Economic Overview - The June economic data reveals five "anomalies," indicating new changes in the economy that may affect the second half of the year [9] - The GDP growth for Q2 was in line with expectations at 5.2%, while retail sales and fixed asset investment showed signs of decline [9] - The construction industry has weakened significantly, impacting overall economic performance [9] Company Analysis: 德源药业 (DeYuan Pharmaceutical) - The company focuses on chronic metabolic diseases and has a robust portfolio of generic drugs, with plans to transition to innovative drug development [12] - Forecasted net profits for 2025-2027 are 192 million, 218 million, and 200 million yuan respectively, with a target market capitalization of 5.6 billion yuan, indicating a potential 42% upside [12] - The company is advancing in innovative drug development, particularly in diabetes and hypertension treatments, with significant market opportunities identified [12] Industry Analysis: Chemical Sector - The chemical industry is experiencing a recovery after price declines, with signs of bottoming out and increased supply disruptions [11][14] - Key sub-sectors such as pesticides, fluorochemicals, and explosives are expected to see profit growth in Q2 2025, driven by improved demand and pricing [11] - The industry is shifting from inventory reduction to capacity reduction, indicating a more stable supply-demand balance moving forward [14] Investment Recommendations - The report suggests a "buy" rating for 德源药业 based on its growth potential and market positioning in the pharmaceutical sector [12] - The chemical sector is rated positively, with a focus on companies that can benefit from the ongoing recovery and supply chain improvements [11][14]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9]. Core Viewpoints - The company specializes in chronic metabolic diseases and is steadily advancing its transition from generic to innovative drug development. It has a robust product portfolio and a clear strategy to enhance its innovative drug pipeline [8][9]. - The market for GLP-1 drugs is expanding, with the company positioned favorably in the clinical development of its innovative drug DYX116, which targets multiple pathways [2][8]. - The company is expected to achieve significant revenue growth, with projected net profits of 192 million, 218 million, and 200 million yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3][9]. Summary by Sections 1. Company Overview - The company has a deep-rooted presence in the chronic metabolic disease market, having been established in 2004 and transitioning from generics to innovative drug development since 2023. It has developed a comprehensive product matrix covering diabetes and cardiovascular diseases [21][24]. 2. Market Dynamics - The chronic metabolic disease market is characterized by a growing patient population due to aging and lifestyle changes. The government is increasingly focused on chronic disease prevention, indicating long-term market expansion potential [54][59]. 3. Diabetes Product Line - The company has a systematic approach to diabetes treatment, with a market size of approximately 34.3 billion yuan in 2023. The introduction of new drugs is expected to enhance its market share, particularly in the innovative drug segment [8][9]. 4. Hypertension Strategy - The company focuses on combination therapies and unmet needs in the hypertension market, which was valued at around 67.6 billion yuan in 2023. Its flagship product, Bo Kai Qing, has maintained a strong market position [8][9]. 5. Financial Projections - The company forecasts a steady increase in revenue, with total revenue expected to reach 1.065 billion yuan in 2025, reflecting a year-on-year growth rate of 22.6% [3][9]. 6. Investment Analysis - The company's current market valuation suggests a price-to-earnings (PE) ratio of 22 for 2025, significantly lower than the industry average of 41, indicating potential for valuation improvement as innovative drug data becomes available [9][10].

本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | | | | （股） | （%） | | | 任路 | 持股 | 5%以 | | | 上市前取得和上市后 | | | 上股东 | | 4,550,000 | 5.8176% | 二级市场竞价取得（含 | | | | | | | 权益分派转增股） | 证券代码：832735 证券简称：德源药业 公告编号：2025-043 江苏德源药业股份有限公司 持股 5%以上股东减持股份结果公告 股东任路本次减持期间涵盖公司 2024 年年度权益分派，具体减持情况如下：2024 年年 度权益分派前，股东任路减持 640,000 股，减持数量占权益分派前总股本比例的 0.8183%； 2024 年年度权益分派实施后，股东任路减持 8,000 股，减持数量占权益分派后总股本比例的 0.0068%。综上，股东任路本次累计减持 648,00 ...

