证券研究报告 | 公司动态点评 2024 年 03月 29日 白云山（600332.SH） 23 年业绩稳健增长，24 年高质量发展可期 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 70,788 75,515 81,013 86,289 91,125 股票信息 增长率yoy（%） 2.6 6.7 7.3 6.5 5.6 归母净利润（百万元） 3,967 4,056 4,545 5,079 5,665 行业 医药 增长率yoy（%） 6.6 2.2 12.1 11.8 11.5 2024年3月28日收盘价（元） 28.65 ROE（%） 12.6 11.6 12.0 12.1 12.2 总市值（百万元） 46,578.91 EPS最新摊薄（元） 2.44 2.49 2.80 3.12 3.48 流通市值（百万元） 40,278.78 P/E（倍） 11.7 11.5 10.2 9.2 8.2 总股本（百万股） 1,625.79 P/B（倍） 1.5 1.3 1.2 1.1 1.0 流通股本（百万股） 1,405.89 资料来源：公司财报，长城证券产 ...

上述企业通过高新技术企业认定后，根据国家相关规定，自获得 高新技术企业认定后连续三年内（2023年、2024年和2025年）可享受 国家关于高新技术企业的相关优惠政策，即按15%的税率缴纳企业所 得税，上述税收优惠政策不影响本公司已披露的2023年度财务数据。 近日，广州白云山医药集团股份有限公司（以下简称"本公司"） 及子公司广州白云山中一药业有限公司、广州白云山星群（药业）股 份有限公司等13家企业已通过高新技术企业认定，并收到由广东省科 学技术厅、广东省财政厅、国家税务总局广东省税务局联合颁发的《高 新技术企业证书》，详细情况见下表： | 序号 | 企业名称 | 证书编号 | | | 发证日期 | | | | 有效 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 期 | | | 1 | 本公司 | GR202344004122 | 2023 | 年 | 12 | 月 | 28 | 日 | 三年 | 重新认定 | | 2 | 广州白云山中一药业有限公司 | GR20 ...

广州白云山医药集团股份有限公司 GUANGZHOU BAIYUNSHAN PHARMACEUTICAL HOLDINGS COMPANY LIMITED 2023 年年度报告 2024 年 3 月 重要提示 （一）本公司董事会、监事会及董事、监事及高级管理人员保证本年度报告内容真 实、准确和完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别及连带的法 律责任。 （二）本公司董事出席了第九届董事会第八次会议。其中，副董事长杨军先生及独 立非执行董事陈亚进先生、孙宝清女士以通讯方式出席了会议；独立非执行董事黄龙德 先生未能亲自出席本次董事会会议，委托独立非执行董事黄民先生代为出席并行使表决 权。 （三）本集团与本公司截至 2023 年 12 月 31 日止年度之财务报告乃按中国企业会计 准则编制，经大信会计师事务所（特殊普通合伙）审计并出具了标准无保留意见审计报 告书。 （四）本公司董事长李楚源先生、财务总监刘菲女士及财务部部长吴楚玲女士声明： 保证本年度报告中财务报告真实、准确和完整。 （五）经董事会审议的本报告期利润分配预案或公积金转增股本预案 经大信会计师事务所（特殊普通合伙）审计确认：2023 年度 ...

Please note that both the English and Chinese versions of all future Corporate Communications will be available electronically on the website of the Company at www.gybys.com.cn, the company's third-party website at www.hmdatalink.com/C14070/tc/announcement.php and the HKEXnews website at www.hkexnews.hk in place of printed copies. You need to proactively check the Company's website and the HKEXnews website to keep up with the publication of Corporate Communications. You should liaise with your bank(s), brok ...

(A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立之股份有限公司） （H share Stock Code H 股股份代碼：0874） Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effec ...

化学原料药注册标准编号：YBY61512024 证券代码：600332 证券简称：白云山 公告编号：2024－018 广州白云山医药集团股份有限公司 关于分公司收到化学原料药上市申请批准通知书的公告 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。 广州白云山医药集团股份有限公司（以下简称"本公司"）分公司 广州白云山医药集团股份有限公司白云山化学制药厂（以下简称"白云 山化学制药厂"）于2024年3月20日收到国家药品监督管理局核准签发的 头孢克肟化学原料药上市申请批准通知书。现将相关情况公告如下： 一、药物的基本情况 化学原料药名称：头孢克肟 包装规格：25千克/桶 通知书编号：2024YS00226 受理号：CYHS2260303 白云山化学制药厂于2003年获得头孢克肟化学原料药的新药证书及 生产批文（国药准字H20030043，登记号Y20190005402）。本品为白云山 化学制药厂采用新的生产工艺制备的头孢克肟，完成相关研究、提升质 量标准后在2022年6月按照不同登记号向国家食品药品监督管理局进行 登记获得受理。 ...

