Business Performance by Sector - The pharmaceutical manufacturing sector reported revenue of approximately 6.05 billion, with a gross margin of 60.35% [1] - The pharmaceutical commercial sector generated revenue of about 3.51 billion, but experienced a significant decline in gross margin to 19.41% [1] - The CMO/CDMO/CRO business had revenue of approximately 7.96 million, with a gross margin of 58.73%, but saw a drastic decrease in performance [1] - Other business segments reported revenue of around 8.93 million, with a gross margin of 48.11% [1] - Overall, the subtotal for all sectors was approximately 9.57 billion in revenue, with a gross margin of 45.33% [1] Strategic Initiatives - The company successfully transitioned from a general agent to a provincial agent, exceeding annual targets and reshaping its business structure [2] - The pharmaceutical e-commerce business achieved significant growth through targeted marketing and expansion into lower-tier markets, with key products showing substantial year-on-year increases [2] - The export formulation business launched three new products in the U.S., achieving profitability in the first year and signing exclusive agreements with three major pharmaceutical companies [2] - The company strengthened its relationships with major clients in the pharmaceutical raw materials sector, leading to stable revenue growth [2] Animal Health Business - The company optimized its sales strategy for economic animal health products, enhancing collaboration with group clients and increasing control over end customers [3] - The integration of the pig health drug and vaccine teams has led to the promotion of a comprehensive "prevention + treatment" solution [3] - The company successfully launched four major new drugs and five new veterinary drugs during the reporting period, with a strong pipeline in domestic markets [3] - The company is actively expanding into international markets, with five international registration submissions completed [3]

Core Viewpoint - Haizheng Pharmaceutical reported a significant financial turnaround in 2024, achieving a record net profit of 601 million yuan, driven by increased sales in both formulation products and active pharmaceutical ingredients, alongside improved management efficiency [1][2]. Financial Performance - The company achieved an operating revenue of 9.787 billion yuan in 2024, with a net profit attributable to shareholders reaching 601 million yuan, marking a return to profitability [1]. - The net cash flow from operating activities increased by 40.72% to 2.115 billion yuan, while the debt-to-asset ratio decreased by 12% to 46.29% [2]. Shareholder Returns - Haizheng Pharmaceutical plans to distribute a cash dividend of 2.10 yuan per 10 shares (tax included) and has repurchased shares worth approximately 96.4589 million yuan, totaling 342 million yuan in cash returns, which is 56.87% of the net profit attributable to shareholders [1]. Business Development - The company focused on key product sales, with the sales volume of its main product, Saismei, reaching 6.2569 million boxes, a 31% increase year-on-year [2]. - The active pharmaceutical ingredient business showed robust growth, with significant revenue increases from products like Invermectin and Orlistat [2]. Animal Health Sector - The animal health business expanded, launching four new significant products, including the cloud vaccine and the pet vaccine, with nine products achieving sales over 10 million yuan [2]. - The company reported that its pet deworming product, Haile Miao, has consistently exceeded 100 million yuan in annual sales [2]. E-commerce Growth - In 2024, the company's e-commerce business saw significant upgrades, with key pharmaceutical products experiencing substantial growth through online channels, and the pet business surpassing 100 million yuan in sales, achieving an 11-fold increase over five years [3]. Innovation and R&D - Haizheng Pharmaceutical emphasized innovation and R&D, restructuring resources to enhance research efficiency, particularly in cardiovascular and metabolic treatment areas [4]. - The company established a new drug research center in Shanghai and formed strategic partnerships with leading research institutions, resulting in 62 patent applications and 30 granted patents in 2024 [4]. Production and Quality - The company made significant advancements in its industrial system, completing ten technology transfers and successfully passing FDA audits at its three major production bases [5]. - Haizheng Pharmaceutical received several accolades, including recognition as a "National Champion Enterprise" and "National Excellent Intelligent Factory" [5]. Future Outlook - Looking ahead to 2025, Haizheng Pharmaceutical aims to focus on strengthening its core business while exploring new growth areas, positioning itself for significant development and transformation [5].

