一、《药品生产许可证》主要情况 企业名称：广东瑞石制药科技有限公司 社会信用代码：91440229MA7DEP2B9F 注册地：广东省韶关市翁源县翁城镇制造工业园 HC0305-04 地块 证券代码：300723 证券简称：一品红 公告编号：2025-038 一品红药业集团股份有限公司 关于全资子公司取得药品生产许可证的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一品红药业集团股份有限公司（以下简称"公司"）全资子公司广东瑞石制 药科技有限公司（以下简称"瑞石制药"）于近期取得了广东省药品监督管理局 下发的药品生产许可证。《药品生产许可证》具体内容如下： 生产地址和生产范围：广东省韶关市翁源县翁城镇制造工业园 HC0305-04 地块；原料药（氘泊替诺雷）。 二、对公司的影响 本次瑞石制药取得《药品生产许可证》，预期不会对公司当前业绩产生重大 影响，相关产品待获得药品上市批准文号后方可进行商业化生产。取得《药品生 产许可证》仅是新药研发进展中阶段性里程碑，后续临床试验阶段是否顺利、能 否获得生产批件、具备上市资格尚存在诸多不确定。公司将积极推进上述研 ...

Core Viewpoint - The pharmaceutical sector in A-shares has shown significant performance in 2025, with many stocks experiencing substantial price increases, despite a recent pullback in the market [1][2]. Group 1: Market Performance - As of May 26, the A-share market saw the Shanghai Composite Index drop by 0.05% to 3346.84 points, with the Shenzhen Component Index down 0.41% and the ChiNext Index down 0.8% [1]. - The biopharmaceutical sector has had a strong year, with five stocks rising over 100% and 35 stocks increasing by more than 50% since the beginning of 2025 [1][2]. Group 2: Individual Stock Performance - Notable performers include Yong'an Pharmaceutical, which has seen a price increase of 171.34%, and other companies like Yipin Pharmaceutical and Sanofi National Health, with increases of 169.87% and 138.47%, respectively [3][4]. - The Wind data indicates that the Wande Innovation Drug Index and the Pharmaceutical and Biological Index have risen by 11.21% and 3.17%, respectively, outperforming major indices like the Shanghai Composite and CSI 300 [2]. Group 3: Factors Driving Stock Prices - Yong'an Pharmaceutical's stock price surge is attributed to rising international prices of taurine and strong sales performance of its functional beverage brand "Yijianeng" on e-commerce platforms [5]. - The recent authorization deal between Sanofi Pharmaceutical and Pfizer for a breakthrough PD-1/VEGF bispecific antibody has also driven stock prices, with potential total transaction value exceeding $6 billion [9]. - The acceleration of innovative drug development and the increasing focus on AI in healthcare are contributing factors to the rising stock prices of several pharmaceutical companies [10]. Group 4: Future Outlook - Analysts are optimistic about the investment opportunities in innovative drugs for the second half of 2025, citing the international competitiveness of China's innovative drug development [12]. - The pharmaceutical industry is expected to benefit from ongoing innovation, demographic trends, and favorable policy environments, with a focus on innovative drugs and consumer recovery [12].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has acquired the remaining 15.25% stake in its subsidiary, Guangzhou Rui'an Bo, making it a wholly-owned subsidiary, which enhances its control over the innovative drug AR882 [1][2] - The clinical trials for AR882 are progressing smoothly, with significant milestones achieved, including FDA's Fast Track designation and completion of patient enrollment for key Phase III trials [2] - The company has a diverse pipeline with 71 projects under development, focusing on metabolic, inflammatory, and neurological diseases, which positions it for long-term competitive advantage [3] Financial Projections - The company is projected to achieve net profits of CNY 200 million, CNY 255 million, and CNY 321 million for the years 2025 to 2027, representing growth rates of 137%, 27.5%, and 25.8% respectively [3][8] - The expected P/E ratios for 2025, 2026, and 2027 are 112X, 88X, and 70X respectively [3] Stock Information - As of May 23, the closing price was CNY 49.45, with a total market capitalization of CNY 22,336.21 million [4]

