Room609-611,Floor 6,Vantone Central,, Heping District, Tianjin 300042, P.R. China 北京观韬中茂（天津）律师事务所 北京观韬中茂（天津）律师事务所 关于津药达仁堂集团股份有限公司 2023 年年度股东大会的法律意见书 观意字【2024】第 003401 号 Guantao Law Firm·Tian Jin Office Tel：86 22 58299677/78 Fax：86 22 58299679 E-mail：guantaotj@guantao.com http：// www.guantao.com 中国天津市和平区大沽北路与徐州道交 口万通中心 6 层 609-611 邮编：300042 致：津药达仁堂集团股份有限公司 北京观韬中茂（天津）律师事务所（以下简称"本所"）接受津药达仁堂集 团股份有限公司（以下简称"公司"）的委托，指派律师出席公司 2023 年度股 东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股东大会规则》等有关法律法规、规范性文 件以及《津药达仁 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) with a current price of 35.29 CNY and a target price of 41.85 CNY over a 12-month period [1]. Core Insights - The company has a rich historical background, founded in 1914, and has developed into a leading enterprise in traditional Chinese medicine with a strong brand presence [12]. - The implementation of the "Three Core and Nine Wings" strategy has driven steady business growth, particularly through the core product, "Suxiao Jiuxin Wan," which achieved sales exceeding 2 billion CNY in 2023, reflecting a year-on-year growth of 14.16% [1][27]. - The company has a robust product reserve with 599 approved drug varieties, including exclusive and protected traditional Chinese medicine products, which supports long-term growth [28]. Summary by Sections 1. Historical Background and Brand Strength - The company has a deep historical foundation and has won 14 intangible cultural heritage projects, showcasing its leadership in traditional medicine [12]. - The introduction of mixed ownership reform has revitalized the company, enhancing its operational capabilities and market competitiveness [13]. 2. Business Performance and Growth Strategy - The company reported a revenue of 82.22 billion CNY in 2023, maintaining stability compared to 2022, with a net profit of 9.87 billion CNY, reflecting a year-on-year increase of 14.53% [19]. - The proportion of traditional Chinese medicine revenue has steadily increased, reaching 70.98% of total revenue in 2023, with a gross margin of 57.27% [20]. 3. Product Development and Market Expansion - The company has invested significantly in R&D, with expenses rising from 0.87 billion CNY in 2012 to 1.85 billion CNY in 2023, focusing on key products and new market opportunities [24][25]. - The "Three Core and Nine Wings" strategy emphasizes the core product "Suxiao Jiuxin Wan" and secondary products, which are expected to drive future growth [27]. 4. Financial Forecast and Valuation - Revenue projections for 2024, 2025, and 2026 are estimated at 89.59 billion CNY, 97.27 billion CNY, and 104.09 billion CNY, respectively, with corresponding net profits of 11.94 billion CNY, 14.31 billion CNY, and 16.96 billion CNY [4][5].

证券代码：600329 证券简称：达仁堂 公告编号：2024-011 津药达仁堂集团股份有限公司 关于召开 2023 年年度股东大会的提示性公告 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 5 月 15 日 13 点 30 分 召开地点：中国天津市滨海新区第十大街 21 号津药达仁堂集团现代中药产 业园会议室 股东大会召开日期：2024年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 15 日 至 2024 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票 ...

