Report date: 2026-09-13 | Price data: Price and market data as of the September 11, 2026 (Friday) close; technical indicators have inconsistent timestamps across sources: investing.com technical analysis as of September 3, 2026, agu888 as of September 8, 2026, and Eastmoney Qian Gu Qian Ping as of September 11, 2026, 16:00 | Sources: 30 | Report engine: v1 (v2 available)

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Close	5.25 (+0.96% on the day; -0.76% over 5 sessions; -4.89% over 20 sessions)
Market cap	CNY 8.99 billion
P/E (TTM)	25.05x (81th percentile over 5.2 years)
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52-week range	4.79 (2026-06-29) – 7.38 (2026-04-07)
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Volume	0.95x the 20-day average
One-week range (about 68% coverage)	5.06 – 5.48 (-3.6% ~ +4.4%)
One-week range (about 95% coverage)	4.78 – 6.05 (-9.0% ~ +15.2%)

As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

C.Q. Pharmaceutical Holding Co., Ltd. (C.Q. Pharmaceutical Holding, 000950.SZ) (000950)

Individual Stock Analysis Report | Industry: Pharmaceutical Distribution (Wholesale and Retail) | Report Date: September 13, 2026 | Price and market data as of the close on Friday, September 11, 2026; technical indicators have cross-source timing inconsistencies: investing.com technical analysis is dated September 3, 2026, agu888 is dated September 8, 2026, and East Money Qian Gu Qian Ping is dated September 11, 2026 at 16:00

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

C.Q. Pharmaceutical Holding's latest financial performance shows that for H1 2026, operating revenue was RMB 40.132 billion, down 2.57% year-on-year; net profit attributable to parent was RMB 254 million, down 9.85% year-on-year; net profit attributable to parent excluding non-recurring items was RMB 243 million, down 12.37% year-on-year. During the same period, net cash flow from operating activities was negative RMB 3.609 billion, down approximately 58.8% year-on-year, and accounts receivable was approximately RMB 39.5 billion, reflecting that the company's current core contradiction has shifted from scale expansion to collections, cash flow, and profit quality. In the 2026 interim report, pharmaceutical wholesale revenue was RMB 37.565 billion, down 3.81% year-on-year, and pharmaceutical retail revenue was RMB 2.342 billion, up 20.27% year-on-year.

The company's main business is concentrated in pharmaceutical distribution, with pharmaceutical wholesale revenue accounting for 94.45% in 2025, but the gross margin was only 6.76%, overall exhibiting characteristics of low gross margin, high turnover, and strong dependence on payment terms. The company has a nationwide warehousing and logistics network, wholesale qualifications for narcotic and psychotropic drugs, and a business foundation in retail, DTP pharmacies, and online platforms; as of H1 2026, DTP prescription pharmacies increased to 231, and emerging businesses such as medical aesthetics and radioactive drugs also maintained rapid growth. The equity investment in Chongqing YaoPharma remains a source of profit supplementation, with net profit attributable to parent of RMB 432 million in H1 2026.

In 2025, the company's operating revenue was RMB 82.447 billion, up 2.34% year-on-year; net profit attributable to parent was RMB 387 million, up 36.65% year-on-year; and net profit attributable to parent excluding non-recurring items increased 77.03% year-on-year. However, this growth was built on the low base of a sharp decline in net profit in 2024, and profit fell again in H1 2026, so the sustainability of the profit recovery remains to be verified. Market forecasts show significant divergence in the direction of revenue and profit for 2026–2028, and there are only two covering institutions, so the representativeness of the forecasts is limited.

As of the close on September 11, 2026, the company's stock price was RMB 5.19, market capitalization was approximately RMB 8.889 billion, and price-to-book ratio was approximately 0.76x, in a below-net-asset state; however, the stock price was below most short- and medium-term moving averages, MACD was below the zero line, turnover was approximately RMB 102 million, and turnover rate was 1.15%, indicating a weak short-term technical picture. RSI at approximately 33 and multiple oscillators entering oversold territory suggest the possibility of a technical rebound, but this still requires confirmation from volume and capital flows.

II. Company Overview

2.1 Basic Information

Item	Content
Stock code	000950
Securities abbreviation	C.Q. Pharmaceutical Holding
Full company name	C.Q. Pharmaceutical Holding Co., Ltd.
Listing exchange/board	Shenzhen Stock Exchange Main Board
Listing date	1999-09-16
Issue price	RMB 4.63
Registered capital	RMB 1.728 billion (RMB 1,728.18 million)
Total share capital	1,712,778,096 shares
Industry	Pharmaceutical commerce / Wholesale and retail
Registered address	No. 303 Jinshi Avenue, Yubei District, Chongqing
Company website	www.cqphar.com
Legal representative	Yuan Quan (per Baidu Finance and etnet; the chairman "Liu Shaoyun" listed on the old Ping An Securities F10 page is an older version before the name change and should not be relied upon)
Historical name-change chain	Minfeng Agro-Chemical → ST Nonghua → ST Nonghua → GST Nonghua → GST Jianfeng → ST Jianfeng → Jianfeng Chemical → ST Jianfeng → C.Q. Pharmaceutical Holding (Source: Sohu Securities)
Important note (removal of old businesses)	Much of the "Jianfeng Chemical" content found in searches (gas-based urea, melamine, PTMEG, 1.32 million tons of urea capacity, etc.) relates to the old businesses of this ticker before the asset restructuring and must not be treated as current businesses; the asset valuation description disclosed by the Shenzhen Stock Exchange in 2016 confirms that the company was then undergoing a major asset restructuring, divesting fertilizer/chemical assets and liabilities. The current main business is pharmaceutical distribution.
Top five shareholders (as of 2026-06-30, source: etnet single source, not cross-verified)	Chongqing Pharmaceutical Health Industry Co., Ltd. 38.47% (tradable A shares); Chongqing Urban Construction Investment (Group) Co., Ltd. 16.33%; Chongqing Strategic Emerging Industry Pharmaceutical Special Equity Investment Fund Partnership (Limited Partnership) 3.22%; Deng Shoukuan 1.59%; Guangzhou Baiyunshan Pharmaceutical Group 1.50%

