Core Viewpoint - Tonghua Golden Horse (000766) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive trend in financial performance despite a challenging market environment [1][2]. Financial Performance - The company achieved an operating income of 650 million yuan, a year-on-year increase of 0.12% [1]. - The net profit attributable to shareholders was 16.804 million yuan, reflecting a year-on-year growth of 34.77% [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 14.4073 million yuan, showing a substantial increase of 125.07% year-on-year [1]. - Basic earnings per share were reported at 0.02 yuan [1]. Business Operations - Tonghua Golden Horse is engaged in the research, production, and sales of pharmaceutical products, with a business unit cluster that includes its headquarters, Shengtai Biological, Yongkang Pharmaceutical, and Yuanshou Biological [1]. - The company’s product range covers various therapeutic areas, including oncology, microbiology, cardiovascular, detoxification, digestive system, musculoskeletal system, gynecology, and neurology [1]. Research and Development - The company is focused on enhancing professional skills and quality research levels, aiming to improve its technological innovation capabilities and market influence [2]. - A self-developed national class 1.1 new drug, Succinic Dihydroaminoacridine Tablets, has received an acceptance notice from the National Medical Products Administration (NMPA) [2]. - The drug, which has complete independent intellectual property rights, is intended for the treatment of mild to moderate Alzheimer's disease and has completed phase III clinical trials from August 2017 to September 2023 [2]. Regulatory Process - The company is actively working on the new drug's registration application in compliance with NMPA regulations and guidelines [2]. - The approval process for the drug involves several uncertainties, including review timelines and market competition dynamics [2]. - The company is maintaining communication with the NMPA during the review process, which is described as a normal state for new drug evaluations [3].

Core Viewpoint - Tonghua Golden Horse (000766) reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating a positive trend in financial performance despite a challenging market environment [1][2]. Financial Performance - The company achieved an operating income of 650 million yuan, a year-on-year increase of 0.12% [1]. - The net profit attributable to shareholders was 16.804 million yuan, reflecting a year-on-year growth of 34.77% [1]. - The net profit after deducting non-recurring gains and losses was 14.4073 million yuan, showing a substantial increase of 125.07% year-on-year [1]. - Basic earnings per share were reported at 0.02 yuan [1]. Business Overview - Tonghua Golden Horse is primarily engaged in the research, production, and sales of pharmaceutical products, with a diverse product range covering oncology, microbiology, cardiovascular, detoxification, digestive, musculoskeletal, gynecological, and neurological systems [1]. - The company operates through various business units, including its headquarters, Shengtai Biological, Yongkang Pharmaceutical, and Yuanshou Biological [1]. Research and Development - The company focuses on enhancing professional skills and quality research levels, aiming to improve its technological innovation capabilities and market influence [2]. - Tonghua Golden Horse is developing a self-researched national class 1.1 new drug, Succinic Dihydrogenated Aminoacridine Tablets, which has received a notice of acceptance for its market application from the National Medical Products Administration [2][3]. - The drug is intended for the treatment of mild to moderate Alzheimer's disease and has undergone various clinical trial phases since 2007 [3]. Regulatory and Market Position - The company is actively working on the registration and market launch of Succinic Dihydrogenated Aminoacridine Tablets, adhering to relevant laws and guidelines [2][3]. - The drug's approval process is currently ongoing, with the company maintaining communication with the Center for Drug Evaluation (CDE) to address any inquiries during the review process [3].

证券日报网讯通化金马（000766）8月14日在互动平台回答投资者提问时表示，公司新药琥珀八氢氨吖 啶片目前处于正常的审评过程中。公司新药审评进展请以药审中心公示信息为准，有关新药的信息公司 将根据有关规定和要求予以披露，请投资者关注公司公告。 ...

通化金马（000766.SZ）8月4日在投资者互动平台表示，您好，公司新药目前处于正常的审评过程中。 新药在审评过程中出现暂停等情形是新药专业和综合审评过程中的正常状态。此过程中公司积极与CDE 保持沟通，回复相关材料。新药琥珀八氢氨吖啶片审评进展请以药审中心公示信息为准，公司将根据进 展情况及时履行信息披露义务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好！贵司琥珀八汀安吖啶片恢复评审后是否还 需要发补？能不能趁着这次暂停就把材料一次性补齐？ ...

Core Viewpoint - The production of GV-971 (Mannoheptulose Sodium Capsules), a drug for Alzheimer's disease, has been halted by Green Valley Pharmaceutical, leading to supply shortages and rising prices, raising concerns among patients and families [2][11]. Group 1: Company Situation - Green Valley Pharmaceutical confirmed the closure of offices and production areas related to GV-971 on June 8, 2023, amid severe operational pressures and cash flow issues [2][4]. - The company previously announced on May 19, 2023, that it was aware of the difficulties patients faced in obtaining the drug and was working with authorities to resolve supply issues, but this announcement was deleted shortly after [2][4]. - The drug has faced ongoing academic controversy since its launch in 2019, with questions regarding its mechanism of action and clinical efficacy [4][10]. Group 2: Market Impact - Patients across multiple cities, including Guangzhou, Beijing, and Shanghai, reported difficulties in obtaining GV-971, with prices increasing significantly from around 296 yuan per box (the price when included in medical insurance) to between 500 and 600 yuan, and in some cases, even reaching 5000 yuan [7][11]. - Online platforms have seen a drastic reduction in available stock, with only a few pharmacies listing the drug for sale, often with purchase limits [7][8]. Group 3: Drug Efficacy and Alternatives - The mechanism of GV-971 involves modulating beneficial gut bacteria and related metabolites, which may alleviate neuroinflammation and reduce Alzheimer's-related protein production [9]. - There are currently no other drugs with a similar mechanism approved, but alternative symptomatic treatments are available, including cognitive training and emotional regulation [9][14]. - The drug's conditional approval in 2019 required further clinical trials, which have faced delays, including the suspension of international Phase III trials in 2022 due to various factors [11][12].

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]