Summary of Conference Call Records Company and Industry Overview - The conference call involved a pharmaceutical company, discussing its performance in the third quarter and overall business strategy. The company operates in the pharmaceutical industry, focusing on both traditional Chinese medicine and chemical pharmaceuticals. Key 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-over-year decline. The gross profit was 545 million yuan, down 28% year-over-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-over-year. Management and financial expenses remained stable, while R&D expenses increased by 38 million yuan [2][3]. 3. **Segment Performance**: - The industrial segment saw a 24% decline, with traditional Chinese medicine down 18.8% and chemical pharmaceuticals down 35.8%. However, certain products like the nasal and eye oral liquid experienced a 39% increase due to effective marketing strategies [2][3][4]. 4. **Inventory Management**: - The company focused on reducing channel inventory and enhancing sales effectiveness, achieving a reasonable inventory level of approximately two months by the end of the third quarter [5][6]. 5. **Future Outlook**: - The company plans to focus on improving sales of core products and addressing inventory issues. It anticipates a return to normal growth trajectories for key products in the upcoming quarters [6][7]. 6. **Management Changes**: - New leadership, including a new chairman and general manager, is expected to drive strategic changes and improve operational efficiency. The management structure will be optimized to enhance performance [11][12]. 7. **Market Conditions and Regulatory Impact**: - The company is adapting to regulatory changes affecting pricing and sales strategies, particularly in the context of national healthcare policies [5][9]. 8. **Cash Flow Management**: - The company’s cash flow is heavily influenced by its sales policies, with significant collections expected in the fourth quarter, leading to positive cash flow at year-end [15]. 9. **Product Development and Innovation**: - The company is actively working on new product approvals and enhancing its product portfolio, particularly in the area of traditional Chinese medicine and innovative pharmaceuticals [10][14]. 10. **Long-term Strategy**: - The company remains committed to its long-term strategic goals, focusing on product development, market expansion, and operational efficiency despite current challenges [12][16]. Additional Important Information - The company is experiencing a transitional phase with new management, which may lead to shifts in strategic focus and operational practices. The emphasis on cost control and inventory management is critical in navigating the current market challenges [11][12][16]. - The company’s performance is expected to stabilize as it addresses the issues identified in the conference call, with a focus on enhancing product offerings and market presence [4][6][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10][11]. Core Views - The company reported a revenue of 10.43 billion RMB for the first three quarters of 2024, a decrease of 14.36% year-on-year, with a net profit attributable to shareholders of 545 million RMB, down 28.1% [2][3]. - The decline in revenue is attributed to high base effects from the previous year, particularly in the pharmaceutical industrial sector, which saw a revenue drop of 25.2% [2][3]. - Despite the short-term challenges, the company is expected to achieve good growth in the future, supported by the continued growth of key products [3]. Summary by Sections Performance Review - For Q3 2024, the company achieved a revenue of 2.617 billion RMB, down 16.44% year-on-year, and a net profit of 50 million RMB, down 73.8% [2]. - The pharmaceutical industrial revenue was approximately 6.19 billion RMB, while the pharmaceutical commercial revenue was about 5.11 billion RMB [2]. Operational Analysis - The company optimized its marketing system, resulting in a significant decrease in sales expense ratio, which was 27.63% for the first three quarters of 2024, down 6.54 percentage points year-on-year [2]. - Key products like the emergency syrup and nasal sinus liquid continued to see sales growth, despite declines in other areas [3]. Profit Forecast and Valuation - The revenue forecasts for 2024-2026 have been revised down to 13.237 billion RMB, 15.097 billion RMB, and 16.641 billion RMB, respectively, with expected year-on-year growth rates of -15%, 14%, and 10% [3]. - The net profit forecasts for the same period have also been adjusted to 617 million RMB, 848 million RMB, and 1.007 billion RMB, with expected growth rates of -25%, 37%, and 19% [3]. - The current price-to-earnings ratio is projected to be 23, 17, and 14 times for 2024, 2025, and 2026, respectively [3].