2.2 Main Business and Product Layout

Pharmaceutical commerce (core main business): Under the 2025 annual report basis, pharmaceutical wholesale revenue was RMB 77.87 billion, accounting for 94.45%, with a gross margin of 6.76%; pharmaceutical retail revenue was RMB 4.180 billion, accounting for 5.07%, with a gross margin of 13.06%. By product: pharmaceuticals accounted for 82.68% (gross margin 6.43%), medical devices accounted for 16.00% (gross margin 7.83%), and others accounted for 1.32% (gross margin 17.10%); domestic sales were 100%, with no overseas revenue.
Warehousing and logistics: At the end of 2025, 10 self-built provincial-level modern logistics bases, 163 warehousing centers at various levels, and total warehousing area of more than 770,000 sqm; in H1 2026, this increased to 11 self-built provincial-level logistics bases, 184 warehousing centers at various levels, and total warehousing area approaching 800,000 sqm.
Pharmaceutical industry and R&D: Asset-light, mainly through equity investments, and does not consolidate industrial operations. The equity investee Chongqing YaoPharma had 2025 revenue of RMB 5.206 billion and net profit attributable to parent of RMB 1.254 billion; in H1 2026, revenue was RMB 2.238 billion and net profit attributable to parent was RMB 432 million.
Retail and online network: At the end of 2025, 828 retail stores, covering 24 provinces/municipalities/autonomous regions, including 598 community health pharmacies (546 directly operated + 52 franchised) and 230 DTP specialty pharmacies (increasing to 231 in H1 2026); the C.Q. Yunshang platform had 2025 transaction volume of approximately RMB 3.8 billion (+44%), and in H1 2026 the operating performance of C.Q. Yunshang and the intelligent marketing assistant "Yaodongdong" increased by 80% year-on-year.
Qualification labels and emerging businesses: A central- and local-level designated reserve unit for pharmaceuticals and medical devices; one of only three nationwide wholesale enterprises in China engaged in the operation of narcotic drugs and Class I psychotropic drugs, with a narcotic and psychotropic drug sales network covering 31 provinces/municipalities/autonomous regions nationwide; emerging businesses include medical aesthetics (+45% year-on-year in H1 2026), food for special medical purposes, and radioactive drugs (6 qualifications cumulatively, H1 2026 revenue +67%).

2.3 Position in the Industry Chain Upstream and Downstream and Cost-Profit Structure

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting period	Operating revenue	YoY	Net profit attributable to parent	YoY
2023	RMB 78.397 billion	Data missing	RMB 625 million	Data missing
2024	RMB 80.562 billion	+2.76%	RMB 283 million	-54.69%
2025	RMB 82.447 billion	+2.34%	RMB 387 million	+36.65%
2026Q1	RMB 20.432 billion	-0.87%	RMB 171 million	+36.33%
2026H1	RMB 40.132 billion	-2.57%	RMB 254 million	-9.85%

The latest financial report is the 2026 interim report (disclosed 2026-08-25): operating revenue RMB 40.132 billion (YoY -2.57%), net profit attributable to parent RMB 254 million (YoY -9.85%), net profit attributable to parent excluding non-recurring items RMB 243 million (YoY -12.37%), basic earnings per share RMB 0.15 (YoY -6.25%), total profit RMB 418 million. By business: pharmaceutical wholesale RMB 37.565 billion (-3.81%), pharmaceutical retail RMB 2.342 billion (+20.27%). Operating cash flow fell approximately 58.8% year-on-year, and accounts receivable was approximately RMB 39.5 billion. Supplementary indicators for 2025 (annual report): net profit attributable to parent excluding non-recurring items RMB 358 million (+77.03%), diluted EPS RMB 0.22, ROE 3.35% (2.50% in 2024), gross margin 7.21% (YoY -0.23pct), net cash flow from operating activities RMB 755 million (negative RMB 187 million in the prior year). Supplementary data for 2024: EPS RMB 0.16, gross margin 7.43%, ROE 2.50%; the earlier earnings forecast disclosed on 2025-01-11 projected 2024 net profit attributable to parent of RMB 290–390 million (-40.45% to -55.72%, a profit warning), and the actual 2024 annual report fell at the lower end of the forecast range.

The 36.65% year-on-year surge in 2025 net profit (excluding non-recurring items +77%) was mainly built on the low 2024 base (RMB 283 million, -54.69%); net profit returned to decline in H1 2026, indicating that the profit recovery is not yet stable. Segment revenue is dominated by pharmaceutical wholesale (approximately 93.6% of H1 2026, with gross margin of only about 6.3%), while retail accounts for a small share but grows quickly, belonging to a low-gross-margin, high-accounts-receivable, quasi-financial pharmaceutical distribution model, with profit sensitive to financial expenses and collection terms.

