Investment Rating - Target price: HKD 15.75, representing a 64.5% upside from the current price of HKD 9.57 [1] - Maintains a "Buy" rating [7][22] Core Views - The company is undervalued with a static PE of 7.5x and a dividend yield of 6.1% [7] - Revenue for 2024-2026 is projected to be RMB 4.413 billion, RMB 4.722 billion, and RMB 5.147 billion, respectively, with net profits of RMB 1.012 billion, RMB 1.096 billion, and RMB 1.184 billion [7] - The company's gross margin slightly increased from 75.2% to 75.3% in 2024, reflecting effective cost control [6] - Sales and distribution costs decreased by 20.3% YoY, further improving net profit margins [6] Business Performance - Revenue for the first three quarters of 2024 decreased by 16.9% YoY to RMB 2.887 billion, primarily due to the normalization of post-pandemic demand and the impact of centralized procurement on traditional Chinese medicine products [6] - Revenue breakdown by product: injection products decreased by 26.7% to RMB 1.028 billion, soft capsule products decreased by 19.3% to RMB 391 million, granule products decreased by 2.2% to RMB 457 million, and traditional Chinese medicine formula granules decreased by 12.0% to RMB 824 million [6] - The company is expanding its market presence beyond Hebei and Yunnan provinces, with 90.4% of formula granule sales still concentrated in these two regions [13] Product Pipeline and Innovation - The company is actively developing exclusive innovative traditional Chinese medicine products, with oral drugs now accounting for 64% of its portfolio [7] - Key products in the pipeline include Saitong Capsule and JC Capsule, both of which have completed Phase III clinical trials [9][21] - Saitong Capsule, targeting vascular dementia, is expected to apply for production approval in the first half of 2025, with a potential market size of over 10 million patients in China by 2025 [26] - The company's R&D expenses account for 2.1% of total sales revenue, focusing on chronic disease treatments such as cardiovascular, pediatric, orthopedic, gynecological, and geriatric diseases [9] Market Expansion and Strategy - The company plans to strengthen its market expansion in provinces participating in the inter-provincial alliance, including Beijing, Tianjin, Anhui, and Shandong, while also targeting grassroots markets [29] - The production capacity of traditional Chinese medicine formula granules currently stands at RMB 5 billion annually, with plans for further expansion based on market demand [29] Financial Analysis - The company's gross margin has remained stable at around 75% over the past few years, with a slight increase to 75.3% in 2024 [6][15] - Net profit margins improved to 22.93% in 2024, up from 21.47% in 2023 [15] - The company's ROE is projected to increase from 15.38% in 2024 to 15.83% in 2026, reflecting improved profitability and efficiency [15]

(Incorporated in the Cayman Islands with limited liability) 中 國 神 威 藥 業 集 團 有限公 司 Stock Code: 2877 INTERIM REPORT 2024 Interim Report 2024 中期報告 中國神威藥業集團有限公司 LEADING MODERN CHINESE MEDICINE PROMOTING HEALTH INDUSTRY 中 國 神 威 藥 業 集 團 有限公 司 (於開曼群島註冊成立之有限公司) 股份代號: 2877 中期報告 2024 引 領 現代中藥 引 領 現代中藥 推 進 健康產業 推 進 健康產業 目錄 2 公司資料 4 中期業績概要 5 公司概覽 6 管理層討論及分析 17 其他資料 21 簡明綜合財務報表審閱報告 4 22 簡明綜合財務報表 18 公司資料 王桂華女士（委員會主席） 信蘊霞女士 廖舜輝先生 | --- | --- | |---------------------------|--------------------------------------| | 董事會 | 企業 ...

