江苏恩华药业股份有限公司监事会 关于 2024 年限制性股票激励计划授予的限制性股票 第一个解除限售期解除限售条件成就相关事项的核查意见 江苏恩华药业股份有限公司（以下简称：公司）监事会依据《公司法》《证券法》《上市公 司股权激励管理办法》和《江苏恩华药业股份有限公司 2024 年限制性股票激励计划（草案）》 （以下简称：本次激励计划）等有关规定，对公司 2024 年限制性股票激励计划授予的限制性 股票第一个解除限售期解除限售条件已经成就的相关事项进行了核查，并发表核查意见如下： 公司和激励对象均未发生限制性股票不得解除限售的情况，公司 2024 年限制性股票激励 计划授予的限制性股票第一个解除限售期解除限售条件已经成就，参与本次解锁的激励对象主 体资格合法、有效，结合所授予的激励对象个人业绩考核条件，本次符合解除限售条件的激励 对象共 750 人，其获授的本期可以予以解除限售的限制性股票为 226.4451 万股。监事会同意 公司董事会根据 2024 年第一次临时股东大会的授权和本次激励计划相关规定为 750 名激励对 象获授的本期符合解除限售条件的 226.4451 万股限制性股票办理解除限售的相关事宜。 ...

证券代码：002262 证券简称：恩华药业 公告编号：2025-043 江苏恩华药业股份有限公司 第七届监事会第三次会议决议公告 二、监事会会议审议情况 1、第七届监事会第三次会议决议。 本公司及监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 性陈述或重大遗漏。 1、会议以3票赞成、0票反对、0票弃权的表决结果审议通过了《公司2025年半年度 报告全文及摘要》。 经审核，监事会认为：董事会编制和审核《公司2025年半年度报告全文及摘要》的 程序符合法律、行政法规和中国证监会的有关规定，报告内容真实、准确、完整地反映 了报告期内公司的财务状况、经营成果、法人治理、业务发展情况和主要风险，不存在 任何虚假记载、误导性陈述或者重大遗漏。 2、会议以3票赞成、0票反对、0票弃权的表决结果审议通过了《关于2024年限制性 股票激励计划授予的限制性股票第一个解除限售期解除限售条件成就的议案》。 经审议，监事会认为：根据《上市公司股权激励管理办法》等法律、法规、规范性 文件及《江苏恩华药业股份有限公司2024年限制性股票激励计划（草案）》的相关规定， 公司2024年限制性股票激励计划授予的限制性股票第一个 ...

江苏恩华药业股份有限公司董事会薪酬与考核委员会 关于 2024 年限制性股票激励计划授予的限制性股票第一个解除限售期 解除限售激励对象名单的核查意见 （三）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采取 市场禁入措施； （四）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （五）法律法规规定不得参与上市公司股权激励的； （六）中国证监会认定的其他情形。 三、本次激励计划授予的限制性股票第一个解除限售期的激励对象具备《公司法》等法律、 法规和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》等法律、法规和规范 性文件规定的激励对象条件，符合《激励计划（草案）》规定的激励对象范围。激励对象均为 与公司建立正式劳动或聘用关系的在职员工。本次激励计划的激励对象不包括公司独立董事和 监事，也不包括单独或合计持有公司 5%以上股份的股东或实际控制人及其配偶、父母、子女。 一、公司符合《管理办法》和《激励计划（草案）》等法律法规、规范性文件规定的实施 股权激励计划的情形，公司具备实施股权激励计划的主体资格，符合《激励计划（草案）》中 对所授予的限制性股票第一个限售期解除限售 ...

