Core Points - The company held its seventh meeting of the sixth board of directors on August 26, 2025, with all eight directors present, confirming compliance with relevant laws and regulations [1][2]. - The board approved the 2025 semi-annual report, affirming that the report accurately reflects the company's actual situation without any false statements or omissions [1][2]. - The board also approved a special report on the management and use of raised funds for the first half of 2025, confirming compliance with regulatory requirements [2]. Summary by Sections - **Meeting Details** - The meeting was attended by all eight directors, and the notice was sent out on August 17, 2025 [1]. - The meeting was chaired by Mr. Yin Zhenglong [1]. - **Approval of Semi-Annual Report** - The board reviewed and approved the 2025 semi-annual report, ensuring its authenticity and completeness [1][2]. - Voting results showed unanimous support with 8 votes in favor [2]. - **Approval of Fund Management Report** - The board approved a special report on the management and use of raised funds, confirming adherence to relevant regulations [2]. - This report was also reviewed and approved by the audit committee prior to the board meeting [2].

Core Points - The company, Anhui Shanhe Pharmaceutical Auxiliary Co., Ltd., has issued convertible bonds to unspecified investors, with a total fundraising amount of RMB 320 million [3][4] - The bonds have a maturity period of 6 years, from June 12, 2023, to June 11, 2029, with a tiered interest rate structure [4][5] - The company has signed an investment agreement with the Huainan Economic and Technological Development Zone Management Committee to establish a high-end auxiliary material manufacturing base, with a total investment of RMB 1.05 billion [7][8] Group 1: Bond Issuance Details - The bond issuance was approved by the company's board on July 12, 2022, and by the shareholders on August 2, 2022 [3] - The bonds are issued at a face value of RMB 100 each, with a total of 3.2 million bonds issued [4] - The net proceeds from the bond issuance, after deducting issuance costs, amount to RMB 316.07 million [4] Group 2: Bond Terms and Conditions - The interest rates for the bonds are structured as follows: 0.2% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 2.0% for the fifth year, and 3.0% for the sixth year [4][5] - The bonds will pay interest annually, with the first interest payment occurring one year after the issuance date [5][6] - The initial conversion price for the bonds is set at RMB 18.25 per share, with the current conversion price at RMB 13.30 per share [6][7] Group 3: Project Investment Agreement - The investment project covers approximately 200 acres, with a total investment of RMB 1.05 billion, including RMB 600 million for fixed assets [8][9] - The project will be constructed in two phases, with the first phase covering 100 acres and an investment of RMB 450 million [8] - The project aims to establish intelligent production lines and quality inspection facilities for high-end auxiliary materials [8][9] Group 4: Regulatory and Compliance Aspects - The investment agreement requires the company to obtain necessary approvals, including environmental assessments and construction permits [11] - The agreement does not constitute a related party transaction or a major asset restructuring as per regulatory definitions [11] - The company is committed to complying with all relevant laws and regulations during the project execution [10][11]

Core Viewpoint - The announcement by the company regarding the addition of a new pharmaceutical excipient product, Mannitol Core, is expected to positively impact the company's operations in the coming years [2]. Group 1: Product Details - The newly added product, Mannitol Core, has received the registration number F20250000241 from the National Medical Products Administration [1]. - As of the announcement date, the company has a total of 47 products with CDE registration numbers [1]. - Mannitol Core is a white or off-white spherical pellet made from D-mannitol and other excipients, primarily used as a carrier for enteric-coated micro-pellets and controlled-release micro-pellets [1]. Group 2: Product Features - Mannitol Core serves as an ideal platform for drug layering due to its smooth surface and uniform particle size distribution, ensuring even and secure drug layering [1]. - It acts as an inert core for preparing controlled-release micro-pellets, allowing the release characteristics to be primarily controlled by the coating membrane [1]. - The product improves taste, as mannitol has a cooling sweetness and produces a cooling sensation upon dissolution [1]. - It enables the preparation of compound formulations, allowing different drugs to be loaded onto separate batches of Mannitol Core, thus avoiding incompatibility between different drug components and achieving varied release rates [1]. - Mannitol Core can also be used directly as an osmotic diuretic [1].

