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2024年6月30日止六個月 中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 於截至 2024 年 6 月 30 日止六個月的收入為人民幣 1,268,549,000 元，較截至 2023 年 6 月 30 日止六個月增加約 13.3% 。 | | • | 於截至 2024 年 6 月 30 日止六個月，本公司權益股東應佔溢利為人民幣 399,765,000 元，較截 ...

Investment Rating - The report gives an "Accumulate" rating for the company [4]. Core Views - Kangchen Pharmaceutical has been deeply engaged in the nephrology sector for over 26 years, establishing itself as a leading enterprise in traditional Chinese medicine for kidney diseases. The company is expanding its product lines into pediatrics, imaging, orthopedics, dermatology, hepatobiliary, and digestive products [1][12]. - The core product, Uremic Clear Granules, has shown steady sales growth, while new products like Oral Iron Dextran Solution and Yishen Huashi Granules are emerging as new growth drivers. The company has a robust pipeline with three products expected to launch this year and five more submitted for registration [2][20]. - The company emphasizes shareholder returns, with an average dividend payout ratio exceeding 30%. In 2023, the dividend payout ratio and yield reached 42% and 9%, respectively, placing it among the top in the pharmaceutical sector [2][18]. Summary by Sections Company Overview - Kangchen Pharmaceutical has been a leader in the nephrology market in China, with a focus on modern traditional Chinese medicine. The company was listed on the Hong Kong Stock Exchange in 2013 and has subsidiaries including Guangzhou Kangchen Pharmaceutical Co., Ltd. and Guangxi Yulin Pharmaceutical Group [12][13]. Financial Performance - Revenue increased from 1.73 billion in 2019 to 2.59 billion in 2023, with a CAGR of 10.6%. Net profit rose from 80 million to 785 million during the same period, with a CAGR of 77.1% [15]. - The company's gross margin and net margin for 2023 were 74.2% and 30.3%, respectively. The nephrology segment accounts for 67.2% of total revenue [15][16]. Product Pipeline - The company employs a "1+6" model to build its product cluster, with 67 products included in the 2023 National Medical Insurance Directory. The nephrology segment's Uremic Clear Granules is the top product, generating annual sales of 1.6 billion [20][21]. - The pipeline includes 14 products, with 6 innovative drugs and 8 generic drugs. Key products expected to be approved in 2024 include Iodixanol Injection and Iopamidol Injection [25][26]. Investment Recommendations - Revenue projections for 2024-2026 are 2.85 billion, 3.16 billion, and 3.54 billion, with corresponding growth rates of 10.0%, 10.9%, and 11.8%. Net profit estimates are 889 million, 1.01 billion, and 1.14 billion, with growth rates of 13.4%, 13.6%, and 12.9% [28].

本次电话会议仅服务于中邮证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险中邮证券不对因使用本次内容所导致的任何损失承担任何责任未经中邮证券事先书面许可任何机构或个人不得以任何 本公司保留追究其法律责任的权利市场有风险 投资需谨慎 好的谢谢尊敬的各位投资者下午好欢迎参加由中邮证券组织的康城药业高管交流电话会议我是中邮证券的医药首席分析师蔡明子那今天同时在线和我一起主持的还有我的同事谷一涵康城药业的话是我们近期开始重点推荐的港股 上周我们也发布了一个比较详细的深度报告,我们也是非常看好公司的强产比例、稳健的成长性以及低估值高分红的一个特性。在前期录影的过程当中,我们发现投资者对于公司的关注度是非常高的,同时也累积了比较多的一些问题。 所以今天的电话会议呢我们也是非常荣幸的邀请到了康城药业的董事会主席 总裁 安主席来和各位投资者做一个深入的交流那本次电话会议的这个流程性的安排就是首先由我这边来简单的介绍一下公司的一个基本面和我们看好公司的一个逻辑然后的话再由我就两个大家相对比较关心的问题来和安主席进行一个请教最后的话再就是这个一个比较开放的互动问答的环节 接下来我就先简单的介绍一下公司的一个 ...

