Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant growth in revenue and net profit, driven by rising prices and sales volumes of vitamins [6][9] - The vitamin market is expected to continue its upward trend, with potential price increases due to supply-demand dynamics [7] - The company is actively investing in research and development, expanding its pharmaceutical business, which is anticipated to enhance future profitability [8] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 9.4 billion yuan, a year-on-year increase of 20%, and a net profit of 1.16 billion yuan, up 170% year-on-year [4][5] - For Q1 2025, the company reported revenue of 2.26 billion yuan, a slight increase of 0.3% year-on-year, and a net profit of 410 million yuan, up 273% year-on-year [5] Vitamin Market Analysis - The average market prices for domestic VA, VE, and 2% biotin in 2024 were 140 yuan/kg, 102 yuan/kg, and 36 yuan/kg, reflecting year-on-year changes of +65%, +44%, and -14% respectively [6] - In Q1 2025, the average prices for these vitamins were 121 yuan/kg, 136 yuan/kg, and 34.7 yuan/kg, with year-on-year changes of +47%, +107%, and -6% respectively [6] Research and Development - The company invested 749 million yuan in R&D in 2024, focusing on innovative drug development [8] - New products and projects are progressing, including the approval of injectable drugs and the establishment of new production bases [8] Profitability Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 1.42 billion yuan, 1.62 billion yuan, and 1.85 billion yuan respectively, with significant upward adjustments of 41% and 53% for 2025 and 2026 [9]

最新披露的一季报显示，报告期 ，浙江医药实现营业收入22.55亿元，同比微增0.28%；净利润4.09亿 元，同比增长273.08%；扣除非经常性损益的净利润（简称"扣非净利润"）4.02亿元，同比增长 279.23%。 扣非净利润与净利润的差距较小，且变动幅度基本一致，说明浙江医药今年前3个月的归母净利润基本 上是来自主营业务。 长江商报消息 主导产品维生素涨价，浙江医药（600216）（600216.SH）业绩增长。 4月23日晚，浙江医药披露的2025年一季度报告显示，前3个月，公司实现营业收入22.55亿元，同比微 增0.28%；归属母公司股东的净利润（以下简称"净利润"）4.09亿元，同比增长273.08%。 2024年，公司实现的营业收入接近94亿元，同比增长逾20%；净利润超过11亿元，同比增长约170%。 经营业绩强劲增长的同时，财务状况继续向好。截至一季度末，公司资产负债率仅为19.51%，一季度 的财务费用为-4071.64万元，同比由正转负。 浙江医药持续向股东派发现金红利。数据显示，上市以来，公司累计向股东派发红利43.81亿元。 首季净利倍增 市场行情向好，浙江医药抓住了机会，经营业 ...

Core Insights - Zhejiang Medicine's operating performance continues to double due to rising vitamin prices, with a significant increase in net profit despite only a slight increase in revenue [2][3] Financial Performance - In Q1 2025, the company achieved operating revenue of 2.255 billion yuan, a year-on-year increase of 0.28%, while net profit attributable to shareholders reached 409 million yuan, up 273.08% [2] - For the full year 2024, Zhejiang Medicine reported operating revenue of 9.375 billion yuan, a historical high with a year-on-year growth of 20.29%, and net profit of 1.161 billion yuan, up 170.11% [3] - The company's net profit and deducting non-recurring profit both saw significant increases, driven by rising market prices and demand for its main products, vitamin E and vitamin A [3] Product Performance - Revenue from vitamin and vitamin-related products reached 4.696 billion yuan in 2024, a year-on-year increase of 45.33%, with a decrease in operating costs by 3.40% and a gross margin of 54.54%, up 22.93 percentage points from the previous year [3] - The company specializes in life nutrition products, including synthetic vitamin E, vitamin A, and other vitamins, holding a leading position in both domestic and international markets [2] Cash Flow and Financial Health - Zhejiang Medicine experienced a significant inflow of operating cash flow, amounting to 1.223 billion yuan in 2024, a year-on-year increase of 92.90% [3] - As of the end of March 2025, the company's asset-liability ratio stood at 19.51%, with financial expenses turning negative at -40.72 million yuan compared to 2.007 million yuan in the same period last year [4]

