证券代码：832735 证券简称：德源药业 公告编号：2025-036 关于西格列汀二甲双胍缓释片 获国家药监局签发药品注册证书的公告 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。 2025 年 5 月 9 日，江苏德源药业股份有限公司（以下简称"公司"）按照化 学药品 3 类申报的西格列汀二甲双胍缓释片收到国家药品监督管理局（NMPA） 核准签发的药品注册证书，且视同通过一致性评价。 一、 药品基本情况 江苏德源药业股份有限公司 1.药品名称：西格列汀二甲双胍缓释片 剂型：片剂 规格：磷酸西格列汀 100mg（以 C16H15F6N5O 计）和盐酸二甲双胍 1000mg 注册分类：化学药品 3 类 批准文号：国药准字 H20254043 药品生产企业：江苏德源药业股份有限公司 2.药品其他情况 本次西格列汀二甲双胍缓释片的获批，进一步丰富了公司在糖尿病领域的产 品管线，并与现有糖尿病领域产品形成协同效应，巩固并提升公司在糖尿病领域 的品牌效应和市场竞争力。 西格列汀二甲双胍缓释片是由西格列汀和二甲双 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The first subject of the Phase I clinical trial for the innovative drug DYX116 has been enrolled, with expectations to enter Phase II in Q1 2026 if progress continues smoothly [3] - The company maintains its profit forecast for 2025-2027, expecting net profits attributable to the parent company to be 178 million, 202 million, and 226 million yuan respectively, with corresponding EPS of 2.28, 2.58, and 2.88 yuan per share [3] - DYX116 is a triple-target peptide that regulates glucose and lipid metabolism, showing superior effects in lowering blood sugar, reducing weight, and alleviating fatty liver compared to dual-target products [4] Financial Summary - The total revenue for 2023 was 709 million yuan, with a year-on-year growth of 11.7%. The projected revenues for 2024, 2025, 2026, and 2027 are 868 million, 960 million, 1,062 million, and 1,191 million yuan respectively, with growth rates of 22.5%, 10.5%, 10.7%, and 12.2% [7][9] - The net profit attributable to the parent company for 2023 was 138 million yuan, with a year-on-year growth of 14.4%. The projected net profits for the following years are 177 million, 178 million, 202 million, and 226 million yuan, with growth rates of 28.3%, 0.8%, 13.1%, and 11.8% [7][9] - The gross margin for 2023 was 81.9%, expected to be 84.6% in 2024, and around 83% in the following years [10] Research and Development - The company invested 116.96 million yuan in R&D in 2024, a 6.75% increase from 2023. It has 12 products currently under review by the CDE, with plans to submit 10 new projects in 2025 [5][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 868 million yuan for 2024, representing a year-on-year growth of 22.46%, and a net profit of 177 million yuan, up 28.26% year-on-year [5] - The company's gross margin improved to 84.56%, an increase of 2.69 percentage points compared to 2023, indicating strong operational quality [5] - The sales of core products "Furuitong" and "Bokaiqing" saw significant growth, with sales revenue increasing by 26.17% compared to 2023, contributing to the overall revenue growth [7] - The company has a robust pipeline for new drug development, with a total of over 30 products under research, and has successfully obtained multiple drug registration certificates [8] Summary by Sections Financial Performance - The company achieved a net operating cash flow of 116 million yuan, a year-on-year increase of 23.4%, reflecting stable operational quality [5] - The projected revenues for 2025-2027 are 1,055.79 million yuan, 1,209.62 million yuan, and 1,451.55 million yuan, with respective growth rates of 21.57%, 14.57%, and 20.00% [9] - The projected net profits for the same period are 228.73 million yuan, 266.35 million yuan, and 313.23 million yuan, with growth rates of 29.24%, 16.45%, and 17.60% [9] Market Position and Strategy - The company has effectively optimized its cost structure and improved its product sales mix, leading to enhanced profitability [7] - The company is focusing on chronic disease markets, particularly diabetes and hypertension, which together accounted for 98.81% of total revenue [7] - The company is also making significant strides in emerging fields, with revenue from peripheral nerve and rare disease drugs increasing by over 130% year-on-year [7] Research and Development - The company invested 116.96 million yuan in R&D in 2024, a 6.74% increase from 2023, supporting its innovation-driven strategy [8] - The company has established partnerships with research institutions to explore new paths for innovative drug development [8] - The company aims to approve approximately seven new products annually from 2025 to 2027, further enriching its generic drug portfolio [8]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 86,846.46 million yuan, a year-on-year increase of 22.46% [6] - Net profit for 2024 was 17,698.34 million yuan, up 28.26% year-on-year; net profit after deducting non-recurring gains and losses was 16,959.51 million yuan, a 35.23% increase [6] - Operating cash flow for 2024 reached 11,632.20 million yuan, growing by 23.40% compared to the previous year [6] - Total assets at the end of the reporting period were 138,441.38 million yuan, a 19.95% increase year-on-year; total liabilities were 27,847.52 million yuan, up 35.31% [6] - The company's equity totaled 110,593.86 million yuan, reflecting a 16.62% increase year-on-year [6] - The asset-liability ratio increased to 20.12% from 17.83% at the end of the previous year [6] Group 2: Research and Development - In 2024, the company invested 11,696.48 million yuan in R&D, a 6.75% increase from the previous year [7] - The company obtained 7 drug registration certificates for generic drugs in 2024, with 3 more in 2025, totaling 12 products under CDE review [7] - The innovative drug DYX116 received clinical trial approval in December 2024, with plans to advance to Phase II trials in Q1 2026 if progress is smooth [9] [12] - R&D expenses for 2022, 2023, and 2024 were 6,469.91 million yuan, 10,956.67 million yuan, and 11,696.48 million yuan respectively, all expensed in the current period without capitalization [11] Group 3: Market Expansion and Sales Strategy - The company plans to expand its market in 2025 by focusing on academic promotion and retail channel development, particularly in grassroots medical institutions [9] - Continued growth is expected for products like复瑞彤 and 波开清, with increased sales efforts for other products [9] - The company aims to explore new and emerging markets to create new growth points [9] Group 4: Investor Relations and Shareholder Returns - Since its listing on the New Third Board in 2015, the company has consistently paid cash dividends, totaling 13,607.03 million yuan, with a proposed dividend of 3,597.69 million yuan for this year [7] - The company has established various management systems to protect investor rights and enhance information disclosure quality [7]