Core Viewpoint - Haizheng Pharmaceutical reported a revenue decline of 5.65% in 2024, while achieving a net profit of 601 million yuan, indicating a mixed performance with concerns over market competitiveness [1][4][5]. Revenue Decline: Core Business Struggles - The company's revenue for 2024 was 9.787 billion yuan, marking a second consecutive year of decline, highlighting weak growth in core business areas despite efforts in traditional pharmaceutical sectors [4]. - In the pharmaceutical formulation sector, Haizheng ranked 26th among Chinese pharmaceutical companies according to IQVIA, but this did not translate into significant revenue growth [4]. - The e-commerce segment saw substantial growth in key products like Yisuo Jia and Mei Man, yet overall contributions to revenue remained limited [4]. - New product launches in the export formulation business had minimal impact on overall revenue due to small initial profit margins [4]. Net Profit Growth: Reliance on Non-Recurring Gains - The net profit of 601 million yuan represented a turnaround from losses, with a non-recurring profit of 423 million yuan indicating reliance on short-term measures rather than sustainable growth [5][6]. - Profit growth was attributed to improved resource allocation and management efficiency, but these effects are more short-term in nature [5]. Emerging Business: Slow Development, Untapped Potential - Haizheng's expansion into emerging sectors like health, medical aesthetics, and synthetic biology has been slow, with limited immediate revenue impact [7]. - The company has developed over ten products in areas such as orthopedic calcium supplements and liver protection, but their market performance remains to be validated [7]. - In the medical aesthetics sector, while strategic planning is in place, only two products have been initiated, and twelve are in preliminary research, indicating a need for time to assess market viability [7].

目 录 | 一、审计报告……………………………………………………… 第 | | 1—7 | 页 | | --- | --- | --- | --- | | 二、财务报表……………………………………………………… | 第 | 8—17 | 页 | | （一）合并资产负债表…………………………………………… | | 第 | 8 页 | | （二）母公司资产负债表………………………………………… | | 第 | 9 页 | | （三）合并利润表…………………………………………………第 | | 10 | 页 | | （四）母公司利润表………………………………………………第 | | 11 | 页 | | （五）合并现金流量表……………………………………………第 | | 12 | 页 | | （六）母公司现金流量表…………………………………………第 | | 13 | 页 | | （七）合并所有者权益变动表……………………………… | 第 | 14-15 | 页 | | （八）母公司所有者权益变动表…………………………… | 第 | 16-17 | 页 | | | | 审 计 报 告 天健审〔2025〕2016 号 浙江海 ...

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〕2017 号 浙江海正药业股份有限公司全体股东： 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，海正药业公司于 2024 年 12 月 31 日按照《企业内部控制基本规 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 们审计了浙江海正药业股份有限公司（以下简称海正药业公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 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，并评价其有效性是海正 药业公司董事会的责任。 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 ...

浙江海正药业股份有限公司章程 二○二五年三月 第 1 页 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | 第一节 | 股份发行 | 2 | | 第二节 | 股份增减和回购 | 3 | | 第三节 | 股份转让 | 4 | | 第四章 | 股东和股东大会 | 5 | | 第一节 | 股东 | 5 | | 第二节 | 股东大会的一般规定 | 7 | | 第三节 | 股东大会的召集 | 9 | | 第四节 | 股东大会的提案与通知 | 10 | | 第五节 | 股东大会的召开 | 12 | | 第六节 | 股东大会的表决和决议 | 14 | | 第五章 | 董事会 | 18 | | 第一节 | 董事 | 18 | | 第二节 | 独立董事 | 20 | | 第三节 | 董事会 | 21 | | 第四节 | 董事会秘书 | 25 | | 第六章 | 经理及其他高级管理人员 | 27 | | 第七章 | 监事会 | 29 | | 第一节 | 监事 | 29 | | 第二节 | 监事会 | 29 | | 第八章 | ...

