Core Viewpoint - Jincheng Pharmaceutical's stock has shown a significant increase of 41.23% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [1][2]. Company Overview - Jincheng Pharmaceutical, established on January 12, 2004, and listed on June 22, 2011, is located in Zibo City, Shandong Province. The company specializes in the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients, and finished formulations [2]. - The revenue composition of Jincheng Pharmaceutical includes: 34.59% from formulation products, 26.61% from other pharmaceutical chemical products, 21.88% from cephalosporin side chain active esters, and 16.92% from biopharmaceuticals and specialty APIs [2]. Financial Performance - For the period from January to September 2025, Jincheng Pharmaceutical reported revenue of 1.932 billion yuan, a year-on-year decrease of 23.19%, and a net profit attributable to shareholders of 31.577 million yuan, down 79.10% year-on-year [2]. - The company has distributed a total of 933 million yuan in dividends since its A-share listing, with 323 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, Jincheng Pharmaceutical had 26,700 shareholders, an increase of 0.46% from the previous period, with an average of 13,903 circulating shares per shareholder, a decrease of 0.46% [2][3]. - Notable shareholders include the fourth-largest shareholder, Fortune Precision Medical Flexible Allocation Mixed A, holding 4.961 million shares, and the eighth-largest shareholder, Hong Kong Central Clearing Limited, holding 3.336 million shares, which decreased by 2.135 million shares from the previous period [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 82.5 CNY [2][10]. Core Insights - The company's main operations continue to improve, with significant progress in innovative drug development. The third quarter of 2025 saw a revenue of 365 million CNY, a slight decrease of 1.55%, while the net profit attributable to shareholders increased by 18.52% to 83.59 million CNY, and the non-GAAP net profit rose by 27.85% to 69.19 million CNY [2][4]. Financial Performance - Total revenue projections for the company are as follows: 1,350 million CNY for 2024, 1,376 million CNY for 2025, 1,683 million CNY for 2026, and 2,106 million CNY for 2027, with year-on-year growth rates of 20.8%, 2.0%, 22.3%, and 25.2% respectively [5][11]. - The net profit attributable to shareholders is projected to be 238 million CNY in 2024, 277 million CNY in 2025, 339 million CNY in 2026, and 423 million CNY in 2027, reflecting growth rates of 5.1%, 16.2%, 22.5%, and 24.7% respectively [5][11]. - Earnings per share (EPS) are expected to increase from 1.35 CNY in 2024 to 2.40 CNY in 2027 [5][11]. Strategic Developments - The company has strategically increased its stake in Shanghai Chaoyang Pharmaceutical to 51.48%, enhancing its innovative drug pipeline and R&D capabilities in cutting-edge technologies such as molecular glue and PROTAC [4]. - The core product HP-001 (molecular glue) has shown promising safety in phase I clinical trials, with symptom improvement observed in patients, indicating "Best-in-Class" potential [4]. - The company has also received IND approval for its ADC drug YLSHO03 and is set to initiate phase I clinical trials [4]. Market Position - The company is positioned to benefit from the rapid release of new products and the management of generic drug R&D investments, despite facing challenges from the tenth batch of national procurement [10]. - The internationalization of its formulations has seen breakthroughs, with the naloxone nasal spray production line passing FDA inspections and awaiting final reports [10].

公司研究 证 券 研 究 报 告 卫信康（603676）2025 年三季报点评 推荐（下调） 非经事项扰动短期业绩，期待后续经营改善 目标价：15.4 元 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,300 | 1,222 | 1,414 | 1,659 | | 同比增速(%) | -1.7% | -6.0% | 15.8% | 17.3% | | 归母净利润(百万) | 246 | 273 | 336 | 413 | | 同比增速(%) | 15.0% | 10.7% | 23.4% | 22.9% | | 每股盈利(元) | 0.57 | 0.63 | 0.77 | 0.95 | | 市盈率(倍) | 19 | 17 | 14 | 12 | | 市净率(倍) | 3.4 | 3.0 | 2.6 | 2.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 21 日收盘价 化学制剂 2025 年 11 月 23 日 | | | 华创证券研究所 证券分析师：郑辰 ...