证券代码：002262 证券简称：恩华药业 公告编号：2025-042 江苏恩华药业股份有限公司 第七届董事会第三次会议决议公告 江苏恩华药业股份有限公司（以下简称"公司"）第七届董事会第三次会议于 2025 年 7 月 29 日在徐州市经济技术开发区龙湖西路 31 号恩华科技大厦 20 楼会议室召开，会议通知已于 2025 年 7 月 18 日以专人送达、传真、电子邮件等方式送达给全体董事、监事和高级管理人 员。本次会议应到董事 8 名，实到董事 8 名。公司监事和高级管理人员亦列席本次会议。本 次会议由董事长孙彭生先生召集并主持。本次会议的召集、召开程序符合有关法律法规和公 司章程的规定。 二、董事会会议审议情况 1、会议以8票赞成、0 票反对、0 票弃权的表决结果审议通过了《公司2025年半年度报 告全文及摘要》。 本公司及董事会全体成员保证公告内容真实、准确、完整，对公告的虚假记载、误导性 陈述或重大遗漏负连带责任。 一、董事会会议召开情况 该议案已经公司董事会审计委员会审议通过。 2、会议以7票赞成、0票反对、0票弃权的表决结果审议通过了《关于2024年限制性股票 激励计划授予的限制性股票第一个解除 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%20I.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section includes the company's assurance of report accuracy and outlines the board's decision regarding profit distribution - The company's Board of Directors, Supervisory Board, and senior management ensure the truthfulness, accuracy, and completeness of this semi-annual report and assume corresponding legal responsibilities[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for this reporting period[4](index=4&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) The company reported **3.01 billion Yuan** in revenue and **700 million Yuan** in net profit, with operating cash flow decreasing by 20.43%, alongside steady asset and net asset growth Key Financial Data for H1 2025 | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 3,010,121,701.84 | 2,763,398,107.90 | 8.93% | | **Net Profit Attributable to Shareholders (Yuan)** | 700,494,742.07 | 628,920,268.32 | 11.38% | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) (Yuan)** | 699,469,413.13 | 633,975,167.46 | 10.33% | | **Net Cash Flow from Operating Activities (Yuan)** | 494,823,199.32 | 621,837,078.66 | -20.43% | | **Basic Earnings Per Share (Yuan/share)** | 0.69 | 0.62 | 11.29% | | **Weighted Average Return on Net Assets** | 9.26% | 9.47% | -0.21% | | **Total Assets (Yuan)** | 8,788,524,919.55 | 8,440,005,655.95 | 4.13% (End of Period vs. End of Previous Year) | | **Net Assets Attributable to Shareholders (Yuan)** | 7,672,267,779.43 | 7,300,321,724.48 | 5.09% (End of Period vs. End of Previous Year) | Non-Recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -341,691.04 | | Government Grants Recognized in Current Profit/Loss | 1,107,648.00 | | Other Non-Operating Income and Expenses | 607,838.05 | | Other Gains/Losses Meeting the Definition of Non-Recurring Items | 223,242.67 | | **Total** | **1,025,328.94** | - The company classifies **28.616 million Yuan** in income from short-term structured deposit products purchased with its own funds as recurring profit/loss, given its close relation to daily cash management and high frequency[25](index=25&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%20III.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's operational performance, financial results, and strategic initiatives [Principal Business](index=10&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on CNS drug R&D, production, and sales, achieving significant R&D progress and stable performance through marketing adjustments and new product market access - The company's main business is pharmaceutical R&D, production, and sales, being the **only listed company in China focused on the CNS drug segment**, with products covering anesthetic analgesics, psychiatric, and neurological drugs[27](index=27&type=chunk)[34](index=34&type=chunk) R&D Pipeline Progress Summary | Category | Total Projects in Development | Key Progress | | :--- | :--- | :--- | | **Innovative Drugs** | 17 | 1 completed Phase III clinical, 2 completed Phase II clinical, 6 in Phase I clinical | | **Generic Drugs** | 48 | 1 approved for production, 5 submitted for production review | | **Consistency Evaluation** | 7 | 1 passed, 2 under review | - Anesthesia product sales strategy involves segmented focus through structural adjustments, strengthening market access and promotion for new products (e.g., Remifentanil, Oliceridine Injection), and accelerating academic transformation[31](index=31&type=chunk) - Psychiatric and neurological product sales strategy focuses on patient-centric approaches, including structural segmentation, deep hospital penetration, expanding grassroots and outpatient businesses, and building an "offline diagnosis, online prescription renewal" chronic disease management model[32](index=32&type=chunk)[33](index=33&type=chunk) - Performance drivers for the reporting period include deepening product differentiation advantages, efficiency improvements from marketing organizational adjustments, rapid sales growth of new products (e.g., Oliceridine, Antaitan), and extensive expansion into retail and grassroots channels[38](index=38&type=chunk) [Analysis of Core Competencies](index=14&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies encompass robust R&D, integrated marketing, API-formulation synergy, strategic CNS focus, and a unique CNS diagnosis and treatment ecosystem - The company is the **only listed enterprise in China focused on CNS drug R&D and production**, possessing the **most extensive product pipeline domestically**, with **9 Class 1 innovative drug clinical approvals** in the past three years, ranking first nationwide[39](index=39&type=chunk) - The company has established leading domestic CNS drug molecular design and evaluation platforms, as well as high-end drug delivery system R&D platforms, collaborating with top domestic and international universities and research institutions, including Harvard Medical School[40](index=40&type=chunk) - The company possesses an integrated production process from Active Pharmaceutical Ingredients (APIs) to finished formulations, minimizing impact from upstream industries and ensuring high operating profit margins[47](index=47&type=chunk)[48](index=48&type=chunk) - The company is building a CNS diagnosis and treatment ecosystem, comprehensively deploying a "drug treatment-centric, integrated precision, digital, and smart healthcare" service closed-loop, with subsidiaries like Shanghai Enyuan (precision medicine), Jiangsu Haoxinqing (digital healthcare), and Beijing Yihua (smart healthcare)[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Analysis of Principal Business](index=18&type=section&id=III.%20Analysis%20of%20Principal%20Business) The company's total operating revenue reached **3.01 billion Yuan**, up 8.93%, with net profit attributable to the parent company at **700 million Yuan**, up 11.38%, notably driven by **107.33% growth** in neurological products Year-on-Year Changes in Key Financial Data | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | 3,010,121,701.84 | 2,763,398,107.90 | 8.93% | | **Operating Profit** | 792,856,298.15 | 732,553,778.37 | 8.23% | | **Net Profit Attributable to Parent Company** | 700,494,742.07 | 628,920,268.32 | 11.38% | | **R&D Investment** | 395,326,521.89 | 318,900,828.97 | 23.97% | Operating Revenue Composition (by Product) | Product Category | Current Period Revenue (Yuan) | Proportion of Total Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Anesthesia Products | 1,633,922,798.87 | 54.29% | 7.32% | | Psychiatric Products | 620,945,862.24 | 20.63% | 4.29% | | Neurological Products | 165,864,378.82 | 5.51% | 107.33% | | Commercial Pharmaceuticals | 393,738,962.91 | 13.08% | 9.80% | [Analysis of Assets and Liabilities](index=23&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached **8.789 billion Yuan**, up 4.13%, driven by increased monetary funds from wealth management redemptions and higher accounts receivable financing due to settlement changes, while liabilities remained stable - Monetary funds at the end of the period totaled **1.767 billion Yuan**, a **24.7% increase** from the previous year-end, primarily due to the redemption of wealth management products during the reporting period[73](index=73&type=chunk) - Financial assets held for trading at the end of the period totaled **1.925 billion Yuan**, a decrease from **2.373 billion Yuan** at the previous year-end, primarily due to the redemption of wealth management products[73](index=73&type=chunk) - Accounts receivable financing at the end of the period totaled **130 million Yuan**, a significant increase from **6.185 million Yuan** at the previous year-end, primarily due to changes in settlement methods during the reporting period[73](index=73&type=chunk) [Analysis of Investment Status](index=25&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment totaled **177 million Yuan**, down 15.64%, primarily in bank wealth management products using self-owned funds, with an outstanding balance of **1.925 billion Yuan** and no overdue amounts Entrusted Wealth Management Overview | Specific Type | Source of Funds | Amount of Entrusted Wealth Management (Million Yuan) | Unmatured Balance (Million Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Self-Owned Funds | 3,940 | 1,925 | [Analysis of Major Holding and Participating Companies](index=25&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Major subsidiaries Enhua Chain (pharmaceutical retail) and Yuanheng Pharmaceutical (pharmaceutical production) were profitable, with Enhua Chain achieving **4.266 million Yuan** and Yuanheng Pharmaceutical **3.863 million Yuan** in net profit Operating Performance of Major Subsidiaries | Company Name | Principal Business | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | | Enhua Chain | Pharmaceutical Retail | 403,497,697.59 | 4,266,250.89 | | Yuanheng Pharmaceutical | Pharmaceutical Production | 55,159,336.81 | 3,862,869.92 | [Risks and Countermeasures](index=26&type=section&id=X.