Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with a focus on acquiring an antibacterial peptide new drug to accelerate its innovation transformation [5] - The company reported a revenue of 1.512 billion yuan in the first half of 2025, a year-on-year increase of 10.67%, and a net profit attributable to shareholders of 291 million yuan, up 2.57% year-on-year [7] - The company is enhancing its innovative drug pipeline by acquiring the antibacterial peptide new drug JIJ02 gel, which is currently in clinical phase I [7] Financial Summary - Revenue forecast for 2023 to 2027 is as follows: 2,693 million yuan (2023), 2,931 million yuan (2024), 3,288 million yuan (2025E), 3,606 million yuan (2026E), and 3,945 million yuan (2027E) with corresponding growth rates of 15.75%, 8.85%, 12.19%, 9.67%, and 9.41% [6] - Net profit attributable to shareholders is projected to be 368 million yuan (2023), 512 million yuan (2024), 572 million yuan (2025E), 607 million yuan (2026E), and 687 million yuan (2027E) with growth rates of 36.54%, 39.13%, 11.55%, 6.16%, and 13.25% respectively [6] - Earnings per share (EPS) is expected to be 0.74 yuan (2023), 1.02 yuan (2024), 1.14 yuan (2025E), 1.21 yuan (2026E), and 1.37 yuan (2027E) [6]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.512 billion yuan, a year-on-year increase of 10.67% [2] - Net profit attributable to shareholders was 291 million yuan, up 2.57% year-on-year [2] - Deducting non-recurring gains and losses, the net profit was 283 million yuan, reflecting a growth of 10.74% [2] Business Segments - The external preparation segment generated sales of 836 million yuan, a growth of 16.96%, driven by the increasing volume of Loxoprofen Sodium Gel and Ketoprofen Gel [3] - The oral preparation segment reported sales of 411 million yuan, a year-on-year increase of 10.80%, primarily due to the rapid growth of Dapagliflozin tablets [3] - The raw materials and plant extracts segment achieved sales of 255 million yuan, remaining stable compared to the previous year [3] Innovation and R&D - The newly introduced innovative drug JIJ02 Gel has broad-spectrum antibacterial properties and low resistance potential, expected to enhance treatment efficacy [4] - The company is focusing on innovative drug development in both chemical and traditional medicine, with a particular emphasis on pain and oncology [4] - R&D expenses for 2025 are projected to be between 250 million and 300 million yuan, with revenue growth expected to be between 10-20% [4] Market Strategy - The company plans to enhance the market presence of its products through strategic acquisitions and the introduction of quality products [8] - The sales strategy for Loxoprofen Sodium Gel is being adjusted to increase resources for the external market and strengthen internal sales team assessments [6] - The company is actively pursuing overseas patent applications for JIJ02 Gel, which has been fully transferred without retained backend shares [8] Future Outlook - The company anticipates the approval of several new products in 2025, including Indomethacin Gel and Fluorobufen Gel [7] - The market expansion for the anti-inflammatory pain relief patch is progressing as planned, with expectations for increased sales over time [4]

（编辑 袁冠琳） 证券日报网讯 九典制药8月25日在互动平台回答投资者提问时表示，公司通过产业链协同与工艺优化， 持续提升成本管控能力。在市场竞争激烈的环境下，公司产品生产成本受市场波动影响较小，自产原料 药也更好地保障了产品质量的稳定性。公司目前的研发进展符合预期，后续公司将依据阶段性进展及时 履行信息披露义务。 ...

Core Viewpoint - The company has accumulated several core technologies in the gel patch field, including matrix formulation and process control, which lay the foundation for continuously enriching its product pipeline [1] Group 1 - The company plans to leverage its technological platform advantages to actively expand its product varieties and indications [1] - The company believes that technological innovation will effectively support the continuous enhancement of its market competitiveness [1] Group 2 - The production and sales of pharmaceuticals are subject to various factors such as industry policies, bidding processes, and changes in the market environment, leading to uncertainties [1]

Financial Performance - Company reported a total revenue of 1.512 billion yuan for the first half of 2025, representing a year-on-year increase of 10.67% [1] - Net profit attributable to shareholders reached 291 million yuan, up 2.57% year-on-year [1] - Gross margin improved to 74.58%, an increase of 1.97% compared to the previous year [1] - Net margin decreased to 19.27%, down 7.32% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 670 million yuan, accounting for 44.29% of revenue, an increase of 1.71% year-on-year [1] Cash Flow and Financial Ratios - Operating cash flow per share decreased to 0.55 yuan, down 35.8% year-on-year [1] - The company’s return on invested capital (ROIC) was 20.24%, indicating strong capital returns [2] - Historical median ROIC since listing is 17.42%, with the lowest recorded ROIC in 2019 at 6.92% [2] Market Position and Strategy - Company is actively responding to market competition for its product, Loxoprofen Sodium Gel Patch, which has 11 competitors [3] - The company has established a comprehensive sales channel, particularly in the outpatient market, which is a new growth driver [3] - Continuous investment in research and development is emphasized to expand the product line and maintain industry leadership [3]

