一、召开会议的基本情况 重要内容提示： ●股东大会召开日期：2025 年 6 月 6 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 ●公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的股东 大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东名册主 动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案情况等信息。 健康元药业集团 关于召开 2024 年年度股东大会的通知 证券代码：600380 证券简称：健康元 公告编号：临 2025-036 健康元药业集团股份有限公司 关于召开2024年年度股东大会的通知 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。 1、股东大会类型和届次 2024年年度股东大会 2、股东大会召集人：董事会 3、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 4、现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 6 日 14 点 00 分 召开地点：深圳市南山区高新区北区朗山路 17 号健康元药业 ...

事件： 公司发布2024 年度报告。根据2024 年公司年报，公司实现营业收入156.19 亿元，同比下降6.17%；归 母净利润 13.87 亿元，同比下降 3.90%；扣非归母净利润为 13.19 亿元，同比下降 3.99%；EPS 为0.74 元/股，同比下降2.63%，基本符合预期。 核心要点： 抗感染恢复增长，呼吸业务集采影响显现，保健及 OTC 增长53.91%近几年处方药业务存量核心品种相 继受到集采影响，从影响节奏来看，抗感染集采影响消退，恢复增长，同比增长9.69%。左沙丁胺醇集 采报表影响显现，同时叠加2023 年呼吸疾病高基数因素，导致呼吸业务收入同比下滑36.98%。预计 2025 年集采影响边际逐步减弱。 保健食品及 OTC 板块保持快速增长，受益于品牌数字营销体系建设，板块实现营业收入6.97 亿元，同 比增长53.91%。 原料药及中间体板块整体保持相对稳定，实现营业收入20.25 亿元，同比下降2.63%。其中，7-ACA 价 格呈现稳定增长态势，美罗培南原料药受价格下滑，市场竞争加剧等因素影响，收入有所下滑。 丽珠单抗（持股54.52%）较去年同期减亏 3.18 亿元。丽珠单 ...

本次电话会议仅服务于星叶证券客户会议音频及文字记录的内容版权为星叶证券所有内容必须经星叶证券审核后方可留存未经允许和授权专载转发此次会议内容均属侵权星叶证券将保留追究其法律责任的权利 召开会议所有参会人员不能泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者 好的各位领导各位投资者上午好那么今天我们非常高兴可以邀请到回家时代的副总兼总理张飞总来给我们分享一下公司2024年的经营情况以及后续的一些展望 那么我们先请张培总来分析一下整个年报的一些重点和亮点的一些变化那么以及后续的一些规划那么后续呢我们可以再进入到问答环节有请张培总 好的各位上午好那么公司之后年报大家其实已经看到就是我们整个二四年的一个整个经营业绩呢是较二三年是有所下降的那么收入端可能下降的幅度稍微较小一点但是从利润端来看的话呢其实我们整个受大的这个环境的影响还是比较大所以我们这块利润端呢相较二三年同期下降的幅度也比较大 自2014年我们还是整体在年初制定的整个精英计划的这个基础上 整个还是按照 ...

