Group 1 - The company is a leading player in the traditional Chinese medicine patch industry, with a stable growth in performance, achieving a revenue of 3.501 billion yuan in 2024 (+5.72%) and a net profit of 723 million yuan (+27.19%) [1] - In Q1 2025, the company reported a revenue of 1.021 billion yuan (+12.29%) and a net profit of 217 million yuan (+13.89%) [1] - The core products showed steady growth, with revenues from patches, tablets, capsules, ointments, and other categories reaching 2.115 billion, 356 million, 752 million, 128 million, and 148 million yuan respectively, with year-on-year growth rates of +3.35%, +35.60%, +5.66%, -7.09%, and -1.20% [1] Group 2 - The company has a strong market presence in external traditional Chinese medicine patches, with annual sales of the Tongluo Pain Relief Patch exceeding 1 billion yuan and the "Two Tigers" series products selling over 1 billion patches annually [1] - The company’s R&D expense ratio for 2024 was 3.76% (+0.45 percentage points), focusing on major diseases and products in orthopedics, respiratory, skin, and digestive systems [2] - The company signed a letter of intent for acquisition with Yingu Holdings Group in December 2024, aiming to acquire a controlling stake in Yingu Pharmaceutical, which aligns with its strategic planning and enhances its product matrix with high-tech nasal sprays and inhalants [2] Group 3 - The company expects net profits for 2025-2027 to be 831 million, 932 million, and 1.056 billion yuan, representing year-on-year growth of +15.0%, +12.2%, and +13.4% respectively [2] - The company maintains a leading brand advantage in the traditional Chinese medicine patch sector, with a solid market share for multiple products, and continues to enhance its product matrix through R&D and acquisitions [2]

证券代码：600285 证券简称：羚锐制药 公告编号：2025-026 号 河南羚锐制药股份有限公司 关于召开 2024 年度暨 2025 年第一季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法律责任。 重要内容提示： 会议召开时间：2025 年 06 月 03 日(星期二)下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2025 年 05 月 26 日（星期一）至 05 月 30 日（星期五）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 （600285@lingrui.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。 （一）会议召开时间：2025 年 06 月 03 日下午 15:00-16:00 （二）会议召开地点："上证路演中心"（http://roadshow.ss ...

二〇二五年五月 地址：湖北省武汉市武昌和平大道三角路恒大首府 55 楼 电话：027-87123860 传真：027-87819960 北京金台(武汉)律师事务所 关于河南羚锐制药股份有限公司 2024 年年度股东大会的法律意见书 致：河南羚锐制药股份有限公司 北京金台（武汉）律师事务所（以下简称"本所"）接受河南羚锐制药股份 有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东大会规则》（以下简称《股东大会规则》） 等我国现行法律、法规和规范性文件及《河南羚锐制药股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，就公司 2024 年年度股东大会（以下简 称"本次股东大会"）出具本法律意见书。 北京金台（武汉）律师事务所 关于河南羚锐制药股份有限公司 2024 年年度股东大会 之法律意见书 为出具本法律意见书，本所律师根据法律的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责的精神，查验了公司提供的有关公司召开本次股东大 会的文件，包括但不限于 2025 年 4 月 24 日召开的第九届董事会第十五次会议决 议、第九届监事会第十三次会议决议及 ...

重要内容提示： 本次会议是否有否决议案：无 证券代码：600285 证券简称：羚锐制药 公告编号：2025-025 河南羚锐制药股份有限公司 2024年年度股东大会决议公告 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法律责任。 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：河南省新县将军路 666 号羚锐制药会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 489 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 205,137,057 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 36.1720 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，采用现场投票和网络投票相结合的方式召 开，现场会议由董事长熊伟先生主持。会议的召集、召开及表决方式符合《公司 法》 ...