2024 年 9 月 3 日 医药: 超配 证券研究报告 / 业绩点评报告 神威药业 (2877 HK, 买入, 目标价: HK$18.00) 买入 搏有 盘出 每股净现金接近股价，维持高分红率 • 独家产品增速稳健，中药配方颗粒 2H24 之后有望迎来恢复性增长。 • 我们预测 2023-26 年营收/ 归母净利润 CAGR 为 11%/10%。 • 重申"买入"评级，下调目标价至 18.00 港币。 营收在去年高基数下同比下滑，但净利润实现较高速增长：神威药业发布中报，1H24 实 现营收 20.86 亿元，同比-13%；归母净利润 6.26 亿元，同比+28%。1H24，公司实现其 他收入（政府发放的企业发展金）1.69 亿元，1H23 为 0.22 亿元。1H24，实现投资收入 1.22 亿元，1H23 为 0.57 亿元。如果刨除掉这两项一次性项目税后金额，公司扣非后归母 净利润则同比下滑 5%至 4.09 亿元。公司毛利率同比增长 0.1ppts 至 75.3%。根据公司中 报，1H24，公司实现自由现金流 4.89 亿元，并拟派发中期股息 0.83 亿元，每股股息 0.11 元。最近十二个月股息 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公佈全部或任何部分內容 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。 （在開曼群島註冊成立之有限公司） （股份代號：2877） 二零二四年中期業績公告 中國神威藥業集團有限公司（「本公司」或「神威」）的董事會（「董事會」）欣然提呈本公司及 其附屬公司（統稱「本集團」）截至二零二四年六月三十日止六個月（「期內」）的未經審核綜 合業績如下： | --- | --- | |-------|------------------------------------------------------------------------| | | | | | 財務概要 | | | 截至二零二四年六月三十日止六個月（「期內」），本集團錄得下列經營業績： | | • | 營業額為人民幣 2,086,695,000 元，比去年同期下降 13.0% ； | | • | 毛利率為 75.3% ，而去年同期為 75.2% ； | | • | 期內溢利為人民幣 626,479,000 元，比去年同 ...

Investment Rating and Target Price - The report initiates coverage on Shenwei Pharmaceutical (2877 HK) with a **Buy** rating and a target price of HK$19.30 [1][4] - The target price implies an upside potential of **+151%** from the current price of HK$7.69 [2] - The target price corresponds to a 2024 P/E of 12x, in line with the average of comparable companies in the Hong Kong market [5] Core Investment Thesis - Shenwei Pharmaceutical is a mature traditional Chinese medicine (TCM) manufacturer with a robust product portfolio, including injections, TCM formula granules, granules, and soft capsules [4][13] - The company is expected to achieve a **15% CAGR in revenue** and **13% CAGR in net profit** from 2023 to 2026, driven by growth in TCM formula granules and granule segments [4][13] - The company has a strong shareholder return profile, with a historical dividend payout ratio of 40%-50% and an average dividend yield of 4.5% from 2014 to 2023, ranking 6th among 87 healthcare H-shares [4][12] - Free cash flow is expected to remain robust, supporting a potential increase in dividend payout, with projected dividend yields of 7.8%/8.6%/10.0% for 2024-26 [4][12] Key Business Segments and Growth Drivers TCM Formula Granules - TCM formula granules are expected to be a major growth driver, with a projected **20% CAGR in revenue** from 2023 to 2026 [4][13] - The company won all 200 bids in the first national TCM formula granules centralized procurement, which is expected to facilitate nationwide expansion [13][45] - The company plans to expand into new markets such as Beijing, Tianjin, Shandong, and Anhui, leveraging its cost control and operational efficiency advantages [13][45] - The segment is expected to maintain a high gross margin of around 74%, benefiting from the company's early price adjustments and efficient operations [13][45] Injections - The injection segment, which accounted for 39.5% of 2023 revenue, is expected to grow at a **5% CAGR** from 2023 to 2026, driven by the lifting of payment restrictions on five key injection products [13][15] - The core product, Qingkailing Injection, saw a 75% YoY revenue growth in 2023 due to increased demand during the flu season, but is expected to decline in 2024 due to a high base effect [15][41] - The company's injection products are expected to benefit from increased acceptance and reduced adverse reaction rates, supported by stricter regulatory standards [22][26] Granules - The granule segment, contributing 15.4% of 2023 revenue, is expected to grow at a **21% CAGR** from 2023 to 2026, driven by the company's exclusive product, Huamoyan Granules [13][55] - Huamoyan Granules, the only approved TCM for synovitis treatment, is expected to see strong growth as the company increases marketing efforts post-anti-corruption measures [55][57] Soft Capsules - The soft capsule segment is expected to grow at a **15% CAGR** from 2023 to 2026, driven by products like Huoxiang Zhengqi Soft Capsules and Jiangzhi Tongluo