证券日报网讯 2月6日，中关村发布公告称，公司与黑龙江省佳木斯市桦川县人民政府（简称：桦川县 人民政府）于2026年2月6日在北京市签订《中药、原料药基地建设项目框架协议》，公司契合国家"医 药大健康"产业发展战略，为提升中药、原料药产业生产能力，进一步增强核心竞争力，计划在黑龙江 省佳木斯市桦川县建设现代化数字化工厂，打造行业领先水平的中药、原料药生产制造基地。资金来源 主要为公司自筹资金。 （文章来源：证券日报） ...

中关村晚间公告，公司与黑龙江省佳木斯市桦川县人民政府于2026年2月6日在北京市签订《中药、原料 药基地建设项目框架协议》，公司契合国家"医药大健康"产业发展战略，为提升中药、原料药产业生产 能力，进一步增强核心竞争力，计划在黑龙江省佳木斯市桦川县建设现代化数字化工厂，打造行业领先 水平的中药、原料药生产制造基地。资金来源主要为公司自筹资金。 ...

格隆汇2月6日丨中关村(000931.SZ)公布，公司与黑龙江省佳木斯市桦川县人民政府（简称：桦川县人 民政府）于2026年2月6日在北京市签订《中药、原料药基地建设项目框架协议》，公司契合国家"医药 大健康"产业发展战略，为提升中药、原料药产业生产能力，进一步增强核心竞争力，计划在黑龙江省 佳木斯市桦川县建设现代化数字化工厂，打造行业领先水平的中药、原料药生产制造基地。资金来源主 要为公司自筹资金。 ...

格隆汇2月6日丨中关村(000931.SZ)公布，公司与黑龙江省佳木斯市桦川县人民政府（简称：桦川县人 民政府）于2026年2月6日在北京市签订《中药、原料药基地建设项目框架协议》，公司契合国家"医药 大健康"产业发展战略，为提升中药、原料药产业生产能力，进一步增强核心竞争力，计划在黑龙江省 佳木斯市桦川县建设现代化数字化工厂，打造行业领先水平的中药、原料药生产制造基地。资金来源主 要为公司自筹资金。 ...

Core Viewpoint - Jiangxi Jindalai Environmental Protection Co., Ltd. is expanding its business into the biomedicine and medical robotics sectors due to the slowdown in the environmental protection industry and increasing external competition, aiming to cultivate new profit growth points [1][2]. Group 1: Investment Strategy - The company is making strategic investments in unlisted companies in the biomanufacturing and health sectors, specifically targeting Yunnan Jici Medical Technology Co., Ltd. and Beijing Zhongke Hongtai Medical Technology Co., Ltd., which focus on stem cell technology and vascular interventional surgical robots, respectively [2][3]. - The investments are aligned with national priorities for strategic emerging industries, reflecting the company's proactive response to market conditions [2]. Group 2: Jici Medical Overview - Jici Medical specializes in autologous stem cell therapy, particularly focusing on rFib cell research and clinical transformation, addressing the growing demand for elderly healthcare solutions [3][4]. - The global stem cell industry was valued at $21.06 billion in 2022, with China's market at approximately 104.2 billion RMB, showing a compound annual growth rate of 56.79% [3]. Group 3: Jici Medical's Technology and Financials - Jici Medical's core technology involves reprogramming skin fibroblasts into induced mesenchymal stem cells, with over 30 clinical indications under investigation [4]. - The company has a projected revenue of 8.69 million RMB in 2024, with an asset valuation of 543.6 million RMB for the investment, reflecting a high appraisal value due to the inclusion of unrecorded patent technologies [5]. Group 4: Zhongke Hongtai Overview - Zhongke Hongtai focuses on the development of vascular interventional surgical robots, with a significant market potential as China is expected to conduct approximately 7 million vascular interventional surgeries in 2024 [6][7]. - The global market for vascular robots is projected to reach $4.48 billion by 2030, with the Chinese market estimated at 5.82 billion RMB [6]. Group 5: Investment Logic and Risk Control - The investment in Zhongke Hongtai is seen as a strategic move, with the company contributing 30 million RMB for a 10% stake, reflecting the advancements made in team building and product development [7]. - To ensure investment safety, the agreement includes conditions for staged payments and a buyback option if regulatory approvals are not obtained by the end of 2027 [7]. Group 6: Financial Health - The company maintains a strong financial position with sufficient working capital, reporting current assets of 3.17 billion RMB and a debt ratio of 10.20% as of September 30, 2025 [8]. - The investment will not adversely affect the company's main business operations or debt servicing capabilities [8].

