Financial Performance - The net profit attributable to the parent company for 2020 was CNY 417,194,131.23, with the parent company achieving a net profit of CNY 349,391,605.80[7]. - The proposed cash dividend is CNY 0.6 per 10 shares, totaling CNY 57,931,910.52, representing a cash dividend payout ratio of 13.89%[7]. - The total distributable profit for shareholders for the year is CNY 1,546,394,244.81, after accounting for the legal surplus reserve and previous undistributed profits[7]. - The company's operating revenue for 2020 was approximately ¥11.35 billion, representing a 2.55% increase from ¥11.07 billion in 2019[24]. - Net profit attributable to shareholders reached ¥417.19 million, a significant increase of 348.25% compared to ¥93.07 million in 2019[24]. - The basic earnings per share for 2020 was ¥0.43, up 330.00% from ¥0.10 in 2019[25]. - The weighted average return on equity increased to 6.46%, up 4.97 percentage points from 1.49% in 2019[25]. - The net cash flow from operating activities for 2020 was approximately ¥1.59 billion, a 127.61% increase from ¥698.39 million in 2019[24]. - The total assets at the end of 2020 were approximately ¥20.86 billion, a decrease of 2.82% from ¥21.47 billion at the end of 2019[24]. - The company reported non-recurring gains of approximately ¥361.56 million in 2020, compared to ¥2.61 billion in 2019[29]. - The net profit for the fourth quarter of 2020 was ¥74.69 million, following a profit of ¥101.84 million in the third quarter[28]. Operational Integrity - The company has no non-operating fund occupation by controlling shareholders or related parties, ensuring financial integrity[9]. - The company has received a standard unqualified audit report from Tianjian Accounting Firm, affirming the accuracy of the financial statements[6]. - The company has outlined potential risks in its operations, which are detailed in the report's section on operational discussion and analysis[9]. - The company has not proposed any stock dividends or capital reserve transfers for the year 2020[7]. - The company emphasizes the importance of timely shareholder returns while considering long-term development strategies[7]. Market and Industry Trends - The pharmaceutical manufacturing industry in China saw a revenue of 2.48573 trillion yuan in 2020, with a year-on-year growth of 4.5%[50]. - The industry is expected to see increased consolidation, with companies that have strong generic and innovative drug development capabilities gaining competitive advantages[50]. - The national volume-based procurement policy has led to a substantial reduction in drug costs, with expenses dropping from 65.9 billion yuan to 12 billion yuan for products included in the third batch of procurement[115]. - By the end of 2020, 112 generic drug products had entered the volume-based procurement program, indicating a trend towards normalization in drug procurement practices[116]. - The 2020 adjustment of the national medical insurance drug list included 162 drugs, with 119 successfully negotiated, expanding the coverage of treatment areas[116]. - The biopharmaceutical sector has seen sales growth exceeding 30% annually since the 1990s, significantly outpacing the overall pharmaceutical industry growth of less than 10%[112]. Research and Development - R&D investment for 2020 amounted to 459 million CNY, accounting for 4.04% of total revenue, with a focus on optimizing the R&D team structure and enhancing project efficiency[59]. - The company achieved a total of 986 patent applications, including 966 invention patents, 16 utility model patents, and 4 design patents, with 328 authorized patents as of the reporting period[54]. - The company has several key R&D projects in clinical stages, including HS234 and HS236, both targeting oncology[132]. - The company is focusing on expanding its product portfolio with new drug applications and ongoing clinical trials[134]. - The company aims to enhance its market presence through the development of innovative therapies targeting various diseases[134]. - The company is committed to maintaining high standards in drug development and regulatory compliance[141]. Strategic Initiatives - The company is actively pursuing strategic partnerships to enhance its R&D capabilities and accelerate product pipeline upgrades[64]. - The company is focusing on organic growth and collaboration expansion, particularly in the API and innovative drug sectors[175]. - The company aims to establish strategic alliances in the innovative drug sector to accelerate product pipeline transformation[175]. - The company plans to optimize its product pipeline and improve R&D efficiency, focusing on complex generics and innovative drugs[175]. - The company will enhance its marketing platform integration and leverage "Internet+" strategies to boost profitability[177]. Risks and Challenges - The company faces market risks related to the pricing pressures from national drug procurement policies affecting its formulation products[182]. - The company is experiencing intensified competition in the raw material drug market due to global industry shifts and vertical integration trends[182]. - The company is heavily reliant on raw materials, with potential price fluctuations impacting production costs and profitability due to dependencies on agricultural and petrochemical products[186]. - The company faces risks related to product supply shortages that could adversely affect market share, sales revenue, and net profit[183]. - The ongoing government reforms in drug pricing and procurement policies may lead to a decline in average profit margins for the pharmaceutical industry, affecting the company's performance[187]. Compliance and Governance - The company has established a comprehensive quality assurance system, but risks remain regarding product quality control that could impact operations and reputation[186]. - The company's pharmaceutical products are subject to strict regulatory compliance, including GMP and cGMP certifications, which are critical for market competitiveness[186]. - The company’s ability to maintain competitiveness is significantly influenced by whether its products are included in the national essential drug list or medical insurance drug list[187]. - The company is exposed to environmental and safety production risks, which could lead to penalties or operational disruptions if regulations are not met[186].

