Financial Associated Press, October 22 (Reporter Feng Qijuan)In the third quarter report, Qiu Dongrong clearly focused on pharmaceutical technology stocks with strong business growth attributes and pharmaceutical manufacturing industries with room for demand growth and supply with competitive advantages. In fact, Qiu Dongrong is not the only one who has paid close attention to the pharmaceutical industry for a long time.

Up to now, more than 300 listed companies have disclosed their three-quarter reports, and the data on the adjustment of public offering positions continue to emerge; at the same time, shortly after the prelude to the three-quarter report of public funds, the disclosure of the three-quarter reports of China Investment Ruiyin Shi Cheng, Zhong Geng Fund Qiu Dongrong and Chen Tao has attracted market attention.

According to the three-season report of Kanghua Biology, Qiu Dongrong's medium Geng value pilot and medium Geng small market value have been among the top 10 circulation shareholders of Kanghua Biology for six consecutive quarters. This quarter, Chen Tao in the management of the value of the pioneer and the first two shares remain unchanged, Qiu Dongrong in charge of another product into the top ten circulating shareholders of Kanghua Biology.

As a well-known "loyal fan" of listed companies, the adjustment operation of many star funds in the third quarter is worth paying attention to. "endure" Huitianfu Hu Xinwei, Guangfa Fund Wu Xingwu, Yinhua Fund Jiao Wei, Glenn's China Europe Medical and Health has been listed as one of the top 10 tradable shareholders for 11 consecutive quarters. In the third quarter, China Europe Medical and Health reduced its stake in the stock by 662900 shares, still ranking the sixth largest tradable shareholder.

Pu Luo Pharmaceutical, which has recently been crowned as a weight-loss concept stock, reported in the third quarterly report that its share price fell sharply the next day. Compared with the last quarter, Chi Chen Sen's Anxin Pharmaceutical Health withdrew from the top ten circulation shareholders. At the same time, Xie Zhiyu, a loyal fan, has reduced its holdings of Xingquan Herun, Xingquanhe run and Wanmin Yuanzhong products. It is worth mentioning that Xingquan Heyi and Xingquanhe run have been among the top 10 circulating shareholders of Pulo Pharmaceutical for 22 and 15 quarters respectively.

"loyal fans" reduce their holdings: Glenn reduces their holdings of Pian Tsai Yu and Xie Zhiyu reduces their holdings of Pulo Pharmaceutical

According to the three quarters of 2023, the company's revenue in the first three quarters was 7.6 billion yuan, an increase of 14.88 percent over the same period last year, and the net profit of its parent was 2.405 billion yuan, an increase of 17.16 percent over the same period last year.

By the end of the third quarter, the top 10 tradable shareholders had accumulated 410 million shares, accounting for 67.97% of the outstanding shares, a decrease of 2.2877 million shares compared with the previous period. In the same period, Glenn's China Europe Medical Health reduced its stake in the stock by 662900 shares to 7.882 million shares. Last quarter, Yi Fangda Shanghai and Shenzhen ETF, one of the top 10 tradable shareholders, increased its holdings by 446700 shares in the third quarter.

From the second quarter of 2021 to the second quarter of 2022, CEIBS Medical and Health reduced its holdings for five consecutive quarters, increasing its holdings by a total of 6.0002 million shares. By the third quarter of 2022, Central Europe was the only one of the top 10 tradable shareholders in China and Europe. Previously, Hu Xinwei's Huitianfu consumer industry, Wu Xingwu's Guangfa Healthcare and Jiao Wei's Yinhua Rich theme were among the top 10 tradable shareholders.

In fact, as early as the first quarter of 2018, there was a figure in the top 10 stocks of CEIBS Healthcare. In the fourth quarter of 2022, Pian Tsai Yi first appeared in the top ten stocks of CEIBS medical innovation owned by Glenn.

On the evening of October 18th, another pharmaceutical stock, Pulo Pharmaceutical, released its third-quarter report for 2023, with revenue of 8.5 billion yuan in the first three quarters, up 12.57 percent from the same period last year, and net profit of 851 million yuan, up 29.53 percent from the same period last year. Of this total, the revenue in the third quarter was 2.546 billion yuan, down 0.76% from the same period last year; the net profit returned to the mother was 250 million yuan, an increase of 13.61% over the same period last year.

