证券代码：300255 证券简称：常山药业 公告编号：2025-45 河北常山生化药业股份有限公司 第六届董事会第五次会议决议公告 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、董事会会议召开情况 河北常山生化药业股份有限公司（以下简称公司）第六届董事会第五次会议 于 2025 年 11 月 14 日在公司办公楼会议室现场结合通讯表决的方式召开。本次 会议于 2025 年 11 月 11 日以邮件或直接送达的方式确保每一位董事收到本次会 议通知。与会的各位董事均已知悉与所议事项相关的必要信息。会议应参与表决 董事 6 名，实际参与表决董事 6 名。本次会议由公司董事长高晓东先生主持，符 合《公司法》及《公司章程》等规定。 会议以记名投票方式对各项议案进行表决，审议通过如下议案： 二、董事会会议审议情况 表决结果：6 票同意；0 票反对；0 票弃权。 2．审议通过《关于召开公司 2025 年第一次临时股东会的议案》 上述第 1 项议案及第六届董事会第四次会议审议通过的第 2 项、第 3 项、第 4 项、第 5 项、第 6 项、第 7 项议案需提交公司股东会 ...

Core Viewpoint - The pharmaceutical sector is experiencing active trading, with innovative drugs and biovaccines showing strong performance, indicating a positive outlook for the industry through 2026 [1] Industry Summary - The pharmaceutical sector has seen significant stock price increases, with companies like Chengda Pharmaceutical, Kangzhi Pharmaceutical, and Haichen Pharmaceutical reaching a 20% limit up, while others like Zhongsheng Pharmaceutical and Te Yi Pharmaceutical also hit the limit up [1] - CITIC Securities forecasts that the investment trend in the pharmaceutical industry will continue to be driven by the concentration of innovation in Chinese pharmaceutical companies and supportive policies for innovative drugs and medical devices, leading to a stable domestic market environment [1] - The industry is expected to return to a market pricing system based on clinical value and demand, which will contribute to a stable and continuous growth trend in the performance of listed companies [1] Investment Strategy - The pharmaceutical industry is recommended for continued overweight positioning, with suggested investment themes for 2026 including: 1. Innovation-driven and internationalization, focusing on companies that are innovating and expanding internationally in a favorable domestic policy environment [1] 2. Self-sufficiency, with an emphasis on core components, reagents, and upstream research that can replace imports due to geopolitical risks [1] 3. New policies and new opportunities, targeting companies benefiting from optimized procurement, medical insurance payment reforms, consumption stimulus policies, and state-owned enterprise reforms [1]

Group 1 - The core point of the news is that Changshan Pharmaceutical experienced a stock price increase of 5.48%, reaching 56.56 CNY per share, with a trading volume of 1.093 billion CNY and a turnover rate of 2.18%, resulting in a total market capitalization of 51.982 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 major fund holdings, data shows that Guotai Fund has a significant position in Changshan Pharmaceutical, with the Guotai ChiNext Medical and Health ETF (159377) increasing its holdings by 19,500 shares in the third quarter, totaling 45,100 shares, which accounts for 4.75% of the fund's net value, ranking as the fifth-largest holding [2] - The Guotai ChiNext Medical and Health ETF (159377) was established on April 2, 2025, with a latest scale of 43.2788 million CNY and a cumulative return of 21.59% since inception [2]

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.4% from November 3 to November 7, 2025, underperforming compared to the Wind All A index (0.63%) and the CSI 300 index (0.82%) [2][7] - The rise in flu activity was noted, with the percentage of flu-like illness (ILI) cases reported at 4.7% in the week of October 27 to November 2, 2025, indicating an increase compared to previous weeks and years [2][10] - The final overall survival (OS) results from the HARMONi-A study of Ivosidenib combined with chemotherapy for EGFR-mutant non-small cell lung cancer showed a significant improvement in OS, with a median OS of 16.8 months versus 14.1 months for the control group [2][10] Weekly Market Review - The pharmaceutical and biotechnology sector's performance was down 2.4%, with notable declines in medical research outsourcing (-4.93%), chemical preparations (-4.42%), and other biological products (-4.33%) [7][8] - The leading gainers included Hezhi China (61.1%), Wanze Shares (30.3%), and Fuxiang Pharmaceutical (23.3%), while Changshan Pharmaceutical (-20%), Yifang Bio-U (-17.8%), and Guangshengtang (-15.3%) were the biggest losers [10] Industry News and Key Company Announcements - On November 7, 2025, the final OS analysis of the HARMONi-A study was presented, showing significant results for Ivosidenib in combination with chemotherapy [10][12] - According to data from the Chinese Center for Disease Control, flu-like illness percentages in southern provinces increased to 4.6%, while northern provinces reported 5.1%, both higher than the previous week [10][12] - BeiGene reported a total revenue of $1.412 billion for Q3 2025, a 41% year-on-year increase, driven by a 51% growth in global sales of its product [12][14] - Metsera announced a merger agreement with Pfizer, with an estimated total transaction value of approximately $9 billion [12][14]

