Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [35]. Core Insights - The pharmaceutical and biotechnology sector showed a 1.20% increase in performance from March 31 to April 3, ranking third among 31 industries and outperforming the CSI 300 index by 2.57 percentage points [11][16]. - Year-to-date, the sector has risen by 4.77%, ranking seventh among 31 industries and surpassing the CSI 300 index by 6.64 percentage points [16]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 27.2 times, which is at a historically low level, with a 130% premium compared to the CSI 300 index [20]. Market Performance - The top three sub-sectors in terms of growth last week were chemical pharmaceuticals (3.45%), traditional Chinese medicine II (1.53%), and pharmaceutical commerce (1.48%) [11]. - A total of 344 stocks (72.57% of the sector) experienced price increases last week, with the top five performers being Duorui Pharmaceutical (56.32%), Weisi Medical (31.80%), Hasanlian (31.15%), Rundu Co. (27.01%), and Shengnuo Biological (21.54%) [25][26]. Industry News - On April 4, the Ministry of Commerce announced investigations into the competitiveness of imported medical CT tubes and initiated anti-dumping investigations against imports from the United States and India [27][30]. - The investigations will assess the impact of these imports on the domestic industry and its competitiveness, covering the period from January 1, 2024, to December 31, 2024, for dumping and from January 1, 2022, to December 31, 2024, for industry damage [29][30]. Investment Recommendations - The report suggests focusing on sectors such as innovative drugs, medical services, and domestic market-oriented businesses, which are less affected by trade frictions [31]. - It highlights the potential for accelerated domestic substitution in high-end medical equipment and blood products due to ongoing tariff disputes [31]. - Recommended stocks include Beida Pharmaceutical, Laobaixing, Lingrui Pharmaceutical, Huaxia Eye Hospital, and Boya Biological, with additional stocks to watch being Tebao Biological, Kelun Pharmaceutical, International Medicine, Kaili Medical, and Nuotai Biological [32].

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare industry [6] Core Insights - The healthcare sector has shown resilience, with the Shenwan Pharmaceutical and Biological Index rising by 1.20% from March 31 to April 3, 2025, outperforming the CSI 300 Index by 2.57 percentage points, ranking third among 31 Shenwan primary industry indices [1][11] - Year-to-date, the Shenwan Pharmaceutical and Biological Index has increased by 4.77%, surpassing the CSI 300 Index by 6.64 percentage points, ranking seventh among the 31 indices [1][13] - As of April 3, 2025, the valuation of the pharmaceutical sector stands at 26.69 times (TTM overall method, excluding negative values), with a valuation premium of 141.35% compared to the CSI 300 [1][14] Summary by Sections 1. Market Review - The pharmaceutical sector has outperformed the CSI 300 Index, with a notable increase in individual stock performances, particularly for companies like Duorui Pharmaceutical (+56.32%) and Oukang Pharmaceutical (+48.62%) [2][18] 2. Important Policies and Events - On March 31, the National Medical Products Administration (NMPA) solicited opinions on measures to optimize lifecycle regulation supporting high-end medical device innovation, proposing ten key initiatives to enhance the review and approval process [3][22] 3. Company Announcements - Yunnan Baiyao reported a revenue of 40.033 billion yuan for 2024, a year-on-year increase of 2.36%, with a net profit of 4.749 billion yuan, up 16.02% [24] 4. Industry Perspectives - The proposed measures by the NMPA aim to support high-end medical devices throughout their lifecycle, including optimizing review processes and enhancing post-market supervision, which is expected to accelerate innovation and commercialization of domestic high-end medical devices [4][25][26]

证券代码：301075 证券简称：多瑞医药 公告编号：2025-023 西藏多瑞医药股份有限公司 关于股价异常波动的公告 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、股票交易异常波动情况 （四）公司、控股股东及实际控制人、持有 5%以上股份的股东 不存在关于公司的应披露而未披露的重大事项，或处于筹划阶段的重 大事项。 （五）股票异常波动期间，不存在控股股东、实际控制人买卖公 司股票的行为。 （六）公司不存在违反公平信息披露规定的情形。 西藏多瑞医药股份有限公司（以下简称"公司"或"多瑞医药"）股 票于 2025 年 3 月 28 日、2025 年 3 月 31 日、2025 年 4 月 1 日连续三 个交易日收盘价格涨幅偏离值累计超过 30%，根据深圳证券交易所相 关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票异常波动情况，公司董事会对有关事项进行了核实， 现就相关情况说明如下： （一）公司前期披露的信息不存在需要更正、补充之处。 （二）公司未发现近期公共传媒报道了可能或已经对公司股票交 易价格产生较大影响的未公开重大 ...

