证券研究报告：医药生物 | 公司深度报告 2024年5月17日 股票投资评级 康臣药业 (1681.HK) 买入|首次覆盖 高分红、业绩提速可期，被低估的肾科中成药龙头 ⚫ 投资要点：业绩稳健向上，高分红，现金充足 公司基本情况 康臣药业集团打造“1+6”产品格局，以肾科为旗舰，并推影像、 妇儿、骨伤、皮肤、肝胆、消化系列品种。公司核心大单品为尿毒清 最新收盘价（港元） 6.98 颗粒，为肾科口服中成药龙头产品，增长稳健，公司加大推广潜力产 总股本/流通股本（亿股） 8.18/8.18 品益肾化湿颗粒，加速肾科收入增长；妇儿右旋糖酐铁口服液为第二 总市值/流通市值（亿港 57/57 大单品，通过改大规格促进收入加速增长，且 2023 年底迎来医保解 元） 限，后续有望保持快速增长；影像大单品钆喷酸葡胺保持稳健增长， 52周内最高/最低价 7.16 / 4.31 2024-2026年预计持续有新品获批上市，提供增长动力；玉林制药在 资产负债率(%) 28.85% 2019-2020年的短期承压后经过改革在2021-2023年恢复较好增长， 市盈率 5.82 后续预计维持向上增长态势。基于此，公司整体业绩稳健向上 ...

Financial Performance - The Group recorded sales revenue of approximately RMB2.59 billion, representing a 10.7% increase over the previous year[8] - Profit attributable to equity shareholders was approximately RMB0.78 billion, a 14.9% increase compared to the previous year[8] - The company achieved sales revenue of approximately RMB2.59 billion in 2023, representing a year-on-year increase of 10.7%, with net profit attributable to shareholders of approximately RMB780 million, up 14.9% year-on-year[10] - Revenue for 2023 increased by 10.7% to RMB 2,590,115,000 compared to RMB 2,339,650,000 in 2022[38] - Profit before taxation rose by 15.7% to RMB 863,703,000 in 2023 from RMB 746,393,000 in 2022[38] - Profit attributable to equity shareholders grew by 14.9% to RMB 784,534,000 in 2023 from RMB 682,907,000 in 2022[38] - Gross profit increased by 9.0% to RMB 1,921,678,000 in 2023, with a gross profit margin of 74.2%, down 1.1 percentage points from 2022[42] - Annual profit attributable to equity shareholders increased by 14.9% to RMB784,534,000 in 2023, with basic EPS rising by 15.1% to RMB0.99[49][53] Pharmaceutical Industry Challenges - The pharmaceutical industry faced challenges including a medical anti-corruption campaign and the normalization of centralized drug procurement[8] - The pharmaceutical industry in 2023 saw policies focusing on healthcare reform, medical insurance optimization, and traditional Chinese medicine development[72][73] - The NHSA normalized centralized quantity procurement of drugs, optimized procurement rules, and strengthened drug supply and quality supervision in 2023[83] - The NHSA issued a notice in December 2023 to promote fair and transparent pricing for drugs with the same generic name and manufacturer across provinces[82] Product Performance - The Consun Pharmaceutical Segment recorded sales revenue of approximately RMB2.2 billion in 2023, a year-on-year increase of 10.8%, with kidney medicines contributing approximately RMB1.74 billion, up 11.0% year-on-year[11] - The flagship product, Uremic Clearance Granules, achieved sales revenue of approximately RMB1.65 billion in 2023, a year-on-year increase of 10.2%, maintaining its leading position in the nephropathy oral modern Chinese medicine category[11] - Kidney Repair and Edema Alleviation Granules, a key product under incubation, achieved sales revenue of approximately RMB90 million in 2023, a year-on-year increase of 25.5%[13] - The medical contrast medium segment recorded sales revenue of approximately RMB160 million in 2023, a slight year-on-year decrease of 4.6%, with progress in R&D for imaging products[14] - The Yulin Pharmaceutical Segment achieved sales revenue of approximately RMB400 million in 2023, a year-on-year increase of 10.2%, with a profit of approximately RMB40 million, marking three consecutive years of recovery[15] - Sales of kidney medicines increased by 11.0%, with Uremic Clearance Granules maintaining market leadership[41] - Gynaecology and paediatrics medicines sales grew by 22.7%, becoming the second-largest revenue segment[41] Research and Development - The company completed Phase II clinical statistics for Astragalus Powder Tiny Pill and passed the consistency evaluation for Iopamidol injection, with progress in other R&D projects such as Lanthanum Carbonate and Iodixanol[18] - SK-07, a class I innovative drug in nephrology jointly developed with WuXi AppTec, entered Phase I clinical trials ahead of schedule, and Roxadustat capsule was successfully submitted for registration[19] - SK-07, a Class 1 innovative drug jointly developed with WuXi AppTec, entered Phase I clinical trials several months ahead of schedule[21] - The company collaborated with Xinji Pharmaceutical to establish a joint laboratory for innovative preparations and showcased research on Canton Love-pes Vine Herb Capsules at an international liver disease conference[19] Corporate Governance and Leadership - Mr. An Meng was appointed as Chairman and CEO of the company effective from 17 January 2024, responsible for comprehensive strategic planning and overall operational management[88][89] - Mr. An Meng has over 30 years of experience in the property insurance and venture capital industries, including roles at PICC Insurance Group and China Taiping Insurance Group[90] - Professor Zhu