证券代码：000915 证券简称：华特达因 公告编号 2025-030 山东华特达因健康股份有限公司 关于子公司签署褪黑素颗粒（曼乐静®）总经销合同的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、合同签署概况 近日，山东华特达因健康股份有限公司（以下简称公司）的子公司北京达因 康健医药有限责任公司（以下简称达因康健）与日本诺贝仁制药株式会社 （Nobelpharma Co.,Ltd）（以下简称"诺贝仁"）就褪黑素颗粒（商品名：曼乐静 ®）在中国大陆地区的独家总经销事宜达成一致，并签署了《褪黑素颗粒总经销 协议》。根据协议约定，达因康健将成为诺贝仁旗下褪黑素颗粒产品（曼乐静®） 在中国大陆地区（不含港澳台）的独家总经销商，全面负责该产品的进口、市场 推广及销售。 1. 该产品 2025 年 7 月已在中国获批上市，商品名为"曼乐静®"； 三、合同主要内容 1. 授权范围：诺贝仁授予达因康健褪黑素颗粒产品在中国大陆地区（不含港 澳台）的独家经销权，包括产品的进口、市场推广及销售。 2. 合作期限：协议初始期限为 10 年，届满后经双方协商可续签。 3. ...

Core Insights - The company announced a distribution agreement with Japan's Nobelpharma for melatonin granules, making it the exclusive distributor in mainland China [1] - The product, Manlejing®, is approved for use in children aged 6-15 with neurodevelopmental disorders to aid sleep difficulties [1] - The partnership has a duration of 10 years, with the option to renew after the term [1] Company Summary - Beijing Dainkang Health Pharmaceutical Co., Ltd., a subsidiary of the company, will handle the import, marketing, and sales of the product [1] - The agreement positions the company to tap into the growing market for pediatric sleep aids in China [1] Industry Context - The collaboration highlights the increasing demand for specialized pharmaceutical products targeting neurodevelopmental disorders in children [1] - The approval and distribution of melatonin products reflect a broader trend in the healthcare industry focusing on pediatric health solutions [1]

Group 1 - The core viewpoint of the news is that Huate Dain (000915) has shown a slight decline in stock price while maintaining positive revenue and profit growth in its latest financial report [1][3] - As of July 29, 2025, Huate Dain's stock closed at 33.09 yuan, down 0.06%, with a turnover rate of 5.06% and a trading volume of 118,500 hands, amounting to 397 million yuan [1] - The company reported total revenue of 616 million yuan for Q1 2025, representing a year-on-year growth of 7.78%, and a net profit attributable to shareholders of 182 million yuan, up 8.13% year-on-year [1] Group 2 - Huate Dain has a current liquidity ratio of 4.668 and a quick ratio of 4.574, indicating strong short-term financial health [1] - The company's debt-to-asset ratio stands at 17.51%, reflecting a low level of financial leverage [1] - Huate Dain has made investments in 13 companies and participated in 810 bidding projects, showcasing its active engagement in business expansion [2]

Core Viewpoint - The national childcare subsidy policy will provide an annual subsidy of 3600 yuan per child until the age of three, benefiting over 20 million families each year starting from January 1, 2025 [4][5]. Subsidy Standard - Each child will receive a subsidy of 3600 yuan per year until they turn three years old. For children born before January 1, 2025, who are under three years old, the subsidy will be calculated based on the remaining months [8]. Coverage - The policy applies to all families with children under three years old, regardless of whether they have one, two, or three children, and is uniformly implemented across the country [9]. Application Process - Parents or guardians can apply for the subsidy online through the childcare subsidy information management system or offline, providing necessary documents such as birth certificates and household registration books [10]. Funding Source - The central government will establish a "childcare subsidy fund," providing financial support to eastern, central, and western regions proportionally, with any additional local funding being the responsibility of local governments [11]. Market Impact Analysis - The infant food market is expected to exceed 72 billion yuan, directly benefiting the maternal and infant consumption industry chain [12]. - The childcare industry is projected to reach a scale of 162.1 billion yuan by 2025, with an average annual growth rate of 7.5%, accelerated by the policy [13]. - Demand for children's medical and nutritional health products is anticipated to rise, with the pediatric medication market expected to grow at a rate exceeding 10% annually [14]. Beneficiary Companies - Leading maternal and infant retail companies are expected to benefit directly from increased customer spending and frequency of purchases [15]. - Companies such as Kidswant and Huaiying Room are positioned to gain from the subsidy implementation due to their extensive retail networks and service offerings [16]. - Major players in the infant formula market, like China Feihe and Yili, are likely to see increased demand driven by the subsidy [17][18].