Financial Performance - Net profit attributable to shareholders of the listed company for the reporting period was ¥342,504,813.74, a decrease of 72.71% year-on-year[18]. - Operating income for the first nine months was ¥8,153,921,841.13, reflecting a decline of 1.90% compared to the same period last year[18]. - Basic and diluted earnings per share were both ¥0.355, down 72.69% from ¥1.300 in the same period last year[21]. - The net profit after deducting non-recurring gains and losses was ¥73,427,239.51, compared to a loss of ¥403,949,319.90 in the previous year[18]. - The weighted average return on net assets decreased by 10.343 percentage points to 5.332%[21]. - Net profit for the first three quarters of 2020 was CNY 1,563,351,891.63, compared to CNY 1,280,160,166.15 in the same period of 2019, reflecting a growth of approximately 22.1%[57]. - Net profit attributable to shareholders for Q3 2020 was approximately 101.84 million, down from 342.50 million in Q3 2019, reflecting a decrease of about 70.3%[64]. - Total comprehensive income for Q3 2020 was approximately 115.44 million, compared to 678.16 million in Q3 2019, showing a decline of about 83.0%[72]. Cash Flow - The net cash flow from operating activities increased significantly by 108.12%, reaching ¥1,277,116,822.14 for the first nine months[18]. - The company's net cash flow from operating activities increased by 108.12% to ¥1,277,116,822.14 compared to the same period last year, primarily due to a significant reduction in tax payments and increased cash receipts from sales[30]. - Cash flow from operating activities for the first three quarters of 2020 was approximately ¥8.32 billion, an increase from ¥7.95 billion in the same period of 2019[84]. - Cash inflows from investment activities amounted to CNY 3,306,828,074.60, up from CNY 1,622,696,377.69, representing a growth of approximately 103%[86]. - The net cash flow from investment activities was CNY 690,257,668.18, a turnaround from a negative cash flow of CNY -583,718,141.28 in the previous year[86]. - The ending balance of cash and cash equivalents increased to CNY 2,057,211,429.23 from CNY 1,850,651,619.34, marking a rise of approximately 11%[88]. Assets and Liabilities - Total assets at the end of the reporting period decreased by 0.86% compared to the end of the previous year, amounting to ¥21,281,423,086.42[18]. - The company’s total liabilities decreased by 35.02% to ¥523,525,711.52, primarily due to the repayment of short-term financing[28]. - Total assets as of September 30, 2020, amounted to CNY 12,920,172,287.65, an increase from CNY 12,681,817,344.77 at the end of 2019[55]. - Total liabilities as of September 30, 2020, were CNY 6,219,518,672.42, a slight decrease from CNY 6,342,811,260.20 at the end of 2019[55]. - The company reported short-term borrowings of approximately ¥4.46 billion, indicating reliance on external financing[97]. - The company has a contract liability of approximately ¥277 million, reflecting deferred revenue from customer contracts[97]. Shareholder Information - The total number of shareholders at the end of the reporting period was 62,669, with the largest shareholder holding 33.22% of the shares[24]. - Shareholders' equity totaled approximately ¥7.68 billion, with retained earnings of ¥1.30 billion and capital reserves of ¥3.65 billion[99]. Research and Development - Research and development expenses decreased by 40.30% to ¥262,823,092.66, mainly due to the one-time recognition of capitalized development costs from terminated projects in the previous year[30]. - Research and development expenses for Q3 2020 were approximately 80.95 million, a decrease from 246.77 million in Q3 2019, indicating a reduction of about 67.2%[60]. Other Income and Expenses - The company reported a 2362.55% increase in other income to ¥138,166,639.65, attributed to investment gains from a former director's misconduct[30]. - Other income for Q3 2020 was approximately 137.82 million, compared to 1.28 million in Q3 2019, showing a significant increase[65]. - Financial expenses for Q3 2020 were approximately 97.07 million, down from 143.13 million in the same quarter last year, representing a decrease of about 32.2%[60]. Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming quarters to improve financial performance[70]. - The company is undergoing a restructuring plan involving the issuance of shares and convertible bonds to acquire assets, which is currently pending approval from the China Securities Regulatory Commission[38].