股票简称：禾元生物 股票代码：688765 武汉禾元生物科技股份有限公司 Wuhan Healthgen Biotechnology Corp. （武汉东湖新技术开发区神墩五路 268 号） 首次公开发行股票 科创板上市公告书 保荐人（联席主承销商） 中国（上海）自由贸易试验区商城路 618 号 联席主承销商 北京市朝阳区安立路 66 号 4 号楼 二〇二五年十月二十四日 武汉禾元生物科技股份有限公司 上市公告书 特别提示 武汉禾元生物科技股份有限公司（以下简称"禾元生物"、"发行人"、"公 司"、"本公司"）股票将于 2025 年 10 月 28 日在上海证券交易所科创板上市。 根据《上海证券交易所科创板上市公司自律监管指引第 5 号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告 披露日，禾元生物尚未盈利，自上市之日起将纳入科创成长层。 普通投资者参与科创成长层股票或者存托凭证交易的，应当符合科创板投资 者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前以纸 面或者电子形式签署《科创成长层风险揭示书》，由证券公司充分告知相关风险。 本公司提醒投资者应充分 ...

Core Viewpoint - After disclosing the third-quarter report, the company's stock price has experienced a continuous decline, dropping over 60% from its peak, indicating significant market challenges and performance issues [1][2]. Financial Performance - In the first three quarters of 2025, the company reported a revenue of 74.42 billion yuan, a year-on-year decrease of 11.93%, and a net profit attributable to shareholders of 21.29 billion yuan, down 20.74% year-on-year [4]. - The pharmaceutical manufacturing sector's revenue decline is the primary reason for the company's poor overall performance, with the core product "Pian Zai Huang" facing significant cost pressures [4][5]. - The company's pharmaceutical manufacturing revenue reached 40.16 billion yuan, a year-on-year decrease of 12.93%, while the main business costs increased by 6.81% year-on-year, leading to a reduction in gross profit margin by 7.51 percentage points [5]. Product Performance - The core product for liver disease treatment generated a revenue of 38.8 billion yuan, down 9.41% year-on-year, while cardiovascular medication revenue plummeted by 65.2% to 93.44 million yuan [6]. - The cost of the liver disease medication was 15.09 billion yuan, reflecting a year-on-year increase of 20.64%, resulting in a gross margin of 61.11%, down 9.68 percentage points [7]. Pricing Strategy - The company's pricing strategy, which had previously supported growth, is now failing, as evidenced by the inability to fully pass on cost increases to consumers, leading to suppressed market demand [2][11]. - The company raised the retail price of its main product, Pian Zai Huang, from 590 yuan to 760 yuan in May 2023, marking the largest price increase in history, but this has not translated into sustained sales growth [12][14]. Market Dynamics - The prices of Pian Zai Huang products have seen a decline in the second-hand market, with current buyback prices ranging from 450 to 500 yuan, indicating a cooling market [16]. - During recent e-commerce promotional events, the retail price of Pian Zai Huang has fallen below the official price, with some online platforms offering it for as low as 547 yuan per piece [17][18].

医药制造业：作为核心业务，前三季度营收40.16亿元，同比下降12.93%，每卖出1元产品能赚的利润（毛利率）也降了7.51个百分点，只剩 59.38%。 医药流通业：营收28.87亿元，同比下降8.45%，主要是药品批发零售业务不行了。 化妆品业：营收4亿元，同比下降23.82%，连副业都没能带来惊喜。 2025年10月，片仔癀的三季报一出炉，就惊呆了整个市场——这是公司近十年来第一次出现营收、净利润双降，而且降幅远超预期。 01. 根据财报数据，2025年前三季度，片仔癀实现营业收入74.42亿元，比去年同期下降11.93%；公司赚的钱（归属于上市公司股东的净利润）只有21.29亿元， 同比暴跌20.74%。 三季度单季营收20.64亿元，同比下降26.28%；净利润6.87亿元，同比下降28.82%。 更关键的是，片仔癀的三大主业全线遇冷，没有一个能"扛事"： 而这一切的核心，还是公司的"王牌产品"——片仔癀锭剂卖不动了。 片仔癀锭剂是公司的核心，属于肝病用药，也是少数能用天然麝香的中成药，被称为"福建三宝"之一。 以前它是"香饽饽"，现在却成了"烫手山芋"。 按照公司2023年的提价通知，片仔癀锭剂国 ...

