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].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,255,389,182.25, a slight increase of 0.28% compared to CNY 2,249,164,467.20 in the same period last year[5] - Net profit attributable to shareholders reached CNY 409,085,292.06, representing a significant increase of 273.08% from CNY 109,649,638.31 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 402,222,697.47, up 279.23% from CNY 106,062,788.51 in the previous year[5] - Basic and diluted earnings per share were both CNY 0.43, reflecting a 290.91% increase from CNY 0.11 in the previous year[5] - The weighted average return on equity rose to 3.77%, an increase of 2.64 percentage points from 1.13% year-on-year[5] - Total operating revenue for Q1 2025 was CNY 2,255,389,182.25, a slight increase of 0.6% compared to CNY 2,249,164,467.20 in Q1 2024[16] - Net profit for Q1 2025 reached CNY 385,252,415.30, a substantial increase of 385.5% compared to CNY 79,363,327.86 in Q1 2024[17] - Other comprehensive income after tax for Q1 2025 was CNY 9,122,458.68, compared to a loss of CNY 3,950,569.56 in Q1 2024[17] - The total comprehensive income for Q1 2025 was CNY 394,374,873.98, significantly higher than CNY 75,412,758.30 in Q1 2024[17] Cash Flow - The net cash flow from operating activities was CNY 304,964,651.00, a remarkable increase of 1,216.17% compared to CNY 23,170,551.20 in the same quarter last year[5] - Cash flow from operating activities generated a net amount of CNY 304,964,651.00, a significant increase from CNY 23,170,551.20 in Q1 2024[19] - The net cash flow from investment activities was -$118.42 million, a decrease from $57.78 million in the previous period[20] - Cash inflow from financing activities totaled $185 million, down from $285 million year-over-year[20] - The net cash flow from financing activities was $42.23 million, slightly down from $43.28 million in the previous period[20] - The net increase in cash and cash equivalents was $251.60 million, compared to $124.27 million in the previous period[20] - The ending balance of cash and cash equivalents was $2.22 billion, up from $1.58 billion year-over-year[20] - Cash received from investment activities amounted to $472.92 million, compared to $470.62 million in the previous period[20] - Cash outflow for investment activities was $591.34 million, an increase from $412.85 million in the previous period[20] - Cash received from loans was $185 million, down from $285 million in the previous period[20] - Cash paid for debt repayment was $137 million, compared to $235 million in the previous period[20] - The impact of exchange rate changes on cash and cash equivalents was $22.83 million, compared to $44.69 thousand in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,996,653,397.63, up 1.46% from CNY 13,795,473,105.69 at the end of the previous year[6] - The equity attributable to shareholders increased to CNY 11,067,801,751.72, a growth of 3.94% from CNY 10,648,142,085.06 at the end of last year[6] - The company's current assets totaled RMB 6,811,951,484.56, compared to RMB 6,584,941,036.57 at the end of the previous period, reflecting a growth of approximately 3.45%[13] - Cash and cash equivalents increased to RMB 2,217,402,229.72 from RMB 1,965,821,411.06, representing a growth of about 12.83%[12] - Accounts receivable rose to RMB 1,709,971,371.66, up from RMB 1,627,259,114.94, indicating an increase of approximately 5.06%[12] - The company's total liabilities decreased to RMB 2,730,687,092.79 from RMB 2,927,530,865.79, a reduction of about 6.71%[14] - The equity attributable to shareholders increased to RMB 11,067,801,751.72 from RMB 10,648,142,085.06, marking an increase of approximately 3.93%[14] - The company's inventory decreased to RMB 2,039,510,754.71 from RMB 2,132,515,095.23, reflecting a decline of about 4.36%[12] Other Financial Metrics - The increase in net profit was primarily driven by the rise in sales prices of Vitamin E and Vitamin A series products compared to the same quarter last year[8] - The company reported non-recurring gains totaling CNY 6,862,594.59, which included various government subsidies and asset disposal gains[8] - The company reported an investment income of CNY 8,080,460.07, recovering from a loss of CNY 1,500,647.53 in the previous year[16] - Research and development expenses for Q1 2025 were CNY 177,463,871.00, a decrease of 9.5% from CNY 196,215,236.98 in Q1 2024[16] - The company experienced a decrease in sales expenses to CNY 240,680,661.64, down from CNY 288,699,872.16 in the same quarter last year[16] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12] - The long-term investments stood at RMB 74,404,761.76, showing stability compared to previous periods[13]

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | 8 | 页 | | （三）合并利润表………………………………………………… 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 | 页 | | | | 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事 项。这些事项的应对以对财务报表整体进行审计并形 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕7379 号 浙江医药股份有限公司全体股东： 第 1 页 共 2 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是浙江 医药公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，浙江医药公司于 2024 年 12 月 31 日按照《企业内部控制基本规 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙江医药股份有限公司（以下简称浙江医药公司）20 ...