Core Viewpoint - The company has decided not to adjust the conversion price of the "Shou 22 Convertible Bonds" despite triggering conditions for a downward adjustment, citing confidence in its future development potential and the need to treat all investors fairly [1][6]. Group 1: Convertible Bond Issuance and Terms - The company issued 3.98 million convertible bonds on November 17, 2022, with a total amount of 398 million yuan, and the bonds are set to mature on November 16, 2028 [2]. - The initial conversion price was set at 38.08 yuan per share, which has been adjusted to 36.84 yuan per share as of the latest update [2][4]. - The conversion period for the bonds is from May 23, 2023, to November 16, 2028 [1]. Group 2: Conversion Price Adjustment Conditions - The conversion price can be adjusted downward if the company's stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [5]. - The specific threshold for triggering the adjustment was set at 31.31 yuan per share [4][5]. Group 3: Board Decision on Price Adjustment - On September 15, 2025, the board unanimously decided not to adjust the conversion price, with all five votes in favor and no opposition [5]. - The board will reassess the situation if the adjustment conditions are triggered again within the next six months, starting from September 16, 2025 [6].

Core Viewpoint - Zhejiang Shouxiangu Pharmaceutical Co., Ltd. has decided not to adjust the conversion price of its "Shou 22 Convertible Bonds" despite triggering the downward adjustment clause due to stock price performance [2][7]. Group 1: Convertible Bond Details - The "Shou 22 Convertible Bonds" were issued on November 17, 2022, with a total amount of 398 million yuan and a maturity period of six years [3]. - The initial conversion price was set at 38.08 yuan per share, which has been adjusted to 36.84 yuan per share as of May 23, 2023 [5][6]. - The bond's conversion period is from May 23, 2023, to November 16, 2028 [5]. Group 2: Price Adjustment Clause - The downward adjustment clause is triggered when the stock price closes below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [6]. - From August 26 to September 15, 2025, the stock price met the criteria for triggering this clause [2][6]. Group 3: Board Decision - The board of directors held a meeting on September 15, 2025, and unanimously decided not to adjust the conversion price, with all five votes in favor [7]. - The decision was made considering the company's future potential and market conditions, aiming to protect the interests of all investors [7].

Group 1 - The company announced that it will not adjust the conversion price of the "Shou 22 Convertible Bond" downward during the next six months, from September 16, 2025, to March 15, 2026 [1] - If the downward adjustment clause is triggered again, the board will hold another meeting to decide whether to exercise the right to adjust the conversion price [1] - The first trading day for recalculating the conversion price will be March 16, 2026, or the next trading day if it falls on a non-trading day [1]

| 证券代码：603896 | 证券简称：寿仙谷 | | 公告编号：2025-059 | | --- | --- | --- | --- | | 债券代码：113660 | 债券简称：寿 22 | 转债 | | 浙江寿仙谷医药股份有限公司 关于不向下修正"寿 22 转债"转股价格的公告 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。 重要内容提示： 自 2025 年 8 月 26 日至 2025 年 9 月 15 日期间，浙江寿仙谷医药股份有 限公司（以下简称"公司"、"寿仙谷"）股票满足连续三十个交易日中有十五个交 易日的收盘价低于"寿 22 转债"当期转股价格的 85%（即 31.31 元/股），已触发 "寿 22 转债"转股价格向下修正条款。 经公司第五届董事会第三次会议审议通过，决定本次不向下修正"寿 22 转债"转股价格，且未来六个月内（2025 年 9 月 16 日至 2026 年 3 月 15 日）， 若再次触发"寿 22 转债"转股价格向下修正条款，亦不提出向下修正方案。以 2026 年 3 月 16 日（若为 ...