Core Viewpoint - Jiangxi Jindalai Environmental Protection Co., Ltd. is making significant moves towards diversification by investing in the healthcare sector, specifically in stem cell technology and medical robotics, to optimize its industrial structure and cultivate new profit growth points [2][3][21]. Investment in Healthcare - On December 19, Jindalai announced an investment of 280 million yuan in Yunnan Jici Medical Technology Co., Ltd., acquiring a 34% stake, making it the second-largest shareholder [2][21]. - On December 21, the company announced an additional investment of 30 million yuan in Beijing Zhongke Hongtai Medical Technology Co., Ltd., acquiring a 10% stake [3][21]. - Both investments target the "big health industry," with Jici Medical focusing on proprietary stem cell technology and Zhongke Hongtai excelling in medical artificial intelligence [3][21]. Rationale for Investment - Jindalai aims to respond to national calls for investment in biomanufacturing and healthcare sectors, enhancing its risk resistance and creating new profit avenues [3][21]. - The company believes that the aging population and the maturation of the industry in China present ample investment opportunities in the big health sector [3][21]. Financial Overview of Jici Medical - As of September 30, Jici Medical reported total assets of 10.01 million yuan, with revenues and net profits of 11.23 million yuan and 1.15 million yuan, respectively, for the first nine months of 2025 [6][26]. - Despite not being particularly strong financially, Jici Medical's ability to generate initial self-sustaining revenue is notable in the capital-intensive biomanufacturing sector [6][26]. Financial Overview of Zhongke Hongtai - Zhongke Hongtai reported total assets of 61.58 million yuan and a net loss of 5.51 million yuan for the first nine months of 2025 [10][31]. - The company is recognized for its innovative medical robotics and has completed 16 clinical trials for its products, which are currently in the regulatory approval process [10][31]. Jindalai's Current Position - Jindalai has a strong financial position, with a debt ratio of only 10.2% and cash reserves exceeding 1.898 billion yuan, allowing it to fund these investments entirely with its own capital [12][33]. - However, the company has experienced a decline in its main business, with a 23.5% drop in total revenue and a 30.14% decrease in net profit for the first nine months of 2025 [13][33]. Strategic Shift - The investments in Jici Medical and Zhongke Hongtai mark Jindalai's formal entry into the biomanufacturing and big health sectors, aligning with national policies that support these industries as emerging growth areas [16][36]. - The company is part of a broader trend among environmental firms diversifying into non-environmental sectors, with nearly half of the listed environmental companies exploring such opportunities [17][38].

Core Viewpoint - Koyuan Pharmaceutical is actively enhancing its market position through strategic acquisitions and international expansion efforts, aiming to build a competitive healthcare platform and increase profitability for shareholders [2][3][4]. Group 1: Stock Performance and Investor Engagement - On May 19, Koyuan Pharmaceutical's stock rose by 5.63%, closing at 32.62 CNY per share, with a trading volume of 5,707,140 shares and a turnover of 184,453,540 CNY, indicating high market activity [1]. - The company participated in an investor reception event organized by the Shandong Securities Regulatory Bureau, discussing its 2024 performance, governance, development strategy, and sustainability with investors [1]. Group 2: Acquisition of Hongjitang - Koyuan Pharmaceutical announced the acquisition of 99.42% of Hongjitang, aiming to integrate high-quality traditional Chinese medicine assets and create a competitive healthcare platform [2]. - The acquisition is expected to enhance the company's net profit attributable to shareholders, thereby maximizing shareholder value [2]. - Hongjitang, established in 1907 and recognized as a "Chinese Time-honored Brand," holds 150 drug licenses and has leading market shares in key products like Ejiao and Angong Niuhuang Wan [2]. Group 3: Global Expansion and Product Development - Koyuan Pharmaceutical focuses on the research, production, and sales of chemical raw materials and formulations, striving to become a leading domestic and internationally competitive pharmaceutical manufacturer [3]. - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue, with a 24.56% year-on-year increase in R&D personnel [3]. - The product portfolio includes various categories such as antidiabetic, anesthetic, cardiovascular, and psychiatric drugs, with all products certified by national GMP and several international regulatory bodies [3]. Group 4: International Market Development - Koyuan Pharmaceutical showcased its key products and solutions at two major international exhibitions, CPhI Japan and in-cosmetics Global in the Netherlands, to enhance global visibility and foster international collaborations [4]. - The company has made significant strides in its internationalization strategy, establishing a comprehensive marketing network across Europe, the Americas, and Asia-Pacific, and enhancing its core competitiveness and global influence [4].