为进一步加强与投资者的互动交流，河南羚锐制药股份有限公司定于2025 年5月22日（周四）15:25-16:55参加在全景网举办的河南辖区上市公司2025年投 资者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可登录 "全景•路演天下"（http://rs.p5w.net）参与本次互动交流。 出席本次网上集体接待日活动的人员有：公司董事长熊伟先生、董事兼董事 会秘书冯国鑫先生、财务总监余鹏先生（如有特殊情况，参会人员将可能进行调 整）。届时公司管理层将通过网络在线问答互动的形式，与投资者就其关注的问 题进行交流。欢迎广大投资者积极参与。 特此公告。 关于参加河南辖区上市公司2025年投资者网上集体 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法律责任。 证券代码：600285 证券简称：羚锐制药 公告编号：2025－024号 河南羚锐制药股份有限公司 河南羚锐制药股份有限公司董事会 二〇二五年五月十七日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in terms of profit is outstanding, with a revenue of 3.501 billion yuan in 2024 (up 5.72% year-on-year) and a net profit attributable to shareholders of 723 million yuan (up 27.19% year-on-year) [2] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan (up 12.29% year-on-year, up 37.62% quarter-on-quarter) and a net profit of 217 million yuan (up 13.89% year-on-year, up 45.83% quarter-on-quarter) [2] - The company is a leading player in the traditional Chinese medicine patch market, with a strong performance in core products and an expanding product pipeline due to acquisitions [6][7] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 75.82% and a net margin of 20.64%, with improvements in gross margins across various product lines [6] - The company has seen steady growth in its patch products, with revenue of 2.115 billion yuan (up 3.35% year-on-year) and capsule products at 755 million yuan (up 5.66% year-on-year) [6] - The company has made significant investments in marketing and R&D, with sales, management, and R&D expense ratios of 45.62%, 4.76%, and 3.76% respectively in 2024 [6] Acquisition and Market Expansion - The company announced the acquisition of 90% of Yingu Pharmaceutical for 704 million yuan, which is expected to enhance its product matrix and market penetration [6] - The acquisition includes innovative products such as nasal spray medications, which are anticipated to have a broad market potential [6] Earnings Forecast - The company is expected to achieve net profits of 826 million yuan, 951 million yuan, and 1.080 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.46 yuan, 1.68 yuan, and 1.90 yuan [7] - The revenue growth rates are projected at 16.36% for 2025, 14.06% for 2026, and 11.56% for 2027 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in terms of profit is outstanding, with a revenue of 3.501 billion yuan in 2024 (up 5.72% year-on-year) and a net profit attributable to shareholders of 722.55 million yuan (up 27.19% year-on-year) [2] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan (up 12.29% year-on-year, up 37.62% quarter-on-quarter) and a net profit of 217 million yuan (up 13.89% year-on-year, up 45.83% quarter-on-quarter) [2] - The company is a leading player in the traditional Chinese medicine patch market, with a strong performance in core products and a promising growth outlook due to recent acquisitions [6][7] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 75.82% and a net margin of 20.64%, with improvements in gross margins across various product lines [6] - The company plans to enhance its product pipeline through the acquisition of Yingu Pharmaceutical for 704 million yuan, which is expected to provide significant synergies and fill gaps in its product offerings [6][7] Revenue Breakdown - The revenue from patches reached 2.115 billion yuan in 2024 (up 3.35% year-on-year), while tablets saw a significant increase of 35.60% year-on-year, reaching 355 million yuan [6] - The core product Tongluo Qutong Gao is expected to generate over 1.2 billion yuan in revenue, with double-digit growth anticipated for the "Two Tigers" series [6] Earnings Forecast - The company is expected to achieve net profits of 826.30 million yuan, 951.24 million yuan, and 1.07982 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.46, 1.68, and 1.90 yuan [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company achieved a revenue of 3.5 billion yuan in 2024, representing a year-on-year growth of 5.72%, with a net profit of 723 million yuan, up 27.19% [3] - The company is focusing on its core business of patches and the growth potential from the acquisition of Yingu Pharmaceutical, leading to an upward revision of profit forecasts for 2025 and a downward revision for 2026 [3][5] - The company has a strong gross margin of 75.82% in 2024, which is an increase of 2.53 percentage points year-on-year [3] Financial Performance Summary - In 2024, the company reported a revenue of 3.5 billion yuan, with a net profit of 723 million yuan, and a gross margin of 75.82% [3][7] - The projected net profits for 2025, 2026, and 2027 are 831 million yuan, 955 million yuan, and 1.069 billion yuan respectively, with corresponding EPS of 1.47, 1.68, and 1.89 yuan [3][7] - The company's revenue is expected to grow to 4.114 billion yuan in 2025, reflecting a year-on-year increase of 17.5% [7] Product Performance - The revenue from patch products in 2024 was 2.115 billion yuan, up 3.35%, while tablet revenue increased by 35.60% to 355 million yuan [4] - The gross margin for patch products was 78.95%, an increase of 3.27 percentage points [4] Research and Acquisition Strategy - The company is focusing on research and development in key therapeutic areas such as orthopedics, respiratory, skin, and digestive systems, with new product registrations achieved [5] - The acquisition of Yingu Pharmaceutical has enhanced the company's product matrix by adding high-tech nasal sprays and inhalation agents [5]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue and profit growth projections. Core Viewpoints - The company achieved a revenue of 3.501 billion yuan in 2024, representing a year-on-year growth of 5.72%, with a net profit of 723 million yuan, up 27.19% year-on-year [1][2] - The first quarter of 2025 showed continued growth, with revenue reaching 1.021 billion yuan, a 12.29% increase year-on-year, and a net profit of 217 million yuan, up 13.89% year-on-year [1][2] - The acquisition of Yingu Pharmaceutical is expected to enhance the company's product portfolio and contribute to future growth [2] Financial Performance Summary - In 2024, the company reported a total revenue of 35.01 billion yuan, with the patch segment generating 21.25 billion yuan (up 3.35%), tablet segment 3.55 billion yuan (up 35.6%), capsule segment 7.52 billion yuan (up 5.66%), and ointment segment 1.28 billion yuan (down 7.09%) [2] - The net profit margin improved by 3.48 percentage points to 20.64% in 2024, driven by a gross margin increase of 2.53 percentage points to 75.82% [2] - The company maintained a high dividend payout ratio of 70.64% in 2024, with a consistent dividend yield above 4% over the past three years [2] Earnings Forecast - The company is projected to achieve revenues of 41.57 billion yuan, 46.05 billion yuan, and 51.22 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of approximately 19%, 11%, and 11% [2] - Corresponding net profits are expected to be 832 million yuan, 954 million yuan, and 1.098 billion yuan for the same years, with growth rates of about 15% each year [2][3] - The price-to-earnings ratio (P/E) is projected to be around 16 times, 14 times, and 12 times for 2025, 2026, and 2027 respectively [2][3]

