大事项，或处于筹划阶段的重大事项； 股票的情形； 证券代码：000650 证券简称：仁和药业 公告编号：2025-031 仁和药业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 仁和药业股份有限公司（以下简称"公司"）股票（证券简称：仁和药业， 证券代码：000650）于2025年8月20日、8月21日连续2个交易日内收盘价格涨幅 偏离值累计超过20.42%，根据《深圳证券交易所交易规则》的相关规定，属于 股票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动，公司就相关事项进行了核实，有关情况说明 如下： 该产品技术路线与当前传闻的在大脑内部植入芯片的脑机交互科技前沿技 术存在显著区别，请投资者注意投资风险。 传闻较多，现将该产品情况说明如下： 该产品系本公司子公司（江西闪亮明眸医药有限公司）与合作方（深圳必 爱智能医疗科技有限公司）共同研发，是一款聚焦于解决青少年成长痛点包括 近视防控、心理健康以及专注力提升的产品。 该产品主要是将相关功能芯片植入眼镜框中，检测使用者的脑电波，然后 通 ...

Group 1 - The recent performance of A-shares has been a major focus, with the Shanghai Composite Index reaching a 10-year high and the STAR Market Index rising over 3%, marking a near two-and-a-half-year high [1] - Global favorable factors have contributed to the bullish trend in A-shares, including a decrease in policy uncertainty due to agreements reached by the US with multiple countries, which has improved market sentiment [1] - A significant shift in US fiscal policy expectations has occurred, with a projected $4 trillion tax cut over the next decade, leading to a direct shift towards expansionary fiscal policy, supporting the rise of US and global risk assets [1] Group 2 - The expectation of interest rate cuts by the Federal Reserve has led to a nearly 20 basis point decline in US Treasury yields, benefiting the valuation recovery of growth stocks [2] - Central banks in many countries have lowered interest rates earlier than the Federal Reserve, increasing global money supply and driving capital towards non-US markets [2] Group 3 - The resilience of A-shares is crucial, with China's GDP growing by 5.3% in the first half of the year, outperforming other major economies [3] - The appreciation expectation of the RMB has enhanced the attractiveness of A-share assets, while government policies aimed at reducing systemic risks have provided a solid foundation for a long-term market reversal [3] - There has been a significant inflow of funds into popular sectors such as pharmaceuticals and electronics, with margin financing increasing and foreign hedge funds rapidly buying Chinese stocks [3] Group 4 - The sustainability of the current bullish trend in A-shares will depend on external factors, particularly any changes in US policy or a strengthening of the dollar, which could tighten global liquidity and impact A-share performance [3] - The domestic environment remains relatively stable and supportive, providing a good foundation for financing and active thematic trading, as long as there are no major fluctuations in macroeconomic conditions [3]