3.2 Profit Forecast

The forecast source is the East Money profit forecast page (2 institutions = Southwest Securities + Soochow Securities, six-month average), Southwest Securities' 2026-09-02 "2026 Interim Report Review: Main Business Revenue Under Pressure, Centralized Procurement Compresses Gross Margin Space" (Du Xiangyang), and Soochow Securities' 2026-08-31 "2026 Interim Report Review: Retail Segment Growth Bright, Chongqing YaoPharma Continues to Contribute Returns" (Zhu Guoguang/Su Feng). Soochow Securities' old forecast (2026-04-28, annual report review) projected 2026–2028 net profit attributable to parent of RMB 570/644/715 million, EPS RMB 0.33/0.37/0.41, corresponding to PE 18/16/14x, which has been substantially lowered after the interim report (2026E net profit cut from RMB 570 million to approximately RMB 437 million, -23%). Important basis reminder: There are very few covering institutions, with only 2 issuing ratings/forecasts within the past year, making this a single-/dual-institution forecast rather than a broad consensus expectation, with limited representativeness; Soochow's 2026-2028 revenue forecasts (RMB 83.6–93.3 billion) are significantly higher than Southwest's (RMB 79.4 billion and below, with a declining trend) and the East Money 2-institution average (RMB 81.5–84.4 billion), and the two institutions differ considerably in their judgment of revenue direction; some aggregation pages (East Money soft version) still show Soochow's old version of 0.33/0.37/0.41, and cache/update timing differs across platforms, so the page and date of data retrieval must be noted when citing.

Year	Operating revenue	Net profit attributable to parent	Net profit growth rate	Earnings per share (EPS)
2026E	RMB 81.56 billion (East Money 2-institution average basis); Soochow RMB 83.659 billion; Southwest appendix RMB 79.402 billion	RMB 431.8 million (East Money 2-institution average basis); Soochow RMB 436.77 million; Southwest appendix RMB 426.5 million	Soochow basis +12.94%; Southwest did not explicitly disclose	RMB 0.26 (East Money 2-institution average); Soochow RMB 0.26; Southwest RMB 0.25
2027E	RMB 82.80 billion (East Money 2-institution average basis); Soochow RMB 88.474 billion; Southwest appendix approximately RMB 42.37 billion scale (appendix figures have typesetting misalignment, for reference only)	RMB 462.3 million (East Money 2-institution average basis); Soochow RMB 501.14 million; Southwest appendix RMB 423.7 million	Soochow basis +14.74%; Southwest did not explicitly disclose	RMB 0.27 (East Money 2-institution average); Soochow RMB 0.29; Southwest RMB 0.25
2028E	RMB 84.41 billion (East Money 2-institution average basis); Soochow RMB 93.339 billion; Southwest appendix approximately RMB 51.92 billion scale (appendix figures have typesetting misalignment, for reference only)	RMB 582.0 million (East Money 2-institution average basis); Soochow RMB 572.22 million; Southwest appendix RMB 519.2 million	Soochow basis +14.18%; Southwest did not explicitly disclose	RMB 0.34 (East Money 2-institution average); Soochow RMB 0.33; Southwest RMB 0.35

3.3 Valuation Level and Institutional Ratings

Institution	Rating	Date	Remarks
Soochow Securities	Buy	2025-10-25	Initiated coverage with Buy; closing price on the report date was RMB 5.36, PB approximately 0.8x, judging that PB had substantial room for improvement
Soochow Securities	Buy	2026-04-28	Maintained Buy; closing price on the report date was RMB 5.90, no target price given (old forecast for 2026–2028 net profit attributable to parent of RMB 570/644/715 million, EPS RMB 0.33/0.37/0.41, corresponding to PE 18/16/14x)
Soochow Securities	Buy	2026-08-31	Maintained Buy, no target price given (2026–2028 revenue RMB 83.659/88.474/93.339 billion, net profit attributable to parent RMB 436.77/501.14/572.22 million, EPS RMB 0.26/0.29/0.33, corresponding to PE 21.88/19.07/16.70x)
Southwest Securities	No explicit Accumulate/Buy rating seen	2026-09-02	Interim report review, providing profit forecast and dynamic PE (2026–2028 EPS RMB 0.25/0.25/0.35, corresponding to dynamic PE 22/23/16x), no explicit rating level or target price seen

Total share capital based on the 2025 annual report/2024 dividend base is approximately 1.728 billion shares (1,728,184,696 shares). Target price: Multiple research report entries all show no target price given, and there is no public consensus target price. East Money rating statistics show 1 institution for the past 1 month/2 months/3 months/6 months/1 year, with an overall rating of Buy (rating coefficient 5.00), while the soft version shows 2 Buy ratings within 1 year. Valuation level (note data timeliness): Estimates inferred from research report PE, not direct market data — East Money 2025A EPS RMB 0.2258, PE 24.05x, implying a stock price of approximately RMB 5.4–5.5, corresponding to total market capitalization of approximately RMB 9.4–9.6 billion; Soochow's 2026-08-31 forecast has 2026E PE 21.88x × EPS 0.26 ≈ RMB 5.7; Southwest's 2026-09-02 forecast has 2026E PE 22x × EPS 0.25 ≈ RMB 5.5, so the recent stock price is roughly in the RMB 5.4–5.9 range; refer to Soochow's 2026-04-28 report-date closing price of RMB 5.90 and Soochow's 2025-10-25 initiation report-date closing price of RMB 5.36. PB (estimated): 2025 net assets per share RMB 6.6754, and at RMB 5.5, PB ≈ 0.82x; Soochow's 2025-10-25 initiation explicitly noted that the then-current PB was only 0.8x, far below the industry average, in a below-net-asset/near-below-net-asset state. Current PE (TTM, estimated): Based on 2025 net profit attributable to parent of RMB 387 million and the 2026H1 rolling basis, TTM net profit is approximately RMB 360 million, corresponding to PE of approximately 26x (estimated value, not officially disclosed). Dividends: Both the 2024 and 2025 fiscal years paid RMB 0.3 per 10 shares (tax included), implying a dividend yield of approximately 0.5% at RMB 5.5, which is low. Uncertainties/missing items: Real-time closing prices with clear dates, daily change, total market capitalization, and dynamic PE (TTM) could not be obtained (the figures 5.19/6.08 returned by the East Money/Tonghuashun JS quote pages and the Sohu quote page are of unclear date and mutually inconsistent, and were not adopted); the above prices and market capitalization are reverse-engineered estimates based on research report PE/EPS, for magnitude reference only, and should be replaced with official market data as of the retrieval date in a formal report; there are only 2 covering institutions and they diverge on revenue direction, so the robustness of valuation anchors (PE/PB) is limited.

