一、复牌、停牌 1、开普云：拟购买南宁泰克70%股权，新增存储产品相关业务，股票复牌。 2、泰凌微：正在筹划以发行股份及支付现金的方式购买上海磐启微电子股权同时募集配套资金，股票 停牌。 二、并购 1、歌尔股份：拟取得上海奥来100%股权。 2、重庆水务：以3.54亿元收购重庆水投持有的渝江水务100%股权。 3、诚邦股份：拟定增募资不超1.29亿元，用于嵌入式存储芯片扩产项目、SSD高端化升级改造项目、 补充流动资金、 三、股权转让、增持、回购 1、芯原股份：6股东拟询价转让5%。 2、长江电力：控股股东拟增持最高80亿元。 3、招商南油：拟以2.5亿元-4亿元回购。 4、晶澳科技：拟以2亿元-4亿元回购股份，回购价格不超过人民币17.36元/股。 四、对外投资、日常经营 1、康缘药业：金振口服液增加适应症获得临床试验批准通知书。 2、景旺电子：拟以50亿元对景旺电子珠海金湾基地进行扩产投资。 3、汇绿生态：子公司签订共计450万支光模块生产基地建设合同。 4、齐翔腾达：控股子公司拟投资建设8000吨/年高性能催化新材料项目，该项目预计总投资7000万元。 5、江化微：投资建设"年产3.7万吨超高纯湿电子化 ...

三、产品上市尚需履行的审批程序 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 江苏康缘药业股份有限公司（以下简称"公司"）近日收到国家药品监督管理局签发的关于金振口服液新 增儿童流行性感冒（热毒袭肺证）适应症的《药物临床试验批准通知书》。按照《上海证券交易所上市 公司自律监管指引第3号一行业信息披露》的相关要求，现将相关情况公告如下： 一、《药物临床试验批准通知书》主要内容 ■ 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025年06月09日受理的金振口服 液临床试验申请符合药品注册的有关要求，在进一步完善临床试验方案的基础上，同意本品开展用于儿 童流行性感冒（热毒袭肺证）的临床试验。 二、药品研发及市场相关情况 金振口服液是公司研制的儿童专用中药新药，由山羊角、平贝母、黄芩、大黄等八味药组成，于1997年 获得新药证书及生产批件，为公司独家品种，已被纳入国家基本药物目录和国家医保目录，并被收载于 2025年版《中国药典》，是公司呼吸与感染疾病产品线的代表 ...

【康缘药业：金振口服液增加儿童流行性感冒适应症获得临床试验批准】智通财经8月22日电，康缘药 业(600557.SH)公告称，公司收到国家药品监督管理局签发的金振口服液新增儿童流行性感冒（热毒袭 肺证）适应症的《药物临床试验批准通知书》。金振口服液是公司研制的儿童专用中药新药，已被纳入 国家基本药物目录和国家医保目录。该产品用于儿童流感防治预计具有良好的市场前景。 转自：智通财经 ...

