Analysis of the Impact of PKU Healthcare Management Co., Ltd.'s Stake Reduction in PKU Medicine Co., Ltd.

Based on the latest data and market information obtained, I will conduct a systematic analysis of the impact of PKU Healthcare Management Co., Ltd.'s stake reduction in PKU Medicine Co., Ltd.

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Item	Details
Stake Reducing Party	PKU Healthcare Management Co., Ltd. (shareholder holding ≥5% of shares)
Current Shareholding	63,918,200 shares, accounting for 10.7247% of the total share capital
Planned Shares to Reduce	No more than 17,879,600 shares, accounting for 3% of the total share capital
Stake Reduction Time Window	February 11, 2026 to May 10, 2026 (approximately 3 months)
Reduction Methods	Centralized bidding (≤1% within 90 days) + Block trading (≤2% within 90 days)
Reason for Reduction	Own capital needs

: The shares held by PKU Healthcare Management Co., Ltd. were inherited during the restructuring of Founder Group in 2022, and the lock-up period (18 months) has expired. This stake reduction does not violate relevant commitment provisions.

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This stake reduction will increase the secondary market stock supply by approximately 17,880,000 shares in the short term. Based on the current share price of RMB 6.54, the market value of the shares to be reduced is approximately

. According to trading rules:

• Daily reductions via centralized bidding are restricted, which may lead to
  sustained intraday selling pressure
• Although block trading has a relatively small impact on secondary market prices, the transferees still have subsequent selling demands

:

• The reduction ratio is controlled within 3%, and the shareholding ratio will drop from 10.72% to approximately 7.72%, remaining an
  important shareholder
• The announcement clearly states that “this will not result in a change in the company’s control, nor will it affect the company’s governance structure or continuous operation” [1]

:

Valuation Indicator	Value	Industry Comparison
P/E	27.14x	The average P/E of the pharmaceutical industry is approximately 25-30x, which is within a reasonable range
P/B	2.41x	Moderate premium to net assets
ROE	9.14%	Stable profitability

After the completion of the stake reduction, the shareholding ratio of PKU Healthcare Management Co., Ltd. will decrease by approximately

(from 10.72% to 7.72%). This equity dilution effect may arouse market concerns about the company’s .

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Stake reductions by major shareholders are usually interpreted by the market as a

, mainly due to the following reasons:

Negative Factor	Impact Level
Information asymmetry (major shareholders have more internal information)	High
Increase in short-term supply	Medium
Market interpretation of “overvaluation”	Medium

From the perspective of stock price performance, the company’s stock has fallen by 1.80% in the past 5 days and 0.76% in the past month [0], indicating that the market may have already anticipated this stake reduction.

However, the following

should be noted:

1. Compliant Reduction
   : This stake reduction strictly abides by regulations such as the Interim Measures for the Administration of Share Reductions by Shareholders of Listed Companies [1], with compliant procedures
2. Fulfillment of Commitments
   : The 18-month lock-up period has expired, and this is a normal exit arrangement
3. Robust Company Fundamentals
   : Current ratio of 3.79, net profit margin of 8.17%, with healthy financial conditions [0]
4. Industrial Capital Nature
   : As a related party, the exit of PKU Healthcare Management Co., Ltd. may only be for
   capital arrangement needs
   , rather than a pessimistic outlook on the company’s prospects

Looking back since the restructuring of Founder Group in 2022, the company has successfully completed a smooth transition of control. After New Founder Group became the indirect controlling shareholder, the company’s operations have continued to run normally [1], and this stake reduction does not constitute a substantial negative factor.

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Dimension	Short-Term Impact	Medium-Term Impact
Valuation	Under pressure (supply increase)	Stabilizes (driven by fundamentals)
Confidence	Bearish (sentiment disturbance)	Recovers (depends on actual operations)
Stock Price	2-5% pullback risk	Depends on performance

1. Stake Reduction Time Window Risk
   : During February-May 2026, the stock price may remain under pressure
2. Market Sentiment Risk
   : The recent overall valuation correction in the pharmaceutical sector may amplify the impact of the stake reduction
3. Block Trading Discount Risk
   : If a large discount occurs in block trading, it may lower the pricing benchmark of the secondary market

:

• For long-term investors, the impact of the stake reduction is limited, and short-term fluctuations can be ignored
• For short-term investors, consider appropriately reducing positions before the start of the stake reduction window

:

• Pay attention to
  dip-buying opportunities
  during the stake reduction period
• Focus on tracking the company’s 2025 first-quarter report and full-year performance
• After the completion of the 3% stake reduction, the stock price is expected to see a
  valuation recovery
  rally

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The impact of PKU Healthcare Management Co., Ltd.'s 3% stake reduction in PKU Medicine Co., Ltd. is generally controllable:

1. Valuation Aspect
   : The short-term supply increase of approximately RMB 117 million has limited impact on the company with a total market capitalization of RMB 3.9 billion; the current valuation is within a reasonable industry range, with strong fundamental support
2. Confidence Aspect
   : Stake reductions by major shareholders do trigger short-term sentiment fluctuations, but considering: ① the reduction is compliant and does not involve a change in control; ② the company’s financial conditions are healthy; ③ the shares are from historical inheritance rather than high-level cash-out, the impact is a
   short-term disturbance
   rather than a substantial negative factor
3. Investment Recommendations
   : Pay attention to
   layout opportunities
   brought by the stake reduction window in the short term; in the medium to long term, the focus should still be on the company’s performance growth and policy changes in the pharmaceutical industry.

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[1] Pre-disclosure Announcement of Stake Reduction by Shareholder Holding ≥5% of Shares by PKU Medicine Co., Ltd. (http://static.cninfo.com.cn/finalpage/2026-01-21/1224942650.PDF)