财联社10月24日讯（记者 张良德） 2024年的夏季气温创下了六十多年来的最高纪录，但在这样的高温 天气中，太极集团（600129.SH）的主要单品藿香正气口服液三季度销量却大幅下降，导致公司第三季 度的盈利同比下降超过七成。 太极集团今日下午披露了三季度业绩，公司前三季度实现总营收104.34亿元，同比下降14.36%，归母净 利润5.45亿，同比下降28.10%。第三季度实现营收26.17亿元，同比下降16.44%，归母净利润5046.22万 元，同比下降73.82%。 据公司介绍，利润下降主要原因为公司同期销售额下降所致。据新华社消息，国家气候中心数据显示， 2024年夏季我国气候暖湿特征明显，全国平均气温为1961年以来历史同期最高。但在这个最热的夏季， 太极集团旗下最大单品——防暑祛湿类藿香正气口服液销量较去年同期出现了明显回落。 根据公司第三季度主要经营数据显示，公司前三季度医药工业业务销售金额61.88亿元，同比下降 25.24%，其中第三季度医药工业业务销售额为11.09亿元，较去年同期下降43.99%。 公司七大类工业主要品种，仅呼吸系统用药营收变化不大，仅下降1.21%；但公司过去第一大 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-052 重庆太极实业（集团）股份有限公司 第十届董事会第二十三次会议决议公告 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。 1 同意选举俞敏先生为公司第十届董事会董事长，任期自本次董事会 审议通过之日起至第十届董事会届满时止。同时，俞敏先生不再担任公 司总经理职务(简历详见附件)。 表决情况：同意 13 票，弃权 0 票，回避 0 票，反对 0 票；表决 结果：通过。 二、关于聘任公司总经理的议案（具体内容详见公司披露的《关 于选举董事长、聘任总经理的公告》；公告编号：2024-053） 经公司董事长俞敏先生提名，同意聘任于宗斌先生为公司总经理， 任期自本次董事会审议通过之日起至第十届董事会届满时止(简历详 见附件)，该议案已经公司第十届董事会第五次提名委员会审议通过。 重庆太极实业（集团）股份有限公司（以下简称：公司）第十届 董事会第二十三次会议于 2024 年 10 月 12 日以邮件方式发出书面通 知，于 2024 年 10 月 23 日以现场及视频方式 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-054 重庆太极实业（集团）股份有限公司 关于公司 2024 年第三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。 根据《上海证券交易所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》的相关规定，现将公司 2024 年第三季度主要经营数据披露如下： 一、报告期内分行业经营数据 备注：公司根据业务性质重新划分行业，对同期数据进行相应调整。 二、报告期内工业主要品种按治疗领域划分经营数据 备注：公司根据业务性质重新划分行业，对工业主要品种按治疗领域划分同期经 营数据进行相应调整。 [注 1]呼吸系统用药的营业收入较上年同期下降 1.21%，主要系报告期散列通、复 方板蓝根颗粒、小柴胡颗粒、感冒清热颗粒等销售额下降所致；急支糖浆、鼻窦炎口 1 单位：万元 币种：人民币 行业 主营业务收入 增长率% 主营业务成本 增长 率% 毛利率% 同比增长 2024 年 百分点 1-9 月 2023 年 1-9 月 2024 年 1-9 ...