Group 1 - The recombinant protein sector experienced a decline of 1.53%, ranking among the top declines in concept sectors as of the market close on May 26 [1][2] - Within the recombinant protein sector, notable declines were observed in companies such as Sanofi (三生国健) and Yipin Pharmaceutical (一品红), while a few companies like ST Wanfang (*ST万方) and Xilong Science (西陇科学) saw increases of 3.19% and 2.76% respectively [1][2] Group 2 - The recombinant protein sector faced a net outflow of 276 million yuan, with 33 stocks experiencing net outflows, and 17 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Sanofi (三生国健), which had a net outflow of approximately 46.36 million yuan, followed by companies like Betta Pharmaceuticals (贝达药业) and Xilong Science (西陇科学) with net outflows of 32.77 million yuan and 29.11 million yuan respectively [2][3] Group 3 - The top gainers in the recombinant protein sector included ST Wanfang (*ST万方) and Kaiyin Technology (凯因科技), which saw net inflows of 9.82 million yuan and 11.86 million yuan respectively [3] - Other companies with significant net inflows included Guoyao Modern (国药现代) with 14.46 million yuan and Rejing Biological (热景生物) with 35.44 million yuan [3]

Core Viewpoint - The National Healthcare Security Administration (NHSA) has initiated an investigation into six companies for collusion and price negotiation during the national drug procurement process, marking the first instance of such violations since the implementation of centralized drug procurement in China [1][4]. Group 1: Investigation and Penalties - Six companies have been disqualified from the seventh round of national drug procurement due to collusion in bidding and have been placed on a "blacklist," facing a suspension of participation for 6 to 12 months [3][7]. - This incident is referred to as the "largest collusion case" in national drug procurement history [4]. - The involved companies include Chengdu Xinjie High-tech Development Co., Ltd., Renhe Yikang Group Co., Ltd., Guangzhou Yipin Hong Pharmaceutical Co., Ltd., Shijiazhuang Fourth Pharmaceutical Co., Ltd., Shanghai Xudong Haipu Pharmaceutical Co., Ltd., and Jiangxi Yiyou Pharmaceutical Co., Ltd. [7]. Group 2: Financial Impact - The collusion has resulted in a loss of approximately 266 million yuan for the procurement side, with Yipin Hong committing to refund the entire amount based on sales data from 2022 to present [8]. - The average winning price for the involved drug, Ambroxol Hydrochloride Injection, was 17.95 yuan, with a price drop of 22%, making it one of the least reduced products in the procurement [9]. Group 3: Market Implications - The blacklisting of these companies may lead to increased competition among other firms for the market share of Ambroxol Hydrochloride Injection, as the involved companies accounted for over 90% of its sales in public hospitals [11]. - The NHSA has emphasized the importance of compliance with laws and regulations in drug procurement, warning that collusion will lead to penalties and damage to corporate reputation [11].

Investment Rating - The report maintains a positive investment outlook on URAT1 inhibitors, suggesting that they are expected to rapidly capture market opportunities in the coming years, particularly for domestic companies with strong clinical data and internationalization potential [4][6]. Core Insights - The gout and hyperuricemia patient population is substantial, with estimates of approximately 10.23 to 26.18 million gout patients and around 167 million hyperuricemia patients in China, indicating a significant unmet clinical need due to the side effects of existing medications [1][12][25]. - The global market for URAT1 inhibitors is competitive, with only one drug, Lesinurad, approved so far, which has shown superior efficacy in clinical trials compared to existing treatments [2][28]. - Domestic companies are advancing rapidly in the development of URAT1 inhibitors, with several products in late-stage clinical trials demonstrating promising efficacy and safety profiles [3][32]. Summary by Sections 1. Gout/Hyperuricemia and URAT1 Target Overview - The prevalence of gout and hyperuricemia is increasing, with a notable trend towards younger patients, and the current treatment options have significant side effects, highlighting a large unmet clinical demand [1][24][25]. - Existing medications for gout, such as allopurinol and febuxostat, have seen sales growth, but their side effects create a demand for safer and more effective alternatives [1][17][24]. 2. Domestic URAT1 Inhibitors Flourishing - URAT1 inhibitors work by inhibiting uric acid reabsorption, promoting uric acid excretion, and thus lowering serum uric acid levels [26]. - The first approved URAT1 inhibitor, Lesinurad, has shown a 74% success rate in clinical trials, significantly outperforming existing treatments [2][35]. - Several domestic companies, including HengRui Medicine and Yipinhong, are leading in the development of URAT1 inhibitors, with multiple candidates showing high efficacy rates in clinical trials [3][32][40]. 3. Investment Recommendations - The report recommends focusing on companies with strong clinical data and progress in the URAT1 inhibitor space, such as HengRui Medicine, Yipinhong, and Kangzhe Pharmaceutical, which are well-positioned for commercialization and international expansion [4][5].

