Core Insights - The recent announcement of the "Chinese Family Common Medicine Listed Brands" recognized two products from China Resources Double Crane, highlighting their quality and market reputation [1] Group 1: Brand Heritage and Product Matrix - China Resources Double Crane has over 80 years of history, integrating the mission of "caring for the public and health of the people" into its operations [2] - The company has developed a comprehensive product matrix covering key therapeutic areas such as cardiovascular, pediatrics, anti-infection, metabolism, and endocrinology [2] Group 2: Product Advantages and User Value - The winning product, Linghuang Amine Cough Tablets, is a compound cold medicine that combines traditional Chinese medicine with Western medicine, effectively alleviating symptoms of common colds and flu [4] - The other award-winning product, Jujube Seed Anshen Granules, is based on traditional Chinese medicine principles, aimed at improving sleep quality and is recommended in various clinical guidelines [5] Group 3: Commitment to Quality and Future Outlook - China Resources Double Crane emphasizes strict quality management throughout the entire process of research, production, and quality control, ensuring the safety and effectiveness of its products [6] - The company aims to continue product innovation and upgrade, aspiring to deliver more high-quality medicines to households and contribute to the "Healthy China" strategy [7]

（文章来源：证券日报） 证券日报网讯 11月24日晚间，华润双鹤发布关于公司2021年限制性股票激励计划预留授予部分第二个 解除限售期解锁暨限制性股票上市公告称，公司本次股票上市类型为股权激励股份；股票认购方式为网 下，本次股票上市流通总数为347，068股。本次股票上市流通日期为2025年11月28日。 ...

本次股票上市流通日期为2025 年 11 月 28 日。 华润双鹤药业股份有限公司(以下简称"公司")第十届董事会第十 四次会议和第十届监事会第十一次会议审议通过了《关于公司 2021 年限制性股票激励计划预留授予部分第二个解除限售期解除限售条 件成就的议案》。根据《华润双鹤药业股份有限公司 2021 年限制性股 票激励计划(2022 年 12 月修订稿)》(以下简称"激励计划")的规定及公 司 2022 年第一次临时股东大会的授权，公司董事会认为公司激励计 划规定的预留授予部分限制性股票第二个解除限售期解除限售条件 已经成就。本次可解除限售的激励对象人数为 40 人，可解除限售的 1 证券代码：600062 证券简称：华润双鹤 公告编号：临 2025-098 华润双鹤药业股份有限公司 关于公司 2021 年限制性股票激励计划预留授予部分 第二个解除限售期解锁暨限制性股票上市公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为347,068股。 ...

Core Viewpoint - China Resources Double Crane is strategically positioning itself for high-quality development in the pharmaceutical industry by aligning with national strategies and public health needs, focusing on a dual approach of prescription drug leadership and breakthroughs in synthetic biology [1][3]. Group 1: Strategic Development - The company has established a comprehensive product system covering multiple fields such as anti-infection, chronic diseases, and specialized areas, maintaining robust vitality amid market changes [3]. - The implementation of the national drug centralized procurement policy has provided an opportunity for the company to enhance its core capabilities, with nearly 60 products winning bids in national procurement and over 70% in provincial and alliance procurements [3][4]. - The company emphasizes cost control and efficiency in production and R&D to succeed in centralized procurement, integrating a "cost leadership" philosophy into product design [4]. Group 2: Marketing and Innovation - The marketing model has been transformed to implement differentiated promotion strategies for various products, effectively connecting the company's R&D, production, and sales capabilities [4]. - The company has addressed the challenge of narrowing profits in generic drugs and increasing R&D investment through a three-dimensional strategy of cost control, precise R&D, and model innovation [4]. - R&D investment intensity has increased from 3.7% to nearly 8%, while optimizing marketing expenses from 40% in 2019 to about 27% currently, supporting sustainable revenue and profit growth [4]. Group 3: Growth Strategy - The company aims to establish itself as "China's number one prescription drug brand" and build a second growth curve through synthetic biology, with mergers and acquisitions as a key strategy [5][7]. - Recent acquisitions, such as Henan Zhongshuai, enhance the company's capabilities in producing first-class psychotropic drugs and support high-quality generic drug development [5]. - The company has laid the groundwork for its second growth curve by integrating raw material and formulation strategies during the 14th Five-Year Plan period [6]. Group 4: Internationalization - International business is a core initiative for achieving strategic goals, with the company expanding its international network to cover over 50 countries and regions, focusing on raw material exports [8]. - The company plans to extend its internationalization efforts into formulation exports, particularly targeting the complex injection market and leveraging tax incentives from the Hainan Free Trade Zone [8][10]. - Overseas acquisitions will focus on the European and American markets, selecting targets with product differentiation advantages, while overseas licensing will serve as a means to support domestic R&D and clinical costs [10][11].

