2024 年 報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 3 | | 管理層討論及分析 | 12 | | 董事及高級管理層履歷 | 20 | | 企業管治報告 | 22 | | 環境、社會及管治報告 | 35 | | 董事局報告 | 58 | | 獨立核數師報告 | 74 | | 綜合損益及其他全面收益表 | 81 | | 綜合財務狀況表 | 83 | | 綜合權益變動表 | 85 | | 綜合現金流量表 | 86 | | 財務報表附註 | 87 | | 五年財務摘要 | 168 | 1 二零二四年年報 公司資料 股份代號 2005 執行董事 曲繼廣先生 （主席） 蘇學軍先生 孟國先生 周興揚先生 曲婉蓉女士 （於二零二四年八月二十八日獲委任） 非執行董事 劉文軍先生 （於二零二四年一月十九日獲委任） 獨立非執行董事 王亦兵先生 周國偉先生 姜廣策先生 公司秘書 周興揚先生 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 總 ...

证券研究报告 石四药集团 (2005 HK) 港股通 静待恢复性增长,口服/原料药稳放量 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国香港 | 化学制药 | 公司公告，24 年实现收入 57.7 亿港币(-10.7% yoy),净利润 10.6 亿港币 （-19.5%yoy）,低于 Wind 一致预测。公司收入/利润下滑,主因：1）收入端， 大输液板块销量正增长,但集采影响部分品种 ASP,叠加嗅己新一次性影响拖 累安瓿板块收入,及咖啡因价格同比下滑影响原料药板块表现；2）利润端下 滑幅度大于收入端主因年内客单价偏低的塑瓶及直立软袋占比提升，从而影 响毛利率表现。展望 25 年,考虑大输液收入规模企稳,口服制剂及原料药恢 复性增长,我们看好公司 25 年净利润 10%yoy，维持"买入"。 大输液：2024 销量正增长，看好 2025 收入规模企稳 大输液板块 24 年收入 37.3 亿港币(-7.6% yoy),主因:1)销量受益集采中标+ 新直立袋产能投放而持续增长(24 年销量+6.7% yoy)；2) 部分 ...

智通财经APP讯，石四药集团(02005)发布截至2024年12月31日止年度业绩，集团收益57.73亿港元，同 比减少10.67%;股东应占溢利10.61亿港元，同比减少19.53%;每股基本盈利0.3582港元;拟派末期息每股 0.095港元。 大输液和安瓿水针产品业务保持稳定。2024年，集团输液整体累计实现销售量 20.36亿瓶(袋)，同比增 长6.7%，销售额37.35亿港元，同比减少7.6%，主要原因是受政策性和市场性叠加因素影响，基础输液 存量市场需求乏力、价格下滑，增长不及预期。尽管如此，2024年集团部分治疗性输液产品仍实现增 长，其中，腹膜透析液销量达855万袋，同比增长81%;盐酸莫西沙星氯化钠注射液销售量约1,798万袋， 同比增长约5%。年内，安瓿水针产品累计实现销售量3.13亿支，同比增长1.3%。其中，葡萄糖注射液 销售3,240万支，同比增长128%;异丙托溴铵销售1,214万支，同比增长163%;多索茶硷销售3,168万支，同 比增长57%。 口服制剂业务板块产销规模进一步提升。集团积极采取调整市场布局、强化专业化推广等手段，加强与 百强连锁等医药商业合作，推动商业连锁加快终 ...

