Core Insights - The company Garden Biologics announced that its wholly-owned subsidiary, Garden Pharmaceuticals, has won the bid for the 11th batch of national centralized drug procurement for its product Alendronate Sodium Tablets [1] - This medication is primarily used for the treatment of osteoporosis in postmenopausal women and men to increase bone mass [1] - The product specifications are 70mg per tablet, with each box containing 4 tablets, and the procurement regions include Inner Mongolia, Jiangsu, Henan, Hunan, and Gansu, with a procurement period lasting until December 31, 2028 [1] Market Impact - Winning this bid will help the product rapidly expand its market presence and increase market share [1] - It will promote the development of the company's pharmaceutical formulation business and further enrich the company's product pipeline [1] - This achievement is expected to enhance the company's brand influence in the industry [1]

证券代码：300401 证券简称：花园生物 公告编号：2025-044 债券代码：123178 债券简称：花园转债 浙江花园生物医药股份有限公司 关于子公司产品中选第十一批全国药品集中采购的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 11月7日国家组织药品联合采购办公室公布了第十一批全国药品集中采购的中选结 果，浙江花园生物医药股份有限公司（以下简称"公司"）全资子公司--浙江花园药业 有限公司（以下简称"花园药业"）产品阿仑膦酸钠片中选本次国家集采。现将相关情 况公告如下： 一、拟中选药品基本情况 | 产品名称 | 适应症 | 规格 | 产品包装 | 供应地区 | 采购周期至 | | --- | --- | --- | --- | --- | --- | | 阿仑膦酸钠片 | 主要为治疗绝经后女性 的骨质疏松症以及治疗 | 70mg | 4片/盒 | 内蒙古、江 苏、河南、 | 2028年12月31日 | | | 男性骨质疏松症以增加 | | | 湖南、甘肃 | | | | 骨量 | | | | | 二、本次中选对公司的影响 花园药业产品阿仑膦酸钠 ...

Core Viewpoint - Garden Bio announced on November 6 that as of October 31, 2025, the total number of shareholders is 28,490 [2] Summary by Category - Company Information - Garden Bio has a total of 28,490 shareholders as of the specified date [2]

Core Viewpoint - The company Garden Bio responded to investor inquiries on November 6, indicating that specific operational details should be monitored through the company's periodic reports [2] Group 1 - The company emphasized the importance of following its disclosed periodic reports for insights into its operational status [2]

Core Viewpoint - The company acknowledges that stock price fluctuations are influenced by multiple factors and emphasizes its commitment to high-quality sustainable development and effective communication with the capital market to maintain its market value [1] Group 1 - The company will continue to enhance its operational management to promote sustainable development [1] - The company aims to strengthen communication and engagement with the capital market [1] - The company recognizes the impact of various factors on stock price volatility [1]

Core Insights - The company Garden Bio (300401) reported that as of October 20, 2025, the total number of shareholders is 28,297 [1] Company Summary - As of the specified date, the total number of shareholders for Garden Bio stands at 28,297 [1]

Summary of Key Points Core Viewpoint - Garden Biologics experienced a decline in stock price and significant net financing outflow, indicating potential investor concerns about the company's financial performance and market position [1][2]. Financial Performance - For the period from January to September 2025, Garden Biologics reported a revenue of 936 million yuan, a year-on-year decrease of 0.20%, and a net profit attributable to shareholders of 234 million yuan, down 3.07% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 446 million yuan, with 178 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of October 10, 2025, the number of shareholders increased to 28,600, a rise of 0.47%, while the average circulating shares per person decreased by 0.47% to 18,694 shares [2]. - On October 22, 2025, Garden Biologics had a total financing balance of 599 million yuan, accounting for 8.18% of its market capitalization, which is below the 20th percentile of the past year, indicating a low financing level [1]. Stock Trading and Borrowing - On October 22, 2025, the company saw a financing buy-in of 10.83 million yuan and a repayment of 26.07 million yuan, resulting in a net financing outflow of 15.24 million yuan [1]. - The company had a borrowing balance of 1.16 million yuan with a borrowing volume of 86,600 shares, which is above the 80th percentile of the past year, indicating a high level of short selling activity [1]. Business Overview - Garden Biologics, established in December 2000 and listed in October 2014, focuses on developing, producing, and selling products related to a complete vitamin D3 industry chain. Its revenue composition includes vitamin products (47.41%), pharmaceuticals (30.22%), lanolin and derivatives (20.93%), and other categories [1].

