证券代码：600420 证券简称：国药现代 公告编号：2026-003 上海现代制药股份有限公司 关于计提减值准备的公告 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。 2026年1月26日，上海现代制药股份有限公司(以下简称公司)召开第九届董事会第二次会议，审议通过 《关于计提减值准备的议案》。现就本次计提减值准备情况公告如下： 一、本次计提减值准备情况概述 根据《上海证券交易所股票上市规则》《企业会计准则第1号一一存货》《企业会计准则第8号一一资产 减值》及其他相关法律法规与公司会计政策规定，为客观、准确、公允地反映公司2025年度的财务状 况，公司及下属子公司对相关资产进行了预期信用损失评估和减值测试，根据评估与测试结果，对存在 减值迹象的资产计提减值损失合计13,395.59万元。具体情况如下： ■ 二、计提减值准备的依据及说明 （一）应收账款、其他应收款 公司对按信用风险特征组合计提预期信用损失的应收款项，参考历史信用损失经验，结合当前状况以及 对未来经济状况的预测，编制应收款项账龄与预期信用损失率对照表，计算预期信 ...

Core Viewpoint - Chuaning Bio, a leading company in the domestic bio-fermentation technology sector, has extended the lock-up period for its pre-IPO shares held by its controlling shareholder, Sichuan Kelun Pharmaceutical, until December 27, 2026, to enhance investor confidence and stabilize the capital market [1] Group 1: Shareholder Commitment - The lock-up extension involves approximately 1.61 billion shares, accounting for 72.19% of the company's total share capital [1] - This commitment reflects the controlling shareholder's confidence in the company's future development and intrinsic value [1] Group 2: Production and Market Outlook - Chuaning Bio reported that its three major intermediates are operating at full capacity, although the overall shipment volume has decreased by about 8% year-on-year [2] - The company anticipates a potential recovery in market demand for penicillin products, with prices currently at historical lows, and expects a positive trend as the traditional peak season approaches [2] - The company has initiated a collaboration with Shanghai Jincheng Technology to leverage AI in enhancing production efficiency in bio-fermentation [2] Group 3: AI and Product Development - The AI virtual engineer has shown an average production increase of 3%-5% compared to the control group and can predict fermentation trends in real-time [3] - Revenue from synthetic biology products reached 48.8 million yuan in the first three quarters of 2025, with improved order conditions compared to the previous year [3] - The company expects significant revenue growth in synthetic biology products as production capacity increases and market expansion continues [3] Group 4: Management's Strategic Focus - The management plans to deepen technological innovation, optimize industrial layout, and enhance operational quality to reward shareholders' trust and support [4] - Chuaning Bio aims to become a significant innovative force in the global biotechnology sector, creating sustainable value for shareholders [4]

Core Viewpoint - Chuaning Bio announced that its three major intermediates are operating at full capacity, despite an 8% year-on-year decline in overall shipment volume, with a significant improvement compared to the second quarter [2] Group 1: Company Performance - The company reported that the shipment volume of its products has decreased by approximately 8% compared to the same period last year [2] - However, there has been a noticeable improvement in shipment volume on a quarter-on-quarter basis [2] Group 2: Market Outlook - The price of penicillin products is currently at a historical low, with expectations that the market may see a recovery in demand as outdated production capacity gradually ceases or reduces output [2] - The fourth quarter is anticipated to bring increased demand from downstream markets due to the traditional peak season, potentially leading to a shift from market observation to purchasing [2] - The overall situation for penicillin is expected to trend positively, while the conditions for thiocyanate erythromycin and cephalosporins are projected to remain stable [2]

