中信证券股份有限公司 | （1）列席公司股东大会次数 | 未亲自列席，已审阅历次会议文件 | | --- | --- | | （2）列席公司董事会次数 | 未亲自列席，已审阅历次会议文件 | | （3）列席公司监事会次数 | 未亲自列席，已审阅历次会议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 1次，对募集资金进行核查 | | （2）现场检查报告是否按照深圳证券交易所规定 | 不适用 | | 报送 | | | （3）现场检查发现的主要问题及整改情况 | 不适用 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 4次 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向深圳证券交易所报告情况（现场检查报告除 | | | 外） | | | （1）向深圳证券交易所报告的次数 | 0次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 无 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | ...

Core Viewpoint - Enwei Pharmaceutical reported significant growth in its operating performance for the first half of 2025, driven by the market impact of key products from Henan Xinxin Pharmaceutical, online sales growth, and a substantial reduction in amortization expenses [1][2]. Financial Performance - In the first half of 2025, Enwei Pharmaceutical achieved operating revenue of 449 million yuan, a year-on-year increase of 15.73% - The net profit attributable to shareholders reached 38.34 million yuan, up 113.8% year-on-year - The net profit attributable to shareholders after deducting non-recurring gains and losses was 35.28 million yuan, reflecting a year-on-year growth of 132.47% [1]. Product Development and Market Position - Enwei Pharmaceutical's gynecological products generated operating revenue of 208 million yuan, marking an 11.73% increase year-on-year - The core product "Jie'er Yin Wash" continues to hold the top market share in the gynecological traditional Chinese medicine sector in urban retail pharmacies [2]. - The company has acquired production licenses for 125 varieties through its participation in the bankruptcy reorganization of Henan Xinxin Pharmaceutical, significantly enriching its product pipeline [2]. Strategic Plans - The company aims to develop 8 to 10 products with over 100 million yuan in sales over the next three years to ensure sustainable long-term growth - Enwei Pharmaceutical is actively promoting this cultivation plan by mobilizing resources to accelerate product development [2]. - For the second half of 2025, the company plans to focus on daily operations, marketing efforts, and the revival of key products from Henan Xinxin Pharmaceutical, with a goal of launching around 20 key products by year-end [3].

Core Viewpoint - Enwei Pharmaceutical reported significant growth in its performance for the first half of 2025, driven by the resumption of key products from Henan Xinxin Pharmaceutical and strong online sales, particularly in non-pharmaceutical products [1] Financial Performance - In the first half of 2025, Enwei Pharmaceutical achieved a net profit of 38.34 million yuan, an increase of 113.80% year-on-year [1] - The company's revenue for the same period was 449 million yuan, representing a 15.73% increase compared to the previous year [1] Business Strategy - The company plans to focus on daily operations and production to meet market demand, aiming to launch approximately 20 key products from Henan Xinxin Pharmaceutical by the end of the year [1] - Enwei Pharmaceutical is also looking to expand through mergers and acquisitions, having identified several potential targets since 2024 [1] Product Development - The company aims to develop 8 to 10 product groups with over 100 million yuan in sales within three years starting from 2025 [1] - Current research projects include innovative traditional Chinese medicine and chemical generics, such as nitrofurantoin and elagolix sodium tablets [1] Market Positioning - The acquisition of Henan Xinxin Pharmaceutical is seen as a strategic move to enhance operational efficiency and focus on the traditional Chinese medicine industry chain, which is expected to improve investor recognition and market value [1] Cost Management - The amortization of stock incentive expenses is projected to impact profits by approximately 10 million yuan in 2025 and 3.6 million yuan in 2026 [1]