Group 1: Company Development Strategy - The company focuses on transforming and upgrading its development strategy, enhancing core competitiveness through quality, brand, variety, specifications, and dosage forms [1] - Continuous investment in R&D, with a total of CNY 234 million invested over the past three years, aiming to enrich the product matrix and enhance sustainable development capabilities [3] - The company has developed a comprehensive product line including 109 varieties and 223 specifications of drugs, as well as 37 Class II and 37 Class I medical devices [3] Group 2: Financial Performance and Shareholder Value - The company plans to consider share repurchase based on market conditions, financial status, and development strategy, ensuring compliance with disclosure obligations [1][5] - The management is committed to improving operational quality and investment value to enhance shareholder returns [5] - The company achieved profitability in Q1 2025, indicating a positive outlook for future development [12] Group 3: Debt Management and Risk Control - The company has established a debt resolution framework with China National Pharmaceutical Group, allowing for debt repayment through equity and asset compensation [8][12] - Continuous strengthening of internal controls and audit mechanisms to mitigate historical risks and enhance compliance [8][13] - The company is actively pursuing legal measures to recover debts and ensure the execution quality of debt resolution plans [9][11] Group 4: Innovation and Product Development - The company emphasizes the integration of raw materials, formulations, medical devices, and health products to create a comprehensive pharmaceutical ecosystem [6] - It aims to enhance product lifecycle and maintain competitive advantages in the chemical drug sector through consistent evaluation and innovation [6] - The company has obtained a total of 545 authorized patents, reflecting its commitment to innovation [3]

Financial Performance - The net profit attributable to shareholders for 2024 was a loss of ¥1,368,478,968.49 [3] - In Q1 2025, the net profit attributable to shareholders was ¥16,028,449.64 [3] - The overall revenue for the pharmaceutical manufacturing industry in 2024 was ¥25,298.50 billion, remaining stable compared to 2023, while the total profit decreased by 1.1% [13] Market Strategy - The company aims to maintain a high market share in peritoneal dialysis solutions by actively participating in national and local procurement initiatives [1] - The company plans to enhance customer management and service levels, leveraging the advantages of winning procurement bids to deepen sales channels [2] - The target for the medical device and packaging sector in 2025 is to achieve full coverage of key drug-related medical devices and a self-sufficiency rate of over 90% for packaging [4] Product Development - The company is expanding its health product lines, including beverages, cosmetics, and health drinks, with a focus on brand and channel development [5][6] - Six new raw materials and formulations were approved in 2024, contributing to the expectation of revenue growth [6] - The company has 20 products and 23 specifications that have passed or are deemed to have passed consistency evaluations, enhancing competitiveness in key therapeutic areas [7] Sales Model - In 2024, direct sales accounted for 39.47% and distribution sales accounted for 60.53% of total sales [7] Challenges and Future Outlook - The significant decline in Q1 2025 performance was attributed to the implementation of national drug price governance and participation in procurement, leading to lower sales prices [9][11] - The company is optimistic about future profitability, focusing on core business areas and improving product structure and management efficiency [11] - Despite current challenges, the long-term growth logic of the pharmaceutical industry remains intact, driven by factors such as aging population and increased health awareness [13] Social Responsibility - The company emphasizes environmental protection and sustainable development, having successfully passed re-certification for environmental and occupational health safety management systems in 2024 [8]