关于福建广生堂药业股份有限公司 申请向特定对象发行股票的审核问询函有 关财务事项的说明 德皓函字[2025]00000132 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 关于福建广生堂药业股份有限公司 申请向特定对象发行股票的审核问询函 有关财务事项的说明 目 录 页 次 一、 关于福建广生堂药业股份有限公司申请向特定对 象发行股票的审核问询函有关财务事项的说明 1-141 关 于 福 建 广 生 堂 药 业 股 份 有 限 公 司 申 请 向 特 定 对 象 发 行 股 票 的 审 核 问 询 函 有 关 财 务 事 项 的 说 明 德皓函字[2025]00000132号 深圳证券交易所： 由福建广生堂药业股份有限公司转来的深圳证券交易所《关于福建广生堂药业股份有限 公司申请向特定对象发行股票的审核问询函》（审核函〔2025〕020025 号，以下简称问询 函）奉悉。我们已对问询函中由会计师核查 ...

证券代码：300436 证券简称：广生堂 公告编号：2025064 福建广生堂药业股份有限公司 关于公司申请向特定对象发行股票的审核问询函回复（修订 稿）及募集说明书等申请文件更新的提示性公告 根据深交所进一步的审核意见，公司会同中介机构对问询函回复的部分内容、 募集说明书等申请文件进行了相应补充、更新和修订。具体内容详见公司于 2025 年 8 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告文件。 鉴于公司已于近日披露了《2025 年半年度报告》，公司会同中介机构对募 集说明书等申请文件中涉及的财务数据及其他变动事项进行了同步更新。具体内 容详见公司于 2025 年 9 月 9 日在巨潮资讯网（http://www.cninfo.com.cn）披 露的相关公告文件。 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券监 1 督管理委员会（以下简称"中国证监会"）同意注册后方可实施，最终能否通过 深交所审核并获得中国证监会作出同意注册的决定及其时间尚存在不确定性。公 司将根据该事项进展情况及时履行信息披露义务，敬请广大投资者谨慎决策，注 意投资风险。 ...

| 182,177,991.66 | 3,566,027.15 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 5,779.82 | | | | | | | | | | | | | | | | | | | | | 213,840,036.80 | 11,671,827.83 | 8,649,586.77 | 36,520,008.56 | 118,017,355.78 | | | | | | | | | | | | | | | | | 326,543.03 | | | | | | | | | | | | | | | | | | | | | 574,775,157.40 | 142,363,100.00 | 1,035,871.46 | 467,254,877.10 | 65,990,600.62 | 255,200,000.00 | 1, ...

Company Overview - Guangshentang Pharmaceutical Co., Ltd. is located in Fuzhou, Fujian Province, and was established on June 28, 2001. The company was listed on April 22, 2015. Its main business involves the research, production, and sales of nucleoside antiviral drugs for hepatitis B [1]. - The company's revenue composition is primarily from liver and gallbladder disease medications, accounting for 98.54%, with other supplementary products making up 1.46% [1]. Stock Performance - As of September 5, Guangshentang's stock price decreased by 2.01%, trading at 110.60 CNY per share, with a total market capitalization of 17.615 billion CNY. The stock has seen a year-to-date increase of 238.54%, but has dropped 17.84% in the last five trading days and 6.98% over the past 20 days [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) four times this year, with the most recent appearance on July 31 [1]. Financial Performance - For the first half of 2025, Guangshentang reported a revenue of 209 million CNY, a year-on-year decrease of 4.27%. The net profit attributable to shareholders was -66.6881 million CNY, reflecting a significant decline of 85.05% compared to the previous period [2]. - The company has cumulatively distributed 84.6485 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 20,300, a rise of 44.75%. The average number of circulating shares per shareholder decreased by 30.91% to 6,745 shares [2]. - Among the top ten circulating shareholders, the "China Europe Medical Health Mixed A" fund holds 1.8447 million shares, an increase of 393,100 shares from the previous period. "CITIC Jian Investment Medical Reform A" has exited the top ten list [3].