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 5,318,362,490.58, a decrease of 6.13% compared to the same period last year[22]. - The net profit attributable to shareholders of the listed company reached CNY 240,665,470.48, an increase of 357.31% year-on-year[22]. - The net cash flow from operating activities was CNY 733,491,415.09, representing a 77.45% increase compared to the previous year[22]. - The total assets at the end of the reporting period were CNY 21,534,680,779.47, a slight increase of 0.32% from the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased to CNY 6,610,923,622.08, up 5.37% from the previous year[22]. - Basic earnings per share for the first half of 2020 were CNY 0.249, a significant increase of 352.73% compared to the same period last year[23]. - The weighted average return on net assets was 3.768%, an increase of 2.921 percentage points year-on-year[23]. - The company achieved operating revenue of 5,318.36 million yuan and a net profit attributable to shareholders of 240.67 million yuan, representing a year-on-year growth of 357.31%[39]. - The company reported a net profit attributable to the parent company of 241 million yuan, an increase of 357.31% year-on-year[50]. - The company reported a total of 39.15 million yuan in market promotion fees and refunds from a settlement agreement related to a contract dispute, with 12.65 million yuan already received as of June 30, 2020[93]. Research and Development - The company applied for 13 patents and obtained 29 authorized patents in the first half of 2020, with a total of 284 invention patents as of June 2020[42]. - The company has 11 projects in preclinical and preliminary research stages for innovative drugs, with ongoing studies for several key projects[50]. - The company's research and development expenses amounted to RMB 181,873,673.77, a slight decrease of 5.93% from RMB 193,452,474.48 in the first half of 2019[175]. - The company's research and development expenses for the first half of 2020 were approximately ¥97.24 million, slightly down from ¥99.50 million in the same period of 2019[183]. Sales and Market Expansion - The company’s sales team consists of over 1,600 personnel, covering 31 provinces and municipalities, and reaching over 7,300 hospitals[37]. - The company focuses on the integration of upstream and downstream businesses, transitioning from a raw material supplier to a comprehensive international brand pharmaceutical enterprise[39]. - The company’s proprietary brand formulations are primarily sold in the domestic market, with gradual expansion into international markets[30]. - The company’s pharmaceutical commercial business includes third-party sales and distribution, partnering with multinational companies such as Pfizer and AstraZeneca[38]. - The company has shifted its focus towards the formulation business, which has become the main source of revenue and profit, with significant reliance on provincial-level bidding processes for drug sales[72]. - The company exported 53 products to 49 countries, with new listings in the US and Canada for specific products[55]. Financial Management - The company has a repayment plan for the bonds, primarily funded by cash flows from operating activities and bank loans[152]. - The effective repurchase amount for the "16 Hai Zheng Bond" during the repurchase period was RMB 19 million, with 19,000 units repurchased[141]. - The company issued the "15 Hai Zheng 01" bond with a total amount of RMB 800 million, net proceeds after issuance costs were RMB 791.77 million, used for repaying loans and optimizing debt structure[146]. - The "16 Hai Zheng Bond" was issued with a total amount of RMB 1.2 billion, net proceeds after issuance costs were RMB 1.19007 billion, also used for repaying loans and optimizing debt structure[146]. - The company maintained a credit rating of AA+ for both "15 Hai Zheng 01" and "16 Hai Zheng Bond" with a stable outlook as of June 22, 2020[149]. Environmental Compliance - The company has established two wastewater treatment systems with a total treatment capacity of 8,000 tons per day, ensuring compliance with environmental standards[109]. - The company has implemented a self-monitoring plan for environmental pollutants, with third-party testing confirming that all monitored indicators meet discharge standards[115]. - The company is currently constructing a second-phase wastewater treatment project with a design capacity of 6,000 m³/d, expected to be operational by December 2020[112]. - The company has successfully passed the ISO 14001 environmental management system certification, enhancing its environmental management practices[116]. - The company has established a comprehensive emergency response plan for environmental incidents, with documentation submitted to the local environmental authority[114]. Corporate Governance - The company has committed to not engaging in any business that competes directly or indirectly with its own operations or those of its subsidiaries, ensuring compliance with relevant laws and regulations[89]. - The company has provided guarantees totaling 353,457,000 RMB, which represents 56.33% of the company's latest audited net assets[104]. - The company has not disclosed any new strategies or developments in product or technology during the reporting period[99]. - The company has not reported any overdue guarantees as of the report date[104]. - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations regarding the ongoing transactions and restructuring efforts[123]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 76,118[128]. - Zhejiang Haizheng Group Co., Ltd. holds 33.22% of the shares, while Zhejiang International Trade Group Co., Ltd. holds 8.89%[128]. - The company has seen a reduction of 725,700 shares held by Zhejiang International Trade Group Co., Ltd. during the reporting period[128]. - The company has appointed a new senior vice president, Lu Xinghai, following the resignation of two previous senior vice presidents[135].