IV. Recent News and Announcements

4.1 Announcement of Resolutions of the Fourth Extraordinary Shareholders' Meeting of 2026 (Announcement No. 2026-059)

Disclosure date 2026-09-10/11. Meeting date 2026-09-10, on-site + online, record date 2026-09-07, on-site venue was the company meeting room at No. 303 Jinshi Avenue, Liangjiang New Area, Chongqing, chaired by Chairman Yuan Quan. The "Proposal on Changing Registered Capital, Registered Address, and Amending the Articles of Association" was reviewed and approved (the sole proposal, a special resolution, requiring approval by more than 2/3). Attendance: 307 shareholders/representatives, representing 1,019,745,341 shares, accounting for 59.5375% of voting shares; of which 1 on-site representative represented 664,900,806 shares (38.82%), and 306 online representatives represented 354,844,535 shares (20.7175%). Voting: total affirmative votes 1,016,938,264 shares (99.7247%), opposition 0.2627%, abstention 0.0126%; minority shareholders' affirmative votes 96.1308%. This proposal links up with the earlier repurchase and cancellation to reduce registered capital and the change of registered address.

4.2 Announcement on the Departure of a Director and Deputy General Manager (Announcement No. 2026-057)

Disclosure date 2026-09-03. On 2026-09-01, the board of directors received the resignation report of director and deputy general manager Chen Yihai, who resigned from the positions of director, member of the Strategy and Sustainable Development Committee, and deputy general manager due to work adjustment, and was transferred to the position of company research manager (second-level special assignment), effective upon delivery to the board of directors; Chen Yihai did not hold company shares.

4.3 2026 Interim Report and Accompanying Announcements

Disclosure date 2026-08-26. Disclosed on the same day: the full text and summary of the 2026 interim report, the resolutions of the 25th meeting of the ninth board of directors, the progress announcement on the "Quality and Returns Dual Improvement" action plan, the announcement on the provision for impairment for H1 2026, the announcement on changing registered capital/registered address and amending the Articles of Association, the announcement on holding the 2026 interim results briefing, the announcement on appointing a deputy general manager, the progress announcement on the implementation of market-oriented debt-to-equity conversion by a subsidiary, and the notice on convening the fourth extraordinary shareholders' meeting of 2026. The 25th board meeting (2026-08-24) also reviewed and approved the "Proposal on Formulating the Measures for the Management of Asset Impairment and Asset Write-off" and the "Proposal on the Risk Assessment Report of Genertec Group Finance Co., Ltd.," among others.

4.4 H1 2026 Operating Data (Official Interim Report)

2026 interim report (official, disclosed 2026-08-26): operating revenue RMB 40.132 billion, YoY -2.57%; net profit attributable to parent RMB 254.45 million, YoY -9.85%; net profit attributable to parent excluding non-recurring items RMB 242.60 million, YoY -12.37%; basic EPS RMB 0.15; net cash flow from operating activities negative RMB 3.609 billion (net outflow expanded 58.76% year-on-year); weighted ROE 2.18%. By business: pharmaceutical wholesale RMB 37.565 billion (-3.81%), pharmaceutical retail RMB 2.342 billion (+20.27%); at period-end there were 786 retail stores, including 231 DTP prescription pharmacies, with DTP up approximately 35% year-on-year in H1. Number of shareholders: 48,253 as of 2026-06-30, a decrease of 3,819 (-7.33%) from 2026-03-31.

4.5 Questionable Earnings Forecast Information (Single Source, Conflicts with Official Data, Recommended to Disregard)

On the CNINFO investor relations interactive platform (irm.cninfo.com.cn, questionId=2317420738512535552, page marked 2026-07-20, source "WeChat public account"), there is a statement claiming that "the latest disclosed earnings forecast shows that H1 2026 net profit attributable to parent is expected to be RMB 178 million to RMB 207 million, up 55% to 80% year-on-year." However: (a) this range is clearly inconsistent with the subsequent official interim report dated August 26 showing net profit attributable to parent of RMB 254 million and YoY -9.85%; (b) if reverse-engineered based on "YoY +55%–80%," the corresponding prior-year same period would be approximately RMB 115 million, while the H1 2025 net profit attributable to parent shown in the 2026 interim report was RMB 282 million, which cannot be reconciled. Conclusion: this "earnings forecast" figure is highly likely not applicable to H1 2026 (the source is a WeChat public account paraphrase, not a formal company earnings forecast announcement, and there is no second-source corroboration), and it should not be adopted as the company's formal earnings forecast; the official interim report dated August 26 should prevail, and this item should be listed as "single source, conflicts with official data, questionable." No formally disclosed 2026 interim earnings forecast announcement from the company was found in this search.

4.6 Historical Earnings Forecasts and Broker Expectations (For Comparison, Not Current-Period Announcements)

Historical earnings forecasts: The company on 2025-01-11 forecast 2024 annual report net profit of RMB 290 million to RMB 390 million, a change of -55.72% to -40.45%. Reference broker consensus expectations (not current-period announcements, for comparison only): Soochow Securities maintained "Buy" on 2026-04-28 and lowered 2026-2027 net profit attributable to parent to RMB 570/644 million; Southwest Securities forecast 2026-2028 EPS of RMB 0.25/0.25/0.35 on 2026-09-02.