%20Company%20Risks%20and%20Countermeasures) The company faces risks from industry policy changes, R&D failures, environmental pressures, special drug management, and talent shortages, which it actively monitors and addresses through strategic adjustments - The company's main risks include: - **Industry Policy Risk**: Uncertainties arising from policies such as drug approval, medical insurance cost control, and centralized volume-based procurement[86](index=86&type=chunk) - **R&D Risk**: New drug R&D and consistency evaluation involve significant investment and long cycles, with risks of failure or delays[87](index=87&type=chunk) - **Environmental Risk**: Production processes generate "three wastes" (wastewater, waste gas, solid waste), and tightening environmental policies increase the company's environmental pressure - **Narcotic and Psychotropic Drug Management Risk**: Narcotic and psychotropic drugs are strictly regulated throughout the entire process, and improper operations may lead to operational risks - **Talent Risk**: Company expansion may lead to insufficient reserves of management and professional talent [Corporate Governance, Environment, and Society](index=27&type=section&id=Item%20IV.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) The company completed board and management re-elections, continued its restricted stock incentive plan, had three entities listed for environmental disclosure, and actively fulfilled social responsibilities including shareholder, employee, and customer protection, and public welfare - From April to May 2025, the company completed the re-election and appointment of its Seventh Board of Directors, Supervisory Board, and senior management[91](index=91&type=chunk) - The company continued to implement its 2024 restricted stock incentive plan, adjusting the repurchase price and repurchasing and canceling some granted but unvested restricted shares during the reporting period[99](index=99&type=chunk)[100](index=100&type=chunk) - The company and its major subsidiaries (Tongshan Plant, Jiawang Plant), totaling **three entities**, have been included in the list of enterprises required to disclose environmental information by law[101](index=101&type=chunk) - The company actively fulfilled its social responsibilities, donating a total of **200,000 Yuan** to Xuzhou Charity Federation and conducting employee care and community free clinic activities during the reporting period[107](index=107&type=chunk) [Significant Matters](index=32&type=section&id=Item%20V.%20Significant%20Matters) The company reported no overdue unfulfilled commitments, non-operating fund occupation, illegal external guarantees, major lawsuits, significant related-party transactions, or bankruptcy reorganizations, and the semi-annual financial report was unaudited - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties of the listed company[110](index=110&type=chunk) - During the reporting period, there were no illegal external guarantees by the company[111](index=111&type=chunk) - During the reporting period, there were no major lawsuits or arbitrations involving the company[114](index=114&type=chunk) - During the reporting period, no significant related-party transactions occurred[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk) [Changes in Shares and Shareholder Information](index=36&type=section&id=Item%20VI.%20Changes%20in%20Shares%20and%20Shareholder%20Information) As of period-end, total share capital was **1.016 billion shares** with **43,626 shareholders**, minor structural changes occurred, Xuzhou Enhua Investment Co., Ltd. is the controlling shareholder at **31.50%**, and four individuals collectively control **47.94%** as actual controllers - As of the end of the reporting period, the total number of ordinary shareholders was **43,626**[142](index=142&type=chunk) Top Five Shareholders' Shareholding | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | | :--- | :--- | :--- | :--- | | Xuzhou Enhua Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 31.50% | 320,096,321 | | Sun Pengsheng | Domestic Natural Person | 4.89% | 49,738,538 | | Chen Zengliang | Domestic Natural Person | 3.93% | 39,928,590 | | Fu Qing | Domestic Natural Person | 3.93% | 39,928,587 | | Yang Ziliang | Domestic Natural Person | 3.69% | 37,532,435 | - The company's actual controllers are Sun Pengsheng, Fu Qing, Chen Zengliang, and Yang Ziliang, who collectively control **47.94%** of the company's shares through direct holdings, equity in the controlling shareholder, and a "Concerted Action Agreement"[143](index=143&type=chunk) [Bond-Related Information](index=42&type=section&id=Item%20VII.%20Bond-Related%20Information) During the reporting period, the company had no bond-related matters - The company had no bond-related matters during this reporting period[149](index=149&type=chunk) [Financial Report](index=43&type=section&id=Item%20VIII.