| --- | --- | --- | --- | |--------------------|----------------|------------|--------| | | | | | | 股票简称：海正药业 | | 股票代码： | 600267 | | 债券简称： | 15 海正 01 | 债券代码： | 122427 | | 债券简称： | 16 海正债 | 债券代码： | 136275 | 公告编号：临 2020-50 号 浙江海正药业股份有限公司 关于召开 2019 年度业绩说明会暨参加浙江辖区上市 公司投资者网上集体接待日活动的公告 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： 会议内容：2019年度业绩说明会暨浙江辖区上市公司投资者网上集体接 待日活动 会议召开时间：2020 年 5 月 15 日（星期五）下午15:00-17:00 会议召开地点：全景网（http://rs.p5w.net） 会议召开方式：网络平台在线交流 公司欢迎广大投资者在 2020 年 5 月 13 日下午 ...

Financial Performance - Operating revenue for the first quarter was ¥2,499,333,008.14, a decrease of 10.66% year-on-year[11] - Net profit attributable to shareholders was -¥71,410,895.85, representing a decline of 325.05% compared to the same period last year[11] - Basic earnings per share were -¥0.074, a decrease of 324.24% compared to the previous year[11] - The company reported a net profit margin of 16.2% for the quarter, reflecting a stable performance compared to the previous year[34] - Net profit for Q1 2020 was ¥51,070,646.08, a significant decline from ¥155,145,162.40 in Q1 2019, indicating a decrease of approximately 67%[51] - The net profit for Q1 2020 was a loss of ¥35,228,319.74, compared to a loss of ¥11,453,031.24 in Q1 2019, indicating a significant increase in losses[57] - The total comprehensive income for Q1 2020 was -¥38,322,472.67, compared to -¥11,453,031.24 in Q1 2019[59] Cash Flow - The net cash flow from operating activities increased significantly to ¥523,830,656.25, up 431.17% year-on-year[11] - The net cash flow from financing activities increased by 498.61% to ¥114,226,191.53, primarily due to new loans obtained during the quarter[22] - The net cash flow from operating activities for Q1 2020 was ¥523,830,656.25, a significant increase from ¥98,619,183.86 in Q1 2019[59] - The net cash flow from investing activities was -60,157,473.81, a decrease from -362,840,679.86 year-over-year[61] - The net cash flow from financing activities increased to 114,226,191.53 from -28,656,415.34 year-over-year[61] - The cash inflow from financing activities totaled 2,122,682,500.00, compared to 2,066,676,049.78 in the previous year[61] Assets and Liabilities - Total assets at the end of the reporting period reached ¥21,718,947,038.98, an increase of 1.18% compared to the end of the previous year[11] - Current assets totaled RMB 8,101,548,903.82, an increase of 5.4% from RMB 7,684,306,821.61 in the previous year[36] - Total liabilities reached RMB 14,142,207,016.98, an increase of 2.6% from RMB 13,783,024,398.47[39] - Current liabilities increased to ¥6,146,028,460.46 in Q1 2020, compared to ¥4,755,580,324.49 in Q1 2019, representing an increase of approximately 29.2%[47] - Long-term borrowings rose to ¥50,173,185.88 from ¥41,030,791.99, reflecting an increase of about 22.5%[47] - The company's total equity reached approximately 6.34 billion, with paid-in capital at about 965.53 million and capital reserves at approximately 3.72 billion[82] Shareholder Information - The total number of shareholders at the end of the reporting period was 120,708[19] - Zhejiang Haizheng Group Co., Ltd. held 33.22% of the shares, making it the largest shareholder[19] Investments and Acquisitions - The company completed the transfer of 20.24% equity in Zhejiang Daoming Pharmaceutical for ¥141.68 million, with the transfer registration completed on January 8, 2020[25] - The company increased its investment in Zhejiang Haizheng Sulikang Biotechnology Co., Ltd. by ¥6,693.07 million in fixed assets and ¥778 million in cash, raising its ownership to 91%[26] - The company acquired 49% equity in Zhejiang Haizheng Investment Management Co., Ltd. for ¥849,100, resulting in full ownership[28] - The company publicly listed the transfer of 33.33% equity in Zhejiang Jiayou Medical Devices Co., Ltd. with a base price of ¥25 million, which was successfully transferred on April 15, 2020[31] Research and Development - Research and development expenses increased to RMB 618,250,163.26, up 3.5% from RMB 599,170,960.62, indicating a focus on innovation[36] - Research and development expenses for Q1 2020 amounted to ¥75,089,062.71, compared to ¥88,846,467.86 in Q1 2019, showing a decrease of about 15.5%[51] - Research and development expenses for Q1 2020 were ¥41,253,988.74, slightly down from ¥43,350,487.63 in Q1 2019[57] Other Financial Metrics - The company reported non-recurring gains and losses totaling ¥13,923,887.42 for the quarter[14] - The company experienced increased depreciation and interest expenses, impacting net profit for the quarter[11] - The company reported an investment loss of ¥1,287,297.00 in Q1 2020, contrasting with a gain of ¥5,809,180.35 in Q1 2019[51] - The company experienced a credit impairment loss of ¥16,912,741.86 in Q1 2020, compared to a gain of ¥2,748,971.88 in Q1 2019[57]