Group 1: Electric Power Equipment and New Energy - In Q1 2025, European BEV sales from companies like Renault, Volkswagen, and BMW saw significant growth, with Renault's BEV sales up by 88%, Volkswagen's by 113%, and BMW's by 64% [5][6] - Chinese automakers are increasing exports to Europe, with BYD's sales reaching 14,000 units, a 124% year-on-year increase, while MG's sales dropped by 47% [6] - European automakers are set to launch new electric vehicle models from 2025 to 2026, which is expected to solidify the trend towards electrification [7] - The pressure from carbon emission assessments is high, but the introduction of new models is anticipated to help exceed targets by 2027 [8] Group 2: Social Services - Recent research highlights hyaluronic acid (HA) as a key factor in the aging process, marking a shift towards systemic interventions in anti-aging strategies [10][11] - Huaxi Biological Technology has positioned itself at the forefront of ECM research, with two new anti-aging products recently approved, indicating a shift from local to systemic interventions in anti-aging [12][13] Group 3: Media - Bilibili reported a revenue of 7.003 billion yuan in Q1 2025, a 23.6% year-on-year increase, with a net profit of 362 million yuan, indicating a turnaround from losses [15][16] - The platform's DAU reached 107 million, a 4.5% increase year-on-year, with MAU hitting a record high of 368 million, suggesting strong user growth [17][19] - The company is expected to benefit from the growth in gaming, membership, advertising, and IP monetization, driving future revenue growth [15][19] Group 4: Pharmaceuticals - The company has increased its stake in AR882 to 100%, enhancing its market position for this gout treatment, which shows significant potential for growth [21][22] - AR882 has demonstrated superior efficacy and safety in clinical trials, positioning it as a best-in-class product in the market [22][23] - The company is increasing its R&D investment, with a pipeline of 15 innovative drugs showing promising early-stage results [23]