4.7 Completion of Share Repurchase Cancellation and Share Changes (Announcement No. 2026-045, Affecting Registered Capital)

Plan: Approved by the 15th meeting of the ninth board of directors on 2025-07-10 and the extraordinary shareholders' meeting on 2025-07-28, using own funds and special repurchase loans to repurchase A shares through centralized bidding for the purpose of "reducing registered capital"; total repurchase amount RMB 80 million to RMB 100 million (inclusive), price ceiling RMB 6.6 per share, term 12 months. Implementation: first repurchase on 2025-08-14; by completion, a cumulative 15,406,600 shares had been repurchased, approximately 0.8915% of total share capital, with the highest transaction price RMB 5.48 per share and the lowest RMB 5.01 per share, with cumulative payment of RMB 80,998,765.98 (excluding transaction fees) (Announcement No. 2026-044, disclosed 2026-07-02, implementation completed). Cancellation: cancellation was completed at China Securities Depository and Clearing Shenzhen Branch on 2026-07-08; total share capital decreased from 1,728,184,696 shares to 1,712,778,096 shares (Announcement No. 2026-045, disclosed 2026-07-10). Stockstar shows post-cancellation total share capital of 1.713 billion shares, total market capitalization of approximately RMB 8.889 billion, and float market capitalization of RMB 8.889 billion (fully tradable).

4.8 Progress Announcement on the Implementation of Market-Oriented Debt-to-Equity Conversion by a Subsidiary (Announcement No. 2026-055)

Disclosed 2026-08-26. The company's controlled subsidiary Chongqing Pharmaceutical (Group) Co., Ltd. ("C.Q. Pharmaceutical Co.") implemented market-oriented debt-to-equity conversion in September 2023, introducing ICBC Financial Asset Investment, BOC Financial Asset Investment, and CCB Financial Asset Investment (collectively the "Investors"). The original agreement provided that the company could purchase the Investors' equity within 36 months after investment by issuing shares, or after 36 months by itself or a designated third party in cash. The company now intends to choose "not to purchase," with the Investors continuing to hold 15.5046% equity in C.Q. Pharmaceutical Co., and intends to sign relevant agreements; after the agreements take effect, it may still purchase at an appropriate time. This has been reviewed and approved by the 25th meeting of the ninth board of directors (2026-08-24), subject to final approval by the shareholders' meeting of C.Q. Pharmaceutical Co. Impact: does not change the company's controlling position in C.Q. Pharmaceutical Co. The Investors' "continued shareholding of 15.5046%" still requires approval by the shareholders' meeting of C.Q. Pharmaceutical Co., and the final outcome is uncertain.

4.9 Acquisition Report Continuous Supervision Clue (To Be Verified)

On 2026-04-29, "China International Capital Corporation Limited's 2026 First Quarter Continuous Supervision Opinion and Continuous Supervision Summary Report on the Acquisition Report of C.Q. Pharmaceutical Holding Co., Ltd." was disclosed. This indicates that the company previously had matters related to an "acquisition report" and is now in the final stage of continuous supervision. The specific acquirer/transaction details were not fully found in this search, and it is recommended to separately verify and supplement them in a formal draft (current evidence is insufficient, marked as pending verification).

4.10 Central SOE System Clue (To Be Verified)

The company's controlling/major shareholders (according to the 2026 interim report): Chongqing Pharmaceutical Health Industry Co., Ltd. 38.47% (state-owned legal person); Chongqing Urban Construction Investment (Group) Co., Ltd. 16.33%; Chongqing Yufu Capital—Chongqing Strategic Emerging Industry Pharmaceutical Special Equity Investment Fund 3.22%; Deng Shoukuan 1.59%; Guangzhou Baiyunshan Pharmaceutical Group 1.50%; Shanghai Fosun Pharmaceutical (Group) 0.99%; Hong Kong Securities Clearing 0.63%. The company also carries the concept of "central SOE/central state capital/large central SOE restructuring," and the board reviewed the "Proposal on the Risk Assessment Report of Genertec Group Finance Co., Ltd.," suggesting that the controlling relationship has been incorporated into the Genertec Group system (the specific equity path is pending verification; this time only the announcement title and proposal name were seen, without the complete transaction structure, so no conclusion should be drawn based on the title).

4.11 Announcement on Newly Added Cumulative Litigation and Arbitration Cases

Disclosed 2026-08-05. The company is involved in 24 litigation and arbitration cases, with a total amount involved of RMB 931.4 million. Comparison: when disclosed on 2026-04-24, there were 18 cases totaling RMB 849.6 million (i.e., newly added during the reporting period).

4.12 Dividends and Other Shareholder Return/Interaction Announcements

2025 annual equity distribution (implementation announcement 2026-06-11): cash dividend of RMB 0.3 per 10 shares (tax included); record date 2026-06-17, ex-rights/ex-dividend date/dividend payment date 2026-06-18. On 2026-06-29, the third extraordinary shareholders' meeting of 2026 was held to review the "Amendment to the Management System for the Remuneration of Directors and Senior Management" and the "2026 Remuneration Plan for Directors and Senior Management." On 2026-08-28, the 2026 interim results briefing was held (institutional research/online interaction); on 2026-05-07, the 2025 annual results briefing was held. On 2026-04-13, the "Announcement on Abnormal Fluctuations in Stock Trading" was disclosed (risk warning type). Other: 2026-05-29 "Announcement on the Signing of a License Agreement by an Equity Investee" (major contract); 2026-05-23 "Announcement on the Registration Approval of a Drug of an Equity Investee"; on 2026-04-24, the 2025 annual report was disclosed (net profit attributable to parent RMB 386.7 million, YoY +36.65%) and the 2026 Q1 report (net profit attributable to parent RMB 170.7 million, YoY +36.33%).