Financial Performance - The net profit attributable to the parent company for 2019 was RMB 93,072,677.67, while the parent company achieved a net profit of RMB 225,301,955.61[6] - The total distributable profit for shareholders for the year was RMB 1,280,160,166.15, after deducting a 10% legal surplus reserve of RMB 22,530,195.56[6] - A cash dividend of RMB 0.5 per 10 shares (including tax) is proposed, amounting to a total cash dividend distribution of RMB 48,276,592.10 based on a total share capital of 965,531,842 shares as of December 31, 2019[6] - The company's operating revenue for 2019 was approximately RMB 11.07 billion, an increase of 8.68% compared to RMB 10.19 billion in 2018[23] - The net profit attributable to shareholders of the listed company was RMB 93.07 million, a significant recovery from a loss of RMB 492.47 million in 2018[23] - Basic earnings per share for 2019 was RMB 0.10, compared to a loss of RMB 0.51 per share in 2018[24] - The weighted average return on equity was 1.49%, a recovery from -7.64% in the previous year[24] - The company reported non-recurring gains of approximately RMB 2.61 billion in 2019, significantly higher than RMB 119.10 million in 2018[28] - The company’s total assets at the end of 2019 were approximately RMB 21.47 billion, a decrease of 1.78% from RMB 21.85 billion in 2018[23] Operational Highlights - The company operates in the pharmaceutical manufacturing industry, focusing on the research, production, and sales of chemical raw materials and formulations[35] - The company has established a marketing network covering 31 provinces, 5,317 hospitals, and 210 general chain pharmacies, enhancing its market presence[43] - The company has a diverse product pipeline, including anti-tumor and diabetes treatments in its biopharmaceutical business[36] - The company is expanding its international market presence, particularly in the sales of its proprietary formulations[36] - The company has established strategic partnerships with major multinational companies, with 80% of its raw material revenue coming from overseas markets[51] Research and Development - The company has filed a total of 937 patent applications, including 923 invention patents, demonstrating its strong R&D capabilities[52] - R&D investment totaled 814 million RMB, accounting for 7.35% of operating revenue, a decrease of 21.31% from the previous year[65] - The R&D investment for innovative drugs was 180.24 million RMB, representing 1.63% of operating revenue, while the investment for generic drugs was 291.83 million RMB, accounting for 2.64% of operating revenue[135] - The company has several key R&D projects in progress, including HS-25 for hypercholesterolemia and HS004 for diabetes, with cumulative R&D investments of 264.87 million RMB and 113.08 million RMB respectively[139] - The company is focusing on five key therapeutic areas: rheumatology and immunology, oncology, anti-infection, cardiovascular, and digestive system diseases[134] Market and Regulatory Environment - The pharmaceutical manufacturing industry in China reported cumulative operating revenue of 2.39086 trillion yuan in 2019, with a year-on-year growth of 7.4%[49] - The global active pharmaceutical ingredients market was approximately $150 billion in 2018, with a CAGR of 6%[111] - In 2019, China's chemical pharmaceutical raw material output was 1.988 million tons, a year-on-year decrease of 5.2%[111] - The national drug procurement policy is expected to lead to increased market concentration and lower prices for generic drugs[116] - The National Medical Insurance Drug List was adjusted in 2019, adding 218 new drugs and removing 154, resulting in a net increase of 64 drugs, totaling 2709 drugs[121] Challenges and Risks - The company faces market risks in its formulation products due to reliance on provincial bidding processes for market access, which could impact sales if not successful[186] - The company is exposed to raw material price volatility, which can significantly impact production costs and profitability[192] - Regulatory risks include potential adverse effects from government pricing policies and changes in the national essential drug list, which could affect the competitiveness of the company's products[195][196] - The company is at risk of supply shortages in its pharmaceutical commercial business, which could adversely affect market share and profitability[191] Environmental and Compliance Efforts - The company is committed to implementing environmental policies and enhancing employee awareness of compliance with new regulations[124] - New environmental regulations effective from January 1, 2019, include the Soil Pollution Prevention Law and the Environmental Impact Assessment Public Participation Measures, enhancing public participation and environmental protection[124] - The company has completed the GMP certification for the feed additive production line in Q3 2019 and finished the fixed asset transition by the end of 2019[164] Future Outlook - The company's 2020 revenue target is set at 11.5 billion RMB, representing a year-on-year increase of 3.9%[179] - The company aims to enhance management efficiency through a "management improvement year" initiative, focusing on project management and performance evaluation[179] - The company plans to innovate marketing strategies to improve operational efficiency and profitability, particularly in the API segment by completing EU rectifications and enhancing product consistency[180]