Core Insights - The company reported a revenue of 3.501 billion yuan for 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 723 million yuan, up 27.2% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.021 billion yuan, a 12.3% increase year-on-year, with a net profit of 217 million yuan, reflecting a 13.9% year-on-year growth [1] Business Performance - The orthopedic segment showed steady growth, with revenue of approximately 2.32 billion yuan in 2024, a 9.5% increase year-on-year, and a gross margin improvement of 3.9 percentage points [2] - The sales of the Tongluo Pain Relief Plaster exceeded 1 billion yuan, and the "Two Tigers" series products sold over 1 billion patches, indicating strong brand strength [2] - The cardiovascular segment generated about 450 million yuan in revenue, a 3.3% year-on-year increase, with the Peiyuan Tongnao capsule gradually gaining market traction [2] Product Expansion and Acquisitions - The tablet segment saw significant growth, with revenue of approximately 360 million yuan, a 35.6% increase year-on-year, driven by strong sales of Danlu Tongdu tablets [3] - The company acquired 90% of Yingu Pharmaceutical for 704 million yuan, enhancing growth potential and filling gaps in its nasal spray product line [3] - The acquisition is expected to strengthen the company's hospital sales capabilities and enhance the sales channels for Yingu's products [3] Dividend Policy - The company announced a cash dividend of 0.90 yuan per share for 2024, totaling approximately 510 million yuan, which represents 70.64% of the net profit attributable to shareholders [3] Financial Forecast - The orthopedic business is expected to benefit from an aging population, with projected revenues of 4.2 billion yuan, 4.68 billion yuan, and 5.23 billion yuan for 2025-2027, reflecting year-on-year growth rates of 19.9%, 11.6%, and 11.7% respectively [4] - The net profit attributable to shareholders is forecasted to be 840 million yuan, 950 million yuan, and 1.07 billion yuan for the same period, with growth rates of 15.9%, 13.1%, and 13.0% respectively [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.48 yuan, 1.67 yuan, and 1.89 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [4]