Investment Rating - The investment rating for the company is maintained at "Outperform" [2][4] Core Insights - The company reported a revenue of 868 million yuan for 2024, representing a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 177 million yuan, up 28.26% year-on-year [4] - The company expects a non-recurring net profit growth of 35% year-on-year for 2024, driven by stable sales growth in diabetes and hypertension products [4][5] - The gross margin improved to 84.56% in 2024 from 81.87% in 2023, indicating better cost management and pricing power [4][11] Financial Performance Summary - Revenue is projected to grow from 868 million yuan in 2024 to 1.191 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.2% [7][10] - The net profit attributable to shareholders is expected to increase from 177 million yuan in 2024 to 226 million yuan in 2027, reflecting a steady growth trajectory [7][10] - The company’s earnings per share (EPS) is forecasted to rise from 2.26 yuan in 2024 to 2.88 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 21.6 to 17.0 over the same period [7][10] Product Performance - The company's key diabetes product, "复瑞彤," showed stable sales growth, contributing to a revenue of 603 million yuan in the diabetes segment, a year-on-year increase of 20.78% [5] - The hypertension segment, led by "波开清," achieved a revenue of 255 million yuan, reflecting a year-on-year growth of 24.24% [5] - The company has over 30 products in the research pipeline, with six products obtaining drug registration certificates in 2024, indicating a strong commitment to R&D [5][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 868 million yuan for 2024, representing a year-on-year increase of 22.46%, and a net profit attributable to shareholders of 177 million yuan, up 28.26% year-on-year [4] - The company expects a non-recurring net profit growth of 35% year-on-year for 2024, driven by stable sales growth in diabetes and hypertension products [4][5] - The gross profit margin improved to 84.56% in 2024 from 81.87% in 2023 [4] Financial Summary - Revenue is projected to grow from 868 million yuan in 2024 to 1.191 billion yuan in 2027, with year-on-year growth rates of 22.5%, 10.5%, 10.7%, and 12.2% respectively [7][10] - The net profit attributable to shareholders is expected to increase from 177 million yuan in 2024 to 226 million yuan in 2027, with corresponding year-on-year growth rates of 28.3%, 0.8%, 13.1%, and 11.8% [7][10] - The company maintains a high gross margin, projected at 83.1% in 2025 and 82.9% in 2027 [7][10] - Earnings per share (EPS) is forecasted to rise from 2.26 yuan in 2024 to 2.88 yuan in 2027 [7][10] Product Performance - The company's key diabetes product, "复瑞彤" (Furuetong), showed stable sales growth, contributing to a revenue of 603 million yuan from diabetes products, a year-on-year increase of 20.78% [5] - Hypertension products, including "波开清" (Bokaiqing), achieved a revenue of 255 million yuan, reflecting a year-on-year growth of 24.24% [5] - The company has over 30 products in development, with 6 products obtaining drug registration certificates in 2024 [5]

证券代码：832735 证券简称：德源药业 公告编号：2025-017 江苏德源药业股份有限公司 2024 年年度独立董事述职报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 本人作为江苏德源药业股份有限公司（以下简称"德源药业"或"公司"） 的独立董事，严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司独立董事管理办法》《北京证券交易所股票上市规则（试行）》《北京证券 交易所上市公司持续监管指引第 1 号——独立董事》《公司章程》《独立董事工作 制度》等相关规定，诚实、勤勉、独立地履行独立董事职责，认真行使公司所赋 予独立董事的权利，促进公司规范运作，充分发挥独立董事作用，切实维护了公 司整体利益及全体股东尤其是中小股东合法权益。现将本人 2024 年度履职情况 总结如下： | 独立董事 | 应参加董事会 | 出席董事会 | 出席董事会 | 列席股东大会 | 列席股东大 | | --- | --- | --- | --- | --- | --- | | 姓名 | 次数 | 次数 ...

证券代码：832735 证券简称：德源药业 公告编号：2025-025 江苏德源药业股份有限公司 关于 2024 年内部控制自我评价报告的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合江苏德源药业股份有限公司（以 下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的 基础上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控 制有效性进行了评价。 一、重要声明 1 / 17 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制 规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之 ...

