Core Viewpoint - Koyuan Pharmaceutical has received a decision from the Shenzhen Stock Exchange to terminate the review of its application for issuing shares to purchase assets and raise supporting funds, following the company's board meeting resolution to withdraw the application [1][2]. Group 1: Company Actions - Koyuan Pharmaceutical's board approved the termination of the share issuance for asset purchase and the related fundraising on November 28, 2025 [1]. - The company submitted an application to withdraw its proposal for issuing shares to purchase assets and raise funds on the same day [1]. Group 2: Transaction Details - Koyuan Pharmaceutical planned to pay 3.58 billion yuan to acquire 99.42% of Hongjitang's equity and raise up to 700 million yuan in supporting funds [2]. - The transaction would have made Hongjitang a subsidiary of Koyuan Pharmaceutical, with both companies under the control of Gao Yuankun, a prominent figure in the industry [2]. Group 3: Financial Performance - Koyuan Pharmaceutical has experienced declining profits since its listing in April 2023, with net profits of 77.04 million yuan and 60.45 million yuan for 2023 and 2024, respectively, representing year-on-year declines of 15.60% and 21.54% [3]. - For the first three quarters of 2025, the company reported total revenue of 303 million yuan, a decrease of 8.52%, and a net profit of 31.47 million yuan, down 20.69% year-on-year [3]. Group 4: Market Performance - As of December 2, 2025, Koyuan Pharmaceutical's stock price increased by 3.36%, closing at 28.90 yuan per share, with a total market capitalization of 3.13 billion yuan [4].

山东科源制药股份有限公司 关于收到深圳证券交易所《关于终止对山东科源制药股份有 限公司发行股份购买资产并募集配套资金申请审核的决定》 的公告 证券代码：301281 证券简称：科源制药 公告编号：2025-086 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。 山东科源制药股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召 开第四届董事会第十五次会议，审议通过了《关于终止发行股份购买资产并募集 配套资金暨关联交易事项并撤回申请文件的议案》，同意公司终止发行股份购买 资产并募集配套资金暨关联交易事项并撤回申请文件 。具体内容详见公司同日 在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于终止发行股份购买 资产并募集配套资金暨关联交易事项并撤回申请文件的公告》（公告编号： 2025-080）。 公司于 2025 年 11 月 28 日向深圳证券交易所（以下简称"深交所"）提交 了《关于撤回发行股份购买资产并募集配套资金申请文件的申请》，向深交所申 请撤回发行股份购买资产并募集配套资金暨关联交易申请文件。 公司于 20 ...

至此，这起交易金额高达35.81亿元的"力诺系"内部整合计划，在历经深交所问询、反垄断审查通过等 一系列程序后，最终因"市场环境变化"终止。 力诺系内部的"化药+中药"整合 11月28日晚间，山东科源制药（301281）股份有限公司（以下简称科源制药）发布公告，终止收购山东 宏济堂制药集团股份有限公司（以下简称宏济堂）99.42%股权的重大资产重组事项。 此次重组可以追溯至2024年10月8日，科源制药因筹划重大事项停牌，并透露了拟购资产为宏济堂。同 年10月22日，科源制药发布公告，计划通过发行股份及支付现金的方式，购买力诺投资控股集团有限公 司、力诺集团股份有限公司等39名交易对方合计持有的宏济堂99.42%股权，并募集配套资金，该交易 构成重大资产重组及关联交易，收购金额最高将达35.81亿元。 今年6月27日，深交所正式受理此次交易，科源制药也于7月10日收到深交所审核问询函。 公开信息显示，科源制药与宏济堂同属力诺集团旗下核心医药资产，此次收购本是内部整合。 宏济堂是我国中华老字号、国家级非物质文化遗产、中成药工业百强品牌，具有较强的品牌优势及销售 渠道资源。科源制药彼时曾乐观预测，交易完成后，自身 ...

