证券代码：600223 证券简称：福瑞达 编号：临 2025-031 鲁商福瑞达医药股份有限公司 关于 2025 年第三季度主要经营数据的公告 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、准确性和完整性依法承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将鲁商福瑞达医药股份有限公司（以下 简称"公司"）2025 年第三季度主要经营数据披露如下： 二、2025 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 较高的大单品（精华、面霜类）销售占比变动所致。 （二）主要原材料价格波动情况 公司主要原材料有包装物、保湿剂、活性物、乳化剂、油脂等。 1、包装物 2025 年第三季度平均采购单价较 2024 年第三季度同比上升 0.05 元/个，增 幅 6.94%。 因礼盒类高单价包材采购数量增加，2025 年第三季度平均采购单价较 2025 年第二季度环比上升 0.12 元/个，增幅 18.46%。 一、2025 年第三季度公司主要产品的产量、销量及收入实现情况 ...

Core Viewpoint - The Hong Kong stock market experienced a significant rise driven by dual positive factors, with technology stocks leading the gains and certain sectors like pharmaceuticals and finance boosted by better-than-expected earnings reports [2][4]. Market Performance - On October 27, the three major indices in Hong Kong all rose, with the Hang Seng Index increasing by 1.05% to close at 26,433.70 points, the Hang Seng Tech Index up by 1.83% to 6,171.08 points, and the Hang Seng China Enterprises Index rising by 1.10% to 9,467.22 points [4]. - Key sectors that performed well included technology, brokerage, insurance, semiconductors, and pharmaceuticals [4]. Technology Sector - The recent U.S.-China business negotiations reached a basic consensus, which may enhance market risk appetite [6]. - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance, providing policy support for AI and domestic computing power sectors [7]. - Major tech stocks saw significant increases, with Baidu rising by 6.20%, Alibaba by 3.15%, Tencent by 2.90%, and JD.com by 2.33% [7][8]. Financial Sector - The financial sector led the market gains, driven by better-than-expected earnings from several companies. Notably, China Life Insurance expects a year-on-year profit increase of approximately 50% to 70% for the first three quarters [10]. - Several brokerage firms reported strong third-quarter results, with Citic Securities showing a 37.9% year-on-year increase in net profit [10]. Semiconductor Sector - The semiconductor sector received positive news, with companies like Beike Micro, Huahong Semiconductor, and SMIC seeing stock price increases of 5.74%, 4.98%, and 3.50%, respectively [12][13]. - The National Development and Reform Commission emphasized the importance of technological self-reliance, indicating a strategic focus on the sector [12]. Pharmaceutical Sector - The pharmaceutical sector also saw gains, with companies like Rongchang Bio, SiHuan Pharmaceutical, and WuXi AppTec increasing by 5.20%, 4.93%, and 4.18%, respectively [14][15]. - WuXi AppTec reported a net profit increase of 84.84% year-on-year for the first three quarters [14]. Copper Sector - The copper sector led the non-ferrous metals market, with companies like China Daye Nonferrous Metals and Luoyang Molybdenum rising by 11.11% and 5.19%, respectively [16]. - Analysts predict that domestic copper demand will enter a peak season, with expectations of increased production and rising copper prices [16]. Future Outlook - Huatai Securities suggests that the inflow of southbound funds may slow down in the future, having already exceeded HKD 500 billion this half-year [17]. - The market sentiment is currently neutral, indicating balanced risks, while the long-term trend remains positive due to improving industry dynamics and funding conditions [17].

