Core Viewpoint - Warner Pharmaceuticals (688799) has announced its participation in the national organized procurement for drugs whose agreements have expired, with 12 products expected to be selected for the continuation of procurement [2] Group 1: Financial Impact - The expected sales revenue from the selected products for 2024 is 176 million yuan, accounting for 12.47% of the company's total revenue for that year [2] - For the period of January to September 2025, the anticipated sales revenue is 192 million yuan, representing 17.69% of the company's revenue for that period [2]

Core Viewpoint - Warner Pharmaceuticals (688799.SH) has participated in the national organized procurement for drugs whose agreements have expired, with several of its products expected to be selected in this procurement process [1] Group 1: Procurement Details - The procurement involves products from the first to the eighth batch of national organized procurement agreements that have expired, with the purchasing volume based on the demand reported by medical institutions [1] - The procurement cycle will last until December 31, 2028, starting from the actual implementation date of the selected results [1] Group 2: Financial Impact - The company expects to achieve sales revenue of 176.18 million yuan from the selected products in 2024, accounting for 12.47% of the company's total revenue for that year [1] - For the period from January to September 2025, the expected sales revenue is 192.05 million yuan, representing 17.69% of the company's revenue for that period [1] Group 3: Market Implications - Medical institutions will prioritize the use of the selected drugs from this procurement, ensuring the completion of the agreed purchasing volume [1] - If the company signs and executes procurement contracts, it will help expand the sales scale of related products, increase market share, and enhance the company's brand influence in the domestic market [1]

Core Viewpoint - Warner Pharmaceuticals announced participation in the national organized procurement for drugs, with 12 products expected to be selected, including Montmorillonite Powder and Mycophenolate Mofetil Capsules [1] Group 1: Procurement Details - The procurement cycle will last from the actual execution date of the selection results until December 31, 2028 [1] - The projected sales revenue for selected products in 2024 is 176.18 million yuan, accounting for 12.47% of the annual revenue [1] - For the period from January to September 2025, the expected sales revenue is 192.05 million yuan, representing 17.69% of the revenue during the same period [1] Group 2: Future Implications - If procurement contracts are signed and executed, it will expand the sales scale of the products [1] - There is uncertainty regarding the signing of procurement contracts and the execution of market sales [1]

Core Insights - The article highlights the transformation of Hunan's private economy, emphasizing the importance of technology, specialization, and integration for sustainable growth [1][26][49] Group 1: Technology as the Foundation - Hunan's private enterprises are increasingly focusing on technology and innovation as core competencies, moving beyond traditional manufacturing practices [3][29] - By 2025, private enterprises are expected to account for over 90% of all businesses in Hunan, contributing approximately 60% to the province's GDP [29] - Companies like Huazhu High-Tech are investing heavily in R&D, focusing on system-level development of equipment, materials, software, and processes rather than simple assembly [31][39] Group 2: Specialization and Craftsmanship - The concept of "specialization" is evident in companies like Warner Pharmaceutical, which emphasizes deep expertise and meticulous process improvements in drug development [37][46] - Warner Pharmaceutical's founder, Huang Bendong, advocates for a long-term commitment to research and development, reflecting a "craftsman spirit" in the pharmaceutical industry [37][46] - Water Sheep Co. has shifted from a marketing-driven approach to a research-driven model, focusing on product efficacy and quality through extensive R&D investments [33][41] Group 3: Integration for Growth - Water Sheep Co. exemplifies the integration of supply chain, data, and R&D capabilities, breaking down traditional barriers between branding, manufacturing, and consumer feedback [44][49] - Warner Pharmaceutical is adopting a cautious approach to integration, focusing on enhancing quality control and collaboration with research institutions while avoiding unrelated diversifications [46][48] - Huazhu High-Tech is not merely a technology supplier but aims to solve specific industry problems, fostering deeper collaborations with downstream clients [48][49]