Investment Rating - The industry rating is maintained at "Overweight" [7] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 0.03% last week, while the overall pharmaceutical sector experienced a minor decline of 0.36% [2] - The TCM sector's PE (ttm) is at 28.52X, with a PB (lf) of 2.42X, indicating a stable valuation compared to historical data [3] - The demand for TCM materials is expected to rise as the traditional medication peak season approaches, leading to a rebound in market conditions [4] - The promotion of TCM at the grassroots level is anticipated to accelerate, supported by government initiatives to enhance TCM services in community health centers and county hospitals [5][6] Market Performance - The TCM sector's index closed at 6720.55 points, reflecting a 0.03% increase, while the pharmaceutical sector index was at 9157.77 points, down 0.36% [2][18] - The performance of individual companies within the TCM sector varied, with leading companies including Yiling Pharmaceutical and Wanbangde, while companies like Kangyuan Pharmaceutical and Zhendong Pharmaceutical lagged [2][15][17] Valuation - The TCM sector's PE (ttm) is at 28.52X, unchanged from the previous week, with a one-year maximum of 30.26X and a minimum of 22.58X [3] - The PB (lf) stands at 2.42X, also stable, with a one-year maximum of 2.65X and a minimum of 1.99X [3] Policy and Regulatory Environment - The State Council's recent approval of the "Healthcare Strengthening Foundation Project" aims to enhance the use of TCM in grassroots healthcare settings, which is expected to significantly impact the sector [5] - The National Health Commission's response regarding the basic drug directory management indicates potential adjustments that could favor TCM applications in grassroots markets [6] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [10][11] - Specific investment targets include companies with strong R&D capabilities, those less affected by centralized procurement, and leading TCM brands [10][11]

Core Viewpoint - The company has faced continuous pressure on its performance and stock price, with investors questioning the feasibility of its ambitious sales targets in light of recent declines in revenue and profit [1] Group 1: Financial Performance - The company has averaged annual sales of approximately 700 million yuan in recent years, with a significant drop in revenue and net profit in the first half of 2023, down 16.51% and 33.99% respectively [1] - The company set a vision to achieve 10 billion yuan in revenue by 2035, but has struggled since 2019, with 2022 revenue peaking at 829 million yuan [1] Group 2: Marketing Strategy - The company has faced criticism for its conservative marketing strategy, which is believed to have negatively impacted product market performance [2] - In response, the company has shifted its strategic focus to "marketing-driven enterprise" and is implementing marketing reforms, including enhancing offline channels and exploring new retail avenues [2] - The company has begun to engage in live-streaming sales, partnering with top live-streaming teams to boost online marketing efforts [2]

Group 1 - The company announced that from August 26, 2025, to September 8, 2025, its stock price has been below 85% of the conversion price of "Shou 22 Convertible Bond" for ten consecutive trading days [1] - If the stock price remains below 85% of the conversion price for five trading days within the next twenty consecutive trading days, it will trigger the downward adjustment clause for the conversion price of "Shou 22 Convertible Bond" [1] - The company's board of directors has the authority to propose a downward adjustment plan for the conversion price, which will be submitted for shareholder approval according to the relevant provisions in the prospectus of the convertible bonds [1]

浙江寿仙谷医药股份有限公司 关于"寿 22 转债"预计满足转股价格向下修正条件的 提示性公告 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。 重要内容提示： 自 2025 年 8 月 26 日至 2025 年 9 月 8 日期间，浙江寿仙谷医药股份有限 公司（以下简称"公司"、"寿仙谷"）股票已连续十个交易日的收盘价格低于 "寿 22 转债"当期转股价 36.84 元/股的 85%（即 31.31 元/股），若在未来连续 二十个交易日内，公司股票有五个交易日的收盘价低于当期转股价格的 85%，将 触发"寿 22 转债"的转股价格向下修正条款。届时根据《寿仙谷公开发行可转 换公司债券募集说明书》（以下简称"《募集说明书》"）中转股价格向下修正 条款的相关约定，公司董事会有权提出"寿 22 转债"转股价格向下修正方案并 提交公司股东大会表决。敬请广大投资者关注公司后续公告，注意投资风险。 一、"寿 22 转债"发行上市情况 经中国证券监督管理委员会"证监许可[2022]2165 号"文核准，浙江寿仙谷 医药股份有限公司（以下简称" ...

Group 1 - The company will hold a half-year performance briefing on September 12, 2025, from 13:00 to 14:30 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will combine video recording with online interaction [4][6] - Investors can submit questions from September 5 to September 11, 2025, and the company will address common concerns during the briefing [2][6] Group 2 - Key participants in the briefing include the Chairman, General Manager, Secretary of the Board, Financial Officer, and Independent Directors [5] - Investors can participate online through the Shanghai Stock Exchange Roadshow Center during the scheduled time [6] - After the briefing, investors can view the main content and outcomes on the Shanghai Stock Exchange Roadshow Center website [7]

Core Viewpoint - Shouxiangu plans to hold a half-year performance briefing on September 12, 2025 [1] Company Summary - Shouxiangu (stock code: 603896) announced the date for its 2025 half-year performance briefing [1]