山东药玻公告称，控股股东鲁中投资持有公司股份12938.098万股，占总股本19.50%。2025年12月29 日，鲁中投资将3306万股（占其所持股份25.55%，占公司总股本4.98%）质押给浙商证券，质押期至 2026年12月28日，融资用于借款给山东鲁科物流投资项目。截至公告披露日，鲁中投资累计质押4036万 股，占公司总股本6.08%，占其所持公司股份总数31.19%，被质押股份无其他担保或保障用途。 ...

壹点企讯｜药用玻璃龙头山东药玻"换帅"，扈永刚因年龄辞任 热门评论我要评论 微信扫码 移动端评论 大众报业·齐鲁壹点55分钟前 12月23日，国内药用玻璃巨头山东药玻（600529.SH）发布公告称，董事长扈永刚因年龄原因申请辞去包括董事 长、董事及董事会下属专门委员会在内的所有职务，同时不再担任公司法定代表人。 壹点企讯｜药用玻璃龙头山东药玻"换帅"，扈永刚因年龄辞任 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证：鲁B2- 20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱：1790179766@qq.com ...

证券代码：600529 证券简称：山东药玻 公告编号：2025-064 山东省药用玻璃股份有限公司 关于修订《公司章程》及拟变更法定 代表人的公告 本公司董事会及全体董事保证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、准确性和完整性承担个别及连带责任。 一、 《公司章程》修订内容 根据《公司法》、《证券法》及《上市公司章程指引》等相关规定，结合公司业务发展需要，公司拟修 订《山东省药用玻璃股份有限公司章程》（以下简称"《公司章程》"）的部分条款，修订对照如下： ■ 除上述修订外，原《公司章程》其他条款内容保持不变，前述内容尚需提交公司2026年第一次临时股东 会审议，同时提请股东会授权公司管理层或其授权代表办理相关工商变更登记、章程备案等相关事宜。 经办人员可按照工商行政管理部门或其他政府有关部门提出的意见或要求，对本次修订事项进行相应调 整，授权有效期自公司股东会审议通过之日起至该等具体执行事项办理完毕之日止。具体以工商行政管 理部门登记为准。 二、变更法定代表人 基于公司长期发展战略规划及进一步加强公司经营管理的考虑，公司董事会根据公司治理的实际需求， 经公司第十一届董事会第 ...

同日，公司第十一届董事会第四次会议火速召开，推举董事张军代行董事长职责。 12月23日晚间，国内药用玻璃行业的领军者山东药玻（SH600529，股价20.07元，市值133.19亿元）发 布人事变动公告。董事长扈永刚因年龄原因申请辞去包括董事长、董事及董事会下属专门委员会在内的 所有职务。 同时，董事会会议还审议通过了修订《公司章程》以及总经理担任公司法定代表人等议案。 同样作为山东药玻老兵，张军曾任公司车间主任、分公司副经理、研发部部长、制造部部长、副总经 理，现任公司董事、总经理。前三季度营收、利润双降 回顾扈永刚任内，山东药玻稳坐国内药包材龙头宝座。根据公司2024年年度报告，公司模制瓶、棕色瓶 等核心产品销量持续增长。2024年度，公司营业收入51.25亿元。其中，核心产品"模制瓶系列"营收达 23.53亿元，毛利率达到43.26%；"棕色瓶系列"贡献11.57亿元的营收。而在2025年上半年，公司模制瓶 系列在6个月内实现了10.21亿元的营收。 此外，2024年年度报告显示，公司决定向全体股东每10股派发现金3.20元（含税），拟分配现金股利共 计2.12亿元。 根据山东药玻2025年第三季度报告 ...