格隆汇8月22日丨康缘药业(600557.SH)公布，近日收到国家药品监督管理局签发的关于金振口服液新增 儿童流行性感冒（热毒袭肺证）适应症的《药物临床试验批准通知书》。金振口服液是公司研制的儿童 专用中药新药，由山羊角、平贝母、黄芩、大黄等八味药组成，于1997年获得新药证书及生产批件，为 公司独家品种，已被纳入国家基本药物目录和国家医保目录，并被收载于2025年版《中国药典》，是公 司呼吸与感染疾病产品线的代表品种之一。金振口服液增加的适应症为儿童流行性感冒（热毒袭肺 证），是一种由流感病毒引起的呼吸道传染病。药效学研究结果显示，金振口服液能够显著降低肺组织 的流感病毒载量，改善病毒感染引起的肺指数升高，减轻肺内细支气管及肺组织病变程度。GLP实验室 毒理学研究结果表明该药安全性良好。上市后多项临床疗效观察研究结果表明，金振口服液对流感病毒 引起的咳嗽、咳痰、发热等症状均有显著疗效，在治疗儿童流行性感冒方面具有一定的临床使用基础。 截至目前，公司对金振口服液上述新增适应症的累计研发投入约为269万元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering its strong R&D capabilities and the vitality brought by marketing reforms [4]. Core Insights - The company is viewed as an overlooked innovator in the pharmaceutical sector, with a robust pipeline of innovative drugs, including 15 drugs in clinical stages, among which a long-acting weight loss (glycemic control) fusion protein targeting three pathways (GLP-1R/GIPR/GCGR) is in Phase II clinical trials [2][3]. - The market has undervalued the company's innovative drug pipeline due to its perception as a traditional Chinese medicine company, leading to a lack of appropriate valuation for its chemical and biological drug pipelines [2]. - The company's unique product, Jinzhen Oral Liquid, is expected to have limited impact on net profit even if it enters national procurement and price reduction, with anticipated price cuts not exceeding 20% [2]. Summary by Sections Clinical Progress and Catalysts - The Phase II data for the long-acting weight loss fusion protein exceeded expectations, indicating potential for successful business development [3]. - The Phase II data for the Alzheimer's treatment, Fluoropropyl Tablets (DC20), also surpassed expectations [3]. - The company's net profit growth in the second half of 2025 is expected to significantly improve compared to the first half, driven by an increase in gross margin [3]. Financial Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 358.19 million, 403.36 million, and 456.32 million yuan, respectively, with year-on-year changes of -8.59%, +12.61%, and +13.13% [4]. - Earnings per share (EPS) are forecasted to be 0.63, 0.71, and 0.81 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios (P/E) of 28.50, 25.31, and 22.37 [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 25.24 CNY, indicating a potential upside from the current price of 17.80 CNY [3][8]. Core Views - The company's "one body, two wings" strategy, focusing on traditional Chinese medicine (TCM) as the core, with chemical and biological drugs as supplementary wings, continues to demonstrate significant strategic value. The ongoing development of TCM pipelines and the introduction of innovative products are expected to enhance future growth prospects [1][14]. - The report highlights the rich pipeline of innovative drugs, particularly in the weight loss sector with products ZX2021 and ZX2010, as well as the new AChEI drug, Fluoropropyl, which is anticipated to provide new treatment options for Alzheimer's disease (AD) patients [2][3][6]. Summary by Sections 1. Company Overview - The company is a leading player in the TCM sector, with a robust portfolio of proprietary products and a strong focus on innovation. The completion of the acquisition of New Medicine in 2024 has further strengthened its biological drug pipeline [14][16]. 2. TCM Core Business - The company has a diverse range of proprietary TCM products, with 49 unique products and 116 products included in the 2024 National Medical Insurance Directory. This extensive product range is expected to drive future growth [29][30]. - Sales reforms have shown progress, with a recovery in the performance of the injection segment in Q1 2025, attributed to a refined marketing strategy and enhanced compliance in academic marketing [7][35]. 3. Chemical and Biological Drug Wings - The innovative drug pipeline is rich, with multiple products entering critical Phase II clinical trials. The report emphasizes the potential of the three-target weight loss drug ZX2021 and the dual-target drug ZX2010 to achieve significant clinical milestones by Q4 2025 [2][38]. - The new AChEI drug, Fluoropropyl, has completed Phase II clinical trials and is expected to offer improved efficacy and safety for AD patients compared to existing treatments [3][6]. 4. Financial Projections - The company is projected to experience revenue growth rates of 4.75%, 8.63%, and 9.42% from 2025 to 2027, with net profit growth rates of 4.32%, 12.82%, and 13.26% respectively. The report assigns a 35x PE ratio to the company, supporting the target price of 25.24 CNY [8][9].

Core Viewpoint - The resignation of Xiao Wei, the chairman and actual controller of Kangyuan Pharmaceutical, marks a significant transition for the company, which has faced declining performance in recent years despite a history of innovation and growth [1][5][19]. Group 1: Company Background and Achievements - Xiao Wei has been with Kangyuan Pharmaceutical since 1985, transforming it from a near-bankrupt small enterprise into a leading modern Chinese medicine company over 34 years [2][8]. - Under Xiao's leadership, the company achieved 17 consecutive years of profit growth from 2002 to 2019, with a peak revenue of 45.66 billion yuan and a net profit of 5.07 billion yuan in 2019 [4][19]. - The company has developed several innovative products, including Guizhi Fuling capsules, which captured approximately 24% of the domestic market share for similar products [11]. Group 2: Recent Challenges - Since 2020, Kangyuan Pharmaceutical has experienced a decline in performance, with 2024 revenues and net profits dropping to 38.98 billion yuan and 3.92 billion yuan, respectively, representing year-on-year decreases of 19.86% and 15.58% [19]. - The company's core products have seen significant sales declines, with the sales volume of the Hot Poison Ning injection decreasing by 30.98% and the Ginkgo Terpene injection down by 47.86% in 2024 [19]. - Inventory levels have surged, with the Hot Poison Ning injection's inventory increasing by 759.11% and the Ginkgo Terpene injection's by 140.77% [19]. Group 3: Strategic Shifts and Future Directions - Kangyuan Pharmaceutical has invested heavily in R&D, with expenditures exceeding 10% of annual revenue from 2021 to 2024, including a notable 16.78% in 2024 [18]. - The company has undergone multiple sales strategy adjustments, including a shift to a "specialist approach" in 2021, but these changes have not effectively improved sales efficiency [20]. - Xiao Wei's resignation may be linked to the company's operational pressures and the need for a strategic pivot in response to a challenging market environment [21].