Market Overview - The Shanghai Composite Index rose by 0.97% on November 6, with 19 out of 28 sectors experiencing gains, led by the metals and electronics sectors, which increased by 3.05% and 3.00% respectively [2] - The media and social services sectors saw the largest declines, with decreases of 1.35% and 1.11% respectively [2] Capital Flow - The net inflow of capital in the two markets was 6.174 billion yuan, with 12 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of capital at 12.224 billion yuan, while the metals sector followed with a net inflow of 3.647 billion yuan [2] Pharmaceutical and Biological Industry - The pharmaceutical and biological sector experienced a slight decline of 0.03%, with a net outflow of capital amounting to 3.299 billion yuan [3] - Out of 477 stocks in this sector, 181 stocks rose, while 275 stocks fell [3] - The top three stocks with the highest net inflow were Wanzhe Co. (1.08 billion yuan), Hailin Pharmaceutical (682.184 million yuan), and Renfu Pharmaceutical (561.307 million yuan) [3] Capital Inflow and Outflow in Pharmaceutical Sector - The top stocks with capital inflow included: - Wanzhe Co. with a rise of 9.99% and a capital flow of 107.9805 million yuan [4] - Hailin Pharmaceutical with a decline of 0.83% and a capital flow of 68.2184 million yuan [4] - Renfu Pharmaceutical with a rise of 0.25% and a capital flow of 56.1307 million yuan [4] - The stocks with the highest capital outflow included: - Heyuan Biological-U with a decline of 8.74% and a capital outflow of 281.6923 million yuan [5] - Sunflower with a decline of 7.99% and a capital outflow of 167.9643 million yuan [5] - Changshan Pharmaceutical with a decline of 2.09% and a capital outflow of 156.2317 million yuan [5]

Market Overview - On November 4, A-shares saw a collective decline across the three major indices, with total market turnover at 1.94 trillion yuan, a decrease of 194.5 billion yuan compared to the previous trading day [1] - The precious metals sector continued to adjust, while sectors such as PEEK materials, CRO, innovative drugs, and electric motors experienced significant declines. Conversely, the Fujian sector surged against the market trend [1] Stock Performance - A total of 50 stocks hit the daily limit up, with 14 stocks on consecutive limit up days. 18 stocks failed to maintain their limit up status, resulting in a limit up rate of 73% (excluding ST and delisted stocks) [3] - Notable stocks included: - Pingtan Development: 13 days with 10 limit ups - Hefo China: 6 consecutive limit ups - Dahua Intelligent: 9 days with 5 limit ups - Yingxin Development: 12 days with 9 limit ups - Antai Group: 14 days with 8 limit ups [3] Key Stocks and Trading Data - Hefo China: Price at 11.85 yuan, up 10.03%, with a 6-day streak of limit ups and a turnover rate of 6.20% [4] - Pingtan Development: Price at 8.57 yuan, up 10.01%, with a 5-day streak of limit ups and a turnover rate of 19.55% [4] - Antai Group: Price at 3.76 yuan, up 9.94%, with a 5-day streak of limit ups and a turnover rate of 27.37% [4] - The top three net buying stocks on the Dragon and Tiger list were Wanlima, Fulongma, and Haixia Innovation, with net purchases of 262 million yuan, 239 million yuan, and 209 million yuan respectively [3][5] Institutional and Retail Investor Activity - Among stocks with institutional special seats, the top net buying stocks were Haixia Innovation, Yatai Pharmaceutical, and Shenzhou Information, with net purchases of 224 million yuan, 88.31 million yuan, and 63.69 million yuan respectively [5] - The top net selling stocks included Rongxin Culture, Sanbian Technology, and Changshan Pharmaceutical, with net sales of 62.81 million yuan, 61.08 million yuan, and 55.71 million yuan respectively [5] Sector Highlights - The "Ma" stocks, including Wanlima and Fulongma, showed resilience with significant gains, driven by military and police protection product sales and e-commerce initiatives [6] - Pingtan Development and Fulongma, categorized under cross-strait concepts and Fujian stocks, surged due to new immigration policies announced by the National Immigration Administration, which expanded the issuance of travel permits for Taiwanese residents [7] Company-Specific Updates - Changshan Pharmaceutical reported a third-quarter revenue of 681 million yuan, a year-on-year decline of 13.11%, with a net loss of 44.82 million yuan [8][9] - Haixia Innovation saw a limit up with a turnover rate of 44.42% and a total transaction volume of 3.487 billion yuan [10] - Yatai Pharmaceutical experienced a 3.90% increase in stock price, with a turnover rate of 38.87% and a transaction volume of 2.592 billion yuan [11]