%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on key accounts [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) As of June 30, 2025, total assets were **8.789 billion Yuan**, liabilities **1.144 billion Yuan**, and asset-liability ratio **13.0%**, with **3.01 billion Yuan** in revenue and **700 million Yuan** in net profit, and varied cash flow activities Consolidated Balance Sheet Summary (June 30, 2025) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | **Total Current Assets** | 6,369,176,126.17 | 6,059,552,060.44 | | **Total Non-Current Assets** | 2,419,348,793.38 | 2,380,453,595.51 | | **Total Assets** | **8,788,524,919.55** | **8,440,005,655.95** | | **Total Current Liabilities** | 1,052,735,115.17 | 1,066,240,631.43 | | **Total Non-Current Liabilities** | 90,768,427.73 | 100,249,246.74 | | **Total Liabilities** | **1,143,503,542.90** | **1,166,489,878.17** | | **Total Owners' Equity** | **7,645,021,376.65** | **7,273,515,777.78** | Consolidated Income Statement Summary (H1 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **3,010,121,701.84** | **2,763,398,107.90** | | **II. Total Operating Costs** | 2,233,759,335.62 | 2,034,082,887.88 | | **III. Operating Profit** | **792,856,298.15** | **732,553,778.37** | | **IV. Total Profit** | 788,404,080.87 | 720,992,469.54 | | **V. Net Profit** | **700,054,285.99** | **626,573,552.50** | | Net Profit Attributable to Parent Company Shareholders | 700,494,742.07 | 628,920,268.32 | Consolidated Cash Flow Statement Summary (H1 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **494,823,199.32** | **621,837,078.66** | | **Net Cash Flow from Investing Activities** | **299,795,523.23** | **-949,081,964.49** | | **Net Cash Flow from Financing Activities** | **-357,433,644.08** | **-309,788,963.76** | | **Net Increase in Cash and Cash Equivalents** | **437,709,403.03** | **-636,856,667.42** | [Notes to Consolidated Financial Statements](index=81&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This section details key consolidated financial statement items, including financial assets held for trading as bank wealth management products, top five accounts receivable customers accounting for **49.68%**, R&D expenses, and market development fees as the largest selling expense component - Financial assets held for trading at the end of the period totaled **1.925 billion Yuan**, entirely consisting of bank wealth management products measured at fair value with changes recognized in current profit or loss[287](index=287&type=chunk) - The top five accounts receivable balances at the end of the period totaled **871 million Yuan**, accounting for **49.68%** of the total accounts receivable[299](index=299&type=chunk) Composition of Selling Expenses | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Market Development and Promotion Fees | 535,761,382.88 | 440,117,897.62 | | Salaries and Wages | 176,740,626.42 | 170,736,554.74 | | Business Entertainment Expenses | 84,568,579.30 | 73,646,380.26 | | Other | 173,766,382.75 | 145,220,918.41 | | **Total** | **970,836,971.35** | **829,721,751.03** | R&D Expenditure Overview | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | **Total** | **395,326,521.89** | **318,900,828.97** | | Of which: Expensed R&D Expenditure | 335,745,711.70 | 301,501,378.31 | | Capitalized R&D Expenditure | 59,580,810.19 | 17,399,450.66 | [Other Submitted Data](index=143&type=section&id=Item%20IX.%20Other%20Submitted%20Data) During the reporting period, in April 2025, the company engaged with various institutional and individual investors through online and on-site interactions, discussing its 2024 operating performance, development strategy, and product R&D and sales - The company actively conducted investor relations activities during the reporting period, holding online discussions and on-site visits on April 8 and April 25, 2025, respectively, communicating with various institutional and individual investors, including Guosheng Securities, Ping An Securities, and Dacheng Fund[581](index=581&type=chunk)

Group 1 - The fentanyl concept index declined by 0.88%, ranking among the top declines in the concept sector as of July 29 [1] - Within the fentanyl sector, companies such as Botao Bio, Enhua Pharmaceutical, and Wanfu Bio experienced significant declines, while three companies, including China National Pharmaceutical Modern, Lingrui Pharmaceutical, and Renfu Pharmaceutical, saw slight increases of 1.07%, 0.17%, and 0.09% respectively [1] Group 2 - The fentanyl concept sector experienced a net outflow of 80 million yuan in capital today, with six stocks seeing net outflows, and five stocks with outflows exceeding 10 million yuan [2] - Renfu Pharmaceutical had the highest net outflow of 18.1651 million yuan, followed by Dongfang Bio, Enhua Pharmaceutical, and Wanfu Bio with net outflows of 16.8542 million yuan, 16.6752 million yuan, and 15.9620 million yuan respectively [2] - The top net inflow stocks in the fentanyl concept sector included China National Pharmaceutical Modern and China National Pharmaceutical, with net inflows of 9.5225 million yuan and 1.2608 million yuan respectively [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.

