Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 27.04 RMB [7][8]. Core Views - The company reported Q1 2025 revenue of 3.079 billion RMB (down 2.10% year-on-year) and a net profit of 507 million RMB (down 1.26% year-on-year), primarily due to a high base in the large infusion segment and weakening demand [1]. - Despite a slight decline in the large infusion segment, the company is expected to see steady net profit growth in 2025, driven by packaging upgrades and an increase in the proportion of nutritional and therapeutic infusions [1][4]. - The non-infusion segment showed robust growth, with Q1 2025 revenue of 2.28 billion RMB (up 3.35% year-on-year), supported by steady performance in chronic disease products and strong growth in specialty areas like gynecology and oncology [3]. Summary by Sections Infusion Segment - Q1 2025 revenue for the infusion segment was 770 million RMB (down 16% year-on-year), affected by high base effects and seasonal demand fluctuations [2]. - The company anticipates a slight decline in revenue for the large infusion segment but expects to maintain profit levels through cost reductions via packaging upgrades and automation [2]. Non-Infusion Segment - The non-infusion segment's revenue growth is driven by chronic disease products and specialty areas, with a 15% year-on-year increase in the specialty segment due to the launch of new oncology products [3]. - The raw material drug segment experienced an 8.7% year-on-year decline, but the company expects recovery in 2025 due to new product launches and improved sales [3]. Potential Growth Points - The company has established eight core technology platforms and has over 20 core projects in development, indicating a strong pipeline for future growth [4]. - The expansion into e-commerce and OTC channels is expected to contribute to a 10% revenue growth target for 2025 [4]. Profit Forecast and Valuation - The company’s EPS is projected to be 1.69 RMB for 2025, with a PE ratio of 16 times, aligning with the industry average [5][6]. - The revenue forecast for 2025 is 11.605 billion RMB, reflecting a growth rate of 3.51% [6].

Group 1 - The core viewpoint of the news indicates that the Artemisinin concept sector experienced a decline of 0.81%, ranking among the top declines in the concept sector [1] - Within the Artemisinin concept sector, major companies such as Kunming Pharmaceutical Group, New Harmony, and Rundu Co., Ltd. saw significant declines, while companies like Baihua Pharmaceutical, China Resources Sanjiu, and Zhejiang Medicine recorded gains of 1.21%, 0.75%, and 0.75% respectively [1] Group 2 - The financial data shows that the Artemisinin concept sector had a net outflow of 96 million yuan, with eight stocks experiencing net outflows, led by Kunming Pharmaceutical Group with a net outflow of 62.05 million yuan [2] - Other companies with notable net outflows include Rundu Co., Ltd. with 11.84 million yuan, Fosun Pharmaceutical with 9.02 million yuan, and Zhejiang Medicine with 6.48 million yuan [2] - Conversely, the stocks with the highest net inflows included Baihua Pharmaceutical and New Harmony, with net inflows of 6.07 million yuan and 1.19 million yuan respectively [2]

Core Viewpoint - The company reported a temporary decline in performance for Q1 2025, attributed to decreased demand for infusion products and falling prices of raw materials [4] Revenue Summary - In Q1 2025, the company achieved revenue of 3.079 billion yuan, a year-on-year decrease of 2.10% [2] - Revenue breakdown: - Chronic disease platform: 975 million yuan (+2.67%) - Specialty platform: 718 million yuan (+14.96%) - Raw materials: 306 million yuan (-8.65%) - Infusion platform: 768 million yuan (-15.97%) [2] Profit Summary - The company reported a net profit attributable to shareholders of 507 million yuan for Q1 2025, a year-on-year decrease of 1.26% [3] Future Outlook - Despite the temporary decline, the company expects its main business revenue and profit to maintain growth rates not lower than the industry average in 2025, driven by stable development in chronic disease and specialty platforms [5] Business Strategy - The company is pursuing a dual strategy of "R&D innovation + external development" to drive stable growth in core business [6] - R&D initiatives include 15 innovative projects, with key developments in anti-tumor drugs and diabetes treatments [6] - The company has completed acquisitions to enhance its product portfolio in women's health, ophthalmology, and oral care, and has secured exclusive rights for a new diabetes treatment in mainland China [6] Investment Recommendation - The company is projected to achieve net profits of 1.716 billion yuan, 1.824 billion yuan, and 1.962 billion yuan for 2025 to 2027, with year-on-year growth rates of 5.5%, 6.3%, and 7.6% respectively [7] - A price-to-earnings ratio of 15 is suggested for 2025, with an expected EPS of 1.65 yuan per share, leading to a target price of 24.75 yuan per share and a "Buy-A" investment rating [7]