By the end of the third quarter, the top 10 outstanding shareholders of Pulo Pharmaceutical had accumulated 724 million shares, accounting for 61.43% of the outstanding shares, a decrease of 3.5214 million shares compared with the previous period. In the third quarter, Wanminyuan's financing Health Industry and Xie Zhiyu's Xingquan Herun and Xingquan Yi reduced their holdings of 3.0001 million shares, 1.2355 million shares and 817100 shares respectively.

Retroactively found that from the second quarter of 2018 to the third quarter of 2023, Xingquan Heyi ranked among the top 10 circulating shareholders of Pulo Pharmaceutical for 22 consecutive quarters. Since the second quarter of 2022, the product has been reduced for six consecutive quarters, reducing a total of 10.2358 million shares. At this stage, the share price of Pulo Pharmaceutical Co., Ltd. fell by 41.26%. In the third quarter of 2021, Xie Zhiyu significantly reduced his holdings of 10.557 million shares through this product, during which the share price of Pulo Pharmaceutical rose 30.47%.

At the same stage, Xingquan Herun also reduced its holdings of Pulo Pharmaceutical for six consecutive quarters, reducing a total of 9.0331 million shares. Since the first quarter of 2020, Xingquan Helun has been one of the top 10 circulating shareholders of Pulo Pharmaceutical for 15 consecutive quarters.

Since the third quarter of 2022, Wanminyuan Rong Health Industry has become one of the top ten circulating shareholders of Pulo Pharmaceutical Co., Ltd., and began to increase its holdings in the fourth quarter of the same year for three consecutive quarters until the second quarter of this year.

In the fourth quarter of 2022, Chi Chen Sen's Anxin Pharmaceutical Health newly entered the top 10 tradable shareholders of Pulo Pharmaceutical Co., Ltd., which has reduced its holdings in two quarters this year, totaling 3.1931 million shares.

Prop Pharmaceutical's main business covers API intermediates, innovative drug R & D and production services (CDMO), preparations and other R & D, production. The third quarterly report revealed that on the second day, Pulo Pharmaceutical closed down 9.65%. On the same day, a total of 169 institutions participated in the research conference of Pulo Pharmaceutical. According to research records, about 50 public offerings, such as Southern Fund, Boshi Fund, Huaxia Fund, Castrol Fund, Huitianfu Fund, Ping an Fund, Zhonggeng Fund, as well as Gao Yi assets, Yuanle Sheng, Tanshui Spring, Juming Investment, Chongyang Investment, Qianhe Capital Yunzhou Capital, etc., participated in it.

Qiu Dongrong ranked among the top 10 circulating shareholders of Kanghua Biology for six consecutive quarters.

Kanghua Biology is the first vaccine company in China to produce human diploid cell rabies vaccine. According to the third quarterly report of 2023, the company's main income was 990 million yuan, down 6.12% from the same period last year; the net profit was 369 million yuan, down 23.66% from the same period last year; and the non-net profit was 360 million yuan, down 22.42% from the same period last year. Among them, in the third quarter of 2023, the company's main income in a single quarter was 356 million yuan, down 9.92% from the same period last year; the net profit in a single quarter was 121 million yuan, down 27.98% from the same period last year The non-net profit deducted in a single quarter was 127 million yuan, down 22.45% from the same period last year.

By the end of the third quarter, Chen Tao was in charge of the Zhonggeng value vanguard, Qiu Dongrong was in charge of the Zhonggeng value pilot, and the Zhonggeng small-cap value holding remained unchanged. Feng Liu's Gao Yi Linshan No. 1 Yuanwang Fund and Qiu Dongrong's Zhonggeng value quality hold the top ten new shareholders in the stock in one year.