津药达仁堂集团股份有限公司 2023 年度股东大会 会议资料 2024 年 5 月 15 日 2023 年度股东大会 文件目录 目 录 现场会议召开时间：2024 年 5 月 15 日下午 1:30 会议方式：现场投票和网络投票相结合的方式 会议地点：中国天津市滨海新区第十大街 21 号 津药达仁堂集团现代中药产业园会议室 | 序号 | 议案 | 页码 | | --- | --- | --- | | 1 | 公司 2023 年度董事长工作报告 | 3 | | 2 | 公司 2023 年度董事会报告 | 16 | | 3 | 公司 2023 年度监事会工作报告 | 17 | | 4 | 公司 2023 年度财务报告和审计报告 | 19 | | 5 | 公司 2023 年度利润分配预案 | 22 | | 6 | "独立董事刘育彬先生 2023 年度酬劳为 5.5 万元新币"的议案 | 23 | | 7 | "独立董事李清女士 2023 年度酬劳为 6 万元人民币"的议案 | 23 | | 8 | "独立董事杨木光先生 2023 年度酬劳为 0.46 万元新币"的议案 | 23 | | 9 | "独立董事朱海峰先生 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue and net profit growth for 2024-2026 [7]. Core Insights - The company's performance showed a slight decline in Q1 2024, with revenue of 2.086 billion yuan, down 3.19% year-on-year, and a net profit of 387 million yuan, down 3.36% year-on-year. The industrial segment saw revenue growth of 4.38%, while the commercial segment experienced a decline of 16.19% [2]. - The company has a strong core competitiveness in its product offerings, with 599 approved drug varieties covering 13 major health management areas. Key products like Su Xiao Jiu Xin Wan and Jing Wan Hong Ointment have extensive market coverage [2]. - The gross profit margin improved significantly, reaching 51.54% in Q1 2024, an increase of 2.76 percentage points year-on-year, while the net profit margin was 18.38%, down slightly by 0.08 percentage points [2]. Financial Data Summary - Total market capitalization is approximately 27.33 billion yuan, with a circulating market value of about 20.08 billion yuan [3]. - The company’s projected revenues for 2024, 2025, and 2026 are 8.998 billion yuan, 9.710 billion yuan, and 10.390 billion yuan, respectively, with corresponding net profits of 1.189 billion yuan, 1.271 billion yuan, and 1.356 billion yuan [8]. - The earnings per share (EPS) are forecasted to be 1.54 yuan, 1.65 yuan, and 1.76 yuan for the years 2024, 2025, and 2026, respectively, with price-to-earnings (P/E) ratios of 23, 21, and 20 [8].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,085,588,390.55, representing a decrease of 3.19% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 387,326,165.82, down 3.36% year-on-year[4] - Total operating revenue for Q1 2024 was ¥2,085,588,390.55, a decrease of 3.2% from ¥2,154,405,776.85 in Q1 2023[20] - Net profit for Q1 2024 was ¥383,381,748.70, a decline of 3.6% compared to ¥397,782,701.63 in Q1 2023[21] - The total comprehensive income for Q1 2024 was ¥382,316,137.03, compared to ¥397,884,789.40 in Q1 2023[21] - Earnings per share (EPS) for Q1 2024 was ¥0.50, down from ¥0.52 in Q1 2023[22] Cash Flow - The net cash flow from operating activities was negative at CNY -89,299,402.45, a decline of 147.76% compared to the previous year[4] - In Q1 2024, the cash inflow from operating activities was $1,737,890,346.16, a decrease of 21.2% compared to $2,206,851,084.07 in Q1 2023[23] - The net cash outflow from operating activities was -$89,299,402.45, contrasting with a net inflow of $186,966,594.00 in the same period last year[23] - Cash inflow from investment activities totaled $170,641,394.72, up 46.6% from $116,357,731.22 in Q1 2023[24] - The net cash flow from investment activities was $116,442,681.19, compared to $71,880,276.34 in Q1 2023, indicating a significant increase[24] - Cash inflow from financing activities was $300,000,000.00, down 19.5% from $372,856,026.17 in Q1 2023[24] - The net cash flow from financing activities was $294,439,190.67, compared to $323,495,213.95 in the same quarter last year, reflecting a decrease of 9.0%[24] - The ending cash and cash equivalents balance was $2,318,912,399.55, down from $3,293,873,530.35 at the end of Q1 2023[24] - The total cash and cash equivalents increased by $321,526,537.50 during Q1 2024, compared to an increase of $582,340,388.85 in Q1 2023[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,050,622,609.95, an increase of 8.02% from the end of the previous year[5] - As of March 31, 2024, the total assets of the company reached approximately RMB 11.05 billion, an increase from RMB 10.23 billion as of December 31, 2023, representing a growth of about 8.06%[16] - The company's cash and cash equivalents amounted to RMB 2.46 billion, up from RMB 2.13 billion, indicating a growth of approximately 15.66%[16] - Accounts receivable increased to RMB 2.59 billion from RMB 2.17 billion, reflecting a rise of about 19.06%[16] - The total current liabilities were reported at RMB 3.12 billion, compared to RMB 2.93 billion in the previous period, marking an increase of approximately 6.88%[17] - Total liabilities increased to ¥4,022,895,185.50, up 12.2% from ¥3,584,864,433.55 year-over-year[20] - Total equity rose to ¥7,027,727,424.45, an increase of 5.7% from ¥6,645,236,507.13 in the previous year[20] Investments and Expenses - The company reported a significant increase in short-term borrowings by 366.75% due to increased financial institution loans[8] - The company’s long-term equity investments decreased to RMB 783.25 million from RMB 882.31 million, a decline of about 11.22%[17] - Research and development expenses for Q1 2024 were ¥24,735,005.11, slightly up from ¥24,195,352.76 in Q1 2023[20] - Investment income for Q1 2024 was ¥77,903,453.11, down from ¥101,316,733.75 in the same quarter last year[20] - The company reported a decrease in sales expenses to ¥553,347,918.63 from ¥590,350,713.28 in Q1 2023[20] - The cash outflow for purchasing fixed assets and other long-term assets was $14,198,713.53, significantly lower than $44,477,454.88 in Q1 2023[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,085[10] - There are no significant changes in shareholder structure or major strategic shifts reported during this period[15] Other Information - The industrial segment's revenue increased by 4.38% year-on-year, while the commercial segment's revenue decreased by 16.19%[8] - The company received government subsidies amounting to CNY 8,318,108.13, which positively impacted the financial results[6] - The company has not disclosed any new product launches or technological advancements in this quarter[15] - The company’s net profit margin for the quarter is not explicitly stated but can be inferred from the increase in total assets and cash flow metrics[15] - The weighted average return on net assets decreased by 0.27 percentage points to 5.70%[5]

