股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02877 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 中國神威藥業集團有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 50 ...

Group 1 - The company is making significant progress in the research and development of innovative drugs, particularly the Seletong capsule, which has completed Phase III clinical trials and is expected to receive production approval in 2026 and be launched in 2027 [1][2] - The Seletong capsule targets vascular dementia, which is the second most common cause of dementia after Alzheimer's disease, with an anticipated market potential as the number of elderly dementia patients in China is expected to exceed 10 million by 2025 [1][2] - The company's revenue for the first three quarters of 2025 was RMB 2.415 billion, a decrease of 16.3% year-on-year, primarily due to the impact of centralized procurement on traditional Chinese medicine products [1][3] Group 2 - The gross profit margin for the first half of 2025 decreased from 75.3% to 72.2%, attributed to rising raw material costs and price pressures from national centralized procurement [4] - The net profit margin increased from 30.0% to 37.2%, mainly due to a 20.7% reduction in sales and distribution costs and a 12.9% decrease in administrative expenses [4] - The company plans to enhance its performance recovery through new product lines like the Seletong capsule and a strong commercialization team [4] Group 3 - The company has received approval for the classic traditional Chinese medicine formula Shaoyao Gancao Decoction granules, marking it as the first approved classic formula in 2025 [3] - The company is also advancing the clinical trials for a new traditional Chinese medicine for treating chronic disease anemia, with significant clinical value shown in patients unresponsive to EPO treatment [3] - The market for traditional Chinese medicine granules is currently undergoing restructuring, with the company focusing on expanding its market presence beyond Hebei and Yunnan provinces [5] Group 4 - The company has a target price of HKD 10.04 per share, with a "buy" rating, as the product structure is expected to optimize with new drug launches [2][5] - Revenue projections for 2025-2027 are RMB 3.84 billion, RMB 4.11 billion, and RMB 4.60 billion, with net profits of RMB 929 million, RMB 1.011 billion, and RMB 1.138 billion respectively [2][5] - The company's dividend yield is currently at 6.1%, indicating a potential 22% upside from the current price [2][5]

Core Viewpoint - Shenwei Pharmaceutical (02877) has shown significant stock performance, rising over 3% to HKD 8.51, with a trading volume of HKD 10.48 million, indicating positive market sentiment towards the company [1] Group 1: Company Research and Development - Guoyuan International's report highlights Shenwei Pharmaceutical's notable achievements in traditional Chinese medicine innovation, with multiple research and clinical projects progressing smoothly [1] - The company's R&D expenses for the first half of 2025 amounted to RMB 50.37 million, representing 3.0% of its revenue [1] - Key products under development, such as Q-B-Q-F Concentrated Pills and Selotong Capsules, are advancing steadily, with Selotong Capsules having completed Phase III clinical trials [1] Group 2: Market Potential and Product Overview - Selotong Capsules, developed using modern innovative technology, target vascular dementia, which is the second most common cause of dementia after Alzheimer's disease [1] - It is projected that by 2025, the number of elderly dementia patients in China will exceed 10 million, with no effective treatment drugs currently available, indicating a vast market opportunity for Selotong Capsules [1] - The product is expected to receive production approval in 2026 and be launched in 2027, positioning it as a significant future product for the company [1]

Core Viewpoint - Shenwei Pharmaceutical (02877) has shown significant stock performance, rising over 3% to HKD 8.51, with a trading volume of HKD 10.48 million, indicating positive market sentiment towards the company [1] Group 1: Company Research and Development - Guoyuan International's report highlights Shenwei Pharmaceutical's notable achievements in traditional Chinese medicine innovation, with multiple research and clinical projects progressing smoothly [1] - The company's R&D expenses for the first half of 2025 amounted to RMB 50.37 million, representing 3.0% of its revenue [1] - Key products under development, such as Q-B-Q-F concentrated pills and Selotong capsules, are advancing steadily, with Selotong capsules having completed Phase III clinical trials [1] Group 2: Market Potential and Product Overview - Selotong capsules, developed using modern innovative technology, target vascular dementia, which is the second most common cause of dementia after Alzheimer's disease [1] - It is projected that by 2025, the number of elderly dementia patients in China will exceed 10 million, with no effective treatment drugs currently available, indicating a vast market opportunity for Selotong capsules [1] - Selotong capsules are expected to receive production approval in 2026 and be launched for sale in 2027, positioning them as a significant product in the market [1]

