不卷吗？ …… 文/陈岩鹏 药品集采"卷"吗？ 不卷吗？ 卷吗？ 哎，大家研究研究嘛，何必那么认真呢？——可药企老板们真的没法不认真！毕竟，价格战卷起来的刀光剑影， 砍的可是真金白银的身家性命啊！ 曾几何时，国家集采的擂台一摆，药企们便如"价格敢死队"般冲锋。"最低价中标"的号角一响，管它成本几何， 先砍为敬！9分钱一片的氨氯地平片横空出世，比街边口香糖还便宜，堪称医药界的"地板价"行为艺术。四批集采 下来，全国药品市场规模生生被削去483亿元，仿制药企的利润薄如蝉翼，老板们梦里都是成本倒挂的噩耗。 更绝的是"同质化修罗场"。一个奥美拉唑，竟有50多家企业撸起袖子过评抢入场券。中标率低得像中彩票！研 发？创新？别闹了！能活着交标书就不错了！有企业为控成本铤而走险，原料标准一降再降，工艺一简再简，断 供和质量警报此起彼伏——这哪是集采？分明是"卷到死"的生死时速！ 好在，第十一批集采的紧箍咒终于念起来了—— "反内卷"大旗迎风飘扬！政策制定者一拍脑门：不能再让良币被 劣币卷成渣了！新规则招招直指"卷王"命门： 命门一："唯低价"变"看性价比" 最低价不再通吃，价差熔断机制取消，允许合理溢价空间。报价最低的还得站 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **AIDC and AI Education Sector**: The records discuss developments in the AIDC industry, particularly related to NVIDIA's H20 chip, and advancements in AI applications in education. Core Points and Arguments 1. **NVIDIA H20 Chip Release**: NVIDIA's CEO announced the approval of the H20 chip for sales to China, which is expected to accelerate domestic data center construction. The H20 chip has one-sixth the computing power of the H100 but offers competitive advantages in bandwidth and memory [2][12]. 2. **Increased Capital Expenditure**: Institutions predict that major domestic companies will increase their capital expenditures (Capex) due to the availability of the H20 chip, marking a turning point in AI infrastructure development in China [2][12]. 3. **AI in Education**: A shift towards "proactive output" AI products in education is anticipated, with several companies expected to launch AI agents that can replace human teachers in certain capacities. This trend is expected to gain momentum starting in 2025 [6][7]. 4. **Growth in AI Applications**: A report from A16Z indicates that global budgets for AI applications are expected to grow significantly, with an average increase of about 75% in the coming year as companies explore more use cases for AI [9][10]. 5. **Core Companies in AI Education**: Companies like Fangzhitech and Dou Shen Education are highlighted for their innovative AI educational products, which are expected to drive growth in the sector [7][8]. Other Important but Possibly Overlooked Content 1. **Market Dynamics**: The records mention that the AI application forum will take place on July 18, 2025, focusing on the integration of software and hardware in AI applications [9]. 2. **Financial Performance**: Companies like Lio Co. are expected to report significant improvements in net profit, driven by optimized customer structures in their digital marketing segments [19][20]. 3. **Regulatory Developments**: The approval of new drugs by companies like Lisheng Pharmaceutical indicates a growing market for innovative healthcare solutions, particularly in the treatment of Alzheimer's disease [16][17]. 4. **Investment Opportunities**: The records suggest potential investment opportunities in companies involved in AI, healthcare, and data center infrastructure, particularly those that are adapting to new technologies and market demands [19][20]. This summary encapsulates the key insights and developments from the conference call records, providing a comprehensive overview of the current trends and future expectations in the AIDC and AI education sectors.

Group 1: Company Performance - Jinli Permanent Magnet expects a net profit of 300 million to 335 million yuan for the first half of 2025, representing a year-on-year increase of 151% to 180% [2] - Zhongji Xuchuang anticipates a net profit of 3.6 billion to 4.4 billion yuan for the first half of 2025, reflecting a growth of 52.64% to 86.57% compared to the previous year [4] - China Galaxy forecasts a net profit of 6.362 billion to 6.801 billion yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [5] - Meili Technology projects a net profit increase of 66.85% to 92.52% for the first half of 2025 [8] - Blue Ocean Huaten expects a net profit growth of 152.76% to 190.68% for the first half of 2025 [7] Group 2: Shareholder Actions - China Life intends to reduce its stake in Hangzhou Bank by no more than 0.7%, equating to approximately 50.79 million shares [2] - Zhongsheng High-Tech is planning a transfer of 22.35% of its shares, potentially leading to a change in control, with a transaction value of 2.5 billion yuan [3] - Fangzheng Technology's major shareholder plans to reduce its stake by no more than 2.27% [10] Group 3: Investment Activities - Bertley plans to invest 198 million yuan in a partnership focused on high-growth unlisted companies in humanoid robotics and automotive intelligence [3] - Rock Mountain Technology's subsidiary is participating in an investment fund targeting Bytedance Ltd, with a commitment of 20.32 million yuan [6] - Zhonghua International is planning to acquire 100% of Nantong Xingchen's equity, leading to a temporary suspension of its stock [2]