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

Core Viewpoint - The company Health元 (600380.SH) continues to face operational pressure due to a complex external environment, with both revenue and net profit declining for the second consecutive year in 2024 [1][6]. Financial Performance - In 2024, Health元 reported revenue of 15.619 billion and a net profit attributable to shareholders of 1.387 billion, representing a year-on-year decline of 6.17% and 3.90% respectively [4][6]. - The company has experienced a rare occurrence of consecutive declines in revenue and net profit, with the last similar instance occurring in 2023 [6][7]. - Quarterly revenue for 2024 showed a consistent decline across all four quarters, with figures of 4.340 billion, 3.895 billion, 3.664 billion, and 3.721 billion, reflecting year-on-year decreases of 4.81%, 6.39%, 6.80%, and 6.87% respectively [7][8]. Research and Development - Despite increasing focus on innovative drug development, Health元's R&D investment has been decreasing, with 2024 R&D spending at 1.532 billion, down 318 million from 2021 [2][11]. - The proportion of R&D investment relative to revenue has also declined, from 11.63% in 2021 to 9.81% in 2024 [11]. - The company has reduced its R&D personnel by 70 in 2024, with the total number of R&D staff at 1,670, accounting for 11.63% of total employees [10][11]. Dividend Policy - Health元's dividend distribution remains low, with a proposed cash dividend of 366 million for 2024, resulting in a dividend payout ratio of 26.39% [2][12]. - The company has maintained a dividend payout ratio below 30% for five consecutive years [3][13]. Cost Management - Health元 has managed to reduce sales and management expenses, totaling a decrease of 755.6 million in 2024 compared to 2023 [8][9]. - Despite the reduction in expenses, the company's net profit continued to decline, indicating challenges in reversing the downward trend in operational performance [9]. Cash Position - As of the end of 2024, Health元 reported cash and cash equivalents of 14.852 billion, with interest-bearing liabilities of 5.276 billion, indicating a strong liquidity position [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company achieved a revenue of 15.619 billion yuan in 2024, a year-on-year decrease of 6.17%, with a net profit attributable to shareholders of 1.387 billion yuan, down 3.90% year-on-year [6] - The gross margin for 2024 was 62.69%, an increase of 0.53 percentage points, while the net margin was 19.10%, up 1.97 percentage points [6] - The company is in a product transition phase, with sales of Tobramycin and Shuleide gradually improving, and new drugs like TG-1000 expected to contribute to revenue growth [6][8] Financial Summary - In Q4 2024, the company reported a revenue of 3.721 billion yuan, a decrease of 6.87% year-on-year but an increase of 1.54% quarter-on-quarter [6] - The projected net profits for 2025, 2026, and 2027 are 1.463 billion yuan, 1.568 billion yuan, and 1.715 billion yuan respectively, with corresponding EPS of 0.80 yuan, 0.86 yuan, and 0.94 yuan [6][10] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 13.3, 12.4, and 11.3 respectively [6][10] Business Performance - The company’s revenue from hormone products was 2.812 billion yuan, up 1.64% year-on-year, while respiratory system products saw a significant decline of 36.98% to 1.097 billion yuan [7] - The health food segment experienced substantial growth, with revenue increasing by 92.32% to 377 million yuan, and biological products revenue surged by 102.42% to 171 million yuan [7] - The company is focusing on a comprehensive matrix for respiratory diseases, with several innovative drugs making significant progress in clinical trials [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company achieved a revenue of 15.619 billion yuan in 2024, a year-on-year decrease of 6.17%, with a net profit attributable to shareholders of 1.387 billion yuan, down 3.90% year-on-year [6] - The gross margin for 2024 was 62.69%, an increase of 0.53 percentage points, while the net margin was 19.10%, up 1.97 percentage points [6] - The company is in a product transition phase, with the sales of Tobramycin and Shulide gradually improving, and new drugs like TG-1000 expected to contribute to revenue growth [6][8] Financial Summary - In 2024, the company reported a quarterly revenue of 3.721 billion yuan in Q4, a decrease of 6.87% year-on-year but an increase of 1.54% quarter-on-quarter [6] - The projected net profits for 2025, 2026, and 2027 are 1.463 billion yuan, 1.568 billion yuan, and 1.715 billion yuan respectively, with corresponding EPS of 0.80 yuan, 0.86 yuan, and 0.94 yuan [6][10] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 13.3, 12.4, and 11.3 respectively [6][10] Business Performance - The company’s revenue from hormone products was 2.812 billion yuan in 2024, up 1.64% year-on-year, while respiratory system products saw a significant decline of 36.98% to 1.097 billion yuan [7] - The health food segment experienced substantial growth, with revenue increasing by 92.32% to 377 million yuan, and biological products revenue surged by 102.42% to 171 million yuan [7] - The company is focusing on a comprehensive matrix for respiratory diseases, with several innovative drugs making significant progress in clinical trials [8]

Core Viewpoint - The article discusses the performance and transformation of the company, Health元, from a generic drug manufacturer to an innovative pharmaceutical enterprise, highlighting its financial results and strategic advancements in the respiratory drug market [2][3][10]. Financial Performance - As of April 7, 2024, Health元 reported a total revenue of 156.19 billion yuan and a net profit of 13.87 billion yuan for the fiscal year [2][4]. - The company has shown consistent growth, with total revenue exceeding 1,127.88 billion yuan and net profit surpassing 105.07 billion yuan from 2017 to 2024 [5][6]. - The revenue and net profit figures for the years 2017 to 2024 are as follows: - 2017: Revenue 107.79 billion yuan, Net Profit 21.33 billion yuan - 2018: Revenue 112 billion yuan, Net Profit 6.99 billion yuan - 2019: Revenue 119.8 billion yuan, Net Profit 8.94 billion yuan - 2020: Revenue 135.2 billion yuan, Net Profit 11.2 billion yuan - 2021: Revenue 159 billion yuan, Net Profit 13.28 billion yuan - 2022: Revenue 171.4 billion yuan, Net Profit 15.03 billion yuan - 2023: Revenue 166.5 billion yuan, Net Profit 14.43 billion yuan - 2024: Revenue 156.19 billion yuan, Net Profit 13.87 billion yuan [5][6]. Innovation and R&D - Health元 has transitioned to focus on innovative drugs, achieving significant breakthroughs in respiratory, analgesic, digestive, and psychiatric treatment areas [2][3]. - The company has developed 10 products in the respiratory field, with its first product,舒坦琳, achieving a 22-fold increase in sales over four years, establishing a leading position in the domestic respiratory market [2][3]. - Health元 has maintained a commitment to R&D, investing approximately 10% of its profits annually, with a total R&D expenditure of 15.32 billion yuan in 2024 [8][9]. Cash Flow and Shareholder Returns - The company has a strong cash flow, essential for sustaining operations in the high-investment pharmaceutical industry, and has maintained a stable cash flow while investing in R&D [6][7]. - Health元 has distributed a total of 39.79 billion yuan in dividends over 21 occasions since its listing in 2001, with a payout ratio of 89.37% [7][8]. - The company has executed share buybacks totaling nearly 40 billion yuan, enhancing shareholder value through share reduction and increased earnings per share [8][9].