山河药辅（300452）(300452.SZ)公告，公司新增1种药用辅料产品：甘露醇丸芯获得国家药品监督管理 局药品审评中心(简称"CDE")的登记号，为F20250000241。甘露醇丸芯是由D-甘露糖醇及其他辅料制成 的白色或类白色球形小丸，主要用作肠溶微丸制剂和缓控释微丸制剂的载体，也可直接作为药物微丸。 ...

Core Viewpoint - Shanhe Pharmaceutical Excipients Co., Ltd. has recently received a registration number for a new pharmaceutical excipient product, Mannitol Pill Core, from the National Medical Products Administration (NMPA) [1] Company Summary - Shanhe Pharmaceutical Excipients has a total of 47 products that have received registration numbers from the NMPA as of the announcement date [1] - The newly registered Mannitol Pill Core is made from D-mannitol and other excipients, and is primarily used as a carrier for enteric-coated micro-pellets and sustained-release micro-pellets, and can also be used directly as a drug micro-pellet [1]

Core Viewpoint - The company Shanhe Pharmaceutical Auxiliary (300452.SZ) has announced the registration of a new pharmaceutical excipient product, Mannitol Core, with the National Medical Products Administration (NMPA) [1] Group 1 - The newly registered product, Mannitol Core, has the registration number F20250000241 [1] - Mannitol Core is composed of D-mannitol and other excipients, characterized as white or off-white spherical granules [1] - The primary applications of Mannitol Core include serving as a carrier for enteric-coated microgranules and sustained-release microgranules, and it can also be used directly as a drug microgranule [1]

Group 1 - The company, Anhui Shanhe Pharmaceutical Auxiliary Materials Co., Ltd., is issuing convertible bonds named "Shanhe Convertible Bonds" with a face value of 1,000.00 yuan and an annual interest of 5.00 yuan (including tax) [1][2] - The interest payment method for the convertible bonds is annual, with the first interest payment starting from the issuance date [1][2] - The interest calculation formula is provided, where the annual interest (I) is calculated as I = B × i, with B being the total face value held and i being the annual coupon rate [1] Group 2 - The interest payment date is set for each year on the anniversary of the bond issuance, with provisions for adjustments if the date falls on a holiday [2] - The bondholders must be registered with the China Securities Depository and Clearing Corporation Limited by the specified date to receive interest payments [4] - The company has appointed the China Securities Depository and Clearing Corporation Limited to handle the interest payments [4] Group 3 - Tax obligations for interest income are specified, with a 20% withholding tax for individual bondholders, while qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax [3][5] - The company does not withhold taxes for other bondholders, who are responsible for their own tax payments [3][5] - The announcement includes contact information for inquiries regarding the bond issuance [5]

Group 1: Financial Performance - The sales revenue of cellulose products in 2024 reached 474 million CNY, representing a year-on-year growth of 22% [2] - The overall gross margin slightly decreased last year, but the decline was minimal, influenced by market structure adjustments [2] - The utilization rate of new production capacity for four main products is currently between 60%-70% [2] Group 2: Market Demand and Trends - The demand for hydroxypropyl methylcellulose is currently strong, with no signs of decline, particularly in the plant capsule and pharmaceutical adhesive markets [5][6] - The market for excipients is broad, with over 1,000 types used internationally and around 500 types in China, while the company currently produces only over 40 types [3] - The import substitution space remains significant, accelerated by the US-China trade war [3] Group 3: Regulatory Impact - The new drug production quality management standards will be implemented on January 1, 2026, which includes the management of pharmaceutical excipients [4] - The company has conducted a comprehensive self-inspection to meet the new management requirements [4] Group 4: International Business and Export - The company expects to maintain high growth in overseas markets, with plans to expand the overseas management and sales team in 2025 [8] - The export volume to the US is relatively small, not exceeding 10 million CNY, and is currently unaffected by increased tariffs [7] - The gross margin for overseas sales is slightly lower due to fewer product categories compared to domestic offerings [8]

