Core Viewpoint - Jiutian Pharmaceutical reported a decline in revenue and net profit for Q3 2025, indicating potential challenges in its financial performance [1] Financial Performance - Q3 2025 revenue reached 756 million yuan, a year-on-year decrease of 3.03% [1] - Net profit attributable to shareholders was 115 million yuan, down 30.59% year-on-year [1] - Basic earnings per share for Q3 2025 stood at 0.23 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.268 billion yuan, reflecting a year-on-year growth of 5.69% [1] - Net profit attributable to shareholders for the first three quarters was 406 million yuan, a decline of 9.64% compared to the previous year [1] - Basic earnings per share for the first three quarters was 0.82 yuan [1]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2025-078 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 第四届董事会第十四次会议决议公告 1、审议通过了《关于 2025 年第三季度报告的议案》； 经审议，董事会认为：《2025 年第三季度报告》的内容公允地反映了公司 的经营状况和经营成果，报告所披露的信息真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏。 具体内容详见公司在巨潮资讯网上披露的《2025 年第三季度报告》。 表决结果：7 票同意，0 票反对，0 票弃权。 2、审议通过了《关于调整公司组织结构的议案》。 经审议，董事会认为：为适应公司未来发展，进一步完善公司治理结构， 优化管理流程，提升公司运营效率和管理水平，结合公司战略发展需要，同意 对公司现有组织结构进行调整。 调整后的组织结构图详见附件一。 表决结果：7 票同意，0 票反对，0 票弃权。 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。 一、董事会会议召开情况 湖南九典制药股 ...

Financial Performance - The company's revenue for Q3 2025 was CNY 756,087,804.86, a decrease of 3.03% compared to the same period last year[6]. - Net profit attributable to shareholders decreased by 30.59% to CNY 114,939,334.69 for the quarter[6]. - The basic earnings per share (EPS) fell by 32.35% to CNY 0.23, while diluted EPS decreased by 35.29% to CNY 0.22[6]. - Total operating revenue for Q3 2025 reached CNY 2,268,037,308.70, an increase of 5.7% compared to CNY 2,145,889,147.01 in the same period last year[17]. - Net profit for Q3 2025 was CNY 406,362,002.10, a decrease of 9.6% from CNY 449,734,781.87 in Q3 2024[18]. - Total comprehensive income for the period was CNY 406,362,002.10, down from CNY 452,523,631.87 in the previous period, representing a decrease of approximately 10.2%[19]. - Basic earnings per share decreased to CNY 0.82 from CNY 0.93, a decline of about 11.8%[19]. Assets and Liabilities - Total assets increased by 8.83% to CNY 3,670,856,478.20 compared to the end of the previous year[6]. - Total liabilities increased to CNY 975,896,246.22 from CNY 846,401,371.85, reflecting a rise of 15.3%[15]. - The company's equity attributable to shareholders reached CNY 2,675,021,852.70, up from CNY 2,526,729,860.86, indicating a growth of 5.9%[15]. - Total current assets amount to 1,579,187,899.83 CNY, a slight decrease from 1,601,774,702.04 CNY at the beginning of the period[13]. - Cash and cash equivalents increased to 543,737,630.21 CNY from 443,307,337.44 CNY[13]. - Inventory increased to 396,201,736.89 CNY from 367,704,817.24 CNY, indicating a growth in stock levels[13]. - Accounts receivable decreased to 320,829,767.11 CNY from 350,502,639.39 CNY, reflecting improved collection efforts[13]. Cash Flow - The company reported a net cash flow from operating activities of CNY 455,768,933.16, down 24.29% year-to-date[6]. - Net cash flow from operating activities was CNY 455,768,933.16, down 24.2% from CNY 601,982,134.14 in the previous period[20]. - Cash inflow from operating activities totaled CNY 2,637,415,820.01, slightly up from CNY 2,608,388,679.21, an increase of approximately 1.1%[20]. - Cash outflow from operating activities increased to CNY 2,181,646,886.85, compared to CNY 2,006,406,545.07, reflecting a rise of about 8.7%[20]. - Net cash flow from investing activities was negative at CNY -294,487,006.72, an improvement from CNY -447,868,715.79 in the previous period[21]. - Cash inflow from investing activities increased to CNY 572,986,244.90 from CNY 280,071,846.57, a growth of approximately 104.5%[21]. - Cash outflow from investing activities rose to CNY 867,473,251.62, compared to CNY 727,940,562.36, an increase of about 19.2%[21]. - Net cash flow from financing activities was negative at CNY -52,925,877.97, an improvement from CNY -88,887,994.12 in the previous period[21]. - The ending balance of cash and cash equivalents was CNY 541,853,778.64, up from CNY 480,436,200.35, an increase of approximately 12.8%[22]. Investments and Expenses - The company’s long-term equity investments rose by 186.77% to CNY 95,836,414.65, primarily due to new investments[9]. - Management expenses increased by 46.61% to CNY 89,902,249.25, mainly due to higher employee compensation and service fees[9]. - Research and development expenses were CNY 174,151,080.41, slightly up from CNY 167,429,052.23, indicating a focus on innovation[17]. - The company reported an investment loss of CNY 344,033.52, contrasting with a gain of CNY 2,541,117.47 in the previous year[18]. - Deferred income tax liabilities increased to CNY 13,131,844.50 from CNY 4,817,142.19, indicating changes in tax strategy[15]. - The company recorded a significant increase in other operating income, which rose by 208.69% to CNY 2,072,712.84, attributed to government subsidies[9]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 34,736[11]. - The largest shareholder, Zhu Zhihong, holds 33.12% of shares, totaling 165,663,600 shares, with 124,247,700 shares pledged[11]. - The top 10 shareholders include both individual and institutional investors, with significant stakes held by Zhu Zhihong and Duan Lixin[11]. - The company has not reported any changes in the status of preferred shareholders or any significant changes in shareholding due to margin trading[12]. - There are no reported changes in the status of restricted shares or any new strategies related to market expansion or product development[12].