ETF Market Overview - As of October 24, the performance of ETF products varied, with the Shanghai 50 index showing the highest increase among major broad-based ETFs, while the dividend-themed ETFs had the largest gains among industry and thematic products [2][9] - In the past two weeks, major broad-based ETFs such as the CSI A50, CSI 2000, and Shanghai 50 saw net inflows, while the CSI A500 ETF experienced the largest net outflow [2][9] - The recent trend indicates a shift in fund flows, with the New Energy ETF moving from net inflow to net outflow, while the Pharmaceutical ETF transitioned from net outflow to net inflow [16] ETF Fund Flow Analysis - The cumulative fund flow for major broad-based ETFs has shown a trend of outflows turning into inflows and then back to outflows since the beginning of 2025, with significant inflows into the CSI 300 ETF in April, followed by continued outflows in subsequent months [10][12] - Recent data indicates that, apart from the Shanghai 50 ETF, which shifted from net outflow to net inflow, other major broad-based ETFs have transitioned from net inflows to net outflows in the past two weeks [10][12] Thematic ETF Tracking - For technology-themed ETFs, those tracking the Hang Seng Technology index saw significant net inflows, while products tracking the CS Artificial Intelligence index experienced net outflows [32] - Dividend-themed ETFs tracking the low-volatility dividend index had the highest net inflows, whereas those tracking the dividend index saw net outflows [35] New ETF Products and Market Growth - In the past two weeks, a total of 8 new ETFs were launched, with a combined issuance of 2.997 billion shares, all of which were stock ETFs [26] - Compared to the end of 2024, the scale of various ETFs has increased significantly, with bond ETFs, commodity ETFs, industry + dividend ETFs, QDII ETFs, and broad-based ETFs growing by 293.33%, 197.82%, 112.34%, 52.18%, and 13.97% respectively [26] Fund Management Scale Distribution - As of October 24, Huaxia Fund has the largest ETF scale at 912.812 billion, with E Fund's ETF management scale expanding by over 250 billion compared to the previous year [27][28]

Group 1 - ST Zhongzhu (SH 600568) held its 12th meeting of the 10th Board of Directors on October 27, 2025, via teleconference to discuss the proposal for the third extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, ST Zhongzhu's revenue composition was as follows: hospital income accounted for 56.92%, real estate projects 25.88%, pharmaceutical industry 8.93%, medical devices 4.15%, and center cooperation 3.59% [1] - As of the report date, ST Zhongzhu's market capitalization was 4 billion yuan [1] Group 2 - The news also mentions a private shipping tycoon taking over Shanshan Group, indicating potential complexities in the restructuring process and the emergence of a mysterious figure in the consortium [1]

Group 1: Shift from Unipolar to Multipolar World - The global power distribution has significantly changed from a unipolar world dominated by the U.S. to a multipolar one, with emerging markets gaining influence [1][2] - In 2023, China's nominal GDP reached 16.83% of the global total, comparable to the EU, and significantly reduced the gap with the U.S. [1] - The rise of emerging economies, particularly China and India, has altered the global economic landscape, with India becoming the fifth-largest economy [1][2] Group 2: Changes in Global Trade Dynamics - China has become the world's largest goods trader, with its share of global merchandise exports rising to approximately 15% by 2024, while the U.S. share has decreased to under 9% [2] - The Regional Comprehensive Economic Partnership (RCEP) has formed the largest free trade area globally, competing with the U.S.-led Trans-Pacific Partnership (TPP) [2] Group 3: Technological Advancements and R&D - China's R&D expenditure growth rate in 2023 was about 8.7%, significantly higher than the OECD average and the growth rates of the U.S. and EU [3] - By 2022, China's R&D spending as a percentage of GDP reached 2.56%, surpassing the EU's 2.24% but still below the U.S.'s 3.59% [3] Group 4: Decentralization and Cryptocurrency - The rise of the internet and blockchain technology has facilitated a decentralization trend, moving control from centralized authorities to distributed networks [5][6] - The global cryptocurrency market has grown from under $10 million in 2013 to approximately $4.17 trillion, reflecting the increasing adoption of decentralized financial systems [6][7] Group 5: U.S. Dollar Dominance and Challenges - The U.S. dollar remains dominant in international payments, accounting for about 46% of SWIFT transactions and 88% of foreign exchange trading [9][10] - However, the dollar's share in global reserves has been declining, with gold's share increasing from 13.57% in 2000 to 19.13% in 2024 [10] Group 6: Emerging Alternatives to the Dollar - Countries are increasingly using non-dollar currencies for trade settlements, with China leading the trend in using the yuan for energy and commodity trades [17] - The development of stablecoins, particularly those pegged to currencies other than the dollar, is being explored by various nations as a means to reduce reliance on the dollar [18] Group 7: Future of Global Financial Architecture - The global financial system is evolving towards a mixed structure where gold serves as a top-tier value anchor, while major currencies like the dollar, euro, and yuan share influence in the middle layer [19] - The emergence of blockchain-based stablecoins is expected to form a new financial infrastructure at the base level, despite challenges such as liquidity and regulatory issues [19]

