Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a 10.67% year-on-year increase in revenue for the first half of 2025, reaching 1.512 billion yuan, and a net profit of 291 million yuan, up 2.57% year-on-year [5] - The company is actively enhancing its innovation pipeline, including the acquisition of the antibacterial peptide new drug JIJ02 gel for 90 million yuan, which is currently in clinical phase I and aims to treat common acne [6] - The company is undergoing a product structure adjustment, leading to revised profit forecasts for 2025-2027, with expected net profits of 570 million, 642 million, and 731 million yuan respectively [5] Financial Summary - For the first half of 2025, the gross margin was 74.58%, an increase of 1.44 percentage points, while the net margin was 19.27%, a decrease of 1.53 percentage points [5] - The company’s revenue from drug formulations in the first half of 2025 was 1.247 billion yuan, reflecting a 14.86% increase, with strong sales of products like Loxoprofen sodium gel patches [5] - The projected earnings per share (EPS) for 2025-2027 are 1.14, 1.28, and 1.46 yuan per share, with corresponding price-to-earnings (P/E) ratios of 16.2, 14.4, and 12.6 times [5][8]

证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 26 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 孙洁玲 SAC：S1350524120004 sunjieling@huayuanstock.com | 基本数据 | | | | 年 | 08 | 25 | | 2025 | | 月 | | | 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 19.53 | | | | | | | | | 一 年 内 最 最 | 低 | 高 | / | | | | | | | | | | | | | （元） | | | | | | | | | | | 28.75/14.41 | | | | | 总市值（百万元） | | | | | | | | | 9,769.15 | | | | | | | 流通市值（百万 ...

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].

| 西部证券股份有限公司 | | | | | | | | | | | 关于湖南九典制药股份有限公司 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人名称：西部证券股份有限公司 | | | | | | | | | | | | | | | | | | | | | | 被保荐公司简称：九典制药 | | | | | | | 保荐代表人姓名：江伟 | | | | | | | | | | | | | | | | | | | | | 联系电话：0731-84727299 | | | | | | | | 保荐代表人姓名：徐飞 | | | | | | | | | | | | | | | | | | | | | 联系电话：0731-84727299 | | | | ...