海 外 研 证券研究报告 究 ＃industryId＃ 医药行业 ＃investSuggestion＃ ＃ ＃01681 .HK ＃康dy臣Com药pa业ny＃ dyStockco investSug 无评级 gestionC h d e＃全 年 业绩 持续稳健增＃ 长title＃ ， 派息比例大幅提升 ange＃ ＃ createTime1＃ 2024年 5月 16日 ＃ 市场ma 数rk 据et Data＃ 投资要点 公 日期 2024/5/15 ＃ ⚫s um 全ma 年ry＃业 绩持续稳健增长，派息比例大幅提升。2023 年全年公司实现总收 司 收盘价（港元） 7.16 入 25.90 亿元（人民币，下同），同比增长 10.7%，主要得益于肾科板块 点 总股本（百万股） 818 的稳健增长。整体毛利率达 74.2%，相较2022年的 75.3%略有回落。销 售费用率达 32.9%，同比下降 0.1pct；行政费用率达 12.2%，同比下降 评 流通股本（百万股） 818 1.6pct。2023年公司实现归母净利润7.85亿元，同比增长14.9%，对应归 报 总市值（百万港元） 5856 母净利率30. ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price corresponding to a PE ratio of 5.82 for 2024 [6]. Core Insights - The company is recognized for its strong dividend policy, with a cash balance of 3.58 billion RMB as of the end of 2023, and a dividend payout ratio reaching 42.68% [5][6]. - The company has established a robust product portfolio centered around nephrology, with a focus on the flagship product, Uremic Clear Granules, which has shown steady growth [3][21]. - The company is expected to maintain a stable upward trajectory in performance, with projected revenues of 2.9 billion, 3.27 billion, and 3.69 billion RMB for 2024, 2025, and 2026 respectively [5][16]. Company Overview - The company, 康臣药业 (Kangchen Pharmaceutical), has a market capitalization of 5.7 billion HKD and operates a diversified product line including nephrology, imaging, pediatrics, and more [2][3]. - The company has maintained a stable shareholding structure since its listing in 2013, with significant ownership held by its founder [13][14]. Financial Performance - The company reported a revenue of approximately 2.59 billion RMB in 2023, reflecting a year-on-year growth of 10.71% [16]. - The net profit attributable to the parent company for 2023 was approximately 784.53 million RMB, with a growth rate of 14.88% [16]. - The company has consistently achieved a compound annual growth rate (CAGR) of 15.09% in revenue and 15.07% in net profit over the past decade [16]. Product Analysis - The company has developed a "1+6" product strategy, with nephrology as the flagship area, and has a total of 138 products, including 62 traditional Chinese medicine and 76 Western medicine products [11][20]. - Uremic Clear Granules, the leading product in the nephrology segment, has maintained a market share of 11.8% and has shown a CAGR of 17% from 2010 to 2020 [21][22]. - The company is also focusing on the growth of its pediatric product, Oral Iron Dextran Solution, which has seen a significant increase in sales following changes in the reimbursement policy [4][21]. Future Outlook - The company is expected to continue its upward growth trajectory, with revenue projections of 2.9 billion, 3.27 billion, and 3.69 billion RMB for the years 2024, 2025, and 2026 respectively [5][16]. - The introduction of new products and the expansion of existing ones are anticipated to drive future growth, particularly in the nephrology and imaging segments [3][4].

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。 ...

Revenue and Profit Growth - Revenue for the year ended December 31, 2023, was RMB 2,590,115,000, an increase of approximately 10.7% compared to the previous year[2] - Profit attributable to equity shareholders of the company for the year ended December 31, 2023, was RMB 784,534,000, an increase of approximately 14.9% compared to the previous year[2] - Basic and diluted earnings per share for the year ended December 31, 2023, were RMB 0.99 and RMB 0.98, respectively, representing increases of approximately 15.1% and 14.0% compared to the previous year[2] - Revenue from customer contracts in 2023 was RMB 2,590,115 thousand, a 10.7% increase from RMB 2,339,650 thousand in 2022[12] - The company achieved sales revenue of approximately RMB 2.59 billion in 2023, a year-on-year increase of 10.7%, with net profit attributable to equity shareholders of approximately RMB 780 million, up 14.9% year-on-year[66] - The company's revenue for 2023 was RMB 2,590,115,000, a 10.7% increase compared to RMB 2,339,650,000 in 2022[76] - The net profit attributable to shareholders for 2023 was RMB 784,534,000, a 14.9% increase from RMB 682,907,000 in 2022, with basic earnings per share of RMB 0.99, up 15.1% from RMB 0.86 in 2022[79] Segment Performance - Revenue from the nephrology drug segment in 2023 was RMB 1,741,298 thousand, up 11% from RMB 1,569,418 thousand in 2022[12] - Revenue from