高学敏，男，1938 年出生，中国国籍，无境外居留权，大 学本科学历。历任国家药典委员会七、八、九、十届委员、十 一、十二届顾问委员，并任第八届药典会中医专业委员会主委， 中华中医药学会中药基础理论分会主委、名誉主委，国家卫生 健康委儿童用药专家委员会主委，中国中药协会药物临床评价 研究专业委员会主委，国家药监局、新药、中药品种保护、保 健食品、麻醉药品评审委员会委员、国家基本药物目录专家委 员会委员、中国药物滥用防治协会理事，《基本医疗保险药品 目录（中药部分）》专家咨询小组成员，国家科委国家秘密技 术级专家审查专家组专家；精华制药集团股份有限公司独立董 事。现任卫健委儿童用药专委会名誉主委，中国中药协会药物 临床评价研究专业委员会名誉主委，北京中医药大学资深教授、 博士生导师，享受国务院政府特殊津贴，国家中医药管理局重 第 1页，共 7页 点学科临床中药学学术带头人，青海春天药用资源科技股份有 限公司独立董事，公司独立董事。 作为公司的独立董事，本人与公司之间不存在雇佣关系、 交易关系，与公司持股 5%以上股东、董监高不存在亲属关系， 不存在影响独立性的情况。 湖南方盛制药股份有限公司 2024 年度独立 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 湖南方盛制药股份有限公司 分红管理制度 （经公司第六届董事会第二次会议审议） （二）公司当年实现盈利，在符合规定的利润分配条件的情 况下，除《公司章程》规定的特殊情况外，公司将优先采取现金 方式分配股利。 （三）公司实行积极、持续、稳定的利润分配政策，同时兼 顾公司的实际经营情况和可持续发展。 （四）公司利润分配不得超过累计可供分配利润的范围，不 第 1 页 共 7 页 第一章 总则 第一条 为进一步规范湖南方盛制药股份有限公司（以下简 称"公司"）的分红行为，建立科学、持续、稳定的分红机制， 充分保护中小投资者合法权益，公司根据中国证券监督管理委员 会（以下简称"中国证监会"）《关于进一步落实上市公司现金 分红有关事项的通知》《上市公司监管指引第 3 号——上市公司 现金分红（2023 年修订）》等法律法规及规范性文件，以及《湖 南方盛制药股份有限公司章程》（以下简称"公司章程"），结 合公司实际情况，制定本制度。 第二章 利润分配和现金分红政策 第二条 公司重视对投资者特别是中小投资者的合理投资回 报 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 湖南方盛制药股份有限公司 信息披露事务管理制度 （已经第六届董事会第二次会议审议通过） 第一章 总则 第一条 为保证湖南方盛制药股份有限公司（以下简称"公 司"）信息披露真实、准确、及时，保护公司、股东、债权人及 其他利益相关人的合法权益，规范公司信息披露行为，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交 易所上市公司自律监管指引第 2 号——信息披露事务管理》、《上 海证券交易所股票上市规则》（以下简称"《股票上市规则》"） 等法律、法规、规章、规范性文件及《湖南方盛制药股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，并结合公 司的实际情况，制定本制度。 第二条 本制度所称"信息"是指所有能对公司证券及其衍 生品种交易价格产生重大影响的信息以及证券监管部门、证券交 易所要求披露的信息；本制度所称"披露"是指公司在规定的时 间内、在规定的媒体上、用规定的方式向社会公众公布前述的信 息，并送达证券监管部门备案。 （四）持有公司 5%以上股份的股东及其一致行动人； （五）公司 ...