4.13 Capital Flow/Stock Price Point-in-Time Data (For Reference Only)

On 2026-09-11, main funds recorded net selling of RMB 7.5707 million (Stockstar). Around 2026-09-10, the stock price was approximately RMB 5.29 (Sina quote embedded value, change -1.31%), the date of the fourth extraordinary shareholders' meeting resolution. The above are point-in-time data attached to quote pages, not independently multi-source verified, for reference only.

4.14 Explanation of Uncertainties and Limitations

1. ★The H1 2026 "earnings forecast of RMB 178–207 million, YoY +55%–80%" appears only in one WeChat public account source on the CNINFO interactive platform and is inconsistent with both the official interim report (RMB 254 million, -9.85%) and the comparable base—highly questionable, and it is recommended to disregard it or clearly mark it as "unverified/conflicting data." No formally disclosed 2026 interim earnings forecast announcement from the company was found in this search. 2. The control/central SOE restructuring background indicated by the two items "acquisition report/continuous supervision" and "Genertec Group Finance Company" was seen this time only in announcement titles and proposal names, without the complete transaction structure; these are pending verification items, and no conclusion should be drawn based on titles. 3. The subsidiary's debt-to-equity conversion investor "continuing to hold 15.5046%" still requires approval by the shareholders' meeting of C.Q. Pharmaceutical Co., and the final outcome is uncertain. 4. Some data come from second-hand paraphrases on quote/announcement aggregation sites (Stockstar, Tonghuashun, Sohu Securities, etc.); key figures (share capital, repurchase amount, voting ratio, interim report data) have been cross-checked in at least two sources and are consistent with the official interim report summary; however, certain point-in-time quote and capital flow data were not multi-source verified. 5. The time benchmark of these minutes is information around 2026-09-11 retrieved; because pages often contain JS rendering and timeliness differences, specific dates/values should be based on the original announcements on CNINFO (cninfo.com.cn).

V. Stock Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Closing price	RMB 5.19 (-RMB 0.10 / -1.89%)
Open / High / Low / Previous close	RMB 5.27 / 5.27 / 5.15 / 5.29
Volume / Turnover	197,700 lots / RMB 102 million
Turnover rate / Amplitude / Volume ratio	1.15% / 2.27% / 1.15
Total share capital / Float share capital	1.713 billion shares / 1.713 billion shares (fully tradable)
Total market capitalization / Float market capitalization	RMB 8.889 billion / RMB 8.889 billion
P/E (TTM / Static / Dynamic)	24.77 / 22.99 / 17.47 (the three differ considerably; dynamic PE is notably lower than TTM, suspected to be related to the H1 2026 profit base, not further verified in these minutes)
P/B / Net assets per share	0.76 / RMB 6.7927 (corresponding to a below-net-asset state, 5.19/6.79≈0.76)
Limit-up price / Limit-down price	RMB 5.82 / RMB 4.76
52-week high	Approximately RMB 7.37–7.41 (slight cross-source differences: Baidu/Sina 7.38, datayes 7.37, etnet/Google/MSN 7.41; exact date not obtained)
52-week low	RMB 4.79 (consistent across sources; exact date not obtained)
Multi-source consistency note	The above closing snapshot was cross-checked and found consistent across East Money, Cailian Press, eCompany, Sina Finance, and other sources. Other values such as 5.77/5.48/4.93/7.05/6.84 appeared in searches and, upon comparison, correspond to old snapshots or earlier dates respectively (e.g., 5.48 with -5.03% corresponding to the market on August 21, 2026), and have been identified as stale cached data and not adopted

5.2 Technical Indicators

Indicator	Value	Brief interpretation
Moving averages (investing.com, as of 2026-09-03)	MA5 5.42 / MA10 5.46 / MA20 5.47 / MA50 5.49 / MA100 5.63 / MA200 5.51	The current price of 5.19 is below all short- and medium-term moving averages, and the moving averages show signs of a bearish alignment; the composite rating shows 'Strong Sell' (moving averages 0 buy 12 sell, technical indicators 0 buy 9 sell)
Moving averages (agu888, as of 2026-09-08, closing price that day 5.43)	MA5 5.38 / MA10 5.44 / MA20 5.59 / MA60 5.40 / MA120 5.66	There is a considerable difference from investing.com's MA20 (5.47) (5.47 vs 5.59), which cannot be explained by a single time difference and is judged to be due to calculation method (simple/exponential moving average) or data source differences, not further verified in these minutes; use with caution
RSI(14) (investing.com, 2026-09-03)	33.009	Weak, close to oversold but not below 30, with conditions for a technical rebound
MACD(12,26) (investing.com, 2026-09-03)	-0.02 (sell signal)	Below the zero line, with weak momentum
STOCHRSI(14) / Williams %R / CCI(14) (investing.com, 2026-09-03)	STOCHRSI 7.637 (oversold) / Williams %R -91.667 (oversold) / CCI -192.03	Multiple oscillators are in oversold territory, indicating short-term weakness but with the possibility of an oversold rebound
ADX(14) / ATR(14) (investing.com, 2026-09-03)	ADX 24.797 / ATR 0.0514	ATR shows low volatility; ADX at approximately 25, moderate trend strength
Bollinger Bands (20,2) (agu888, 2026-09-08)	Upper band 6.08 / Middle band 5.59 / Lower band 5.11	Single-source data, not verified by a second source, recommended to retain skepticism; the lower band 5.11 and the September 11 low of 5.15 jointly point to the RMB 5.1–5.2 area as a downside reference support zone
East Money Qian Gu Qian Ping (as of 2026-09-11 16:00)	Composite score 62.02 (ranked 20th among 32 in the pharmaceutical commerce industry, industry average 64.36); institutional participation 25.06%, in 'moderate control'; latest 1-day main force cost RMB 5.18, latest 20-day main force cost RMB 5.65; model probability of rise next day 49.55%, 5-day rise probability 47.89% (sample size 17345); MACD/KDJ/RSI/BOLL no obvious signal appearing for now	Overall weaker than the industry average score; model probabilities are statistical model outputs, not true probabilities, for reference only

