南新制药与军事科学院军事医学研究院保持着良好的合作关系，此次合作将进一步夯实公司在心脑血管 疾病领域的领先优势，提升公司创新药研发实力。后期，公司将持续加大创新药研发力度，提升自身在 创新药领域的竞争力。 本报讯 （记者肖伟）10月12日，湖南南新制药股份有限公司（以下简称"南新制药"）在公司官方网站 上发布消息，近期，南新制药与中国人民解放军军事科学院军事医学研究院签订联合申报协议，联合申 请国家科技重大专项"高原环境致脑水肿、肺动脉高压防治创新药物研发"项目。 2025年上半年，南新制药研发投入达4700.95万元，多个项目的研发进度达到关键节点，具体包括拟用 于糖尿病肾病治疗的1类创新药盐酸美氟尼酮片项目2期临床试验受试者已完成全部入组，进入数据收集 分析及疗效评估核心阶段；改良型新药帕拉米韦吸入溶液项目正在开展3期临床试验，已完成靶部位药 物浓度临床试验；一线脑卒中治疗用药丁苯酞口服冻干粉已正式获得临床试验通知书；盐酸左沙丁胺醇 雾化吸入溶液项目通过现场核查、完成上市申报受理；对乙酰氨基酚甘露醇注射液等项目的研发工作也 正有序推进。 随着南新制药继续优化产品管线的领域覆盖，既发挥好在已有疾病领域的竞争 ...

Group 1 - The company plans to focus on innovative drug research and development, including advancing the Phase III clinical trial of the modified new drug Palivizumab inhalation solution and initiating the Phase I clinical trial of oral lyophilized powder of Diphenylhydantoin [1] - The company reported a significant decline in revenue, achieving 61.8463 million yuan, a year-on-year decrease of 71.28%, and a net loss attributable to shareholders of 40.0023 million yuan [1] - The decline in performance is attributed to industry policy environment, intensified market competition, and reduced sales of high-margin products due to lower flu cases and insufficient market demand [1] Group 2 - The company announced plans to acquire a group of assets from Future Pharmaceuticals for no more than 480 million yuan, which includes both marketed and in-development products related to multi-trace element injection [2] - As of June 30, 2025, the company's cash balance was 439 million yuan, and the acquisition has raised concerns about depleting financial resources [3] - The company believes that the acquisition aligns with its "big health" development strategy and will enhance its product pipeline, optimizing its product layout in "anti-infection - chronic disease - nutritional support" [3]

Core Insights - Hunan Nanxin Pharmaceutical Co., Ltd. has reported significant advancements in its 2025 semi-annual report, highlighting a multi-dimensional breakthrough in "R&D + marketing + efficiency" amidst the accelerated integration and deep policy transformation in the pharmaceutical industry [1] Group 1: R&D Developments - The company has increased its investment in new drug research and development, with R&D expenditure reaching 47.0095 million yuan in the first half of 2025 [1] - Key projects have reached critical stages, including the phase II clinical trial of a novel drug for diabetic nephropathy, which has completed subject enrollment and is now in the data collection and efficacy evaluation phase [1] - The phase III clinical trial for the modified new drug, Palivizumab inhalation solution, is underway, and the application for the nebulized solution of Levosalbutamol has been accepted [1] Group 2: Marketing and Sales Channels - The company has established an online e-commerce marketing team, successfully achieving a breakthrough in sales from 0 to 1 on e-commerce platforms [2] - In the outpatient channel, innovative business models have been piloted in Guangdong Province, enhancing coverage of secondary and tertiary terminals [2] - A diversified national marketing network has been constructed, significantly improving the response speed of end customers [2] Group 3: Internal Management and Cost Efficiency - The company has implemented optimization across the entire supply chain for material procurement, achieving domestic production of key auxiliary materials [2] - Cost management has been refined through smart path algorithms and dynamic pricing mechanisms, effectively reducing logistics and warehousing costs [2] - Upgrades to inefficient and high-energy-consuming equipment have been completed, leading to significant improvements in production efficiency [2] Group 4: Future Outlook - For the second half of 2025, the company plans to align closely with national pharmaceutical policies, continuing to increase investment in innovative drug R&D and advancing multiple pipelines simultaneously [2] - The company aims to expand through the acquisition of drug approval licenses and external collaborations [2]