Core Viewpoint - The recent termination of the acquisition of 99.42% stake in Hongjitang by Keyuan Pharmaceutical highlights the challenges faced by traditional Chinese medicine companies in capitalizing on their assets in a changing market environment [2][5]. Group 1: Acquisition Attempt and Market Environment - Keyuan Pharmaceutical announced the termination of its major asset restructuring plan to acquire Hongjitang for 3.581 billion yuan due to "changes in the market environment" after going through various regulatory processes [2][6]. - This marks the fourth failed attempt at capitalizing Hongjitang, following its delisting from the New Third Board, failed IPO on the Sci-Tech Innovation Board, and unsuccessful backdoor listing [5]. - The acquisition process had reached the review stage by the Shenzhen Stock Exchange, indicating that it was close to completion before the termination [6]. Group 2: Regulatory and Financial Challenges - The regulatory scrutiny on cross-border mergers and high-valuation acquisitions has intensified, with the Shenzhen Stock Exchange focusing on the synergy and integration plans between Keyuan and Hongjitang [6]. - Hongjitang's valuation saw an increase of approximately 60.54%, reaching 3.581 billion yuan, but the market's focus has shifted towards profitability and cash flow stability rather than brand premium [7]. - Hongjitang's production capacity utilization rates for key products have significantly declined in 2024 compared to 2023, which may negatively impact its valuation expectations [7]. Group 3: Financial Performance of Keyuan Pharmaceutical - For the first three quarters of 2025, Keyuan Pharmaceutical reported revenues of approximately 303 million yuan, a year-on-year decrease of 8.52%, and a net profit of about 31.47 million yuan, down 20.69% [8]. - In the third quarter alone, Keyuan incurred a loss of 11.21 million yuan, with net profit declining by 412.15% year-on-year, and its cash reserves plummeted by 72% from the previous year [10]. - Despite the termination of the acquisition, Hongjitang may still explore other avenues for capitalization, although there are concerns that pursuing capital markets could alter the essence of traditional Chinese medicine [10].

Core Viewpoint - The termination of major asset restructuring by companies such as Koyuan Pharmaceutical and Guokewi adds to the growing list of failed restructuring attempts in the A-share market, with 56 companies having announced the failure of their restructuring plans this year, indicating significant operational pressures within the market [1][3][5]. Group 1: Restructuring Terminations - Koyuan Pharmaceutical and Guokewi announced the termination of their restructuring plans on November 28, 2025, with Guokewi specifically stating the inability to reach consensus on transaction-related matters [3][4]. - The total number of companies that have terminated restructuring plans in the A-share market this year has reached 56, including notable firms like Meng Tian Home and Binhai Energy [5][6]. - Among the terminated restructuring cases, several companies were involved in cross-industry mergers, such as Meng Tian Home, which aimed to acquire control of a semiconductor company [9][10]. Group 2: Financial Performance - Over 44% of the 56 companies that terminated their restructuring plans reported net losses in the first three quarters of 2025, with 25 companies showing negative net profits [6][7]. - The company with the largest net loss was Huangting International, reporting a net profit of approximately -2.444 billion yuan, while VisiNova also reported significant losses of around -1.623 billion yuan [6][7]. - Among the companies that reported losses, a significant portion experienced a year-on-year decline in net profits, indicating worsening financial conditions [7][8]. Group 3: Future Strategies - Guokewi plans to continue focusing on its core business while seeking external acquisition opportunities that align with policy encouragement and strategic synergy [4]. - The termination of restructuring plans may lead companies to reassess their development strategies and seek new growth avenues, especially if restructuring was previously seen as a key growth strategy [5].

证券代码：301281 证券简称：科源制药 公告编号：2025-084 山东科源制药股份有限公司 第四届董事会第十六会议决议公告 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、董事会会议召开情况 山东科源制药股份有限公司（以下简称"公司"）第四届董事会第十六次会 议通知已于 2025 年 12 月 1 日以电话、口头等方式送达全体董事，经全体董事一 致同意，本次会议已豁免通知期限。会议于 2025 年 12 月 1 日以现场和通讯表决 相结合方式在公司会议室召开。邹晓虹先生、武滨先生通过通讯方式参会。本次 会议应出席董事 7 名，实际出席董事 7 名。经与会董事一致同意，推举李红福先 生主持本次会议，公司高级管理人员列席了会议。本次会议的召集、召开和表决 程序符合《中华人民共和国公司法》等法律、法规、规范性文件和《公司章程》 的有关规定，会议合法、有效。 二、董事会会议审议情况 1、审议通过了《关于豁免公司第四届董事会第十六次会议通知期限的议案》 按照《中华人民共和国公司法》《中华人民共和国证券法》和《公司章程》 的有关规定，公司董事会决定选举李红福先生 ...