Financial Performance - Operating income for the first nine months rose by 6.50% to CNY 8,311,704,808.14 compared to the same period last year[18]. - Net profit attributable to shareholders surged to CNY 1,254,988,330.54, a significant increase of 17,541.98% compared to the previous year[18]. - Basic earnings per share increased to CNY 1.300, up 18,471.43% compared to the previous year[21]. - The weighted average return on net assets rose to 15.675%, an increase of 15.569 percentage points[21]. - Total operating revenue for Q3 2019 reached ¥2,646,050,151.54, an increase of 7% compared to ¥2,473,273,802.29 in Q3 2018[65]. - Year-to-date operating revenue for the first three quarters of 2019 was ¥8,311,704,808.14, up 6.5% from ¥7,804,691,797.38 in the same period of 2018[65]. - The company reported a total profit for the quarter of ¥1,288,839,300.76, a significant rise from ¥30,432,487.27 in the same quarter last year[74]. - Net profit for the quarter was ¥1,242,780,521.30, compared to ¥24,838,042.92 in the same quarter last year, indicating a substantial increase[74]. - The company reported a total cash inflow from financing activities of CNY 8,636,130,336.03, compared to CNY 6,328,730,475.08 in the previous period, marking a growth of 36.4%[95]. Assets and Liabilities - Total assets increased by 12.53% to CNY 24,592,135,696.73 compared to the end of the previous year[18]. - Net assets attributable to shareholders increased by 20.29% to CNY 7,438,353,404.92 compared to the end of the previous year[18]. - The company's total liabilities reached RMB 15.78 billion as of September 30, 2019, compared to RMB 14.48 billion at the end of 2018[55]. - The company reported a short-term loan of RMB 5.91 billion as of September 30, 2019, an increase from RMB 5.68 billion at the end of 2018[55]. - The company’s long-term borrowings decreased to RMB 2.05 billion as of September 30, 2019, from RMB 2.52 billion at the end of 2018[55]. - The company reported a total liability of approximately ¥14.48 billion, with current liabilities at ¥9.56 billion and non-current liabilities at ¥4.92 billion[104]. - The company has short-term borrowings of approximately ¥5.68 billion, reflecting its financing strategy[104]. - The company has long-term borrowings of approximately ¥2.52 billion, indicating reliance on debt financing for growth[104]. Cash Flow - Net cash flow from operating activities decreased by 36.19% to CNY 613,635,459.47 compared to the same period last year[18]. - Cash flow from operating activities for the first three quarters of 2019 was ¥7.95 billion, an increase from ¥7.13 billion in the same period of 2018[89]. - The net cash flow from operating activities was CNY 613,635,459.47, a decrease of 36.1% compared to CNY 961,728,533.85 in the previous period[93]. - Total cash inflow from investment activities was CNY 1,622,696,377.69, an increase of 53.6% from CNY 1,055,263,273.91[93]. - Cash outflow for investment activities totaled CNY 2,206,414,518.97, an increase of 31.4% from CNY 1,677,198,047.83[93]. - The company paid CNY 686,828,329.67 in taxes, an increase of 41.1% from CNY 486,386,385.16 in the previous period[93]. Shareholder Information - The total number of shareholders at the end of the reporting period was 37,363[27]. - The largest shareholder, Zhejiang Haizheng Group, holds 33.22% of the shares[27]. Investments and R&D - Research and development expenses grew by 46.83% to ¥440,226,295.90, reflecting increased investment in ongoing R&D projects[39]. - Long-term equity investments rose by 292.17% to ¥1,301,765,564.91, reflecting the remaining equity held in Haizheng Borui[33]. - The company plans to expand its market presence and enhance R&D capabilities through strategic partnerships and investments[42]. - Investment income increased by 3642.12% to ¥1,602,434,725.44, attributed to gains from the sale of part of Borui's equity[39]. Other Financial Metrics - The company reported a loss of CNY 403,949,319.90 attributable to non-recurring gains and losses[18]. - Accounts receivable increased by 47.42% to ¥2,171,241,681.64 due to higher sales and the exclusion of Haizheng Borui from the consolidation scope[33]. - Prepayments rose by 79.91% to ¥289,424,298.89 primarily due to increased prepayments to Shanghai Baiying from Haizheng Borui's subsidiary not being consolidated[33]. - Other receivables surged by 2684.31% to ¥1,911,758,818.36 mainly due to the receivable from the equity transfer of Taima[33]. - The company reported an increase in undistributed profits to ¥2,482,274,124.98, up from ¥1,224,509,254.75, representing a growth of 102.5%[61].