Group 1: Investor Relations Activity Overview - The investor relations activity took place from June 12 to June 13, 2025, at the Westin Hotel in Beijing [4] - Attendees included major securities firms and funds such as Shenwan Hongyuan, Huano Investment, and CITIC Securities [4] - Company representatives included the Vice General Manager, Board Secretary, and Financial Officer, Mr. Wang Qibing [4] Group 2: Research and Development Budget - The estimated R&D budget for 2025 is CNY 163 million, with CNY 85 million allocated for innovative drugs and CNY 78 million for generic drugs [6] - The R&D focus will be on chronic disease treatments related to metabolic disorders, including diabetes and hypertension [6] Group 3: Drug Approval and Development - As of 2025, the company has obtained 4 drug registration certificates, including drugs like Sacubitril/Valsartan and Dapagliflozin [7] - Innovative drug DYX116 is in Phase I clinical trials, with expectations to complete by the end of 2025 [7] - DYX216, another innovative drug for resistant hypertension, has identified potential preclinical candidates [7] Group 4: Performance and Growth Factors - The company maintains steady growth due to strong marketing strategies and sales performance [8] - Sales of products like "Furuitong" and "Bokaiqing" continue to grow, contributing to overall performance [8] - Improved product gross margin due to increased production and reduced raw material costs [8] - Enhanced internal management and cost control measures have improved overall profitability [8]

证券代码：832735 证券简称：德源药业 公告编号：2025-041 公司于 2025 年 6 月 6 日完成工商变更登记及公司章程备案手续，并于 2025 年 6 月 9 日取得了连云港市市场监督管理局核发的《营业执照》。本次工商变更完 成后，公司注册资本由"7821.066 万元整"变更为"11731.599 万元整"。除上述 变更外，《营业执照》记载的其他工商登记事项未发生变更。 1 / 2 三、备查文件 江苏德源药业股份有限公司 董事会 江苏德源药业股份有限公司 关于完成工商变更登记及公司章程备案并取得营业执照的公告 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。 一、基本情况 江苏德源药业股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日召开第 四届董事会第十一次会议，审议通过《关于公司 2024 年利润分配的议案》和《关 于增加注册资本、修改<公司章程>的议案》，该事项已经公司 2025 年 4 月 25 日召 开的 2024 年年度股东会审议通过。具体内容详见公司于 20 ...

截至6月9日，北交所融资融券余额合计55.74亿元，较前一交易日增加1.67亿元，其中，融资余额55.73 亿元，较前一交易日增加1.67亿元，融券余额为106.92万元，较前一交易日增加8.91万元。 证券时报·数据宝统计显示，截至6月9日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为3.56亿元、1.57亿元、1.41亿元，从最新融资余额占流通市值比例看，算术 平均值为1.11%，最新融资余额占流通市值比例居前的有美登科技、派诺科技、国子软件等，占比分别 为5.16%、4.39%、3.88%。 北交所股票中，6月9日共有180只股获融资净买入，净买入金额在百万元以上的有67只，德源药业融资 净买入额居首，当日净买入1208.78万元，其次是星昊医药、艾融软件，融资净买入金额分别为1184.41 万元、963.32万元，融资净买入金额居前的还有诺思兰德、晟楠科技、骑士乳业等。融资净卖出金额居 前的股票为常辅股份、志晟信息、纳科诺尔等，融资净卖出金额分别为532.42万元、473.83万元、 459.66万元。 分行业统计，获融资净买入超百万元的北交所股票中，机械设备、医药生 ...

截至6月3日，北交所融资融券余额合计53.94亿元，较前一交易日减少224.57万元，其中，融资余额 53.93亿元，较前一交易日减少256.75万元，为连续2个交易日减少；融券余额为112.49万元，较前一交 易日增加32.18万元。 6月3日融资余额增加居前的北交所股票 证券时报·数据宝统计显示，截至6月3日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为3.51亿元、1.45亿元、1.40亿元，从最新融资余额占流通市值比例看，算术 平均值为1.10%，最新融资余额占流通市值比例居前的有美登科技、派诺科技、科力股份等，占比分别 为5.29%、4.49%、4.42%。 | 代码 | 简称 | 6月3日涨跌幅 | 最新融资余额 | 较上一日增加 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 834599 | 同力股 | -0.25 | 8198.14 | 742.45 | 1.01 | 机械设 | | | 份 | | | | ...

