[Table_Title] 证券研究报告 24Q1 业绩稳健增长，推动高质量发展 公司研究 [Table_ReportDate] 2024年05月01日 [Table_ReportType] 公司点评报告 [T事ab件le：_白Su云mm山ar公y]司发布2024年第一季度报告，2024Q1公司实现营收229.46 [白Ta云bl山e_St（oc6k0A0n3dR3a2n.kS]H） 亿元（同比+6.09%），归母净利润19.58亿元（同比+2.59%），扣非归母 投资评级 无 净利润18.34亿元（同比+0.33%）。 点评： 上次评级 无 无  2023年和2024Q1业绩稳健增长。据公司公告，2023年公司实现营业 [唐Ta爱b金le_医Au药th行o业r]首席分析师 收入755.15亿元，同比增长6.68%，实现归母净利润40.56亿元，同 执业编号：S1500523080002 比增长2.25%，实现扣非归母净利润36.36亿元，同比增长9.53%。 联系电话：19328759065 从业务板块来看，2023年公司大南药营收108.91亿元（同比+4.09%）， 邮箱：tangaijin@cind ...

Financial Performance - The company's operating revenue for the first quarter reached RMB 22,946,212 thousand, representing a year-on-year increase of 6.09%[7] - Net profit attributable to shareholders was RMB 1,958,118 thousand, reflecting a growth of 2.59% compared to the same period last year[7] - Basic and diluted earnings per share were both RMB 1.204, marking a 2.59% increase from the previous year[7] - Total operating revenue for Q1 2024 reached RMB 22.95 billion, an increase of 6.1% compared to RMB 21.63 billion in Q1 2023[29] - Operating profit for Q1 2024 was RMB 2.45 billion, up from RMB 2.35 billion in Q1 2023, reflecting a growth of 4.2%[30] - Net profit attributable to shareholders for Q1 2024 was RMB 1.96 billion, compared to RMB 1.91 billion in Q1 2023, representing an increase of 2.5%[30] - Total comprehensive income for Q1 2024 reached approximately CNY 2.03 billion, a 3.57% increase from CNY 1.96 billion in Q1 2023[32] - Basic and diluted earnings per share for Q1 2024 were CNY 1.204, up from CNY 1.174 in Q1 2023, reflecting a growth of 2.55%[32] Cash Flow - The net cash flow from operating activities was negative at RMB (3,138,187) thousand, a decrease of 10.54% year-on-year[7] - Cash inflow from operating activities in Q1 2024 was approximately CNY 16.79 billion, compared to CNY 15.16 billion in Q1 2023, marking an increase of 10.73%[35] - Net cash flow from operating activities for Q1 2024 was negative CNY 3.14 billion, worsening from negative CNY 2.84 billion in Q1 2023[35] - Cash inflow from investment activities in Q1 2024 totaled CNY 75.78 million, a significant decrease of 73.32% from CNY 284.04 million in Q1 2023[36] - Net cash flow from investment activities was negative CNY 282.99 million in Q1 2024, improving from negative CNY 638.06 million in Q1 2023[36] - Cash inflow from financing activities in Q1 2024 was CNY 6.27 billion, slightly down from CNY 6.77 billion in Q1 2023, a decrease of 7.43%[36] - Net cash flow from financing activities increased to CNY 1.94 billion in Q1 2024, up from CNY 1.57 billion in Q1 2023, representing a growth of 23.36%[36] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 78,703,490 thousand, a slight increase of 0.15% from the end of the previous year[7] - Total liabilities decreased to RMB 39.99 billion as of March 31, 2024, down from RMB 41.91 billion as of December 31, 2023, a reduction of 4.6%[26] - Current liabilities totaled RMB 34.12 billion, a decrease of 5.8% from RMB 36.24 billion at the end of 2023[26] - Non-current liabilities increased to RMB 5.87 billion, up from RMB 5.67 billion, marking a growth of 3.6%[26] - Total equity attributable to shareholders rose to RMB 36.88 billion, an increase of 5.6% from RMB 34.92 billion at the end of 2023[27] Assets Composition - As of March 31, 2024, the total current assets amounted to RMB 55,959,814,735.97, slightly down from RMB 55,983,713,725.09 as of December 