近日，华润双鹤药业股份有限公司(以下简称"公司")收到了国 家药品监督管理局(以下简称"国家药监局")颁发的非诺贝特酸胆碱 缓释胶囊(以下简称"该药品")《药品注册证书》(编号：2025S01168)。 现将相关情况公告如下： | 药品名称 | 药品通用名称：非诺贝特酸胆碱缓释胶囊 英文名/拉丁名：Choline Fenofibrate | | --- | --- | | | Sustained-release | | | Capsules | | 剂型 | 胶囊剂 | | 注册分类 | 化学药品 类 4 | | 规格 | 135mg(按 C17H15ClO4计) | | 药品批准文号 | 国药准字 H20254000 | | 申请事项 | 药品注册(境内生产) | | 审批结论 | 根据《中华人民共和国药品管理法》及有关规定，经 | | | 审查，本品符合药品注册的有关要求，批准注册，发 | | | 给药品注册证书。质量标准、说明书、标签及生产工 | | | 艺照所附执行。药品生产企业应当符合药品生产质量 | | | 管理规范要求方可生产销售。 | 一、药品注册证书主要内容 证券代码：600062 证券简称 ...

第十届董事会第十次会议 2025 年 4 月 25 日 证券代码：600062 证券简称：华润双鹤 公告编号：临 2025－044 华润双鹤药业股份有限公司 关于 2024 年度"提质增效重回报"行动方案评估报告及 2025 年度"提质增效重回报"行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 公司主营业务涵盖新药研发、制剂生产、药品销售、原料药生产 及制药装备等方面，具有丰富的产品线和良好的品牌优势、优质的产 品质量和卓越的成本控制能力、强大的渠道与终端覆盖及管理能力、 国际化布局优势等。公司将"七问"作为公司战略落地抓手，依托多 品种、大规模、高质量的仿制药集群积极参与集采，研产销协同降成 本、提效率，全价值链低成本持续改善，全面落实"七问"卓越运营 体系落地，实现收入增速与行业发展同步。2024 年实现营业收入 112.1 亿元，实现净利润(归属母公司)16.3 亿元，剔除并购华润紫竹重述影 响分别同比增长 9.7%、22.1%。 二、加快研发创新，发展新质生产力 公司提出"十年三步走"研发战略，聚焦" ...

证券代码：600062 证券简称：华润双鹤 公告编号：临 2025－043 华润双鹤药业股份有限公司 关于公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 注：公司于2024年4月发生同一控制下企业合并，从关联方北京 医药集团有限责任公司取得了华润紫竹药业有限公司100%的股权， 因此上年同期为重述后数据。 本公告之经营数据未经审计，提醒投资者审慎使用上述数据。 特此公告。 华润双鹤药业股份有限公司 董 事 会 根据上海证券交易所发布的上市公司分行业信息披露指引《上市 公司自律监管指引第3号——行业信息披露之第六号——医药制造》 相关要求，现将公司2025年第一季度主营业务分行业、分产品情况数 据披露如下： | | 主营业务分行业情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 营业收入 | 营业成本 | 毛利率比 | | 分行业 | 营业收入 | 营业成本 | | 比上年同 | 比上年 ...

证券代码：600062 证券简称：华润双鹤 公告编号：临 2025-045 华润双鹤药业股份有限公司 关于召开2024年度股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 股东会召开日期：2025年5月16日 本次股东会采用的网络投票系统：上海证券交易所股东大会网 络投票系统 一、召开会议的基本情况 召开地点：北京市朝阳区锐创国际中心 A 座 9 层会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 (一) 股东会类型和届次 2024年度股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网 络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 16 日 9 点 00 分 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15 ...