Core Insights - The innovative drug sector is experiencing strong performance driven by multiple catalysts, including the approval of 11 innovative drugs by the National Medical Products Administration, showcasing the commercialization potential of pharmaceutical companies [4] - China's pharmaceutical companies are achieving breakthroughs through technological innovation and international expansion, with a significant increase in the number of innovative drugs under development, reaching 4,804 by 2024, making China the second globally after the US [4] - The government is providing comprehensive support for innovative drugs, with policies aimed at enhancing the entire value chain from research and development to payment, which is expected to improve the commercialization process for innovative drugs [4] Industry Analysis - The demand for innovative drugs is driven by an aging population and unmet medical needs in areas such as cancer and autoimmune diseases, with the elderly population expected to reach 310 million by the end of 2024, accounting for 22% of the total population [4] - The penetration rate of innovative drugs for autoimmune diseases remains low, indicating substantial market demand [4] Company-Specific Insights - **NuoSiLanDe**: An innovative biotech company with its first gene therapy drug expected to be approved by 2025, targeting new pathways and preparing for commercialization [4][5] - **KangLeWeiShi**: Focused on HPV vaccines, with significant progress in its pipeline, including a three-valent HPV vaccine expected to be approved by 2025 [4] - **DeYuan Pharmaceutical**: Specializes in chronic disease markets, with a focus on diabetes and cardiovascular diseases, and is developing a first-class innovative drug in collaboration with WuXi AppTec [4][5] - **JinBo Bio**: Leading in recombinant collagen technology with applications in skincare and medical fields, collaborating with various research institutions to advance its product offerings [7] - **HaiNeng Technology**: Aiming to replace imported scientific instruments, particularly in the chromatography sector, with plans to launch a new chromatography workstation software by 2025 [7] - **XinZhi Bio**: Focused on life science instruments, with a strategy to streamline its product offerings and enhance application scenarios [7] - **FeiYi Pharmaceutical**: Engaged in CDMO business, providing services to major pharmaceutical companies in Japan and South Korea, with plans to expand into cardiovascular drug production [7]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 26, 2025, at the company's conference room in Lianyungang, Jiangsu Province [4] - Attendees included representatives from Huaxia Fund and Xinda Securities, along with the company's chairman, general manager, and other key personnel [4] Group 2: Company Operations and R&D - The company conducted a site visit for the research units to observe the production and R&D facilities, including the formulation workshop and raw material drug workshop [5] - The management provided a comprehensive overview of the company's operational status and product development [5] Group 3: Key Questions and Responses - **Question 1**: Information on the innovative drug DYX116 - DYX116 is a first-class new drug developed in collaboration with WuXi AppTec, currently in Phase I clinical trials, expected to complete by the end of 2025 [6] - **Question 2**: Information on the innovative drug DYX216 - DYX216 is also a first-class new drug for treatment of resistant hypertension, with preliminary candidates identified [6] - **Question 3**: R&D plans for 2025 - The company plans to invest approximately CNY 163 million in R&D for 2025, with CNY 85 million allocated for innovative drugs and CNY 78 million for generic drugs [7] Group 4: R&D Focus and Goals - The R&D strategy will focus on chronic disease treatments characterized by metabolic disorders, including diabetes, hypertension, hyperlipidemia, and hyperuricemia [7] - For generic drugs, the company aims to initiate 10 projects, submit 7 formulation varieties and 3 raw material varieties to CDE, and strive for approvals of 6 formulation varieties and 2 raw material varieties [7] - The company will continue to advance projects like DYX116 and DYX216, integrating resources to accelerate the R&D process [7]

证券代码：832735 证券简称：德源药业 公告编号：2025-039 江苏德源药业股份有限公司 2024 年年度权益分派实施公告 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。 江苏德源药业股份有限公司 2024 年年度权益分派方案已获 2025 年 4 月 25 日 召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未超过两 个月。 现将权益分派事宜公告如下： 1 / 3 （2）对合格境外投资者股东，根据国税函[2009]47 号，公司按 10%的税率代 扣代缴所得税后，实际每 10 股派发 4.14 元。 （3）对于合格境外投资者之外的其他机构投资者和法人股东，本公司未代扣 代缴所得税，由纳税人在所得发生地缴纳。 二、权益登记日与除权除息日 本次权益分派权益登记日为：2025 年 5 月 28 日 除权除息日为：2025 年 5 月 29 日 三、权益分派对象 本次权益分派基准日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 583,047,0 ...