中邮证券研报指出，方盛制药中药1.1类创新药养血祛风止痛颗粒纳入《2025版医保目录》，持续添加 成长动能。养血祛风止痛颗粒为公司自主研发的中药创新药，本次经谈判首次被纳入《2025版医保目 录》后，将有利于该产品未来的市场推广、医院准入及销售规模的提升，预计对公司未来的经营业绩、 市场份额均能产生积极影响。除本次通过医保谈判新纳入《2025版医保目录》的养血祛风止痛颗粒外， 还有公司自主研发的其他中药创新药小儿荆杏止咳颗粒、玄七健骨片亦在《2025版医保目录》中，此 外，2025年7-8月，公司及子公司先后获得了香芩解热颗粒、紫英颗粒的临床批件。公司已经确定"打造 成为一家以中药创新药为核心的健康产业集团"的发展战略，未来将持续增加对中药创新药的研发投入 和市场培育力度，以增强核心竞争优势。首次覆盖，给予"买入评级"。 ...

证券研究报告：医药生物 | 公司点评报告 发布时间：2025-12-30 股票投资评级 买入 |首次覆盖 个股表现 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 方盛制药 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 11.11 | | --- | --- | | 总股本/流通股本（亿股）4.39 | / 4.39 | | 总市值/流通市值（亿元）49 | / 49 | | 52 周内最高/最低价 | 13.01 / 9.07 | | 资产负债率(%) | 46.9% | | 市盈率 | 18.83 | | 第一大股东 | 张庆华 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 方盛制药(603998) 养血祛风止痛颗粒纳入医保，持续添加 ...

Core Viewpoint - Fangsheng Pharmaceutical has launched a new traditional Chinese medicine (TCM) product, "Yangxue Qufeng Zhitong Granules," which is the first TCM innovation drug targeting frequent tension-type headaches in China, enhancing the company's competitive edge in TCM innovation [1][2] Group 1: Product Launch and Development - The "Yangxue Qufeng Zhitong Granules" was officially launched on December 21, 2025, and is a significant achievement after over ten years of research and clinical trials [1] - This new drug is based on the classic formula "Shengxian Decoction" by renowned physician Zhang Xichun and received its drug registration certificate from the National Medical Products Administration in June 2025 [1] - Fangsheng Pharmaceutical has successfully developed three TCM innovation drugs since 2016, showcasing its leading capabilities in TCM innovation [1] Group 2: Sales and Future Plans - The company aims for the new TCM innovation drug to achieve over 100 million yuan in sales within two years and plans to launch 1-2 new TCM innovation drugs every 2-3 years [2] - The goal is to create a product matrix with multiple products generating annual sales of 300-500 million yuan, targeting a compound growth in performance over the next 3-5 years [2] Group 3: Ongoing Research and Development - Fangsheng Pharmaceutical has several TCM innovation drugs under development, including "Yiqi Xiaoliu Granules," "Ziying Granules," and "Fuke Zhi Xue Xiaotong Granules," with clinical trial approvals received [2] - Other ongoing projects include "Zhulong Tongluo Tablets," "Jianwei Qutong Pills," and "Sanhua Jiegou Pills," with "Xiaoer Jingxing Zhitong Granules" expanding to adult indications and "Jianwei Qutong Pills" currently in phase III clinical trials [2] Group 4: Strategic Focus on Industrial Hemp - Industrial hemp is a key focus in the company's development strategy, with its subsidiary, Yunnan Fuya Biotechnology Co., achieving large-scale production of high-purity CBD and related products [2] - The subsidiary has begun overseas sales, with revenue nearing 20 million yuan in the first three quarters of 2025, showing significant growth and a reduction in operating losses [2] - The company anticipates that its annual revenue will exceed 30 million yuan for the first time [2]