Core Viewpoint - The article highlights the challenges faced by Baiyunshan, particularly in its pharmaceutical and health segments, which are struggling with declining revenues and profits due to insufficient innovation and increased competition [8][14][35]. Financial Performance - In 2024, Baiyunshan's non-net profit decreased by 35.2% year-on-year, with a non-net profit of 2.21 billion RMB, reflecting a 5.8% decline in the first half of the year [8][9]. - The company's main business segments, particularly the Traditional Chinese Medicine (TCM) and health sectors, are underperforming, with TCM revenue down 10.4% and health revenue down 12.7% in 2024 [11][26]. - The commercial segment showed slight growth, with a revenue increase of 3.39%, but its low profit margins are insufficient to offset the overall profitability issues [12]. Industry Context - The pharmaceutical industry is undergoing a transformation, with policies such as centralized procurement and stricter compliance regulations putting pressure on companies [14]. - Despite the industry's challenges, Baiyunshan's performance decline is more severe than the industry average, indicating deeper structural issues within the company [14]. Product Performance - Baiyunshan's flagship product, "Jin Ge" (a treatment for erectile dysfunction), is facing intense competition, with over 50 companies now holding approval for similar products, leading to a 19.8% revenue decline in 2024 [17][19]. - The health segment's main product, Wanglaoji, is also struggling, with a 12.7% revenue drop in 2024, although it saw a rebound in the first half of 2025 with a 7.4% increase [26][27]. Innovation and R&D - Baiyunshan's investment in research and development is notably low, with R&D expenses amounting to only 290 million RMB, representing just 0.7% of revenue, which is insufficient to drive new growth [24]. - The lack of innovative products to replace declining sales from existing products is a significant concern for the company's future growth prospects [24].

智通财经APP讯，华兰股份(301093.SZ)发布2025年三季度报告，该公司前三季度营业收入为4.41亿元， 同比增长4.36%。归属于上市公司股东的净利润为5331.6万元，同比增长2.06%。归属于上市公司股东的 扣除非经常性损益的净利润为4082.58万元，同比增长13.66%。基本每股收益为0.325元。 ...

智通财经APP讯，华兰股份(301093.SZ)发布2025年三季度报告，该公司前三季度营业收入为4.41亿元， 同比增长4.36%。归属于上市公司股东的净利润为5331.6万元，同比增长2.06%。归属于上市公司股东的 扣除非经常性损益的净利润为4082.58万元，同比增长13.66%。基本每股收益为0.325元。 ...

Core Viewpoint - The Ministry of Industry and Information Technology is implementing the recognition and review of "Little Giant" enterprises specializing in niche markets, in line with President Xi Jinping's directive to promote more specialized and innovative small and medium-sized enterprises [1]. Summary by Sections Recognition and Review Process - The recognition and review process for the 2025 "Little Giant" enterprises has been completed, including initial reviews and recommendations from provincial departments and expert evaluations [1]. Regional Statistics - A total of 3,482 new "Little Giant" enterprises were recognized in the seventh batch, while 3,916 enterprises passed the review for 2025 [3]. - Jiangsu Province leads with 807 new enterprises, followed by Guangdong Province with 691, and Zhejiang Province with 398 [3]. Detailed Lists of Enterprises - The article includes detailed lists of recognized enterprises, particularly from Ningbo City, which features numerous companies in various sectors such as electronics, materials, and technology [4][5][6][7].

