Group 1 - The core viewpoint of the news is that Yipinhong Pharmaceutical Group Co., Ltd. experienced a stock price increase of 5.72%, reaching 53.79 CNY per share, with a trading volume of 290 million CNY and a turnover rate of 1.32%, resulting in a total market capitalization of 24.297 billion CNY [1] - Yipinhong was established on February 4, 2002, and listed on November 16, 2017. The company focuses on the research, production, and sales of its own pharmaceuticals, as well as the sales of agency drugs [1] - The main revenue composition of Yipinhong includes children's medicine at 61.12%, chronic disease medicine at 22.71%, and other products at 16.17% [1] Group 2 - From the perspective of major circulating shareholders, Guangfa Fund has a fund that ranks among the top ten circulating shareholders of Yipinhong. Guangfa Healthcare Stock A (004851) newly entered the top ten in the third quarter, holding 3.0452 million shares, which accounts for 0.73% of the circulating shares [2] - Guangfa Healthcare Stock A (004851) was established on August 10, 2017, with a latest scale of 5.185 billion CNY. The fund has achieved a return of 16.65% this year, ranking 3170 out of 4216 in its category, and a return of 14.13% over the past year, ranking 3091 out of 3889 [2] - The fund manager of Guangfa Healthcare Stock A is Wu Xingwu, who has a cumulative tenure of 10 years and 265 days, with a total fund asset scale of 10.641 billion CNY. The best fund return during his tenure is 100.05%, while the worst is -38.35% [2] Group 3 - From the perspective of the fund's top heavy positions, Guangfa Healthcare Stock A (004851) holds 3.0452 million shares of Yipinhong, accounting for 3.02% of the fund's net value, making it the ninth largest heavy position [3] - The estimated floating profit from this position is approximately 8.8616 million CNY [3]

Core Insights - Yipinhong Pharmaceutical Group Co., Ltd. experienced a stock price increase of 5.72%, reaching 53.79 CNY per share, with a trading volume of 290 million CNY and a turnover rate of 1.32%, resulting in a total market capitalization of 24.297 billion CNY [1] Company Overview - Yipinhong Pharmaceutical was established on February 4, 2002, and went public on November 16, 2017. The company is located in Guangzhou International Biological Island, Huangpu District, Guangzhou, Guangdong Province [1] - The company's main business includes the research, production, and sales of its own pharmaceuticals, as well as the sales of agent pharmaceuticals. The revenue composition is as follows: children's medicine 61.12%, chronic disease medicine 22.71%, and others 16.17% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Huaxia Fund has a significant position in Yipinhong. Huaxia New Jinhui Mixed A (004048) held 23,000 shares in the third quarter, accounting for 2.58% of the fund's net value, ranking as the sixth-largest holding [2] - The fund was established on March 8, 2017, with a latest scale of 14.8028 million CNY. Year-to-date returns are 16.22%, ranking 5037 out of 8154 in its category; one-year returns are 17%, ranking 4763 out of 8046; and since inception, returns are 21.01% [2] - The fund manager, Hu Jie, has been in position for 2 years and 210 days, with a total asset scale of 52.9889 million CNY. The best fund return during his tenure is 11.97%, while the worst is 11.68% [2]

Core Insights - The company reported a revenue of 814 million yuan for the first three quarters of 2025, representing a year-on-year decline of 34.35% [1] - The net profit attributable to the company was -136 million yuan, with the loss narrowing by 44.8% year-on-year [1] - As of the disclosure date, the company has obtained 16 drug registration approvals for 15 varieties, indicating a continuous enrichment of its product pipeline and categories, which enhances its core competitiveness [1]

Core Viewpoint - Yipinhong (300723.SZ) reported a significant decline in revenue and incurred net losses in the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's revenue for the first three quarters was 814 million yuan, representing a year-on-year decrease of 34.35% [1] - The net loss attributable to shareholders of the listed company was 136 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 179 million yuan [1] - The basic loss per share was 0.3013 yuan [1]

Core Viewpoint - The company Yipinhong (300723) reported an expanded net loss of 1.79 billion yuan in the first three quarters of 2025, while also announcing positive developments regarding its gout drug, Deutetrabenazine (AR882) [1][3]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 814 million yuan, a year-on-year decrease of 34.35% [3][4]. - The net profit attributable to shareholders was -136 million yuan, with a non-recurring net profit of -179 million yuan, indicating an increase in losses of over 60 million yuan and nearly 80 million yuan compared to the mid-year report [3][4]. - The gross profit margin for the first three quarters was 59.23%, down approximately 7 percentage points from the previous year's 66.53% [4][5]. Cost Structure - Sales expenses for the first three quarters amounted to 289.6 million yuan, accounting for 35.58% of revenue, compared to 359.4 million yuan and 28.98% in the same period last year [5][6]. - The company has seen a trend of increasing sales expenses after a period of reduction following a scandal involving the misappropriation of over 1.6 billion yuan in public relations expenses [6]. Research and Development - The company announced positive clinical results for its gout drug Deutetrabenazine (AR882) at the ACR 2025 conference, indicating effective treatment options for patients with chronic gout who do not respond well to existing therapies [6][10]. - The stock price of Yipinhong saw a maximum increase of 4.4 times this year due to optimism surrounding the new drug, although it has since corrected by approximately 35% in the last three months [10]. Market Position - As of October 29, the company's market capitalization stood at 24.08 billion yuan, reflecting a narrowing of the annual stock price increase to 212% [10].

