Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Jiuzhou Pharmaceutical, including stock price movements and trading volumes [1][2] - As of September 29, Jiuzhou Pharmaceutical's stock price increased by 2.06%, reaching 19.32 CNY per share, with a total market capitalization of 17.184 billion CNY [1] - The company has seen a year-to-date stock price increase of 46.52%, with a 1.68% rise over the last five trading days and a 28.87% increase over the last 60 days [1] Group 2 - Jiuzhou Pharmaceutical's main business revenue composition includes 79.81% from new drug custom development and production services (CDMO), 18.22% from specialty raw materials and intermediates, and 1.96% from other sources [1] - For the first half of 2025, Jiuzhou Pharmaceutical reported a revenue of 2.871 billion CNY, reflecting a year-on-year growth of 3.86%, and a net profit attributable to shareholders of 526 million CNY, up 10.70% [2][3] - The company has distributed a total of 2.183 billion CNY in dividends since its A-share listing, with 1.245 billion CNY distributed in the last three years [3]

九洲药业所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：CRO概念、创新 药、生物医药、合成生物、中盘等。 截至6月30日，九洲药业股东户数5.37万，较上期减少0.57%；人均流通股16571股，较上期减少0.08%。 2025年1月-6月，九洲药业实现营业收入28.71亿元，同比增长3.86%；归母净利润5.26亿元，同比增长 10.70%。 分红方面，九洲药业A股上市后累计派现21.83亿元。近三年，累计派现12.45亿元。 机构持仓方面，截止2025年6月30日，九洲药业十大流通股东中，华宝中证医疗ETF（512170）位居第 四大流通股东，持股1778.54万股，相比上期增加46.77万股。中欧医疗健康混合A（003095）位居第六 大流通股东，持股1342.63万股，相比上期减少438.84万股。香港中央结算有限公司位居第七大流通股 东，持股1255.55万股，相比上期减少208.39万股。 责任编辑：小浪快报 9月24日，九洲药业盘中上涨2.11%，截至11:19，报18.43元/股，成交2.60亿元，换手率1.60%，总市值 163.92亿元。 资金流向方面，主力资金净流出 ...

九洲药业所属申万行业为：医药生物-医疗服务-医疗研发外包。所属概念板块包括：CRO概念、创新 药、生物医药、中盘、融资融券等。 截至6月30日，九洲药业股东户数5.37万，较上期减少0.57%；人均流通股16571股，较上期减少0.08%。 2025年1月-6月，九洲药业实现营业收入28.71亿元，同比增长3.86%；归母净利润5.26亿元，同比增长 10.70%。 分红方面，九洲药业A股上市后累计派现21.83亿元。近三年，累计派现12.45亿元。 9月23日，九洲药业盘中下跌2.21%，截至09:48，报18.58元/股，成交1.07亿元，换手率0.64%，总市值 165.26亿元。 资金流向方面，主力资金净流出924.52万元，特大单买入723.74万元，占比6.79%，卖出807.37万元，占 比7.58%；大单买入1710.68万元，占比16.06%，卖出2551.58万元，占比23.95%。 九洲药业今年以来股价涨40.91%，近5个交易日跌8.29%，近20日涨1.85%，近60日涨23.44%。 今年以来九洲药业已经1次登上龙虎榜，最近一次登上龙虎榜为4月15日，当日龙虎榜净买入5109.56 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the growth metrics and strategic initiatives discussed. Core Insights - The company has demonstrated stable operational trends with high growth in its CDMO (Contract Development and Manufacturing Organization) business, achieving a revenue of 22.91 billion yuan in H1 2025, a year-on-year increase of 16.27% [2] - The new molecular business layout is expected to create new growth points, with significant investments in peptide, conjugate, and small nucleic acid drug platforms [4][5] Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 28.71 billion yuan, a 3.86% increase year-on-year, and a net profit attributable to shareholders of 5.26 billion yuan, reflecting a 10.70% growth [1] - The operating cash flow net amount reached 8.45 billion yuan, marking a substantial increase of 164.50% [1] CDMO Business - The CDMO segment continues to thrive, with a revenue of 22.91 billion yuan in H1 2025, maintaining a gross margin of 41.02% [2] - The project pipeline has expanded significantly, with 1,214 projects under contract, including 1,086 in clinical phases I and II, and 90 in phase III [2] API Business - The API (Active Pharmaceutical Ingredient) business saw a decline in revenue to 5.23 billion yuan, down 28.48% year-on-year, attributed to reduced demand for respiratory disease-related products [3] New Molecular Business - The company is actively expanding its new molecular business, having onboarded over 20 new clients in H1 2025, with a notable increase in overseas orders [4] - The global market for TEDIS (including peptides and oligonucleotides) CRDMO is projected to grow from 5.5 billion USD in 2023 to 37.3 billion USD by 2032, with a CAGR of 23.8% [5] Financial Projections - Revenue projections for 2025-2027 are 55.09 billion yuan, 61.77 billion yuan, and 68.42 billion yuan respectively, with net profits expected to be 9.28 billion yuan, 10.66 billion yuan, and 12.07 billion yuan [7]

Core Viewpoint - Yabao Chemical announced the termination of its acquisition of Gansu Haotian Technology Co., Ltd. after five months of negotiations, marking the third failed IPO attempt for Haotian Technology in two years [2][4]. Group 1: Acquisition Termination - On July 30, Yabao Chemical stated its intention to terminate the acquisition of Haotian Technology's existing shares and/or subscription of new registered capital [3]. - The decision was made after Yabao Chemical and Haotian Technology failed to reach an agreement on core terms that aligned with Yabao's business development needs [4]. - Yabao Chemical's strategy focuses on large clients, while Haotian Technology's business model is oriented towards multiple clients, leading to a misalignment in strategic goals [4]. Group 2: Haotian Technology's Background - Haotian Technology, established in 2009 with a registered capital of 45 million yuan, specializes in the R&D, production, and sales of specialty APIs and intermediates [3]. - The company has faced challenges, including a failed IPO attempt in 2023, where it aimed to raise 823 million yuan for various projects but later withdrew its application [5]. Group 3: Future Directions for Yabao Chemical - Despite the termination of the acquisition, Yabao Chemical plans to strengthen its business in pharmaceutical intermediates and has signed a strategic supply agreement with Jiangsu Hengrui Medicine Co., Ltd. [6]. - The agreement aims to foster a partnership for technological innovation and quality upgrades in specific pharmaceutical intermediates and APIs [6]. - Yabao Chemical remains open to exploring other suitable acquisition targets in the future [6]. Group 4: Financial Status and Risks - Yabao Chemical has reported consecutive losses over the past two years but assesses that the risk of being classified as "ST" (special treatment) is low, as the current regulations require three consecutive years of losses along with an adverse audit conclusion [7].