Soft Capsules [13] Industry Catalysts and Policy Support - The TCM industry is expected to benefit from favorable policies, including potential inclusion of more TCM products in the National Essential Drug List and continued support for TCM in the healthcare system [4][13] - The lifting of payment restrictions on five injection products in the 2023 National Reimbursement Drug List is expected to drive volume growth [15][16] - Stricter regulatory standards for TCM injections are expected to improve product quality and patient acceptance, benefiting established players like Shenwei Pharmaceutical [22][26] Valuation and Peer Comparison - The target price of HK$19.30 implies a 2024 P/E of 12x, in line with the average of comparable companies in the Hong Kong market [5] - The company's current 2024 P/E of 5.4x is significantly lower than the peer average of 12x, suggesting potential for valuation re-rating [10] - Shenwei Pharmaceutical's strong free cash flow generation and high dividend yield make it an attractive investment in the TCM sector [4][12]

Financial Performance - Full-year sales revenue reached a record high of RMB 4.516 billion, a 14.3% increase compared to the previous year[8] - Net profit for the year was RMB 969.5 million, a 34.1% growth year-on-year[8] - The company achieved a record high sales revenue of RMB 4,516,538,000 in 2023, a 14.3% increase year-on-year, with net profit rising 34.1% to RMB 969,510,000[12] - Gross profit margin improved by 0.7 percentage points to 75.1%, and net profit margin increased from 18.3% to 21.5% in 2023[12] - Earnings per share grew by 33.3% to RMB 1.28, and the dividend payout ratio reached 42.2%[12] - Revenue for 2023 reached RMB 4,516,538 thousand, a 14.3% increase from RMB 3,950,636 thousand in 2022[164] - Gross profit for 2023 was RMB 3,394,119 thousand, up 15.5% from RMB 2,938,314 thousand in 2022[164] - Net profit for 2023 was RMB 969,510 thousand, a 34.1% increase from RMB 722,773 thousand in 2022[164] - Basic earnings per share for 2023 were RMB 128 cents, up from RMB 96 cents in 2022[164] - Profit before tax rose by 35.2% from RMB 917,025 thousand in 2022 to RMB 1,240,253 thousand in 2023[172] Dividend and Shareholder Returns - The company declared a total dividend of RMB 0.54 per share for the 2023 fiscal year, with a dividend payout ratio of 42.2%[8] - The company declared an interim dividend of RMB 0.43 per share for the fiscal year ending December 31, 2024, totaling RMB 324,822,000, payable on May 17, 2024[66] - The company's distributable reserves to shareholders as of December 31, 2023, were RMB 1,534,881,000, compared to RMB 1,023,848,000 in 2022[69] - Dividends paid increased by 31.3% from RMB 241,728 thousand in 2022 to RMB 317,268 thousand in 2023[170] Product Sales and Market Performance - Respiratory system drugs and exclusive oral products showed continuous sales growth, with traditional Chinese medicine formula granules also achieving record sales[8] - Injection products sales increased by 25.5%, driven by a 75.1% growth in Qingkailing Injection sales to RMB 850,751,000[14] - Oral products accounted for 60.5% of total sales, with an 8.0% year-on-year growth despite a slowdown in the second half of 2023[15] - Soft capsule product sales decreased by 3.6% year-on-year, with Wufu Xinnaoqing Soft Capsule sales dropping 24.5% to RMB 135,154,000[16] - Granule product sales increased by 10.1%, driven by exclusive oral products such as Huamoyan Granules, Qihuangtongmi Granules, and Shujintongluo Granules[16] - Sales of drugs listed in the National Essential Drugs Directory increased by 32.8% to RMB 1,743,820,000, accounting for 38.6% of the company's total sales[17] - Prescription drug sales rose by 14.6%, while OTC drug sales increased by 12.6% in 2023[18] - Respiratory system prescription drugs sales surged by 62.4% to RMB 1,102,257,000, accounting for 24.4% of total sales, with Qingkailing Injection sales up 75.1% to RMB 850,751,000[19][20] - Traditional Chinese medicine formula granules sales grew by 8.9% to RMB 