Group 1 - The innovative pharmaceutical ETF (560900) has risen by 1.80%, with the underlying index, the China Innovative Drug Industry Index (931152), increasing by 1.60% [1] - Key stocks such as Kailaiying (002821) rose by 10.01%, Maiwei Biotech (688062) by 7.23%, and Rongchang Biotech (688331) by 6.57% [1] - Galaxy Securities indicates that innovative pharmaceutical companies are in a critical transformation period, with Changchun High-tech's R&D investment reaching 2.69 billion yuan in 2024, a year-on-year increase of 11.20%, accounting for nearly 20% of revenue [1] Group 2 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in capturing investment opportunities in quality tech companies globally [2] - The actively managed Morgan Emerging Power Fund aims to grasp emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality tech companies in the Pacific region [2] Group 3 - The passive investment options include the Morgan Hang Seng Technology ETF (513890) for exposure to Hong Kong tech assets and the Morgan China Innovative Drug Industry ETF (560900) for Chinese innovative pharmaceutical companies [3] - The Morgan NASDAQ 100 Index Fund provides one-click access to global tech leaders [3]

Core Viewpoint - Zhejiang Medicine's 2024 performance met market expectations, with significant revenue and profit growth driven by rising prices of vitamins A and E [1][2] Financial Performance - In 2024, Zhejiang Medicine reported revenue of 9.375 billion yuan, a year-on-year increase of 20.3%, and a net profit of 1.161 billion yuan, corresponding to earnings per share of 1.21 yuan, up 170% year-on-year, aligning with market expectations [1] - The company's Q4 2024 revenue was 2.262 billion yuan, with year-on-year growth of 18% but a quarter-on-quarter decline of 16.4%. Net profit for Q4 was 311 million yuan, showing a year-on-year increase of 142% but a quarter-on-quarter decrease of 41.8% due to a 1.62 billion yuan asset impairment loss [1] - The nutrition segment generated revenue of 4.697 billion yuan in 2024, a year-on-year increase of 43.51%, with vitamin product sales reaching 52,688 tons, up 32.87% year-on-year [1] Market Trends - Vitamin E and A prices are experiencing a slight decline from their high levels, with current domestic vitamin E prices at 119 yuan/kg, down 23.5 yuan/kg from the beginning of the year, and vitamin A prices at 78 yuan/kg, reflecting a significant drop from the Q3 2024 peak [4] - Despite the price drop, strong production capabilities and a willingness to maintain prices among producers are expected to keep the market relatively stable [4] Strategic Developments - The company is focusing on product line upgrades and optimizing capacity layout, with successful trials of new processes in the nutrition segment and ongoing construction of new facilities for pharmaceutical products [4] - The company is optimistic about strengthening its long-term competitiveness and the gradual realization of growth in its pharmaceutical business [4] Profit Forecast and Valuation - Due to the decline in vitamin prices, the profit forecast for 2025 has been reduced by 28% to 1.09 billion yuan, with a new forecast for 2026 set at 1.1 billion yuan [5] - The target price has been adjusted down by 13% to 16.5 yuan, reflecting a price-to-earnings ratio of 14.5 for 2025 and 2026, with a potential upside of 21% [5]

转自：证券日报网 重要公告： 中国交建：一季度新签合同额5530.34亿元 同比增长9.02% 北元集团：一季度净利润同比增长442.29% 方大特钢：一季度净利润同比增长167.99% 杰瑞股份：拟1.5亿元—2.5亿元回购公司股份 海泰科：一季度净利润同比增长5738.82% 沪市重要公告： 澜起科技（688008）公告，公司2025年第一季度实现营业收入12.22亿元，同比增长65.78%；净利 润5.25亿元，同比增长135.14%。 上海雅仕：一季度净利润同比增长129.78% 上海雅仕（603329）公告，公司2025年第一季度实现营业收入8.01亿元，同比增长57.5%；净利润 974.87万元，同比增长129.78% 北元集团：一季度净利润同比增长442.29% 中国交建：一季度新签合同额5530.34亿元 同比增长9.02% 中国交建（601800）公告，2025年一季度，公司新签合同额为5530.34亿元，同比增长9.02%，完成 年度目标的27%。 方大特钢：一季度净利润同比增长167.99% 方大特钢（600507）公告，公司2025年第一季度实现营业收入43.46亿元，同比下降26. ...