31, 2023[23] - The total non-current assets increased to RMB 22,743,675,532.53 from RMB 22,603,164,039.00, indicating a growth in long-term investments[24] - Cash and cash equivalents decreased to RMB 19,754,460,865.10 from RMB 21,308,844,204.44, showing a decline of approximately 7.3%[23] - Accounts receivable rose to RMB 16,715,572,929.90 from RMB 15,112,494,798.69, representing an increase of about 10.6%[23] - The inventory decreased to RMB 9,848,755,918.40 from RMB 11,507,099,742.41, indicating a reduction of approximately 14.4%[23] Other Financial Information - Non-recurring gains and losses for the period totaled RMB 124,577 thousand, after accounting for tax and minority interests[13] - The company received government subsidies amounting to RMB 96,378 thousand during the reporting period[10] - The weighted average return on net assets was 5.45%, a decrease of 0.33 percentage points compared to the previous year[7] - The company did not conduct an audit for the first quarter financial statements[5] - Research and development expenses for Q1 2024 were RMB 186.14 million, slightly higher than RMB 179.39 million in Q1 2023, indicating a focus on innovation[29] - The company reported a tax expense of RMB 420.62 million for Q1 2024, compared to RMB 385.93 million in Q1 2023, reflecting an increase of 9.0%[30] - Other comprehensive income after tax for Q1 2024 was RMB 1.51 million, recovering from a loss of RMB 5.96 million in Q1 2023[30] - The impact of exchange rate changes on cash and cash equivalents was an increase of CNY 2.43 million in Q1 2024, compared to an increase of CNY 1.80 million in Q1 2023[37] Shareholder Information - The total equity attributable to shareholders is not explicitly mentioned but is implied to be stable given the slight changes in total assets and liabilities[24] - The company has not disclosed any significant changes in shareholder relationships or actions among the top shareholders[21] - The company has not reported any participation in margin financing or securities lending activities by the top shareholders[21] - There are no significant new strategies or product developments mentioned in the provided documents[22]

本议案已经本公司 2024 年第 2 次审核委员会会议审议通过。 2、关于续聘大信会计师事务所（特殊普通合伙）为本公司 2024 年年度财 务审计机构的议案（有关内容详见公司日期为 2024 年 4 月 26 日、编号为 2024 -026 的公告） 表决结果：同意票 11 票、反对票 0 票、弃权票 0 票，审议通过本议案。 证券代码：600332 证券简称：白云山 公告编号：2024－025 广州白云山医药集团股份有限公司 第九届董事会第十次会议决议公告 本公司及董事会全体成员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"）第九届董事会第 十次会议（以下简称"会议"）于 2024 年 4 月 12 日以电邮方式发出通知，于 2 024 年 4 月 26 日以通讯形式召开。本次会议应参加表决董事 11 人，实际参加表 决董事 11 人。会议的召集、召开符合《公司法》及《公司章程》的规定。 经董事审议、表决，会议审议通过如下议案： 1、本公司 2024 年第一季度报告 表决结果：同意票 11 票、 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 22,946,212, representing a year-on-year increase of 6.09%[4] - The net profit attributable to shareholders for the same period was CNY 1,958,118, reflecting a growth of 2.59% compared to the previous year[4] - Basic and diluted earnings per share for Q1 2024 were both CNY 1.204, an increase of 2.59% from the same period last year[5] - Total operating revenue for Q1 2024 reached CNY 22,946,211,891.84, an increase of 6.1% compared to CNY 21,628,521,022.04 in Q1 2023[19] - Net profit for Q1 2024 was CNY 2,031,724,927.91, compared to CNY 1,969,054,925.32 in Q1 2023, representing a growth of 3.2%[21] - The company reported a total comprehensive income of CNY 2,033,231,749.61 for Q1 2024, compared to CNY 