证券代码：300705 证券简称：九典制药 公告编号：2025-057 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 第四届监事会第八次会议决议公告 本公司及监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、监事会会议召开情况 湖南九典制药股份有限公司（以下简称"公司"）第四届监事会第八次会议 于 2025 年 8 月 21 日在公司 921 会议室以现场结合通讯会议方式召开，会议通知 已于 2025 年 8 月 11 日以邮件方式送达。本次会议应出席的监事 3 人，实际出席 的监事 3 人（其中以通讯方式出席会议的监事有：段斌女士），部分高级管理人 员及保荐代表人列席了会议，会议由监事会主席段斌女士召集并主持。本次会议 的召开符合有关法律、法规和《公司章程》的规定，形成的决议合法有效。 具体内容详见公司在巨潮资讯网上披露的《2025 年半年度报告》及其摘要。 《2025 年半年度报告摘要》将同日刊登在《中国证券报》《上海证券报》《证券 时报》《证券日报》。 表决结果：3 票同意，0 票反对，0 票弃权。 经审议，监事会认为：本次改变募集资 ...

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 9, 2025 [1][2] - The meeting will be conducted through a combination of on-site voting and online voting [1] - The record date for shareholders to participate is August 29, 2025 [2] Attendance and Voting - All shareholders have the right to attend the meeting and can appoint a proxy to vote on their behalf [2] - The meeting will take place at the company's conference room located at No. 1, Health Avenue, Liuyang Economic and Technological Development Zone, Changsha [2] Agenda and Proposals - The meeting will review proposals that have been approved by the company's board and supervisory board [3] - A specific proposal regarding the change of registered capital and amendments to the company's articles of association will require a two-thirds majority of the voting rights present [3] Registration Process - Shareholders must present valid identification and proof of shareholding to register for the meeting [3][5] - The registration period will end before the meeting is called to order [5] Online Voting Procedure - Shareholders can participate in online voting through the Shenzhen Stock Exchange trading system or the internet voting system [5][6] - Detailed procedures for online voting are provided in the attachments [6]

Summary of Key Points Core Viewpoint - The company, Hunan Jiutian Pharmaceutical Co., Ltd., is changing the use of raised funds from a new drug research project to a new antibacterial peptide drug research project due to market environment changes and actual development needs [1][9]. Group 1: Fundraising Overview - The company raised a total of RMB 270 million through the issuance of convertible bonds, with a net amount of RMB 262.62 million transferred to a special account [1]. - As of June 30, 2025, the company has invested RMB 176.04 million in fundraising projects, leaving a remaining balance of RMB 98.09 million [2][3]. Group 2: Change in Fund Usage - The original project, which involved the development of improved new drugs, has seen an investment of RMB 19.69 million, with RMB 98.09 million remaining uninvested [4][5]. - The company plans to redirect the remaining funds entirely to the new antibacterial peptide drug research project, which will account for 36.33% of the total raised funds [3][4]. Group 3: Project Details - The new project involves the development of antibacterial peptides, which are expected to address the growing issue of antibiotic resistance and have potential applications in treating various infections [6][7]. - The project is anticipated to enhance the company's product offerings and support future business growth [6][9]. Group 4: Approval Process - The change in fundraising usage has been approved by the company's board and requires shareholder approval [9][10]. - The adjustment aligns with regulatory requirements and does not harm shareholder interests [10].

Group 1 - The report is a tracking report by Western Securities Co., Ltd. regarding Hunan Jiutian Pharmaceutical Co., Ltd. for the first half of 2025 [1] - The report includes an overview of the sponsor's work, detailing the review of company information disclosure documents and compliance with regulations [1][2] - The company has not failed to review information disclosure documents, with zero instances of non-compliance noted [1] Group 2 - The company has established a complete set of regulations, including measures to prevent related party transactions and manage raised funds [1] - The company effectively executes relevant regulations, as confirmed by the sponsor [1] - The report indicates that the company attended one shareholder meeting and has conducted two checks on the special fund account for raised funds [1] Group 3 - The report states that there are no significant issues requiring attention from the sponsor [1][2] - The company has not failed to fulfill any commitments, and there are no unresolved issues reported [2]

Meeting Overview - The fourth meeting of the board of directors of Hunan Jiutian Pharmaceutical Co., Ltd. was held on August 21, 2025, with all seven directors present, ensuring compliance with legal and regulatory requirements [1] Financial Reporting - The board approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1][3] Fund Utilization - The board reviewed and approved the special report on the use of raised funds for the first half of 2025, affirming that it accurately represents the actual situation regarding the storage and use of raised funds [3] - The board agreed to change the purpose of the raised funds, stating that the adjustment is necessary for the company's operations and development, aligning with market demands and strategic goals [3] Company Charter Amendments - The board proposed amendments to the company charter, including an increase in registered capital from RMB 496,196,815 to RMB 500,212,355, and the total number of shares from 496,196,815 to 500,212,355 [3][4] Shareholder Meeting - The board approved the convening of the first temporary shareholders' meeting of 2025 on September 9, 2025, at 14:45 in the company meeting room [4][5]