1,201,664,000, representing 26.6% of total sales[21] - Cardiovascular Chinese medicine injection prescription drugs experienced a slight decline of 2.0% to RMB 822,845,000, with some products like Huangqi Injection and Xiangdan Injection showing significant growth[22] - Exclusive oral prescription products sales increased by 7.0% to RMB 445,150,000 in 2023, with specific products like Huamoyan Granules, Qihuang Tongmi Soft Capsules, Jiangzhi Tongluo Soft Capsules, and Shujin Tongluo Granules growing by 5.2%, 7.7%, 16.1%, and 40.8% respectively[24] - OTC drug sales grew by 12.6% to RMB 583,217,000 in 2023, with Huoxiang Zhengqi Soft Capsules increasing by 23.3% to RMB 187,249,000, while children's respiratory infection treatment granules saw a 1.0% decline[25] Research and Development - The company's 3.1-class new traditional Chinese medicine "Yiguanjian Granules" was approved for market launch[8] - Two innovative drugs, "Sailuotong Capsule" and "JC Capsule," are nearing completion of Phase III clinical trials[8] - The company's self-developed 1.1-class innovative drug "Yigongsan Granules" was approved for clinical trials, targeting chronic disease anemia treatment[8] - Three innovative drugs, including "Sailuotong Capsule," "Q-B-Q-F Concentrated Pill," and "JC Capsule," are in Phase III clinical trials, targeting vascular dementia, pediatric mycoplasma pneumonia, and upper respiratory infections respectively[28][29] - The company received approval from the National Medical Products Administration to conduct clinical trials for "Yigong San Granules," a new traditional Chinese medicine for chronic disease anemia[30] - The company launched "Yiguan Jian Granules," a 3.1 class traditional Chinese medicine, in December 2023, marking the first approval for this ancient classic formula[31] - Research and development costs decreased to RMB 110,462 thousand in 2023 from RMB 117,454 thousand in 2022[164] Financial Position and Assets - Total assets increased to RMB 9.574 billion in 2023, up from RMB 8.232 billion in 2022[5] - Total liabilities rose to RMB 2.539 billion in 2023, compared to RMB 1.849 billion in the previous year[5] - Shareholders' equity grew to RMB 7.035 billion in 2023, a significant increase from RMB 6.383 billion in 2022[5] - Total assets as of December 31, 2023, were RMB 7,140,275 thousand, compared to RMB 6,566,268 thousand in 2022[165] - Cash and bank balances increased to RMB 5,888,776 thousand in 2023 from RMB 5,026,265 thousand in 2022[165] - Inventory rose to RMB 897,709 thousand in 2023 from RMB 657,659 thousand in 2022[165] - Trade receivables increased to RMB 758,205 thousand in 2023 from RMB 673,380 thousand in 2022[165] - Bank borrowings stood at RMB 300,000 thousand in 2023, compared to none in 2022[165] - Non-current liabilities decreased from RMB 183,742 thousand in 2022 to RMB 105,507 thousand in 2023, primarily due to reductions in lease liabilities and deferred income[166] - Net assets increased by 10.2% from RMB 6,382,526 thousand in 2022 to RMB 7,034,768 thousand in 2023[166] Cash Flow and Investments - Free cash flow for 2023 was RMB 788,310,000, equivalent to RMB 0.95 per share[12] - The company's bank balance and cash totaled RMB 5,888,776,000, with bank debt of RMB 300,000,000 as of December 31, 2023[12] - Operating cash flow before working capital changes increased by 32.9% from RMB 976,388 thousand in 2022 to RMB 1,297,464 thousand in 2023[172] - Net cash from operating activities decreased by 16% from RMB 1,109,676 thousand in 2022 to RMB 932,635 thousand in 2023[172] - Cash and cash equivalents grew by 17.2% from RMB 5,026,265 thousand in 2022 to RMB 5,888,776 thousand in 2023[173] - The company raised new borrowings of RMB 300,000 thousand in 2023, compared to none in 2022[173] - Investment in financial products increased by 66.7% from RMB 300,000 thousand in 2022 to RMB 500,000 thousand in 2023[173] Corporate Governance and Board Structure - The Board of Directors consists of three executive directors, three independent non-executive