证券代码：600129 证券简称：太极集团 公告编号：2024-058 重庆太极实业（集团）股份有限公司 关于控股子公司收到拆迁补偿款的公告 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。 一、拆迁补偿款的基本情况 1、重庆太极实业（集团）股份有限公司（以下简称：公司）控 股子公司四川天诚药业股份有限公司（以下简称：四川天诚药业）和 绵阳太极大药房连锁有限责任公司（以下简称：绵阳太极大药房）位 于绵阳市涪城区涪城路 1 号的房产被绵阳市政府纳入了城市统一规 划改造范围。2018 年四川天诚药业和绵阳太极大药房与绵阳市涪城 区住房和城乡建设局签订了《绵阳市涪城区国有土地上房屋征收补偿 安置协议》，拆迁总价款合计 7,500 万元。 2、2021 年 1 月，四川天诚药业收到拆迁补偿款 2,000 万元，内 1 容详见公司于 2021 年 1 月 5 日披露的公告（公告编号：2021-01）。 3、2021 年 12 月，四川天诚药业收到拆迁补偿款 2,500 万元， 内容详见公司于 2021 年 12 月 31 日披露的公告（ ...

本次机构调整后公司职能部门由 18 个部门组成：总经理办公室、 行政部、党委组织部（人力资源部）、财务管理中心、证券与投资部、 审计部、法律事务部、医药研究院、数字创新中心、战略与数据运营 中心、生产管理部、安全办公室、质量监督部、工程管理中心、中药 材资源中心、商业营运管理中心、市场中心、销售中心。 特此公告。 证券代码：600129 证券简称：太极集团 公告编号：2024-057 重庆太极实业（集团）股份有限公司 关于公司组织机构调整的公告 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。 重庆太极实业（集团）股份有限公司（以下简称：公司）于 2024 年 11 月 13 日以通讯方式召开了第十届董事会第二十四次会议，审议 通过了《关于公司组织机构调整的议案》，为进一步强化营销组织战 斗力，整合资源创新营销，加强公司产品研究与战略部署能力，提升 销售作战集群的战术穿透执行力，同意撤销营销管理中心，成立市场 中心和销售中心。 2024 年 11 月 14 日 重庆太极实业（集团）股份有限公司 ...

Investment Rating - The investment rating for the company is "Buy" [3][7] Core Views - The company's performance in the third quarter is under short-term pressure, with a significant decline in revenue and net profit [1] - The company has experienced a leadership change, which is expected to continue the logic of state-owned enterprise reform [1] - Despite the current downturn, the adjusted forecasts suggest a potential return to growth in the coming years [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.43 billion, a year-on-year decrease of 14%, and a net profit of 550 million, down 28% [1] - In Q3 2024, revenue was 2.62 billion, down 16%, with a net profit of 50 million, a decline of 74% [1] - The pharmaceutical industry revenue for the first three quarters was 6.19 billion, down 25%, while the health and international business revenue grew by 66% to 360 million [1] - The company has revised its revenue forecasts for 2024, 2025, and 2026 down to 13.15 billion, 15.18 billion, and 17.4 billion respectively, with growth rates of -16%, 15%, and 15% [2][5] Earnings Forecast and Investment Recommendations - The forecast for net profit has been adjusted to 610 million, 820 million, and 1 billion for 2024, 2025, and 2026, reflecting growth rates of -26%, 33%, and 23% [2][5] - The report maintains a "Buy" rating based on the expectation that the company's performance will rebound after adjustments [1][5]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - Short-term performance is under pressure due to multiple factors, but a return to stable growth is expected after the base disturbances are cleared [2]. - The company's revenue for the first three quarters of 2024 was 10.434 billion yuan, a decrease of 14.36%, with a net profit attributable to shareholders of 545 million yuan, down 28.10% [2]. - The report adjusts the EPS forecast for 2024-2026 to 1.11, 1.47, and 1.90 yuan respectively, down from the previous estimates of 1.72, 2.10, and 2.61 yuan [2]. Financial Performance Summary - Q3 2024 revenue was 2.617 billion yuan, a decline of 16.44%, with a net profit of 50 million yuan, down 73.82% [2]. - The pharmaceutical industrial segment reported revenue of 6.188 billion yuan, down 25.24%, with a gross margin of 61.11%, a decrease of 4.04 percentage points [2]. - The report highlights that the core product sales were below expectations due to high inventory levels and changes in sales recognition [2]. Segment Analysis - Pharmaceutical industrial revenue: 6.188 billion yuan (-25.24%), with significant declines in core products [2]. - Pharmaceutical commercial revenue: 5.109 billion yuan (-11.21%) [2]. - Traditional Chinese medicine resources revenue: 724 million yuan (-13.77%) [2]. - Health and international business revenue: 355 million yuan (+65.61%) [2]. Margin and Cost Management - Q3 2024 gross margin was 29.13%, down 16.51 percentage points year-on-year, primarily due to changes in revenue structure [2]. - The selling expense ratio decreased by 14.77 percentage points to 15.61% due to changes in accounting and proactive optimization [2]. Future Outlook - The report anticipates that product revenue and the impact of sales recognition changes will gradually clear, leading to a return to stable growth by 2025 [2]. - The management changes are expected to drive new growth opportunities [2].