Market Overview - On November 4, the Shanghai Composite Index fell by 0.41%, the Shenzhen Component Index decreased by 1.71%, and the ChiNext Index dropped by 1.96% [2] - A total of 46 stocks appeared on the "Dragon and Tiger List" due to significant price movements, with the highest net inflow of funds into Wanlima (300591.SZ) amounting to 262 million yuan [2][4] Stock Performance - Wanlima saw a closing price increase of 19.98% with a turnover rate of 36.07%, and it accounted for 18.34% of the total trading volume [4][6] - The stock with the highest net outflow was Changshan Pharmaceutical (300255.SZ), which experienced a net sell-off of 365 million yuan and closed down by 20% with a turnover rate of 8.08% [6][10] Institutional Activity - Institutions were active in 26 stocks on the Dragon and Tiger List, with a total net purchase of 163 million yuan, buying 14 stocks and selling 12 [6][12] - The stock with the highest institutional net purchase was Haixia Innovation (300300.SZ), which closed up by 19.98% and had a turnover rate of 44.42% [7][14] Northbound Capital Flow - Northbound funds participated in 12 stocks on the Dragon and Tiger List, with a total net outflow of 15.63 million yuan [10] - The stock with the highest net purchase from northbound funds was Haima Automobile (000572.SZ), with a net inflow of 96.98 million yuan, representing 6.15% of the total trading volume [10][14] Joint Activity of Institutions and Northbound Funds - Both institutions and northbound funds jointly net bought Haima Automobile and Snowman Group, while they jointly net sold Pingtan Development and Changshan Pharmaceutical [12][14] - Discrepancies were noted in stocks like Guocheng Mining, Hainan Development, and others, where institutions and northbound funds had opposing positions [12][14]

Core Viewpoint - On November 4, the Shanghai Composite Index fell by 0.41%, the Shenzhen Component Index decreased by 1.71%, and the ChiNext Index dropped by 1.96%. The most significant net inflow of funds was into Wanlima, amounting to 262 million yuan, while Changshan Pharmaceutical experienced the largest net outflow of 365 million yuan [1][2]. Group 1: Stock Performance - Wanlima saw a closing price increase of 19.98% with a turnover rate of 36.07%, and it accounted for 18.34% of the total trading volume [2][4]. - Changshan Pharmaceutical's stock price fell by 20% with a turnover rate of 8.08%, representing 8.23% of the total trading volume [5][10]. - Among the 46 stocks on the leaderboard, 28 were net bought while 18 were net sold [2][5]. Group 2: Institutional Activity - Institutions were involved in 26 stocks on the leaderboard, with a total net purchase of 163 million yuan, net buying 14 stocks and net selling 12 stocks [5][6]. - The stock with the highest institutional net purchase was Haixia Innovation, which rose by 19.98% and had a turnover rate of 44.42% [6][7]. Group 3: Northbound Capital - Northbound capital participated in 12 stocks on the leaderboard, with a total net outflow of 15.63 million yuan [10][11]. - The stock with the highest net purchase from northbound capital was Haima Automobile, with a net inflow of 96.98 million yuan, accounting for 6.15% of the total trading volume [11][15]. - Conversely, the stock with the largest net outflow was Jishi Media, with a net outflow of 171 million yuan, despite a closing price increase of 10.07% [11][15]. Group 4: Joint Activity of Institutions and Northbound Capital - Both institutions and northbound capital net bought Haima Automobile and Snowman Group, while they net sold Pingtan Development and Changshan Pharmaceutical [14][15]. - There were discrepancies in positions on stocks like Guocheng Mining, Hainan Development, and others, indicating differing strategies between institutions and northbound capital [14][15].