Core Viewpoint - The company reported a revenue of 883 million yuan in 2024, a year-on-year increase of 5.16%, but the net profit attributable to shareholders decreased by 26.07% due to goodwill impairment from its subsidiary [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 883 million yuan, marking a 5.16% increase year-on-year, while the net profit attributable to shareholders was 119 million yuan, down 26.07% [1][2]. - The first quarter of 2024 saw a revenue increase of 4.28% year-on-year, but the net profit attributable to shareholders declined by 5.3% [1]. - The company’s revenue growth rate in 2024 was the lowest in ten years, with a year-on-year increase of only 5.16% [5]. Group 2: Subsidiary Performance - The subsidiary Qufu Tianli faced challenges due to policy factors like drug procurement and a weakened product competitiveness, leading to declines in both revenue and profit [2]. - The company recognized a goodwill impairment of 39.12 million yuan related to the subsidiary, significantly impacting the overall financial performance [2]. Group 3: Product Performance - Revenue from cellulose and its derivatives grew by 22.19% year-on-year, reaching 474 million yuan, becoming a key driver for overall revenue [3]. - Other product categories, including starch and its derivatives, inorganic salts, and rental income, experienced declines in revenue, with decreases of 9.24%, 7.47%, and 5.6% respectively [3]. Group 4: Market Dynamics - The company operates in a competitive landscape where both foreign and domestic manufacturers coexist, with foreign firms dominating the high-end market due to advanced technology and patents [6]. - The domestic market for pharmaceutical excipients is rapidly evolving, which has pressured local companies like the company to enhance their competitiveness [6]. Group 5: Strategic Initiatives - The company is focusing on improving product quality and service to enhance pricing power, while also managing raw material costs through strategic procurement and inventory management [4]. - The company plans to continue its efforts in import substitution, aiming to align the quality of domestic products with imported ones [6][7]. - In 2024, the company invested 40.95 million yuan in R&D, with plans to register 3-4 new products with the National Medical Products Administration by 2025 [7].

Core Insights - The company reported a total revenue of 883 million yuan in 2024, representing a year-on-year growth of 5.16%, a significant slowdown compared to 19.12% in 2023 [1][4] - The net profit attributable to shareholders decreased by 26.07% to 119 million yuan, while the non-recurring net profit fell by 26.45% to 101 million yuan, indicating substantial pressure on profitability [1][4] - The performance decline is closely linked to the subsidiary Qufu Tianli, which faced revenue and profit drops due to drug procurement policies and recorded a goodwill impairment of 39.13 million yuan, impacting overall results [4] Revenue and Profit Analysis - The revenue growth rate of 5.16% in 2024 is a marked decrease from the previous year's 19.12% [4] - The net profit and non-recurring net profit both saw declines exceeding 26%, highlighting a significant drop in the company's profitability [4] - Excluding the impact of goodwill impairment, the adjusted net profit would be approximately 159 million yuan, a slight decrease of 1.85%, while the adjusted non-recurring net profit would be around 140 million yuan, reflecting a 2% increase [4] R&D and Market Expansion - In 2024, the company made progress in R&D and market expansion, adding one national invention patent, bringing the total to 27 [5] - The company developed three new products, enhancing its product line and market competitiveness, with a total of 50 products now registered with CDE [5] - The company achieved notable success in foreign trade, surpassing 200 million yuan in exports, while domestic trade maintained growth despite challenges [5] Production Management and Capital Operations - The company continued to optimize production management, implementing excellence performance management and enhancing lean production practices [6] - The company received the 10th Huainan Mayor Quality Award and a second prize in the Huainan Quality Innovation Skills Competition, reflecting its strong performance in production management [6] - Capital operations included the successful launch of the "New Pharmaceutical Excipient Series Production Base Phase I Project," with production capacity utilization exceeding expectations [6] - A new R&D and production base project in Hefei is set to begin construction in Q1 2025, expected to be completed by the end of 2026, aimed at high-end pharmaceutical excipient innovation [6]