Quan, aged 84, is the executive Director and chief scientist of Guangzhou Consun, primarily responsible for the company's product research and development[92][93] - Mr. Xu Hanxing, aged 30, was appointed as an executive Director effective from 24 March 2021 and is currently acting as a commercial director[94][96] - Dr. Zhang Lihua, aged 47, was appointed as a non-executive Director effective from 9 July 2021[97] - The Board of Directors consists of six members: three executive Directors, one non-executive Director, and two independent non-executive Directors as of the report date[117] - The company's Chairman, Mr. An Meng, concurrently serves as the CEO since the resignation of Ms. Li Qian on 17 January 2024, despite a deviation from the Listing Rules[123] - The Board believes the current management structure, with Mr. An Meng as both Chairman and CEO, will improve the company's strategic planning efficiency and future development[124] Dividend and Shareholder Returns - Consun Pharmaceutical proposed a final dividend of HKD 0.3 per share for 2023, with a total dividend of HKD 0.45 per share, representing approximately 42% of the annual profit[28] - The Company paid an interim dividend of HKD0.15 per share in 2023, totaling approximately RMB109,068,000[194] - The Board proposed a final dividend of HKD0.3 per share for the year ended 31 December 2023, amounting to approximately RMB221,122,000[194] - The Company's distributable reserves as of 31 December 2023 amounted to RMB916,186,000, up from RMB812,046,000 in 2022[199][200] - The final dividend is subject to shareholder approval at the annual general meeting on 31 May 2024 and is expected to be paid on or about 21 June 2024[194] - The Company's dividend policy considers factors such as financial results, cash flow, capital requirements, and future expansion needs[195] Risk Management and Internal Controls - The company's internal control systems are designed to manage risks and ensure compliance, providing reasonable assurance against material misstatement or loss[174] - The company has established procedures for identifying, assessing, and managing significant risks, including regular project audits and annual risk assessments[175] - The company's audit and supervision department monitors and evaluates the adequacy and effectiveness of relevant procedures through internal audits and periodic evaluations[177] - The company engaged an independent internal control valuer to assess high-level risks and key business processes, providing recommendations for enhancing risk management and internal control capabilities[177] - The company's Board considers the risk management and internal control systems to be generally adequate and effective, with no significant deficiencies causing material misstatements in financial reports[178] - The company has taken or intends to take improvement measures to address general internal control deficiencies and will continue to review the effectiveness of its systems[178] Environmental, Social, and Governance (ESG) - Environmental sustainability is integrated into daily operations, with a focus on water, energy, and materials saving and recycling[70] - The ESG Committee reviewed the Group's ESG report for the year ended 31 December 2023, which is available on the Company and Stock Exchange websites[164] - The company provides ongoing compliance and anti-corruption training to employees at all levels, including the Board and senior management[176] Investor Relations and Shareholder Communication - The Company maintains a dedicated investor relations team to handle shareholder inquiries and communicate feedback to the Board and management team[191] - The Company's website (http://www.chinaconsun.com) serves as an alternative communication channel for shareholders and the public, providing corporate updates and information[188] - Shareholders can submit written inquiries to the Company's headquarters in China or Hong Kong, or via email (ir@chinaconsun.com) or phone ((86) 20 8226 4529)[189] - The Company's annual general meeting on 31 May 2023 was held with a combination of physical and online virtual meetings to facilitate shareholder participation[191] Strategic Development and Future Plans - The company is embarking on its "next 25 years" of development with confidence[8] - The company's development philosophy for 2024 is "Pursuing Integrity for Innovation, Building Team Spirit for Sustainability"[30] - The company aims to enhance management and core competitiveness to create growth momentum for the next 25 years[30] - The company's annual operation policy for 2024 is "Stabilizing Growth, Strengthening Compliance and Training Internally"[32] Brand and Market Position - The brand value of Consun Pharmaceutical reached RMB 11.236 billion, ranking 22nd in the "Top 100 Chinese Medicine Enterprises