证券代码：832735 证券简称：德源药业 公告编号：2025-033 江苏德源药业股份有限公司 第四届董事会第十二次会议决议公告 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 4 月 25 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 4 月 21 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：公司监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 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。 （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。 董事贾鹏、王玉春、周伟澄、周建平因工作原 ...

国浩律师（南京）事务所 关 于 江苏德源药业股份有限公司 2024 年年度股东会 南京市汉中门大街 309 号 B 座 5/7/8 层 邮编：210036 5,7,8th Floor, Block B, 309 Hanzhongmen Street, Nanjing 210036, China 电话/Tel: +86 25 8966 0900 传真/Fax: +86 25 8966 0966 网址/Website: http://www.grandall.com.cn 2025 年 4 月 之 法律意见书 国浩律师(南京)事务所 法律意见书 目 录 | 一、 关于本次年度股东会的召集、召开程序 . | | --- | | 二、关于本次年度股东会出席人员的资格和召集人资格 | | 三、关于本次年度股东会的表决程序及表决结果 | | 四、 结论意见 . | | 签署页 | 1 国浩律师(南京)事务所 法律意见书 国浩律师（南京）事务所 关于江苏德源药业股份有限公司 2024年年度股东会之法律意见书 致：江苏德源药业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以 ...

证券代码：832735 证券简称：德源药业 公告编号：2025-034 江苏德源药业股份有限公司 第四届监事会第九次会议决议公告 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 4 月 25 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 《江苏德源药业股份有限公司 2025 年第一季度报告》刊登在北京证券交易 所网站（www.bse.cn），公告编号：2025-035。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 3.回避表决情况 本议案不涉及关联交易，无需回避表决。 3.会议召开方式：现场会议 4.发出监事会会议通知的时间和方式：2025 年 4 月 21 日以电子邮件方式发出 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章程 江苏德源药业股份有限公司 章程 （2025 年 4 月） | 第一章 | 总 则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | | 第四章 | 股东和股东大会 | 7 | | 第一节 | 股东 7 | | | 第二节 | 股东大会的一般规定 10 | | | 第三节 | 股东大会的召集 16 | | | 第四节 | 股东大会的提案与通知 18 | | | 第五节 | 股东大会的召开 19 | | | 第六节 | 股东大会的表决和决议 22 | | | 第五章 | 董事会 | 27 | | 第一节 | 董事 27 | | | 第二节 | 董事会 30 | | | 第三节 | 董事会秘书 35 | | | 第六章 | 总经理及其他高级管理人员 | 36 | | 第七章 | 监事会 | 38 | | 第一节 | 监事 38 | | | 第二节 | 监事会 39 | | | 第八章 | ...

证券代码：832735 证券简称：德源药业 公告编号：2025-031 江苏德源药业股份有限公司 2024 年年度股东会决议公告 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 4 月 25 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：现场和网络 4.会议召集人：董事会 5.会议主持人：董事长陈学民 6.召开情况合法、合规、合章程性说明： 本次年度股东会的召集和召开符合《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》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 出席和授权出席本次股东会的股东共20人，持有表决权的股份总数32,871,811 股，占公司有表决权股份总数的 42.0298%。 其中参加现场股东会的股东共 10 人，持有表决权的股份总数 25,087,570 股， 占公司有表决权股份总数的 3 ...

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 ...