会计师事务所履职情况评估报告 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。 证券代码：920735 证券简称：德源药业 公告编号：2026-006 江苏德源药业股份有限公司 江苏德源药业股份有限公司（以下简称"公司"）聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健所"）作为公司 2025 年度审计机构。根据《国有 企业、上市公司选聘会计师事务所管理办法》《关于上市做好选聘会计师事务所工 作的提醒》等法律法规的要求，公司对天健所 2025 年度审计工作的履职情况进行 了评估，具体情况如下： 一、聘请会计师事务所基本情况 （一）会计师事务所基本情况 会计师事务所名称：天健会计师事务所（特殊普通合伙） 成立日期：2011 年 7 月 18 日 组织形式：特殊普通合伙 注册地址：浙江省杭州市西湖区灵隐街道西溪路 128 号 首席合伙人：钟建国 2024 年上市公司审计客户家数：756 家 2024 年上市公司审计收费：7.35 亿元 2024 年本公司同行业上市公司审计客户家数：578 家 （二）聘请 ...

证券代码：920735 证券简称：德源药业 公告编号：2026-022 （一）股东会届次 本次会议为 2025 年年度股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 本次年度股东会召开程序符合《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会的规定。因此，本次 股东会的召开合法、合规。 江苏德源药业股份有限公司 关于召开 2025 年年度股东会通知公告（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 （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 / 7 1、现场会议召开时间：2026 年 3 月 25 日 13:30。 2、网络投票起止时间：2026 年 3 月 2 ...

证券代码：920735 证券简称：德源药业 公告编号：2026-003 江苏德源药业股份有限公司 第四届董事会第十八次会议决议公告 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：2026 年 3 月 4 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：2026 年 2 月 22 日以电子邮件方式发出 6.会议列席人员：高级管理人员 7.召开情况合法合规的说明： 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 9 人，出席和授权出席董事 9 人。 董事贾鹏、温美琴、赵雁、史大华因工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通 ...

证券代码：920735 证券简称：德源药业 公告编号：2026-016 江苏德源药业股份有限公司 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 2026 年 3 月 5 日披露的 2025 年年度报告（财务报告已经审计），截 至 2025 年 12 月 31 日，上市公司合并报表未分配利润为 768,352,933.85 元，母公 司未分配利润为 767,694,301.13 元。母公司资本公积为 362,324,433.28 元（其中股 票发行溢价形成的资本公积为 362,329,311.33 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 117,315,990 股，以未分配利 润向全体股东每 10 股派发现金红利 4.00 元（含税）；以资本公积向全体股东以每 10 股转增 1 股（其中以股票发行溢价所形成的资本公积每 10 股转增 1 股，无需纳 税；以其他资本公积每 10 股转增 0 股，需要纳税）。本次权益分派共预计 ...