（二）不存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事外的其他职务，直系亲 属、主要社会关系均不在公司或其附属企业任职，没有为公司或其附属企业提供 财务、法律、咨询等服务。本人具有《上市公司独立董事管理办法》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《公司章程》及《浙江海正 药业股份有限公司独立董事制度》（以下简称"《独立董事制度》"）所要求的独立 性和担任公司独立董事的任职资格，能够确保客观、独立的专业判断，不存在影 响独立性的情况。 浙江海正药业股份有限公司独立董事述职报告 浙江海正药业股份有限公司 独立董事 2024 年度述职报告 独立董事 杨立荣 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人担任浙江大学化学工程与生物工程学系教授、博士生导师，浙江大学求 是特聘教授，工业生物催化国家地方联合工程实验室主任；兼任"国家固态酿造 工程技术研究中心"学术委员会委员、"Process Biochemistry"和"生物工程学 报"的编辑委员会委员、浙江容锐科技有限公司董事长、杭州兆僖企业管理咨询 有限公司法定代表人兼执行董事兼总经理、浙江奥 ...

独立董事 周华俐 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人担任北京德恒（杭州）律师事务所高级合伙人，普昂（杭州）医疗科技 股份有限公司独立董事、杭州祺宇企业咨询管理有限责任公司监事、浙江本立科 技股份有限公司独立董事，自 2022 年 4 月 19 日开始担任公司独立董事。本人具 备丰富的会计学与会计实务知识，能够充分履行独立董事职责。 浙江海正药业股份有限公司独立董事述职报告 浙江海正药业股份有限公司 独立董事 2024 年度述职报告 （二）不存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事外的其他职务，直系亲 属、主要社会关系均不在公司或其附属企业任职，没有为公司或其附属企业提供 财务、法律、咨询等服务。本人具有《上市公司独立董事管理办法》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《公司章程》及《浙江海正 药业股份有限公司独立董事制度》（以下简称"《独立董事制度》"）所要求的独立 性和担任公司独立董事的任职资格，能够确保客观、独立的专业判断，不存在影 响独立性的情况。 二、独立董事年度履职概况 2024 年任期内本人严格按照《公司法 ...

独立董事 赵家仪 浙江海正药业股份有限公司独立董事述职报告 浙江海正药业股份有限公司 独立董事 2024 年度述职报告 一、独立董事的基本情况 （一）个人工作履历、专业背景以及兼职情况 本人担任中南财经政法大学法学院、知识产权学院教授、博士生导师，兼任 中国民法学会理事、湖北省民法学会副会长、上海国际贸易仲裁委员会仲裁员、 湖北若言律师事务所兼职律师、武汉恒立工程钻具股份有限公司独立董事、广东 中策知识产权研究院有限公司监事、湖北省吴汉东法学教育基金会法定代表人。 自 2019 年 5 月开始担任公司独立董事。本人具备丰富的法学与法学实务知识， 能够充分履行独立董事职责。 （二）不存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事外的其他职务，直系亲 属、主要社会关系均不在公司或其附属企业任职，没有为公司或其附属企业提供 财务、法律、咨询等服务。本人具有《上市公司独立董事管理办法》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《公司章程》及《浙江海正 药业股份有限公司独立董事制度》（以下简称"《独立董事制度》"）所要求的独立 性和担任公司独立董事的任职资格，能够确保客观、 ...

浙江海正药业股份有限公司董事会薪酬与考核委员会实施细则 浙江海正药业股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总则 第一条 为进一步建立健全公司董事（非独立董事）及高级管理人员的考 核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司法》《上市 公司治理准则》《公司章程》及其他有关规定，公司特设立董事会薪酬与考核委 员会，并制定本实施细则。 第二条 薪酬与考核委员会是董事会按照股东大会决议设立的专门工作机 构，主要负责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、 审查公司董事及高级管理人员的薪酬政策与方案，对董事会负责。 第三条 本细则所称董事是指在本公司支取薪酬的正副董事长、董事，高 级管理人员是指董事会聘任的总裁、高级副总裁、财务总监、董事会秘书及由总 裁提请董事会认定的其他管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由 3 名董事组成，其中独立董事应当过半 数。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全 体董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员一名，由独立董事委员担任，负责 主持委员会工作；主任 ...