in China"[25] - Consun Pharmaceutical was ranked among the 200 "Top-performing publicly listed Small and Midsized Companies by Forbes Asia"[25] - Uremic Clearance Granules was awarded the "CPEO Gold Award" and selected in the "Chinese Pharmaceutical Brand List" for the 7th time[26] - Consun Pharmaceutical and Yulin Pharmaceutical were awarded the "Excellent Brand Enterprise of Chinese National Medicine in 2022-2023"[25] Financial Position and Capital Structure - Total assets increased by 12.6% to RMB 5,507,994,000 in 2023 from RMB 4,892,380,000 in 2022[39] - Total equity attributable to equity shareholders rose by 15.3% to RMB 3,626,503,000 in 2023 from RMB 3,145,139,000 in 2022[39] - The gearing ratio decreased to 13.9% as of 31 December 2023 from 14.3% as of 31 December 2022, primarily due to increased operating profit[61] - The company issued 4,044,154 ordinary shares in 2023 due to employee share option exercises, compared to 866,608 ordinary shares in 2022[65] - The capital structure remained stable in 2023, with no significant changes except for the issuance of shares related to employee share options[64][65] Operational Costs and Expenses - Distribution costs increased by 10.4% to RMB852,206,000 in 2023, compared to RMB771,960,000 in 2022, driven by higher sales[47] - Administrative expenses remained stable at RMB315,599,000 in 2023, compared to RMB322,504,000 in 2022[47] - Reversals of impairment loss on trade and other receivables decreased to RMB12,596,000 in 2023 from RMB32,493,000 in 2022, due to improved trade debtor management[47] - Finance costs surged by 94.5% to RMB21,264,000 in 2023, compared to RMB10,933,000 in 2022, primarily due to higher bank borrowing interest rates[47] - Income tax expenses rose by 23.1% to RMB77,149,000 in 2023, with the effective tax rate increasing from 8.4% to 8.9%[47] Cash Flow and Liquidity - Net cash generated from operating activities decreased by 13.6% to RMB818,973,000 in 2023 compared to RMB947,679,000 in 2022, primarily due to increased wages, operational procurement, and tax expenses[57] - Net cash used in investing activities decreased by 37.2% to RMB231,772,000 in 2023 compared to RMB368,804,000 in 2022, mainly due to the withdrawal of bank deposits and increased interest income[57] - Net cash used in financing activities decreased by 18.1% to RMB280,100,000 in 2023 compared to RMB342,205,000 in 2022, driven by an increase in net bank loans[57] - Cash and bank balances increased by 12.2% to RMB2,748,262,000 as of 31 December 2023 compared to RMB2,450,173,000 as of 31 December 2022[57] - Total loans and borrowings increased by 11.7% to RMB503,418,000 as of 31 December 2023 compared to RMB450,521,000 as of 31 December 2022[57] Regulatory and Compliance - The Company adheres to the Corporate Governance Code and has complied with the Code Provisions set out in the Listing Rules during the year ended 31 December 2023[114] - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors complied with the required standards during the year ended 31 December 2023[115] - The Company has established written guidelines for relevant employees regarding dealings in the Company's securities, which are no less exacting than the Model Code[116] - No significant non-compliance with laws and regulations relevant to the Group's operations was reported in 2023[71] Board and Committee Activities - The Board held four meetings during the year ended 31 December 2023 to discuss the company's overall strategy, operational, and financial performance[132] - The Board of Directors held four meetings during the year ended December 31, 2023, with all directors attending all meetings[137] - The Chairman held two separate meetings with independent non-executive directors without the presence of other executive directors during the year[138] - The Audit Committee held two meetings during the year ended 31 December 2023, with all members attending both meetings[167][168] - The Audit Committee reviewed the Group's financial controls, risk management, and internal control systems, ensuring effective systems and sufficient resources for financial reporting and internal audit functions[169][170] - The Audit Committee met with the external auditor to ensure the effectiveness of the audit process and reviewed the annual report, including the financial statements[169][170] Remuneration and Compensation - The Remuneration Committee reviews and recommends remuneration policies for Directors and senior management, ensuring no Director determines their own remuneration[155] - Executive Directors' emoluments are determined based on skills, knowledge, performance, contributions, and market conditions[155] - Non-executive Directors' remuneration ensures adequate compensation for their efforts and time dedicated to the Company's affairs[155] - Senior management