公司报告 | 年报点评报告 白云山（600332） 证券研究报告 2024年03月18日 投资评级 业绩稳健增长，各大板块齐头并进 行业 医药生物/中药Ⅱ 6个月评级 买入（维持评级） 当前价格 30.21元 事件： 目标价格 元 2024 年 3 月 16 日，白云山披露2023 年年度报告，2023 年公司实现营业 收入755.15亿元，同比+6.68%；实现归母净利润40.56亿元，同比+2.25%； 基本数据 实现扣非归母净利润36.36亿元，同比+9.53%。2023Q4单季度公司实现营 A股总股本(百万股) 1,405.89 业收入173.31 亿元，同比+8.44%；归母净利润2.64 亿元，同比-46.27%； 流通A股股本(百万股) 1,405.89 扣非归母净利润1.97亿元，同比+6.26%。 A股总市值(百万元) 42,471.97 业绩稳健增长，各大板块齐头并进 流通A股市值(百万元) 42,471.97 分行业看，2023 年公司大南药板块实现收入 108.89 亿元，同比+4.09%， 每股净资产(元) 21.48 其中中成药产品实现收入62.71亿元，同比+11.64%；化学药 ...

广州白云山医药集团股份有限公司 WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.co.net 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.com/ 大信审字[2024]第 22-00007 号 大信会计师事务所(特殊普通合伙)_ 内控审计报告 4 1 层 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 +86 (10) 82327668 unson davinena com on 内部控制审计报告 大信审字[2024]第 22-00007 号 广州白云山医药集团股份有限公司全体股东: 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,我们审计了广 州白云山医药集团股份有限公司(以下简称"白云山")2023年12月 31 日的财务 ...