开源证券股份有限公司（以下简称"开源证券"或"保荐机构"）作为江苏 德源药业股份有限公司（以下简称"德源药业"、"公司"、"上市公司"或"发行 人"）向不特定合格投资者公开发行股票的保荐机构，履行持续督导职责期限至 2024 年 12 月 31 日。截至本说明出具日，本次发行持续督导期已届满，现根据 《证券发行上市保荐业务管理办法》《北京证券交易所股票上市规则（试行）》《北 京证券交易所证券发行上市保荐业务管理细则》等相关规定，保荐机构出具本保 荐工作总结报告书。 | 公司名称 | 江苏德源药业股份有限公司 | | --- | --- | | 证券简称 | 德源药业 | | 证券代码 | 832735 | | 法定代表人 | 陈学民 | | 成立日期 | 2004 年 10 月 29 日 | | 注册资本 | 78,210,660.00 元 | | 注册地址 | 江苏省连云港市经济技术开发区长江路 号 29 | | 办公地址 | 江苏省连云港市经济技术开发区长江路 号 29 | | 董事会秘书 | 王齐兵 | | 联系电话 | 0518-82342975 | | 本次证券发行类型 | 向不特定合格投资者公开发 ...

证券代码：832735 证券简称：德源药业 公告编号：2025-029 （二）会议召开地点 江苏德源药业股份有限公司 2024 年年度报告业绩说明会预告公告 本次业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者 关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 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、 说明会类型 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 3 月 31 日在北 京证券交易所信息披露平台（www.bse.cn）披露了《2024 年年度报告》（公告编 号：2025-019）和《2024 年年度报告摘要》（公告编号：2025-020），为方便广大 投资者更深入了解公司 2024 年年度经营业绩的具体情况，加强与投资者的互动 交流，公司拟召开 2024 年年度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 14 日（星期一）15:00 至 16:30。 三、 参加人员 为充分尊重投资者 ...

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 ...