浙江震元表示，上述项目的建成实施，一方面确保震元的拳头产品"原料药—制剂"产业链更为完整，显 著增强公司核心竞争力；另一方面，充分发挥公司在"合成生物学"新工艺技术优势，提升产品质量的同 时发挥规模优势，并在源头上降低传统药物生产工艺对生态环境的不良影响。 每经记者｜黄鑫磊 每经编辑｜陈俊杰 10月21日，合成生物概念股浙江震元（000705.SZ，股价9.81元，市值32.78亿元）公告称，当天公司召 开董事会及监事会会议，审议通过了相关议案，同意公司终止本次向特定对象发行股票事项并撤回申请 文件。 据悉，该发行事项自2024年4月启动，历经深交所受理、问询回复、延长决议有效期等多个环节，但综 合考虑当前资本市场环境以及公司整体发展规划等因素而终止。浙江震元表示，后续将合理利用自有及 自筹资金，保障本次募投项目顺利实施。 原计划募资4.95亿元 浙江震元此前披露的《2024年度向特定对象发行股票预案》显示，公司原计划通过募资4.95亿元，聚焦 医药工业核心项目建设，具体包括原料药集聚提升项目与上虞产业化基地项目。 其中，"浙江震元制药有限公司原料药集聚提升项目"投资总额4.81亿元，拟使用募集资金金额1.9 ...

Core Viewpoint - Jilin Aodong Pharmaceutical Group Co., Ltd. reported a significant increase in net profit despite a decline in revenue, demonstrating strong operational capabilities and strategic execution [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.126 billion yuan, a year-on-year decrease of 20.21% - The net profit attributable to shareholders reached 1.282 billion yuan, a year-on-year increase of 138.44% [1]. Business Structure - The traditional Chinese medicine segment remains the core business, generating sales revenue of 686 million yuan, accounting for 60.90% of total revenue - The chemical drugs, chain pharmacy wholesale and retail, and health industry segments contributed sales revenues of 143 million yuan, 187 million yuan, and 83 million yuan, representing 12.73%, 16.59%, and 7.39% of total revenue, respectively [1]. Strategic Initiatives - The company is actively reforming its marketing system in the traditional Chinese medicine segment, having completed the marketing restructuring of 22 products and adjusted pricing policies for over 50 products - The company has made significant progress in its Chinese medicine formula granule business, obtaining 525 registration certificates for market access [2]. - A plan to issue convertible bonds to raise 134 million yuan for capital increase in its subsidiary, aimed at constructing a project for Chinese medicine formula granules with an annual production capacity of 2,000 tons [2]. Market Trends - The recovery of the consumer market is expected to accelerate the sales of consumer-oriented traditional Chinese medicine - Long-term growth is supported by an aging population and increasing health awareness among residents, providing a solid foundation for the industry [3]. Operational Efficiency - The company has optimized operational efficiency and adjusted regional layouts by closing some chain pharmacy stores, while enhancing brand management and deepening industry chain collaboration - The chain pharmacy business added 73,000 new members during the reporting period [3]. Asset Management - As of June 30, 2025, the company reported total assets of 34.151 billion yuan, a 3.48% increase from the beginning of the year, and net assets of 29.960 billion yuan, a 3.21% increase - The asset-liability ratio stands at 11.54%, indicating a low level within the industry [4].

Core Viewpoint - Zhejiang Zhenyuan Co., Ltd. reported a significant decline in revenue for the first half of 2025, with total revenue of approximately 1.28 billion yuan, a decrease of 34.49% compared to the same period last year, primarily due to the exclusion of its subsidiary Zhenyuan Medicine from the consolidated financial statements following a capital increase and share expansion [15][21]. Company Overview - Zhejiang Zhenyuan Co., Ltd. operates in the pharmaceutical industry, focusing on pharmaceutical distribution and manufacturing, including traditional Chinese medicine processing and health products [5][8]. - The company has established a strong brand presence, with its flagship store "Zhenyuan Hall" recognized as a time-honored brand in China, contributing to its competitive advantage in the market [20]. Financial Performance - The company reported a net profit attributable to shareholders of approximately 56.26 million yuan, an increase of 29.27% year-on-year, while the net profit after deducting non-recurring gains and losses was about 30.12 million yuan, a decrease of 20.32% [15][21]. - The total assets of the company at the end of the reporting period were approximately 2.96 billion yuan, down 13.55% from the previous year [15]. Business Segments - The pharmaceutical distribution segment includes wholesale and retail operations, with Zhenyuan Medicine successfully attracting strategic investment from China Resources Pharmaceutical Group, enhancing its market competitiveness [8][16]. - The retail segment, led by Zhenyuan Medicine Chain Co., Ltd., has been recognized as a top 100 pharmaceutical chain enterprise in China, with a focus on integrating online and offline services [9][10]. Industry Trends - The pharmaceutical industry is undergoing structural changes, with a shift from price reduction to ensuring supply and quality, driven by national policies aimed at improving healthcare services [6][7]. - The integration of digital tools and online services in the pharmaceutical retail sector is becoming a mainstream trend, enhancing operational efficiency and customer service [6][12]. Research and Development - Zhenyuan Pharmaceutical has a strong focus on R&D, with multiple certifications and patents, and is recognized as a national high-tech enterprise [14][21]. - The company is actively involved in the development of synthetic biology technologies and has established collaborations with leading research institutions to enhance its product offerings [14][21].