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佈的內容概不負責，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佈全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2005） 2024年，內外部經營環境依然嚴峻複雜，面對經濟復蘇乏力、貿易保護加劇、醫保政 策收緊等多重因素的衝擊和影響，集團攻堅克難、綜合施策，以積極的心態和舉措 面對困難和挑戰，以奔跑的姿態抓創新，著力在優化產銷結構、擴寬市場覆蓋面上 靶向施力，努力促進優勢和重點製劑品種及大宗原料藥、藥包材經營擴圍提質增效， 集團整體經營保持了穩定發展的態勢。 2024年全年實現銷售收入以人民幣計約52.66億元，同比減少9.6%；以港元計，全年 銷售收入約57.73億港元，同比減少10.7%，同期毛利率50.4%，同比下降5.6個百分點； 實現淨利潤約10.61億港元，同比減少19.5%。 — 1 — 截至二零二四年十二月三十一日止年度 全年業績公佈 主席報告 本人謹代表石四藥集團有限公司（本公司）董事局（「董事局」），呈報本公司及其附屬公司（簡 稱「集團」）截至二零二 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.30 [1] Core Views - The company's 1-9M24 revenue was HKD 4.534 billion (-4.7% YoY), with a net profit of HKD 919 million (-2.8% YoY) [2] - The decline in revenue was attributed to stable growth in the large infusion sector but was offset by the impact of centralized procurement on ASP and a one-time impact from a specific product [2] - The net profit margin improved by 0.4 percentage points YoY due to optimized sales expenses [2] - The report expects the company's 2024 net profit to be HKD 1.35 billion, driven by seasonal demand in the large infusion sector and stabilized raw material prices [2] Large Infusion Sector - The large infusion sector generated HKD 2.97 billion in revenue (-1% YoY) in 1-9M24, with a 13.4% YoY increase in sales volume but a 12.7% YoY decline in ASP due to centralized procurement [3] - The sector is expected to grow steadily in 2024, with sales exceeding 2.2 billion bottles/bags, driven by seasonal demand, increased capacity utilization, and the expansion of high-margin products like peritoneal dialysis fluid [3] Raw Material Sector - The raw material sector reported HKD 598 million in revenue (-6.6% YoY) in 1-9M24, with caffeine prices stabilizing and azithromycin expected to see both volume and price increases in 2024 [4] - The ampoule sector saw a significant revenue decline (-30.5% YoY) due to a one-time impact but is expected to recover with HKD 700 million in revenue in 2024 [4] Solid Formulation Sector - The solid formulation sector achieved HKD 339 million in revenue (+5.3% YoY) in 1-9M24, with expected revenue of HKD 500 million in 2024 due to new product approvals and the deepening of the raw material/formulation integration strategy [4] Financial Forecasts and Valuation - The company's 2024/2025/2026 EPS is forecasted to be HKD 0.46/0.53/0.59, with a target price of HKD 5.30 based on a 10x PE ratio for 2025 [5] - Revenue is expected to grow from HKD 6.528 billion in 2024E to HKD 8.386 billion in 2026E, with net profit increasing from HKD 1.354 billion in 2024E to HKD 1.744 billion in 2026E [1][5] - ROE is projected to remain stable around 18.45%-18.84% from 2024E to 2026E [1]