证券代码：301075 证券简称：多瑞医药 公告编号：2025-022 西藏多瑞医药股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 | 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。 | 西藏多瑞医药股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日分别召开了第二届董事会第十六次会议、第二届监事会第十五 次会议审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，同意公司使用最高不超过人民币 32,000 万元（含本数）的闲 置募集资金进行现金管理，用于购买安全性高、流动性好、不影响公 司正常经营的理财产品。使用期限为自公司董事会审议通过之日起12 个月内，在上述使用期限及额度范围内，资金可循环滚动使用。在额 度范围内授权公司法定代表人及其授权人士签署相关合同文件，授权 期限自董事会审议通过之日起 12 个月内有效。该事项已经公司董事 会、监事会审议通过，保荐机构中信证券股份有限公司对公司使用部 分暂时闲置募集资金进行现金管理出具了明确的核查意见。具体内容 详见于巨潮资讯网（www.cninfo ...

证券代码：301075 证券简称：多瑞医药 公告编号：2025-021 西藏多瑞医药股份有限公司 关于使用暂时闲置募集资金进行现金管理到期赎回并继续进行现金 管理的进展公告 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。 | 序 | 购买 | 受托方名 | 产品名称 | 金额 （万 | 产品 | 产品起 | 产品 | 预期年化 | 赎回本 金（万 | 投资收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 主体 | 称 | | | 类型 | 息日 | 到期日 | 收益率 | | （元） | | | | | | 元） | | | | | 元） | | | 1 | 西藏多瑞 医药股份 | 招商证券 | 招商证券收益凭 | | 本金 | 2024/9/2 | 2025/3/2 | 1.5000%- | | 108,493.15 | | | | 股份有限 | 证-"搏金"255 | 1,100 | 保障 | | | | 1,100 | | | | | | | | ...

Market Overview - On March 27, the Shanghai Composite Index rose by 0.15%, with the total margin financing balance in the market at 1,926.55 billion yuan, a decrease of 3.164 billion yuan from the previous trading day [1] - The margin financing balance in the Shanghai Stock Exchange was 976.08 billion yuan, down by 1.008 billion yuan; in the Shenzhen Stock Exchange, it was 944.93 billion yuan, down by 2.182 billion yuan; and in the Beijing Stock Exchange, it was 5.543 billion yuan, up by 0.027 billion yuan [1] Industry Analysis - Among the industries classified by Shenwan, 12 industries saw an increase in financing balance, with the public utilities sector leading with an increase of 0.305 billion yuan, followed by household appliances and coal industries with increases of 0.194 billion yuan and 0.117 billion yuan, respectively [1] Individual Stock Performance - A total of 1,580 stocks experienced an increase in financing balance, accounting for 42.97% of the total, with 206 stocks showing an increase of over 5% [1] - The stock with the largest increase in financing balance was Deer Chemical, with a latest financing balance of 22.4955 million yuan, reflecting a 99.74% increase from the previous trading day, and its stock price rose by 3.06% [1] - Other notable stocks with significant increases in financing balance included Haisheng Pharmaceutical and Duorui Pharmaceutical, with increases of 75.11% and 70.60%, respectively [1] Top Gainers and Losers - Among the top 20 stocks with the largest increase in financing balance, the average increase in stock price was 2.22%, with notable gainers including Sanwei Co., Chip Microelectronics, and Haisheng Pharmaceutical, which rose by 29.96%, 12.29%, and 9.67%, respectively [2] - Conversely, the top losers included Qiuguan Cable, Baofeng Energy, and Renxin New Materials, which fell by 10.10%, 9.99%, and 4.78%, respectively [2] Margin Financing Decrease - There were 2,097 stocks that saw a decrease in financing balance, with 225 stocks experiencing a decline of over 5% [4] - The stock with the largest decrease in financing balance was Tiangang Co., with a latest financing balance of 4.0218 million yuan, down by 39.81% from the previous trading day [5] - Other stocks with significant decreases included Dayu Biological and Zhonggu Logistics, with declines of 36.89% and 35.13%, respectively [5]