Revenue and Profit Performance - Revenue for the third quarter of 2024 was RMB 2,616,652,515.62, a decrease of 16.44% compared to the same period last year[2] - Net profit attributable to shareholders of the company for the third quarter of 2024 was RMB 50,462,191.25, a decrease of 73.82% compared to the same period last year[3] - Net profit attributable to shareholders of the company after deducting non-recurring gains and losses for the third quarter of 2024 was RMB 30,638,822.80, a decrease of 78.63% compared to the same period last year[3] - Basic earnings per share for the third quarter of 2024 was RMB 0.09, a decrease of 74.29% compared to the same period last year[3] - The company's total revenue for the first three quarters of 2024 was RMB 10,433,818,061.19, a decrease of 14.36% compared to the same period last year[2] - Total operating income for the first three quarters of 2024 was RMB 10,433,818,061.19, a decrease from RMB 12,182,741,633.45 in the same period in 2023[16] - Operating profit for the third quarter of 2024 was RMB 662.97 million, compared to RMB 913.67 million in the same period last year[18] - Net profit attributable to shareholders of the parent company was RMB 545.07 million, down from RMB 758.10 million year-on-year[18] - Basic earnings per share (EPS) for the third quarter of 2024 was RMB 0.98, compared to RMB 1.36 in the same period last year[19] - Revenue from sales of goods and services was RMB 8.95 billion, down from RMB 10.97 billion year-on-year[20] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 14,334,261,372.81, a decrease of 0.54% compared to the end of the previous year[3] - Equity attributable to shareholders of the company as of the end of the third quarter of 2024 was RMB 4,000,995,355.63, an increase of 10.46% compared to the end of the previous year[3] - Total current assets as of September 30, 2024, amounted to RMB 7,266,196,048.02, a decrease from RMB 7,604,664,368.90 at the end of 2023[13] - Monetary funds decreased significantly to RMB 689,877,893.51 from RMB 1,935,008,857.17 at the end of 2023[13] - Accounts receivable increased to RMB 2,756,640,228.88 from RMB 1,978,057,763.16 at the end of 2023[13] - Inventory increased to RMB 2,969,338,906.41 from RMB 2,690,632,474.71 at the end of 2023[13] - Total assets as of Q3 2024 were RMB 14,334,261,372.81, slightly lower than RMB 14,411,774,083.52 at the end of 2023[14] - Fixed assets decreased to RMB 3,823,116,212.51 in Q3 2024 from RMB 3,935,631,862.17 at the end of 2023[14] - Total liabilities as of Q3 2024 were RMB 10,207,713,647.74, down from RMB 10,665,932,484.04 at the end of 2023[15] - Short-term borrowings increased to RMB 4,015,787,143.20 in Q3 2024 from RMB 3,284,091,451.45 at the end of 2023[14] - Net profit attributable to the parent company's owners was RMB 1,264,909,717.99 in Q3 2024, up from RMB 886,902,222.20 at the end of 2023[15] - Investment in construction projects increased significantly to RMB 1,102,629,001.63 in Q3 2024 from RMB 731,099,260.38 at the end of 2023[14] Cash Flow - The company's net cash flow from operating activities for the first three quarters of 2024 was negative RMB 690,343,647.89[3] - Cash flow from operating activities was negative RMB 690.34 million, compared to negative RMB 476.43 million in the same period last year[21] - Cash flow from investing activities was negative RMB 605.58 million, compared to negative RMB 374.84 million in the same period last year[21] - Cash flow from financing activities was positive RMB 208.16 million, compared to negative RMB 356.36 million in the same period last year[21] - Total cash and cash equivalents at the end of the third quarter