Core Points - The net outflow of large orders in the two markets reached 51.832 billion yuan, with 22 stocks seeing net inflows exceeding 200 million yuan, led by Fulongma with a net inflow of 639 million yuan [1][2] - The Shanghai Composite Index closed down 0.41%, while 1,511 stocks experienced net inflows and 3,256 stocks saw net outflows [1] - Among the 10 industries with net inflows, the banking sector led with a net inflow of 2.505 billion yuan, followed by environmental protection and steel industries [1] Industry Summary - The banking sector had the highest net inflow of large orders at 2.505 billion yuan, with the sector index rising by 2.03% [1] - Environmental protection and steel industries also saw net inflows, with environmental protection gaining 0.15% and a net inflow of 357 million yuan [1] - The electricity equipment sector experienced the largest net outflow of 9.313 billion yuan, followed by the electronics sector with an outflow of 8.541 billion yuan [1] Company Summary - Fulongma led the net inflow of large orders with 639 million yuan, followed by Xue Ren Group with 535 million yuan [2] - The top three companies with the largest net outflows were Yangguang Electric with 1.369 billion yuan, Changshan Pharmaceutical with 1.148 billion yuan, and Yiwei Lithium Energy with 967 million yuan [3] - Stocks with net inflows exceeding 200 million yuan saw an average increase of 7.56%, outperforming the Shanghai Composite Index [2]

Market Overview - On November 4, the Shanghai Composite Index opened higher but later fluctuated and closed at 3960.19 points, down 0.41% with a trading volume of 852.9 billion yuan [1] - The Shenzhen Component Index closed at 13175.22 points, down 1.71% with a trading volume of 1062.82 billion yuan [1] - The ChiNext Index closed at 3134.09 points, down 1.96% with a trading volume of 481.31 billion yuan [1] - The total trading volume of both markets was 1915.72 billion yuan, a decrease of 191.41 billion yuan compared to the previous trading day [1] Sector Performance - Among industry sectors, banks, insurance, public utilities, environmental protection, and textile and apparel sectors showed positive performance [3] - Concepts related to ice and snow economy, lottery, tourism, land transfer, and aquaculture were active [3] - Sectors such as non-ferrous metals, precious metals, power equipment, pharmaceutical biology, chemicals, electronics, computers, and automobiles experienced declines [3] Individual Stock Performance - A total of 1596 stocks rose while 3408 stocks fell, with 151 stocks remaining flat and 9 stocks suspended [3] - There were 68 stocks hitting the daily limit up and 11 stocks hitting the daily limit down [3] - ST Zhongdi led with 13 consecutive limit-up days, followed by *ST Baoying with 7 consecutive days [5] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 57.534 billion yuan, with the ChiNext experiencing a net outflow of 25.843 billion yuan [6] - Only two sectors, light industry manufacturing and comprehensive, saw net inflows of 1.05 billion yuan and 0.48 billion yuan respectively [6] - The power equipment sector had the highest net outflow of 10.795 billion yuan [6] Notable Stocks - 1988 stocks saw net inflows, with 51 stocks receiving over 100 million yuan in net inflows [10] - Snowman Group had the highest net inflow of 495 million yuan, followed by Dongshan Precision and Wanlima [10][11] - 3166 stocks experienced net outflows, with 169 stocks seeing over 100 million yuan in net outflows [13] - Yangguang Electric Power had the largest net outflow of 1.608 billion yuan [14][15] Institutional Activity - Institutional net buying totaled approximately 315 million yuan, with 14 stocks seeing net purchases [18] - The stock with the highest institutional net buying was Haixia Innovation, with a net purchase of approximately 224 million yuan [18][19]