Core Viewpoint - The resignation of Chairman Xiao Wei from Kangyuan Pharmaceutical's board of directors marks a significant transition for the company, which has been under his leadership since its inception, and raises questions about future leadership and performance amid recent financial challenges [2][3][4]. Group 1: Leadership Changes - Xiao Wei has resigned as Chairman of Kangyuan Pharmaceutical for personal reasons but will continue to serve as a board member and in other committee roles [2]. - The company plans to complete the election of a new chairman promptly, ensuring that the board remains functional [2]. - Xiao Wei is recognized for transforming a struggling company into a leading player in the traditional Chinese medicine sector, emphasizing modernization and innovation [2][3]. Group 2: Company Performance and Challenges - Kangyuan Pharmaceutical has faced declining performance, with a reported revenue of 3.898 billion yuan in 2024, a decrease of 19.86% year-on-year, and a net profit of 392 million yuan, down 15.58% [4][6]. - The company’s revenue continued to decline in the first quarter of the current year, with an 8.78 billion yuan revenue, a 35.38% drop year-on-year, and a net profit of 83.41 million yuan, down 38.37% [6]. - The decline in performance is attributed to stricter regulations in the traditional Chinese medicine injection market and the impact of price reductions on key products like Ginkgo biloba diterpene injection [5][6]. Group 3: Product Development and Market Position - Kangyuan Pharmaceutical has shifted its focus to new products to compensate for the declining sales of its flagship product, Heat Poisoning Injection, which faced regulatory challenges [5][6]. - The Ginkgo biloba diterpene injection has become a leading product since its inclusion in the medical insurance directory, with sales increasing significantly in recent years despite price reductions [6]. - The company has undergone multiple transformations, moving from traditional oral medicines to injections and now to smart manufacturing, indicating a commitment to innovation in the industry [5].

Core Insights - The resignation of founder Xiao Wei marks a significant leadership change for Kangyuan Pharmaceutical, which may impact its strategic direction moving forward [5] Company Performance - Kangyuan Pharmaceutical faced substantial challenges in its financial performance, with a 35.38% year-on-year decline in revenue to 878 million yuan in Q1 2025, and a 38.37% drop in net profit [2] - For the full year 2024, the company reported a 19.86% decrease in revenue to 3.898 billion yuan, primarily due to a 17.94% decline in its infection and respiratory segment [2] - Key products, such as the Heat Toxicity Ning Injection and Ginkgo Terpene Lactone Injection, showed poor performance, with sales of Heat Toxicity Ning Injection dropping by 30.98% and Ginkgo Terpene Lactone Injection sales plummeting by 47.86% [2][3] Product Development and Strategy - Despite the challenges, Kangyuan Pharmaceutical is focusing on expanding its product portfolio, with significant growth in gel formulations, which saw an 82.48% increase in revenue [3] - The company completed a 100% acquisition of Zhongxin Pharmaceutical in 2024, gaining six clinical approvals for four innovative drugs targeting weight loss, diabetes, and neurological diseases [3] - Kangyuan is also considering overseas licensing for its products and adjusting its marketing strategies in response to the normalization of traditional Chinese medicine procurement [4] Marketing and Sales - The company has been actively working on academic marketing strategies, with 12 products entering 26 clinical guidelines, indicating a positive trend in its marketing efforts [4] - Sales expenses have remained high, with 2023 sales expenses at 1.937 billion yuan, a 3.7% increase year-on-year, while 2024 expenses slightly decreased to approximately 1.535 billion yuan [4]

Core Viewpoint - Jiangsu Kangyuan Pharmaceutical's invention patent for a method and system for detecting the total solid content in traditional Chinese medicine (TCM) formulations has gained attention for its innovative use of refractive index technology, enabling rapid and precise quality control in TCM production [1][2][4] Group 1: Traditional Detection Challenges - Traditional methods for measuring total solid content in TCM are time-consuming, often taking half a day to complete, and can damage samples, leading to waste [1] - The industry faces challenges with slow detection speeds that hinder the efficiency of smart manufacturing processes [1] Group 2: Innovative Detection Technology - The research team at Kangyuan Pharmaceutical developed a non-destructive detection technology based on a refractive index-total solid content correlation model, achieving rapid and accurate measurements [2] - The model has been successfully validated in major products like Heat Toxicity Ning injection and Jin Zhen oral liquid, with prediction errors below 10%, demonstrating its reliability [2] Group 3: Benefits of the New Technology - The new detection method reduces processing time from hours to seconds, significantly improving production efficiency [4] - It saves over one million yuan annually in raw material costs by preventing sample destruction [4] - The technology enhances reliability compared to manual detection, with continuous self-optimization of the model [4] Group 4: Industry Impact - The introduction of refractive index technology represents a significant innovation in quality control for the TCM industry, setting a new standard for intelligent manufacturing [4] - Kangyuan Pharmaceutical plans to expand the application of this technology to more TCM products, potentially impacting the quality of every oral liquid and capsule received by patients [4]