Core Insights - The intensity of competition in the latest round of centralized drug procurement is significantly higher than in previous rounds, with a total of 55 drugs and 445 companies participating, resulting in a selection rate of nearly 60% [1][2][11] Group 1: Competitive Landscape - The latest procurement round saw 794 products from 445 companies, with 272 companies winning bids [1][2] - The most competitive products included theophylline injection with 48 bidders, and cefazolin and famotidine injections with 41 and 38 bidders respectively [3] - Some companies adopted a strategy of bidding low to secure more market share, reflecting a cautious mindset among bidders [2][3] Group 2: Market Impact - The market leader in influenza medication, Yichang Dongyangguang, unexpectedly lost its bid for oseltamivir granules, which accounted for approximately 67% of its revenue [4][5] - The winning bids for oseltamivir were significantly lower than Yichang Dongyangguang's bid, indicating a shift in market dynamics [5] - Nine Dian Pharmaceutical, previously the sole supplier of a pain relief product, won bids for multiple products at prices much lower than previous procurement rounds, indicating a potential impact on its revenue and profit margins [7][9][10] Group 3: Regulatory Environment - The National Healthcare Security Administration has implemented measures to maintain high selection rates while preventing extreme low pricing, including setting anchor prices and not including products with a scale below 100 million [2][11] - The procurement process emphasizes comprehensive evaluation beyond price, including brand, quality, and supply chain factors, although price competition remains fierce [10][11]

Core Viewpoint - Jiutian Pharmaceutical announced its participation in the 11th national centralized drug procurement organized by the National Organization for Drug Procurement Office, with products Dapagliflozin tablets, Nicorandil tablets, and Loxoprofen sodium gel patches expected to be selected for this procurement [1] Group 1 - The company participated in the centralized procurement bidding on October 27, 2025 [1] - The products involved in the bidding include Dapagliflozin tablets, Nicorandil tablets, and Loxoprofen sodium gel patches [1]