公司全资子公司云南芙雅生物科技有限公司的工业大麻业务在2025年前三季度营业收入接近2000万元， 同比大幅增长，预计全年营收有望首次突破3000万元。 方盛制药主营业务为药品的研发、生产与销售。前三季度公司实现归母净利润2.68亿元，同比增长 17.60%。 核校：孙萍 中证智能财讯 方盛制药（603998）12月21日举办新品上市发布会暨投资者接待日活动，公司管理层就 近期经营、研发及新品规划与投资者进行了交流。活动重点提及，公司中药创新药"养血祛风止痛颗 粒"近期通过国家医保谈判，首次纳入2025年国家医保目录。 公司在交流中介绍了未来战略布局，表示将加大中药创新药投入，未来三年加速在研管线进程，并着力 打造多个年销售额达3至5亿元的产品矩阵。对于新纳入医保的养血祛风止痛颗粒，公司制定了2026年的 市场目标，计划覆盖公立医疗机构超过500家，并力争其销售收入超过公司上一款中药创新药"玄七健骨 片"的首年销售水平。 研发方面，公司目前拥有覆盖多科室的中药创新药研发管线，其中益气消瘤颗粒、紫英颗粒等多个项目 已获得药物临床试验批准通知书。此外，化药研发项目吲哚布芬片已取得药品注册证书。 ...

Core Viewpoint - Fangsheng Pharmaceutical's subsidiary, Guangdong Fangsheng Runkang Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for its innovative traditional Chinese medicine, Ziying Granules, aimed at treating chronic pelvic pain due to pelvic inflammatory disease [1] Company Summary - The Ziying Granules are designed to address symptoms such as lower abdominal pain, sacral distension, excessive yellow discharge, fluctuating low fever, and worsening menstrual pain [1] - The total research and development investment for this product has reached approximately 8.4717 million yuan [1] - As of now, the product has not been launched in domestic or international markets [1]

Group 1 - Kaipu Testing reported a revenue of 111 million yuan for the first half of 2025, a year-on-year increase of 3.23%, and a net profit of approximately 40.79 million yuan, up 3.73% year-on-year. The company plans to distribute a cash dividend of 3 yuan per 10 shares [1] - Chunguang Technology plans to invest no more than 1 billion yuan to build a new project with an annual production capacity of 8 million clean electrical products [1] - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a traditional Chinese medicine, Ziying Granules, for chronic pelvic pain [2][3] Group 2 - Xintian Green Energy reported a power generation of 844,200 MWh in July 2025, a year-on-year increase of 9.32%, with a cumulative generation of 9,094,400 MWh, up 9.57% year-on-year [4][5] - Luvi Optoelectronics' controlling shareholder and major shareholders committed not to reduce their holdings for six months starting from August 18, 2025 [6][7] - Yunnan Energy Investment's subsidiary achieved grid-connected power generation for the first batch of wind turbines in the Yongning Wind Farm expansion project [9] Group 3 - Huizhi Microelectronics announced that a shareholder plans to reduce their stake by up to 1% [10] - Liyang Chip's shareholders plan to collectively reduce their holdings by up to 3.94% [11] - HeDa Technology's shareholder plans to reduce their stake by up to 1.0954% [12] Group 4 - *ST Sailong announced the resignation of its chairman and several senior executives due to a change in control [13] - Furan Energy's shareholder plans to reduce their stake by up to 0.37% [14] - Yinbao Shanneng's shareholder plans to reduce their stake by up to 1.54% [15] Group 5 - Silicon Treasure Technology's executives plan to reduce their holdings by up to 77,300 shares, representing 0.02% of the total share capital [16] - Henghua Technology's executive plans to reduce their stake by up to 9,280 shares, representing 0.015% of the total share capital [17] - Xingrui Technology's shareholders plan to reduce their holdings by up to 497,000 shares [18] Group 6 - Nanjing Julong's specific shareholder plans to reduce their stake by up to 0.87% [19][20] - Longlide's shareholder plans to reduce their stake by up to 1.9% [21] - Mengjie Co., Ltd.'s general manager plans to reduce their stake by up to 0.11% [22] Group 7 - Yuanda Holdings' vice chairman plans to reduce their stake by 80,000 shares, representing 0.16% of the total share capital [23] - Titan Co., Ltd. decided not to redeem its convertible bonds early despite meeting the redemption conditions [24] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudao Technology [26][27]