[Table_RightTitle] 证券研究报告|中药Ⅱ 公 [Table_Title] [Table_StockRank] 司 多个治疗领域收入高增长，整体盈利能力提 买入 研 (维持) 究 升 [Table_StockName] [Table_ReportDate] ——达仁堂（600329）点评报告 2024年04月25日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年3月30日，公司发布2023年年报。2023年，公司实现营业收 总股本（百万股） 770.16 入82.22亿元（-0.33%），归母净利润9.87亿元（+14.49%），扣非归母 流通A股（百万股） 565.87 净利润9.52亿元（+23.80%）。2023Q4，公司实现营业收入24.29亿元 收盘价（元） 33.58 公 （-9.57%），归母净利润1.29亿元（-3.01%），扣非归母净利润1.10亿 总市值（亿元） 258.62 司 元（-8.33%）。 流通A股市值（亿元） 190.02 点 [个Ta股ble相_C对ha沪rt] 深 300 指数表现 评 投资要点: 报 ...

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [6] Core Views - The company reported a slight decline in revenue for 2023, with total revenue of 8.22 billion, down 0.33% year-on-year, while net profit attributable to shareholders increased by 14.49% to 0.99 billion [1] - The "Three Core and Nine Wings" strategy is being steadily advanced, with significant growth in core products, including a sales milestone of over 2 billion for several key products [1][5] - The company is experiencing a notable improvement in profitability, with an overall gross margin of 44.01%, up 4.08 percentage points year-on-year [2] Financial Performance Summary - In 2023, the industrial segment generated revenue of 4.93 billion, up 10.34% year-on-year, while the commercial segment saw a decline of 11.19% to 3.76 billion [1] - The company’s net profit margin improved to 11.78%, an increase of 1.19 percentage points year-on-year [2] - The forecast for 2024-2025 revenue has been revised down to 9.29 billion and 10.47 billion, respectively, with net profit forecasts adjusted to 1.16 billion and 1.38 billion [4] Market Expansion - The company achieved significant growth in international markets, with sales exceeding 40 million, representing a 25% year-on-year increase [3] - New product registrations in Hong Kong and Malaysia are expected to enhance market presence in Southeast Asia [3] Financial Projections - The company’s earnings per share (EPS) is projected to grow from 1.28 in 2023 to 2.14 by 2026, reflecting a compound annual growth rate [5] - The price-to-earnings (P/E) ratio is expected to decrease from 25.85 in 2023 to 15.47 by 2026, indicating improved valuation metrics [5]

公 司 研 +证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 中药 ＃investSuggestion＃ ＃ ＃dyC 达om 仁pan 堂y＃ （ 6 00329.SH ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 工业板块双位数增长，核心品种表现良好 ange＃ ＃ createTime1＃ 2024年 4月 16日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 全ma 年ry＃ 业 绩表现符合预期。2023 年公司实现营业收入 82.22 亿元，同比下 司 日期 2024-04-12 降0.33%，归母净利润9.87亿元，同比增长14.49%，扣非归母净利润9.52 点 收盘价（元） 31.57 亿元，同比增长23.80%，2023年投资收益为3.08亿元，其中对联营企业 评 总股本（百万股） 770 和合营企业的投资收益为 2.95 亿元，同比增长 49.8%，主要由于公司持 报 流通股本（百万股） 566 股25%的中美天津史克2023年净利润同比增长39.0%。2023年单四季度 净资产（亿元） 66 告 公司实 ...

Investment Rating - The report does not specify a clear investment rating for the company [3][17]. Core Insights - The company achieved a revenue of 8.22 billion yuan in 2023, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.5% to 990 million yuan [3][4]. - The industrial segment saw a revenue increase of 10.34% to 4.93 billion yuan, driven by strong sales of key products such as the Rapid Rescue Heart Pill, which surpassed 2 billion yuan in sales for the first time [3][4]. - The company is actively expanding its international market presence, with international sales revenue exceeding 400 million yuan, a 25% increase year-on-year [3][4]. Summary by Sections Financial Performance - Revenue for 2023 was 8.22 billion yuan, with a growth rate of -0.33% compared to the previous year [4][10]. - Net profit attributable to shareholders was 990 million yuan, reflecting a growth rate of 14.49% [4][10]. - The gross profit margin improved to 44.01%, an increase of 4.08 percentage points [3][10]. Product Performance - The company’s core products, particularly the Rapid Rescue Heart Pill, saw significant sales growth, contributing to a 20.17% increase in cardiovascular revenue [3][4]. - The respiratory system segment experienced a 37.44% revenue increase, driven by products like the Throat Soothing Pill [3][4]. - The company is focusing on the secondary development of major products to enhance competitiveness [3][4]. Future Outlook - The company has set clear strategic goals for the 14th Five-Year Plan, with projected net profits for 2024, 2025, and 2026 expected to be 1.21 billion, 1.49 billion, and 1.79 billion yuan, respectively [3][10]. - The report anticipates continued growth in the sales of traditional Chinese medicine products, with an expected annual growth rate of 8% from 2024 to 2026 [9][10].