Core Viewpoint - Kolun Pharmaceutical is facing a significant decline in both revenue and net profit, with a 23.20% year-on-year decrease in revenue and a 44.41% drop in net profit, primarily due to falling demand in its core infusion and non-infusion segments, alongside high R&D costs [1][2][4] Revenue and Profit Performance - The company's revenue for the first half of the year was 9.083 billion yuan, marking a 23.20% decline and falling below the 10 billion yuan threshold for the first time [2] - The net profit attributable to shareholders was 1.001 billion yuan, down 44.41% year-on-year [2] - The infusion and non-infusion segments contributed nearly 90% of total revenue but both saw nearly a 20% decline [2] Business Structure and Challenges - Analysts indicate that the company's heavy reliance on a concentrated business structure has created vulnerabilities, leading to significant performance drops when core business areas face challenges [4] - The infusion segment's gross margin decreased by 6.19 percentage points compared to the previous year, reflecting the dual impact of reduced volume and price [4][6] Cash Flow and Financing - The net cash flow from operating activities was 1.190 billion yuan, a 53.03% decrease from the previous year, primarily due to reduced sales collections [5] - Financing activities shifted from a net outflow of 883 million yuan to a net inflow of 1.168 billion yuan, aided by a capital increase from a subsidiary [5] Market Conditions and Future Outlook - The basic infusion market is expected to hit a bottom by 2025, but the timing of a rebound remains uncertain [6] - The company is focusing on high-end infusion products as a long-term strategy, with several new products approved for market [7] - The competitive landscape is shifting towards product quality and service levels rather than price, which may stabilize the market [9] Antibiotic Market Dynamics - The core subsidiary, Chuaning Biological, reported a revenue decline of 26.5% year-on-year, largely due to weakening market conditions for penicillin [10] - The penicillin market is currently at a low point, with expectations of a significant decline in annual performance for Chuaning Biological [10][12] - The company is exploring new markets, including veterinary antibiotics, to mitigate the cyclical downturn in its antibiotic business [13]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Shanghai Chengrui Investment on a listed company, Puluo Pharmaceutical, which is planning a third share buyback plan by 2025 and is currently processing related procedures [1] - Puluo Pharmaceutical's cephalosporin product prices have decreased by approximately 15%, while penicillin product prices remain stable, and the price of florfenicol is expected to rebound in the third quarter [1] - The company's CDMO business is projected to grow by 20%-30% with a gross margin of 40%-45%, while the raw material drug business faces pressure with a slight decline in sales volume, controlling gross margin contribution to within 10% [1] - New products such as ferrous fumarate chewable tablets are expected to drive growth, alongside the release of older products like levetiracetam and succinic acid metoprolol [1] - The company has completed the enrollment for the third phase of the clinical trial for the weight loss project of semaglutide, with 40% enrollment progress for the diabetes indication [1] - Puluo Pharmaceutical has established a digital innovation team to utilize AI for optimizing fermentation processes, significantly enhancing fermentation efficacy [1] Group 2 - Shanghai Chengrui Investment, established in May 2010, has a registered capital of 110 million and has been recognized for its stable development and diverse client base, including banks, private banks, and various institutional investors [2] - The company has a professional investment research team of 33 members, with backgrounds from prestigious universities both domestically and internationally [2] - Chengrui Investment has received multiple awards and recognitions over the years, including being listed among the top private equity funds in China and winning various industry awards for its performance [2]

Summary of Guoyao Modern's Conference Call Company Overview - **Company**: Guoyao Modern - **Industry**: Pharmaceutical, specifically focusing on generic drugs and active pharmaceutical ingredients (APIs) Key Financial Performance - **Revenue**: 10.9 billion CNY, a decrease of 9.38% year-on-year [3] - **Net Profit**: 1.084 billion CNY, an increase of 56.6% year-on-year, with a five-year compound annual growth rate (CAGR) of 13.68% [3] - **Gross Margin**: Increased by 0.92 percentage points to 39.2% [3] - **Weighted ROE**: Reached 8.45%, an increase of 2.43 percentage points [3] - **Earnings per Share**: 0.81 CNY [3] - **Cash Flow**: Operating cash flow accounted for 20.63% of revenue, an increase of 6.38 percentage points [3] - **Debt Ratio**: Decreased to 23.22%, down 2.69 percentage points [4] Business Segment Performance Intermediate and API Business - **Revenue**: 5.198 billion CNY, an increase of 8.54% year-on-year [5] - **Core Products**: 85% of revenue from anti-infection products, with penicillin products growing by 20% and clavulanic acid series by 33%, while cephalosporin products declined by 32% [5] - **Export**: Nearly 80% of anti-infection products are for export [5] Formulation Business - **Revenue**: Decreased by over 20% [5] - **Profitability**: Maintained through cost control and changes in business model [5] - **Product Composition**: Anti-infection formulations account for 38%, cardiovascular and neurological formulations each account for 12% [5] Research and Development - **R&D Investment**: 600 million CNY, representing 6% of revenue [6] - **Projects**: 210 projects in progress, with 70% focused on new products [6] - **Focus Areas**: Emphasis on narcotics, anti-infection, cardiovascular, and oncology fields [6] Future Outlook - **2025 Revenue Projection**: Expected to reach 11.3 billion CNY, a growth of approximately 3% [7] - **Strategic Focus**: Digital empowerment, marketing reform, and optimization of industrial layout to enhance competitiveness [7] - **Chronic Disease Focus**: Concentration on cardiovascular, metabolic, and endocrine diseases under the backdrop of centralized procurement [10] Market Trends and Risks - **Raw Material Market**: Subject to global demand fluctuations, with potential price volatility due to supply-demand dynamics [8] - **Antibiotic Product Pricing**: Stable decline in prices observed in Q1, with expected demand reduction in summer months [9] - **Cost Management**: Strategies include capacity optimization, product structure adjustment, and strategic partnerships to mitigate cost impacts [11] Strategic Initiatives - **New Product Development**: Focus on high-value, technically challenging products, including first generic drugs and improved new drugs [10] - **Acquisition Plans**: Over 80 products under review, focusing on infection, cardiovascular, and neurological areas [12] - **Sales Strategy**: Emphasis on maintaining a stable sales expense ratio, currently around 10% [22] Conclusion Guoyao Modern is navigating a challenging pharmaceutical landscape with a strategic focus on enhancing profitability through R&D, cost management, and market adaptation. The company is poised for moderate growth in 2025 while addressing potential market risks and leveraging its strengths in high-demand therapeutic areas.