Group 1: Market Performance and Opportunities - The MSCI China Healthcare Index has increased by 58.6% year-to-date, outperforming the MSCI China Index which rose by 24.2% [1] - The recent slight pullback in the healthcare sector (10% decline in MSCI China Healthcare Index since October) presents a buying opportunity [1] - The recovery in capital market financing and the increase in overseas transactions for innovative drugs indicate a rebound in domestic innovative drug R&D demand [1] Group 2: Clinical Data and Drug Development - SKB264 is the only drug showing statistically significant overall survival (OS) in a Phase III trial for EGFR-TKI resistant NSCLC, with a hazard ratio (HR) of 0.56 compared to chemotherapy [2] - Ivonescimab demonstrated a median progression-free survival (mPFS) of 11.1 months in first-line sqNSCLC, outperforming the comparator at 6.9 months (HR=0.60) [2] - The uORR for drug 707 in first-line colorectal cancer reached 82.6%, with a cORR of 65.2%, indicating strong efficacy [2] Group 3: Strategic Collaborations and Future Outlook - The company suggests focusing on the clinical advancement of authorized pipelines overseas, as this has a higher certainty of success and can act as a catalyst for stock price increases [3] - The strategic collaboration between Innovent Biologics and Takeda for IBI363 involves shared global R&D costs and commercial rights, reflecting confidence in the drug and commitment to global strategy [3] - Pfizer is expected to announce overseas clinical plans for drug 707 within the year, with a focus on its combination with multiple ADC products [3]

Market Performance - The Hang Seng Index closed at 26,160, up 0.74% with a year-to-date increase of 30.41% [1] - The Hang Seng Tech Index rose by 1.82% to 6,059, with a year-to-date increase of 35.63% [1] - The Shanghai Composite Index closed at 3,950, up 0.71%, marking a 17.86% year-to-date increase [1] Key Economic Indicators - The US annual inflation rate for September rose to 3%, slightly below market expectations of 3.1% [10] - Energy prices increased by 2.8% year-on-year, the highest since May 2024 [10] - The core inflation rate decreased from 3.1% to 3%, contrary to expectations of stability [10] Company-Specific Developments - Xiaomi announced a tax subsidy plan for its entire vehicle lineup, with an expected investment exceeding 2 billion yuan [15] - Li Ning reported a decline in retail sales for the third quarter, with a high single-digit percentage drop year-on-year [17] - WuXi AppTec's net profit for the first three quarters reached 12.076 billion yuan, an increase of 84.8%, prompting an upward revision of its annual revenue forecast [19] Sector Performance - Semiconductor stocks saw significant gains, with SMIC and ASMPT rising over 8% [4] - The gaming and real estate sectors performed well, while pharmaceutical stocks generally declined [4] - In the A-share market, storage chips and aerospace stocks showed strong performance, while sectors like retail and coal experienced declines [5] IPO and Market Trends - Recent IPOs showed varied performance, with some stocks like "Zijin Gold International" performing well, while others like "Guanghe Tong" faced declines [27] - The Hong Kong stock market saw a significant increase in trading volume, with the stock connect program contributing to a notable share of total trading [24]

Market Performance - The Shanghai Composite Index rose by 1.04% to 3991.35, while the Shenzhen Component Index increased by 1.26% to 13457.28, and the ChiNext Index gained 1.54% to 3220.52 [2][3] - The total trading volume of the Shanghai and Shenzhen stock exchanges exceeded 1.5 trillion yuan, an increase of over 330 billion yuan compared to the previous day [2][3] Sector Performance - The steel, small metals, pork, controllable nuclear fusion, Fujian, and storage chip sectors showed significant gains, while the wind power equipment, gaming, Shenzhen, and state-owned cloud sectors experienced declines [2][3] - The lithium battery sector saw a pullback, with companies like EVE Energy dropping over 6%, marking a one-month low, and Ningde Times falling over 2% [2] Notable Stocks - Xiangcai Co. hit the daily limit up, driven by strong performance from major financial and state-owned enterprises [5] - Zhongji Xuchuang's stock price reached a historical high, surpassing 500 yuan for the first time, with a gain of over 6% [5][6] Opening Trends - The A-share market opened with all three major indices rising, with the Shanghai Composite Index up 0.48%, the Shenzhen Component Index up 1.20%, and the ChiNext Index up 1.75% [7][8] - The storage chip sector opened strongly, with several stocks hitting the daily limit up [7]