Drug Registration and Product Development - In January 2025, the company received drug registration certificates for Sacubitril/Valsartan tablets (200mg), indicating successful consistency evaluation[4]. - In August 2025, the company obtained drug registration certificates for Methimazole tablets (10mg), also passing consistency evaluation[4]. - The company received drug registration certificates for Dapagliflozin tablets (5mg, 10mg) in January 2025, confirming consistency evaluation[4]. - In October 2025, the company achieved drug registration for Gliclazide sustained-release tablets (30mg), passing consistency evaluation[4]. - The company secured drug registration for Mirabegron sustained-release tablets (50mg) in February 2025, indicating successful consistency evaluation[4]. - In October 2025, the company obtained drug registration for Fenofibrate capsules (0.2g), confirming consistency evaluation[4]. - In December 2025, the company received drug registration for Allopurinol tablets (0.1g), passing consistency evaluation[4]. - In April 2025, the company achieved drug registration for Sitagliptin and Metformin sustained-release tablets (100mg/1000mg), indicating successful consistency evaluation[4]. - The company plans to obtain drug registration certificates for multiple products in 2025, which are expected to enhance profit growth[91]. - The company is currently undergoing CDE review for sustained-release tablets and other formulations, indicating ongoing product development efforts[92]. Financial Performance - The company's operating revenue for 2025 reached ¥1,057,759,831.41, representing a 21.80% increase compared to ¥868,464,593.56 in 2024[24]. - Net profit attributable to shareholders was ¥236,929,075.58, up 33.87% from ¥176,983,423.50 in 2024[24]. - The gross profit margin for 2025 was 84.08%, slightly down from 84.56% in 2024[24]. - Total assets increased by 13.48% to ¥1,571,093,663.44 from ¥1,384,413,781.99 in 2024[26]. - Total liabilities decreased by 5.13% to ¥264,202,885.44 from ¥278,475,175.97 in 2024[26]. - The company's cash flow from operating activities improved by 34.68% to ¥156,667,083.89 compared to ¥116,322,020.97 in 2024[26]. - The weighted average return on equity based on net profit attributable to shareholders was 19.74%, up from 17.32% in 2024[24]. - The company achieved a revenue of 1,057.76 million yuan in 2025, representing a year-on-year growth of 21.80% driven by stable sales of products like "复瑞彤" and "波开清" as well as rapid growth in new product sales[40]. - Net profit for 2025 reached 236.93 million yuan, a year-on-year increase of 33.87%, with a net profit excluding non-recurring gains and losses of 228.59 million yuan, up 34.79%[40]. Research and Development - The company has over 30 products in the research pipeline, with 21 domestic patents granted, including 16 invention patents, 4 design patents, and 1 utility model patent[35]. - The company is actively expanding its product pipeline in chronic diseases and metabolic syndrome, focusing on areas such as diabetes complications, hyperlipidemia, and thyroid disorders[35]. - The company is advancing its innovative drug DYX116, which is currently undergoing Phase I clinical trials for diabetes and has received approval for weight loss indications[43]. - The company is collaborating with institutions like China Pharmaceutical University and WuXi AppTec to enhance its innovative drug development pipeline[143]. - The company is focusing on enhancing its product pipeline through both independent and collaborative R&D efforts, including partnerships with universities and research institutions[135]. Environmental Responsibility - The company has implemented a monitoring plan for waste emissions, ensuring that all treated waste meets regulatory standards[103]. - The company reported a total COD emission of 6.8482 tons from the first factory, with a concentration of 125.3 mg/L, well below the standard of 500 mg/L[104]. - The company has established a comprehensive wastewater treatment process that meets the A-level standards for discharge into urban sewage systems[106]. - The company is committed to environmental protection and has established a robust self-monitoring scheme for emissions and waste management[112]. - The company has implemented effective waste management systems to comply with increasing regulatory standards[147]. Corporate Governance and Shareholder Information - The company has no ongoing significant litigation or arbitration matters, and all previously disclosed commitments have been fulfilled without violations[162][156]. - The company has appointed new independent directors to enhance its governance structure, with the new appointments effective from October 2025[185]. - The company has canceled the supervisory board, transferring its responsibilities to the audit committee of the board[184]. - The total number of shareholders holding more than 5% of shares increased to 54,675,271 shares, accounting for 46.62% of total shares[168]. - The company has committed to not reducing shareholdings for the next three months, ensuring stability for investors[161]. Market and Industry Trends - The pharmaceutical industry is experiencing significant growth driven by national policy support, increased public health awareness, and an aging population, leading to a robust demand for medical products[119]. - The dual-track payment mechanism for medical insurance, combining the national medical insurance drug list and commercial insurance innovative drug list, was successfully implemented, enhancing the multi-tiered medical security system[120]. - The national drug procurement policy has covered 490 types of drugs, with an average price reduction exceeding 50%, and ongoing optimization efforts are aimed at balancing quality and price[121]. - The integration of traditional Chinese medicine into the healthcare system is gaining momentum, addressing the growing demand for diverse and high-quality medical services[122]. - The company is leveraging policy support and expedited review processes to enhance the development of innovative drugs and medical devices[122]. Employee and Management Changes - The company experienced a total employee increase from 1,014 to 1,122, with a net addition of 108 employees during the reporting period[200]. - Management personnel increased from 98 to 105, while production personnel rose from 278 to 313, indicating a focus on operational capacity[200]. - The total number of shares held by the management team is 18,078,344, representing 15.41% of the total shares[188]. - The company has implemented a new compensation management system for directors and senior management, approved in March 2023[197]. - The company has seen a rise in technical personnel from 274 to 306, suggesting an investment in research and development[200].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.058 billion yuan in 2025, representing a year-on-year growth of 21.80%, and a net profit attributable to shareholders of 236.92 million yuan, up 33.87% year-on-year [4][7] - The growth is driven by the steady sales of core products such as "复瑞彤" and "波开清", as well as the successful launch of new products like "卡格列净片" and "恩格列净片" [7] - The company maintains a dual strategy of generic and innovative drug development, with a projected R&D expenditure of 120 million yuan in 2025, a 2.83% increase year-on-year [7] - The financial structure remains robust, with total equity attributable to shareholders increasing by 18.17% year-on-year, despite a decrease in net asset per share due to a stock dividend expansion [7] Financial Forecast - The company’s total revenue is projected to be 1.058 billion yuan in 2025, with growth rates of 21.80%, 14.57%, and 20.00% for the years 2025, 2026, and 2027 respectively [6][7] - The net profit attributable to shareholders is expected to be 236.92 million yuan in 2025, with growth rates of 33.87%, 12.06%, and 17.49% for the years 2025, 2026, and 2027 respectively [6][7] - The current market valuation corresponds to a price-to-earnings ratio (P/E) of 17.19 for 2025, 15.34 for 2026, and 13.06 for 2027 [7][8]