四星玻璃成立于2006年3月，注册资本1.35亿元，法定代表人为王焕一。公司是药用中硼硅玻璃领域的隐形冠军，也是国际上唯一一家采用创新全电熔技术 生产中性硼硅玻璃管的高新技术企业。 瑞财经 王敏 12月4日，据凯乘资本官微消息，药用中硼硅玻璃龙头企业沧州四星玻璃股份有限公司（以下简称"四星玻璃"）宣布完成数亿元Pre-IPO轮融 资，本轮融资由中金资本旗下中金中鑫新兴产业基金、春光齐享基金联合领投。 据悉，本次交易为近年生物制药产业上游领域最大单笔融资项目之一，凯乘资本担任独家财务顾问。 本轮融资标志着I级耐水药用中硼硅玻璃与预灌封注射器高端新型给药装置的国产化替代进程加速。 王焕一于1988年1月至1992年12月任沧县前侯村塑料厂销售员；1993年1月至1998年12月任沧县前侯玻璃包装材料厂厂长；1999年1月至2006年2月任沧州四星 玻璃有限公司总经理；2006年3月至2014年7月任沧州四星玻璃制管有限公司董事长、总经理；2014年7月至今任沧州四星玻璃股份有限公司董事长、总经 理。 天眼查显示，公司董事长兼经理为王焕一，男，1966年4月出生，研究生同等学历。 ...

中硼硅玻璃作为药品注射剂、生物制品的重要包装材料，核心技术长期被德国、美国、日本企业垄 断，"卡脖子"的窘境严重制约了中国医药产业的健康可持续发展。四星玻璃自2008年5月，突破了 中硼硅玻璃熔化、澄清、成型方面的关键核心技术，将国际上传统工艺的高耗能高污染的药用玻璃行 业，转变成为了绿色、节能、环保的产业，在国民用药安全、医药行业高质量发展及绿色、环保、低 碳可持续发展方面具有重要意义。 四星玻璃是国内首家能够规模化稳定生产符合国际质量标准的中硼硅玻璃管的企业，中硼硅玻瓶的生 产规模处于行业领先水平，拥有700多家稳定的下游医药企业客户。随着一致性评价、关联审评、带 量采购等行业政策的深入实施，进一步加速了中硼硅玻璃对低硼硅和钠钙玻璃产品的替代进程，同 时，公司的预灌封注射器和医药一体化CMPO智造服务的业务，将迅速成为公司未来业绩增长的第 二成长曲线。 四星玻璃董事长王焕一表示：中硼硅玻璃是生物医药产业链不可或缺的关键基础材料，四星玻璃用了 近20年的实践和坚守，围绕新技术、新产品、新模式持续投入研发创新，保障了国民用药安全和产 业链自主可控。未来公司仍将以创新为根本动力、以智能制造为主攻方向、以绿色能源 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 3.401 billion, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 542 million, down 24.7% [3][4]. - The third quarter saw a revenue of 1.027 billion, a decline of 17.1%, with a net profit of 171 million, down 30.2% [3][4]. - Despite the demand pressure, the gross profit margin improved significantly, reaching 36.4% in Q3, an increase of 4.8 percentage points year-on-year, mainly due to the decline in raw material prices [8]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a gross profit margin of 33.1%, up 1.0 percentage points year-on-year, despite a revenue decline attributed to weak pharmaceutical demand and pricing pressures from centralized procurement [8]. - The company’s net profit margin for the first three quarters was 16.0%, down 2.9 percentage points year-on-year [8]. - The cash collection ratio for the first three quarters was 117.0%, an increase of 15.7 percentage points year-on-year, indicating strong operational quality [8]. Market Conditions - The pharmaceutical packaging industry is currently facing significant demand pressure due to overall weak demand in the pharmaceutical sector and the impact of centralized procurement on pricing and rhythm [8]. - The penetration rate of borosilicate glass is expected to continue increasing in the medium term, with the company’s production capacity for primary water-resistant pharmaceutical glass bottles reaching expected targets [8]. Future Outlook - The company is projected to achieve net profits of 750 million and 850 million in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 18.5 and 16.4 [8].