Financial Performance - Net profit attributable to shareholders reached RMB 4,055,678,691.49 in 2023[1] - The company's net profit for 2023 is RMB 1,684,022,544.74[1] - Revenue for 2023 reached RMB 75,515,404 thousand, a 6.68% increase compared to 2022[12] - Net profit attributable to shareholders in 2023 was RMB 4,055,679 thousand, a 2.25% increase from 2022[12] - Operating cash flow decreased by 41.37% to RMB 4,103,625 thousand in 2023[12] - Total assets grew by 5.25% to RMB 78,586,878 thousand at the end of 2023[12] - Basic earnings per share (EPS) for 2023 was RMB 2.495, a 2.25% increase from 2022[14] - Weighted average return on equity (ROE) decreased by 0.90 percentage points to 12.07% in 2023[14] - Revenue for 2023 reached RMB 75,515,404 thousand, a year-on-year increase of 6.68%[19] - Net profit attributable to shareholders was RMB 4,055,679 thousand, up 2.25% year-on-year[19] - The company's revenue for the reporting period reached RMB 75,515,404 thousand, a year-on-year increase of 6.68%[40] - Revenue for the reporting period reached RMB 75,515,404 thousand, a year-on-year increase of 6.68%[46] - Net profit attributable to shareholders was RMB 4,055,679 thousand, up 2.25% year-on-year[46] - Operating cash flow decreased by 41.37% to RMB 4,103,625 thousand due to increased procurement settlements by subsidiaries[46] - Investment cash flow improved by 57.06% to RMB -3,114,859 thousand, driven by reduced bank deposits and equity investments[46] - The company's net cash flow from operating activities for 2023 was RMB 4,103,625 thousand, a decrease of RMB 2,895,451 thousand compared to the previous year[66] - The company's overall gross margin for the reporting period was 18.61%, with the major pharmaceutical segment achieving a gross margin of 48.74%[88] - The company's R&D investment for the reporting period was RMB 852.193 million, accounting for 1.13% of operating revenue and 2.32% of net assets, with a capitalization ratio of 8.22%[98] - The company's R&D investment is lower than the industry average of RMB 1.862709 billion, but higher than some peers like Guoyao (RMB 98.86474 million) and Tongrentang (RMB 366.08308 million)[98] - Sales expenses totaled RMB 6,104,738 thousand, with employee compensation accounting for 49.76% of the total sales expenses[101] - Advertising and promotional expenses amounted to RMB 1,082,172 thousand, representing 17.73% of the total sales expenses[101] - The company's total sales expenses accounted for 8.08% of its revenue, higher than the industry average of 5,846,395 thousand[103] - The company's external equity investment increased by RMB 221,578 thousand to RMB 1,805,641 thousand at the end of the reporting period[104] - The fair value change loss of other non-current financial assets was RMB 79,088 thousand, resulting in a year-end balance of RMB 1,005,936 thousand[107] - The company's investment in Chongqing Pharmaceutical Holdings decreased by RMB 2,859 thousand, with a year-end balance of RMB 129,182 thousand[108] - Wanglaoji Health Company achieved a net profit of RMB 1,459,802 thousand, with a total revenue of RMB 10,012,829 thousand and a total profit of RMB 4,434,130 thousand[111] - The pharmaceutical company generated a net profit of RMB 637,189 thousand, with a total revenue of RMB 52,538,650 thousand and a total profit of RMB 3,269,537 thousand[111] - The company's cash and cash equivalents as of December 31, 2023, were RMB 19,823,544 thousand, a decrease of RMB 981,155 thousand from the beginning of the year[62] - The company's bank borrowings as of December 31, 2023, were RMB 11,159,204 thousand, an increase of RMB 483,354 thousand from the beginning of the year[63] - The company's long-term liabilities as of December 31, 2023, were RMB 5,673,763 thousand, an increase of 56.20% from the end of 2022[63] - The company's equity attributable to shareholders as of December 31, 2023, was RMB 34,919,281 thousand, an increase of 8.90% from the end of 2022[63] - The company's accounts receivable turnover ratio for 2023 was 5.45 times, a decrease of 1.59% compared to 2022[62] - The company's inventory turnover ratio for 2023 was 5.49 times, an increase of 1.49% compared to 2022[62] - The company's debt-to-asset ratio as of December 31, 2023, was 53.33%, a decrease from 54.95% at the end of 2022[67] - The company's overseas assets as of December 31, 2023, were RMB 396,029 thousand, accounting for 0.50% of total assets[68] - Available distributable reserves amounted to RMB 8,389,265 thousand as of December 31, 2023[125] Dividends and Retained Earnings - The company plans to distribute a cash dividend of RMB 0.749 per share, totaling RMB 1,217,717,420.80[2] - The company's retained earnings at the end of the period were RMB 8,389,265,344.67[1] - The company's retained earnings at the beginning of the year were RMB 8,063,724,029.08[1] - The company's cash dividend for 2022 was RMB 1,190,078,974.68[1] Share Capital and Reserves - The company's total share capital is 1,625,790,949 shares[2] - The company's statutory surplus reserve for 2023 is RMB 168,402,254.47[1] Financial Statements and Audits - The company's financial statements are prepared in accordance with Chinese Accounting Standards[1] - The company's audit report was issued by Da Xin Certified Public Accountants[1] - The company's auditor is Da Xin Certified Public Accountants (Special General Partnership), located at Room 1504, College International Building, No. 1 Zhichun Road, Haidian District, Beijing[11] - The company's board confirmed that the financial statements for 2023 reflect a true and fair view of the group's financial position and cash flows[198] - The company's audit committee was established in August 1999 and is responsible for reviewing financial reporting quality, internal controls, and risk management systems[199] - The 9th board's audit committee was formed on May 30, 2023, with 4 independent non-executive directors as members[199] Company Information and Governance - Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited (GYBYS) is the legal Chinese name of the company, with its headquarters located at No. 45 Shamian North