index's decline of 2.35% during the same period, with 40% of these stocks outperforming the market [2]. - Among the stocks with a decline in shareholder count, Lvdiafeng had the highest increase of 33.40% since November 11, followed by Pulutong and Changshan Pharmaceutical [2]. Group 3: Industry Concentration - The concentrated stocks are primarily found in the machinery, basic chemicals, and pharmaceutical industries, with 57, 48, and 42 stocks respectively [3]. - The performance of concentrated stocks varied significantly across different sectors, indicating potential investment opportunities in specific industries [3].

Core Viewpoint - The recent share transfer announcement by Changshan Pharmaceutical has attracted market attention, as the company's actual controller, Gao Shuhua, transferred 5.01% of shares for 2.128 billion yuan, amidst a stark contrast between the soaring stock price and the company's ongoing fundamental challenges [2][15]. Share Transfer Details - Gao Shuhua plans to transfer 46 million shares (5.0051% of total shares) to Chongqing Element Private Fund at a price of 46.25 yuan per share, totaling 2.1275 billion yuan, which represents a 20% discount compared to the closing price on the announcement day [3][17]. - Prior to this transfer, 1.55 billion shares of Gao's 280 million shares were pledged, indicating significant financial pressure [3][18]. - This marks Gao's second large-scale share transfer in two years, having previously sold 5.77% of shares at 9.2 yuan per share for 488 million yuan [3][18]. Market Reaction and Strategic Implications - The transaction is believed to be closely related to the company's core product, Aibennapeptide, with market experts suggesting that the discounted share transfer signals Gao's cautious assessment of the company's future and a strategic resource optimization [6][20]. - The introduction of a professional investment institution like Element Fund may aim to leverage its expertise in industry integration and capital operations to accelerate the commercialization of Aibennapeptide [6][20]. Financial Performance Challenges - Changshan Pharmaceutical's core business, primarily in heparin products, has faced significant challenges, with revenues declining from 14.1 billion yuan in 2023 to 6.81 billion yuan in the first three quarters of 2025, representing year-on-year declines of 39.63%, 26.92%, and 13.11% respectively [7][21]. - The company has reported continuous net losses, with losses of 12.4 billion yuan, 2.49 billion yuan, and 0.45 billion yuan during the same periods, with the loss in the first three quarters of 2025 increasing by 714.77% year-on-year [7][21]. Core Product Performance - The main revenue-generating product, low molecular weight heparin, saw a revenue decline of 19.86% in the first half of 2025, with sales volume dropping by 19.17% to 15.36 million units [9][23]. - The heparin raw material business also faced a revenue decline of 19.73% due to intense market competition and price fluctuations [9][23]. Strategic Transition and Future Outlook - The company is pinning its hopes for transformation on Aibennapeptide, a long-acting GLP-1 receptor agonist, which is seen as crucial for reducing reliance on heparin products and enhancing profitability [11][25]. - However, the market landscape is competitive, with established products like Semaglutide and Tirzepatide dominating, making it challenging for Aibennapeptide to gain market traction [12][26]. - The company also faces long-term strategic challenges, as its traditional heparin business is declining while the timeline for Aibennapeptide's market entry remains uncertain [13][27].

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]