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance is under pressure due to multiple factors, including a high base effect and inventory issues in certain products [2] - Revenue for the first three quarters of 2024 was RMB 10.434 billion, a year-on-year decrease of 14.36%, with net profit attributable to the parent company at RMB 545 million, down 28.10% [2] - The company's pharmaceutical industrial segment saw a significant decline in sales, while the health and international segment showed strong growth [3] - The company is optimizing its marketing system, with sales expense ratio decreasing to 15.61%, down 14.76 percentage points year-on-year [3] - The company's overseas business achieved revenue of RMB 8.59 million, a year-on-year increase of 70.78% [4] - The company's core products still have significant growth potential, and the high base effect is gradually being digested [4] Financial Performance - Revenue for 2024 is expected to be RMB 13.385 billion, a year-on-year decrease of 14.32%, with net profit attributable to the parent company at RMB 609.88 million, down 25.82% [1] - Revenue for 2025 is expected to be RMB 15.138 billion, a year-on-year increase of 13.10%, with net profit attributable to the parent company at RMB 816.36 million, up 33.86% [1] - Revenue for 2026 is expected to be RMB 16.983 billion, a year-on-year increase of 12.18%, with net profit attributable to the parent company at RMB 1.0268 billion, up 25.78% [1] - The company's P/E ratio for 2024 is expected to be 23.61x, decreasing to 17.64x in 2025 and 14.03x in 2026 [1] Business Segments - Pharmaceutical industrial segment revenue for the first three quarters of 2024 was RMB 6.188 billion, down 25.24% year-on-year [3] - Pharmaceutical commercial segment revenue for the first three quarters of 2024 was RMB 5.109 billion, down 11.21% year-on-year [3] - Traditional Chinese medicine resources segment revenue for the first three quarters of 2024 was RMB 724 million, down 13.77% year-on-year [3] - Health and international segment revenue for the first three quarters of 2024 was RMB 355 million, up 65.61% year-on-year [3] Product Performance - Digestive and metabolic drugs revenue for the first three quarters of 2024 was RMB 1.769 billion, down 34.28% year-on-year [4] - Respiratory system products revenue for the first three quarters of 2024 was RMB 1.876 billion, down 1.21% year-on-year [4] - Anti-infective drugs, nervous system drugs, and cardiovascular drugs all experienced declines, mainly due to the decline in chemical drug products [4] Valuation and Forecast - The company's 2024-2026 net profit attributable to the parent company has been revised down to RMB 610 million, RMB 816 million, and RMB 1.027 billion, respectively [4] - The company's P/E valuation for 2024-2026 is 24x, 18x, and 14x, respectively [4] - The company's core products still have significant growth potential, and the high base effect is gradually being digested [4]

