浙江医药（600216）公告，公司于2025年4月14日董事会审议通过回购股份方案，计划以1亿元至2亿元 资金，通过集中竞价方式回购股份，用于员工持股计划或股权激励。截至2025年5月12日，公司累计回 购44.07万股，占公司总股本的0.05%，回购价格区间为13.31元/股至13.43元/股，累计使用资金589.59万 元(不含交易费用)。本次回购符合相关法律法规及公司既定方案，公司将根据市场情况继续实施回购， 并及时披露相关进展情况。 ...

Group 1 - The company will hold an annual performance briefing for 2024 on May 20, 2025, from 9:30 to 10:30 AM [2][4] - The briefing will be conducted via video and online interaction at the Shanghai Stock Exchange Roadshow Center [3][4] - Investors can submit questions from May 13 to May 19, 2025, and the company will address common concerns during the briefing [2][5] Group 2 - Key participants in the briefing will include the company's president, independent directors, and financial director [4] - The company aims to provide a comprehensive understanding of its 2024 operational results and financial status during the briefing [2][3] - After the briefing, investors can access the main content and details through the Shanghai Stock Exchange Roadshow Center [6]

证券代码：600216 证券简称：浙江医药 公告编号：2025-017 浙江医药股份有限公司 关于召开 2024 年度业绩说明会的公告 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 5 月 13 日(星期二)至 5 月 19 日(星期一)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 board@zmc-china.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 浙江医药股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日发布公 司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成 果、财务状况，公司计划于 2025 年 5 月 20 日（星期二）9:30-10:30 举行 2024 年度业绩说明会，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视频结合网络互动召开，公司将针对 2024 年度的经营 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 ...

Group 1: Market Overview - The three major stock indices experienced narrow fluctuations, with the North Stock 50 Index showing relative strength, while the Shanghai Composite Index fell by 0.05% to 3286.65 points, and the Shenzhen Component Index also dropped by 0.05% to 9849.8 points [1] - The total trading volume in the Shanghai, Shenzhen, and North Stock markets was 10,419 billion, a decrease of 350 billion from the previous day [1] - Sectors such as electricity and insurance declined, while home furnishings, automotive, chemicals, healthcare, agriculture, food and beverage, home appliances, and semiconductors saw gains [1] Group 2: Investment Opportunities in Smart Connected Vehicles - The Ministry of Industry and Information Technology (MIIT) has released key points for automotive standardization by 2025, emphasizing the need to strengthen standards for driving assistance and autonomous driving [2] - CITIC Securities anticipates that companies in the industry chain will focus on improving product maturity and safety, with main manufacturers expected to refine hardware and software architectures [2] - Investment recommendations include leading manufacturers in smart driving development, top suppliers of laser radar, and companies providing testing and simulation services for smart connected vehicles [2] Group 3: Smart Imaging Devices Market - The market for handheld smart imaging devices is projected to reach 36.47 billion in 2023, with a compound annual growth rate (CAGR) of approximately 12.9% from 2023 to 2027, potentially reaching 59.2 billion by 2027 [3] - The panoramic camera market is expected to reach 5 billion, with applications expanding beyond daily life and sports to include video conferencing and robotics [3] - The global market for action cameras is expected to exceed 30 billion in 2023, driven by the rise of outdoor sports [3] Group 4: Vitamin D3 Price Outlook - The price of feed-grade Vitamin D3 is at a historical low, leading to production cuts and supply reductions among some manufacturers [5] - Demand for Vitamin D3 is steadily increasing, with manufacturers reducing output since the beginning of 2024, resulting in historically low inventory levels [5] - Recent price increases have been observed, with significant adjustments in quotes from manufacturers, indicating potential for further price rises [5] Group 5: Consumption Policy and Tax Refunds - The National Taxation Administration has revised the management measures for tax refunds for outbound tourists, simplifying processes and expanding coverage to more small and medium-sized businesses [6] - CITIC Securities estimates that the potential market for tax refunds could reach nearly 100 billion, which may further stimulate consumption and expand domestic demand [6] - Key sectors to watch include traditional retail companies with strong operational capabilities and those involved in consumer infrastructure and travel services [6] Group 6: Electricity Market Developments - The National Development and Reform Commission and the National Energy Administration have announced plans to accelerate the construction of a national electricity spot market, aiming for full coverage by the end of 2025 [8] - Specific timelines have been set for the transition to formal operations in various provinces, with a focus on continuous settlement operations [8] Group 7: Digital Economy Infrastructure - The National Development and Reform Commission is promoting the construction of a national integrated computing network to optimize resource allocation and support the development of the digital economy [9] Group 8: Livestock Production Adjustments - The Ministry of Agriculture and Rural Affairs has issued a plan to adjust and optimize pig production capacity, focusing on monitoring and guiding the market [10]

Group 1 - The core viewpoint of the news indicates that the Artemisinin concept sector experienced a decline of 0.81%, ranking among the top declines in the concept sector [1] - Within the Artemisinin concept sector, major companies such as Kunming Pharmaceutical Group, New Harmony, and Rundu Co., Ltd. saw significant declines, while companies like Baihua Pharmaceutical, China Resources Sanjiu, and Zhejiang Medicine recorded gains of 1.21%, 0.75%, and 0.75% respectively [1] Group 2 - The financial data shows that the Artemisinin concept sector had a net outflow of 96 million yuan, with eight stocks experiencing net outflows, led by Kunming Pharmaceutical Group with a net outflow of 62.05 million yuan [2] - Other companies with notable net outflows include Rundu Co., Ltd. with 11.84 million yuan, Fosun Pharmaceutical with 9.02 million yuan, and Zhejiang Medicine with 6.48 million yuan [2] - Conversely, the stocks with the highest net inflows included Baihua Pharmaceutical and New Harmony, with net inflows of 6.07 million yuan and 1.19 million yuan respectively [2]

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]