| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交舍额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-18 | 300725 | 药石科技 | 44.26 | 6.48 | 286.80 | 华泰证券股份有限 | 华泰证券股份有限 | | | | | | | | 公司深圳后海中心 | 公司南京浦口大道 | | | | | | | | 路正券营业部 | 证券营业部 | | 2025-08-18 | 300725 | 药石科技 | 44.26 | 9.10 | 402.77 | 浙商证券股份有限 | 华泰证券股份有限 | | | | | | | | 公司深圳前海证券 | 公司南京浦口大道 | | | | | | | | 第三期 | 证券营业部 | | 2025-08-18 | 300725 | 药石科技 | 44.26 | 4.52 | 200.06 | 机构专用 | 华泰证券股份有限 | | | | | | ...

Group 1 - The core point of the article is that the company, Yaoshi Technology, has increased its allocation to other current assets, primarily due to an increase in time deposits and large certificates of deposit [1] - The company clarified that the cash management measures are based on its funding usage plan, indicating a strategic approach to managing liquidity [1] - Detailed financial data regarding these changes can be found in the company's half-year report disclosed on August 8, 2025, specifically in the financial statement notes [1]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The innovative pharmaceutical and medical device market continues to thrive, with an increase in the prosperity of segmented tracks. The Shanghai Composite Index rose by 2.37%, while the pharmaceutical and biological sector increased by 3.08%, ranking 10th among 31 primary sub-industries. The pharmaceutical sector has shown strong recovery and continuity, aligning with previous predictions that declines would be short-lived and shallow [4][8][5]. - The market remains focused on innovative pharmaceuticals and medical devices, with significant events catalyzing the sector. Key highlights include a price increase of up to 170% for Eli Lilly's weight loss drug Mounjaro in the UK and the announcement of pivotal clinical trial results for a dual-target antibody by CanSino Biologics [4][8][5]. - Recommendations for investment focus on specific segments such as GLP-1 drugs, second-generation IO companies, and innovative medical devices, with notable companies identified for potential growth [4][8][5]. Summary by Sections Industry Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biological industry [2]. Market Dynamics - The pharmaceutical sector has shown a year-to-date return of 25.02%, outperforming the Shanghai Composite Index by 18.22 percentage points. The sector's valuation is currently at 27.0 times PE, with a premium of 32.9% compared to the overall A-share market [5][16][8]. Key Company Performance - Notable companies recommended for investment include WuXi Biologics, 3SBio, Changchun High-tech, and others, with their respective stock performances highlighted [2][26][25]. Sector Trends - The report emphasizes the ongoing trend of innovation in pharmaceuticals and medical devices, with specific attention to the GLP-1 drug market and second-generation IO companies, suggesting a rotation of investment opportunities within these segments [4][8][5].

Group 1 - The company Yaoshi Technology announced a mandatory redemption of its convertible bonds ("Yaoshi Convertible Bonds") at a price of 100.62 yuan per bond, effective after the market closes on September 17, 2025 [2] - The current market price of the "Yaoshi Convertible Bonds" is significantly different from the redemption price, prompting the company to remind bondholders to convert their bonds within the specified period to avoid potential losses [2]

Group 1 - The core event involves a block trade of 137,000 shares of Yaoshi Technology on August 15, with a transaction value of 6.1431 million yuan, accounting for 0.81% of the total trading volume for the day [1] - The transaction price was 44.84 yuan per share, which represents a discount of 6.29% compared to the market closing price of 47.85 yuan [1]

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 关于提前赎回药石转债的第一次提示性公告 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。 特别提示： 1、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 14 日 5、停止转股日：2025 年 9 月 18 日 6、赎回日：2025 年 9 月 18 日 7、发行人资金到账日（到达中国结算账户）：2025 年 9 月 23 日 8、投资者赎回款到账日：2025 年 9 月 25 日 9、赎回类别：全部赎回 10、本次赎回完成后，"药石转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"药石转债"如存在被质押或被冻结的，建议在 停止 ...

Group 1 - The stock price of Yaoshi Technology as of August 14, 2025, closed at 47.70 yuan, down 0.15 yuan or 0.31% from the previous trading day [1] - The trading volume on that day was 175,953 hands, with a total transaction amount of 840 million yuan [1] - Yaoshi Technology focuses on the research and development of drug molecular building blocks, primarily serving the innovative drug development sector [1] Group 2 - On the evening of August 14, Yaoshi Technology announced that its fourth board of directors' ninth meeting approved the proposal for the early redemption of Yaoshi convertible bonds [1] - As of September 17, 2025, any unconverted "Yaoshi convertible bonds" will be forcibly redeemed at a price of 100.62 yuan per bond [1] - The company has reminded investors to convert their bonds within the specified period to avoid potential losses due to failure to convert in time [1]

（文章来源：证券日报） 证券日报网讯 8月14日晚间，药石科技发布公告称，公司第四届董事会第九次会议审议通过了《关于提 前赎回药石转债的议案》。 ...

（文章来源：证券日报） 证券日报网讯 8月14日晚间，药石科技发布公告称，根据安排，截至2025 年9 月17日收市后仍未转股 的"药石转债"，将按照100.62元/张的价格强制赎回，因目前"药石转债"二级市场价格与赎回价格存在较 大差异，特别提醒"药石转债"持有人注意在限期内转股，如果投资者未及时转股，可能面临损失，敬请 投资者注意投资风险。 ...

华泰联合证券有限责任公司 关于南京药石科技股份有限公司 （一）可转债发行情况 经中国证券监督管理委员会《关于同意南京药石科技股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可[2022]622 号）同意，公司 于 2022 年 4 月 20 日向不特定对象发行可转换公司债券 1150 万张，发行价格为 每张面值 100 元人民币，按面值发行，募集资金共计人民币 1,150,000,000.00 元。 （二）可转债上市情况 经深圳证券交易所同意，公司本次可转换公司债券于 2022 年 5 月 18 日起 在深圳证券交易所挂牌交易，债券代码为"123145"，债券简称"药石转债"。 提前赎回"药石转债"的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为南 京药石科技股份有限公司（以下简称"药石科技"、 "公司"）2022 年度向不特定 对象发行可转换公司债券的保荐机构，根据《深圳证券交易所创业板股票上市规 《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 则》 等有关法律法规规定，对药石科技提前赎回"药石转债"事项进行了核查，具体 如下： 一、可 ...