Financial Performance - In the first half of 2025, the company achieved a net profit of 38.34 million yuan, representing a year-on-year increase of 113.80% [2] - Revenue for the same period reached 449 million yuan, an increase of 15.73% compared to the previous year [4] - The significant profit growth is attributed to the resumption of key products from Henan Xinxin Pharmaceutical, rapid growth in online sales channels, and a substantial reduction in amortization expenses [2][3] Strategic Focus - The company plans to focus on several key areas in the second half of 2025, including: - Strengthening daily operations and marketing efforts to meet market demand [3] - Implementing the development plan for key products from Henan Xinxin Pharmaceutical, aiming to launch approximately 20 key products by year-end [3] - Progressing the construction of the Sichuan pharmaceutical investment project while ensuring compliance and quality [3] - Actively seeking merger and acquisition opportunities [3] Product Development - The company aims to cultivate 8 to 10 billion-level product groups over the next three years to ensure sustainable long-term development [3] - Current research and development projects include innovative traditional Chinese medicine and chemical generic drugs, with specific products in progress [4] Market Expansion - The acquisition of Henan Xinxin Pharmaceutical is a strategic move to expand the product matrix and market coverage, enhancing overall performance [4] - The contribution of Henan Xinxin's new products to revenue and profit is currently minimal, but significant growth is expected with the upcoming batch launches [4] Shareholder Information - As of now, there is no information regarding the major shareholder's intention to reduce their holdings following the full circulation of shares [5] - The estimated impact of stock incentive expense amortization on profits for 2025 and 2026 is approximately 1 million yuan and 360 thousand yuan, respectively [5]

Core Viewpoint - Enwei Pharmaceutical has experienced a decline in stock price, with a cumulative drop of 5.48% over three consecutive days, currently trading at 33.97 CNY per share, with a market capitalization of 3.495 billion CNY [1] Company Overview - Enwei Pharmaceutical Co., Ltd. was established on May 19, 2005, and went public on September 21, 2022. The company is based in Chengdu, Sichuan Province, and focuses on the research, production, and sales of traditional Chinese medicine and chemical drugs, particularly in gynecology, pediatrics, and respiratory system medications [1] - The revenue composition of Enwei Pharmaceutical is as follows: gynecology products 46.21%, others 31.74%, cold medications 14.71%, pediatrics 6.90%, and other supplementary products 0.44% [1] Shareholder Insights - Among the top ten circulating shareholders of Enwei Pharmaceutical, the Rongtong Health Industry Flexible Allocation Mixed A/B fund (000727) reduced its holdings by 470,600 shares in the second quarter, now holding 529,400 shares, which represents 1.61% of the circulating shares. The estimated floating loss today is approximately 529,400 CNY, with a total floating loss of 1,042,900 CNY over the three-day decline [2] - The Rongtong Health Industry Flexible Allocation Mixed A/B fund was established on December 25, 2014, with a current size of 2.074 billion CNY. Year-to-date returns are 21.65%, ranking 3,497 out of 8,180 in its category, while the one-year return is 44.14%, ranking 3,083 out of 7,967 [2]

证券代码：301331 证券简称：恩威医药 公告编号：2025-043 恩威医药股份有限公司 关于公司高级管理人员股份减持完成的公告 公司高级管理人员陈磊保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 恩威医药股份有限公司（以下简称"公司"）于 2025 年 7 月 31 日披露了《关 于公司高级管理人员减持股份的预披露公告》（公告编号：2025-032）。持有公 司股份 65,118 股（占本公司总股本比例 0.0633%，占剔除公司回购专用账户股份 后的总股本比例的 0.0644%）的副总裁陈磊先生计划在本公告披露之日起 15 个 交易日后的 3 个月内以集中竞价方式减持公司股份不超过 16,279 股（占本公司 总股本比例 0.0158%，占剔除公司回购专用账户股份后的总股本比例的 0.0161%）。 近日，公司收到副总裁陈磊先生提交的《关于股份减持计划完成的告知函》，现 将有关情况公告如下： | 其中：无限 售条件股份 | 16,280 | 0.0158 | % | 80 | 0.0000 | % ...

