江苏森萱医药股份有限公司 证券代码：830946 证券简称：森萱医药 公告编号：2025-064 江苏森萱医药股份有限公司防止大股东及关联方占用上市 公司资金管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 江苏森萱医药股份有限公司于 2025 年 8 月 28 日召开第四届董事会第十次会 议，审议通过了《关于制定及修订公司部分内部管理制度的议案》之子议案 5.15： 修订《防止大股东及关联方占用上市公司资金管理制度》；议案表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案尚需提交股东会审议。 二、 分章节列示制度主要内容： 第一章 总则 第一条 为了进一步加强和规范江苏森萱医药股份有限公司（包括控股子公 司，以下简称"公司"）的资金管理，防止和杜绝大股东及关联方占用公司资金 行为的发生，保护公司、股东和其他利益相关人的合法权益，根据《中华人民共 和国公司法》、《中华人民共和国证券法》、《北京证券交易所股票上市规则》等有 关法律、行政法规、规范性文件及《江苏森萱医 ...

江苏森萱医药股份有限公司 证券代码：830946 证券简称：森萱医药 公告编号：2025-073 江苏森萱医药股份有限公司信息披露管理制度 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 审议及表决情况 江苏森萱医药股份有限公司于 2025 年 8 月 28 日召开第四届董事会第十次会 议，审议通过了《关于制定及修订公司部分内部管理制度的议案》之子议案 5.24： 修订《信息披露管理制度》；议案表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案无需提交股东会审议。 二、 分章节列示制度主要内容： 第一章 总 则 第一条 为规范江苏森萱医药股份有限公司(以下简称 "公司")信息披露 行为，加强信息披露事务管理，确保公司信息披露的真实、准确、完整与及时， 切实保护公司、股东、债权人及其他利益相关人的合法权益，依据《中华人民共 和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证 券法》)、《北京证券交易所股票上市规则》（以下简称《上市规则》）、《上市公司 信息披露管理办 ...

Group 1 - The establishment of the Beijing Stock Exchange (BSE) is a significant milestone in the high-quality development of China's multi-level capital market, aimed at serving innovative small and medium-sized enterprises (SMEs) [2][3] - As of March 9, 2022, the BSE has 87 listed companies with a total market capitalization exceeding 200 billion yuan, and over 90% of the companies reported positive net profits for 2021 [2] - The BSE's market structure is designed to support innovative SMEs, with 87% of listed companies in strategic emerging industries, advanced manufacturing, and modern services [3] Group 2 - The BSE operates under a registration-based system, enhancing transparency and efficiency in the listing process, which is expected to broaden the benefits of capital market reforms [3][4] - The BSE has established a pyramid-shaped market structure, with all listed companies originating from the innovative tier of the New Third Board, enhancing market connectivity [4] - The BSE is designed specifically for innovative SMEs, providing them with new financing channels and opportunities to enter the capital market earlier [5]

Core Viewpoint - The North Exchange and the New Third Board provide a unique capital market development path for innovative small and medium-sized enterprises (SMEs), enhancing their capital coverage and aligning with their specific needs for governance, financing, innovation, and expansion [1] Financing and Market Access - As of March 10, 87 companies on the North Exchange have completed 202 ordinary share financing rounds, raising a total of 28.627 billion yuan, and have executed 8 mergers and acquisitions totaling 1.128 billion yuan [1][4] - The North Exchange has set inclusive listing criteria that do not impose strict profitability requirements, allowing early-stage and smaller enterprises to access capital markets [2] - Among the 87 companies, 39 had a net profit of less than 10 million yuan prior to listing, and 15 had fewer than 100 employees [2] Diverse Financing Channels - The North Exchange and New Third Board offer various financing options, including ordinary shares, preferred shares, and convertible bonds, catering to the small, rapid, and on-demand financing needs of innovative SMEs [4] - 98.85% of the listed companies have engaged in multiple financing rounds, with 11 companies receiving funding while still unprofitable [4] Mergers and Acquisitions - Seven companies on the North Exchange have completed 8 mergers and acquisitions, with a total transaction value of 1.128 billion yuan, enhancing their competitive edge and industry positioning [6] Research and Development Investment - The 87 companies collectively invested 2.127 billion yuan in R&D in 2020, a 10.40% increase year-on-year, with R&D intensity at 4.23%, surpassing the national average by 1.83 percentage points [7] - These companies hold a total of 5,595 patents, including 1,344 invention patents, and many have received national high-tech enterprise certification [7] Talent and Innovation - Over 20 companies have implemented equity incentive programs to stabilize their core talent teams, with an average of over 140 technical R&D personnel per company [8] - More than half of the companies have established partnerships with universities and research institutions to foster innovation [8] Performance and Growth - Despite external challenges, 86 out of 87 companies reported profitability in 2021, with a profit margin of 99% and a median profit growth rate of 17% [9] - Companies like Beitry and Jilin Carbon Valley have made significant advancements in their respective fields, demonstrating strong market positions and innovative capabilities [9][10]