青浦区卫健委医政科负责人杜懿杰告诉记者，设立这一专窗有现实理由，主要是为了避免资源浪 费。 目前，青浦全区街镇有10多家社区卫生服务中心，有近200个村卫生室。"可以做到让社区卫生服务 中心尽量常备各类药品；但要让每个村卫生室都把药品配得特别齐全，就会造成巨大的药品和资金浪费 ——有的村卫生室只服务几十个村民，有的村卫生室对某种药其实并无需求，这会导致配备的药品长期 无人使用。"杜懿杰说。 "配不到药"登记专窗不仅方便老年人、慢性病患者等重点人群，还带动青浦区基层医疗服务模式转 型升级。 家住青浦区赵巷镇崧泽村的王阿姨年近八旬，身患高血压。以前，她常在村卫生室配苯磺酸左氨氯 地平片控制血压。最近因血压波动，中山医院青浦分院医生评估后为她调整治疗方案，改用盐酸贝尼地 平片。不过，这种药并未被纳入村卫生室常备药品目录，在村里配不到。 "如果想配这种药，还要去镇上、区里的大医院。我行动不方便，怎么办？"抱着试试看的心态，王 阿姨来到崧泽村卫生室的"配不到药"服务窗口反映情况。村卫生室医生帮王阿姨登记用药需求，并将药 品特需申请提交至社区卫生服务中心药剂科。很快，王阿姨的药就顺利送达村卫生室。 今年4月以来，青浦全区 ...

Company Overview - Zhuzhou Qianjin Pharmaceutical Co., Ltd. primarily engages in the research, production, and sales of chemical synthetic raw materials and solid preparations, with key products including Valsartan capsules and other medications [3][5] - Qianjin Xiangjiang Pharmaceutical's nine centralized procurement varieties have seen sales growth exceeding 20% year-on-year, while Qianjin Xieli Pharmaceutical's product, Benazepril, has experienced over 30% sales growth [3][5] Revenue Analysis - The company has reported significant revenue from centralized procurement, with the revenue from centralized procurement increasing substantially over the reporting period [9][10] - For Qianjin Xiangjiang Pharmaceutical, the revenue from centralized procurement accounted for 57.09% in 2024, up from 7.50% in 2020, indicating a strong shift towards centralized procurement sales [9][10] - The average selling price for centralized procurement has decreased from 7.66 to 6.61, while the non-centralized procurement price has also seen a decline from 25.99 to 17.50 [9][10] Market Position and Competitive Landscape - The market for hypertension medications is projected to grow, with the number of hypertension patients in China expected to reach 400 million by 2030, driving demand for products like Valsartan [7][8] - Qianjin Xiangjiang holds approximately 3% market share in the Valsartan segment, while its market share in other products varies, indicating a competitive landscape with several key players [7][8] - The company benefits from a self-operated team and strong brand recognition, which enhances its market position against competitors [7][8] Product Development and Pipeline - The company has several products undergoing research and development, with a focus on expanding its portfolio in response to market needs [6][8] - The market for liver protection drugs, such as Silymarin, is expected to grow significantly, with Qianjin Xieli's market share projected to reach 40% by 2030 [8] Cost and Expense Management - The company has optimized its production processes, which is expected to enhance its cost management and pricing strategies in future centralized procurement rounds [8][9] - The gross profit margin for centralized procurement products has improved, reflecting better cost control and pricing strategies [9][10]

Core Viewpoint - The company has received the drug registration certificate for Amlodipine Besylate Tablets (5mg, 10mg) from the National Medical Products Administration, which is intended for the treatment of hypertension and symptomatic treatment of coronary heart disease [1] Group 1 - The drug registration certificate is equivalent to passing the consistency evaluation, which will further enrich the company's product pipeline [1] - The company received the notice of acceptance for the drug marketing application in December 2023 and has recently been approved [1]