Investment Rating - The report rates the mother and baby consumption industry as "Overweight" [2][9] Core Insights - The introduction of a national childcare subsidy of 3,600 yuan per child per year, totaling up to 10,800 yuan per child, is expected to improve consumption expectations in the mother and baby sector [3] - The report highlights that despite a decline in birth rates over the past seven years, the overall mother and baby market has experienced a compound annual growth rate (CAGR) of over 15% from 2018 to 2024 due to consumption upgrades and refined parenting [3] - The report emphasizes the rise of domestic brands in the mother and baby sector, with significant market share gains and a return of industry influence to local brands [3] Summary by Sections National Childcare Subsidy - The national childcare subsidy program will start on January 1, 2025, providing cash subsidies to families with children under three years old, with a basic standard of 3,600 yuan per year [3] - Local governments are expected to introduce additional subsidies, creating a wave of local support for childbirth [3] Market Growth and Opportunities - The mother and baby market is projected to rebound due to improved policies and an anticipated increase in birth rates in 2024 [3] - Key sectors and companies recommended for investment include: - Fertility and reproductive health: Focus on companies like Jinxin Reproductive and Livzon Pharmaceutical [3] - Infant nutrition: Recommendations include China Feihe and Yili Group [3] - Baby appliances: Suggested investment in Bear Electric [3] - Apparel and home textiles: Companies like Semir and Anta are highlighted [3] - Baby care products: Brands such as Runben and New Page are recommended [3] Valuation Table - The report includes a valuation table with various companies in the mother and baby sector, indicating their stock prices, market capitalization, and profit forecasts for 2025, 2026, and 2027, along with corresponding investment ratings [4]

Summary of Conference Call on National Childcare Subsidy Policy Industry Overview - The conference call discusses the impact of the national childcare subsidy policy on various industries, particularly focusing on the maternal and infant products market, including companies like Feihe, Jianhe International, Aoyou Dairy, and Mengniu Dairy [1][3][5]. Key Points and Arguments 1. **Childcare Subsidy Policy Implementation**: Starting January 1, 2025, the government will provide a monthly subsidy of 300 yuan for children under three years old, applicable to those born after January 1, 2022 [2][6]. 2. **Impact on Maternal and Infant Products Market**: The subsidy is expected to enhance family consumption capacity, benefiting retail companies like Aiyingshi and Haiziwang significantly [1][5]. 3. **Feihe's Financial Performance**: Feihe anticipates a revenue of 20.7 billion yuan in 2024, a 6.2% increase year-on-year, with a net profit of 3.65 billion yuan, up 11% [1][3]. 4. **Jianhe International's Strategy**: The company has diversified its product offerings, with infant nutrition accounting for about half of its revenue. It has expanded its market presence, particularly in lower-tier cities, and aims to increase customer acquisition through promotional events [7][10]. 5. **Aoyou Dairy's Market Position**: Aoyou Dairy leads in the goat milk powder segment and has secured 70% of its raw milk costs, ensuring stable profit margins amid the new policy [8][4]. 6. **Mengniu Dairy's Growth Potential**: Although Mengniu's infant formula business is relatively small, its organic milk powder products are expected to benefit from the subsidy, potentially increasing sales and profitability [9][4]. 7. **Retail Sector Dynamics**: The retail sector, especially maternal and infant products, is poised for growth due to the subsidy, with companies like Aiyingshi and Haiziwang expanding their store networks and product offerings [10][5]. 8. **Consumer Electronics Impact**: Companies like Bear Electric are expected to benefit from the subsidy, with significant growth in maternal and infant appliances, projecting over 40% growth in related product sales [18][3]. 9. **Clothing Market Influence**: The subsidy is likely to boost clothing consumption, particularly in the children's apparel sector, with an estimated increase in spending on children's clothing due to the financial support [19][20]. 10. **Healthcare and Medical Products**: The conference also highlights the potential benefits for healthcare products related to infants, including vaccines and medical services, as the demand for these products is expected to rise with the increase in newborns [16][17]. Other Important Insights - The national subsidy policy represents a significant shift from previous local pilot programs, providing a more inclusive and direct financial support mechanism for families [6][12]. - The policy is expected to stimulate demand across various sectors, including retail, healthcare, and consumer electronics, creating a ripple effect in the economy [12][18]. - Companies are adapting their strategies to leverage the new policy, focusing on expanding product lines and enhancing customer engagement through innovative marketing approaches [7][10]. This summary encapsulates the key discussions and insights from the conference call regarding the national childcare subsidy policy and its implications across various industries.