江苏德源药业股份有限公司 关于召开 2024 年年度股东大会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、会议召开基本情况 （一）股东大会届次 证券代码：832735 证券简称：德源药业 公告编号：2025-028 本次会议为 2024 年年度股东大会。 （二）召集人 本次股东大会的召集人为董事会。 （三）会议召开的合法性、合规性 本次年度股东大会召开程序符合《中华人民共和国公司法》等相关法律法规 和《江苏德源药业股份有限公司章程》中有关召开年度股东大会的规定。因此， 本次股东大会的召开合法、合规。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 本次会议采用现场投票和网络投票相结合的方式召开，公司同一股东应选 择现场投票、网络投票或其他表决方式的一种方式，如果同一表决权出现重复 投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 4 月 25 日 13:30。 1 / 7 2、网络投票起止时间：202 ...

证券代码：832735 证券简称：德源药业 公告编号：2025-011 3.会议召开方式：现场 江苏德源药业股份有限公司 4.发出监事会会议通知的时间和方式：2025 年 3 月 18 日以电子邮件方式发出 第四届监事会第八次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 3 月 28 日 2.会议召开地点：江苏省连云港经济技术开发区长江路 29 号公司三楼会议室 5.会议主持人：监事会主席何建忠 6.召开情况合法、合规、合章程性说明： 本次监事会会议的召集和召开符合《中华人民共和国公司法》《中华人民共 和国证券法》等法律法规以及《江苏德源药业股份有限公司章程》《江苏德源药 业股份有限公司监事会议事规则》等相关规定，会议的表决程序和表决结果合法 有效。 （二）会议出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 （一）审议通过《2024 年年度监事会工作报告》 1.议案内容： 1 / ...

证券代码：832735 证券简称：德源药业 公告编号：2025-010 江苏德源药业股份有限公司 本次董事会会议的召集和召开符合《中华人民共和国公司法》《中华人民共和 国证券法》等法律法规以及《江苏德源药业股份有限公司章程》《江苏德源药业股 份有限公司董事会议事规则》等相关规定，会议的表决程序和表决结果合法有效 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连带 法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 3 月 28 日 2.会议召开地点：江苏省连云港经济技术开发区长江路 29 号公司三楼会议室 3.会议召开方式：现场和通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 3 月 18 日以电子邮件方式发出 5.会议主持人：董事长陈学民 6.会议列席人员：监事、高级管理人员 7.召开情况合法、合规、合章程性说明： （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事周建平、周伟澄因工作原因以通讯方式参与表决 ...

证券代码：832735 证券简称：德源药业 公告编号：2025-021 江苏德源药业股份有限公司 2024 年年度权益分派预案公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、权益分派预案情况 根据公司 2025 年 3 月 31 日披露的 2024 年年度报告（财务报告已经审计）， 截至 2024 年 12 月 31 日，上市公司合并报表归属于母公司的未分配利润为 583,779,230.49 元，母公司未分配利润为 583,047,001.39 元。母公司资本公积为 401,429,763.28 元（其中股票发行溢价形成的资本公积为 401,434,641.33 元，其他 资本公积为-4,878.05 元）。 公司本次权益分派预案如下：公司目前总股本为 78,210,660 股，以未分配利 润向全体股东每 10 股派发现金红利 4.60 元（含税）；以资本公积向全体股东以每 10 股转增 5 股（其中以股票发行溢价所形成的资本公积每 10 股转增 5 股，无需纳 税；以其他资本公积每 10 ...