第十届董事会第十次会议 2025 年 4 月 25 日 证券代码：600062 证券简称：华润双鹤 公告编号：临 2025－041 华润双鹤药业股份有限公司 第十届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 一、董事会会议召开情况 公司第十届董事会第十次会议的召开符合《公司法》和公司《章 程》的有关规定。本次会议通知和材料于 2025 年 4 月 22 日以邮件方 式向全体董事发出，会议于 2025 年 4 月 25 日以现场及通讯方式召开。 出席会议的董事应到 10 名，亲自出席会议的董事 9 名。独立董事陈 震先生因工作原因委托独立董事余顺坤先生出席会议，并授权对本次 会议通知中所列议题代行同意的表决权。会议由董事长陆文超先生主 持。公司监事列席会议。公司董事会秘书刘驹先生列席会议。 二、董事会会议审议情况 1、关于 2025 年第一季度报告的议案 《 2025 年 第 一 季 度 报 告 》 详 见 上 海 证 券 交 易 所 网 站 www.sse.com.cn 及《中国证券报》《上海证 ...

Financial Performance - The company's operating revenue for Q1 2025 was approximately CNY 3.08 billion, a decrease of 2.10% compared to CNY 2.84 billion in the same period last year[6]. - Net profit attributable to shareholders was approximately CNY 506.67 million, down 1.26% from CNY 416.11 million year-on-year[6]. - The net profit excluding non-recurring gains and losses increased by 22.16% to approximately CNY 485.98 million from CNY 397.82 million in the previous year[6]. - The basic earnings per share for the period was CNY 0.4932, a decrease of 1.85% compared to CNY 0.4075 in the same period last year[6]. - The weighted average return on equity increased by 0.64 percentage points to 4.75% from 4.11% in the previous year[6]. - Net profit for Q1 2025 reached CNY 522,728,505.82, an increase of 4.1% from CNY 502,001,626.33 in Q1 2024[19]. - The total comprehensive income for Q1 2025 was ¥522,728,461.20, compared to ¥502,000,304.77 in Q1 2024, reflecting a growth of 4.1%[20]. - The basic and diluted earnings per share for Q1 2025 were both ¥0.4932, down from ¥0.5025 in Q1 2024, indicating a decrease of 2.6%[20]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately CNY 317.08 million, a decrease of 15.61% compared to CNY 301.69 million in the same period last year[6]. - The company reported a significant increase in cash flow from operations, contributing to a stronger liquidity position[19]. - Cash inflows from operating activities in Q1 2025 totaled ¥2,479,566,311.51, a decline of 9.6% from ¥2,743,380,358.69 in Q1 2024[22]. - The net cash flow from operating activities for Q1 2025 was ¥317,080,540.64, down 15.5% from ¥375,741,469.58 in Q1 2024[22]. - The net cash flow from investing activities for Q1 2025 was -¥21,354,811.03, compared to ¥44,072,614.29 in Q1 2024, indicating a significant decline[23]. - The net cash flow from financing activities for Q1 2025 was -¥25,182,065.92, a decrease from ¥280,976,270.21 in Q1 2024[23]. - The cash and cash equivalents at the end of Q1 2025 amounted to ¥3,110,204,112.83, down from ¥3,909,801,221.84 at the end of Q1 2024[23]. - The company reported a tax refund of ¥14,570,437.19 in Q1 2025, significantly higher than ¥4,889,620.09 in Q1 2024[22]. Assets and Liabilities - The total assets at the end of the reporting period were approximately CNY 17.29 billion, an increase of 3.61% from CNY 16.69 billion at the end of the previous year[7]. - Shareholders' equity attributable to shareholders was approximately CNY 10.92 billion, up 4.92% from CNY 10.41 billion at the end of the previous year[7]. - Total assets as of March 31, 2025, amounted to CNY 17,289,146,467.56, an increase from CNY 16,685,995,679.77 at the end of 2024[18]. - Total liabilities as of March 31, 2025, were CNY 5,649,369,624.00, slightly up from CNY 5,574,240,762.32 at the end of 2024[18]. - Non-current assets totaled CNY 9,136,729,735.11 as of March 31, 2025, down from CNY 9,209,071,394.66 at the end of 2024[17]. - Accounts receivable increased to CNY 2,401,418,051.96 as of March 31, 2025, compared to CNY 1,764,693,782.14 at the end of 2024, representing a growth of 36.1%[16]. Research and Development - Research and development expenses for Q1 2025 were CNY 116,366,118.08, a decrease of 25.5% from CNY 156,246,332.83 in Q1 2024[19].

华润双鹤（600062）公告，2025年第一季度营收为30.79亿元，同比下降2.10%；净利润为5.07亿元，同 比下降1.26%。 ...