the gynecology and pediatric drug segment in 2023 was RMB 293,706 thousand, a 22.7% increase from RMB 239,393 thousand in 2022[12] - The Kangchen Pharmaceutical segment generated revenue of RMB 2,195,051 thousand in 2023, up 10.8% from RMB 1,981,051 thousand in 2022[16] - The Yulin Pharmaceutical segment generated revenue of RMB 395,064 thousand in 2023, up 10.2% from RMB 358,599 thousand in 2022[16] - The renal drug segment generated sales revenue of approximately RMB 1.74 billion in 2023, a year-on-year increase of 11.0%, with the flagship product Niaoduqing Granules contributing approximately RMB 1.65 billion, up 10.2% year-on-year[66] - The medical imaging contrast agent segment recorded sales revenue of approximately RMB 1.56 billion in 2023, a slight decrease of 4.6% year-on-year, with Iopamidol Injection passing consistency evaluation in December 2023[67] - The women and children's drug segment achieved sales revenue of approximately RMB 290 million in 2023, a year-on-year increase of 22.7%, driven by the success of Yuanlikang® Dextran Iron Oral Solution[67] - Yulin Pharmaceutical Division reported sales revenue of approximately RMB 400 million in 2023, a year-on-year increase of 10.2%, with profit of approximately RMB 40 million, marking the third consecutive year of recovery[67] Gross Profit and Operating Profit - Gross profit for the year ended December 31, 2023, was RMB 1,921,678,000, compared to RMB 1,762,912,000 in the previous year[4] - Operating profit for the year ended December 31, 2023, was RMB 884,967,000, compared to RMB 757,326,000 in the previous year[4] - Gross profit for the Kangchen Pharmaceutical segment in 2023 was RMB 1,721,408 thousand, a 9.3% increase from RMB 1,574,367 thousand in 2022[16] - Gross profit for the Yulin Pharmaceutical segment in 2023 was RMB 200,270 thousand, up 6.2% from RMB 188,545 thousand in 2022[16] - The gross profit for 2023 was RMB 1,921,678,000, a 9.0% increase from RMB 1,762,912,000 in 2022, with a gross margin of 74.2%, down 1.1 percentage points from 75.3% in 2022[77] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 4,278,080,000, compared to RMB 3,622,671,000 in the previous year[6] - Net current assets as of December 31, 2023, were RMB 2,783,084,000, compared to RMB 2,272,183,000 in the previous year[6] - Total equity attributable to equity shareholders of the company as of December 31, 2023, was RMB 3,626,503,000, compared to RMB 3,145,139,000 in the previous year[7] - Total assets for the reportable segments in 2023 were RMB 5,488,737 thousand, a 13.1% increase from RMB 4,853,413 thousand in 2022[16] - Total liabilities for the reportable segments in 2023 were RMB 1,482,510 thousand, up 10.1% from RMB 1,346,440 thousand in 2022[16] - The company's inventory balance as of December 31, 2023, was RMB 367,087,000, a 33.0% increase from RMB 276,080,000 at the end of 2022[80] - The company's trade receivables and notes balance as of December 31, 2023, was RMB 255,838,000, a 1.4% decrease from RMB 259,562,000 at the end of 2022[79] - The company's trade payables balance as of December 31, 2023, was RMB 83,098,000, a 38.7% increase from RMB 59,891,000 at the end of 2022[81] - Cash and cash equivalents stood at RMB 2,748,262 thousand in 2023, up from RMB 2,450,173 thousand in 2022[56] - Trade payables increased to RMB 83,098 thousand in 2023 from RMB 59,891 thousand in 2022[57] - Contract liabilities decreased to RMB 16,008 thousand in 2023 from RMB 37,714 thousand in 2022[58] - Bank loans due within one year or on demand amounted to RMB 503,418 thousand in 2023, up from RMB 450,521 thousand in 2022[60] - Deferred income at the end of 2023 was RMB 20,730 thousand, slightly down from RMB 21,190 thousand in 2022[62] - Lease liabilities due within one year or on demand were RMB 4,218 thousand in 2023, compared to RMB 3,708 thousand in 2022[64] - Cash and bank balances increased by 12.2% to RMB 2,748,262,000 as of December 31, 2023, compared to RMB 2,450,173,000 in 2022[83] - Total loans and borrowings increased by 11.7% to RMB 503,418,000 as of December 31, 2023, compared to RMB 450,521,000 in 2022[83] - Capital-to-debt ratio decreased to 13.9% as of December 31, 2023, from 14.3% in 2022, driven by increased operating profits[85] - Capital commitments amounted to RMB 532,903,000 as of December 31, 2023, up from RMB 450,758,000 in 2022[88] Dividends and Shareholder Returns - The