Core Insights - The article highlights the increasing collaboration between commercial health insurance and public health insurance in China, driven by recent policy initiatives and the establishment of a clearing settlement center for "医保+商保" [1][7] - The integration of commercial health insurance with innovative drug listings aims to enhance accessibility to new treatments, particularly for rare diseases and high-value drugs [1][2] - Companies like Ping An Good Doctor are leading the way in developing a comprehensive ecosystem that combines insurance, medical services, and health management [3][4][6] Policy Developments - The National Healthcare Security Administration has introduced policies to promote high-quality development in commercial health insurance, including the launch of a clearing settlement center in Beijing [1][7] - The establishment of a commercial health insurance innovative drug directory aims to facilitate the use of high-value drugs not covered by basic health insurance [1][2] Industry Trends - The trend of collaboration in the health insurance sector is expanding beyond traditional insurance companies to include pharmaceutical firms and technology platforms [2] - Ping An Group has made significant early investments in health insurance collaboration, creating a robust ecosystem that integrates financial services with healthcare [3][4][6] Company Strategies - Ping An Good Doctor has developed a unique service model that combines insurance products with health services, focusing on family doctor and elderly care services [4][5][6] - The company has seen substantial growth in its user base and service offerings, with a reported 83% increase in home care service users and a 34.6% increase in paid users [5][8] Future Outlook - The ongoing collaboration between health insurance and medical services is expected to evolve into a more integrated model that emphasizes data sharing, service fusion, and innovative payment mechanisms [10][11] - Ping An Good Doctor's approach of integrating services with insurance is seen as a sustainable path for growth, positioning the company to benefit from ongoing reforms in the healthcare system [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company has demonstrated strong profit growth, with a reported revenue of 1.599 billion yuan in H1 2025, reflecting a year-on-year increase of 11.99%. The net profit attributable to shareholders reached 374 million yuan, up 26.16% year-on-year [2][3]. - The core products, including Wuling Capsules and Lingze Tablets, are listed in the national essential drug list, with Wuling Capsules being a unique product. The company is expected to achieve revenue of 29.72 billion yuan in 2025, with a year-on-year growth of 15.3% [9]. Financial Performance Summary - Revenue and Profit Growth: - 2023A: Revenue of 1,942 million yuan, net profit of 383 million yuan - 2024A: Revenue of 2,578 million yuan, net profit of 508 million yuan - 2025E: Revenue of 2,972 million yuan, net profit of 663 million yuan - 2026E: Revenue of 3,459 million yuan, net profit of 800 million yuan - 2027E: Revenue of 4,012 million yuan, net profit of 971 million yuan [1][10]. - Profitability Metrics: - The company’s return on equity (ROE) is projected to increase from 14.1% in 2023 to 25.4% in 2027, indicating improving profitability [1][10]. - The net profit margin for H1 2025 was reported at 23.35%, an increase of 2.62 percentage points year-on-year [3]. Product Performance - In H1 2025, the revenue breakdown by product was as follows: - Wuling series: 897 million yuan (+7.23% YoY) - Bailing Tablets: 113 million yuan (+38.51% YoY) - Traditional Chinese Medicine pieces: 349 million yuan (-10.10% YoY) - Chinese medicine formula granules: 74 million yuan (+56.60% YoY) [3][4]. Marketing and R&D Strategy - The company is enhancing its marketing and R&D efforts, focusing on expanding its channel layout and market coverage. It has partnered with Baidu Health and various pharmacy chains to strengthen its influence in the consumer market [4]. - R&D initiatives include deepening studies on the Wuling series and expanding clinical applications, with Wuling Capsules now included in 83 clinical guidelines and pathways [4].

Group 1: Industrial Growth - In July, the added value of industrial enterprises above designated size in Jiangsu Province increased by 6.2% year-on-year, with a cumulative growth of 7.2% from January to July [1] - Among the 40 major industries, 27 achieved year-on-year growth, resulting in a growth coverage of 67.5%. Key sectors such as electronics, pharmaceuticals, general equipment, railways, shipping, aerospace, and electricity showed significant growth rates of 13.9%, 10.3%, 8.9%, 18.6%, and 8.9% respectively, contributing a total of 3.9 percentage points to overall industrial growth [1] Group 2: Investment Trends - From January to July, fixed asset investment in Jiangsu Province decreased by 6.1%, with the decline rate widening by 2.2 percentage points compared to the first half of the year. However, infrastructure investment maintained growth, increasing by 4.8% year-on-year, contributing 0.7 percentage points to total investment growth [1] - Investment in large infrastructure projects (over 1 billion) grew by 7.5%, significantly supporting infrastructure growth by 4.5 percentage points. Conversely, manufacturing investment saw a decline of 2.2% year-on-year [1] Group 3: Real Estate Market - The real estate market in Jiangsu Province experienced a downturn, with real estate development investment dropping by 17.6% from January to July. Additionally, the sales area of commercial housing decreased by 5.2%, with the decline rate increasing by 2.4 percentage points compared to the first half of the year [1] Group 4: Consumer Market - The consumer goods market in Jiangsu Province maintained growth in July, with total retail sales of social consumer goods reaching 349.2 billion yuan, a year-on-year increase of 0.6%. From January to July, the total retail sales grew by 4.4% [2] - The rural market showed increasing activity, with retail sales of consumer goods above designated size in rural areas growing by 7.0%, outpacing urban retail sales growth by 1.8 percentage points [2] - The "trade-in" program for certain products (home appliances, 3C digital products, and home goods) achieved retail sales of 15.96 billion yuan in July, a year-on-year increase of 11.2%, contributing 1.2 percentage points to the monthly growth of retail sales [2]