Investment Rating - Buy (Maintained) [1] Core Views - Short-term performance pressure due to high base effect and off-season factors, with significant declines in pharmaceutical industrial revenue [1] - New leadership changes expected to bring positive impacts, with potential for a performance turnaround [1] - Core product Huoxiang Zhengqi Oral Liquid underperformed, leading to revenue declines in key therapeutic areas [1] - Gross margin fluctuated due to structural changes, with pharmaceutical industrial gross margin dropping by 4.04pp to 61.11% [1] - Net profit margin has room for improvement, with channel inventory destocking ongoing [1] - Revenue and net profit forecasts adjusted due to underperformance of core products and external policy impacts on the chemical drug sector [1] Financial Performance Summary Revenue and Profit - 2024E revenue expected to be 12,892 million yuan, a 17% YoY decline [1] - 2024E net profit attributable to parent company expected to be 736 million yuan, a 10% YoY decline [1] - 2025E revenue forecasted at 14,242 million yuan, a 10% YoY increase [1] - 2025E net profit attributable to parent company forecasted at 867 million yuan, an 18% YoY increase [1] Key Financial Ratios - 2024E P/E ratio: 19.0, P/B ratio: 3.2 [1] - 2025E P/E ratio: 16.1, P/B ratio: 2.7 [1] - 2024E ROE: 16%, 2025E ROE: 16% [1] Segment Performance - Pharmaceutical industrial revenue in Q3 2024: 26.17 billion yuan, a 16.44% YoY decline [1] - Pharmaceutical commercial revenue in Q3 2024: 51.09 billion yuan, an 11.21% YoY decline [1] - Traditional Chinese medicine resource segment revenue in Q3 2024: 7.24 billion yuan, a 13.77% YoY decline [1] Cash Flow and Inventory - 2024E operating cash flow: 3,356 million yuan, a significant increase from 672 million yuan in 2023A [3] - Inventory turnover days in Q3 2024: 127 days, the highest in three years [1] - Accounts receivable turnover days in Q3 2024: 61 days, the highest in three years [1] Future Outlook - Revenue growth expected to rebound in 2025E and 2026E, with 10% and 11% YoY increases respectively [1] - Net profit growth expected to accelerate in 2025E and 2026E, with 18% and 16% YoY increases respectively [1] - Gross margin expected to stabilize around 47% in 2025E and 2026E [6] - Net profit margin expected to improve to 6.3% in 2025E and 6.7% in 2026E [6]

太极集团：西南药业注射用苯唑西林钠通过仿制药质量和疗效一致性评价 财联社10月28日电，太极集 团公告，公司控股子公司西南药业股份有限公司收到国家药品监督管理局关于注射用苯唑西林钠（规 格：0.5g、1.0g）的《药品补充申请批准通知书》，西南药业注射用苯唑西林钠通过仿制药质量和疗效 一致性评价。 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-056 1 药品名称 注射用苯唑西林钠 剂 型 注射剂 申请事项 仿制药质量和疗效一致性评价 规 格 0.5g、1.0g 注册分类 化学药品 药品注册标准编号 YBH25502024 原药品批准文号 国药准字 H50020002、国药准字 H50020077 上市许可持有人 西南药业股份有限公司 生产企业 郑州豫港之星制药有限公司 审批结论 根据《中华人民共和国药品管理法》、《国务 院关于改革药品医疗器械审评审批制度的意见》（国 发〔2015〕44 号）、《关于仿制药质量和疗效一致 性评价工作有关事项的公告》（2017 年第 100 号） 和《国家药监局关于开展化学药品注射剂仿制药质 一、药物基本情况 | 量和疗效一致性评价工作的公告》（2020 年第 | 62 | | --- | --- | | 号）的规定，经审查，本品通过仿制药质量和疗效 | | | 一致性评价。 | | 二、药品其他相关信息 本品仅适用于治疗产青霉素酶葡萄球菌感染，包括败血症、心内膜炎、 肺炎和皮肤、软组织感染等。也可用于化脓性链球菌或肺炎球菌与耐青霉 素葡萄球菌所致的混合 ...