Core Viewpoint - The eleventh batch of national procurement results indicates that four companies are competing for the qualification to supply the transdermal patch/ointment of Loxoprofen, with three companies, including Jiutian Pharmaceutical, Lijiang Pharmaceutical, and Beijing Tide Pharmaceutical, winning the bid, while the original manufacturer, LEAD CHEMICAL CO., LTD., lost the bid [1] Group 1: Companies Involved - Jiutian Pharmaceutical, through its subsidiary Hunan Puda Medical Technology Co., Ltd., is one of the winning bidders for the Loxoprofen transdermal patch/ointment [1] - Harbin Lijiang Pharmaceutical Co., Ltd. is also among the companies that secured the bid for the Loxoprofen product [1] - Beijing Tide Pharmaceutical Co., Ltd. is the third company that has been awarded the qualification to supply the Loxoprofen transdermal patch/ointment [1] Group 2: Market Insights - The sales revenue of Loxoprofen transdermal patch/ointment in domestic public hospitals is expected to exceed 1 billion in 2024 [1] - Jiutian Pharmaceutical holds a significant market share in the domestic market for Loxoprofen products [1]

Core Viewpoint - The company, Jiutian Pharmaceutical, announced its participation in the 11th national centralized procurement organized by the National Organization for Drug Procurement Office, with plans to bid for its products Dapagliflozin Tablets, Nicorandil Tablets, and Loxoprofen Sodium Gel Patches [1] Group 1 - Jiutian Pharmaceutical participated in the bidding process on October 27, 2025 [1] - The company aims to have its products selected in this centralized procurement [1]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2025-077 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 关于参与全国药品集中采购拟中选的公告 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。 湖南九典制药股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日参加 了国家组织药品联合采购办公室组织的第十一批全国药品集中采购的投标工作。 公司产品达格列净片、尼可地尔片、洛索洛芬钠凝胶贴膏拟中选本次集中采购， 现将相关情况公告如下： 二、中选后对公司的影响 品种 名称 注册 分类 适应症 规格 拟中选价 格 拟中选数量 拟供应省份 按厂牌 带量 按供应地区 带量 达格 列净 片 化药 4 类 用于 2 型糖尿 病成人患者； 单药治疗 可作为单药治 疗，在饮食和 运动基础上改 善血糖控制。 10mg*30 片 10.99 元 （30 片） 7,281.5806 万片 全国除 海南、 西藏 北京、广西、 贵州、吉林 尼可 地尔 片 化药 4 类 心 ...

Core Points - The stock price of JiuDian Pharmaceutical has decreased by 2.04% to 16.77 CNY per share as of October 28, with a total market capitalization of 8.389 billion CNY [1] - The company has experienced a year-to-date stock price decline of 4.93% and a 60-day decline of 3.62% [1] - JiuDian Pharmaceutical's main business includes the research, production, and sales of pharmaceutical products, with a revenue composition of 82.47% from drug formulations [1] Financial Performance - For the first half of 2025, JiuDian Pharmaceutical reported a revenue of 1.512 billion CNY, representing a year-on-year growth of 10.67%, and a net profit of 291 million CNY, up by 2.57% [2] - The company has distributed a total of 450 million CNY in dividends since its A-share listing, with 346 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for JiuDian Pharmaceutical decreased by 11.65% to 38,800, while the average number of circulating shares per person increased by 14.35% to 9,542 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 10.6772 million shares, and Southern CSI 1000 ETF, which increased its holdings by 524,400 shares [3]

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。 湖南九典制药股份有限公司（以下简称"公司"）公司于 2025 年 10 月 23 日召开第四届董事会第十三次会议，审议通过了《关于对外投资暨关联交易的议 案》，同意公司使用自有资金 5,000 万元，与长沙湘江善诺创业投资合伙企业（有 限合伙）、海南玖智轻研科技合伙企业（有限合伙）共同投资设立湖南九典善诺 创新医药科技有限公司（以下简称"九典善诺"）。具体内容详见公司在巨潮资 讯网披露的《关于对外投资暨关联交易的公告》（公告编号：2025-074）。 九典善诺已于近日完成工商注册登记，并取得湖南湘江新区管理委员会颁发 的《营业执照》。登记的相关信息如下： 名称：湖南九典善诺创新医药科技有限公司 统一社会信用代码：91430104MAG0YFEQ49 | 证券代码：300705 | 证券简称：九典制药 | 公告编号：2025-076 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 关于对外投资暨关联交易的进展公告 类型：其他有限责任 ...