Policy Developments - The National Healthcare Security Administration (NHSA) has initiated the 11th batch of centralized procurement, optimizing the selection rules by no longer solely relying on the lowest bid as a reference. Companies with the lowest bids must now justify the reasonableness of their pricing and ensure it does not fall below cost [2] Drug and Medical Device Approvals - Senxuan Pharmaceutical's subsidiary has received approval for the market launch of Ritonavir raw materials, an antiviral drug primarily used for treating AIDS and also utilized during the COVID-19 pandemic [4] - Hengrui Medicine's subsidiary has received a clinical trial approval notice for the injectable HRS8179 drug, aimed at preventing severe brain edema after large-scale cerebral infarction. The project has seen a cumulative R&D investment of approximately 47.4 million yuan [5] Financial Reports - Sino Medical anticipates a 296.54% year-on-year increase in net profit for the first half of 2025, with expected revenue of 240 million yuan, reflecting a 12.53% growth [7] - WuXi Biologics forecasts a revenue growth of about 16% for the first half of the year, with profits expected to increase by approximately 54% and 56% for the company and its equity shareholders, respectively [8] Capital Markets - Lianhuan Pharmaceutical plans to issue up to 500 million yuan in technology innovation bonds to enhance R&D capabilities and optimize its debt structure. The bonds will be publicly issued with a term of no more than three years [10] Industry Developments - The NHSA has reported that over 100 drug varieties have applied to be included in the commercial health insurance innovative drug directory, which aims to incorporate high-value innovative drugs that cannot yet be included in the basic medical insurance directory [12] - As of the end of 2024, the cumulative recovery of medical insurance funds has reached 104.5 billion yuan, with a total balance of 3.86 trillion yuan in the insurance fund [14]

江苏森萱医药股份有限公司 一、原料药基本情况 证券代码：830946 证券简称：森萱医药 公告编号：2025-041 江苏森萱医药股份有限公司 关于全资子公司获得化学原料药上市申请批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责 任。 近日，江苏森萱医药股份有限公司（以下简称"公司"）全资子公司精华 制药集团南通有限公司（以下简称"南通公司"）获得国家药品监督管理局核 准签发的利托那韦《化学原料药上市申请批准通知书》，现就相关情况公告如 下： 登记号：Y20230001302 受理号：CYHS2460104 化学原料药名称：通用名称：利托那韦 英文名/拉丁名：Ritonavir 化学原料药注册标准编号：YBY67042025 有效期：18 个月 包装规格：1kg/袋；2kg/袋；5kg/袋；10kg/袋； 申请事项：境内生产化学原料药上市申请 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册。质量标准、标签及生产工艺照所附执行。 生产企业：精华制药集团南通有限公司 ...

Group 1 - The North Exchange will officially launch the North Certificate Specialized and New Index on June 30, 2025, marking a significant step in the development of specialized and innovative enterprises [1][2] - A survey indicates that 85.2% of investors are optimistic about the market performance of the North Certificate Specialized and New Index [1][9] - The index will consist of the 50 largest securities from qualified "little giant" companies listed on the North Exchange, reflecting their overall performance [2] Group 2 - The first batch of 50 constituent stocks will be closely watched by investors, with 27 of these stocks also being part of the North Certificate 50 Index, creating a "dual index" scenario [2] - In 2024, the average net profit for national-level specialized and new enterprises listed on the North Exchange was 47.83 million yuan, compared to 35.16 million yuan for non-national-level enterprises [8] - The average R&D expenditure for national-level specialized and new enterprises was 32.89 million yuan, with a research expense ratio of 5.37%, indicating a stronger focus on R&D compared to non-national-level enterprises [8]