C.Q. Pharmaceutical Holding (000950.SZ, pharmaceutical commerce/pharmaceutical distribution) closed at RMB 5.19 as of September 11, 2026, down 1.89%, with turnover of RMB 102 million and turnover rate of 1.15%, in a state of shrinking volume. The current price is below most short- and medium-term moving averages (approximately RMB 5.35–5.6 range), and the moving averages show signs of a bearish alignment; RSI at approximately 33, STOCHRSI and Williams %R in oversold territory, and MACD below the zero line (-0.02), short-term weak but with the possibility of an oversold rebound. Main funds have shown overall net outflow over the past month (net outflow of RMB 7.5707 million on September 11), with a weak short-term capital picture. In valuation terms, P/B is 0.76 and net assets per share is RMB 6.7927, in a below-net-asset state. Overall, the short-term technical picture is weak, with shrinking volume and low liquidity; the RMB 5.10–5.18 area is the key downside reference support, and RMB 5.35–5.45 is the short-term resistance zone. Note: moving averages and technical indicators have inconsistent timing across sources (September 3, September 8, September 11), and MA20 has an unexplained difference of 5.47 vs 5.59; Bollinger Bands are single-source data; the exact dates of the 52-week high and low were not obtained; and the details of the top ten tradable shareholders/fund holdings were not retrieved in this round.

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario deduction based on historical price and technical indicator calculations using data as of the close on September 11, 2026, and does not constitute any investment advice, buy/sell instruction, or guarantee of future trends.

① Key Technical Levels

Level	Range	Description
Short-term resistance	RMB 5.35–5.45	MA5/MA10 area (5.38–5.46), September 8–9 intraday highs (5.36–5.43), trapped positions above the September 11 open of 5.27; only after breaking through and holding can it challenge RMB 5.55–5.60
Medium-term resistance	RMB 5.55–5.60	MA20/Bollinger middle band (5.47–5.59), recovery requires volume confirmation
First support	RMB 5.10–5.18	Bollinger lower band 5.11, September 11 low 5.15, 1-day main force cost 5.18; an effective break below opens room toward 4.90–5.00 and then the 52-week low of 4.79
Strong support	RMB 4.90–5.00	Round-number threshold; if lost, the downside path points to the 52-week low of 4.79

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

Scenario 1 · Range-bound consolidation (relatively higher weight, approximately 60% (subjective heuristic judgment, not statistical probability)): The price fluctuates repeatedly in the RMB 5.10–5.45 range, with volume maintained at the current shrinking level (daily turnover of approximately RMB 90–120 million). Trigger conditions: no new news, and no significant direction in the broader market or the pharmaceutical commerce sector (the sector fell 1.75% on September 11).
Scenario 2 · Weak downside (medium weight, approximately 30% (subjective heuristic judgment, not statistical probability)): An effective break below the RMB 5.10–5.18 support zone, testing RMB 4.90–5.00 downward, and even approaching the 52-week low of RMB 4.79. Trigger conditions: continued net outflow of main funds, increased turnover rate with falling prices (high-volume bearish candle), and continued sector weakness.
Scenario 3 · Rebound strengthening (lower weight, approximately 10% (subjective heuristic judgment, not statistical probability)): Recovery of RMB 5.30–5.35 (5-day moving average area) with volume and a firm hold, repairing toward RMB 5.55–5.60. Trigger conditions: a clear single-day increase in turnover + main funds turning to net inflow + catalytic news for the sector or the stock. RSI is already near oversold, with conditions for a technical rebound, but volume confirmation is needed.

③ Capital and Liquidity Background

Recent turnover rate is approximately 0.95%–1.15%, with daily turnover of approximately RMB 87–102 million (September 9 turnover of RMB 87.0356 million, September 11 turnover of RMB 102 million), with trading activity significantly lower than the 2026 April-May highs (April 2 turnover rate 4.33%, turnover RMB 486 million; May 21 turnover rate 3.31%, turnover RMB 359 million), in a state of shrinking volume and low liquidity; for small- and mid-cap, below-net-asset stocks, the order book is relatively thin, and large in/out flows may bring greater slippage. Main funds have shown an overall net outflow trend over the past month (including a net outflow of RMB 7.5707 million on September 11, with only sporadic trading days turning to net inflow), with a weak short-term capital picture. In margin trading, as of 2026-09-10, the margin balance was RMB 445 million, accounting for 4.91% of the float, slightly higher than the market average of 4.37%, up 0.27% from the previous trading day, and leveraged funds may pose some stop-loss disturbance. In terms of shareholder concentration: the latest details of the top ten tradable shareholders/fund holdings could not be retrieved in this round, and this part of the data is missing and cannot be provided; moreover, shareholder data typically lags by more than one quarter, and the actual structure may have changed, so it is recommended to rely on the top ten tradable shareholders announcement disclosed in the latest periodic report going forward. The only indirect indicators available for reference are East Money's 'institutional participation 25.06% (moderate control)' and full tradability (total share capital = float share capital, meaning no unlock pressure at that level). The nature of the company's actual controller (state-owned/central SOE background) was not verified item by item in this round and no judgment is made.