一、 使用部分闲置募集资金进行现金管理到期赎回的情况 证券代码：301075 证券简称：多瑞医药 公告编号：2025-020 西藏多瑞医药股份有限公司 | 序 购买 | 受托方名称 | 产品名称 | 金额 （万 | 产品 | 产品起 | 产品 | 预期年 化收益 | 赎回本 金（万 | 投资收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主体 | | | | 类型 | 息日 | 到期日 | | | （元） | | | | | 元） | | | | 率 | 元） | | | 湖北多瑞 药业有限 | 招商证券股 份有限公司 | 国债逆回 购 | 2,000 | GC028 | 2025/2 /26 | 2025/3/25 | 2.0650% | 2,000 | 30,680.60 | | 公司 | | | | | | | | | | | 湖北多瑞 药业有限 | 中信证券股 份有限公司 | 保本增益 系列 4775 期收益凭 | 6,000 | 本金保障 型固定收 | 2025/3 /18 | 2025/3/25 | 1.90 ...

证券代码：301075 证券简称：多瑞医药 公告编号：2025-019 西藏多瑞医药股份有限公司 关于使用暂时闲置募集资金进行现金管理到期赎回的进展公告 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。 西藏多瑞医药股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日分别召开了第二届董事会第十六次会议、第二届监事会第十五 次会议审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，同意公司使用最高不超过人民币 32,000 万元（含本数）的闲 置募集资金进行现金管理，用于购买安全性高、流动性好、不影响公 司正常经营的理财产品。使用期限为自公司董事会审议通过之日起12 个月内，在上述使用期限及额度范围内，资金可循环滚动使用。在额 度范围内授权公司法定代表人及其授权人士签署相关合同文件，授权 期限自董事会审议通过之日起 12 个月内有效。该事项已经公司董事 会、监事会审议通过，保荐机构中信证券股份有限公司对公司使用部 分暂时闲置募集资金进行现金管理出具了明确的核查意见。具体内容 详见于巨潮资讯网（www.cninfo.com.cn）《关于使 ...

证券代码：301075 证券简称：多瑞医药 公告编号：2025-018 西藏多瑞医药股份有限公司 关于使用暂时闲置募集资金进行现金管理到期赎回并继续进行现金 管理的进展公告 西藏多瑞医药股份有限公司（以下简称"公司"）于 2024 年 10 月 23 日分别召开了第二届董事会第十六次会议、第二届监事会第十五 次会议审议通过了《关于使用部分暂时闲置募集资金进行现金管理的 议案》，同意公司使用最高不超过人民币 32,000 万元（含本数）的闲 置募集资金进行现金管理，用于购买安全性高、流动性好、不影响公 司正常经营的理财产品。使用期限为自公司董事会审议通过之日起12 个月内，在上述使用期限及额度范围内，资金可循环滚动使用。在额 度范围内授权公司法定代表人及其授权人士签署相关合同文件，授权 期限自董事会审议通过之日起 12 个月内有效。该事项已经公司董事 会、监事会审议通过，保荐机构中信证券股份有限公司对公司使用部 分暂时闲置募集资金进行现金管理出具了明确的核查意见。具体内容 详见于巨潮资讯网（www.cninfo.com.cn）《关于使用部分暂时闲置募 集资金进行现金管理的公告》（公告编号：2024-099）。 ...

中国经济网北京3月18日讯 深交所创业板公司管理部近日发布关于对西藏多瑞医药股份有限公司、金芬 的监管函（创业板监管函〔2025〕第23号）。 根据中国证券监督管理委员会西藏证监局《关于对西藏多瑞医药股份有限公司采取责令改正措施的决 定》《关于对金芬采取监管谈话措施的决定》，西藏多瑞医药股份有限公司（简称：多瑞医药， 301075.SZ）于2021年12月21日使用募集资金7300万元购买恒丰银行7天通知存款（到期可滚动续存）， 未履行信息披露义务。 多瑞医药最终募集资金净额比原计划多8766.97万元。 多瑞医药于2021年9月13日披露的招股说明书显示，公司拟募集资金3.94亿元，拟分别用于年产1600万 袋醋酸钠林格注射液（三期）项目、新产品开发项目、西藏总部及研发中心建设项目、学术推广及营销 网络扩建项目、补充流动资金。 多瑞医药的保荐机构为中信证券股份有限公司，保荐代表人为罗耸、马晓露。 多瑞医药的上述行为违反了深交所《创业板股票上市规则（2020年12月修订）》第1.4条、第5.1.1条的 规定。 多瑞医药时任董事会秘书金芬未能勤勉尽责，违反了深交所《创业板股票上市规则（2020年12月修 订）》 ...