ZG-002 片当前给药剂量、频率以及给药周期下安全性和耐受性良好，药代动力学特征清晰明确。ZG- 002 目前拟用于治疗中重度斑块状银屑病，有望成为新一代安全性更高、疗效更好的银屑病治疗药物， 并有潜力拓展到其他的自身免疫性疾病的临床应用。 公司通过控股子公司致根医药持续加大创新药研发投入。除ZG-002 外，ZG-001（抗抑郁药）已完成1 期临床试验，安全性优异，正在开展2a 期临床试验，公司与临床中心正在积极推进各项工作，预计将 于2026 年H1读出数据，验证疗效。 以湖南省天玑珍稀中药材发展有限公司为项目平台开展的ZY 系列濒危动物药材替代品各个项目的研究 工作稳步推进。其中，ZY022 项目预计年内完成IND 申请，进入1 期临床试验。 风险提示：行业竞争加剧风险、政策风险、研发不及预期风险、市场开拓不及预期风险等。 事件：公司发布公告，参股公司收到ZG-002 片Ⅰ期临床研究报告。ZG-002（抗自身免疫药，TYK2 变 构抑制剂）1 期临床试验已于近期完成，本次临床试验的目的主要是评估ZG-002 片在健康成年受试者 中的安全性和耐受性、药代动力学特征及食物影响等。 研究结果表明，ZG-00 ...

Core Viewpoint - The announcement details the completion of Phase I clinical trials for ZG-002, a novel drug developed by Shanghai Zhigen Pharmaceutical Technology Co., Ltd., which is a subsidiary of Hunan Warner Pharmaceutical Co., Ltd. The drug is aimed at treating moderate to severe plaque psoriasis and has shown promising safety and efficacy results in preliminary studies [1][2]. Drug Overview - ZG-002 is a first-in-class new drug designed to treat autoimmune diseases, specifically targeting moderate to severe plaque psoriasis [1]. - It is characterized as a potent and highly selective TYK2 allosteric inhibitor, demonstrating superior TYK2 inhibition and efficacy in animal models of psoriasis [2]. Phase I Clinical Trial Results - The primary objective of the Phase I clinical trial was to assess the safety, tolerability, pharmacokinetics, and food effects of ZG-002 in healthy adult subjects [3]. - Results indicated good safety and tolerability, with no serious adverse events reported. Adverse events related to the drug were mild (Grade 1 or 2) and transient [4]. - Pharmacokinetic data showed a clear relationship between drug exposure and dosage, with no significant gender differences observed. High-fat meals delayed peak concentration but did not significantly affect overall exposure [4]. Efficacy Indicators - Pharmacodynamic analysis revealed that IFN-γ levels decreased with increased drug exposure, suggesting potential therapeutic effects for moderate to severe psoriasis. The exposure-effect curve indicated a plateau effect at doses of 16mg QD and above [4][5]. - The current dosing regimen shows good safety and pharmacokinetic characteristics, supporting further exploratory clinical studies in patient populations [5].

Group 1 - Company Jianhui Information plans to acquire 38% equity in Boke Guoxin for RMB 73.71 million, increasing its stake from 32% to 70%, making Boke Guoxin a subsidiary [1] - Company Guangshengtang's innovative drug GST-HG141 for hepatitis B has completed the enrollment of 578 participants in its Phase III clinical trial [2] - Company Hongjing Optoelectronics is establishing a partnership with a target scale of RMB 290 million, contributing RMB 3 million as a limited partner [3] Group 2 - Company Hongchang Technology intends to acquire 21% equity in Liangzhi Joint, which will make it the controlling shareholder with a 51% stake [4] - Company Xiexin Integrated has not yet received any orders in the "space photovoltaic" sector, which remains in the exploratory phase [5] - Company Xianheng International plans to reduce its shareholding by up to 3%, amounting to a maximum of 12.28 million shares [6] Group 3 - Company Furuijia plans to reduce its repurchased shares by up to 2%, totaling 18.93 million shares [7] - Company Tianqimo is planning to issue shares and pay cash to acquire assets, leading to a temporary suspension of its stock [8] - Company Shuangqiang Technology's director plans to reduce his holdings by up to 0.32% [9] Group 4 - Company Bairun plans to adjust the conversion price of its bonds due to stock prices falling below 85% of the conversion price [11] - Company Dongnan Network has won an EPC project worth RMB 994 million [12] - Company Anhui Energy has appointed Xu Wengong as the new general manager following the resignation of Fang Shiqing [13] Group 5 - Company Lijun plans to invest up to USD 3 million to establish subsidiaries in Hong Kong and Peru [14] - Company Zhenghe Ecology has signed a strategic cooperation agreement with the government of Beijing's Miyun District [15] - Company First Venture has elected Guo Chuan as the chairman of its board [16] Group 6 - Company Changxin Bochuang's shareholder has terminated an agreement to transfer 14.5 million shares [17] - Company Hengrui Medicine's HR091506 tablet application has been accepted by the National Medical Products Administration [18] - Company Hengrui Medicine's SHR-1894 injection has received approval for clinical trials [20] Group 7 - Company Longshen Rongfa has obtained a medical device production license [21] - Company Western Securities reported that its new borrowings exceeded 20% of its net assets [22] - Company Rongfa Nuclear Power's subsidiary has won a project worth RMB 101 million [23] Group 8 - Company Taiji Industry's subsidiary has a pre-bid for the Huahong FAB9B project with a bid amount of RMB 3.778 billion [24] - Company Suzhou High-tech plans to increase its investment in a subsidiary by RMB 780 million through a debt-to-equity swap [26] - Company Electric Power Investment's vice president has resigned due to work changes [27] Group 9 - Company Hengwei Technology reported a 30.13% increase in net profit for 2025 [28] - Company Fangsheng Pharmaceutical's subsidiary has received a drug production license [29] - Company Pilin Bio's subsidiary has received a notice for clinical trial acceptance for a hemostatic drug [31] Group 10 - Company Zhongxin Fluorine Material has received approval for a stock issuance to specific investors [32] - Company Shanhe Intelligent expects a total transaction amount with related parties to be RMB 1.197 billion in 2026 [33] - Company Warner Pharmaceutical's partner has completed Phase I clinical trials for a new drug [34]