remuneration for 2023 ranged from RMB 500,001 to 2,000,000, with 2 individuals in the RMB 500,001-1,000,000 band, 3 in the RMB 1,000,001-1,500,000 band, and 1 in the RMB 1,500,001-2,000,000 band[161] External Audit and Financial Reporting - The company engaged KPMG as the external auditor for the year ended 31 December 2023, with audit fees amounting to approximately RMB2,500,000 and non-audit fees to RMB500,000[171] - The company's financial statements for 2023 are prepared based on the criteria set out in note 1(b) to the financial statements, covering pages 100 to 235[131] - The company's external auditor issued a declaration of reporting responsibility on the financial statements, detailed in the Independent Auditor's Report on pages 89 to 99[131] Employee and Workforce Management - Total employees increased to 3,127 in 2023 from 3,009 in 2022, with total staff costs rising to RMB483,508,000 from RMB445,669,000[66] - The gender ratio in the Group's workforce (including senior management) was 52.9% male to 47.1% female as of 31 December 2023[152] - The company provides funding for directors to attend professional development courses to ensure they maintain necessary knowledge and skills[139] Corporate Policies and Governance - The company's Articles of Association require one-third of directors to retire by rotation at each annual general meeting[143] - The Nomination Committee reviews the Board's structure, size, composition, and diversity policy annually[145] - The Nomination Committee identifies qualified candidates for directorship based on skills, experience, education, and personal integrity[145] - The Board Diversity Policy includes measurable objectives such as at least 40% of Board members being non-executive or independent non-executive Directors[151] - At least 1/3 of the Board members must be independent non-executive Directors according to the Board Diversity Policy[151] - At least 50% of the Board members must have 7 years or more of experience in their specialized industry[151] - The Board includes members with China-related work experience, with at least 2 members meeting this criterion[151] Strategic Partnerships and Collaborations - The company collaborated with Xinji Pharmaceutical to establish a joint laboratory for innovative preparations and showcased research on Canton Love-pes Vine Herb Capsules at an international liver disease conference[19] - The company engaged an independent internal control valuer to assess high-level risks and key business processes, providing recommendations for enhancing risk management and internal control capabilities[177] Government and Policy Support - The Chinese government has actively supported the development of traditional Chinese medicine, with the 14th Five-Year Plan providing strategic guidance for its growth[74][75] - The State Council issued the "Implementation Plan for Major Projects of the Revitalization and Development of Traditional Chinese Medicine" in February 2023, focusing on health, innovation, and solving key issues in the industry[77] - The National Medical Products Administration strengthened scientific supervision of Chinese medicine and promoted innovation through new regulations in January and February 2023[77] - The National Healthcare Security Administration issued the 2023 National Drug Catalogue, effective from January 1, 2024, including new drugs, rare disease drugs, and pediatric drugs[78] Shareholder and Investor Relations - The Company's annual report includes a Chairman's Statement (pages 5-14) and Management Discussion and Analysis (pages 16-26) discussing principal risks, uncertainties, and future business developments[193] - The Board proposes to amend the Company's memorandum and articles of association to comply with the Listing Rules' requirements, including the expansion of the paperless listing regime and electronic dissemination of corporate communications[191] - The Company's principal activity is investment holding, with the principal subsidiaries' activities detailed in note 14 of the financial statements[193] Corporate Social Responsibility - The company emphasizes the value of "achieving benefits while prioritizing righteousness" in its business philosophy, balancing economic benefits with ethical actions[114] - The company has established a comprehensive

更新报告 买入 肾科领域优势明显，业绩持续快速增长 康臣药业（1681.HK） 2024-04-08 星期一 投资要点 目标价： 8.67港元 现 价： 5.63港元 ➢ 业绩持续快速增长： 预计升幅: 54% 公司2013年上市以来，截止2023年，营业收入CAGR 16.3 %，净利润 CAGR 17.8 %，在行业增速明显放缓甚至下降的情况下，公司取得如此 持续快速增长的业绩，充分体现了公司产品的竞争优势及管理能力。公 重要数据 司注重股东回报，累计派息超 19 亿元港币。23年公司核心药品销售增 日期 2024-04-08 长推动业绩增长，取得收入25.90亿元人民币，同比增长10.7%，净利润 收盘价（港元） 5.63 7.85亿元，同比增长14.9%。 总股本（亿股） 8.12 ➢ 核心产品竞争力不断提升，妇儿板块加速布局： 总市值（亿港元） 46 肾科方面，公司通过尿毒清和益肾化湿颗粒两大核心产品实现销售收入 净资产（亿元） 39.19 17.41亿元人民币，同比增长11.0%，其中益肾化湿颗粒销售收入同比增 总资产（亿元） 55.08 长25.5%。公司在双核产品驱动下抓住市场机遇，成功覆盖3 ...