Street, Liwan District, Guangzhou, China[10] - The company's A-share is listed on the Shanghai Stock Exchange with the stock code 600332, and its H-share is listed on the Hong Kong Stock Exchange with the stock code 0874[11] - The company's registered and office address is at No. 45 Shamian North Street, Liwan District, Guangzhou, China, with no historical changes in the registered address[10] - The company's website is http://www.gybys.com.cn, and its annual reports are disclosed on the Shanghai Stock Exchange and Hong Kong Stock Exchange websites[10] - The company's legal representative is Li Chuyuan, and the Board Secretary is Huang Xuezhen[10] - The company's unified social credit code is 9144010163320680X7, and its annual reports are prepared at the Board Secretary's office[11] - The company's designated information disclosure newspapers include "Shanghai Securities News," "Securities Times," "China Securities Journal," and "Securities Daily"[10] - The company's Hong Kong office is located at Room 2005, 20th Floor, Tower 2, Lippo Centre, 89 Queensway, Hong Kong[10] - The company's initial registration date was September 1, and the registration location was No. 45 Shamian North Street, Liwan District, Guangzhou, China[11] - The company fully complied with the Corporate Governance Code under Appendix C1 of the Hong Kong Stock Exchange Listing Rules during the reporting period[129] - The company's governance structure complies with the requirements of the Company Law, Securities Law, and relevant regulations of the China Securities Regulatory Commission[133] - The company's internal control and risk management systems were deemed adequate and effective by the Audit Committee and the Board of Directors[134] - The company conducts semi-annual and annual internal control self-assessments and risk management reviews[136] - The company revised the Independent Director System and formulated the Working Rules for Independent Director Special Meetings to further promote standardized operations[138] - The company focused on advancing special audits of key subsidiaries, evaluating internal control systems, and providing reasonable audit opinions[139] - The company expanded the scope of risk monitoring and initially established a "1+N" online risk control supervision platform[139] - The company has established and revised the "Insider Information Registration System" to ensure compliance and prevent insider trading, with no violations reported as of the end of the reporting period[140] - The company has implemented measures to ensure independence from its controlling shareholder, Guangzhou Pharmaceutical Holdings Limited, in terms of assets, personnel, finance, and operations[142] - The company has addressed the issue of business competition with Huacheng Pharmaceutical, a subsidiary of Guangzhou Pharmaceutical Holdings, by initiating a transfer of Huacheng Pharmaceutical's 100% equity to the company, although the transfer has been delayed due to land valuation and relocation issues[143][144] - The company has a comprehensive governance structure that ensures equal rights for all shareholders, including minority shareholders, and adheres to relevant laws and regulations in convening and conducting shareholder meetings[145][147] - The company's 2022 Annual General Meeting was held on May 30, 2023, with all proposals approved, and the resolutions were disclosed in major financial newspapers on May 31, 2023[148] - The company's 9th Board of Directors consists of 11 members, including executive directors and independent non-executive directors, with terms starting from May 30, 2023[187][188] - The Board of Directors is responsible for major decisions including financial budgets, profit distribution, capital adjustments, and significant acquisitions[188] - The company has implemented a cumulative voting system for director elections, and independent non-executive directors can serve for a maximum of six consecutive years[189] - The company has purchased and maintained Directors and Officers Liability Insurance to provide appropriate protection for its directors, supervisors, and senior officers[185] - The company held 11 Board of Directors meetings in 2023, discussing matters such as periodic reports, appointment of financial and internal control audit institutions, related party transactions, and external investments[192] - The company has a clear division of responsibilities between the Chairman and the General Manager, with the Chairman overseeing Board operations and the General Manager managing daily production and operations[189] - All directors participated in continuous professional development during the reporting period, with the company arranging regular professional training for each director[190] - The company has established a standard code of conduct for securities transactions by directors and supervisors, with no reported violations during the reporting period[186] - The Board of Directors is responsible for corporate governance functions, including policy review, compliance monitoring, and training oversight for directors and senior management[191] - The company's directors and supervisors have no significant interests in any transactions, arrangements, or contracts involving the group's business during the reporting period[186] - The company held a total of 11 board meetings during the year, with 2 being in-person, 7 via communication methods, and 2 combining both in-person and communication methods[194] - The company has 4 independent non-executive directors, accounting for more than one-third of the board members[195] - Independent non-executive directors attended all 11 audit committee meetings during the reporting period[200] - The audit committee reviewed the company's 2022 and 2023 semi-annual financial reports, internal audit risk control reports, and fundraising usage reports[200] - The company's independent non-executive directors submitted confirmation letters regarding their independence in accordance with HKEX Listing Rule 3.13[197] - The company's independent non-executive directors did not raise any objections to board proposals or non-board