Core Viewpoint - Warner Pharmaceuticals (688799.SH) announced that its associate company, Shanghai Zhigen Pharmaceutical Technology Co., Ltd. (referred to as "Zhigen Pharmaceutical"), has completed Phase I clinical trials for its independently developed drug ZG-002 under the approval of the National Medical Products Administration [1] Group 1: Drug Development - ZG-002 is a novel drug with a new structure aimed at treating moderate to severe plaque psoriasis, classified as a Class 1 new drug [1] - The primary objective of the clinical trial was to evaluate the safety, tolerability, pharmacokinetic characteristics, and food effects of ZG-002 in healthy adult subjects [1] - The current dosing regimen of ZG-002 has shown good safety and tolerability, with clear pharmacokinetic characteristics [1] Group 2: Future Research - The clinical data obtained from this study supports the further exploration of additional clinical research in patient populations [1]

证券代码：688799 证券简称：华纳药厂 公告编号：2026-003 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、准确性和完整性依法承担法律责任。 湖南华纳大药厂股份有限公司（以下简称"公司"）参股公司上海致根医药 科技有限公司（以下简称"致根医药"）自主研发的 ZG-002 片在国家药品监督 管理局同意下开展Ⅰ期临床试验已于近期完成，并于近期收到临床研究报告。现 将相关情况公告如下： 一、药物的基本情况 ZG-002 是致根医药自主开发的具有全新结构的新型抗自身免疫性疾病的药 物，属于 1 类新药。ZG-002 目前拟用于治疗中重度斑块状银屑病。 临床前研究表明，ZG-002 为强效高选择性的 TYK2 变构抑制剂，在体外药 理学研究中表现出较优的 TYK2 抑制活性以及较高的选择性；在经典动物银屑病 药效模型中，ZG-002 均展现出良好的银屑病治疗效果。在具有良好体内外活性 的同时，ZG-002 还表现出优异的代谢性质及安全性。上述研究结果表明，ZG-002 有望成为新一代安全性更高、疗效更好的银屑病治疗药物，并有潜力拓展到其他 的自身免疫性疾病 ...

Core Viewpoint - Warner Pharmaceuticals (688799.SH) announced that its affiliate, Shanghai Zhigun Pharmaceutical Technology Co., Ltd., has completed Phase I clinical trials for ZG-002, a novel drug for autoimmune diseases, with the approval of the National Medical Products Administration [1] Group 1: Drug Development - ZG-002 is a first-class new drug developed by Zhigun Pharmaceutical, specifically targeting moderate to severe plaque psoriasis [1] - Preclinical studies indicate that ZG-002 is a potent and highly selective TYK2 allosteric inhibitor, demonstrating superior TYK2 inhibition activity and selectivity in vitro [1] - In classic animal models of psoriasis, ZG-002 has shown promising therapeutic effects, indicating its potential as a new generation of safer and more effective psoriasis treatment [1] Group 2: Safety and Efficacy - ZG-002 exhibits excellent metabolic properties and safety alongside its strong in vitro and in vivo activity [1] - The research results suggest that ZG-002 has the potential to expand its clinical applications to other autoimmune diseases [1]