Financial Performance - In the first half of 2024, the company achieved sales revenue of approximately RMB 3.034 billion, a year-on-year increase of about 2.4%[3] - The net profit for the same period was approximately HKD 686 million, reflecting a year-on-year growth of about 7.4%[3] - For the six months ended June 30, 2024, the total revenue was HKD 3,338,939,000, a slight increase of 0.2% compared to HKD 3,333,157,000 in the same period last year[24] - Operating profit for the six months ended June 30, 2024, was HKD 849,283,000, an increase of 7.2% from HKD 792,484,000 in the previous year, resulting in an operating profit margin of 25.4%[32] - The profit attributable to equity holders increased by 7.4% to HKD 685,737,000 for the six months ended June 30, 2024, compared to HKD 638,611,000 for the same period last year, with a net profit margin rising from 19.2% to 20.5%[35] - Basic earnings per share rose to HKD 0.2312, compared to HKD 0.2149 in the prior year, indicating a growth of approximately 10.9%[68] - Total comprehensive income for the period was HKD 630,292, significantly higher than HKD 387,537 in the same period last year, marking an increase of around 62.5%[68] Dividends and Shareholder Returns - The interim dividend declared is HKD 0.08 per share, representing a year-on-year increase of 14.3%[3] - The interim dividend declared is HKD 0.08 per share, totaling approximately HKD 237,523,000, up from HKD 0.07 per share last year[36] - The company declared an interim dividend of HKD 0.08 per ordinary share on August 28, 2024[124] Sales and Market Expansion - Sales volume of mannitol injection reached 21.07 million bottles (bags), a year-on-year increase of 70%[5] - Oral formulation sales volume reached 800.9 million pieces (tablets, bags), with a year-on-year growth of 8%[6] - The company added 32 new international customers for raw materials, expanding its customer base in Europe, America, and Asia[7] - The company aims to enhance its formulation development advantages by improving marketing management systems and expanding market share in key product categories such as infusion and oral formulations[13] - The company plans to accelerate the transformation of new products and optimize processes to enhance quality and reduce costs, targeting markets in the Americas, Europe, South Asia, and Southeast Asia for key raw materials like caffeine and azithromycin[14] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[72] Product Development and Innovation - The group approved 43 new products in the first half of the year, including 29 formulations and 14 active pharmaceutical ingredients (APIs) [8] - The group reported a significant increase in the proportion of high-end complex formulations among the approved products, enhancing its innovation influence in the industry [8] - The group has completed the integrated development of linezolid, with various formulations including linezolid sodium chloride injection and linezolid dry suspension, improving market accessibility for pediatric pneumonia treatment [9] - The group has received approval for 14 specialty APIs, enhancing its coverage in the emergency drug market, with key products like isoproterenol and norepinephrine [10] - The innovative drug SYN045 for pulmonary arterial hypertension has entered Phase I clinical trials, expected to conclude by the end of 2024, showing promising safety and tolerance [10] - A total of 45 patents were filed in the first half of the year, with 30 being invention patents, reflecting the group's commitment to innovation [11] - The company is committed to maintaining a strong innovation momentum and aims to achieve breakthroughs in high-end complex formulations and innovative drugs[15] Financial Position and Cash Flow - Cash and cash equivalents slightly decreased by 3.1% to HKD 1,564,535,000 as of June 30, 2024, compared to HKD 1,615,208,000 at the end of 2023[37] - Bank borrowings increased by 7.1% to HKD 3,607,505,000 as of June 30, 2024, from HKD 3,368,141,000 at the end of 2023[37] - The capital-to-debt ratio rose to 22.0% as of June 30, 2024, up from 20.2% at the end of 2023, due to increased bank borrowings[37] - Operating cash generated for the six months ended June 30, 2024, was HKD 615,165,000, a decrease of 7% from HKD 661,515,000 in the same period of 2023[74] - Net cash generated from operating activities was HKD 322,918,000, down 30% from HKD 463,601,000 year-on-year[74] - The company reported a net cash outflow from financing activities of HKD 69,013,000, compared to HKD 24,710,000 in the previous year, indicating increased financing costs[76] Risks and Market Environment - The company has established a dedicated team to manage the risks associated with national drug procurement and has obtained more product registrations to qualify for tenders[18] - The company recognizes the importance of maintaining good relationships with suppliers and customers to achieve both short-term and long-term goals[20] - The company is actively monitoring changes in the Chinese pharmaceutical market environment and is prepared to respond to any adverse impacts[20] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the six months ending June 30, 2024[62] - The roles of Chairman and CEO are held by Mr. Qu Jiguang, which the board believes is in the best interest of the company for effective strategy execution[62] Share Options and Equity - As of June 30, 2024, the total number of unexercised stock options under the 2012 stock option plan remains at 100,000,000, with a weighted average exercise price of HKD 4.218[44] - The company anticipates receiving proceeds of HKD 421,800,000 if all unexercised stock options as of June 30, 2024, are exercised[44] - The total number of stock options available for issuance under the 2023 stock option plan as of June 30, 2024, is 297,268,338, representing approximately 10.01% of the company's issued shares[46] - The company has a limit of 1% of the total issued shares for stock options granted to each eligible participant within any 12-month period, unless otherwise approved by shareholders[46] Legal and Regulatory Matters - The company has been found in violation of bidding terms related to the procurement of a specific injection solution, leading to a temporary suspension from national procurement eligibility for six months[124]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][18]. Core Views - The company demonstrated stable performance in H1 2024, with revenue of HKD 3.339 billion (+0.2%) and net profit of HKD 686 million (+7.4%) [5][8]. - The large-volume infusion segment showed significant growth, with revenue reaching HKD 2.185 billion (+5.6%) and sales volume of 1.139 billion bags (+21.7%) [8][9]. - The company is in a phase of intensive approval for formulation varieties, which is expected to support stable growth in the future [17]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of HKD 3.339 billion (+0.2%) and net profit of HKD 686 million (+7.4%), with a gross margin of 55.2% (-3.1pp) and a net margin of 20.5% (+1.4pp) [5][8]. - The sales expense ratio decreased to 22.7% (-4.9pp), while the management expense ratio increased slightly to 4.2% (+0.1pp) [5][8]. Business Segments - The large-volume infusion business generated revenue of HKD 2.185 billion (+5.6%), accounting for 65.4% of total revenue [8][9]. - The ampoule injection segment faced short-term pressure, with revenue declining to HKD 367 million (-19.0%) due to price reductions in collective procurement products [8][9]. - The raw material segment reported revenue of HKD 399 million (-12.1%), primarily due to low caffeine prices [8][9]. Research and Development - The company achieved significant R&D results in H1 2024, with 29 formulation varieties approved, including 18 injectable and 11 oral formulations [17]. - The innovative drug SYN-045 for pulmonary arterial hypertension has entered Phase I clinical trials, and the anti-liver fibrosis drug ADN-9 is expected to apply for Phase I trials soon [17]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected revenues of HKD 65.32 billion, HKD 70.86 billion, and HKD 76.85 billion, reflecting a growth rate of 1.07%, 8.47%, and 8.46% respectively [17]. - The forecasted net profit for the same period is HKD 13.41 billion, HKD 14.98 billion, and HKD 16.51 billion, with growth rates of 1.71%, 11.69%, and 10.22% respectively [17].

