一、 会议召开和出席情况 证券代码：600129 证券简称：太极集团 公告编号：2025-038 重庆太极实业（集团）股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 (一)股东会召开的时间：2025 年 5 月 15 日 (二)股东会召开的地点：重庆市渝北区恒山东路 18 号公司 1201 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 494 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 202,503,483 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 36.3632 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东大会由董事会召集，会议由董事兼总经理于宗斌先生主持，本次会议的 召集、召开及表决方式均符合《公司法》及《公司章程》的有关规 ...

重庆源伟律师事务所 关于重庆太极实业（集团）股份有限公司 2024 年年度股东大会的法律意见书 致：重庆太极实业（集团）股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》、中国证券监督管理委员会发布的《上市公司股东会规则》（以下 简称"《股东会规则》"）和《上海证券交易所上市公司自律监管指引第 1 号-- 规范运作》等法律、行政法规、规范性文件以及《重庆太极实业（集团）股份 有限公司章程》（以下简称"《公司章程》"）的规定，重庆源伟律师事务所(以 下简称"本所")接受重庆太极实业（集团）股份有限公司（以下简称"公司") 的委托，指派程源伟、谢申丽律师出席公司于 2025 年 5 月 15 日 14 点 00 分在 重庆市渝北区恒山东路 18 号公司 1201 会议室召开的 2024 年年度股东大会(以 下简称"本次股东大会")，对本次股东大会的召集、召开程序的合法性、召集 人和出席会议人员资格的合法有效性、会议表决程序和表决结果的合法有效性 出具法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具法律意见所必 ...

目录 | 一、公司《2024 | 年度董事会工作报告》 3 | | --- | --- | | 二、公司《2024 | 年度监事会工作报告》 15 | | 三、公司《2024 | 年年度报告及年度报告摘要》 22 | | 四、公司《2024 | 年度财务决算报告》 34 | | 五、关于公司 | 2024 年度利润分配的议案 42 | | 六、关于申请公司 | 2025 年度综合授信的案 43 | | 七、听取公司 | 2024 年度独立董事述职告 45 | 重庆太极实业（集团）股份有限公司 2024 年年度股东大会会议资料 重庆太极实业（集团）股份有限公司 2024 年年度股东大会资料 2025 年 5 月 重庆太极实业（集团）股份有限公司 2024 年年度股东大会会议资料 1 重庆太极实业（集团）股份有限公司 2024 年年度股东大会会议资料 重庆太极实业（集团）股份有限公司 2024 年年度股东大会议程 三、到会股东审议如下议案： 重庆太极实业（集团）股份有限公司 2025 年 5 月 15 日 2 一、主持人宣布会议开始； 二、主持人报告股东现场到会情况； 1.公司《2024 年度董事会工作报告》； ...

证券代码：600129 证券简称：太极集团 公告编号：2025-037 重庆太极实业（集团）股份有限公司 关于公司控股股东股权解押及质押的公告 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。 重要内容提示: 重庆太极实业（集团）股份有限公司（以下简称：公司）控股股 东太极集团有限公司(以下简称：太极有限)持有公司股份 15,381.24 万股，占公司总股本的 27.62%。本次解除质押及再次质押后,太极有 限及其一致行动人累计质押股份 3,900.00 万股，占其所持股份的 25.36%，占公司总股本的 7.00%。 公司于2025年5月6日接太极有限通知，获悉其所持有公司部分股 份办理解除质押和再次质押登记手续，具体事项如下： 1 股东名称 太极集团有限公司 本次解质股份 400万股 占其所持股份比例 2.6% 占公司总股本比例 0.72% 解质时间 2025年4月29日 持股数量 15,381.24万股 持股比例 27.62% 剩余被质押股份数量 3,500万股 剩余被质押股份数量占其所持股份比例 22.75% 剩余被质 ...