Investment Rating - The report maintains a "Recommended" rating for Enhua Pharmaceutical with a target price of 32.0 yuan [2][8]. Core Insights - Enhua Pharmaceutical's Q3 2025 revenue reached 1.461 billion yuan, reflecting a 5.70% year-on-year increase, while the net profit attributable to shareholders was 406 million yuan, up 3.67% [2]. - The company's performance is currently under pressure due to the impact of centralized procurement for Etomidate and restrictions on the prescription of Midazolam, but a clear upward turning point in operations is anticipated [2][8]. - The CNS (Central Nervous System) innovative pipeline is highlighted as a valuable asset, with a comprehensive layout in new drug development targeting schizophrenia, depression, Alzheimer's, and Parkinson's diseases [8]. Financial Projections - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 5.698 billion, 6.157 billion, 6.975 billion, and 8.005 billion yuan, respectively, with year-on-year growth rates of 13.0%, 8.1%, 13.3%, and 14.8% [4]. - Net profit attributable to shareholders is forecasted to be 1.144 billion, 1.229 billion, 1.414 billion, and 1.735 billion yuan for the same years, with growth rates of 10.3%, 7.5%, 15.0%, and 22.7% [4]. - The report indicates that the current stock price corresponds to a price-to-earnings (PE) ratio of 20, 17, and 14 for the years 2025, 2026, and 2027, respectively [8]. Market Performance - Enhua Pharmaceutical's stock has shown a performance of -23% over the past 12 months compared to the CSI 300 index [7]. Investment Recommendations - The report suggests that despite short-term pressures from centralized procurement and stock incentive amortization expenses, the long-term growth potential remains strong due to the company's anesthetic line and the clinical transition of CNS innovative drugs [8]. - A valuation of 325 billion yuan is suggested based on comparable company valuations, leading to a target price of 32.0 yuan [8].

Core Viewpoint - As of November 21, Osai Kang's stock price has decreased by 2.10%, with a current price of 16.78 CNY per share, reflecting a significant decline in recent trading days despite a year-to-date increase of 33.28% [1] Financial Performance - For the period from January to September 2025, Osai Kang achieved a revenue of 1.434 billion CNY, representing a year-on-year growth of 3.57%. The net profit attributable to shareholders was 223 million CNY, showing a substantial increase of 75.81% [2] Shareholder Information - As of November 10, the number of shareholders for Osai Kang reached 30,000, an increase of 8.50% from the previous period. The average number of circulating shares per person decreased by 7.83% to 30,917 shares [2] Dividend Distribution - Since its A-share listing, Osai Kang has distributed a total of 721 million CNY in dividends, with 111 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, Yongying Medical Innovation Mixed Fund A increased its holdings by 9.27 million shares to 20.95 million shares, while new shareholders such as Yongying Ruixin Mixed Fund A and Yongying Stable Enhanced Bond A entered the top ten list [3]

Core Viewpoint - Nocare Biopharma's stock has experienced fluctuations, with a year-to-date increase of 92.83% but a recent decline of 6.55% over the past five trading days [1] Company Overview - Nocare Biopharma, established on November 3, 2015, and listed on September 21, 2022, is based in Beijing and focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [1] - The company's revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and 0.15% each from testing and research services [1] Financial Performance - For the period from January to September 2025, Nocare Biopharma reported revenue of 1.115 billion yuan, reflecting a year-on-year growth of 59.85%, while the net profit attributable to shareholders was -64.41 million yuan, an increase of 76.61% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 8.66% to 16,500, with an average of 0 circulating shares per person [2] - The top ten circulating shareholders include several new entrants, such as Wanjiayou Xuan and Ping An Healthcare, while some previous shareholders have exited the list [3]

Core Points - Boda Pharmaceutical's stock price decreased by 2.08% on November 21, reaching 49.06 CNY per share, with a market capitalization of 20.641 billion CNY [1] - The company has experienced a year-to-date stock price decline of 8.69%, with a 9.68% drop over the last five trading days and a 23.44% decline over the past 60 days [1] - As of September 30, 2025, Boda Pharmaceutical reported a revenue of 2.717 billion CNY, a year-on-year increase of 15.90%, while the net profit attributable to shareholders decreased by 23.86% to 317 million CNY [2] Financial Performance - The company has distributed a total of 669 million CNY in dividends since its A-share listing, with 184 million CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 7.99% to 29,500, while the average number of circulating shares per person increased by 8.68% to 14,198 shares [2] Shareholder Structure - Among the top ten circulating shareholders, Xingshan Commercial Model Mixed Fund A is the fifth largest with 5.827 million shares, marking a new entry [3] - E Fund's Growth Enterprise Board ETF, ranked sixth, reduced its holdings by 912,300 shares to 5.456 million shares [3] - Xingshan Helun Mixed Fund A is the seventh largest shareholder with 5.402 million shares, also a new entry [3]

Core Viewpoint - Huadong Medicine's stock price has experienced fluctuations, with a year-to-date increase of 19.81% but a recent decline of 6.51% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Huadong Medicine achieved a revenue of 32.664 billion yuan, representing a year-on-year growth of 3.77%, and a net profit attributable to shareholders of 2.748 billion yuan, up 7.24% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of Huadong Medicine's shareholders decreased by 1.50% to 68,800, while the average circulating shares per person increased by 1.53% to 25,466 shares [2] - The company has distributed a total of 8.873 billion yuan in dividends since its A-share listing, with 3.771 billion yuan distributed over the past three years [3] Stockholder Composition - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings by 12.1653 million shares to 52.0036 million shares [3] - China Securities Finance Corporation maintained its position as the fourth-largest shareholder with 22.1868 million shares, while other notable shareholders saw reductions in their holdings [3] Business Overview - Huadong Medicine, established on March 31, 1993, and listed on January 27, 2000, is primarily engaged in the production and sale of various pharmaceutical products, with a revenue composition of 64.45% from commercial activities and 39.69% from manufacturing [1] - The company operates in several sectors, including vitamins, traditional Chinese medicine, hepatitis treatment, pharmaceutical e-commerce, and medical aesthetics [1]