review matters during the reporting period[196] - The company did not provide any loans or loan guarantees to directors, supervisors, or senior management during the reporting period[197] R&D and Innovation - The company invested RMB 782 million in R&D in 2023, obtaining 11 drug production approvals and 2 clinical trial approvals[23][24] - The company's subsidiary, Baiyunshan Hanyang, was included in the State Council's "Science and Technology Reform Enterprise" list[24] - The company's subsidiary, Baiyunshan Hanyang, obtained CNAS certification, enabling international-standard testing capabilities[24] - The company's subsidiary, Baiyunshan Hanyang, was recognized as a "Guangdong Provincial Specialized and Sophisticated SME"[24] - The company has 154 R&D projects in progress, covering new drug development, generic drug consistency evaluation, and secondary development of products[90] - The company secured 2 international awards, 2 national-level scientific research awards, and 1 provincial-level award during the reporting period[91] - The company applied for 134 patents, including 110 invention patents, and obtained 89 patent authorizations, including 67 invention patents[91] - The company obtained 2 drug clinical trial approval notices, 8 drug registration certificates, 3 chemical API marketing approval notices, and 1 drug supplementary application approval notice during the reporting period, enriching product variety and expanding overseas market business[94] - Key R&D projects include HG030 tablets (TRK inhibitor) for NTRK and ROS1 fusion mutation-positive solid tumors in Phase I clinical trials[92] - BYS10 tablets (RET inhibitor) for non-small cell lung cancer and medullary thyroid carcinoma are in Phase I clinical trials[93] - The company is conducting secondary development research on Shujin Jianyao Pills for lumbar disc herniation and lumbar spinal stenosis[93] - New drug approvals include Dapoxetine Hydrochloride Tablets (30mg and 60mg) for premature ejaculation treatment[95] - Overseas market expansion includes Xinyi Biyan Pills registered in Australia and Jiawei Huoxiang Zhengqi Pills registered in Canada[96] - The company has 3 chemical API marketing approvals for Cefdinir, Refined Olive Oil, and Chlorpheniramine Maleate[96] - R&D expenditure is capitalized only after entering Phase III clinical trials, with earlier stage expenses recognized as current period costs[97] - R&D investment in the freeze-dried human rabies vaccine (Vero cell) research project increased by 85.47% year-on-year to RMB 68,290.30 thousand[100] - The anti-tumor Trk inhibitor Class 1 new drug Phase Ib clinical trial research project saw a 16.95% decrease in R&D investment to RMB 22,625.71 thousand[100] - The anti-tumor chemical drug Class 1 new drug RET inhibitor BYS10 tablet Phase I clinical research project experienced a 22.60% decrease in R&D investment to RMB 19,385.41 thousand[100] Product Portfolio and Sales - The company's pharmaceutical retail network expanded to 157 stores, with 51 designated as "dual-channel" retail outlets[22] - The company launched new products such as Camellia-flavored herbal tea and durian-flavored herbal tea, enriching its health product portfolio[21] - The company's subsidiary, Baiyunshan Hospital, added six new medical departments and launched an internet hospital[22] - The company operates 28 pharmaceutical manufacturing enterprises, including 3 branches, 23 subsidiaries, and 2 joint ventures[30] - The company has 324 products included in the National Medical Insurance Catalog and 331 products in the Provincial Medical Insurance Catalog[30] - The company's major traditional Chinese medicine products include Xiaochaihu Granules, Banlangen Granules, and Huatuo Zaizao Pills[30] - The company's chemical drug products include Jinge (Sildenafil Citrate) and Amoxicillin[31] - The company's health products include Wanglaoji Herbal Tea, Ciliji Series, and Lixiaoji Series[32] - The company's medical business is in the layout and investment expansion phase, focusing on medical services, traditional Chinese medicine health, modern elderly care, and medical devices[32] - The company has established a unified procurement platform to manage the procurement of raw materials, packaging materials, and equipment, improving bargaining power and risk resistance[33] - The company has integrated internal sales resources and established an e-commerce sales system, including flagship stores on Tmall and JD.com[35] - The company operates 157 retail pharmaceutical outlets, including 60 "Jianmin" pharmacy chain stores, 63 Guangzhou Pharmaceutical chain stores, 22 Hainan Guangyao Chenfei chain stores, and 12 retail stores under subsidiaries[37] - The company has over 2,000 product specifications and more than 90 exclusive production varieties, with 40 different dosage forms[41] - The company owns 10 China Famous Trademarks, 22 Guangdong Famous Trademarks, and 27 Guangzhou Famous Trademarks, including the well-known brands "Wanglaoji" and "Baiyunshan"[41] - The company has 12 member enterprises certified as China Time-honored Brands, with 6 national intangible cultural heritage items[42] - The company and its joint ventures operate over 80 GAP-certified medicinal material bases[43] - The company has established the largest pharmaceutical logistics distribution center in South China and serves over 30 provinces, municipalities, and autonomous regions[43] - The company possesses 5 national-level R&D institutions, 1 national-level enterprise technology center, and 2 postdoctoral workstations[44] - The company has a high-level talent pool including 3 Nobel laureates, 21 academicians

广州白云山医药集团股份有限公司 审计报告 大信审字[2024]第 22-00008 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://scc.mof.gov.cn】 ( http:// 报告编码:京245YF WUYIGE Certified Public Accountants.L Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road Haidian Dist. Belling China 100083 审计报告 大信审字[2024]第 22-00008 号 广州白云山医药集团股份有限公司全体股东: 一、审计意见 我们审计了广州白云山医药集团股份有限公司(以下简称"贵公司")的财务报表,包 括 2023年12月 31日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及 母公司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准 ...