Investment Rating - The report indicates a cautious outlook for the pharmaceutical sector in 2024 and early 2025, with a strong focus on the innovative drug segment as a key investment opportunity [1][5]. Core Insights - The pharmaceutical sector is expected to face continued pressure on overall performance and profit margins due to factors such as healthcare payment environment, industry regulation, and changing consumer conditions in 2024 and Q1 2025 [1][18]. - Despite the challenges, there is optimism for a recovery in the pharmaceutical sector in the second half of 2025, driven by easing pressures from policies and fundamentals, leading to a potential turnaround in performance and stock prices [1][21]. - The innovative drug segment is highlighted as a primary focus for investment, with expectations for significant growth and valuation recovery for leading companies in this space [2][5]. Summary by Sections Pharmaceutical Sector Overview - The innovative drug segment is performing well, with leading companies like BeiGene and Hengrui Medicine showing strong revenue and business development (BD) income growth [2][22]. - The overall pharmaceutical sector is under pressure, with profit margins declining, except for the innovative drug segment which is experiencing independent growth [1][18]. Biopharmaceuticals - The biopharmaceutical sector is facing challenges, but there are opportunities for growth in specific areas such as long-acting interferons and insulin products, which are expected to see a turnaround [2][4]. Retail Pharmacy - The retail pharmacy sector is showing signs of marginal improvement, with expectations for a gradual return to normal growth in 2025 [2][4]. Medical Services and Aesthetic Medicine - The medical services and aesthetic medicine sectors are experiencing a mild recovery, with expectations for sustained performance in 2025 [3][4]. Traditional Chinese Medicine - The traditional Chinese medicine sector is expected to improve gradually throughout the year, following a challenging 2024 [4][12]. Medical Devices - The medical device sector is anticipated to recover gradually, with significant growth expected from overseas market expansion [4][12]. Investment Recommendations - The report emphasizes the importance of focusing on innovative drug opportunities throughout 2025, particularly in companies with strong international capabilities and those involved in business development [5][21].

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024, with a challenging outlook for the pharmaceutical industry due to high base effects and inventory issues [1][2]. Financial Performance - In 2024, the company achieved revenue of 12.39 billion (down 20.7% YoY) and a net profit of 26.65 million (down 96.8% YoY) [1]. - The gross margin was 39.3% (down 9.3 percentage points YoY) and the net margin was 0.4% (down 5.1 percentage points YoY) [1]. - For Q4 2024, revenue was 1.95 billion (down 43.3% YoY) with a net loss of 520 million (down 909.7% YoY) [1]. - In Q1 2025, revenue was 2.83 billion (down 32.8% YoY) with a net profit of 74.54 million (down 69.8% YoY) [1]. Segment Performance - The pharmaceutical industry segment reported sales of 7.04 billion (down 32.3% YoY) with a gross margin of 58.7% [2]. - The pharmaceutical commercial segment achieved sales of 6.74 billion with a gross margin of 8.7% [2]. - The traditional Chinese medicine resources segment reported sales of 1.05 billion with a gross margin of 8.8% [2]. - The health and international business segment had sales of 460 million with a gross margin of 5.9% [2]. Product Sales by Therapeutic Area - Respiratory medications sales were 2.16 billion (down 18.1% YoY) [2]. - Digestive and metabolic medications sales were 1.87 billion (down 35% YoY) [2]. - Anti-infection drugs sales were 960 million (down 48.4% YoY) [2]. - Neurological medications sales were 610 million (down 31.7% YoY) [2]. - Health products sales were 605 million (down 28.8% YoY) [2]. - Cardiovascular medications sales were 505 million (down 34.1% YoY) [2]. - Anti-tumor and immune regulation drugs sales were 205 million (down 16.5% YoY) [2]. Strategic Initiatives - The company is reforming its marketing system and focusing on innovative brand communication to reach younger consumers [3]. - Plans for 2025 include establishing a strategic market system centered on clinical value and market demand, enhancing channel integration and terminal expansion [3]. - The company aims to drive sales recovery through profit-oriented industrial marketing and has already seen a quarter-on-quarter improvement in Q1 2025 revenue [3]. Profit Forecast - The company forecasts revenues of 13.91 billion, 15.52 billion, and 17.46 billion for 2025, 2026, and 2027 respectively, with a growth rate of 12% each year [4]. - Net profits are projected to be 560 million, 680 million, and 880 million for the same years, with growth rates of 2001%, 21%, and 30% respectively [4].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a slight improvement in Q1 2025, indicating ongoing challenges but potential recovery signs [1][2]. Financial Performance - In 2024, the company achieved revenue of 12.386 billion yuan, a year-on-year decrease of 20.72%, and a net profit attributable to shareholders of 27 million yuan, down 96.76% [1]. - For Q4 2024, revenue was 1.952 billion yuan, a decline of 43.25%, with a net loss of 518 million yuan [1]. - In Q1 2025, revenue was 2.828 billion yuan, down 32.79%, with a net profit of 75 million yuan, a decrease of 69.80% [1]. Business Segment Performance - In Q1 2025, the pharmaceutical industrial segment generated revenue of 1.467 billion yuan, a year-on-year decline of 45.52% but a quarter-on-quarter increase of 72.57 [2]. - Revenue from the nervous system drugs increased by 14.52% year-on-year to 180 million yuan, driven by increased sales of Meifikan [2]. - The pharmaceutical commercial segment reported revenue of 1.618 billion yuan, down 15.31% year-on-year [2]. Research and Development - The company accelerated R&D project progress in 2024, with 61 projects underway, including 19 traditional Chinese medicine projects and 18 chemical drug projects [3]. - Seven products in ten specifications passed consistency evaluation, and the company obtained production approval for oxycodone sustained-release tablets [3]. Marketing and Brand Strategy - The company innovated its brand promotion strategies, targeting younger demographics through cross-industry collaborations and media partnerships [4]. - It established a comprehensive media promotion matrix, enhancing brand image and influence through collaborations with authoritative media [4]. Investment Outlook - The company forecasts revenue growth rates of 8.7%, 9.6%, and 9.4% for 2025-2027, with net profit growth rates of 1917.9%, 24.3%, and 23.8% respectively [4].