Group 1 - The recent performance of A-shares has been a major focus, with the Shanghai Composite Index reaching a 10-year high and the STAR Market Index rising over 3%, marking a near two-and-a-half-year peak [1] - The semiconductor industry has shown strong growth, with stocks like Cambricon Technologies surging over 8% and stabilizing above the 1,000 yuan mark, while consumer electronics and automotive stocks have also performed well [1] - Global factors, including a decrease in policy uncertainty due to trade agreements and a significant shift in U.S. fiscal policy towards expansion, have supported the bullish trend in A-shares [1][2] Group 2 - The expectation of interest rate cuts by the Federal Reserve has led to a decline in U.S. Treasury yields, benefiting the valuation recovery of growth stocks [2] - The Chinese economy has shown resilience, with a GDP growth rate of 5.3% in the first half of the year, outperforming other major economies [2] - The influx of capital into A-shares is driven by a stronger expectation of RMB appreciation and a series of government measures aimed at reducing systemic risks, which have lowered risk premiums [2] Group 3 - The sustainability of the current bullish trend in A-shares will depend on external factors, particularly U.S. policy changes and potential strengthening of the dollar, which could tighten global liquidity [3] - The domestic environment remains relatively stable and supportive, providing a solid foundation for financing and active thematic trading [3]

Core Viewpoint - The A-share market is experiencing a "slow bull" trend driven by institutional reforms, optimized capital structure, and economic momentum transformation, with a positive outlook on long-term market conditions [1] Market Performance - On the morning of the 21st, the three major stock indices showed strong fluctuations, with the Shanghai Composite Index approaching 3,800 points, reaching a 10-year high; the ChiNext Index rose by 0.21%, and the STAR Market Index increased by 0.96% [1] - As of the midday close, the Shanghai Composite Index rose by 0.35% to 3,779.52 points, while the Shenzhen Component Index increased by 0.45% [1] - The total trading volume in the A-share market reached approximately 1.6 trillion yuan, with the combined trading volume of the Shanghai, Shenzhen, and North markets at 1.5916 trillion yuan [1] Sector Performance - Sectors such as non-ferrous metals, brokerage, and pharmaceuticals saw declines, while oil, electricity, coal, gas, and agriculture sectors experienced gains; the digital currency concept surged [1] Investment Outlook - Huaxi Securities indicates that the market is effectively reversing pessimistic expectations regarding long-term deflation and corporate profit collapse due to supply-side governance and demand-side policy support [1] - The improvement of the investor return mechanism is seen as a foundational element for sustaining the "slow bull" market [1] - The initiation of "deposit migration" among residents is expected to provide ample potential incremental funds, forming a positive feedback mechanism [1] - Long-term capital from insurance funds, social security, pensions, and potential stabilization funds is continuously entering the market, optimizing the investor structure in A-shares [1] - The direction of the "slow bull" market will align with national strategic priorities, focusing on new momentum and new technologies, supported by segments of large finance and new consumption [1]

Market Overview - A-shares exhibited a mixed performance with the Shanghai Composite Index fluctuating around the 3800-point mark, continuing its strong momentum to reach a ten-year high, while the ChiNext Index showed weak oscillation after a brief recovery [1] - The Hong Kong market failed to maintain its previous day's rebound, with all three major indices opening lower, particularly affected by heavyweight tech stocks [1] Key Index Performance - The Shanghai Composite Index rose by 0.35% to 3779.52 points, the Shenzhen Component increased by 0.45%, and the ChiNext Index slightly gained 0.21%. The STAR 50 Index was boosted by the semiconductor sector, rising by 0.96% [1] - The total market turnover reached 1.59 trillion yuan, indicating active trading [1] - In Hong Kong, the Hang Seng Index fell by 0.10% to 25140.96 points, with the Hang Seng Tech Index down by 0.51% and the H-shares Index down by 0.32% [1] Industry Hotspots and Driving Logic - A-shares are experiencing a rotation between policy-sensitive sectors and technology themes, with digital currency and cross-border payment sectors seeing a surge due to expectations from the Federal Reserve's meeting minutes [2] - The storage chip sector is gaining attention as funds continue to explore undervalued tech themes, while the oil and gas sector is benefiting from international energy price fluctuations and state-owned enterprise research [2] - Consumer sectors such as agriculture, forestry, animal husbandry, and beauty care are active, reflecting market expectations for consumption recovery and policy support [2] Underperforming Sectors and Driving Logic - The previously leading AI hardware sector is undergoing a collective pullback, with some stocks experiencing declines exceeding 7%, indicating market caution towards high-valuation tech themes [3] - The renewable energy-related sectors, including electric and mechanical equipment, are showing weakness, reflecting market divergence regarding growth sectors [3] - Major tech stocks are generally underperforming due to concerns over global liquidity changes and earnings divergence, with some heavyweight tech stocks dropping over 2% [3] Investment Strategy Recommendations - Short-term focus should be on policy catalysts and industrial upgrades, with A-shares emphasizing digital currency and storage chips, as well as resource sectors like oil and gas that have recovery potential [4] - Consumer sectors such as agriculture, beauty care, and consumer electronics should be considered for their valuation recovery potential, while avoiding high-valuation stocks at risk of pullback [4] - In the Hong Kong market, attention should be on policy-benefiting pharmaceutical stocks and infrastructure chains, with energy sectors providing defensive positioning [4] Operational Suggestions - It is advisable to grasp the rhythm of sector rotation, prioritizing stocks with strong earnings certainty and high alignment with valuation and policy [5] - Caution is advised regarding high-volatility thematic stocks lacking fundamental support, which may face short-term pullback risks [5]