| --- | --- | --- | --- | |--------------------|----------------|------------|--------| | | | | | | 股票简称：海正药业 | | 股票代码： | 600267 | | 债券简称： | 15 海正 01 | 债券代码： | 122427 | | 债券简称： | 16 海正债 | 债券代码： | 136275 | 公告编号：临 2019-130 号 浙江海正药业股份有限公司 公告 关于参加浙江辖区上市公司投资者网上集体接待日活动的 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。 为进一步加强投资者关系管理，增进与广大投资者的沟通与交流，浙江海正药业股 份有限公司（以下简称"公司"）将参加由中国证券监督管理委员会浙江监管局指导， 台州市人民政府金融工作办公室、浙江省上市公司协会与深圳市全景网络有限公司共同 举办的"沟通促发展 理性共成长"辖区上市公司投资者网上集体接待日主题活动，现 将有关事项公告如下： 本次投资者网上集体接待日活 ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 5,665,654,656.60, representing a 6.27% increase compared to CNY 5,331,417,995.09 in the same period last year[20]. - Net profit attributable to shareholders of the listed company reached CNY 52,626,540.93, a significant increase of 254.51% from CNY 14,844,990.98 in the previous year[20]. - The net cash flow from operating activities was CNY 413,359,333.31, showing a decrease of 5.13% compared to CNY 435,692,337.28 in the same period last year[20]. - Basic earnings per share for the first half of 2019 were CNY 0.055, up 266.67% from CNY 0.015 in the same period last year[20]. - The weighted average return on net assets increased to 0.847% from 0.221%, an increase of 0.626 percentage points[20]. - Operating costs decreased by 7.11% to approximately ¥3.06 billion from ¥3.29 billion year-on-year[62]. - Sales expenses increased by 27.50% to approximately ¥1.44 billion, while management expenses rose by 13.49% to approximately ¥356 million[62]. - Research and development expenses remained stable at approximately ¥193 million, showing a slight increase of 0.16% compared to the previous year[62]. - The company reported a significant increase in accounts receivable, which rose by 37.16% to approximately ¥2.02 billion, attributed to increased sales at the end of the reporting period[65]. - The company reported a profit before tax of RMB 331,448,186.45, compared to RMB 314,526,554.16 in the previous year, showing an increase of about 5.4%[199]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 22,286,678,481.51, reflecting a 1.98% increase from CNY 21,853,646,480.95 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were CNY 6,235,064,047.96, which is a 0.83% increase from CNY 6,183,496,941.69 at the end of the previous year[20]. - Total liabilities amounted to ¥14,682,187,542.20, up from ¥14,475,028,345.16, showing a growth of around 1.44%[189]. - Current liabilities rose to ¥10,113,412,219.08 from ¥9,556,936,366.20, representing an increase of approximately 5.81%[188]. - Shareholders' equity reached ¥7,604,490,939.31, compared to ¥7,378,618,135.79, marking an increase of about 3.06%[189]. - The company reported a significant increase in other payables, which rose to ¥1,155,207,245.92 from ¥840,960,532.35, indicating a growth of approximately 37.25%[188]. Business Operations - The company operates in the pharmaceutical manufacturing industry, focusing on the research, production, and sales of chemical raw materials and formulations[26]. - The company has expanded its sales network to cover 31 provinces, cities, and autonomous regions, reaching 4,500 hospitals through a combination of self-marketing and partnerships with local agents[34]. - The company’s biological drug pipeline includes products for autoimmune diseases, cancer, and diabetes[27]. - The company’s procurement model requires raw material suppliers to pass audits by major clients such as Pfizer and Eli Lilly, ensuring compliance with FDA or EDQM standards[28]. - The company’s production model is based on sales forecasts, maintaining appropriate safety stock while ensuring strict quality control throughout the production process[30]. - The company’s commercial business includes third-party sales and distribution, with a focus on serving major pharmaceutical companies as a general agent in Zhejiang Province[35]. - The company is actively expanding its international market