9月15日，北京中关村科技发展（控股）股份有限公司在北京市朝阳区霄云路26号鹏润大厦B座22层公 司会议室，以线上结合线下的形式，接受了天风证券、华安证券、首创证券等12家机构的特定对象调研 。公司董事兼总裁侯占军，独立董事史录文、毕克，以及多位副总裁等参与接待。 本次调研围绕公司多项业务展开，以下为主要内容： 1.刺五加注射液集采效果：2025年上半年，刺五加 注射液销售收入同比增长38%，毛利率同比增长18%。虽医疗端销量因集采执标期延后等原因未大幅增 加，但从长远看，凭借集采带来的市场准入优势及后续执标推进，未来有望实现"以价换量"。 2.哌甲酯 在研产品优势：北京华素制药股份有限公司两款哌甲酯在研产品（缓释咀嚼片、口服缓释干混悬剂）， 相比缓释片，具有适用人群更广、剂量调整灵活、提高儿童用药依从性等差异化优势。 3.经营性现金流 下滑原因：剔除上年同期145.8万元税收返还影响，公司经营性现金流仍大幅下滑。2025年H1应收账款 从年初9.56亿增至10.24亿 ，但并非因回款周期延长，主要是销售商品现金收入下降1.28%（盐酸贝尼地 平片部分省市集采未中标致收入缩减），以及购买商品现金支出上涨4.1 ...

Core Viewpoint - The company, Zhongguancun, has shown a positive performance in its stock price and financial results, indicating growth potential in the pharmaceutical sector, particularly in innovative drug development and strategic product sales [1] Financial Performance - As of August 26, 2025, Zhongguancun's stock price is 5.63 yuan, up 0.36% from the previous trading day, with a trading volume of 202,400 shares and a transaction amount of 114 million yuan [1] - The company reported a revenue of 1.239 billion yuan for the first half of 2025, with a net profit attributable to shareholders of 36.85 million yuan, reflecting a year-on-year growth of 36.34% [1] - The strategic product, "Hydrochloride Oxycodone Injection," saw a revenue increase of over 90% year-on-year [1] Product and Market Development - Zhongguancun operates in the chemical pharmaceutical sector, focusing on biomedicine, health products, commercial concrete, and elderly medical care [1] - The company has key products such as "Hydrochloride Benidipine Tablets" and "Hydrochloride Oxycodone Injection," and is actively involved in innovative drug research and development [1] - The "Hydrochloride Naloxone Injection" was selected in the tenth batch of national drug centralized procurement [1] Investment Activity - On August 26, 2025, the net inflow of main funds into Zhongguancun was 3.9925 million yuan, with a cumulative net inflow of 16.9189 million yuan over the past five trading days [1]

Group 1 - The company, Stone Four Pharmaceutical Group, has obtained the production registration approval from the National Medical Products Administration of China for Benidipine Hydrochloride Tablets (8mg) [1] - The product is classified as a Class 4 chemical drug and is considered to have passed the consistency evaluation [1] - Benidipine Hydrochloride Tablets are primarily used for the treatment of primary hypertension and angina pectoris [1] Group 2 - The raw material for Benidipine Hydrochloride has also been approved by the National Medical Products Administration for use in the marketed formulation [1]

Core Viewpoint - The company has obtained the production registration approval for Benidipine Hydrochloride Tablets (8mg) from the National Medical Products Administration of China, which is classified as a Class 4 chemical drug and is considered to have passed the consistency evaluation [1] Group 1 - The approval is significant for the treatment of primary hypertension and angina pectoris [1]

Group 1 - The company, Shijiazhuang Pharmaceutical Group, has obtained the drug production registration certificate from the National Medical Products Administration of China for Benidipine Hydrochloride Tablets (8mg), classified as a Class 4 chemical drug, which is considered to have passed the consistency evaluation [1] - Benidipine Hydrochloride Tablets are primarily used for the treatment of essential hypertension and angina pectoris [1] - The company's raw material for Benidipine Hydrochloride has also been approved by the National Medical Products Administration for use in marketed formulations, as stated in the company's announcement dated January 6, 2025 [1]

智通财经APP讯，石四药集团(02005)发布公告，本集团已取得中国国家药品监督管理局(国家药监局)有 关盐酸贝尼地平片(8mg)的药品生产注册批件，属于化学药品第4类，视同通过一致性评价。 盐酸贝尼地平片主要用于治疗原发性高血压和心绞痛。诚如本公司日期为2025年1月6日的公告所载，本 集团的盐酸贝尼地平原料药已获国家药监局批准登记成为在上市制剂使用的原料药。 ...