Core Viewpoint - The company, Guangshentang (300436.SZ), currently has no innovative drug projects authorized for external collaboration but is actively exploring opportunities for research and commercialization partnerships to support its innovation and growth [1] Group 1 - The company is closely monitoring market opportunities [1] - The company is actively seeking innovative drug research and commercialization collaboration opportunities [1] - The company will fulfill its information disclosure obligations in case of relevant progress [1]

Core Viewpoint - Guangshentang's subsidiary, Guangsheng Zhonglin, is introducing external investors through a capital increase and equity transfer, raising a total of 250 million yuan, marking a significant step in its ongoing transformation into an innovative pharmaceutical company [1][2]. Group 1: Investment Details - Guangsheng Zhonglin's pre-investment valuation is set at 2.5 billion yuan, reflecting a 25% increase from the previous round [1][4]. - The investment will be conducted in two phases, with Jinan Taishen and Huaxin Shiheng investing 141 million yuan and 50 million yuan respectively, while also acquiring equity from existing shareholders [2][3]. - The total transaction amount of 250 million yuan will enhance Guangsheng Zhonglin's capital strength and support its ongoing research and development efforts [1][5]. Group 2: Financial Performance - Since its IPO in 2015, Guangshentang has faced continuous losses, with a cumulative net loss of 734 million yuan from 2021 to the first half of 2025 [1][8]. - Guangsheng Zhonglin reported revenues of 28.9 million yuan and 8.01 million yuan for 2024 and the first half of 2025, respectively, with net losses of 85.43 million yuan and 19.66 million yuan [1][8]. - The company has been investing heavily in R&D, with a reported R&D expense of 15.87 million yuan in the first half of 2025, a decrease of 14.31% year-on-year [7][8]. Group 3: Strategic Focus - Guangsheng Zhonglin is positioned as the innovative drug development platform for Guangshentang, focusing on high-investment, long-cycle drug development tasks [5][6]. - The company aims to accelerate the development of innovative drugs, including treatments for non-alcoholic fatty liver disease and liver fibrosis, through this capital infusion [5][6]. - Guangshentang is also pursuing a new round of financing to further enhance its innovative drug development efforts, with plans to raise up to 977 million yuan [8].

Group 1 - A significant number of high-profile stocks, including Jingwang Electronics, Changfei Fiber, and Jimin Health, have hit the daily limit down [1] - Over 30 stocks, such as Tianfu Communication and Huahong Company, have experienced declines exceeding 10% [1]

Group 1 - The company Guangshentang announced on the evening of September 1 that its fifth board of directors held the eleventh meeting, where it approved the proposal regarding the equity transfer and capital increase of its holding subsidiary, as well as the company's waiver of preemptive rights [2]

Core Viewpoint - Guangshentang (300436.SZ) is enhancing its innovative drug development funding and operational capital through a significant equity transfer and capital increase involving its subsidiary, Guangsheng Zhonglin, with a total transaction amount of 250 million yuan [1] Group 1 - The board of directors approved the proposal for the equity transfer and capital increase of Guangsheng Zhonglin, allowing the introduction of important investors while waiving the company's preferential rights [1] - The transaction includes an investment of 141.35 million yuan from Jinan Taishen Investment Partnership and 50 million yuan from Huaxin Shiheng, based on a pre-investment valuation of 2.5 billion yuan for Guangsheng Zhonglin [1] - After the transaction, Guangsheng Zhonglin's registered capital will increase from 388.5 million yuan to 418.236 million yuan, and the company's ownership stake will decrease from 81.08% to 75.32%, maintaining its status as a controlled subsidiary [2]

Core Viewpoint - The company is enhancing its innovative drug development funding and operational capital through a significant equity transfer and capital increase involving its subsidiary, Guangsheng Zhonglin, while relinquishing its preferential rights [1] Group 1: Equity Transfer and Capital Increase - The company approved a proposal to transfer minority shareholder equity and introduce important investors for Guangsheng Zhonglin, with a total transaction amount of 250 million yuan [1] - Jinan Taishen Investment Partnership and Huaxin Shiheng will invest 141.35 million yuan and 50 million yuan respectively, based on a pre-investment valuation of 2.5 billion yuan for Guangsheng Zhonglin [1] - Jinan Taishen will also acquire equity worth 58.65 million yuan from existing shareholders, based on a pre-investment valuation of 1.75 billion yuan [1] Group 2: Changes in Shareholding and Capital Structure - Following the transaction, Guangsheng Zhonglin's registered capital will increase from 388.5 million yuan to 418.236 million yuan [2] - The company's shareholding in Guangsheng Zhonglin will decrease from 81.08% to 75.32%, but Guangsheng Zhonglin will remain a controlled subsidiary, not affecting the scope of the company's consolidated financial statements [2]