Core Viewpoint - Garden Bio reported a slight decline in revenue but an increase in net profit and cash flow, indicating improved operational quality and cash collection ability [1] Financial Performance - The company achieved a revenue of 300 million yuan in the first three quarters, a year-on-year decrease of 0.2% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 72 million yuan, reflecting a year-on-year growth of 9.06% [1] - Total assets reached 5.913 billion yuan, up 5.36% year-on-year [1] - The net cash flow from operating activities was 345 million yuan, an increase of 27.02% year-on-year [1] Business Strategy - The company focuses on two main areas: Vitamin D3 and pharmaceutical manufacturing, implementing a "vertical and horizontal" development strategy [1] - The "vertical" strategy consolidates its advantages in the Vitamin D3 supply chain while entering pharmaceutical manufacturing through the acquisition of Garden Pharmaceuticals [1] - The "horizontal" strategy aims to expand the product line into new varieties such as Vitamins A, E, B6, and biotin, positioning the company as a comprehensive vitamin giant [1] Research and Development - The company has established three R&D centers in Dongyang, Jinhua, and Hangzhou, focusing on natural product biosynthesis, industrial research, and cutting-edge drug trials [2] - Garden Pharmaceuticals has a dedicated R&D center aimed at developing new products and optimizing existing processes to enhance core competitiveness [2] - The company has developed a unique vertical integration advantage by self-producing NF-grade cholesterol and extending into the pharmaceutical health product sector [3] Product Development and Market Position - The company has completed the construction of a 6,000-ton VA powder project and is preparing for trial production of a 5,000-ton VB6 project and a 200-ton biotin project [3] - Garden Pharmaceuticals is strategically selecting products for development based on clinical supply shortages and market potential, focusing on chronic diseases such as hypertension and respiratory diseases [3] - The company has obtained drug registration certificates for 10 products, with several included in national and local centralized procurement, enhancing sales channels [4] Industry Outlook - The company is positioned within strategic concepts like "new quality productivity" and "synthetic biology," which are expected to bring policy support and long-term growth potential [4]

Core Viewpoint - Garden Biologics experienced a decline in stock price by 3.71% on October 20, with a trading volume of 204 million yuan, indicating potential investor concerns and market volatility [1]. Financing Summary - On October 20, Garden Biologics had a financing buy-in amount of 40.22 million yuan, while the financing repayment was 47.11 million yuan, resulting in a net financing outflow of 6.89 million yuan [1]. - The total financing and securities lending balance for Garden Biologics reached 619 million yuan, with the financing balance accounting for 8.42% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, 100 shares were repaid while 9,900 shares were sold, amounting to a selling value of 133,600 yuan. The securities lending balance was 1.50 million yuan, which is above the 90th percentile level over the past year, indicating a high level of short selling [1]. Business Performance - As of October 10, the number of shareholders for Garden Biologics was 28,600, an increase of 0.47%, while the average circulating shares per person decreased by 0.47% to 18,694 shares [2]. - For the period from January to September 2025, Garden Biologics reported a revenue of 936 million yuan, a slight decrease of 0.20% year-on-year, and a net profit attributable to the parent company of 234 million yuan, down 3.07% year-on-year [2]. Dividend Information - Since its A-share listing, Garden Biologics has distributed a total of 446 million yuan in dividends, with 178 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder of Garden Biologics was the Southern CSI 1000 ETF, holding 3.48 million shares, a decrease of 48,400 shares compared to the previous period. The tenth largest shareholder was Hong Kong Central Clearing Limited, holding 2.23 million shares, a decrease of 403,600 shares [3].

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 2.48% from October 13 to October 17, underperforming the broader market index, the CSI 300, which fell by 2.22% [3][8] - There is a sustained enthusiasm for business development (BD) transactions in innovative drugs, with several companies entering agreements with international pharmaceutical firms [3][12] - The ESMO conference held from October 17 to 21 showcased positive advancements in multiple studies, particularly in immunotherapy and antibody-drug conjugates (ADCs), highlighting the potential of domestic biotech companies [3][11] Market Weekly Review - The pharmaceutical and biotechnology sector saw a weekly decline of 2.48%, with offline pharmacies and traditional Chinese medicine showing slight gains of 0.59% and 0.38%, respectively [8] - Medical research outsourcing, medical devices, and other biological products faced significant declines, with drops of 6.46%, 5.37%, and 3.6% respectively [8][9] - Notable stock performances included Asia-Pacific Pharmaceutical with a rise of 36.7%, while Betta Pharmaceuticals saw a decline of 17.0% [11] Industry News and Key Company Announcements Important Industry Events - On October 18, Kangfang Biologics presented data on a PD-1/VEGF dual antibody in non-small cell lung cancer at the ESMO conference, showing significant improvement in progression-free survival (PFS) [11] - On October 16, Hansa Biopharma announced a licensing agreement with Roche for the global exclusive rights to develop and commercialize HS-20110, with an upfront payment of $80 million [12] - On October 16, Prigen Biologics entered a collaboration with Gilead's Kite Pharma, receiving an upfront payment of $120 million [12][13] Company Announcements - Huayuan Biologics reported a slight decrease in total revenue for the third quarter, amounting to 936 million yuan, a 0.2% year-on-year decline [14] - Shanghai Pharmaceuticals received FDA approval for Doxycycline capsules, with projected sales of approximately $130 million in the U.S. for 2024 [14][16]