1,963,092,974.12 in Q1 2023[21] Cash Flow - The net cash flow from operating activities was negative at CNY (3,138,187), a decline of 10.54% year-on-year[4] - In Q1 2024, the company reported cash inflows from operating activities totaling CNY 16,789,987,378.48, an increase from CNY 15,161,136,193.40 in Q1 2023, representing a growth of approximately 10.7%[23] - The net cash outflow from operating activities was CNY (3,138,186,616.77), compared to CNY (2,838,882,221.33) in the same period last year, indicating a decline in operational cash flow[23] - Investment activities generated a net cash outflow of CNY (282,996,800.88) in Q1 2024, a decrease from CNY (638,055,604.71) in Q1 2023, reflecting improved cash management in investments[25] - The net cash flow from financing activities was CNY 1,939,655,468.86, compared to CNY 1,571,436,553.79 in the previous year, indicating a positive trend in financing[25] Assets and Liabilities - The total assets at the end of the reporting period were CNY 78,703,490, a slight increase of 0.15% from the end of the previous year[5] - Current assets totaled ¥55,959,814,735.97, showing a marginal decrease from ¥55,983,713,725.09[16] - Total liabilities as of Q1 2024 were CNY 39,990,236,195.46, a decrease from CNY 41,909,053,857.29 in the previous year[20] - The total non-current liabilities amounted to CNY 5,870,219,387.47, an increase from CNY 5,673,763,356.34 in the previous year[20] Shareholder Information - The total equity attributable to shareholders increased to CNY 36,878,108, up 5.61% from the previous year[5] - The number of ordinary shareholders at the end of the reporting period was 92,562[8] - The largest shareholder, Guangzhou Pharmaceutical Group Co., Ltd., held 45.04% of the shares[9] Expenses - Total operating costs for Q1 2024 were CNY 20,666,670,426.99, up from CNY 19,332,774,093.08 in Q1 2023, reflecting a year-over-year increase of 6.9%[20] - Research and development expenses for Q1 2024 amounted to CNY 186,139,000.55, compared to CNY 179,389,510.16 in Q1 2023, indicating a rise of 3.9%[20] - The company paid CNY 1,744,322,516.63 in employee compensation during Q1 2024, compared to CNY 1,665,413,999.81 in Q1 2023, reflecting a 4.7% increase in labor costs[23] - The company’s tax payments amounted to CNY 832,382,327.22 in Q1 2024, down from CNY 1,006,065,170.89 in the same period last year, suggesting improved tax efficiency[23]

通知书编号：2024B01785 受理号：CYHB2350211 证券代码：600332 证券简称：白云山 公告编号：2024－027 广州白云山医药集团股份有限公司 关于子公司获得药品补充申请批件的公告 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。 近日，广州白云山医药集团股份有限公司（以下简称"本公司"）全 资子公司广州白云山明兴制药有限公司（以下简称"明兴药业"） 收到国 家药品监督管理局（以下简称"国家药监局"）签发的《药品补充申请批 准通知书》，盐酸多巴胺注射液已按质量与疗效一致性评价申报途径进行 补充申请，从而获得国家药监局批准变更相关内容。现将有关情况公告如 下： 一、药品的基本情况 药品名称：盐酸多巴胺注射液 剂型：注射剂 规格：2ml:20mg 注册分类：化学药品 上市许可持有人名称：广州白云山明兴制药有限公司，地址：广州市 海珠区工业大道北 48 号 1 生产企业：广州白云山明兴制药有限公司，地址：广州市海珠区工业 大道北 48 号 原药品批准文号：国药准字 H44022388 申请内容：申报仿制药质量与 ...

证券代码：600332 证券简称：白云山 公告编号：2024－026 广州白云山医药集团股份有限公司 关于续聘会计师事务所的公告 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： ●拟聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙） 2022 年度业务收入 15.78 亿元（人民币，下同），为超过 10,000 家 公司提供服务。业务收入中，审计业务收入 13.65 亿元、证券业务收入 5.10 亿元。2022 年上市公司年报审计客户 196 家（含 H 股），平均资产 1 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于 1985 年，2012 年 3 月转制为特殊普通合伙制事务所，总部位于北京，注册地 址为北京市海淀区知春路 1 号 22 层 2206。大信在全国设有 32 家分支机 构，在香港设立了分所，并于 2017 年发起设立了大信国际会计网络，目 前拥有美国、加拿大、澳大利亚、德国、法国、英国、新加坡等 38 家网 络成 ...