Core Insights - Enwei Pharmaceutical reported a significant increase in revenue and net profit for the first half of the year, with total revenue reaching 449 million yuan, a year-on-year increase of 15.73%, and net profit attributable to shareholders reaching 38.34 million yuan, a substantial growth of 113.8% [1][2] Group 1: Financial Performance - The company's revenue from its main product, "Jieryin Wash," continues to dominate the gynecological traditional Chinese medicine market, maintaining the largest market share since 2025, indicating strong brand recognition and influence [1] - Despite facing significant cost pressures, the gross margin for the gynecological segment remained high at 58.31%, with double-digit revenue growth year-on-year, showcasing strong pricing power and market control [1] Group 2: Business Expansion and R&D - Other business segments showed remarkable growth, with revenue increasing by 48.78% and a gross margin of 45.69%, becoming a new driving force for the company's overall growth [2] - The company maintains a high level of investment in R&D, focusing on the consistency evaluation of related drugs and advancing products towards high quality and standards, enhancing market recognition [2] - Enwei Pharmaceutical currently holds 21 exclusive products, demonstrating strong product differentiation capabilities [2] Group 3: Future Outlook - The company is poised to benefit from the high-quality development policies in the traditional Chinese medicine industry and the growing demand driven by the "Healthy China" initiative, presenting new development opportunities [2]

Core Insights - Enwei Pharmaceutical (301331) reported a total revenue of 449 million yuan for the first half of 2025, marking a year-on-year increase of 15.73% and a net profit attributable to shareholders of 38.34 million yuan, up 113.8% from the previous year [1] - The company's gross profit margin decreased to 49.1%, down 5.35% year-on-year, while the net profit margin increased significantly to 8.54%, up 84.74% [1] - Accounts receivable rose significantly, with a year-on-year increase of 48.13%, indicating potential liquidity concerns [1][3] Financial Performance - Total revenue for 2025 was 449 million yuan, compared to 388 million yuan in 2024, reflecting a growth of 15.73% [1] - Net profit attributable to shareholders reached 38.34 million yuan, a substantial increase of 113.8% from 17.93 million yuan in 2024 [1] - The company's operating cash flow per share decreased to 0.73 yuan, down 16.71% year-on-year [1] Cost and Efficiency Metrics - The total of selling, administrative, and financial expenses was 172 million yuan, accounting for 38.22% of revenue, a decrease of 12.2% compared to the previous year [1] - The return on invested capital (ROIC) for the previous year was 3.04%, indicating weak capital returns, while the historical median ROIC since listing is 17.36% [2] - The net profit margin improved to 8.54%, up from 4.62% in the previous year, suggesting better cost management [1][2] Business Model and Market Dynamics - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [3] - In 2024, the company experienced a decline in offline sales revenue, attributed to high inventory levels of cold medications from 2023 that needed to be cleared [3] - The market demand for the company's core product, Huoxiang Zhengqi Decoction, fell short of expectations due to delayed seasonal demand and other factors [3]

Market Overview - The Chinese medicine sector experienced a decline of 0.39% on August 26, with Enwei Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the Chinese medicine sector included: - ST Xiangxue: Closed at 11.74, up 12.45% with a trading volume of 532,400 shares and a turnover of 597 million yuan [1] - Wanbangde: Closed at 8.71, up 9.97% with a trading volume of 474,900 shares and a turnover of 397 million yuan [1] - Tailong Pharmaceutical: Closed at 7.24, up 5.39% with a trading volume of 541,000 shares and a turnover of 385 million yuan [1] - Conversely, Enwei Pharmaceutical saw a decline of 4.76%, closing at 37.22 with a trading volume of 32,400 shares and a turnover of 123 million yuan [2] Capital Flow - The Chinese medicine sector saw a net outflow of 1.019 billion yuan from institutional investors, while retail investors contributed a net inflow of 764 million yuan [2] - Specific stock capital flows included: - Wanbangde: Net inflow from institutional investors of 11.5 million yuan, but net outflows from retail investors [3] - Yiling Pharmaceutical: Net inflow from institutional investors of 71.17 million yuan [3] - Tianshili: Net inflow from institutional investors of 48.64 million yuan [3]

Group 1 - Enwei Pharmaceutical (301331.SZ) released its semi-annual report for 2025, indicating that as of August 25, 2025, 11 institutional investors held a total of 73.5785 million shares, accounting for 71.51% of the total share capital [1] - The top ten institutional investors collectively held 71.13% of the shares, with a slight decrease of 0.22 percentage points compared to the previous quarter [1] - One public fund, Rongtong Health Industry Flexible Allocation Mixed A/B, reported a decrease in holdings by 0.46% compared to the previous quarter [1] Group 2 - One new foreign institutional investor disclosed during this period is China International Capital Corporation Hong Kong Asset Management Limited - CICCFT10(Q) [2]