presence, particularly in the regulated pharmaceutical markets of Europe and North America[26]. - The company’s product offerings include anti-tumor, anti-infection, and liver protection formulations, with a strategic focus on transitioning from raw materials to a comprehensive international brand[34]. Research and Development - The company has a strong R&D advantage, with 355 invention patents held as of June 2019, including 21 patent applications and 27 authorized patents in the first half of 2019[42]. - The company is focusing on the transformation from biosimilars to innovative drugs, with ongoing projects in tumor immunotherapy and ADC drug development[55]. Risks and Challenges - The company is highly dependent on raw materials, with price fluctuations in agricultural and petrochemical products significantly affecting production costs[85]. - Environmental and safety production risks are present, as improper handling of waste could lead to penalties and operational disruptions[86]. - Drug pricing policies in China are leading to a continuous decline in domestic drug prices, adversely affecting the company's performance[90]. - Changes in the national essential drug list or medical insurance drug list could impact the competitiveness of the company's products[91]. - The company faces risks from bidding policy changes, which could affect the success of its drug bids and overall sales revenue[92]. Corporate Governance - The company has committed to avoiding direct or indirect competition with its controlling shareholder, Haizheng Group, ensuring compliance with relevant laws and regulations[99]. - The company has applied for financial assistance from its controlling shareholder, Zhejiang Haizheng Group Co., Ltd., with a total amount not exceeding 300 million RMB, and as of the end of the reporting period, the principal amount of 300 million RMB has not been repaid[109]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 522,863,000 RMB, which accounts for 84.56% of the company's net assets[110]. - The company has no significant litigation or arbitration matters during the reporting period[102]. - The company has not made any changes to its accounting firm during the audit period[102]. - The company has no major related party transactions that have not been disclosed in temporary announcements[104]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 35,346[145]. - Zhejiang Haizheng Group Co., Ltd. holds 33.22% of the shares, making it the largest shareholder[145]. - The second largest shareholder, Zhejiang International Trade Group Co., Ltd., holds 8.96% of the shares[145]. - The company’s total share capital structure remained unchanged during the reporting period[144]. Environmental Impact - The company discharged a total of 867,000 tons of wastewater in the first half of 2019, including 15,070 tons from Yasalili (Taizhou) Pharmaceutical Co., Ltd. and 0.49 tons from Zhejiang Haizheng Biomaterials Co., Ltd.[118]. - The average concentration of chemical oxygen demand (COD) at the company's standard discharge outlet in 2018 was 219.2 mg/L, with a total discharge of 190.05 tons[121]. - The company has established two wastewater treatment systems in Taizhou, with treatment capacities of 3,000 tons/day and 5,000 tons/day[124]. - The company plans to complete the second phase of its wastewater treatment project in Hangzhou by December 2019, which will have a design capacity of 6,000 m³/day[127].

股票简称：海正药业 股票代码：600267 公告编号：临 2019-71 号 债券简称：15 海正 01 债券代码：122427 债券简称：16 海正债 债券代码：136275 浙江海正药业股份有限公司 关于投资者接待日活动举办情况的公告 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。 浙江海正药业股份有限公司（以下简称"公司"或"本公司"）投资者接待日活动 于 2019 年 5 月 13 日（星期一）下午 16:15—17:45 在浙江海正药业股份有限公司会议 室（台州市椒江区外沙路 46 号）举行，共计 77 名投资者参加了本次交流会，公司董事 长、副董事长、总裁、董事会秘书、财务总监及部分高级管理人员出席本次交流会。 本次交流会由公司董事会秘书沈锡飞先生主持。首先，公司董事长蒋国平先生从公 司深化改革优化发展出发，简要介绍了公司目前已完成的组织架构调整，新一届董事、 监事及高级管理人员的组成状况，并提出了公司未来五年的发展战略；接着，公司高级 副总裁王海彬女士从生物药主要临床品种及研发进度，重点布局领域及产能等方面 ...