Core Viewpoint - The company announced a significant expected net profit loss for the year 2025, indicating a worsening financial situation compared to 2024 [1] Financial Performance - The company anticipates a net profit loss attributable to shareholders ranging from 58 million to 75 million yuan for 2025, which is an increase in the loss margin compared to 2024 [1] - In Q3 2025, the company reported a single-quarter net profit loss of 21.28 million yuan, representing a year-on-year decline of 135.33% [1] Market Performance - Over the past week (February 9 to 12, 2026), the company's stock price has shown a downward trend, with a decline of 0.56% and a fluctuation range of 3.39% [2] - On February 12, the closing price was 21.42 yuan, down 0.97% for the day, with a trading volume of 22.56 million yuan [2] - The stock has seen a net inflow of 376,000 yuan on that day, but a cumulative net inflow of 3.32 million yuan over the past five days, indicating short-term capital speculation [2] Industry Context - On February 12, 2026, the company’s announcements regarding fund flows and expected losses drew significant attention, with the overall pharmaceutical and biotechnology sector declining by 0.60%, indicating the company's performance was slightly weaker than the industry average [3]

Financial Performance - Hubei Gongtong Pharmaceutical Co., Ltd. expects a net loss attributable to shareholders of between 58 million and 75 million yuan for the fiscal year 2025[1]. Gross Margin and Costs - The decline in gross margin compared to the same period last year is attributed to slight decreases in market prices of certain products and higher unit costs due to new projects not fully releasing capacity[2]. Research and Development - Increased R&D investment has led to a rise in R&D expenses[2]. Interest Expenses - Interest expenses have increased due to the cessation of capitalization of interest on convertible bonds and project-specific loans after the fundraising projects were completed[2].

Core Viewpoint - The company primarily engages in the research, production, and sales of steroid drug raw materials, with a focus on progesterone products for gynecological and family planning medications [2] Group 1: Company Operations - The company is involved in the development, production, and sales of steroid drug raw materials [2] - The company's fundraising projects and steroid raw material production projects include the extension of progesterone products for downstream applications [2] - The company's products are categorized based on sales regions, which include domestic and international sales [2]

Core Viewpoint - The company expects a significant decline in net profit for the fiscal year 2025, projecting a loss between 75 million to 58 million yuan, representing a year-on-year decrease of 110.21% to 171.83% [1] Financial Performance - The anticipated net profit loss, excluding non-recurring gains and losses, is estimated to be between 76 million to 59 million yuan, reflecting a year-on-year decline of 109.10% to 169.34% [1] - The financial data will be detailed in the 2025 annual report [1] Reasons for Performance Change - The primary reasons for the performance change include a slight decrease in market prices for certain products, the annual solidification of new projects leading to incomplete capacity release, and higher unit costs during the initial phase of new product launches [1] - Increased research and development expenses due to ongoing investments in new product development have contributed to the financial strain [1] - Interest expenses have risen as capitalized interest on convertible bonds and project-specific loans ceased following the solidification of fundraising projects [1]

Core Viewpoint - The company, Gongtong Pharmaceutical, is forecasting a significant net loss for the year 2025, indicating a decline in profitability compared to the previous year [1] Financial Performance - The expected net profit for 2025 is projected to be between -58 million to -75 million, representing a year-on-year decline of 110.21% to 171.83% [1] - The gross profit margin is anticipated to decrease compared to the same period last year [1] Operational Challenges - The decline in profitability is attributed to a slight decrease in market prices for some products [1] - Newly established projects are expected to lead to underutilized capacity, resulting in higher unit product costs [1] - The introduction of new products in 2025 has led to higher initial production costs [1]

Core Viewpoint - The company expects a significant net loss for the fiscal year 2025, with projections ranging from -75 million to -58 million yuan, indicating a year-on-year decline of 110.21% to 171.83% [1] Financial Performance - The anticipated net profit, excluding non-recurring gains and losses, is projected to be between -76 million and -59 million yuan, reflecting a year-on-year decrease of 109.10% to 169.34% [1] - The expected loss for the reporting period is between 58 million and 75 million yuan, with a decline in gross margin compared to the same period last year [1] Operational Challenges - The decline in performance is attributed to slight decreases in market prices for certain products, incomplete capacity release from newly established projects, and higher unit product costs [1] - The introduction of new products in 2025 has led to increased initial production costs [1] Strategic Focus - The company maintains a strategic focus on "innovation-driven development," increasing investment in new product research and development, enhancing the R&D management system, and deepening industry-academia-research collaboration, which has resulted in higher R&D expenses [1]

Financial Performance - The company expects a net profit loss of between -58 million to -75 million yuan for the year 2025, representing a decline of 110.21% to 171.83% compared to the same period last year[3]. - The net profit attributable to shareholders is projected to be between -76 million to -59 million yuan, a decrease of 109.10% to 169.34% year-over-year[3]. Cost and Margin Analysis - The decline in gross margin is attributed to slight decreases in market prices of certain products and higher unit costs due to new projects not fully releasing capacity[5]. - Interest expenses have risen due to the cessation of capitalizing interest on convertible bonds and project-specific loans after the completion of investment projects[6]. Research and Development - Increased R&D expenses are a result of the company's commitment to "innovation-driven development" and enhanced collaboration in research and development[5]. - The company has introduced new products in 2025, which have higher initial production costs[5]. Reporting and Auditing - The specific financial data for 2025 will be detailed in the annual report, which has not yet been audited[7].