证券代码：600216 证券简称：浙江医药 公告编号：2025-013 浙江医药股份有限公司 第十届四次监事会决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 浙江医药股份有限公司第十届四次监事会会议于 2025 年 4 月 23 日上午在浙 江医药总部 1 号楼 401 会议室召开。本次会议的通知于 2025 年 4 月 3 日以专人 送达或电子邮件方式发出。会议应参加监事五人，实际参加监事五人。会议由监 事会主席李哲先生主持，会议符合《公司法》和《公司章程》的有关规定和要求。 二、监事会会议审议情况 1. 审议通过了《公司 2024 年度监事会工作报告》 同意 5 票，反对 0 票，弃权 0 票。 3．审议通过了《公司 2024 年度利润分配预案》 同意 5 票，反对 0 票，弃权 0 票。 监事会认为，公司 2024 年度利润分配预案的决策程序、利润分配的形式符 合《公司章程》。此利润分配预案充分考虑各方面因素，不存在损害中小股东利 益的情形，符合公司经营现状，有利于公司持续、稳定、 ...

证券代码：600216 证券简称：浙江医药 公告编号：2025-012 浙江医药股份有限公司 二、会议审议情况 1. 董事会审议通过了《公司 2024 年度董事会工作报告》 同意 11 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 2．董事会审议通过了《公司 2024 年度总裁工作报告》 同意 11 票，反对 0 票，弃权 0 票。 第十届五次董事会决议公告 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个别及连带责任。 一、董事会会议召开情况 浙江医药股份有限公司第十届五次董事会会议于 2025年 4 月 23 日上午在浙 江医药总部 1 号楼 401 会议室，以现场结合通讯表决的方式召开。本次会议的通 知于 2025 年 4 月 3 日以专人送达或电子邮件方式发出。会议应参加董事十一人， 实际参加董事十一人，其中董事苍宏宇先生通过通讯表决方式出席会议。会议由 公司董事长李男行先生主持，公司监事及其他高级管理人员列席会议，会议符合 《公司法》和《公司章程》的有关规定和要求。 本议案需提交股东大会审议。 4．董事会审议通 ...

浙江医药股份有限公司 证券代码：600216 证券简称：浙江医药 公告编号：2025-014 2024 年年度利润分配方案公告 公司拟向全体股东每股派发现金红利0.37元（含税）。截至2024年12月31 日，公司总股本961,637,750股，以此计算合计拟派发现金红利355,805,967.50 元（含税）。本年度公司现金分红占2024年度归属于上市公司股东净利润的比例 30.66%。 1 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： 每股分配比例：每股派发现金红利 0.37 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本，扣除回购专 用证券账户中累计回购的股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配比例不 变，相应调整分配总额，并将在相关公告中披露。 不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简 称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 一、 ...

