来源：@华夏时报微博 华夏时报记者 赵文娟 于娜 北京报道 常山药业（300255）一则股权转让公告引发市场聚焦。公司实控人高树华以21.28亿元对价，向重庆元素私募基金 协议转让其持有的5.01%股份。而这一交易的背景，是公司股价自2023年9月低点飙升近15倍的疯狂走势，以及基 本面持续承压的鲜明反差。 针对相关问题，《华夏时报》记者向常山药业（300255）致函询问，截至发稿未获回复。 折价转让引关注 据公告，公司实控人高树华拟将所持4600万股（占总股本5.0051%）转让给重庆元素私募证券投资基金管理有限 公司（代表"元素致远行千里一号私募证券投资基金"，下称"元素基金"）。转让单价定为46.25元/股，交易总额 21.275亿元。这一价格较公告当日收盘价56.13元折让约20%，凸显了转让方较强的变现意愿。 本报记者注意到，在本次权益变动前，高树华持有的2.80亿股中，1.55亿股处于质押状态，质押比例超55%，资金 压力可见一斑。事实上，这已是他两年内第二次大规模股权转让，2024年2月其曾以9.2元/股转让5.77%股份，套 现4.88亿元。 | | | | 报告期末普通股股东总数 | | 4 ...

Core Viewpoint - Changshan Pharmaceutical has attracted attention from Element Fund, which plans to acquire 46 million shares from the company's controlling shareholder at a significant price, despite the company's ongoing losses and high stock price [1][2]. Group 1: Share Transfer Details - The controlling shareholder, Gao Shuhua, will transfer 46 million shares, representing 5.01% of the total share capital, to Element Fund at a price of 46.25 yuan per share, totaling 2.128 billion yuan [2]. - The transfer price is approximately 20% lower than the closing price of 57.3 yuan per share on November 20 [2]. - After the transaction, Gao Shuhua's shareholding will decrease from 30.7% to 25.7% [2]. Group 2: Company Performance and Stock Price - Changshan Pharmaceutical's stock price has surged by 192.25% since the beginning of 2025, and nearly 12 times since the low in September 2023, driven by investor interest in its drug Aibennate [1][3]. - Despite the stock price increase, the company has reported continuous losses since 2023, with a net loss of 1.24 billion yuan in 2023 and 249 million yuan in 2024 [10]. - Revenue has declined significantly, with 2023 revenue at 1.41 billion yuan, down 39.63% year-on-year, and 2024 revenue at 1.031 billion yuan, down 26.92% year-on-year [10]. Group 3: Element Fund's Investment Strategy - Element Fund, established in 2014, has a management scale of 500 million to 1 billion yuan and has previously engaged in significant market transactions [4][5]. - The fund has a history of profitable investments, including a notable transaction with Dongyangguang, where it realized a profit of approximately 244 million yuan [6]. - Element Fund's strategy involves acquiring shares through agreements, often involving substantial amounts [8]. Group 4: Market Sentiment and Future Prospects - Despite the company's stock performance, its financial fundamentals do not align with market enthusiasm, as it heavily relies on heparin products for revenue [10][11]. - The potential success of Aibennate, which has recently received approval for weight loss clinical trials, could improve the company's financial situation, but its profitability is uncertain due to shared ownership with ConjuChem LLC [11].