Core Viewpoint - Jiangsu Senxuan Pharmaceutical Co., Ltd. announced that its subsidiary, Ningxia Senxuan Pharmaceutical Co., Ltd., and its safety and environmental protection department head, Huang Xionghu, are being prosecuted for environmental pollution, with a recommended fine of 400,000 to 600,000 yuan [1][4]. Group 1: Legal Proceedings - Ningxia Senxuan is a subsidiary of Jiangsu Senxuan, primarily engaged in the production of pesticide intermediates [3][8]. - The prosecution stems from an incident on February 20, 2024, where due to a frozen wastewater discharge pipeline, Huang Xionghu arranged for untreated wastewater to be illegally disposed of, resulting in the dumping of approximately 150 tons of toxic waste [3][8]. - The public prosecutor claims that this act caused property damage amounting to 857,897.97 yuan [3][8]. Group 2: Company Background and Operations - Ningxia Senxuan was established in November 2018 with a registered capital of 70 million yuan and is a subsidiary of the state-owned enterprise Jinghua Pharmaceutical Group [4]. - The company focuses on the research, production, and sales of pharmaceuticals and intermediates, with Lin Guoping as the legal representative and Zhu Shizhang as the chairman [4]. Group 3: Impact on Company Operations - Following the incident, the company has taken corrective actions, including ceasing operations for rectification, which was later approved by the local environmental authority for resumption of production [11]. - The company emphasizes its commitment to compliance and environmental protection, stating it will manage the situation proactively and maintain transparency regarding the legal proceedings [11]. Group 4: Financial Implications - As of the announcement date, the case has not yet gone to trial, and the exact fine amount remains uncertain [12]. - The company plans to handle the financial implications according to accounting standards and will disclose relevant information as required [12].

江苏森萱医药股份有限公司 （一）（原告/上诉人）基本信息： 姓名或名称：银川铁路运输检察院 法定代表人/法定代理人/其他负责人：- 诉讼代理人及所属律所：周晓婷、暂无 （二）（被告/被上诉人）基本信息： 姓名或名称：宁夏森萱药业有限公司（被告一） 法定代表人/法定代理人/其他负责人：林国平 诉讼代理人及所属律所：薛忠才、江苏崇诚律师事务所 江苏森萱医药股份有限公司 被告单位宁夏森萱药业有限公司（以下简称"宁夏森萱"）系江苏森萱医 药股份有限公司（以下简称"森萱医药"、"公司"）控股子公司，宁夏森萱生产 农药医药中间体氟乙酸甲酯、氟乙酸乙酯、氯乙酸甲酯、氯乙酸乙酯。宁夏森 萱系危险废物产废单位。被告人黄雄虎系宁夏森萱安环部部长，非宁夏森萱和 森萱医药董事、高管。2024 年 2 月 20 日左右，因宁夏森萱所在的园区污水排 放管道冻裂，无法处置废水，负责安全环保黄雄虎联系中间人贺某某和园区环 境监管部门李某某，以 320 元每吨价格，将宁夏森萱废水处理站暂存池中未经 处理的废水交由贺某某拉运到外地污水处理厂处置，贺某某组织拉运 5 车约 150 吨废水直接倾倒在原石炭井一废弃学校院内，造成了环境污染。 （四）诉 ...

2025 年 06 月 22 日 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：国企改革下相关企业增长潜力有望释放，关注低估值的北证国企股 2024 年 12 月 17 日，国务院国资委发布《关于改进和加强中央企业控股上市公 司市值管理工作的若干意见》，共九条。其中特别指出引导控股上市公司牢固树 立投资者回报意识，增加现金分红频次、优化现金分红节奏、提高现金分红比例； 推动中央企业和控股上市公司建立常态化股票回购增持机制，规范减持行为，积 极解决控股上市公司长期破净问题。截至 2025 年 6 月 20 日，北交所有 6 家央企， 21 家地方国企。从业绩情况来看， 2020-2024 年 27 家北证国企上市公司营收规 模从 156.55 亿元增长至 221.95 亿元，复合增速达 9.12%，其中 2025Q1 营收 50.48 亿元，同比增长 9.43%。2020-2024 年 27 家企业归母净利润规模从 18.61 亿元增 长至 22.19 亿元，复合增速达 4.50%，其中 2025Q1 归母净利润 4.30 亿元，同 ...