Financial Performance - The basic earnings per share for 2024 is 0.5900 yuan, an increase of 37.21% compared to 0.4300 yuan in 2023 [1] - The net profit for 2024 is 2.55 billion yuan, reflecting a growth of 36.36% from 1.87 billion yuan in 2023 [1] - The return on equity for 2024 stands at 16.60%, up 31.96% from 12.58% in 2023 [1] - The total revenue for 2024 is 17.77 billion yuan, a 9.09% increase from 16.29 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 21,148.53 million shares, accounting for 48.2% of the circulating shares, which is a decrease of 763.34 million shares from the previous period [1] - Zhang Qinghua remains the largest shareholder with 15,601.95 million shares, representing 35.56% of the total share capital, unchanged from the previous report [2] - The E Fund Healthcare Industry Mixed A fund has decreased its holdings by 588.07 million shares [2] Dividend Distribution - No specific details on the dividend distribution plan are provided in the documents [1][2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The Chinese traditional medicine sector is expected to experience a relative recovery in 2025, with opportunities in key lines and individual stocks [4][12] - The overall market demand is gradually recovering due to the end of the pandemic and the impact of influenza, leading to a high base and inventory digestion pressure in 2024 [4][12] - The State Council's March 2025 document supports the quality improvement of traditional Chinese medicine, which is expected to stimulate innovation and commercialization of high-quality products [5][13] Summary by Sections Industry Trends - In April 2025, the pharmaceutical and biotechnology sector rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points [6][15] - The medical research outsourcing sector saw the largest increase of 6.34%, while the vaccine sector experienced the largest decline of 3.78% [20][21] Investment Opportunities - Four main investment lines are identified: 1. Innovative R&D-focused companies with strong capabilities, benefiting from accelerated approvals and optimized procurement, recommended stocks include Fangsheng Pharmaceutical, Yuyuan Pharmaceutical, Tianshili, and Yiling Pharmaceutical [5][14] 2. State-owned enterprises undergoing operational efficiency improvements, recommended stocks include Dong'e Ejiao, Jiangzhong Pharmaceutical, and Kunming Pharmaceutical [5][14] 3. Companies with strong brand power and relatively scarce products, recommended stocks include Zoli Pharmaceutical and Lingrui Pharmaceutical [5][14] 4. Companies experiencing turnaround and valuation recovery, recommended stock includes Jichuan Pharmaceutical [5][14] Market Performance - The traditional Chinese medicine sector has faced pressure since the pandemic, but the situation is expected to improve in 2025 as macro disturbances ease [4][12] - The price index of traditional Chinese medicine materials has been declining since mid-July 2024, which is expected to alleviate the gross margin pressure on companies in 2025 [5][12]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603998 证券简称：方盛制药 公告编号：2025-035 湖南方盛制药股份有限公司 关于召开2024年度暨2025年第一季度业绩 会议召开方式：上证路演中心网络互动； 投资者可于2025年4月22日(星期二)至4月28日(星期一)16:00前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公司邮箱fs88997135@126.com、603998@fangsheng.com.cn进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 湖南方盛制药股份有限公司（以下简称"公司"）将于2025年4月29日发布公司2024年年度报告及2025年 第一季度报告，为便于广大投资者更全面深入地了解公司2024年年度及2025年第一季度经营成果、财务 状况，公司计划于2025年4月29日（星期二）上午9:00-10:00举行2024年度暨2025年第一季度业绩暨现金 分红说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2024年年度及2025年第一季度的经营成果及财务指 标的具体情况与投资者进行互 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][50]. Core Viewpoints - The FDA's recent decision to gradually eliminate animal testing requirements for monoclonal antibodies and other drugs is expected to benefit AI-driven drug development, potentially accelerating new drug approvals and reducing R&D costs [5][6][14][16]. - The pharmaceutical and biotechnology sector experienced a decline of 5.61% this week, underperforming the CSI 300 index by 2.73 percentage points, ranking 22nd among 31 sub-industries [19][24]. Summary by Sections Weekly Insights - The FDA's announcement on April 11, 2025, aims to replace animal testing with more effective and human-relevant methods, which could enhance drug safety and lower costs [14][15]. - The shift is anticipated to accelerate drug development timelines and improve success rates, particularly benefiting companies involved in AI drug development such as Jingtai Holdings and Chengdu Xian Dao [6][17]. Subsector Performance - The blood products sector saw the highest increase this week, rising by 4.06%, while the medical outsourcing sector faced the largest decline at 16.04% [7][23]. - The medical device sector decreased by 2.62%, and the traditional Chinese medicine sector fell by 3.35% [7][23]. Recommended and Benefiting Stocks - Recommended stocks include Weidian Physiotherapy, Maipu Medical, and Yingke Medical [8][31]. - Benefiting stocks from the FDA policy change include Jingtai Holdings, Chengdu Xian Dao, and Hongbo Pharmaceutical [6][17]. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from the "old-for-new" policy and increased procurement activities in Q2 2025, with a current P/E ratio of 32.15, indicating potential for valuation growth [27][29]. - **Medical Consumables**: This sector is under pressure due to US-China tariff impacts, but certain segments are expected to perform well due to high growth potential and improved conditions [30]. - **IVD Sector**: The IVD sector is projected to recover as AI technologies enhance diagnostic capabilities, despite current pressures from procurement policies [33]. - **Blood Products**: The sector is expected to benefit from rising domestic production and increased focus on local sourcing due to tariff impacts [35]. - **Retail Pharmacy**: The offline pharmacy sector is seeing a recovery in customer traffic and profitability, with major players expected to leverage AI for operational efficiency [37][38].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The FDA's recent decision to gradually eliminate animal testing requirements for monoclonal antibodies and other drugs is expected to benefit AI-driven drug development, potentially accelerating new drug approvals and reducing R&D costs [5][6][14][16] - The pharmaceutical and biotechnology sector experienced a decline of 5.61% this week, underperforming the CSI 300 index by 2.73 percentage points [19][24] - The blood products sector showed the highest increase this week, rising by 4.06%, while the medical outsourcing sector faced the largest decline, dropping by 16.04% [7][19][23] Summary by Sections Weekly Insights - The FDA's announcement on April 11, 2025, aims to replace animal testing with more effective human-relevant methods in drug development, which could enhance drug safety and lower costs [14][15] - The pharmaceutical sector's performance this week was marked by significant declines across various sub-sectors, with blood products being the only one to gain [19][23] Sub-sector Performance - Blood products increased by 4.06%, while medical outsourcing fell by 16.04%, indicating a significant divergence in performance among sub-sectors [7][19][23] - The medical device sector's P/E ratio is currently at 32.15, suggesting potential for valuation increases [27] - The IVD sector is also seen as having room for valuation growth, with a current P/E of 21.89 [33] Recommended and Benefiting Stocks - Recommended stocks include Microelectrophysiology, Maipu Medical, and Yingke Medical, among others [8][31][38] - Benefiting stocks from the FDA's policy change include Jingtai Holdings, Chengdu Xian Dao, and Hongbo Pharmaceutical [6][17] Market Trends - The report highlights a structural investment opportunity in the pharmaceutical sector, driven by policy support and AI-enabled R&D [26] - The report notes that the medical device sector is expected to benefit from upcoming procurement policies and a low base effect in Q2 2025 [27][29]

证券研究报告 | 医药生物 | 2025年4月12日 www.hczq.com 华创医药投资观点&研究专题周周谈·第121期 海外CXO 2024财报总结 本周周专题联系人：万梦蝶 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号: S0360523080008 邮箱: wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号：S0360524070007 邮箱 ...

Policy Developments - Beijing's Medical Insurance Bureau and nine other departments issued measures to support high-quality development of innovative pharmaceuticals by 2025, including accelerating the use of self-developed in vitro diagnostic reagents and expanding the import categories for rare disease medications [2] - The document outlines 32 new initiatives aimed at enhancing clinical trial efficiency, improving review and approval processes, and promoting the clinical use of innovative medicines and medical devices [2] Drug and Device Approval - Novartis' application for the new indication of inclisiran, a long-acting siRNA therapy for lowering LDL-C, has been accepted by China's National Medical Products Administration [5] Capital Market - Hangzhou Lingmou Medical Technology Co., Ltd. completed several million RMB in Series A financing, led by Jiuhe Venture Capital [7] - Chengdu Saiyun Biotechnology Co., Ltd. announced the completion of several million RMB in angel+ financing, with funds aimed at accelerating the development of its self-researched pipeline [8] Industry Events - Tianjing Bio announced a clinical research collaboration with Biogen for the development of the monoclonal antibody Fizezotuzumab for treating IgA nephropathy and primary membranous nephropathy in China [10] - Merck KGaA acquired exclusive commercialization rights for Hengrui Medicine's oral GnRH receptor antagonist SHR7280 in mainland China, with an upfront payment of €15 million [12] Financial Reports - China National Pharmaceutical Group reported a net profit of approximately 642 million RMB for 2024, a decrease of 59.83% year-on-year, with total revenue of about 74.378 billion RMB, down 1.46% [14] - Health元 reported a net profit of 1.387 billion RMB for 2024, a decline of approximately 3.9% year-on-year, with total revenue of 15.619 billion RMB, down about 6.17% [15]