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佈的內容概不負責，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佈全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2005) （於開曼群島註冊成立之有限公司） （股份代號：2005） 截至二零二四年六月三十日止六個月 中期業績公佈 主席報告 本人謹代表石四藥集團有限公司（「公司」）董事局（「董事局」），呈報公司及其附屬公司（簡稱 「集團」）截至二零二四年六月三十日止六個月（「上半年」）的未經審核中期業績。 一、 業績及派息 2024年上半年，在國內經濟回升向好的同時，仍面臨外部環境嚴峻複雜、經濟活力不 足、經營風險加劇等諸多困難。為應對國內外醫藥市場的各種挑戰，集團迎難而上，積 極加快產品結構優化調整、著力擴大有效需求供給，發展韌性得到持續提升，整體經營 實現了穩中有進。 今年上半年實現銷售收入以人民幣計約30.34億元，同比增長約2.4%。以港元而言，今 年上半年銷售收入 ...

D 石四藥集團有限公司 SSY Group Limited (於開曼群島註冊成立之有限公司) (上市編號：2005) 2023 目錄 頁次 公司資料 2 | --- | |--------------------------| | | | | | 主席報告 | | 管理層討論及分析 | | 董事及高級管理層履歷 | | 企業管治報告 | | 環境、社會及管治報告 | | 董事局報告 | | 獨立核數師報告 | | 綜合損益及其他全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 財務報表附註 | | 五年財務摘要 | 3 12 19 21 34 55 70 77 79 81 82 83 162 二零二三年年報 1 公司資料 | --- | --- | |-------------------------------------------------------------------------------------|--------------------------------------------------------------------------- ...

证券研究报告 | 2024年04月03日 石四药集团（02005.HK）——2023 年年报点评 买入 利润端稳健增长，多业务布局提供中长期增长驱动力 核心观点 公司研究·财报点评 利润端稳健增长。2023 年全年公司实现营收以人民币计 58.24 亿元 医药生物·化学制药 （+4.9%），由于人民币兑港元较2022年平均贬值约4.3%，以港元计， 证券分析师：彭思宇 证券分析师：张佳博 公司全年实现营业收入64.63亿港元，同比增长0.5%，归母净利润13.19 0755-81982723 021-60375487 pengsiyu@guosen.com.cn zhangjiabo@guosen.com.cn 亿港元，同比增长17.4%。利润增速大于收入增速主要系：（1）产品结 S0980521060003 S0980523050001 构优化，低毛利率的产品如原料药等占收入比重降低，高毛利率产品占 基础数据 比提升；（2）销售费用有所减少。 投资评级 买入(维持) 合理估值 大输液板块产品结构改善，重点品种销量翻番。2023年公司大输液业务实 收盘价 5.02港元 现收入40.41亿港元（+15.1%）， ...