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.

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]