company proposed a final dividend of HK$0.3 per share for the year ended December 31, 2023, bringing the total dividend for the year to HK$0.45 per share[2] - Total dividends paid to equity shareholders in 2023 were RMB 330,190 thousand, including an interim dividend of RMB 109,068 thousand and a proposed final dividend of RMB 221,122 thousand[34] - The company proposed a final dividend of HKD 0.3 per share for 2023, bringing the total dividend for the year to HKD 0.45 per share, representing approximately 42% of the annual profit[73] - The company proposed a final dividend of HK$0.3 per share for the year ended December 31, 2023[104][106] - The final dividend is subject to approval by shareholders at the AGM on May 31, 2024, and is expected to be paid on or around June 21, 2024[106] - Shareholders must submit completed share transfer documents by June 12, 2024, to be eligible for the final dividend[107] Government Subsidies and Other Income - Other income in 2023 was RMB 118,498 thousand, a 110.2% increase from RMB 56,385 thousand in 2022, primarily due to higher government subsidies[19] - Unconditional government subsidies amounted to RMB 53,901,000 in 2023, a significant increase from RMB 16,275,000 in 2022, primarily due to operational subsidies and tax refunds for subsidiaries in mainland China[20] - Conditional government subsidies recognized in the 2023 consolidated income statement totaled RMB 2,260,000, slightly higher than RMB 2,241,000 in 2022[20] Employee Costs and R&D - Employee costs increased to RMB 483,508,000 in 2023 from RMB 445,669,000 in 2022, driven by higher salaries, wages, bonuses, and benefits[21][22] - R&D costs decreased to RMB 108,535,000 in 2023 from RMB 117,539,000 in 2022, including RMB 23,268,000 related to employee costs and depreciation[25] - The company's R&D achievements in 2023 included the completion of Phase II clinical statistics for Huangqi San Micro-pills and the approval of Iopamidol Injection's consistency evaluation[68] - The company's joint R&D efforts with WuXi AppTec resulted in the SK-07 renal innovative drug entering Phase I clinical trials ahead of schedule[69] - Total employee count increased to 3,127 as of December 31, 2023, from 3,009 in 2022, with total employee costs rising to RMB 483,508,000 from RMB 445,669,000[88] Tax and Financial Costs - Current tax expenses in mainland China amounted to RMB 65,363,000 in 2023, up from RMB 43,561,000 in 2022, driven by higher income tax provisions[26] - Deferred tax liabilities related to expected dividends from mainland China subsidiaries stood at RMB 18,045,000 as of December 31, 2023, down from RMB 19,915,000 in 2022[28] - Certain subsidiaries in mainland China, such as Guangzhou Kangchen and Inner Mongolia Kangchen, enjoy preferential income tax rates of 15% from 2023 to 2025 and 2023 to 2030, respectively[27] - Tax expenses for 2023 amounted to RMB 77,149 thousand, compared to RMB 62,696 thousand in 2022, with a nominal tax rate impact of RMB 233,220 thousand and tax relief impact of RMB (226,201) thousand[29] - Financing costs rose to RMB 21,264,000 in 2023, up from RMB 10,933,000 in 2022, mainly due to increased bank loan interest expenses[22] Inventory and Depreciation - Inventory costs increased to RMB 668,437,000 in 2023 from RMB 576,738,000 in 2022, with RMB 119,169,000 attributed to employee costs and depreciation[25] - Depreciation and amortization expenses totaled RMB 78,089,000 in 2023, compared to RMB 76,355,000 in 2022, with significant contributions from property, plant, and equipment[24] - The company's inventory cost of goods sold increased to RMB 668,437 thousand in 2023 from RMB 576,738 thousand in 2022[50] - Total inventory value rose to RMB 367,087 thousand in 2023, up from RMB 276,080 thousand in 2022, with significant increases in raw materials, work-in-progress, and finished goods[52] - Depreciation expenses related to right-of-use assets rose to RMB 6,505 thousand in 2023 from RMB 5,875 thousand in 2022[40] Cash Flow and Financing - The company's net cash generated from operating activities in 2023 was RMB 818,973,000, a 13.6% decrease from RMB 947,679,000 in 2022[82] - The company's net cash used in investing activities in 2023 was RMB 231,772,000, a 37.2% decrease from RMB 368,804,000 in 2022[82] - The company's net cash used in financing activities in 2023 was RMB 280,100,000, an 18.1% decrease from RMB 342,205,000 