Group 1 - Gao Yi Asset recently conducted research on three listed companies, including Muyuan Foods, Zhongmi Holdings, and Taiji Group [1][2][3] - Muyuan Foods has partnered with Element Driven to establish Henan Muyuan Anliang Company, with a synthetic biology project that has commenced production at an annual capacity of 30,000 tons [1] - Zhongmi Holdings holds an 11.11% stake in Chengdu Chuanha Robot and Intelligent Equipment Research Institute, and has technological advantages in the field of sealing components for new energy vehicle batteries [2] - Zhongmi Holdings has won bids for water conservancy projects in Yunnan, marking its first breakthroughs in flow regulation valves with a diameter of DN1000 [2] - Taiji Group has developed "Taiji Acute Support Health" smart body and collaborated on the "Herbal Intelligence Library · Traditional Chinese Medicine Model" with several institutions [3] - Taiji Group's subsidiary, Sichuan Nanchong Pharmaceutical Co., produces pediatric hepatitis granules for clearing heat and dampness, and relieving pain [3] Group 2 - Gao Yi Asset Management is a prominent private equity fund management company in China, known for its strong research capabilities and large management scale [4] - The company focuses on capital markets and aims to provide top-notch research support and resources to outstanding investment managers [4] - The research team consists of over 30 members, including experienced investment managers and award-winning fund managers from leading firms [4]

Group 1 - Mingyuan Investment recently conducted research on two listed companies: Kewang Pharmaceutical and Taiji Group [1] - Kewang Pharmaceutical signed a cooperation intention letter with Peking University Medical Department to establish a joint laboratory for enzyme sources and innovative drugs in 2024 [1] - Taiji Group has developed a smart health product called "Taiji Acute Support Health" and collaborated on a traditional Chinese medicine model with several institutions [1] Group 2 - Mingyuan Investment Management Co., Ltd. was established in 2014 with a registered capital of 10 million yuan and focuses on quantitative investment [2] - The company has a strong team for strategy development and risk management, utilizing advanced data mining and statistical analysis [2] - Mingyuan Investment aims to explore and research quantitative investment strategies suitable for the Chinese capital market, leveraging international experience [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [5][17]. Core Viewpoints - The company's performance in 2024 was significantly impacted by high base effects, social inventory, and tax adjustments, leading to a revenue decline of 20.7% year-on-year, with a net profit drop of 96.8% [2][3]. - Despite the challenges faced in 2024, the company has shown signs of recovery in Q1 2025, with a revenue of 28.3 billion, reflecting a 32.8% year-on-year decrease but an improvement from the previous quarter [2][4]. - The company is implementing a strategic marketing system reform focused on clinical value and market demand, aiming to enhance channel integration and terminal expansion, which is expected to support sales recovery [4][5]. Financial Performance Summary - In 2024, the company achieved a revenue of 123.9 billion, with a gross margin of 39.3% and a net margin of 0.4% [2][3]. - The breakdown of revenue by sector in 2024 shows: - Pharmaceutical industry: 70.4 billion (down 32.3%) - Pharmaceutical commerce: 67.4 billion - Traditional Chinese medicine resources: 10.5 billion - Health and international business: 4.6 billion [3]. - The forecast for 2025 projects revenues of 139.1 billion, with a growth rate of 12%, and net profits of 5.6 billion, reflecting a substantial recovery [5][6]. Earnings Forecast - The earnings forecast for 2025, 2026, and 2027 indicates revenues of 139.1 billion, 155.2 billion, and 174.6 billion respectively, with net profits expected to rise significantly from 5.6 billion in 2025 to 8.8 billion in 2027 [5][6]. - The projected growth rates for net profit are 2001% in 2025, 21% in 2026, and 30% in 2027, indicating a strong recovery trajectory [5][6]. Market Position and Strategy - The company is focusing on innovative marketing strategies to reach younger consumers and enhance brand influence through collaborations with media outlets [4]. - The establishment of a strategic market system centered on clinical value and market demand is expected to drive sales growth and improve overall performance [4][5].