directors, and one non-executive director as of December 31, 2023[110] - The Board has established mechanisms to ensure independence, with three out of seven directors being independent non-executive directors[111] - The Board of Directors held six meetings and one annual general meeting during the year, with all executive directors attending all meetings[113] - The company's internal audit department regularly reviews the effectiveness of the internal control system and reports key findings to the Board and Audit Committee[114] - The Chairman and CEO roles are combined, with Li Zhenjiang serving as both, which the Board believes is beneficial for executing the company's business strategy[116] - All directors participated in continuous professional development, including training courses and reading updated regulatory materials[117][118] - The company updated its whistleblowing policy in November 2022 to provide guidance and channels for reporting suspected misconduct[120] - The company adopted an Anti-Fraud and Anti-Corruption Policy on November 30, 2022, outlining guidelines and minimum standards of conduct to prevent fraud and corruption[121] - The Remuneration Committee held three meetings in 2023 to evaluate executive directors' performance and discuss contract renewals[123] - The Remuneration Committee's attendance rate for 2023 was 100% for all members except for Ms. Wang Guihua, who attended 1 out of 1 meeting as the newly appointed chair[124] - The company's remuneration policy for directors emphasizes performance-based compensation, including fixed salary, allowances, performance bonuses, and stock options[127] - The Nomination Committee reviewed the board's structure, size, and composition to ensure a balance of expertise, skills, and experience suitable for the company's business needs[130] - The company achieved its board diversity policy targets, including having at least three independent non-executive directors and one with professional qualifications in accounting or financial management[130] - The board currently consists of 5 male and 2 female directors, reflecting diversity in gender, educational background, professional expertise, and industry experience[130] - The company's diversity policy aims to enhance board performance by considering factors such as gender, age, cultural and educational background, race, professional experience, skills, knowledge, and tenure[132] - The company has 2 female directors and aims to maintain at least this level, with plans to gradually increase female representation when suitable candidates are found[134] - As of December 31, 2023, the company has 3,436 employees (including senior management), with a gender ratio of 48.05% male and 51.95% female, achieving a near 1:1 gender balance[134] - One-third of the board members (including executive and independent non-executive directors) must retire annually, with retiring directors eligible for re-election[135] - The audit committee held 4 meetings in 2023, with all members achieving 100% attendance except for one member who attended 3 out of 3 meetings[137] - The Corporate Social Responsibility and Sustainability Committee held 2 meetings in 2023 to formulate and review the group's sustainability policies[138] - The Corporate Social Responsibility and Sustainability Committee members achieved 100% attendance in 2023, except for one member who had no meetings to attend[139] - The board reviewed and adopted several corporate governance policies in 2023, including anti-fraud, anti-corruption, shareholder communication, and revised whistleblowing policies[136][140] - The company's risk management and internal control system is effective and sufficient, with no significant deficiencies identified[142] - The total remuneration for senior management is distributed across 5 individuals, with 1 earning between 0 – 1,000,000 and 4 earning between 1,000,001 – 2,000,000[143] - The external auditor, Deloitte Touche Tohmatsu, was paid HKD 2,250,000 for statutory audit services and HKD 648,000 for