Investment Rating - The report assigns a rating of "Outperform" to the company, indicating a positive outlook for its stock performance relative to the market [2][8]. Core Insights - The company reported a revenue of 1.058 billion yuan for 2025, reflecting a year-on-year growth of 21.8%, and a net profit attributable to shareholders of 237 million yuan, up 33.9% [5][8]. - In Q4 2025, the company achieved a revenue of 262 million yuan, a 21.5% increase year-on-year, and a net profit of 78 million yuan, which is a 26.4% increase [5][8]. - The company is expanding its generic drug product line while simultaneously advancing its new drug development, with a focus on cost reduction and efficiency improvements [5][8]. Financial Data and Profit Forecast - The company’s total revenue is projected to be 1.171 billion yuan in 2026, with a slight decrease to 1.110 billion yuan in 2027 [7]. - The net profit forecast for 2025 is 237 million yuan, followed by 174 million yuan in 2026 and 140 million yuan in 2027, indicating a decline in profitability in the following years [7][9]. - The company’s gross margin is expected to decrease from 83.4% in 2025 to 71.6% in 2027, reflecting potential pricing pressures from market competition [7]. Generic Drug Business - The sales of core products such as "复瑞彤" and "波开清" are steadily increasing, driving growth for the company [8]. - The company is proactively expanding its portfolio of generic drugs, with eight new drug registration approvals obtained in 2025 [8]. Innovative Drug Business - The company is advancing its pipeline of innovative drugs, with the DYX116 project progressing as expected, having completed Phase I clinical trials [8]. - The market for GLP-1 drugs in China is projected to reach 609 billion yuan by 2030, indicating significant growth potential for the company’s innovative drug offerings [8].

Investment Rating - The investment rating for the company is upgraded to "Outperform" [2][8]. Core Insights - The company reported a revenue of 1.058 billion yuan for 2025, representing a year-on-year growth of 21.8%, and a net profit of 237 million yuan, up 33.9% year-on-year. The fourth quarter of 2025 saw revenues of 262 million yuan, a 21.5% increase, and a net profit of 78 million yuan, up 26.4% year-on-year [5][8]. - The company is expanding its generic drug product line while simultaneously advancing new drug development. The fourth quarter profits exceeded expectations due to delayed large R&D expenditures and effective cost reduction measures [5][8]. - The company is actively increasing its pipeline of innovative drugs, with the DYX116 project progressing as expected. The drug has completed Phase I clinical trials and is set to enter Phase II trials in the first half of 2026 [8]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 1.058 billion yuan, with a projected growth rate of 21.8%. The net profit for 2025 is estimated at 237 million yuan, with a growth rate of 33.9% [7][11]. - The company’s projected net profits for 2025, 2026, and 2027 are 237 million yuan, 174 million yuan, and 140 million yuan respectively, reflecting a downward adjustment for 2026 and 2027 due to anticipated price reductions from centralized procurement [8][9]. - The company’s price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected at 18, 24, and 30 respectively, compared to an average PE of 38 for comparable companies [9][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a revenue of 1.058 billion yuan in 2025, representing a year-on-year growth of 21.8%, and a net profit attributable to the parent company of 237 million yuan, reflecting a year-on-year increase of 33.9% [2][6] - The earnings per share (EPS) for 2025 is projected at 2.02 yuan, with corresponding price-to-earnings (P/E) ratios of 17.6, 16.3, and 14.9 for the years 2025, 2026, and 2027 respectively, indicating a strong growth outlook driven by the company's generic drug performance and the potential of innovative drug DYX116 [2][6] Summary by Sections Market Expansion and Sales Growth - The company has focused on market expansion, with steady sales growth in products such as "复瑞彤" and "波开清". The sales of other products like 卡格列净片 and 恩格列净片 have also seen rapid growth, contributing positively to revenue [3] - The company has won bids for several products in the tenth batch of centralized procurement, which will enhance sales starting from March 2025 [3] Research and Development - In 2025, the company plans to invest 120.27 million yuan in R&D, a 2.83% increase year-on-year. It has obtained registration approvals for 8 drug varieties and is advancing the clinical trials for innovative drug DYX116 [4] - The company continues to implement a "generic-innovation combination" strategy in its R&D efforts, with multiple projects progressing as planned [4] Financial Performance and Projections - The financial projections indicate a revenue increase to 1.19 billion yuan in 2026 and 1.36 billion yuan in 2027, with net profits expected to reach 256 million yuan and 281 million yuan respectively [6][9] - Key financial metrics include a gross margin of 85.0% and a net margin of 22.4% for 2025, showcasing strong profitability [10]

Core Viewpoint - Deyuan Pharmaceutical reported a robust performance in 2025, achieving significant revenue and profit growth despite challenging market conditions [1] Financial Performance - The company achieved an operating revenue of 1.058 billion yuan in 2025, representing a year-on-year increase of 21.8% [1] - The net profit attributable to shareholders was approximately 237 million yuan, reflecting a year-on-year growth of 33.87% [1] Strategic Response - In response to intense market competition, regulatory changes, and price reductions from centralized procurement, the company implemented strategies to expand market share and optimize product sales structure [1] - The company focused on the collaborative development of both generic and innovative drug pipelines, alongside meticulous cost control measures to ensure steady growth in overall business performance [1]