Volume confirmation signal: If single-day turnover continues to expand to approximately RMB 150 million or more (approximately 1.5x the recent normal volume) and is accompanied by the price rising above MA5/MA10 (RMB 5.35–5.45), this can be regarded as a confirmation signal of capital entry; conversely, if volume expands while the price falls below RMB 5.10, it is more consistent with Scenario 2.

④ Points to Watch (Observation Ideas Only, Not Operational Instructions)

Watch the RMB 5.35–5.45 resistance zone: whether it can be recovered with volume is the dividing line for a short-term strength shift (observation idea, not an operational instruction).
Watch the RMB 5.10–5.18 support zone: an effective break below will open room to test RMB 4.90–5.00 and the 52-week low of 4.79 (observation idea, not an operational instruction).
Watch whether daily turnover can expand to approximately RMB 150 million or more, as a key volume signal for capital entry/exit (observation idea, not an operational instruction).
Watch whether main fund flows can shift from continued net outflow to consecutive net inflow, corroborating price and volume (observation idea, not an operational instruction).

The above scenario deduction is based on the closing data of September 11, 2026, and historical price and technical indicator calculations. Short-term stock prices are also affected by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy/sell advice. Please make independent judgments based on the latest market information and bear investment risks yourself.

VI. Industry Landscape and Competitor Analysis

VII. Risk Warnings

Accounts receivable and cash flow risk: In H1 2026, accounts receivable was approximately RMB 39.5 billion, net cash flow from operating activities was negative RMB 3.609 billion, down approximately 58.8% year-on-year; if customer collections continue to slow, this may increase bad debt provisions, financial expenses, and working capital pressure.
Wholesale business and gross margin risk: In H1 2026, pharmaceutical wholesale revenue fell 3.81% year-on-year, and this business still accounted for approximately 93.6% of company revenue; in 2025, the pharmaceutical wholesale gross margin was only 6.76%, and centralized procurement, drug price adjustments, or intensified competition may further compress profit space.
Unstable profit recovery risk: The company's 2025 net profit attributable to parent increased 36.65% year-on-year and net profit attributable to parent excluding non-recurring items increased 77.03%, but in H1 2026 net profit attributable to parent and net profit attributable to parent excluding non-recurring items fell 9.85% and 12.37% year-on-year respectively; the earlier profit growth had a low-base factor, and the sustainability of future performance remains uncertain.
Litigation and arbitration risk: As of August 5, 2026, the company was involved in 24 litigation and arbitration cases, with a total amount involved of RMB 931.4 million, an increase from the 18 cases and RMB 849.6 million disclosed in April 2026; related cases may bring cash expenditures, asset impairments, or reputational impact on operations.
Asset impairment risk: The company disclosed provisions for impairment in its 2026 interim report and reviewed management measures for asset impairment and asset write-off; given the large scale of accounts receivable, if collection quality deteriorates, impairment losses may further affect profit.
Uncertainty of market-oriented debt-to-equity conversion arrangement: The company intends not to purchase the 15.5046% equity held by the investors in its subsidiary C.Q. Pharmaceutical Co., with the investors continuing to hold it, and the relevant agreements still need to be approved by the shareholders' meeting of C.Q. Pharmaceutical Co.; the final arrangement, subsequent purchase options, and their impact on the equity structure and financial indicators are uncertain.
Valuation and forecast divergence risk: The company's current P/B is approximately 0.76x, but ROE remains at a relatively low level; there are only two market covering institutions, and they differ significantly on the revenue and profit trends for 2026–2028, so the stability of profit forecasts and PE valuation anchors is limited.
Short-term trading and technical risk: As of September 11, 2026, the stock price was below most short- and medium-term moving averages, main funds have recently been overall net outflow, and the turnover rate is approximately 1.15%; if volume continues to shrink or a high-volume break below the RMB 5.10–5.18 reference support range occurs, the stock price may continue to seek support near RMB 4.90–5.00 and the 52-week low of 4.79.

VIII. Conclusion and Outlook

C.Q. Pharmaceutical Holding's medium- to long-term growth logic mainly comes from its pharmaceutical commerce network, expansion of retail and DTP businesses, online platform operations, and profit contributions from equity investments such as Chongqing YaoPharma. In H1 2026, retail revenue and DTP business maintained rapid growth, showing that wholesale-retail integration and specialty pharmacies still have certain growth potential; after completion of the repurchase and cancellation, total share capital fell to approximately 1.713 billion shares, and if profit recovers, share capital contraction may provide some support to per-share indicators.

However, the company's short-term operations still face issues such as pressure on the wholesale business, centralized procurement compressing gross margin, a large scale of accounts receivable, and weakening operating cash flow. Pharmaceutical wholesale accounts for more than 90% of revenue, and although retail and emerging businesses are growing quickly, they are currently not enough to change the overall low-gross-margin and payment-term-sensitive operating structure. Whether future performance can improve depends critically on recovery in wholesale revenue, gross margin stability, accounts receivable collections, and repair of operating cash flow.

At the valuation level, the company's below-net-asset state provides a certain asset valuation reference, but the current profit scale and ROE remain low, and there are few forecasting institutions, with different institutions clearly diverging in their judgment of revenue trends. The technical picture is in a weak consolidation pattern, and going forward, focus should be placed on changes in fundamental cash flow, accounts receivable, the wholesale-retail business structure, and contributions from equity investments, while also paying attention to the actual impact of matters such as the market-oriented debt-to-equity conversion arrangement, litigation and arbitration, and asset impairments.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.