Regulatory Environment - The China Securities Regulatory Commission (CSRC) will continue to tighten the entry standards for public offerings and will not allow large-scale expansions in the market [1] - The CSRC aims to cultivate long-term capital and establish a policy framework to support long-term investments [1] Economic Indicators - In July, the national consumer price index (CPI) remained flat year-on-year, with a month-on-month increase of 0.4% [2] Real Estate Policy - Beijing's housing authority announced new policies allowing families meeting certain criteria to purchase unlimited properties outside the Fifth Ring Road starting August 9, 2025 [3] - The maximum loan amount for second homes using public housing funds has increased from 600,000 to 1,000,000 yuan, with a minimum down payment ratio set at no less than 30% [3] Corporate Announcements - Industrial Fulian reported a 39% year-on-year increase in net profit for the first half of the year, with GB200 series products entering mass production [8] - Liou Co. plans to invest up to 3 billion yuan in securities [7] - Black Sesame announced that Guanglv Health intends to acquire a 20% stake, making it the controlling shareholder [14] Market Performance - Major U.S. stock indices saw collective gains, with the Dow Jones up 0.47%, Nasdaq up 0.98%, and S&P 500 up 0.78% [17] - Apple shares rose over 4%, marking a weekly increase of 13%, the best weekly performance since July 2020 [17] Corporate Developments - *ST Tianmao plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange [15] - The CSRC imposed a fine of 160 million yuan on *ST Gaohong for serious financial fraud, with potential delisting procedures initiated [16]

Group 1: Company News - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of the year, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [3] - Jinghua New Materials announced a revenue of 0.947 billion yuan for the first half of the year, a year-on-year increase of 10.53%, but a net profit of 3.77 million yuan, down 7.30% [4] - Yanjing Beer reported a revenue of 8.558 billion yuan for the first half of the year, a year-on-year increase of 6.37%, and a net profit of 1.103 billion yuan, up 45.45% [4] - Bawei Storage reported a revenue of 3.912 billion yuan for the first half of the year, a year-on-year increase of 13.70%, but a net loss of 226 million yuan [4] - Kaipu Testing announced a revenue of 0.111 billion yuan for the first half of the year, a year-on-year increase of 3.23%, and a net profit of 40.79 million yuan, up 3.73% [4] - Fangsheng Pharmaceutical's subsidiary received approval for a clinical trial of its innovative traditional Chinese medicine, indicating progress in its R&D efforts [4] - Jiachuan Video announced a change in control, which may impact its future operations and governance [5] - Chunguang Technology plans to invest up to 1 billion yuan in a new project for clean electrical appliances, indicating expansion in its operational capacity [5] - Shiyun Circuit plans to invest 125 million yuan in Shenzhen New Sound Semiconductor, acquiring a 3.8238% stake, which reflects its strategy to enhance its technological capabilities [5] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, aligning with its strategy to transition into digital technology [6] Group 2: Industry Insights - The A-share market will see 34 stocks facing unlocks this week, with a total unlock volume of 3.057 billion shares, representing a week-on-week increase of 149.66% [2] - The medical device industry is experiencing significant growth in international business, with many companies seeing high growth rates in overseas markets [7] - The medical device sector is expected to witness a performance turning point in the second half of the year, driven by policy optimizations and improving market conditions [7] - The market lacks a clear main narrative, but sectors like pharmaceuticals and overseas computing are identified as potential high-growth areas [7]

Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. announced that its subsidiary, Guangdong Fangsheng R&D Pharmaceutical Co., Ltd., received approval for clinical trials of the innovative traditional Chinese medicine, Ziying Granules, aimed at treating chronic pelvic pain due to pelvic inflammatory disease [1][6]. Group 1: Drug Information - The drug Ziying Granules is classified as a Class 1.1 traditional Chinese medicine and is intended for clinical trials to treat chronic pelvic pain resulting from pelvic inflammatory disease [1][2]. - The cumulative R&D investment for this drug project is approximately 8.4717 million yuan (about 1.2 million USD) as of the announcement date [3]. Group 2: Market Situation - The market for traditional Chinese medicine in gynecological diseases has shown stability, with sales remaining around 5.7 billion yuan from 2020 to 2023, and a growth rate of 3.38% in the first three quarters of 2024 [4]. - The market share for gynecological regulation drugs is 47.38%, with a year-on-year sales growth of 6.61%, while gynecological inflammation drugs account for 35.02% of the market, with a slight decline in sales by 1.75% [4]. - The demand for drugs treating chronic pelvic pain is significant, with various existing products in the market, including Fuke Qianjin Tablets and Guizhi Fuling Capsules, which have notable sales figures [4][5]. Group 3: Approval Process - Following the receipt of the clinical trial approval, Fangsheng R&D will conduct the necessary clinical trials and compile the application materials for product registration and market launch [6].

Core Viewpoint - Multiple companies in the Shanghai and Shenzhen stock markets announced significant developments, including changes in control, project advancements, and financial performance updates. Group 1: Control Changes - Jiachuan Vision announced a change in its controlling shareholder from Chen Kunjiang to Mao Guangfu and Li Li, with shares resuming trading on August 11 [4] - *ST Sailong reported a change in control, leading to the resignation of its chairman and several executives [6][7] Group 2: Project Developments - China Nuclear Power announced the completion of the first concrete pour for the nuclear island of the Zhejiang Jin Qimen Nuclear Power Plant Unit 1, which utilizes the "Hualong One" technology with a capacity of 1.215 million kilowatts [5] - Yunnan Energy Investment reported that its subsidiary's wind power expansion project achieved grid connection with a total capacity of 3.395 million kilowatts [8] - Springlight Technology plans to invest up to 1 billion yuan in a new project to produce 8 million clean electrical appliances annually [9] - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new traditional Chinese medicine [10] Group 3: Financial Performance - Changqing Co. reported a net profit of 42.28 million yuan for the first half of 2025, a year-on-year increase of 117.75% [11] - Yanjing Beer announced a net profit of 1.103 billion yuan for the first half of 2025, up 45.45% year-on-year [12] - Industrial Fulian reported a net profit of approximately 12.113 billion yuan, a 38.61% increase year-on-year [13][14] - Kaipu Testing reported a net profit increase of 3.73% year-on-year, with a proposed cash dividend of 3 yuan per 10 shares [15] - Jinghua New Materials reported a net profit of 37.67 million yuan, a decrease of 7.3% year-on-year [16] - Baiwei Storage reported a net loss of 226 million yuan for the first half of 2025, compared to a profit of 283 million yuan in the same period last year [17] - Xintian Green Energy reported a 9.32% year-on-year increase in power generation for July 2025 [18] Group 4: Shareholding Changes - Lu Wei Optoelectronics' controlling shareholder committed not to reduce holdings for six months [19] - Liyang Chip announced plans for certain shareholders to reduce their holdings by up to 3.94% [20] - Longlide announced a potential reduction of up to 1.9% by a major shareholder [22] - Yinbao Shanneng reported plans for a shareholder to reduce holdings by up to 1.54% [23] - He Da Technology announced a potential reduction of up to 1.1% by a shareholder [24] - Huizhiwei reported plans for a shareholder to reduce holdings by up to 1% [25] - Nanjing Julong announced a plan for a specific shareholder to reduce holdings by 0.87% [26] - Fuan Energy reported a potential reduction of up to 0.37% by a major shareholder [27] - Xingrui Technology announced plans for shareholders to reduce holdings by up to 497,000 shares [28] - Dream Home announced plans for its general manager to reduce holdings by up to 80,110 shares [29] - Yuanda Holdings reported plans for its vice chairman to reduce holdings by 80,000 shares [31] - Henghua Technology announced plans for a director to reduce holdings by up to 9,280 shares [32] - Silicon Treasure Technology reported plans for executives to reduce holdings by up to 77,300 shares [33]