Key Points - Vanke A has signed a supplementary agreement with Shenzhen Metro Group for a loan of up to 4.2 billion yuan, with a pledge of up to 6 billion yuan in shares of its subsidiary, Wanwu Cloud [3] - Heng Rui Pharmaceutical has set the final price for its H-share issuance at 44.05 HKD per share, with plans to list on the Hong Kong Stock Exchange on May 23, 2025 [4] - Wan Dong Medical has elected Ma Chibing as the new chairman after Hu Ziqiang resigned from the position [5] - Tianqi Mould has confirmed that there are no undisclosed significant matters amid ongoing major asset restructuring [6] - Zhejiang Rongtai plans to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - ST Mingcheng intends to publicly transfer 45% of its subsidiary, Time Media, which will no longer be included in the consolidated financial statements [8] - Shanghai Xiba plans to purchase patent assets for 2 million yuan and 500,000 yuan, and establish subsidiaries to promote the commercialization of new technologies [9] - Jushen Co. has received a total of 95.7 million yuan in dividends from its six wholly-owned subsidiaries [10] - ST Asia Pacific has confirmed no undisclosed significant matters or ongoing major plans [11] - Tianrong Tianyu's controlling shareholder's agreement will not be renewed after its expiration [12] - Wangzi New Materials has stated that its energy storage capacitor business is minimal and will not significantly impact its performance [13] - Nanjing Port has clarified that its foreign trade container business does not have direct routes to the U.S. [14] - Jinlongyu has indicated that its solid-state battery business has not yet formed stable long-term revenue [15] - Tianzhihang's subsidiary plans to raise capital by introducing investors [16] - State Grid Information plans to acquire 100% of Yili Technology for 1.853 billion yuan, enhancing its revenue and profit [17] - ST Nongsang will remove its delisting risk warning starting May 23 [18] - Yipin Hong has stated that its innovative drug AR882 has not yet been launched and will not significantly impact recent performance [19] - Huanrui Century has announced a performance compensation plan requiring original shareholders to compensate 116 million shares [20] - Huaren Health plans to acquire stakes in three pharmaceutical chain companies for a total of 3.282 billion yuan [21][22] - Hongming Co. is planning to acquire 83% of Shenzhen Chisu for 1.51 billion yuan [23] - Aishida intends to acquire an additional 7% stake in its subsidiary Qianjiang Robot for 13.09 million yuan [24] - Dasheng Intelligent has signed a contract worth 11.5 million yuan for a high-efficiency machine room project [25] - Jinggu Co. has received a notice to supply wheels for a major global automaker, with expected sales of approximately 158 million USD over ten years [26] - Pingzhi Information has signed a framework agreement with China Mobile for antenna products worth up to 13.01 million yuan [27] - Shanghai Laishi's controlling shareholder plans to increase its stake by 250 million to 500 million yuan [28] - Qixia Construction's shareholder plans to reduce its stake by up to 3% [29] - Sichuan Gold's major shareholders plan to reduce their stakes by up to 5.5% [30] - Qingyun Technology's shareholders plan to reduce their stakes by up to 4.5% [31] - Rhein Biological's directors plan to reduce their stakes by up to 0.14% [32] - Qingmu Technology's shareholder plans to reduce its stake by up to 3% [33] - Sanrenxing's employee shareholding platform plans to reduce its stake by up to 3% [34][35] - Juzhi Technology's director plans to reduce his stake by up to 40,000 shares [36] - Jingwang Electronics' major shareholders plan to reduce their stakes by up to 2.99% [37] - Jujiao Co. plans to reduce its stake by up to 2.6% [38] - Xiyu Tourism's major shareholder plans to reduce its stake by up to 3% [39]

Core Viewpoint - The company reported a significant net loss for the fiscal year 2024, with a net profit attributable to shareholders of -540.39 million yuan and a net profit of -288.94 million yuan after deducting non-recurring gains and losses, indicating financial challenges ahead [1][2]. Group 1: Stock Trading and Financial Performance - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over three consecutive trading days on May 19, 20, and 21, 2025, as per Shenzhen Stock Exchange regulations [2]. - The board confirmed that there are no undisclosed significant matters that could impact the company's stock price, and previous disclosures do not require correction or supplementation [2][3]. Group 2: Related Transactions and Regulatory Approvals - A proposal regarding the equity of minority shareholders and related transactions is pending approval from the shareholders' meeting, which introduces uncertainty [3]. - The product AR882 has not yet been approved for market sales, and thus has not generated any sales revenue, which will not significantly impact the company's recent performance [3][4]. Group 3: Risk Factors in Pharmaceutical Development - The pharmaceutical development process is characterized by high investment, high risk, and high potential returns, with long timelines and multiple stages that are susceptible to unpredictable factors [4].

证券代码：300723 证券简称：一品红 公告编号：2025-037 一品红药业集团股份有限公司 关于全资子公司获得酮咯酸氨丁三醇注射液注册证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一品红药业集团股份有限公司（以下简称"公司"）全资子公司广州一品红 制药有限公司于近日收到国家药品监督管理局核准签发的关于酮咯酸氨丁三醇 注射液的《药品注册证书》，现将有关事项公告如下： 一、药品注册证书主要信息 药品通用名称：酮咯酸氨丁三醇注射液 英文名/拉丁名：Ketorolac Trometamol Injection 主要成份：酮咯酸氨丁三醇 剂 型：注射剂 包装规格：10 支/盒 处方药/非处方药：处方药 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册，发给药品注册证书。质量标准、说明书、 标签及生产工艺照所附执行。药品生产企业应当符合药品生产质量管理规范要求 方可生产销售。 上市许可持有人：广州一品红制药有限公司 上市许可持有人地址：广州市经济技术开发区东区东博路 6 号 生产企业：河北凯威制药有限 ...