Core Viewpoint - *ST Suwu has shown a significant increase in stock price and strong financial performance, indicating potential growth in the pharmaceutical and medical beauty sectors [1][2]. Group 1: Company Overview - Jiangsu Wuzhong Pharmaceutical Development Co., Ltd. is located at 988 Dongfang Avenue, Wuzhong District, Suzhou, and operates in the pharmaceutical, medical beauty, and investment industries [1]. - The company's pharmaceutical products cover areas such as antiviral/infection control, immune regulation, anti-tumor, digestive system, and cardiovascular fields [1]. - The medical beauty segment holds exclusive agency rights for Korean medical beauty products in China [1]. - The company aims to develop a health industry cluster with a focus on pharmaceutical health and emerging sectors like medical beauty in its 2020-2024 strategic plan [1]. Group 2: Financial Performance - As of September 30, *ST Suwu had 61,600 shareholders, with an average of 11,500 circulating shares per shareholder [2]. - For the period from January to September 2024, *ST Suwu achieved a revenue of 1.647 billion yuan, representing a year-on-year growth of 9.58% [2]. - The net profit attributable to shareholders for the same period was 45.08 million yuan, showing a substantial year-on-year increase of 311.54% [2].

Core Viewpoint - The A-share market is experiencing a bullish sentiment, with the Shanghai Composite Index briefly surpassing 3700 points, but the Hong Kong stock market has shown superior performance throughout the year, particularly as of August 18, with the Hang Seng Index's gains significantly outpacing those of the Shanghai Index and the Hang Seng Tech Index outperforming the ChiNext [1] Group 1: Market Performance - As of August 18, the Hang Seng Index has a much higher increase compared to the Shanghai Composite Index, indicating stronger overall performance in the Hong Kong market [1] - Southbound capital has seen a cumulative net inflow into Hong Kong stocks exceeding 940 billion HKD, setting a historical record and significantly surpassing the total for the previous year [1] Group 2: Reasons for Domestic Investment in Hong Kong Stocks - Hong Kong stocks have undergone a prolonged period of deep adjustment, leading to historically low valuation levels, which are now in a recovery phase, offering attractive value [1] - The global trend this year is a rebalancing of assets, particularly a shift from USD assets to non-USD markets, with Chinese assets being a crucial choice, and Hong Kong serving as a key entry point for global investors into China [1] - China's economy is undergoing a structural transformation, with emerging industries such as AI, innovative pharmaceuticals, and new energy vehicles showing significant growth potential, which are uniquely advantageous and even scarce in the Hong Kong market [1] Group 3: Sector Focus in Hong Kong Stocks - Key sectors in Hong Kong stocks include technology and internet, represented by the Hang Seng Internet ETF (513330) [1] - Consumer leaders are highlighted through the Hong Kong Consumer ETF (513230) [1] - Pharmaceutical leaders are represented by the Hang Seng Pharmaceutical ETF (159892) [1]