Investment Rating - The report maintains a "Recommend" rating for Taiji Group (600129) with a target price of 29.5 RMB, compared to the current price of 24.4 RMB [1] Core Views - Taiji Group's Q3 2024 revenue was 104.3 billion RMB, with net profit attributable to shareholders at 5.5 billion RMB, a year-on-year decrease of 28.1% [1] - The company's digestive and metabolic drug business revenue declined by 34.3% YoY to 17.7 billion RMB, while the respiratory system drug business remained stable with revenue of 18.8 billion RMB, down only 1.2% YoY [1] - The industrial sector's secondary businesses, including cardiovascular, anti-tumor, and immunomodulatory drugs, faced varying degrees of pressure, with revenue declines ranging from 8.1% to 21.0% YoY [1] - The company's cost structure continues to optimize, with a net profit margin of 1.9% in Q3 2024, and new core management appointments are expected to drive future growth [1] Financial Performance - For 2024, the company's operating income is expected to be 132.78 billion RMB, a decrease of 15.0% YoY, with net profit attributable to shareholders projected at 6.31 billion RMB, down 23.3% YoY [1] - The company's gross margin is expected to remain stable at 48.6% in 2024, with a net profit margin of 4.9% [2] - The company's ROE is forecasted to be 15.4% in 2024, with a debt-to-equity ratio of 120.9% [2] Future Outlook - The company has a rich product pipeline and significant market potential, with marketing optimization and cost control expected to drive sustained growth [1] - The report forecasts a 30% YoY increase in net profit attributable to shareholders in 2025, followed by a 20% increase in 2026 [1] - The company's EPS is expected to grow from 1.13 RMB in 2024 to 1.77 RMB in 2026 [2]

Summary of Conference Call Company and Industry Overview - The conference call involved a pharmaceutical company, discussing its performance in the third quarter and overall business strategy. - Key executives present included the Vice General Manager and the Financial Management Center head. Core Points and Arguments 1. **Revenue and Profit Decline**: - The company reported a revenue of 10.4 billion yuan for the first three quarters, a 14% year-on-year decline. The net profit was 545 million yuan, down 28% year-on-year. This decline was attributed to high inventory levels and the impact of pandemic-related products from the previous year [1][2][3]. 2. **Cost Control Measures**: - The company implemented cost control measures, resulting in a reduction of sales expenses by 1.279 billion yuan, with a sales expense ratio of 27.63%, down 6.54 percentage points year-on-year [2][3]. - The asset-liability ratio improved to 71.21%, a decrease of 2.8 percentage points from the beginning of the year, while net assets grew by approximately 10% to 4 billion yuan [1][2]. 3. **Segment Performance**: - The industrial segment saw a 24% decline, with traditional Chinese medicine (TCM) down 18.8% and chemical medicine down 35.8%. The company noted that the high base from the previous year significantly impacted these results [2][3]. - The commercial segment experienced a 10% decline, with retail down 15% and distribution slightly less affected [3][4]. 4. **Product Performance**: - Key products like the nasal and eye oral liquid saw a 39% increase due to effective marketing strategies. However, other major categories, particularly digestive and anti-infection products, faced significant declines [2][3][4]. - The company is focusing on enhancing the sales of core products while managing inventory levels effectively [5][6]. 5. **Future Outlook and Strategy**: - The company plans to focus on addressing operational challenges and enhancing marketing strategies in the remaining months of the year. There is an emphasis on reforming organizational structures and performance evaluation systems [4][5]. - The new leadership is expected to bring strategic changes, with a focus on aligning with the broader goals of the parent group [11][12]. 6. **Cash Flow Management**: - The company’s cash flow is primarily influenced by its sales policies, with significant collections expected in the fourth quarter, leading to positive cash flow at year-end [15][16]. Other Important but Overlooked Content - The company is actively preparing for the launch of new products and enhancing its marketing efforts to stabilize and grow its market share [9][10]. - There is a focus on improving the quality standards for products, particularly in response to regulatory changes, which may positively impact future sales [14][15]. - The management is committed to continuous improvement and adapting to market conditions, with a strong emphasis on learning from past challenges [16]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's current challenges, strategic responses, and future outlook.