other services, including interim financial statement reviews and tax advisory services[144] - The company maintains regular communication with shareholders and investors through meetings, conference calls, and site visits, and publishes detailed company information in annual reports, interim reports, and announcements[146] - The company has adopted a shareholder communication policy to ensure shareholders and potential investors have convenient, equal, and timely access to company information[147] - Shareholders holding at least one-tenth of the company's paid-up share capital with voting rights can request the board to convene an extraordinary general meeting[149] - The company's goodwill related to the manufacturing and trading of pharmaceutical products was valued at RMB 165,956,000 as of December 31, 2023, with no impairment recognized during the year[158] - The company's audit committee held four formal meetings during the year, reviewing internal controls, risk management systems, and financial statements[154] - The company's financial statements for 2023 were prepared in accordance with International Financial Reporting Standards (IFRS) and Hong Kong Company Ordinance disclosure requirements[155] - The company's audit committee recommended the reappointment of Deloitte Touche Tohmatsu as the external auditor for the 2023 fiscal year[154] - The company's cash-generating units' recoverable amount was determined using the discounted cash flow method, involving significant judgments and assumptions[158] - The company's management conducted sensitivity analysis on growth rates and discount rates to assess the impact on the recoverable amount of cash-generating units[158] - The company's audit committee reviewed the independence and scope of the external auditor's work, as well as management's responses to audit recommendations[154] - The company's financial statements were audited in accordance with Hong Kong Standards on Auditing, ensuring compliance with professional ethical responsibilities[156] - The company's board of directors is responsible for assessing the group's ability to continue as a going concern and ensuring the financial statements are free from material misstatement[160] - The company's audit committee evaluated the appropriateness of the valuation method used for goodwill impairment testing, including the discount rate applied[158] Sustainability and Social Responsibility - The company and its subsidiaries contributed 858 hours and RMB 820,000 to charitable activities in 2023[105] - The company emphasizes innovation, social responsibility, and sustainable development as part of its core values and business strategy[108] - The Corporate Social Responsibility and Sustainability Committee held 2 meetings in 2023 to formulate and review the group's sustainability policies[138] - The Corporate Social Responsibility and Sustainability Committee members achieved 100% attendance in 2023, except for one member who had no meetings to attend[139] Risk Management and Compliance - The company faces risks related to product liability claims due to the lack of mandatory product liability insurance in China, which could harm its reputation and operations[63] - The company is closely monitoring China's ongoing healthcare reform, as regulatory changes could negatively impact its business and reputation[64] - The company participates in government-led bidding processes, and failure to win bids in certain provinces could adversely affect market share, revenue, and profitability[65] - The company's risk management and internal control system is effective and sufficient, with no significant deficiencies identified[142] - The company updated its whistleblowing policy in November 2022 to provide guidance and channels for reporting suspected misconduct[120] - The company adopted an Anti-Fraud and Anti-Corruption Policy on November 30, 2022, outlining guidelines and minimum standards of conduct to prevent fraud and corruption[121] Connected Transactions and Contracts - Shenwei