此乃要件 請即處理 (7)A股類別股東大會通告； 如 閣下對本通函的任何地方或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商或 註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已售出或轉讓名下全部本公司的股份，應立即將本通函連同授權委託書送交買主或承 讓人或經手買賣或轉讓之銀行、持牌證券交易商、註冊證券機構或其他代理商，以便轉交買主 或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 H 0874 (1)建議修訂公司章程； (2)建議修訂股東大會議事規則、董事會議事規則及監事會議事規則； (3)建議向金融機構申請綜合授信額度； (4)建議部分募集資金投資項目結項及節餘募集資金永久補充流動資金； (5)建議廣州醫藥申請註冊中期票據及超短期融資券之一般性授權； (6)年度股東大會通告； 及 (8)H股類別股東大會通告 本封面頁所用詞彙與本通函內所界定者具有相同涵義。 董事會函件載於本通函第3頁至第12頁。本公司謹定於202 ...

证券代码：600332 证券简称：白云山 公告编号：2024-024 广州白云山医药集团股份有限公司 关于召开 2023 年年度股东大会、2024 年第一次 A 股 类别股东大会及 2024 年第一次 H 股类别股东大会的 通知 重要内容提示： 股东大会召开日期：2024年5月30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 股东大会股权登记日：2024年5月24日 股东大会召开地点：中国广东省广州市荔湾区沙面北街45号广州白云山 医药集团股份有限公司（以下简称"本公司"或"公司"）会议室 本公告仅适用于A股股东。H 股股东登记及出席须知请参阅本公司于 2024 年 4 月 24 日 在 香 港 联 合 交 易 所 有 限 公 司 网 站 （http://www.hkex.com.hk） 刊发的"关于召开2023年年度股东大会 的通告及关于召开2024年第一次H股类别股东大会的通告"。 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、2024 年第一次 A 股类别股东大会及 2024 年第一次 H 股类别股东大会（以下统称"股东大会"） 召开的日期时 ...

证券代码：600332 证券简称：白云山 公告编号：2024-023 广州白云山医药集团股份有限公司 关于分公司药品通过仿制药一致性评价的公告 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。 注册分类：化学药品 上市许可持有人名称：广州白云山医药集团股份有限公司白云山 制药总厂 生产企业：广州白云山医药集团股份有限公司白云山制药总厂， 地址：广州市白云区同和街云祥路 88 号 原药品批准文号：国药准字 H10950259、国药准字 H10950235 申请内容：1、仿制药质量与疗效的一致性评价；2、变更处方中 近日，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制药总厂（以下简称 "白云山制药总厂"） 收到国家药品监督管理局签发的《药品补充申 请批件通知书》，头孢克肟片已通过仿制药质量和疗效一致性评价。 现将有关情况公告如下： 一、药品的基本情况 药品通用名称：头孢克肟片 受理号：CYHB2350176、CYHB2350177 通知书编号：2024B01525、2024B015 ...

Financial Performance - The company achieved a consolidated net profit attributable to shareholders of RMB 4,055,678,691.49 for the year 2023, with a base net profit of RMB 1,684,022,544.74[2] - The company achieved a net profit of CNY 1.8 billion, which is a 15% increase compared to the previous year[18] - The company's operating revenue for 2023 reached RMB 75,515,404 thousand, an increase of 6.68% compared to RMB 70,788,155 thousand in 2022[21] - The total profit for the year was RMB 5,110,498 thousand, reflecting a year-on-year increase of 1.33%[29] - The net profit attributable to shareholders for 2023 was RMB 4,055,679 thousand, reflecting a growth of 2.25% from RMB 3,966,522 thousand in the previous year[21] - The company's total assets of the company at the end of 2023 amounted to RMB 78,586,878 thousand, representing a 5.25% increase from RMB 74,665,299 thousand in 2022[21] - The company's total liabilities at the end of 2023 were RMB 41,909,054 thousand, a slight increase of 2.15% from RMB 41,027,441 thousand in 2022[21] - The return on equity attributable to shareholders decreased to 11.61% in 2023 from 12.37% in 2022, a decline of 0.76 percentage points[22] - The company's net assets attributable to shareholders increased to RMB 34,919,281 thousand in 2023, up by 8.90% from RMB 32,065,125 thousand in 2022[21] - The asset-liability ratio improved to 53.33% in 2023, down from 54.95% in 2022, indicating better financial stability[22] Dividend and Profit Distribution - A cash dividend of RMB 0.749 per share (including tax) is proposed, totaling RMB 1,217,717,420.80, based on a total share capital of 1,625,790,949 shares at the end of 2023[2] - The company plans to submit the profit distribution proposal for approval at the 2023 annual general meeting[2] - The company plans to retain the remaining undistributed profits for future distribution, with no capital reserve fund conversion to share capital for this year[2] Risk Management and Compliance - The company has not identified any significant risks that could materially affect its production and operations during the reporting period[4] - The financial report has been audited by Da Xin Certified Public Accountants, providing a standard unqualified audit opinion[1] - The company has confirmed that there are no non-operational fund occupations by controlling shareholders and related parties[3] - The company has not violated any regulatory decision-making procedures in providing guarantees[3] - The board of directors and senior management have ensured the accuracy and completeness of the financial report[1] Market and Product Development - Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited reported a revenue of CNY 10.5 billion for the fiscal year 2023, representing a year-over-year increase of 12%[18] - User data indicates