Group 1 - TaiLong Pharmaceutical plans to apply for the registration and issuance of super short-term financing bonds not exceeding 800 million yuan, with a maturity of no more than 270 days, for purposes including replacing bank loans and supplementing working capital [1] - GuoXin Technology won a bid for a 46 million yuan automotive airbag ignition driver chip project, indicating its growing presence in the automotive semiconductor market [1] - GuoMai Technology expects a net profit increase of 60.52% to 100.33% for the first half of 2025, with a projected net profit of 125 million to 156 million yuan [2] Group 2 - ChangAluminum's subsidiary signed a 165 million yuan contract for the customized construction of a clinical and industrial base for a vaccine project, highlighting its involvement in the biopharmaceutical sector [3] - ZhongSalt Chemical acquired exploration rights for natural soda ash in Inner Mongolia for 929,000 yuan, expanding its resource base [4] - Six Kingdom Chemical announced the resignation of its deputy general manager, which may impact its operational strategy [5][6] Group 3 - FuYuan Pharmaceutical received a drug registration certificate for Bisoprolol Amlodipine tablets, indicating its expansion in the hypertension treatment market [7][8] - GuanShi Technology's subsidiary received a government subsidy of 7 million yuan, which is 45.29% of its net profit for the previous year, enhancing its financial position [9] - XiZhong Technology plans to repurchase shares worth between 75 million and 150 million yuan, aimed at employee stock ownership plans or equity incentives [10] Group 4 - BeiLu Pharmaceutical's subsidiary received approval for the raw material drug Iopromide, which is used as a contrast agent for various imaging examinations [12] - HongHui New Materials obtained a patent for a water-based protective paint for hardware parts, enhancing its product portfolio [13] - BoJi Pharmaceutical's subsidiary received two patents related to high bioavailability formulations, indicating innovation in biopharmaceutical technology [14] Group 5 - ChengJian Development received a cash dividend of 23.625 million yuan from its investment in Huaneng Capital, contributing to its investment income [15] - JiuZhou Pharmaceutical's subsidiary received a drug registration certificate for Sildenafil Citrate orally disintegrating tablets, expanding its product offerings in the erectile dysfunction treatment market [16] - RuiAng Gene's subsidiary received a government subsidy of 176,290 yuan, supporting its operational activities [17] Group 6 - FengFan Technology plans to acquire 100% equity of a subsidiary for 48 million yuan, indicating strategic expansion in the renewable energy sector [18] - AoJing Medical's subsidiary received a medical device production license, allowing it to manufacture absorbable surgical dressings [19] - TaiLin Bio's subsidiary won land use rights for an industrial site, facilitating its high-performance filter project [20] Group 7 - KaiPu Bio received a patent for a method and device for analyzing genomic copy number variations, enhancing its capabilities in molecular diagnostics [21] - Shanghai KaiBao received a drug registration certificate for Phlegm-Heat Clearing Capsules, which can be used in the treatment of COVID-19 symptoms [23] - TuoJing Life received two patents for high uniformity streptavidin applications, improving its diagnostic product stability [25] Group 8 - AnKe Bio's AK2024 injection received approval for clinical trials, marking a significant advancement in cancer treatment [26] - HuanYuan Pharmaceutical expects a net profit of 142 million to 160 million yuan for the first half of 2025, reflecting substantial growth [27] - JinHongShun terminated a major asset restructuring plan due to a lack of consensus among parties involved, impacting its strategic direction [28] Group 9 - HeZhan Energy signed a 177 million yuan contract for the sale of steel-concrete tower structures, indicating strong demand in the renewable energy sector [29] - InSai Group's acquisition plan for an 80% stake in ZhiZheTongXing was accepted by the Shenzhen Stock Exchange, indicating growth in its consulting business [30] - JiuDian Pharmaceutical received a drug registration certificate for Zinc Granules, enhancing its product line in gastrointestinal treatments [32] Group 10 - GuoYao Modern plans to publicly transfer a 51% stake in its subsidiary to optimize resource allocation [34] - GuoYao Modern's subsidiary received a drug registration certificate for Perindopril Indapamide tablets, expanding its hypertension treatment portfolio [36] - ZhongGong International signed a 175 million yuan engineering consulting service contract, showcasing its capabilities in project management [38] Group 11 - China Railway won contracts worth approximately 5.343 billion yuan for overseas construction projects, indicating its strong international presence [39] - JunPu Intelligent signed a framework contract for humanoid robot sales worth about 28.25 million yuan, reflecting growth in the robotics sector [41] - Sinopec's chairman resigned due to age, which may lead to changes in corporate governance [42] Group 12 - JiuFeng Energy's controlling shareholder plans to reduce their stake by up to 0.71%, indicating potential changes in ownership structure [44] - Zhejiang Oriental's subsidiary plans to establish a 1.74 billion yuan equity investment fund, focusing on strategic emerging industries [46] - ChenGuang New Materials received a government subsidy of 26 million yuan, significantly impacting its financial performance [48]