Core Viewpoint - China Resources Double Crane is strategically positioning itself for high-quality development in the pharmaceutical industry by aligning with national strategies and public health needs, focusing on a dual approach of prescription drug leadership and breakthroughs in synthetic biology [1][3]. Group 1: Strategic Development - The company has established a comprehensive product system covering multiple fields such as anti-infection, chronic diseases, and specialized areas, maintaining robust vitality amid market changes [1]. - The implementation of the national drug centralized procurement policy has provided an opportunity for the company to enhance its core capabilities, with nearly 60 products winning bids in national procurement and over 70% in provincial and alliance procurements [1][2]. Group 2: Cost Control and Marketing Strategy - Participation in centralized procurement is seen as a key to building low-cost capabilities across the entire value chain, necessitating industry-leading cost control and large-scale production advantages [2]. - The company has optimized its marketing strategy by developing differentiated promotion tactics for different product types, focusing on broad coverage for key products and specialized promotion for non-procurement products [2]. Group 3: R&D and Innovation - The company has increased its R&D investment intensity from 3.7% to nearly 8%, while maintaining sustainable revenue and profit growth through a strategy of cost control, precise R&D, and model innovation [3][5]. - The company has adopted a "precise project initiation + risk control" approach to enhance R&D efficiency and has established overseas authorization evaluation standards to validate R&D quality [2][5]. Group 4: Growth Strategy - The company aims to establish itself as the "number one brand in prescription drugs" and to create a second growth curve through synthetic biology technology, with external mergers and acquisitions being a key strategy [3][4]. - Recent acquisitions, such as that of Henan Zhongshuai, exemplify the company's strategy to enhance its product pipeline and profitability while addressing unmet clinical needs [3][4]. Group 5: Internationalization - The company has developed an international network covering over 50 countries, focusing on raw material drug exports, and aims to extend its reach into formulation exports during the "14th Five-Year Plan" [6][7]. - The internationalization strategy includes establishing production bases for complex injectables and leveraging tax incentives in Hainan to create an international production base in the health sector [6][7].

Group 1 - The Artemisinin concept index rose by 0.31%, ranking 10th among concept sectors, with three stocks increasing in value, including Delong Huineng, Rundu Co., and Haizheng Pharmaceutical, which rose by 4.35%, 0.87%, and 0.19% respectively [1] - The leading decliners in the sector included Fosun Pharma, New Hecheng, and Baiyunshan, which fell by 1.23%, 0.36%, and 0.34% respectively [1] Group 2 - The main capital flow analysis indicates a net outflow of 176 million yuan from the Artemisinin concept sector, with only one stock, Delong Huineng, experiencing a net inflow of 8.0428 million yuan [2] - The capital flow rankings for the Artemisinin concept show that Delong Huineng had a trading volume of 4.35% and a turnover rate of 13.19%, while other stocks like Kunming Pharmaceutical Group and Rundu Co. had net outflows of 1.72 million yuan and 3.06 million yuan respectively [2][3]

Core Viewpoint - Recently, China Resources Double Crane (华润双鹤) announced that its subsidiary, Hunan Xiangzhong Pharmaceutical Co., Ltd., received the drug registration certificate for Oxcarbazepine tablets from the National Medical Products Administration (NMPA), which is expected to enhance the company's product line and market competitiveness [1][2]. Group 1: Drug Registration and Market Potential - The Oxcarbazepine tablets are indicated for the treatment of primary generalized tonic-clonic seizures and partial seizures in adults and children aged 5 and above [1]. - The research and development of this generic drug began in August 2021, with the application for market approval submitted in July 2024 and the approval expected in November 2025 [1]. - The global sales of Oxcarbazepine tablets are projected to reach $351 million in 2024, with the brand "Trileptal" accounting for $162 million of that total [1]. Group 2: Competitive Landscape - In the Chinese market, there are 10 approved manufacturers of Oxcarbazepine tablets, with 9 having passed or deemed to have passed the consistency evaluation [2]. - The total sales of Oxcarbazepine tablets in the domestic medical and retail markets are estimated at 738 million yuan in 2024, with Novartis holding a market share of 74.17%, followed by Beijing Four Ring Pharmaceutical at 13.78% and Wuhan Renfu Pharmaceutical at 11.85% [2]. Group 3: Company Overview and Financial Performance - China Resources Double Crane operates 24 subsidiaries and employs 13,000 staff, focusing on new drug research and development, formulation production, drug sales, and active pharmaceutical ingredient production [2]. - The company reported a third-quarter revenue of 2.542 billion yuan, a year-on-year decrease of 2.96%, while net profit increased by 6.71% to 374 million yuan [3]. - For the first three quarters of 2025, the total revenue was 8.283 billion yuan, down 3.1% year-on-year, with net profit declining by 3.4% to 1.35 billion yuan [3]. Group 4: Recent Drug Approvals - Recently, the company has received multiple drug registration certificates for its subsidiaries, including Bosentan dispersible tablets for pulmonary arterial hypertension and a new injection for acute coronary syndrome [4].