Group 1 - The core viewpoint of the news highlights the performance and growth of the Tianhong Innovation Drug ETF (517380), which has seen significant trading activity and net inflows, indicating strong investor interest in the innovative pharmaceutical sector [1] - As of January 8, the Tianhong Innovation Drug ETF reached a new high with a total scale of 1.597 billion yuan and 1.980 billion shares outstanding, reflecting robust market demand [1] - The ETF tracks the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug Select 50 Index (HSSSHID), which includes a diverse selection of 50 leading innovative pharmaceutical companies, with a composition of 40% Hong Kong stocks and 60% A-shares [1] Group 2 - Notable achievements in the innovative pharmaceutical sector include Shiyao Group's R&D expenses of 4.185 billion yuan for the first three quarters of 2025, focusing on ADC, GLP-1, and small nucleic acid pipelines, with total authorized amounts exceeding 9.7 billion USD [2] - BeiGene is projected to achieve a profit of 200 million USD in 2025, with expectations of reaching 600-800 million USD in 2026, as several solid tumor drugs enter critical clinical stages [2] - Three Life Sciences has partnered with Pfizer for a 6 billion USD dual antibody licensing deal, receiving an upfront payment of 1.4 billion USD, with 20 clinical studies planned for 2026 [2]

Core Insights - The new medical insurance directory has entered a substantial implementation phase, with several innovative drugs, including Tislelizumab and Fuzhengzhu, being prescribed under insurance in various hospitals, indicating a reduction in access barriers for patients [1] - The adjustment includes 114 new drugs and introduces a commercial health insurance directory for innovative drugs, marking a significant shift towards a multi-tiered insurance system [1][5] - The rapid inclusion of innovative drugs in the insurance directory reflects increased support for "true innovation" with high clinical value [5] Group 1: New Drug Inclusion - The new medical insurance directory has added 124 unique products, including Tislelizumab, the first targeted drug for thyroid eye disease, and Fuzhengzhu, a biological agent for psoriasis [5] - Heng Rui Medicine is a major beneficiary, with 20 products and indications adjusted, including 10 new drugs entering the directory for the first time [5][6] - Other biotech companies like BeiGene and Innovent Biologics have also benefited, with multiple products included in the new directory, enhancing their commercialization prospects [7] Group 2: Commercial Health Insurance Directory - The introduction of the commercial health insurance directory provides a secondary market for high-value innovative drugs, with price reductions ranging from 15% to 50%, which is less severe than the basic insurance cuts [9] - The directory aims to improve accessibility for high-priced drugs while ensuring adequate returns for pharmaceutical companies [9] - Notable CAR-T therapies have been included in the commercial directory, overcoming previous barriers to entry, with prices for these therapies exceeding 1 million yuan [8][10] Group 3: Market Dynamics and Drug Exits - The adjustment process has also seen the removal of 29 drugs from the insurance directory, including Benarutide, which faced competition from more effective alternatives [12][14] - The dynamic adjustment mechanism emphasizes the need for drugs to demonstrate clinical value, reinforcing a "can enter, can exit" policy [14] - Companies are encouraged to shift from "me-too" products to genuine innovations, focusing on high-value areas such as oncology and rare diseases [10][14]

| 证券代码：300966 | 证券简称：共同药业 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：123171 | 转债简称：共同转债 | | 湖北共同药业股份有限公司 关于2025年第四季度可转换公司债券转股情况的公告 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。 特别提示： 1、"共同转债"（债券代码：123171）的转股期限为 2023 年 6 月 2 日至 2028 年 11 月 27 日；最新的转股价格为人民币 27.12 元/股。 2、2025 年第四季度，共有 10 张"共同转债"（票面金额共计 1,000 元人民币） 完成转股，合计转成 36 股"共同药业"（股票代码：300966）股票。 3、截至 2025 年第四季度末，公司剩余可转债为 3,798,878 张，剩余票面总额为 379,887,800 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自 律监管指引第 15 号——可转换公司债券》的有关规定，湖北共同药业股份有限公司 （以下简称"公司"）现将 2025 ...