政策巨变下，姚俊华展现出技术出身的决断力。2019年，他力排众议启动"仿创双轮驱动"战略：每年拿 出销售额10%-16%投入研发，在南京、天津增设研发中心，组建260余人的研发团队（占员工总数 1/3）。当同行忙于分红时，他坚持将利润投入研发池。"仿制药是生存根基，创新药是未来命脉"，在 南通海门的车间里，这条理念正转化为现实：三条自动化生产线昼夜不停，最新获批的奥美沙坦酯氨氯 地平片单季度产量达500万片，17个仿制药新品去年密集上市，全国药企批文数量排名第十。 更重要的突破在实验室深处：首个创新药进入临床三期，预计2026年上市；20亿元的生物医药项目去年 3月落户海门开发区，为后续创新药量产铺路。"以前靠3-5个品种打天下的时代结束了，"姚俊华在一次 访谈中强调，"仿制药是马拉松补给站，创新药才是终点线。" 二、绿茵场上的健康方程式 夏夜的南通足球训练中心海门基地灯火通明，激情的浪潮在绿茵场上翻滚。当有球员带球突破时，场 边，一位目光严肃的中年人嘴角泛起欣慰的弧度——他正是万高药业掌门人姚俊华。此刻，实验室里的 药物研发专家、转型中的企业家、体育IP的塑造者三重身份在此交融，勾勒出一家药企的破圈生长轨 ...

Core Viewpoint - The report highlights the commitment of Yuan Dong Bio to sustainable development through a robust ESG (Environmental, Social, and Governance) framework, emphasizing innovation, compliance, and social responsibility in the pharmaceutical industry [1][2][3]. Group 1: Company Overview - Yuan Dong Bio is dedicated to patient-centered healthcare, focusing on innovation and quality in drug development, with a significant portion of revenue allocated to R&D, exceeding 20% [2][3]. - The company has established a comprehensive governance structure, including a board of directors and various committees to ensure effective decision-making and compliance with regulations [4][5]. Group 2: ESG Commitment - The company integrates ESG principles into its core strategy, aiming for a harmonious balance between environmental sustainability, social responsibility, and corporate governance [1][5]. - Yuan Dong Bio has implemented a three-tier ESG governance structure, comprising the board, an ESG management committee, and an execution team, to oversee and enhance its sustainability initiatives [5]. Group 3: Innovation and Development - The company has a strong focus on innovation, with over 80 ongoing projects, including 18.3% dedicated to new drug development, and has achieved significant milestones in clinical trials [3][5]. - Yuan Dong Bio has successfully launched multiple high-end pharmaceutical products, including 8 domestic first generic products and 14 active pharmaceutical ingredients that meet international standards [3][4]. Group 4: Social Responsibility - The company actively engages in community support initiatives, including healthcare assistance and educational programs, reflecting its commitment to social responsibility and public health [2][5]. - Yuan Dong Bio emphasizes employee welfare and development, recognizing its workforce as a vital asset, and has implemented various programs to support employee growth and well-being [2][5].

编号：2025-003 证券代码：002923 证券简称：润都股份 珠海润都制药股份有限公司 投资者关系活动记录表 答：公司目前暂无相关产品布局。 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 路演活动 | | | 现场参观  | | | 其他（电话会议） | | 参与单位名称 | 西部利得、安信基金、红土创新基金 | | 时间 | 2025 年 06 月 12 日-2025 年 06 月 13 日 | | 地点 | 珠海市金湾区三灶镇机场北路 6 号 | | 上市公司接待 | 董事会秘书：苏军先生 | | 人员姓名 | 证券事务代表：叶洁云女士 | | | 主要交流问题 | | | 1、请介绍一下创新药盐酸去甲乌药碱注射液的最新进展，后续药物获批 | | | 的节奏以及关注时点。 | | | 答：公司 1 类创新药盐酸去甲乌药碱注射液及其原料药已向国家药监局提 | | | 交上市登记/许可申请，公司和相关临床机构已接受国家药品监督管理局 | | | 派出的专家组分别进行药学和临床注册现场核查，并顺 ...