Core Viewpoint - China Resources Double Crane Pharmaceutical Co., Ltd. has received a drug registration certificate for Oxcarbazepine tablets from the National Medical Products Administration, indicating a significant regulatory milestone for the company [2]. Group 1 - The announcement was made on the evening of November 18, highlighting the company's progress in drug registration [2]. - The drug registration certificate was issued to Hunan Xiangzhong Pharmaceutical Co., Ltd., a subsidiary of China Resources Double Crane [2].

Group 1 - Shengxin Lithium Energy signed a framework agreement with Huayou Cobalt for the procurement of 221,400 tons of lithium salt products over five years [1] - Wehua New Materials' subsidiary plans to acquire 70% of He Yutai for 154 million yuan [1] - Xiamen Tungsten plans to invest 600 million yuan to establish a wholly-owned subsidiary for a project with an annual production capacity of 50,000 tons of high-performance battery materials [1][2] Group 2 - *ST Songfa's subsidiary signed a shipbuilding contract worth approximately 200-300 million USD for two VLCCs [3] - Hailianxun's stock will resume trading on November 19 after the end of the acquisition request period [5] - Yunnan Energy Investment obtained the development rights for a 25,000 kW wind power project [7] Group 3 - China Resources Double Crane's subsidiary received a drug registration certificate for Oxcarbazepine tablets [8] - Jincheng Pharmaceutical's subsidiary received a CEP certificate for glutathione raw materials [9] - Jinkong Electric plans to transfer 51% of Tongying Thermal Power to an affiliate for 266 million yuan [9] Group 4 - Clean Technology's subsidiary won a bid for a waste incineration power generation project in Thailand with a total investment of up to 4.27 million USD [12] - Tonglian Precision's shareholders set the transfer price for shares at 43.67 yuan each [13] - Hu Nong Commercial Bank's executives collectively purchased 259,100 shares of the company [13] Group 5 - Huatai Medical's subsidiary obtained a medical device registration certificate for polyethylene embolization microspheres [13] - Fosun Pharma's subsidiary's drug registration application was accepted by the National Medical Products Administration [13] - Xianhui Technology signed contracts worth 796 million yuan with multiple subsidiaries of CATL [15] Group 6 - Ningbo Fangzheng signed a strategic cooperation agreement with Huaxiang Qiyuan for the development of various robotic technologies [15] - Ruida Futures' vice president resigned for personal reasons [16] - Samsung Medical is expected to win contracts worth approximately 125 million yuan from the State Grid [17] Group 7 - Tianjin Pharmaceutical's injectable methylprednisolone sodium succinate received registration from Panama's Ministry of Health [19] - Yaxing Anchor Chain plans to invest up to 300 million yuan in a project for deep-sea floating equipment [20] - Zejing Pharmaceutical's clinical trial for ZG006 was approved by the National Medical Products Administration [21] Group 8 - Weiye Co., Ltd. won a bid for a project worth approximately 2.086 billion yuan [23] - Ruimao Tong plans to sell 8.5794 million repurchased shares [25] - Guangge Technology's shareholders plan to reduce their holdings by up to 3.99% [26] Group 9 - Hongsheng Development signed a debt restructuring contract for a total of 2 billion yuan [27][28] - Yatai Co., Ltd. plans to reduce its holdings by up to 1% [30] - Dexin Technology's shareholder plans to reduce its holdings by up to 1% [31] Group 10 - Yaji International's shareholder plans to reduce its holdings by up to 1% [33] - Shenzhen New Star's subsidiary received approval for trial production of a boron trifluoride project [35] - Shengyi Electronics plans to raise up to 2.6 billion yuan through a private placement [36]

Core Viewpoint - The National Medical Products Administration (NMPA) emphasizes the importance of ensuring the quality and safety of drugs selected through centralized procurement, highlighting the need for strict compliance and quality control by selected companies [1] Group 1: Regulatory Oversight - The NMPA will implement comprehensive production inspections and product sampling for selected drugs, ensuring full coverage in regulatory practices [1] - Regulatory bodies will optimize work mechanisms and explore risk monitoring to enhance oversight and prevent potential risks [1] Group 2: Company Responsibilities - Selected companies are required to strictly fulfill their primary responsibilities, focusing on quality control, drug vigilance, and information traceability [1] - Continuous compliance in production practices is mandated for companies involved in centralized procurement [1]