Group 1 - The core viewpoint of the news is that Hainan Pharmaceutical's stock has experienced significant fluctuations, with a year-to-date increase of 189.48% but a recent decline of 19.24% over the last five trading days [1] - As of November 21, Hainan Pharmaceutical's stock price was 58.07 yuan per share, with a market capitalization of 6.968 billion yuan [1] - The company has seen a net outflow of 929,000 yuan in principal funds, with large orders showing a buy of 9.1799 million yuan and a sell of 11.4989 million yuan [1] Group 2 - Hainan Pharmaceutical, established on January 15, 2003, and listed on January 12, 2017, focuses on the research, production, and sales of chemical preparations, raw materials, and intermediates [2] - The main business revenue composition includes cardiovascular drugs (87.12%), antibiotics (5.69%), and other categories [2] - As of November 10, the number of shareholders was 22,100, a decrease of 2.84%, with an average of 3,709 circulating shares per person, an increase of 2.93% [2] Group 3 - Hainan Pharmaceutical has distributed a total of 161 million yuan in dividends since its A-share listing, with 18 million yuan in the last three years [3] - As of September 30, 2025, new institutional shareholders include several funds, with notable holdings from China Europe Enjoy Life Mixed A and Huazhang Medical Biological Stock Initiation A [3]

Group 1 - EVE Energy signed a procurement framework agreement with its affiliate, Smoore International, for continuous procurement of battery cells starting from January 1, 2026 [1] - Zhaoyi Information plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Fuke Environmental announced a change in its stock abbreviation to "Fuke Technology" effective November 26 [1] Group 2 - Dajia Weikang's shareholder and director terminated a share reduction plan ahead of schedule, having reduced 1% of total shares [2] - Aohong Electronics received approval from the China Securities Regulatory Commission for the issuance of convertible bonds [2] - Yingfeng Environment's controlling shareholder plans to issue exchangeable bonds not exceeding 1 billion yuan [2] Group 3 - Longshen Rongfa's subsidiary obtained a renewed drug production license covering various pharmaceutical products [4] - Xinhua News' subsidiary invested 15 million yuan in a fund with a total commitment of 221 million yuan [5] - Guang'an Aizhong appointed two new deputy general managers [6] Group 4 - Fosun Pharma's subsidiary's drug for gastric cancer treatment was included in the breakthrough therapy program by the National Medical Products Administration [7] - Nanjiao Foods reported a significant decline in October net profit due to rising raw material costs [8] - Nanfeng Co. won two nuclear power project bids totaling 928.7 million yuan [10] Group 5 - Puluo Pharmaceutical received a drug registration certificate for its Cefdinir capsules [11] - Liming Co.'s subsidiary received environmental approval for a new pesticide raw material project [12] - Longhua New Materials' expansion project for polyether polyols has commenced trial production [13] Group 6 - Pumen Technology's products received IVDR CE certification from TÜV Rheinland [15] - China Chemical reported new contracts worth 312.67 billion yuan from January to October [18] - China Nuclear Construction achieved new contracts totaling 123.84 billion yuan as of October [19] Group 7 - Changshu Bank's executives plan to purchase at least 550,000 shares of the bank [20] - Shandong Steel's subsidiary is applying for bankruptcy liquidation to focus on core business [21] - Huakang Clean is expected to win a bid for a purification system project worth 176 million yuan [23] Group 8 - Huawu Co. plans to internally transfer subsidiary equity [24] - Tianen Kang's subsidiary received clinical trial acceptance for a new drug [26] - Tianyi Medical's subsidiary obtained a medical device registration certificate for a blood dialysis product [27] Group 9 - Xuelang Environment is facing a pre-restructuring application from creditors [27] - Chitianhua's subsidiary resumed production after passing safety inspections [28] - Huaping Co.'s director plans to reduce 0.03% of company shares [30] Group 10 - Xizhuang Co. plans to establish a wholly-owned subsidiary in Singapore [31] - Ruisheng Intelligent's subsidiary won a 60.23 million yuan ICT project bid [32] - Junyi Digital plans to invest 120 million yuan in Guanghong Precision [33] Group 11 - Fuguang Co.'s controlling shareholder plans to increase holdings between 80 million to 150 million yuan [34] - Ganyue Express reported a 13.68% increase in logistics revenue in October [39] - Jiangsu Sop terminated its 2025 private placement plan [41] Group 12 - Langke Intelligent's shareholders plan to reduce a total of 1.68% of company shares [42] - Yuantong Express reported an 8.97% increase in express product revenue in October [45] - Jinbei Automotive plans to invest 158 million yuan to acquire 52% of Zhongtuo Technology [46]