Group 1: Hong Kong Stocks - China Nonferrous Mining (01258) rose over 2%, with a forecasted profit increase of approximately 13% year-on-year for the first three quarters [1] - Tiangong International (00826) increased over 6%, positioned in the scarce core materials sector, with significant growth potential in titanium alloys and nuclear fusion materials [1] - Baidu Group-SW (09888) rose over 4%, with recent developments in Switzerland shifting core valuation logic towards AI integration [1] - Meitu Inc. (01357) increased over 6%, with a report indicating a record high revenue for its three core apps in September, benefiting from the overseas holiday season [1] - Chifeng Jilong Gold Mining (06693) rose 0.41%, reporting a net profit of 951 million yuan for Q3, a year-on-year increase of 140.98% [1] - Prada (01913) rose over 3%, with Q3 retail sales aligning with market expectations and an improvement in the core brand's performance in the Chinese market [1] - GAC Group (02238) fell over 2%, reporting a loss of approximately 4.312 billion yuan for the first three quarters, a shift from profit to loss year-on-year [1] - Xiaomi Group-W (01810) fell over 2%, with Citigroup forecasting slightly lower-than-expected performance for the upcoming Q3 results [1] Group 2: US Stocks - Intel (INTC.US) rose 0.31%, reporting Q3 revenue of $13.65 billion, a year-on-year increase of 2.8% [3] - Baidu (BIDU.US) continued to rise by 1.89%, announcing plans to launch autonomous taxi testing in Switzerland in December [3] - Pony.ai (PONY.US) rose 3.07%, launching its 300th jointly manufactured ARCFOX Alpha T5 autonomous taxi [3] - Bilibili (BILI.US) continued to rise by 1.76%, with its game "Escape from Duck Cove" surpassing 1 million sales within a week of launch [3] - Sanofi (SNY.US) rose 4.28%, with Q3 profit growth exceeding analyst expectations, driven by demand for its Dupixent drug [3] - Newmont Corporation (NEM.US) fell 6.23%, despite reporting quarterly earnings above expectations due to effective cost control [3] - Ford Motor Company (F.US) rose 12.16%, reporting Q3 revenue of $50.5 billion, a year-on-year increase of 9.3%, marking a historical high [3] - Google (GOOGL.US) rose 2.70%, with AI unicorn Anthropic significantly expanding its use of Google TPU chips for new model training [4] - WeRide (WRD.US) rose 5.14%, announcing the launch of Robotaxi public operations in Riyadh, Saudi Arabia [4] - Teladoc Health (TDOC.US) rose 10.00%, with several Wall Street firms updating their ratings and target prices between $9 and $12 [4]

Market Overview - The A-share market experienced a strong opening on October 27, with the Shanghai Composite Index rising over 1% and approaching the 4000-point mark, reaching a new high for the year, closing up 1.04% [1][9] - The Shenzhen Component Index increased by 1.26%, and the ChiNext Index rose by 1.54%, with over 3700 stocks in the market showing gains [1][2] Trading Volume and Market Capitalization - The trading volume for the Shanghai and Shenzhen markets reached 1.59 trillion yuan, with a predicted total trading volume of 2.52 trillion yuan, an increase of 527.6 billion yuan [2] - The total market capitalization of A-shares surged from approximately 68 trillion yuan a year ago to 106.6 trillion yuan as of October 24, marking an increase of 38.6 trillion yuan [10] Sector Performance - Key sectors such as coal, rare earths, optical modules, and memory chips saw significant gains, while sectors like online gaming and photovoltaic inverters faced declines [5][6] - The CPO concept stocks, including New Yisheng and Zhongji Xuchuang, reached historical highs during the trading session [4][5] Economic Indicators - Recent economic data showed positive trends, with profits of industrial enterprises above designated size increasing by 21.6% year-on-year in September, up from 20.4% previously [3] Future Market Outlook - Analysts suggest that the current market rally is driven by "hard technology" rather than speculative leverage, indicating a more rational valuation environment compared to the 2015 market [11][12] - The breakthrough of the 4000-point mark is seen as a significant milestone, potentially attracting more long-term capital and foreign investment into the market [10][12] Investment Sentiment - The market sentiment has been bolstered by recent developments in China-U.S. trade negotiations and favorable macroeconomic data, leading to increased investor confidence [3][11] - However, there may be short-term volatility as the market adjusts to the psychological barrier of 4000 points, with some investors likely to take profits [14]