证券代码：301281 证券简称：科源制药 公告编号：2025-085 山东科源制药股份有限公司 关于选举公司董事长及调整董事会专门委员会成员的公告 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、关于选举董事长的情况 为确保董事会的正常运作，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《深圳证券交易所创业板股票上市规则》《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》等相关法律法规以及《山东科源 制药股份有限公司章程》（以下简称"《公司章程》"）的有关规定，山东科源制 药股份有限公司（以下简称"公司"）于2025年12月1日召开了第四届董事会第十 六次会议，审议通过了《关于选举公司董事长的议案》，决定选举李红福先生（简历 详见附件）为公司第四届董事会董事长，任期自董事会审议通过之日起至第四届董事会任 期届满之日止。 上述任期自公司第四届董事会第十六次会议审议通过之日起至第四届董事会届 满之日止。 三、备查文件 公司第四届董事会第十六次会议决议。 特此公告。 山东科源制药股份有限公司 董事会 2025年12月1日 附件： ...

证券代码：301281 证券简称：科源制药 公告编号：2025-083 山东科源制药股份有限公司（以下简称"公司"）董事会于近日收到公司职 工董事、董事长高春坡先生递交的书面辞职报告。高春坡先生因个人原因，经综 合考虑，申请辞去公司第四届董事会职工董事、董事长职务，上述职务原定任期 至公司第四届董事会届满之日止，高春坡先生辞去前述职务后仍在公司担任总经 理职务。截至公告披露日，高春坡先生未持有公司股份，不存在应当履行而未履 行的承诺事项。 根据《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》等相关法律法规、规范性文件及《公司章程》的规定，高春坡先生的辞职 不会导致公司董事会成员低于法定最低人数，不会影响公司董事会的正常运作。 高春坡先生的辞职申请自公司董事会收到通知之日起生效。 二、选举职工代表董事情况 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《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》等法 律法规、规范性文件的相关规定，山东科源制药股份有限公司（以下简称"公 司"）于 2025 年 12 月 1 日召开职工代表大会选举公司第四 ...

Group 1: Termination of Restructuring - The termination of the restructuring project was primarily due to changes in the overall market environment, which affected the expectations of the parties involved in the transaction [2][3][6] - The company decided to terminate the restructuring to protect the long-term interests of all shareholders after thorough discussions and analyses with relevant parties [2][6][8] Group 2: Market Environment and Strategic Focus - Recent changes in centralized procurement policies have altered the supply-demand relationship for drugs, impacting the expectations for the restructuring project [3] - The company remains focused on drug research, production, and sales, with a strong emphasis on developing new products and expanding its product range, including categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [3][5][7] Group 3: Financial Performance - For the period from January to September 2025, the company achieved a revenue of ¥302,688,076.14 and a net profit attributable to shareholders of ¥31,261,045.17 [5] - The company plans to continue investing in core products to enhance market share and profitability, especially in light of the upcoming procurement agreements [5][7] Group 4: Future Plans and Collaborations - The company is committed to exploring new product introductions and market development strategies following the termination of the restructuring [7][8] - Collaborations with research institutions and industry partners are planned to enhance technological cooperation and joint research efforts [4][8] Group 5: Market Position and Competitive Advantage - The company has established a strong market position with key products such as Glimepiride and Metformin, supported by advanced technology and mature production processes [7][8] - The company holds 31 active pharmaceutical ingredient (API) registration numbers and 44 approved chemical drug formulations, with many products included in national medical insurance directories [8]

Core Viewpoint - Koyuan Pharmaceutical has announced the termination of its plan to issue shares for asset acquisition and fundraising, citing changes in the overall market environment since the initial announcement of the transaction [1] Group 1: Termination of Asset Acquisition - Koyuan Pharmaceutical's board approved the termination of the share issuance for asset acquisition and related fundraising on November 28, 2025 [1] - The company intended to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group Co., Ltd. from 38 trading parties, including Lino Investment Holding Group Co., Ltd. and Lino Group Co., Ltd. [1][2] - The decision to terminate the restructuring was made after careful consideration and discussions with relevant parties, aiming to protect the long-term interests of all shareholders [1] Group 2: Fundraising Details - Koyuan Pharmaceutical planned to raise up to 25 million yuan through the issuance of shares to no more than 35 qualified investors, which would not exceed 100% of the transaction price for the asset acquisition [2] - The total transaction price for the acquisition was set at 358,061.77 million yuan [2] - The independent financial advisor for this transaction was CITIC Securities [2] Group 3: Share Issuance and Financials - Koyuan Pharmaceutical's public offering raised a total of 854,883,000 yuan, with a net amount of 764,921,774.32 yuan after deducting issuance costs, which was 41,492.18 million yuan more than originally planned [4] - The funds raised were intended for projects including the technical transformation of raw material production lines and drug research and development [4] - The total issuance costs amounted to 89,961,225.68 yuan, with CITIC Securities receiving 73,939,470 yuan as underwriting and sponsorship fees [4]