Market Overview - A-shares showed mixed performance on July 15, with the Shanghai Composite Index down 0.42% closing at 3505 points, while the Shenzhen Component Index rose 0.56% to 10744.56 points, and the ChiNext Index increased by 1.73% to 2235.05 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 161.21 billion yuan, an increase of 153.3 billion yuan compared to the previous day [1] - The market was influenced by significant declines in blue-chip stocks such as banks and real estate, leading to a drop in the Shanghai Composite Index, which briefly fell below the 10-day moving average [1] Sector Performance - Most industry sectors experienced declines, with jewelry, coal, electricity, mining, energy metals, photovoltaic equipment, pesticides, and liquor industries among the hardest hit [1] - Conversely, the internet services sector showed notable gains, contributing to the overall mixed market performance [1] Individual Stock Highlights - Despite the overall market downturn, the ChiNext Index surged nearly 2%, primarily driven by the technology sector [2] - Nvidia's CEO announced that the U.S. government approved export licenses for the company to sell H20 chips to China, which positively impacted the A-share market, particularly in the artificial intelligence sector [2] Technical Analysis - The Shanghai Composite Index displayed signs of volatility, with a long upper shadow followed by a long lower shadow, indicating intense market contention between buyers and sellers [2] - The index's strongest support level is identified around the 20-day moving average at approximately 3452 points, suggesting that a rebound could occur if the index approaches this level without breaking it [2] Company-Specific Insights - Nanjing New Pharmaceutical Co., Ltd. (南新制药) saw a significant stock price increase despite unimpressive financial data, with a Q1 2025 earnings per share of -0.03 yuan and a net profit of -8.0283 million yuan, reflecting a year-on-year decline of 143.66% [3] - The recent stock surge is attributed to the company's innovative drug developments, particularly the inhalation solution for treating influenza, which has completed Phase II clinical trials and is preparing for Phase III trials [3]

Core Viewpoint - Nanjing New Pharmaceutical Co., Ltd. has announced multiple delays in its fundraising projects, particularly the "Marketing Channel Network Upgrade Project," which has been postponed to December 31, 2026, indicating ongoing challenges in project execution and market competition [1][3][4]. Group 1: Project Delays - The "Marketing Channel Network Upgrade Project" was initially set to be operational by June 30, 2025, but has now been delayed by an additional 18 months [1][3]. - The project aims to establish 8 new offices and upgrade 22 existing ones, with a total investment of 120 million yuan [2]. - The delays are attributed to macroeconomic conditions, industry policies, and a reduced need for new offices due to strategic adjustments [3][4]. Group 2: Termination of Projects - The company has terminated the "Palivizumab Dry Powder Inhalation Project" and redirected the remaining funds of 43.97 million yuan to the "Palivizumab Inhalation Solution Project" [4][5]. - The "Palivizumab Inhalation Solution Project" has also been delayed to December 31, 2026, with an increased funding allocation of 214 million yuan [4][6]. Group 3: Financial Performance - Nanjing New Pharmaceutical has faced significant financial challenges, with revenues declining from 1.03 billion yuan in 2020 to 263 million yuan in 2024, representing a decrease of over 70% [8]. - The company has reported net losses in all years since its IPO, except for the first year, with a net profit of 128 million yuan in 2020 turning into a loss of 357 million yuan in 2024 [8]. - In Q1 2025, the company reported a revenue drop of 70.21% year-on-year, primarily due to lower market demand for antiviral products and price reductions [8]. Group 4: Market Strategy - The company has adopted a price reduction strategy to maintain market share in the competitive antiviral market, with a 43.51% price cut on its core product, Palivizumab, in 2023 [7]. - Despite these efforts, the declining sales and increased competition have not improved the company's financial situation [7][8].