Core Insights - The establishment of a "drug unavailability" service window in Qingpu District addresses the issue of residents, particularly the elderly and chronic disease patients, facing difficulties in obtaining necessary medications at local health clinics [1][2] - The initiative has successfully resolved nearly a hundred cases of drug shortages, with over 90% of these related to chronic disease medications, achieving a 100% satisfaction rate among residents [1][2] Summary by Sections - **Service Implementation**: Since April, Qingpu District has introduced a dedicated service window for residents to report difficulties in obtaining medications, allowing for a more efficient drug delivery system [1][2] - **Challenges Addressed**: The service aims to tackle the limited drug availability in rural areas, exacerbated by an increasing number of chronic disease patients and the elderly population [2] - **Resource Optimization**: The initiative is designed to prevent resource waste by ensuring that community health service centers maintain a variety of medications without overstocking in individual village clinics that may serve only a small number of residents [2] - **Drug Availability Statistics**: Currently, over 80% of medications available in tertiary hospitals can be found in community health service centers, with plans to further enhance this ratio through improved coordination within the medical service network [3]

Core Viewpoint - The company has received the drug registration certificate for Benidipine Hydrochloride Tablets (8mg) from the National Medical Products Administration, which will enhance its product line and market competitiveness [1] Group 1: Drug Approval and Market Impact - The drug was first approved in Japan in 1991 and received domestic approval in 2004 for the treatment of primary hypertension and angina [1] - The company received the acceptance notice for the application on March 5, 2024, and has recently been granted approval [1] - The estimated sales revenue for Benidipine Hydrochloride Tablets in China's three major terminal markets is approximately 1.007 billion yuan in 2024 [1] Group 2: R&D Investment - The total research and development investment for this drug by the company amounts to 5.2737 million yuan [1]

Summary of Key Points Core Viewpoint - The company, Hunan Warner Pharmaceutical Co., Ltd., is adjusting and postponing certain fundraising investment projects to enhance the efficiency of fund utilization and align with market conditions and internal project progress [1][18]. Fundraising Investment Project Overview - The company raised a total of RMB 723.27 million by issuing 23.5 million shares at RMB 30.82 per share, with a net amount of RMB 655.65 million after deducting related fees [1][2]. - The funds are stored in a special account, and a tripartite supervision agreement has been signed among the company, the sponsor, and the bank [2]. Fund Usage Status - As of May 31, 2025, the cumulative investment in the high-end raw material drug production base construction project (Phase I) is RMB 414.01 million, with a total investment of RMB 655.65 million [3][4]. - The company has completed the Phase I project and transferred surplus funds to supplement working capital [3][5]. Adjustments and Postponements - The company has decided to reduce the funding for the traditional Chinese medicine preparation and quality testing center project from RMB 94.28 million to RMB 29.28 million and extend the project duration from two to three years [5][13]. - Surplus funds from completed projects will be redirected to ongoing and new projects, optimizing the allocation of resources [13][18]. R&D Focus and Future Plans - The company aims to enhance its product pipeline in various therapeutic areas, including respiratory, analgesic, cardiovascular, and neurological systems, with a focus on innovative drug development [10][11]. - Specific funding allocations include RMB 47.6 million for respiratory products and RMB 47.8 million for analgesic products [10][11]. Feasibility Analysis - The company has established core technology platforms and a strong R&D team to support ongoing projects, ensuring the capability to meet future development needs [17][18]. - The adjustments made are in line with the company's strategic planning and operational requirements, aiming to capture market opportunities without adversely affecting normal operations [18][19].