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to weak industry demand and the impact of the national drug procurement policy [1][2]. Financial Performance - The company achieved a revenue of 3.401 billion yuan, a year-on-year decrease of 11.10% - The net profit attributable to shareholders was 542 million yuan, down 24.70% year-on-year - The non-recurring net profit attributable to shareholders was 516 million yuan, a decline of 25.13% year-on-year - The basic EPS was 0.82 yuan [1]. Demand and Market Conditions - The decline in revenue and profit was exacerbated compared to the first half of the year, with revenue down by an additional 2.9 percentage points and non-recurring net profit down by 3.12 percentage points [2]. - The implementation of the national drug procurement policy starting in April 2025 is expected to affect the demand for the company's borosilicate molded bottles until December 2027 [2]. Cost Structure and Profitability - The company's overall gross margin improved to 33.08%, an increase of 0.98 percentage points, attributed to a higher proportion of high-end products [3]. - The net profit margin decreased to 15.95%, down 2.89 percentage points, mainly due to increased management and R&D expense ratios, as well as inventory impairment losses [3]. - Management expense ratio rose to 5.71%, an increase of 1.88 percentage points, driven by higher employee compensation and depreciation [3]. - R&D expense ratio increased to 4.07%, up 1.05 percentage points, reflecting higher salaries for R&D staff [3]. - Inventory impairment losses amounted to 80.91 million yuan, a year-on-year increase of 168.25%, linked to declining product prices and rising inventory levels in a sluggish market [3]. Capacity Expansion and Strategic Developments - New production capacity is being established, enhancing the company's scale and competitive advantage, with a project for 4 billion borosilicate molded bottles nearing its production targets [4]. - The company is well-positioned to meet customer demand, and increased capacity may lead to lower unit costs in procurement and management [4]. - The change in controlling shareholder to China National Pharmaceutical Group is expected to provide new resources for development, leveraging the group's strengths in innovation and market access [4]. Profit Forecast - The company forecasts net profits attributable to shareholders of 743 million yuan, 885 million yuan, and 1.029 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.12 yuan, 1.33 yuan, and 1.55 yuan [5]. - The projected PE ratios are 18.62, 15.64, and 13.44 for the same years, reflecting anticipated growth driven by increased production scale and the benefits of the new controlling shareholder [5].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is experiencing performance pressure, with a year-on-year revenue decline of 11.1% in the first three quarters, totaling 3.4 billion yuan, and a net profit decline of 24.7%, amounting to 540 million yuan [6] - There is a trend of improving profit margins, with a gross margin of 33.1% in the first three quarters, up by 1.0 percentage points year-on-year, and a significant improvement in the third quarter with a gross margin of 36.4% [6] - The company is expected to benefit from the support of China National Pharmaceutical Group after a change in actual control, which may enhance product sales, channel layout, and product development [6] - Despite short-term pressures, the long-term growth trend in the pharmaceutical glass industry is expected to continue, driven by consumption upgrades and industry upgrades [6] - The profit forecast for 2025-2027 has been slightly adjusted downwards, with expected net profits of 794 million, 917 million, and 1,010 million yuan respectively, reflecting a decrease of 12%, 11%, and 11% from previous estimates [6] Financial Data and Profit Forecast - Total revenue is projected to be 5,197 million yuan in 2025, with a year-on-year growth rate of 1.4% [5] - The expected net profit for 2025 is 794 million yuan, with a year-on-year decline of 15.8% [5] - The earnings per share for 2025 is estimated at 1.20 yuan [5] - The gross margin for 2025 is expected to be 27.9% [5] - The return on equity (ROE) for 2025 is projected at 9.5% [5]

Core Insights - Shandong Pharmaceutical Glass (600529.SH) reported a revenue of 3.401 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 11.10% [1] - The company's net profit attributable to shareholders was 542 million yuan, down 24.7% year-on-year [1] - The non-recurring net profit stood at 516 million yuan, reflecting a decrease of 25.13% compared to the previous year [1] - Basic earnings per share were reported at 0.8174 yuan [1]