Since the second quarter of 2022, Zhonggeng value has been the leader and small-cap value for six consecutive quarters, ranking among the top ten circulating shareholders of Kanghua Biology. In the fourth quarter of 2022 and the first quarter of 2023, these two products reduced their holdings of Kanghua Bio, totaling 1.3104 million shares and 2.0989 million shares respectively. It was found that Kanghua Bio's share price fell 2.3% in the fourth quarter of 2022 and rose 9.49% in the first quarter of this year.

It is worth mentioning that medium Geng value pilot and medium Geng small market value increased their holdings of Kanghua Biology in the third quarter of 2022, increasing their holdings by 1.3181 million shares and 3.3718 million shares respectively. Kanghua Bio's shares fell 25.09% in the quarter.

In addition, in the second quarter of this year, when Kanghua biological shares fell 28.46%, the value of Zhonggeng small-cap shares increased by 250300 shares.

In the third quarter of 2022, Zhong Geng value and quality became one of the top 10 circulating shareholders of Kanghua Biology for the first time, and its holdings were reduced by 94300 shares in the fourth quarter of the same year. In the second quarter of this year, it withdrew from the list of the top ten circulation shareholders of Kanghua Biology, and entered it in the third quarter.

In the newly released quarterly report, Qiu Dongrong continues to adhere to the undervalued investment strategy by selecting stocks with good fundamentals, positive profit growth and undervalued stocks. The key investment directions include: 1) technology stocks and Internet stocks such as medicine and intelligent electric vehicles with strong business growth and more room for the future; 2) supply side shrinking or rigid, but there are still high growth value stocks, the main industries include resource companies and energy transport companies represented by basic metals, real estate and non-bank finance in the market value stocks. 3) there is room for demand growth and the supply of cost-effective companies with competitive advantages, including non-ferrous metal processing, pharmaceutical manufacturing, machinery, electrical equipment and new energy, auto parts and so on.

At the same time, the pioneer of Zhonggeng value among the top ten circulating shareholders of Kanghua Biology, the operation is different. Under Chen Tao's leadership, the product increased its holdings of Kanghua Biology for three consecutive quarters from the fourth quarter of 2022 to the second quarter of 2023, with a total increase of 2.7358 million shares.

In the three-quarter report, Chen Tao said frankly that the fund's net worth in the vanguard of Zhonggeng value fell more in the third quarter, and the over-allocated industries and individual stocks all performed poorly. The portfolio has been greatly adjusted in the second quarter, reverse buying a lot of growth stocks with large decline, low valuation but some pressure on short-term prosperity, hoping to improve the medium-and long-term performance-to-price ratio of the portfolio, but the results did not meet expectations.

However, after evaluation, Chen Tao's team believes that the valuations of almost all companies in the portfolio are in or near the lowest quantile since listing. And in line with the medium-and long-term demand side has high growth potential, supply side has a strong competitive advantage, good business model, high level of governance and other standards, based on undervalued value growth strategy and common sense should actively buy, patiently wait for the repair of prosperity.

In the fourth quarter of 2022, Zhonggeng value Pioneer became one of the top ten circulating shareholders of Garden Biology for the first time. From then to the second quarter of 2023, Chen Tao increased his holdings of garden organisms for three consecutive quarters, totaling 12.5251 million shares. By the third quarter of this year, a total of 16.4571 million shares of Garden Biology were reduced.

The main business of Garden Biology is the R & D and production of vitamin D3 upstream and downstream products and high-tech barrier preparations in the field of cardiovascular and neurological systems. According to the three-quarter report, the company's revenue in the first three quarters of the second quarter was about 898 million yuan, down 17% from the same period last year, while its net profit was about 149 million yuan, down 58% from the same period last year. Revenue in the third quarter was 241 million yuan, down 13% from the same period last year, down 29% from the same period last year; the net profit returned to the mother was 32 million yuan, down 44% from the same period last year and 51% from the previous year; and the net profit after deducting it was 27 million yuan, down 50% from the same period last year and 56% from the previous year.

According to the research report of Guolian Securities on October 22nd, Garden Biology, as the leader of the VD3 industry, suffered from the malaise of the VD3 industry, but pointed out that the company's VD3 main business long-term high barriers, high growth logic still exists.