Core Viewpoint - The announcement of a share transfer by the controlling shareholder of Changshan Pharmaceutical has led to a significant increase in the company's stock price, despite ongoing financial losses. The market's interest is largely driven by the potential of the drug Aibennate, which is associated with the weight-loss drug concept. Group 1: Share Transfer Details - On November 21, Changshan Pharmaceutical announced that its controlling shareholder, Gao Shuhua, plans to transfer 46 million unrestricted circulating shares (5.01% of total shares) to Chongqing Element Private Securities Investment Fund Management Co., Ltd. at a price of 46.25 yuan per share, totaling 2.1275 billion yuan [1] - Following the announcement, the stock price of Changshan Pharmaceutical rose, closing at 58.42 yuan per share on November 24, representing a premium of 26.31% over the transfer price [1] - The reason for the share transfer is Gao Shuhua's personal funding needs, while Element Fund recognizes the company's future development potential and investment value [1] Group 2: Financial Performance - In 2023 and 2024, Changshan Pharmaceutical reported revenues of 1.41 billion yuan and 1.031 billion yuan, respectively, reflecting year-on-year declines of 39.63% and 26.92% [1] - The company incurred net losses attributable to shareholders of 1.24 billion yuan and 249 million yuan for the same periods [1] - For the first three quarters of 2025, the company achieved revenue of 681 million yuan, a further decline of 13.11%, with a net loss of approximately 44.82 million yuan [1] Group 3: Stock Price Surge and Drug Development - Despite continuous financial losses, Changshan Pharmaceutical's stock price has surged over 10 times since September 2023, and more than doubled since the low point in April 2025 [2] - The surge is attributed to the drug Aibennate, which is linked to the weight-loss drug concept and belongs to the GLP-1 drug category, benefiting from the market's interest in weight-loss stocks [2] - Aibennate is a product of Changshan Pharmaceutical's subsidiary, Changshan Kaijiejian, established in partnership with ConjuChem LLC, which had already completed early clinical trials before the joint venture [2] Group 4: Recent Developments - As of June 2025, Aibennate has received approval for clinical trials for weight-loss indications, and Changshan Pharmaceutical is preparing for the trials, including supplier selection [3] - The future success of Aibennate remains uncertain and will require time to determine its market viability [3]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting the collective decline of major indices and the notable movements in specific sectors and stocks, particularly focusing on the surge in Fujian stocks and the adjustment in the innovative drug sector [2][10]. Group 1: Market Performance - The three major A-share indices experienced a collective decline, with the Shanghai Composite Index down 0.41% to 3960.19 points, the Shenzhen Component down 1.71% to 13175.22 points, and the ChiNext down 1.96% to 3134.09 points [2]. - The trading volume in the Shanghai and Shenzhen markets was only 191.58 billion, a decrease of 19.14 billion compared to the previous day [2]. Group 2: Sector Performance - In terms of sector performance, banking, tourism and hotels, and railway and highway sectors saw gains, while precious metals, energy metals, battery, motor, wind power equipment, and medical services sectors faced declines [3]. - The Fujian stock market showed a strong performance, with multiple stocks hitting the daily limit, including 招标股份 and 中能电气, both up 20.03% [4][5]. Group 3: Fujian Stocks - Fujian stocks experienced a significant surge, with companies like 平潭发展 seeing a cumulative increase of over 158% in the last 13 trading days, reaching a new high in nearly nine years with a market capitalization of 16.56 billion [6][9]. - The article notes that 平潭发展 is the only A-share listed platform in the Pingtan Comprehensive Experimental Zone, benefiting from regional policy incentives [9]. Group 4: Innovative Drug Sector - The innovative drug sector continued its downward trend, with 常山药业 hitting the daily limit down, and other companies like 热景生物 and 百诚医药 also experiencing declines [17][18]. - The recent national medical insurance negotiations concluded, with significant price negotiation ranges of 15% to 50% being discussed for innovative drugs, indicating potential pricing pressures in the sector [21]. Group 5: Company-Specific News - 高盛 downgraded 三花智控's rating from "Buy" to "Neutral," citing delays in the release and mass production of Tesla's Optimus Gen 3 robot, which impacts revenue expectations for 三花智控 [11][15]. - Despite the downgrade, domestic brokerages remain optimistic about 三花智控, with target prices suggesting over 20% upside potential from its recent closing price [16].