Financial Performance - Zhejiang Medicine's operating revenue for 2024 reached RMB 9,375,216,922.05, representing a 20.29% increase compared to RMB 7,794,145,971.37 in 2023[22]. - The net profit attributable to shareholders of the listed company surged to RMB 1,160,510,670.41, a significant increase of 170.11% from RMB 429,639,626.26 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was RMB 1,160,134,311.05, up 656.77% from RMB 153,300,563.21 in 2023[22]. - The net cash flow from operating activities for 2024 was RMB 1,223,298,641.95, reflecting a 92.85% increase from RMB 634,311,163.34 in 2023[22]. - As of the end of 2024, the net assets attributable to shareholders of the listed company were RMB 10,648,142,085.06, a 10.56% increase from RMB 9,630,715,541.49 at the end of 2023[22]. - Total assets increased by 7.95% to RMB 13,795,473,105.69 at the end of 2024, compared to RMB 12,779,539,756.21 at the end of 2023[22]. - Basic earnings per share increased by 168.89% to CNY 1.21 from CNY 0.45 in 2023[23]. - Diluted earnings per share also rose by 168.89% to CNY 1.21 compared to CNY 0.45 in 2023[23]. - The weighted average return on equity increased by 6.89 percentage points to 11.43% from 4.54% in 2023[23]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.37 per share, totaling RMB 355,805,967.50, which represents 30.66% of the net profit attributable to shareholders for 2024[6]. - The company executed the 2023 profit distribution plan in July 2024, distributing a cash dividend of CNY 355,805,967.50, which accounts for 30.66% of the net profit attributable to ordinary shareholders[150]. - The cumulative cash dividend amount over the last three accounting years is CNY 664,097,380.00, with an average cash dividend ratio of 93.55% based on the average net profit of CNY 709,906,793.30[152]. Operational Highlights - The company has not reported any significant risks that could materially affect its operations during the reporting period[9]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[8]. - The company has a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The company completed the trial production of the new process for the Changhai Biological 331 project, achieving expected goals[30]. - The subsidiary Laoyi Pharmaceutical reported a dual growth in sales and profits through optimized operational strategies[32]. - The company’s injection product Daptomycin (0.5g) received the drug registration certificate during the reporting period[30]. - The subsidiary Xinma Biological is advancing the production license application for the antibody-drug conjugate ARX788[32]. Market and Product Development - The company is focusing on innovation in drug development, particularly in innovative drugs and biotechnology, as the pharmaceutical industry shifts towards an innovation-driven model[33]. - The company is actively expanding its market presence in Southeast Asia while consolidating its position in Europe and North America[33]. - The company has established a comprehensive product system in the life nutrition sector, including synthetic vitamins E and A, with significant market positions in both domestic and international markets[35]. - The company is transitioning to an "Industry 4.0" model, implementing modern, digital control systems in production, including unmanned production lines and workshops[41]. - The company is focusing on developing innovative drugs to meet unmet clinical needs and creating generic drugs with certain technical barriers, adopting a "combination of generic and innovative" strategy for product pipeline differentiation[73]. Research and Development - The company’s R&D investment amounted to 79,568.92 million RMB, representing 7.10% of operating income and 7.16% of net assets[91]. - The company has established two technical platforms in the vitamin product field: industrial green chemistry and microencapsulation of active ingredients[85]. - There are currently 4 new drug projects under research, with 6 in clinical research or BE stages, and 10 production applications submitted[85]. - The company is currently conducting clinical trials for the new drug Apixaban, which targets urinary system infections with a new indication[86]. - The company has received IND approval for LYSC98, a Class 1 new drug for anti-infection, expected to launch in May 2024[86]. Environmental and Social Responsibility - The company has established an environmental protection mechanism and invested CNY 84,993,900 in environmental protection funds during the reporting period[158]. - The company has implemented pollution prevention facilities in compliance with environmental assessment requirements, including three RTO incinerators and various wastewater treatment systems[160]. - The company has developed emergency response plans for environmental incidents, which are filed with local ecological environment authorities and include annual drills[164]. - The company has achieved stable operation of its wastewater treatment systems, with all emissions meeting regulatory standards according to annual environmental monitoring reports[161]. - Total donations for social responsibility projects amounted to 2.82 million yuan, benefiting various educational foundations and charities[170]. Governance and Management - The company held one shareholders' meeting during the reporting period, ensuring equal treatment of all shareholders and compliance with legal requirements[117]. - The board of directors consists of 11 members, including 4 independent directors, and has established specialized committees to enhance governance[118]. - The supervisory board has 5 members, ensuring independent oversight of the company's operations and compliance with regulations[119]. - The company has implemented stock incentive plans, resulting in significant reductions in compensation for several executives, such as a decrease of 50,000 for the Vice President[124]. - The company is undergoing a leadership transition, with several key positions set to change by June 2024[124]. Risks and Challenges - The company faces risks from intensified market competition, which may lead to a decline in market share and profit margins[113]. - Rising production costs due to fluctuations in raw material prices and increased labor costs may impact profitability; the company plans to optimize supply chain management and improve production efficiency[113]. - The risk of new drug development failures exists, with high costs and long cycles; the company aims to enhance budget management and improve research quality through advanced management techniques[113]. - Investment in innovative biopharmaceuticals may face challenges in overseas market registrations, potentially extending the investment return period; the company will streamline internal processes to mitigate impacts on profitability[113].