曾被民间股神林园多次力荐、一度缔造"千元一粒仍难求"市场奇观的片仔癀，在2025年三季报出炉之后，终止了其持续十年的高速增长神话。 10月17日晚披露的2025年三季报显示，前三季度，片仔癀营收74.42亿元，同比下降11.93%，净利润21.29亿元，同比下降20.74%。其中，三季度，片仔癀 实现营收20.64亿元，同比下降26.28%，实现净利润6.87亿元，同比下降28.82%。 营收、净利双降的局面，不仅是片仔癀近十年来交出的最差成绩单，更意味着其长期依赖的"稀缺性+提价"的增长模式遭遇严峻挑战。 在A股市场"万物皆可茅"的时代享有"药中茅台"美誉的片仔癀，市值曾一度突破2900亿元，而如今，其1118亿的总市值，已较高点蒸发近1800亿元。 | 片仔瘦 @ | | | | | --- | --- | --- | --- | | 600436 融 沪股通 L1 ▼ | | | | | 185.38 今井 187.09 最高 187.31 最低 | | | 185.05 | | -0.91% -1.71 换手⊙0.55% 息手 33367 金额 | | | 6.19亿 | | 总值01118亿 流值 ...

北京商报讯（记者 和岳）10月22日北京市统计局数据显示，前三季度，全市规模以上工业增加值按可 比价格计算，同比增长6.5%。重点行业中，计算机、通信和其他电子设备制造业增长24.6%，汽车制造 业增长13.4%，电力、热力生产和供应业增长4.4%，医药制造业下降8.0%，五大装备制造业延续回暖态 势，增长8.2%。新质生产力加快布局，规模以上工业战略性新兴产业、高技术制造业增加值分别增长 17.9%和9.9%（二者有交叉），锂离子电池、新能源汽车、风力发电机组、服务机器人和数控金属切削 机床产量分别增长1.6倍、1.5倍、47.1%、39.6%和19.1%。规模以上工业实现销售产值20223.5亿元，增 长6.7%；其中，内销产值18634.6亿元，增长6.7%；出口交货值1588.9亿元，增长6.0%，比上半年提高 1.9个百分点。 ...

Company News - Wens Foodstuff Group reported a net profit of 1.781 billion yuan for the third quarter, a year-on-year decrease of 65.02% [6] - Pop Mart announced an expected year-on-year revenue growth of 245% to 250% for the third quarter [6] - China Telecom reported a net profit of 30.8 billion yuan for the first three quarters, a year-on-year increase of 5% [6] - Wancheng Group announced a year-on-year net profit growth of 917% for the first three quarters [6] - New Strong Union reported a year-on-year net profit growth of 1940% for the first three quarters [6] - Huajian Group announced that there are no major asset restructuring or injection arrangements involving the company by its controlling shareholder in the next 12 months [6] - Xinyisheng announced that its controlling shareholder, Gao Guangrong, will transfer shares through inquiry, reducing his holding ratio to 6.24% [7] - Xiechuang Data announced plans to procure servers worth no more than 4 billion yuan from multiple suppliers to provide cloud computing services for clients [8] - Guanghua Technology received a warning letter for disclosing undisclosed information during an online communication with brokers [9] - Zhuhai Free Trade Group plans to transfer 100% equity of Gree Real Estate to Toujie Holdings, which is expected to constitute a major asset restructuring [10] - China Electronics Port announced that the National Integrated Circuit Fund reduced its holdings by 3.0197 million shares [11] - Suning Group and TCL Technology responded to a lawsuit from Semai Ke, stating that they held the third creditors' meeting as scheduled on the 21st [12] Industry News - The Ministry of Industry and Information Technology is soliciting opinions on the mandatory national standard revision plan for vehicle factory qualification certificates, which includes key information such as driving assistance systems and energy storage devices [4] - The Ministry of Industry and Information Technology is also seeking opinions on the draft guidelines for the construction of a computing power standard system (2025 version), aiming to revise over 50 standards by 2027 in various areas including computing facilities and applications [4] - Morgan Stanley's chief China equity strategist, Wang Ying, stated that long-term investors are likely to increase their holdings in Chinese assets [4] - The Guangdong Provincial Government issued an action plan for the high-quality development of manufacturing empowered by artificial intelligence from 2025 to 2027, supporting the application of industrial intelligent computing power [4] - The Ministry of Culture and Tourism released data indicating that domestic tourism market visits reached 4.998 billion in the first three quarters of 2025, an increase of 761 million year-on-year, representing an 18.0% growth [4]