Group 1 - The company, Changshan Pharmaceutical, stated on October 21 that it will announce any significant progress regarding the上市申请 (listing application) for Aibennapeptide according to relevant regulations [2]

Group 1: Changshan Pharmaceutical - The company is preparing for clinical trials of Aibennate peptide for weight loss, with no current plans for oral formulation development [1] - Aibennate peptide is a long-acting GLP-1 receptor agonist, developed through chemical modification of exenatide [1] - The marketing preparation includes team building, product knowledge training, and marketing strategy formulation [1] Group 2: Fosun Pharma - Four innovative drugs approved in the first half of the year are expected to gradually increase sales in the coming months [2] - Innovative drug revenue exceeded 4.3 billion yuan, a year-on-year increase of 14.26%, accounting for over 30% of total drug revenue [2] - The company is actively participating in negotiations for the inclusion of its innovative drugs in insurance and national basic medical insurance directories [2] Group 3: Tiantan Biological Products - The company has established an international cooperation department to enhance its global market presence [3] - Products such as tetanus immunoglobulin and rabies immunoglobulin have already been exported [3] - The company is focused on international certification and registration of key products [3] Group 4: Kangtuo Medical - The US-based subsidiary BIOPLATE has launched a local production line for PEEK plates [4] - The company has completed market access in nearly 40 countries and regions [4] - The marketing of "4D bioactive plates" and PEEK fixation systems is underway in the US [4] Group 5: Tailong Pharmaceutical - The company is focusing on the development of modified new drugs across various therapeutic areas including respiratory, digestive, and oncology [5] - Projects in progress include treatments for Alzheimer's disease and schizophrenia [5] Group 6: Heng Rui Pharmaceutical - The HRS-5635 injection has been included in the list of proposed breakthrough therapies [6][7] - Chronic hepatitis B infection affects approximately 257 million people globally, with a significant mortality rate [7] - There is a pressing need for more effective treatments to achieve functional cure for chronic hepatitis B [7]

Core Viewpoint - The company Changshan Pharmaceutical is facing multiple crises including financial deterioration, failed collective procurement, and high debt, challenging its aspirations for a turnaround through innovative drugs [2][3]. Financial Performance - In the first half of 2025, the company reported total revenue of 492 million yuan, a year-on-year decline of 13.42%, and a net profit attributable to shareholders of -29.09 million yuan [2]. - The company experienced a significant drop in second-quarter performance, with revenue decreasing nearly 10% quarter-on-quarter to 233 million yuan and a net profit loss of 32.87 million yuan, a staggering decline of 322.67% [4][5]. - The gross profit margin fell to 5% in the second quarter, marking a new low, and the overall gross profit margin for the first half of 2025 was 14.54%, down 8.28 percentage points year-on-year [6][8]. Business Segments - The company's main business remains heavily reliant on the heparin industry chain, with low molecular weight heparin preparations and heparin raw materials contributing 60.57% of total revenue [11]. - The revenue from low molecular weight heparin preparations was 204 million yuan, accounting for 41.46% of total revenue, but sales volume dropped by 19.17% year-on-year due to collective procurement policies [11][12]. Market Dynamics - The domestic heparin market is characterized by intense competition, with leading companies dominating the raw material export market, putting pressure on Changshan Pharmaceutical in the mid-to-low-end preparation market [13][14]. - The collective procurement policy has significantly reduced heparin preparation prices by over 50%, severely compressing profit margins for traditional product lines [14]. Innovation and R&D - The company’s R&D expenses decreased by 30.13% in the first half of 2025, primarily due to reduced direct investment in clinical trials for its drug Abenatide, which has faced delays in approval processes [17][18]. - The competitive landscape for GLP-1 drugs is intensifying, with several similar products already on the market, raising concerns about the differentiation and market potential of Changshan Pharmaceutical's Abenatide [18][19]. - The clinical progress of another innovative drug, CSCJC3456, has been slow, with the company still in the patient enrollment phase for its Phase I trial, lagging behind industry averages [19].