Core Viewpoint - Shenwei Pharmaceutical (02877) has shown significant stock performance, increasing by 3.15% to HKD 8.51, with a trading volume of HKD 10.4884 million, driven by positive research and clinical project advancements in traditional Chinese medicine [1] Group 1: Company Research and Development - Guoyuan International's report highlights Shenwei Pharmaceutical's notable achievements in innovative research, with multiple research and clinical projects progressing smoothly [1] - The company's R&D expenses for the first half of 2025 amounted to RMB 50.37 million, representing 3.0% of its revenue [1] - Key products under development, such as Q-B-Q-F Concentrated Pills and Selotong Capsules, are advancing steadily, with Selotong Capsules having completed Phase III clinical trials [1] Group 2: Market Potential and Product Overview - Selotong Capsules, developed using modern innovative technology, target vascular dementia, which is the second most common cause of dementia after Alzheimer's disease [1] - It is projected that by 2025, the number of elderly dementia patients in China will exceed 10 million, with no effective treatment drugs currently available, indicating a vast market potential for Selotong Capsules [1] - Selotong Capsules are expected to receive production approval in 2026 and be launched for sale in 2027, positioning them as a significant product in the market [1]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 10.04 per share, indicating a potential upside of 22% from the current price of HKD 8.23 [1][4][11]. Core Insights - The innovative drug Seletong Capsule is progressing well in development, having completed Phase III clinical trials and expected to receive production approval in 2026, with market potential targeting vascular dementia, which currently lacks effective treatments [2][6][7]. - The company faced revenue pressure due to industry factors such as centralized procurement, leading to a 16.3% year-on-year decline in revenue for the first three quarters of 2025 [3][8]. - Despite revenue challenges, the company has improved its net profit margin from 30.0% to 37.2% due to reduced sales and distribution costs [3][9]. Financial Summary - Revenue projections for 2025-2027 are estimated at RMB 38.4 billion, RMB 41.1 billion, and RMB 46.0 billion, respectively, with net profits expected to be RMB 9.29 billion, RMB 10.11 billion, and RMB 11.38 billion [4][11]. - The company’s gross margin decreased from 75.3% to 72.2% due to rising raw material costs and pricing pressures from centralized procurement [3][8]. - The company maintains a dividend yield of 6.1%, reflecting its commitment to returning value to shareholders [4][11].

Core Viewpoint - The report from Guoyuan International indicates that Shenwei Pharmaceutical (02877) is making significant progress in the innovative research and development of traditional Chinese medicine, particularly with its core product, Selotong Capsules, which has completed Phase III clinical trials and is expected to be approved in 2026 and launched in 2027 [1][2]. Group 1: R&D Progress - The innovative drug Selotong Capsules is advancing smoothly, with multiple research and clinical projects progressing well. The R&D expenses for the first half of 2025 amounted to RMB 50.37 million, accounting for 3.0% of revenue [2]. - Selotong Capsules, developed using modern innovative technology, targets vascular dementia, which is the second most common cause of dementia after Alzheimer's disease. The market potential is significant, with an expected increase in dementia patients in China surpassing 10 million by 2025 [2]. Group 2: Financial Performance - The company's revenue for the first three quarters of 2025 was RMB 2.415 billion, a year-on-year decrease of 16.3%. Revenue breakdown includes: injection products at RMB 786 million (down 23.6%), soft capsules at RMB 337 million (down 13.7%), granules at RMB 391 million (down 14.5%), and traditional Chinese medicine formula granules at RMB 726 million (down 11.8%) [3]. - The gross profit margin for the first half of 2025 decreased to 72.2% from 75.3% in the same period last year, primarily due to rising procurement costs and price pressures from national procurement policies. However, the net profit margin increased from 30.0% to 37.2% due to a 20.7% decrease in sales and distribution costs and a 12.9% reduction in administrative expenses [3]. Group 3: Future Outlook - The company's product structure is expected to optimize with the continuous launch of new drugs. The proportion of oral products is 65.8%, while injection products account for 34.2%, indicating a reasonable product structure and enhanced risk resistance [4]. - Revenue projections for 2025, 2026, and 2027 are RMB 3.84 billion, RMB 4.11 billion, and RMB 4.60 billion, respectively, with net profits of RMB 929 million, RMB 1.011 billion, and RMB 1.138 billion. The target price is set at HKD 10.04, corresponding to a PE ratio of 8 times for 2026, with a current dividend yield of 6.1% [4].

Core Viewpoint - Company Shenwei Pharmaceutical (02877) is making significant progress in the innovative research and development of traditional Chinese medicine, with its core product, Selotong Capsules, having completed Phase III clinical trials and expected to be approved in 2026 and launched in 2027 [1][2]. Group 1: R&D Progress - The innovative drug Selotong Capsules, targeting vascular dementia, has successfully completed Phase III clinical trials and is currently preparing the necessary data and reports for regulatory requirements, with market potential due to the increasing number of dementia patients in China [2]. - In the first half of 2025, the company's R&D expenses amounted to RMB 50.37 million, representing 3.0% of its revenue, indicating a commitment to innovation [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company's revenue was RMB 2.415 billion, a decrease of 16.3% year-on-year, primarily due to the impact of centralized procurement on traditional Chinese medicine products [3]. - The gross profit margin decreased from 75.3% in the same period last year to 72.2%, attributed to rising raw material costs and price pressures from national procurement policies [3]. - Despite revenue decline, the net profit margin improved from 30.0% to 37.2%, driven by a 20.7% reduction in sales and distribution costs and a 12.9% decrease in administrative expenses [3]. Group 3: Future Outlook - The company's product structure is expected to optimize with the continuous launch of new drugs, with oral products accounting for 65.8% and injection products for 34.2%, enhancing risk resilience [4]. - Revenue projections for 2025, 2026, and 2027 are RMB 3.84 billion, RMB 4.11 billion, and RMB 4.60 billion, respectively, with net profits of RMB 929 million, RMB 1.011 billion, and RMB 1.138 billion [4]. - The target price is set at HKD 10.04 per share, corresponding to a PE ratio of 8 times for 2026, with a current dividend yield of 6.1% [4].

致：香港交易及結算所有限公司 公司名稱: 中國神威藥業集團有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/ ...