近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 截至2025年6月30日，中加基金旗下中加医疗创新混合发起式C（016757）期末净资产0.02亿元，比上期 减少41.57%，该基金经理为薛杨。 数据显示，该基金近3个月收益率0.34%，近一年收益率3.53%，成立以来收益率为-19.91%。其股票持 仓前十分别为：联影医疗、天坛生物、迈瑞医疗、开立医疗、金域医学、派林生物、华特达因、鱼跃医 疗、聚光科技、春立医疗，前十持仓占比合计71.19%。 简历显示，薛杨先生:北京大学生药学硕士。2018年7月加入北京泓澄投资管理有限公司任研究员,2020 年9月加入中海基金管理有限公司任分析师。2022年1月加入中加基金管理有限公司。现担任中加医疗创 新混合型发起式证券投资基金(2022年11月 ...

AI基金中加医疗创新混合发起式A（016756）披露2025年二季报，第二季度基金利润20.21万元，加权平均基金份额本期利润0.015元。报告期内，基金净值 增长率为1.9%，截至二季度末，基金规模为1088.67万元。 该基金属于偏股混合型基金，长期投资于医药医疗股票。截至7月18日，单位净值为0.818元。基金经理是薛杨，目前管理2只基金近一年均为正收益。其 中，截至7月18日，中加龙头精选混合A近一年复权单位净值增长率最高，达19.43%；中加医疗创新混合发起式A最低，为5.32%。 基金管理人在二季报中表示，本基金持续关注AI医疗进展，业内已经出现了更多对可落地的医疗模型以及应用的尝试，但依然缺少成熟的商业模型。器械 板块，一些公司经过近年的持续努力，出海已经初具规模，在集采已经完成的背景下，出海业务有望贡献这些公司的第二增长曲线。本基金二季度主要增加 了对器械的持仓。 截至7月18日，中加医疗创新混合发起式A近三个月复权单位净值增长率为2.89%，位于同类可比基金136/138；近半年复权单位净值增长率为13.82%，位于 同类可比基金122/138；近一年复权单位净值增长率为5.32%，位于同类 ...

Core Viewpoint - The AI Fund, China Europe Dividend Smart Mixed A (023584), reported a profit of 7.22 million yuan for Q2 2025, with a net value growth rate of 3% during the period [3] Group 1: Fund Performance - The fund's profit for the second quarter was 7.22 million yuan, resulting in a weighted average profit per fund share of 0.03 yuan [3] - As of the end of Q2, the fund's scale was 248 million yuan [3] - The unit net value as of July 18 was 1.037 yuan [3] Group 2: Fund Manager Insights - The fund manager, Zhang Xueming, oversees five funds, with the highest one-year return for China Europe Prosperity Selected Mixed A at 39.63%, while China Europe Quality Selected Mixed A had the lowest at 14.46% [3] - The fund management indicated that the dividend strategy remains a foundational strategy, complementing the prosperity strategy, allowing for rotation to enhance returns in specific months [3] Group 3: Investment Strategy - The dividend strategy is referred to as a "safety net strategy" or carry strategy overseas, with its foundation based on dividend returns, considered to have the highest market lower limit [3] - The annualized return is easily measurable, and the fund management emphasizes the importance of being objective regarding dividend performance, noting that significant fluctuations in performance are often unreasonable [3] Group 4: Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included Zhongchuang Zhiling, OPPLE Lighting, Tiandi Technology, Zhonggu Logistics, Shouhua Environmental Protection, Huate Dain, Shangfeng Cement, Xinhua Insurance, Ordos, Midea Group, and Zhengmei Machine [4]

Core Viewpoint - The report of the China Europe Dividend Select Mixed Fund indicates a positive performance in net asset value growth, with A and C class shares showing growth rates of 2.16% and 2.01% over the past three months, and 15.74% and 15.08% since the fund's inception [1][2]. Fund Performance - As of June 30, the total fund shares amounted to 10.9 million, with A class shares at 4.73961 million and C class shares at 6.18585 million [2]. - The fund primarily invests in dividend-themed listed companies, managed by Liu Yong and Zhang Xue Ming, who have 9 and 8 years of experience in the securities industry, respectively [2]. Investment Strategy - The fund managers have shifted focus from bank stocks to market-oriented dividend stocks, citing a decrease in the attractiveness of bank dividends due to significant price increases [4]. - The top ten holdings in the second quarter no longer included bank stocks, with new investments in companies like Zhengmei Machine and Midea Group [3][4]. Market Context - The banking sector has seen substantial growth, with the Shanghai Securities Bank Index rising over 17% year-to-date, and several banks, including Xiamen Bank, showing increases exceeding 40% [4][5]. - Analysts remain optimistic about bank stocks, suggesting that the evolution of long-term bad debt cycles, rather than short-term economic fluctuations, will drive bank stock valuations [5][6]. Dividend Stock Appeal - The high dividends from dividend stocks are increasingly attractive in a low overall investment return environment, providing a valuable return source for funds facing a debt asset shortage [6]. - Banks are highlighted as the best performers among dividend stocks due to their stable future net profits and cash flows, supported by significant retained earnings [6].