Core Viewpoint - The company is focusing on deepening its heparin business while also transitioning towards innovative drug development, particularly with the new drug Aibennate, which is in preparation for clinical trials [1] Group 1: Heparin Business - The company will continue to deepen its heparin business and promote the export of heparin preparations and raw materials [1] - The company aims to respond actively to changes in the domestic market and strives for the recovery and growth of heparin [1] Group 2: Innovative Drug Development - The company identifies innovative drugs as a key future development direction, pushing towards a transformation into an innovative drug enterprise [1] - Aibennate, a long-acting GLP-1 receptor agonist, is being prepared for weight loss clinical trials, with previous research data being utilized [1] - The marketing preparation for Aibennate includes team building, product knowledge training, and marketing plan formulation [1] Group 3: Clinical Trials and Regulatory Work - The first phase of clinical trials for Aibennate is in preparation and has not yet enrolled participants [1] - The company is working on supplementary technical documentation for Aibennate, which requires significant effort, aiming to complete it within the stipulated time [1] - The operational timeline of Changshan Kaijiejian does not affect the review process for Aibennate's market approval [1]

Core Insights - The company has shown initial success in its strategic transformation, with a significant reduction in sales and management expenses leading to a narrowing of net profit loss by 37.98% year-on-year [1][2] Financial Performance - The company reported operating revenue of 492 million yuan, with a net profit attributable to shareholders of -29.09 million yuan, a year-on-year improvement of 37.98% [2] - The net cash flow from operating activities reached 173 million yuan, demonstrating strong cash collection capabilities despite a slight year-on-year decline of 13.95% [2] - The debt structure has improved, with a stable debt-to-asset ratio of 67% and long-term loans reduced to 4.358 billion yuan [2] Innovation Pipeline - The core product, Aibennate, has made significant progress in diabetes and weight loss indications, with its New Drug Application (NDA) for diabetes already accepted by the National Medical Products Administration [3] - Aibennate is expected to enter the market soon, targeting a global market exceeding 100 billion USD for weight loss drugs by 2030 [3] - The company is also advancing its second key product, CSCJC3456, an FGFR inhibitor, which is currently in Phase I clinical trials for advanced malignant tumors [3][4] Cost Management and International Expansion - The company has achieved cost reductions in its heparin business, with a self-supply rate of 65% for heparin crude products, leading to a 12% reduction in per-ton costs compared to external purchases [5] - The export revenue from heparin sodium injection has increased by 21% year-on-year, supported by registrations in countries like Tanzania and Belarus [5] - The company has established multiple national and provincial research platforms, with a total of 108 invention patents, enhancing its innovation and international competitiveness in the biopharmaceutical sector [5]

Core Viewpoint - The weight loss drug sector is experiencing a rebound driven by strong performance from Novo Nordisk and a technical correction after recent declines in stock prices [1][2]. Group 1: Market Performance - The weight loss drug concept sector opened higher on February 1, with notable gains from companies like Hongbo Pharmaceutical, Changshan Pharmaceutical, and Puli Pharmaceutical [1]. - The innovative drug ETF for the Shanghai-Hong Kong-Shenzhen market also saw a strong rebound, rising over 2%, with leading stocks including Kelaiying, WuXi Biologics, and others [1]. Group 2: Novo Nordisk's Performance - Novo Nordisk reported a 31% year-on-year increase in total revenue for 2023, with operating profit rising by 37% [1]. - The company's star product, semaglutide, generated sales of 145.81 billion Danish Krone (approximately 21.20 billion USD), marking an 88.78% increase and accounting for 62.78% of total revenue [1]. Group 3: Growth of GLP-1 Drugs - The semaglutide injection for weight management, Wegovy, achieved revenue of 31.34 billion Danish Krone (4.56 billion USD), reflecting a staggering 407% year-on-year growth [2]. - The global popularity of GLP-1 receptor agonists like semaglutide is attributed to their effectiveness in weight loss, blood sugar control, and cardiovascular benefits, leading to a surge in sales and clinical developments [2]. Group 4: Industry Innovations and Developments - Domestic companies are accelerating their innovation efforts in the weight loss drug market, with several GLP-1 receptor agonists in various stages of clinical trials [3]. - Companies like Hanyu Pharmaceutical and Changshan Pharmaceutical are actively pursuing new drug approvals and clinical trials for GLP-1 related products [3][4]. - The market for effective weight loss drugs remains vast due to the limited number of approved medications, highlighting significant growth potential in this sector [4].