2025 年 07 月 20 日 投资评级：看好（维持） 医药生物 行业走势图 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 医药生物 沪深300 数据来源：聚源 相关研究报告 《CXO 龙头中报业绩超预期，重点关 注板块后续行情 — 行 业 周 报 》 -2025.7.13 《艾伯维收购 Capstan，加码体内 CAR-T—行业周报》-2025.7.6 《多款减肥药亮相 2025 ADA，重点关 注 AMYR 与 ActRII 靶点—行业周报》 -2025.6.29 集采政策明确优化，继续推荐制药板块性机会 ——行业周报 | 余汝意（分析师） | 刘艺（联系人） | 聂媛媛（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | nieyuanyuan@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | 证书编号：S0790124050002 | 集采政策持续优化，仿创 pharma 有望估值重塑 集采政策优化基调明确， ...

Economic Overview - The domestic GDP for the first half of the year reached 660,536 billion yuan, showing a year-on-year growth of 5.3% [1] - The primary industry added value was 31,172 billion yuan, growing by 3.7%; the secondary industry added value was 239,050 billion yuan, with a growth of 5.3%; and the tertiary industry added value was 390,314 billion yuan, increasing by 5.5% [1] Market Performance - The CSI 500 Quality Growth Index (930939) increased by 0.17%, with notable stock performances including LIZHU Group (000513) up by 6.71% and KEDALI (002850) up by 6.43% [1] - The CSI 500 Quality Growth ETF (560500) is showing positive momentum, currently priced at 1 yuan [1] Policy Insights - Everbright Securities noted that domestic policies have shifted towards a focus on fundamentals and liquidity since September of last year, maintaining a positive stance despite some restraint [1] - The flexibility and foresight of policy measures are expected to stabilize market expectations and promote healthy capital market development [1] Investment Opportunities - According to Shenwan Hongyuan Securities, the A-share market is accumulating positive factors, with the CSI 500 Quality Growth Index's valuation at a historical low, with a latest price-to-book ratio (PB) of 1.9 times, below 88.94% of the past three years [2] - The CSI 500 Quality Growth Index selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index, providing diverse investment options [2] Top Holdings - As of June 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 20.42% of the index, including Dongwu Securities (601555) and Kaiying Network (002517) [2]

Group 1 - The core viewpoint is that the dual-track system of "medical insurance + commercial insurance" is being implemented to address the payment challenges of high-priced innovative drugs, with the first directory set to be launched in October 2025 [1] - The commercial health insurance is recognized as an important payer for innovative drugs, which is expected to accelerate the market release of these drugs [1] - In the first half of 2025, the transaction value of China's innovative drug License-out exceeded $66 billion, surpassing the total for 2024, with over 60% of this value attributed to cutting-edge technologies such as ADC and bispecific antibodies [1] Group 2 - The medical innovation ETF (516820) has shown a 7.46% increase over the past three months and an 18.38% return over the past year, outperforming the industry benchmark [1] - The ETF closely tracks the China Securities Pharmaceutical and Medical Device Innovation Index, providing low fees, high transparency, and coverage of leading companies, making it a valuable tool for investing in core pharmaceutical assets [1] - Future projections indicate that total healthcare spending in China will continue to grow sustainably, with innovation, consumption upgrades, and high-end manufacturing being key drivers for investment opportunities [2]