即时点评 即时点评 深耕肾病领域，业绩持续快速增长 康臣药业（1681.HK） 2024-03-28 星期四 事件： 公司发布业绩，2023 全年收入 25.90 亿元人民币，同比增长 10.7%，毛 利19.22亿元，同比增长9.0%，毛利率为74.2%，净利润7.85亿元，同 比增长14.9%。 点评观点： ➢ 财务表现亮眼，结构健康趋势向好 相关报告 公司核心产品竞争力强，推动业绩持续快速增长，公司2013年上市以来， 截止2023年，营业收入CAGR 16.3 %，净利润CAGR 17.8 %，在行业增 速明显放缓深圳下降的情况下，公司取得如此持续快速增长的业绩，实 属不易。公司注重股东回报，累计派息超 19 亿元港币。23年公司核心 药品销售增长推动业绩增长，取得收入 25.90 亿元人民币，同比增长 10.7%，净利润7.85亿元，同比增长14.9%。公司加大应收款项回笼速度 和效率，在2022年应收账款存量同比减少26.1%的情况下，23年实现了 收账款存量同比减少 1.4%，同时现金及其等价物增长 17.9%，达到了 35.83 亿元人民币。公司的经营效率具有提升，应收周转天数降低 11.3 ...

智通财经APP讯，康臣药业(01681)发布公告，公司于2013年12月2日采纳了2013年购股权计划。根据 2013年购股权计划的条款，除非另行终止或修订，否则2013年购股权计划将自其通过之日起10年内有 效，并于2023年12月1日到期。2013年购股权计划到期后，将不再要约或授予购股权。于本公告日期， 2013年购股权计划中仍有5046.39万份已授出但尚未行使的购股权。 鉴于2013年购股权计划到期，董事局建议根据经修订的上市规则第17章采纳2024年购股权计划，自2023 年1月1日起生效，以激励或奖励合资格参与人士为集团做出的贡献。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1681） 截至2023年12月31日止年度之 全年業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 於截至 2023 年 12 月 31 日止年度的收入為人民幣 2,590,115,000 元，較截至 2022 年 12 月 31 日止年度增加約 10.7% 。 | | • | 於截至 2023 年 12 月 31 日止年度，本公司權益股東應佔溢利為人民幣 784, ...

(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：1681 皮膚科藥物 Dermatologic Medicines Hepatobiliary Medicines 肝膽藥物 Orthopedics Medicines 骨科藥物 SS治服設業 對比劑 Contrast Medium 消化系統藥物 Gastroenterology Medicines 婦兒藥物 Gynaecology and Paediatric Medicines 腎科藥物 Kidney Medicines | --- | --- | --- | |-------------------------------------------------|--------------------------|-------------| | | Contents | 目錄 | | Corporate Information | 公司資料 | 2-4 | | Financial Highlights | 財務摘要 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1681） 截至2023年6月30日止六個月 中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 於截至 2023 年 6 月 30 日止六個月的收入為人民幣 1,119,679,000 元，較截至 2022 年 6 月 30 日止六個月增加約 12.7% 。 | | • | 於截至 2023 年 6 月 30 日止六個月，本公司權益股東應佔溢利為人民幣 347,894,000 元，較截 ...

虎臣 蔚 美 集 園 有 限 公 CONSUN PHARMACEUTICAL GROUP LIM (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號：1681 Kidney Medicines 腎科藥物 Gynaecology and Paediatric Medicines 對比劑 Contrast Medium 婦兒藥物 骨科藥物 Orthopedics Medicines Hepatobiliary Medicines 肝膽藥物 皮膚科藥物 Dermatologic Medicines 消化系統藥物 Gastroenterology Medicines 缓痛止渴软胶囊 年報 Annual Report 2022 Contents 目錄 | --- | --- | --- | |--------------------------------------------------------------------------|------------------------ ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1681） 截至2022年12月31日止年度之 全年業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 於截至 2022 年 12 月 31 日止年度的收入為人民幣 2,339,650,000 元，較截至 2021 年 12 月 31 日止年度增加約 14.4% 。 | | • | 於截至 2022 年 1 2 月 3 1 日止年度，本公司權益股東應佔溢利為人民幣 682,907,000 元，較截至 2021 年 12 月 31 日止 ...