in 2022[82] - The company issued 4,044,154 ordinary shares in 2023 due to employee stock option exercises, compared to 866,608 shares in 2022[87] - Four patents with a book value of RMB 1,897,000 were pledged as collateral for loans as of December 31, 2023[89] - The company issued a total of 4,044,154 ordinary shares in 2023 due to employee stock option exercises, with a total consideration of approximately HKD 15,872,000 (approximately RMB 14,202,000)[103] - A total of 970,200 ordinary shares were issued at prices ranging from HK$3.28 to HK$4.476 per share, with a total consideration of approximately HK$3,843,000 (approximately RMB 3,495,000)[104] - The weighted average closing price of the company's shares immediately before the exercise date of the share options was approximately HK$5.01[104] Property, Plant, and Equipment - Investment properties had a net book value of RMB 14,634 thousand as of December 31, 2023, down from RMB 15,127 thousand in 2022[36] - Future undiscounted lease payments for investment properties as of December 31, 2023, totaled RMB 1,219 thousand, with RMB 222 thousand due within one year[37] - Property, plant, and equipment had a net book value of RMB 739,056 thousand as of December 31, 2023, slightly down from RMB 746,213 thousand in 2022[38] - The total cost of right-of-use assets increased to RMB 161,617 thousand in 2023, up from RMB 159,246 thousand in 2022, with additions of RMB 2,371 thousand in 2023 compared to RMB 846 thousand in 2022[39][40] - The company added RMB 1,000 thousand to its intangible assets in 2023, bringing the total cost to RMB 510,516 thousand[43][44] - Accumulated amortization of intangible assets increased to RMB 221,887 thousand in 2023 from RMB 192,123 thousand in 2022[44][45] - The net book value of intangible assets decreased to RMB 283,140 thousand in 2023 from RMB 311,904 thousand in 2022[47] - The company's prepayments for property, plant, and equipment rose to RMB 41,358 thousand in 2023 from RMB 24,747 thousand in 2022[49] Trade Receivables and Payables - Trade receivables, net of impairment, increased to RMB 195,068 thousand in 2023 from RMB 163,237 thousand in 2022[53] - Trade receivables and bills receivable totaled RMB 255,838 thousand in 2023, a slight decrease from RMB 259,562 thousand in 2022[54] - Other receivables of RMB 3,253 thousand were fully impaired as of December 31, 2023, compared to RMB 524 thousand in 2022[54] - Prepayments for raw materials and other items increased to RMB 17,823 thousand in 2023 from RMB 11,583 thousand in 2022[55] Risk Management and Sustainability - The company faces currency risk due to transactions primarily denominated in RMB and HKD, with no hedging against foreign exchange risk[86] - The company maintains a prudent treasury policy, focusing on liquidity management and credit risk reduction[84] - The company adheres to environmental sustainability practices, encouraging resource conservation and recycling[91] Regulatory and Market Environment - The National Medical Insurance Bureau issued the "National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug List (2023)" on December 13, 2023, which will be officially implemented from January 1, 2024[95] - The National Medical Insurance Bureau issued a notice at the end of 2023 to promote fair, transparent, and balanced inter-provincial pricing for drugs with the same generic name, dosage form, specification, and manufacturer[96] Corporate Governance and Audits - The company's Audit Committee reviewed the financial controls, risk management, and internal control systems, ensuring effective systems and sufficient resources for financial reporting and internal audit functions[101] - The company's external auditor, KPMG, confirmed that the financial data disclosed in the announcement matched the audited consolidated financial statements for the year ended December 31, 2023[102] Shareholder Meetings and Reporting - The Annual General Meeting (AGM) will be held on May 31, 2024 (Friday)[105] - The company will suspend share transfer registration from May 28, 2024, to May 31, 2024, for the AGM[107] - The annual report for the year ended December 31, 2023, will be published on the company's website and the HKEX website[108] Production Capacity and Brand Value - The company's production capacity continued to improve, with the Xinjiang Horgos Base Phase II production line project commencing