that the company expanded its customer base by 20%, reaching a total of 5 million active users[18] - The company plans to launch three new products in the next quarter, focusing on innovative drug formulations and enhanced delivery systems[18] - Future guidance estimates a revenue growth of 10-15% for the upcoming fiscal year, driven by new product launches and market expansion strategies[18] - The company is investing CNY 500 million in R&D for new technologies aimed at improving drug efficacy and safety[18] - Market expansion efforts include entering two new provinces in China, projected to increase market share by 5%[18] - The company is exploring potential mergers and acquisitions to enhance its product portfolio and distribution capabilities[18] - The company has received regulatory approval for five new drug registrations, expected to contribute an additional CNY 300 million in revenue[18] Research and Development - The company invested a total of RMB 782 million in R&D during 2023, resulting in 11 production approvals for drugs including hydrochloride dapoxetine tablets[35] - The company has established a comprehensive technology innovation system with 5 national-level R&D institutions and 1 national-level enterprise technology center[69] - The company has established 3 provincial and 1 municipal research platforms, along with 6 national and 10 provincial qualifications in research[35] - The company has a strong talent pool, including 3 Nobel Prize winners and over 100 high-level talents with doctoral degrees[70] - The company applied for 134 patents, including 110 invention patents and 24 utility model patents, and received 89 patent grants, with 67 being invention patents[155] Supply Chain and Operations - A new supply chain strategy is being implemented to reduce costs by 8% over the next year[18] - The procurement model has been unified across subsidiaries to enhance cost efficiency and quality control, particularly for bulk Chinese medicinal materials[50] - The company has established multiple medicinal herb planting bases to ensure quality and control costs[147] - The company has a comprehensive supply chain system, integrating raw material procurement, R&D, production, distribution, and retail[66] Marketing and Sales Strategy - The retail network has expanded to 157 outlets, with 51 designated stores for retail business under the "dual-channel" model[32] - The company has established new subsidiaries in Heilongjiang and Shaoguan, enhancing its sales network across Guangdong Province and the Greater Bay Area[32] - The company has a strong marketing network, serving over tens of thousands of customers across more than 30 provinces, cities, and autonomous regions in China[67] - The company is actively expanding its market presence through strategic brand integration and marketing initiatives[64] Regulatory Environment and Industry Trends - The pharmaceutical manufacturing industry in China saw a revenue decline of 3.7% year-on-year, totaling RMB 252.06 billion, with total profits down 15.1% to RMB 34.73 billion[42] - The company is focusing on enhancing product and technology quality management, completing the establishment of a drug adverse reaction monitoring system[37] - The pharmaceutical industry is experiencing accelerated restructuring and integration, with mergers and acquisitions becoming the mainstream approach characterized by strategic resource complementarity and strong alliances[184] - The company plans to enhance the consistency evaluation of generic drugs to improve production efficiency and reduce costs, while actively participating in national procurement tenders[119] Future Outlook and Strategic Initiatives - The company plans to enhance its capabilities in quality management and innovation in response to the new manufacturing policies issued in January and December 2023[125] - The company aims to improve its operational management capabilities in its medical services sector, enhancing service levels and establishing complementary relationships between its hospitals[190] - The company will continue to strengthen talent management and risk control mechanisms to support sustainable and high-quality development[193] - The company is committed to strengthening its capital operations, including plans for a new three-board listing and establishing venture capital funds to support innovation projects[192]