Company Overview - The company operates in the pharmaceutical manufacturing industry, focusing on chemical drug formulations[18]. - The company is listed on the Beijing Stock Exchange since November 15, 2021[18]. - The company has a registered capital of 78,210,660 RMB[20]. - The company has established a comprehensive production base for active pharmaceutical ingredients and formulations[13]. - The company operates under a self-production model, with all products manufactured in-house and no outsourcing involved[40]. Shareholder Information - The total number of shares outstanding is 78,210,660, with no preferred shares issued[18]. - The controlling shareholders collectively hold 30.85% of the company's shares, with a new agreement effective from February 19, 2024, to December 1, 2026[19]. - The largest shareholder, Li Yong'an, holds 8,120,000 shares, representing 10.38% of the total shares[174]. - The second-largest shareholder, Tianjin Institute of Pharmaceutical Research, holds 7,560,000 shares, accounting for 9.67%[174]. - The total shares held by executives at the end of the period amounted to 12,052,230, representing 15.41% of total shares[198]. Financial Performance - The company's operating revenue for 2024 reached ¥868,464,593.56, representing a 22.46% increase compared to ¥709,207,754.74 in 2023[25]. - The net profit attributable to shareholders for 2024 was ¥176,983,423.50, marking a 28.26% increase from ¥137,982,926.46 in 2023[25]. - The gross profit margin improved to 84.56% in 2024, up from 81.87% in 2023[25]. - Total assets increased by 19.95% to ¥1,384,413,781.99 at the end of 2024, compared to ¥1,154,156,478.60 at the end of 2023[27]. - The total liabilities rose by 35.31% to ¥278,475,175.97, up from ¥205,806,841.21 in 2023[27]. - The weighted average return on equity based on net profit attributable to shareholders was 17.32% in 2024, compared to 15.73% in 2023[25]. - The basic earnings per share increased by 26.67% to ¥2.28 in 2024, up from ¥1.80 in 2023[25]. - The net cash flow from operating activities for 2024 was ¥116,322,020.97, a 23.40% increase from ¥94,260,505.26 in 2023[27]. Research and Development - The company has a total of 27 registered chemical drug formulations and 16 approved raw materials for use in formulations[36]. - There are over 30 products currently under research and development, with 21 authorized patents obtained, including 16 invention patents[37]. - The company is actively pursuing collaborations for R&D projects, although specific details were not provided[105]. - The company has submitted clinical trial applications for new diabetes drugs, indicating ongoing research and development efforts[106]. - The project for a new diabetes drug has received approval for clinical trials, marking a significant milestone in the company's development pipeline[106]. Market and Competition - The company plans to expand its market share and optimize product sales structure in response to increasing competition and policy changes in the pharmaceutical industry[44]. - The company focuses on chronic disease treatments, particularly in diabetes and hypertension, with a stable sales network across hospitals and pharmacies nationwide[36]. - The company aims to enhance its product R&D capabilities, focusing on chronic diseases and metabolic syndrome, to become a leading pharmaceutical enterprise in the domestic chronic disease sector[135]. Regulatory and Compliance - The company emphasizes the importance of risk awareness regarding forward-looking statements in its annual report[10]. - The company is committed to maintaining the accuracy and completeness of its financial reports, as guaranteed by its management[9]. - The company’s products are fully compliant with the 2024 National Medical Insurance Directory, ensuring continued market access[48]. - The company has received high-tech enterprise certification, allowing it to enjoy a reduced corporate income tax rate of 15% for the period from January 1, 2024, to December 31, 2026[97]. Environmental and Social Responsibility - The company actively engages in social responsibility initiatives, aligning its business operations with community welfare and environmental protection[112]. - The company’s wastewater treatment facility meets the A-level standards of the "Discharge Standard of Pollutants for Municipal Wastewater Treatment Plant" (GB/T31962-2015)[116]. - The company reported zero safety incidents during the reporting period, continuously upgrading environmental and fire safety facilities[113]. - The company has established a comprehensive emergency response mechanism for environmental pollution incidents, with the emergency plan approved and filed with the local environmental authority[121]. Future Outlook - The company plans to deepen collaborations with domestic research institutions to focus on differentiated and innovative drug development, enhancing its technological innovation capabilities[136]. - The company aims to enhance its core competitiveness through increased R&D investment, focusing on generic drug development and innovative drug collaborations with institutions like China Pharmaceutical University and WuXi AppTec[142]. - The company recognizes uncertainties in R&D, including potential project failures and market acceptance of innovative drugs, which could adversely affect profitability and growth[147]. - The company plans to maintain a cautious approach to R&D investment, ensuring steady funding while balancing operational growth[149].

江苏德源药业股份有限公司 内部控制审计报告 目 录 | | | 二、本所营业执照复印件…………………………………………第 3 页 内部控制审计报告 天健审〔2025〕1326 号 江苏德源药业股份有限公司全体股东： 第 1 页 共 3 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了江苏德源药业股份有限公司（以下简称德源药业公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是德源 药业公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来 ...