of 2024 were RMB 565.11 million, down from RMB 764.39 million at the end of the same period last year[22] - Total cash inflows from operating activities were RMB 9.43 billion, down from RMB 11.56 billion year-on-year[20] - Total cash outflows from operating activities were RMB 10.12 billion, down from RMB 12.04 billion year-on-year[20] Shareholder Information - The top shareholder, Taiji Group Co., Ltd., holds 153,812,354 shares of common stock[8] - Hong Kong Securities Clearing Company Limited holds 10,928,280 shares of common stock[8] - China Industrial and Commercial Bank Co., Ltd. - Hua'an Media Internet Hybrid Securities Investment Fund holds 7,993,100 shares of common stock[8] - China Agricultural Bank Co., Ltd. - CSI 500 ETF holds 6,388,008 shares of common stock[8] - China Construction Bank Co., Ltd. - Hua'an Shanghai-Hong Kong-Shenzhen Flexible Allocation Hybrid Securities Investment Fund holds 5,463,500 shares of common stock[8] - The top 10 shareholders and top 10 unrestricted shareholders did not participate in margin trading or securities lending[9] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were RMB 9,822,423,663.75, down from RMB 11,311,905,251.05 in 2023[16] - R&D expenses increased to RMB 187,490,437.20 in the first three quarters of 2024, compared to RMB 148,932,719.38 in the same period in 2023[16] - Sales expenses decreased to RMB 2,882,949,492.55 in the first three quarters of 2024 from RMB 4,162,454,161.64 in the same period in 2023[16] Government Subsidies and Return on Equity - Government subsidies received during the reporting period amounted to RMB 9,116,598.86[4] - The company's weighted average return on equity for the third quarter of 2024 was 1.32%, a decrease of 3.87 percentage points compared to the same period last year[3]

证券代码：600129 证券简称：太极集团 公告编号：2024-055 重庆太极实业（集团）股份有限公司 关于召开 2024 年第三季度业绩说明会的公 告 重庆太极实业（集团）股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 2024 年第三季度报告，为便于广大投资 者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公 司计划于 2024 年 11 月 19 日下午 14:00-15:00 举行 2024 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 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： 会议召开时间：2024 年 11 月 19 日(星期二)下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-053 重庆太极实业（集团）股份有限公司 关于选举董事长、聘任总经理的公告 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 10 月 23 日召开了第十届董事会第二十三次会议，审议通过了《关 于选举公司董事长的议案》《关于聘任公司总经理的议案》。公司董 事会同意选举俞敏先生为公司董事长，同时，俞敏先生不再担任公司 总经理职务。经公司董事会提名委员会资格审查，于宗斌先生符合担 任公司高级管理人员任职要求，同意聘任于宗斌先生为公司总经理。 以上人员任期均自本次董事会通过之日起至第十届董事会任期届满 之日止。 俞敏先生、于宗斌先生的任职资格均符合《公司法》《上海证券 交易所股票上市规则》等相关法律法规及《公司章程》的相关要求， 不存在受到中国证监会、上海证券交易所及其他有关部门处罚的情形。 上述人员个人简历见附件。 2 重庆太极实业（集团）股份有限公司 2024 年 10 月 25 日 1 附件：个人 ...

重庆太极实业（集团）股份有限公司 关于盐酸羟考酮缓释片获得药品注册证的公告 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。 近日，重庆太极实业（集团）股份有限公司（以下简称：公司）控股 子公司西南药业股份有限公司（以下简称：西南药业）收到国家药品监督 管理局关于盐酸羟考酮缓释片（规格：10mg）的《药品注册证书》，现将 相关情况公告如下： | 药品名称 | | 盐酸羟考酮缓释片 | | --- | --- | --- | | 剂 | 型 | 片剂 | | 申请事项 | | 药品注册（境内生产） | | 规 | 格 | 10mg | | 注册分类 | | 化学药品4类 | | 药品注册标准编号 | | YBH22962024 | | 药品批准文号 | | 国药准字 H20249069 | | 上市许可持有人 | | 西南药业股份有限公司 | | 生产企业 | | 西南药业股份有限公司 | | 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 ...

证券代码：600129 证券简称：太极集团 公告编号：2024-050 重庆太极实业（集团）股份有限公司 关于注射用青霉素钠通过仿制药一致性评价 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。 近日，重庆太极实业（集团）股份有限公司（以下简称：公司）控股 子公司西南药业股份有限公司（以下简称：西南药业）收到国家药品监督 管理局关于注射用青霉素钠（规格：0.48g、0.96g、2.4g）的《药品补充 申请批准通知书》，西南药业注射用青霉素钠通过仿制药质量和疗效一致 性评价。现将相关情况公告如下： 二、药品其他相关信息 青霉素适用于敏感细菌所致的各种感染，如脓肿、菌血症、肺炎和心 内膜炎等。其中青霉素为以下感染的首选药物： 1．溶血性链球菌感染，如咽炎、扁桃体炎、猩红热、丹毒、蜂窝织炎 和产褥热等。 2．肺炎链球菌感染如肺炎、中耳炎、脑膜炎和菌血症等。 3．不产青霉素酶葡萄球菌感染。 4．炭疽 5．破伤风、气性坏疽等梭状芽孢杆菌感染。 5．梅毒（包括先天性梅毒）。 1 药品名称 注射用青霉素钠 剂 型 注射剂 申请事项 ...