Core Viewpoint - The company Yipinhong reported an expanded loss in the first three quarters of 2025, with a net profit attributable to shareholders of -1.36 billion yuan and a non-recurring net profit of -1.79 billion yuan, while also highlighting positive developments in its gout drug research [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 814 million yuan, a year-on-year decrease of 34.35% [4]. - The gross profit margin for the first three quarters of 2025 was 59.23%, down from 66.53% in the same period last year, indicating a decline of approximately 7 percentage points [5][6]. - The company's sales expenses for the first three quarters amounted to 289.6 million yuan, accounting for 35.58% of revenue, compared to 359.4 million yuan and 28.98% in the same period last year [6][7]. Research and Development - The company announced positive clinical results for its gout drug, Deuterated Parnate (AR882), which showed effectiveness in reducing uric acid levels and dissolving gout stones in patients [11]. - The drug's clinical findings were presented at the ACR 2025 (American College of Rheumatology Annual Meeting), indicating potential as a more effective treatment option for chronic gout stone patients [11]. Market Performance - The stock price of Yipinhong saw a maximum increase of 4.4 times earlier this year, but has since corrected by approximately 35% over the past three months, with a year-to-date increase of 212% as of October 29, 2025 [11]. - As of the same date, the company's market capitalization stood at 24.08 billion yuan [11].

Core Viewpoint - Yipinhong (300723) reported a narrowing loss in its Q3 2025 financial results, with revenue of 814 million yuan and a net loss of 136 million yuan for the first three quarters, reflecting a year-on-year reduction in loss by 44.80% [1] Financial Performance - For Q3 2025, the company achieved revenue of 230 million yuan and a net loss of 62.54 million yuan, with the loss narrowing by 78.65% year-on-year [1] - Cumulatively, the company’s revenue for the first three quarters reached 814 million yuan, with a net loss of 136 million yuan [1] Product Development - As of the report date, Yipinhong received 16 drug registration approvals for 15 products, enhancing its product pipeline and core competitiveness [1] - The company’s innovative drug AR882, aimed at treating gout and gout stones, completed patient enrollment for its global Phase III trial, marking significant progress in its global development [1] - The company’s self-developed innovative drug APH03621 has been approved for clinical trials targeting endometriosis [2] Mechanism and Clinical Results - APH03621 is a new oral, non-peptide small molecule GnRH receptor antagonist, which regulates the hypothalamic-pituitary-gonadal axis to treat endometriosis [2] - AR882 is a highly selective URAT1 inhibitor currently in Phase III clinical development for gout and gout stones, showing promising results in reducing serum uric acid levels and dissolving gout stones in patients [3] - Clinical findings indicate that AR882, either as monotherapy or in combination with allopurinol, effectively lowers sUA and reduces urate crystal burden, providing a more effective treatment option for chronic gout stone patients [3]

Core Viewpoint - Yipinhong (300723.SZ) reported a significant decline in revenue and incurred losses in the third quarter, indicating potential challenges in its operational performance [1] Financial Performance - The company recorded a revenue of 814 million yuan for the first three quarters, representing a year-on-year decrease of 34.35% [1] - The net loss for the period amounted to 136 million yuan, with a non-recurring net loss of 179 million yuan [1] - Basic earnings per share were reported at -0.3013 yuan [1]

一品红药业集团股份有限公司 特定对象调研来访接待工作管理制度 第一章 总 则 第一条 为维护一品红药业集团股份有限公司（以下简称"公司"）和投资 者的合法权益，加强公司与投资者、媒体之间的信息沟通，提高公司的投资者关 系管理水平，促进公司诚信自律、规范运作，并进一步完善公司治理机制，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中 国证监会"）关于上市公司投资者关系管理、信息披露的要求和《上市公司治理 准则》《深圳证券交易所创业板股票上市规则》《上市公司投资者关系管理工作 指引》《一品红药业集团股份有限公司章程》（以下简称"公司章程"）的相关 规定，结合公司的实际情况，制定本制度。 第二条 本制度所述特定对象调研来访接待工作，是指公司通过接受新闻媒 体、投资者、证券机构等特定对象的新闻采访、调研、一对一的沟通、现场参观、 分析师会议、路演和业绩说明会等活动，增进资本市场对公司的了解、认同和支 持的工作。 第三条 本制度所称特定对象是指比一般中小投资者更容易接触到信息披 露主体和更具信息优势，可能利用未公开重大信 ...

一品红药业集团股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为了规范一品红药业集团股份有限公司（以下简称"公司"）选聘 （含续聘、改聘）执行财务报表审计业务的会计师事务所相关行为，保证财务信 息的真实性和连续性，根据《中华人民共和国公司法》《一品红药业集团股份有 限公司公司章程》 (以下简称"《公司章程》"）等有关规定，结合公司实际情 况，制定本制度。 第二条 公司选聘（含续聘、改聘）承办公司审计业务的会计师事务所相关 行为，应当遵照本制度，履行选聘程序，披露相关信息。 第三条 公司选聘会计师事务所应当经董事会审计委员会审核，经董事会、 股东会审议，在公司董事会、股东会审议批准前，公司不得聘请会计师事务所开 展财务报表审计业务。 1 （四）具有规范和完善的业务质量控制制度、风险控制制度及健全的内部基 础管理制度； （五）具有完成审计任务和确保审计质量的注册会计师，按时保质完成审计 工作任务； （六）中国证监会规定的其他条件。 第四条 公司大股东、实际控制人不得在公司董事会、股东会审议前，向公 司指定会计师事务所，也不得干预公司董事会审计委员会独立履行审核职责。 第二章 选聘会计师事务所条件 第五 ...