Pharmaceutical signed a technical service contract with Shenwei Pharmaceutical Technology for RMB 14,000,000 from November 5, 2019, to November 4, 2024[88] - Shenwei Pharmaceutical Group leased 49,276 square meters of land from Shenwei Pharmaceutical Technology for an annual rent of RMB 1,600,000 from January 1, 2021, to December 31, 2023, with the contract renewed until December 31, 2026[89][90] - Hebei Shenwei leased 20,986 square meters of land from Shenwei (Sanhe) Real Estate Development for an annual rent of RMB 1,200,000 from January 1, 2021, to December 31, 2023, with the contract renewed until December 31, 2026[91] - Shenwei Pharmaceutical Group signed a hotel service contract with Shenwei Pharmaceutical Technology for an annual rent of RMB 1,368,000 from January 1, 2023, to December 31, 2023, with the contract renewed until December 31, 2026[92] - Shenwei Pharmaceutical leased equipment from Shenwei Pharmaceutical Technology for an annual rent of RMB 2,100,000 from January 1, 2021, to December 31, 2023, with the contract renewed at an annual rent of RMB 3,012,000 until December 31, 2026[93] - Shenwei Pharmaceutical leased vehicles from Shenwei Pharmaceutical Technology for an annual rent of RMB 1,284,000 from January 1, 2021, to December 31, 2023, with the contract renewed at an annual rent of RMB 1,304,000 until December 31, 2026[94] - Shenwei Pharmaceutical signed a general service contract with Shenwei Pharmaceutical Technology for property management and catering services, with a transaction amount of RMB 11,050,000 and an annual cap of RMB 12,500,000 for the year ending December 31, 2023, and the contract renewed with an annual cap of RMB 12,500,000 until December 31, 2026[95] - The general service contract between Hebei Shenwei and Shenwei (Sanhe) Real Estate Development Co., Ltd. has been renewed for three years from January 1, 2024, to December 31, 2026, with a proposed annual cap of RMB 3,500,000[96] -

即时点评 业绩快速增长，新药研发推进顺利 神威药业（2877.HK） 2024-03-28星期四 事件： 公司公告2023年业绩，营业收入为人民币45.17亿元，同比上升 14.3%，归母净利润为9.70亿元，同比上升34.1%。 点评观点： ➢ 业绩快速增长，注重股东回报 2023年营业收入为人民币45.17亿元，同比上升14.3%，归母净利润 为9.70亿元，同比上升34.1%。每股盈利为人民币128分；业绩快速 相关报告 增长由于呼吸系统用药和多个独家口服产品销售量持续增长，中药配方 颗粒销售量亦再创新高。毛利率从去年提升0.7个百分点至75.1%。净利 润率从去年18.3%上升至21.5%，ROE由22年的11.32%上升到23年的 13.78%。2023财政年度利润相关的股息共计增至每股人民币54分，全 年派息率为42.2%。目前股息率达到6.1%。 ➢ 中药配方颗粒有望持续快速增长： 中药配方颗粒占公司二零二三年总销售额 26.6%。按销售额计算，公 司位列全国中药配方颗粒上市公司前五强。在 23 年进行的十五省联 盟中药配方颗粒集采中全部中标，价格维持良好，有利于产品的快速 拓展。公司产能可达产 ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公佈全部或任何部分內容 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有限公司） （股份代號：2877） 二零二三年年度業績公告 及 宣派二零二四年第一次中期股息 中國神威藥業集團有限公司（「本公司」或「神威」）的董事會（「董事會」）欣然提呈本公司及 其附屬公司（統稱「本集團」）截至二零二三年十二月三十一日止年度的經審核綜合業績如 下： | --- | --- | |----------|--------------------------------------------------------------| | | | | 財務概要 | | | | 截至二零二三年十二月三十一日止年度，本集團錄得下列經營業績： | | • | 營業額為人民幣 4,516,538,000 元，比去年上升 14.3% ； | | • | 毛利率為 75.1% ，而去年為 74.4% ； | | • | 年度溢利為人民幣 969,510,000 元，比去年上升 34.1 ...

中 國 神 威 藥 業 集 團 有限公 司 (於開曼群島註冊成立之有限公司) 股份代號: 2877 引 領 現代中藥 推 進 健康產業 (8 中期報告 2023 目錄 2 公司資料 5 公司概覽 4 中期業績概要 6 管理層討論及分析 19 其他資料 23 簡明綜合財務報表審閱報告 24 簡明綜合財務報表 1 83 | --- | --- | |-------------------------------------------------------|-------| | | | | 公司資料 | | | | | | 董事會 執行董事 | | | 李振江先生 （主席） | | | 信蘊霞女士 | | | | | | 李惠民先生 劉鐵軍先生 | | | | | | 獨立非執行董事 | | | 廖舜輝先生 | | | | | | 姚逸安先生 | | | | | | 王桂華女士（於二零二三年四月一日委任） | | | | | | 程麗女士（於二零二三年四月一日退任） | | | | | | | | | 非執行董事 | | | 周文成先生 | | | | | | 董事會委員會 | | | 審核委員會 | | | ...

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公佈全部或任何部分內容 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。 （在開曼群島註冊成立之有限公司） （股份代號：2877） 二零二三年中期業績公告 中國神威藥業集團有限公司（「本公司」或「神威」）的董事會（「董事會」）欣然提呈本公司及 其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「期內」）的未經審核綜 合業績如下： | --- | --- | |-------|------------------------------------------------------------------------| | | | | | 財務概要 | | | 截至二零二三年六月三十日止六個月（「期內」），本集團錄得下列經營業績： | | • | 營業額為人民幣 2,398,680,000 元，比去年同期上升 32.1% ； | | • | 毛利率為 75.2% ，而去年同期為 73.0% ； | | • | 期內溢利為人民幣 491,465,000 元，比去年同 ...