Core Viewpoint - Health元 has reported a decline in both revenue and net profit for the second consecutive year, indicating ongoing challenges in its business operations [2][4]. Financial Performance - For the reporting period, Health元 achieved operating revenue of 15.619 billion yuan, a decrease of approximately 6.17% year-on-year [2]. - The net profit attributable to shareholders was 1.387 billion yuan, down about 3.90% compared to the previous year [2]. - Excluding contributions from丽珠集团 and丽珠单抗, Health元's revenue was 4.140 billion yuan, a decline of approximately 9.13%, with net profit dropping by about 31.83% to 630 million yuan [3]. Business Segment Performance - The chemical preparations segment faced revenue declines due to high base effects from 2023, inclusion in centralized procurement, and price reductions in medical insurance [3]. - The raw materials and intermediates segment also saw a slight revenue decrease due to price drops and intensified market competition [3]. - The traditional Chinese medicine segment experienced a revenue decline as market demand receded following the high sales during the COVID-19 pandemic [3]. Key Subsidiaries -丽珠集团 (excluding丽珠单抗) reported operating revenue of 11.766 billion yuan, down about 6.03%, contributing a net profit of approximately 1.064 billion yuan to Health元 [4]. - Conversely,丽珠单抗 reported a loss, negatively impacting Health元's net profit by about 291 million yuan [4]. Highlighted Business Areas - The health food segment remains a bright spot for Health元, with revenue growth of 61.56% in 2023, reaching 196 million yuan [6]. - In 2024, the health food and OTC segments achieved revenue of 697 million yuan, a year-on-year increase of approximately 53.91% [6]. Market Strategy - Health元 is focusing on respiratory medications and has participated in national centralized procurement to expand its market presence [7]. - Despite winning bids in national procurement, the respiratory segment's revenue fell by about 36.98% to 1.097 billion yuan in 2024 [7]. Research and Development - R&D expenses for Health元 decreased to 1.435 billion yuan, down 13.62% year-on-year [8].

Fundraising Overview - The company raised a total of RMB 171,599.38 million from a share placement in 2018, with a net amount of RMB 166,974.02 million after deducting issuance costs [1][2] - As of December 31, 2024, the company has used RMB 170,176.55 million of the raised funds, with a remaining balance of RMB 3,060.36 million [2][8] - The company issued Global Depository Receipts (GDR) in 2022, raising approximately USD 9,204 million, with a remaining balance of USD 9,627.91 million as of December 31, 2024 [3][8] Fund Utilization - In 2024, the company utilized RMB 37,454.76 million of the raised funds, with a cumulative usage of RMB 170,176.55 million [2][10] - Approximately 70% of the GDR funds are allocated for global R&D and industrialization plans, while 10% is for global sales and service network development, and 20% for working capital [9][10] Fund Management - The company has established a fundraising management system to ensure dedicated use of the funds, with strict approval processes in place [5][6] - The company has signed tripartite supervision agreements with banks and sponsors to manage the funds effectively [5][6] Project Updates - The company has completed the replacement of self-raised funds with raised funds for investment projects, amounting to RMB 21,532.82 million [10][11] - The company has also approved the temporary use of idle raised funds for working capital, with a maximum of RMB 20,000 million for the year 2024 [12][13] Financial Performance - In 2024, the company achieved an operating income of RMB 15.619 billion and a net profit attributable to shareholders of RMB 1.387 billion [20] - The company has maintained a stable performance despite challenges in the pharmaceutical sector, focusing on innovation and R&D [20][21] Governance and Compliance - The company emphasizes corporate governance, adhering to relevant laws and regulations, and has conducted multiple board meetings to ensure compliance [25][26] - The company has implemented measures to enhance investor relations and communication, including annual reports and shareholder meetings [28][29] Investor Returns - The company plans to distribute a cash dividend of RMB 2.00 per share for the 2024 fiscal year, reflecting its commitment to shareholder returns [43][29] - The company has conducted multiple share buybacks, totaling nearly RMB 2.7 billion, to enhance shareholder value [29][30] ESG Commitment - The company maintains a strong focus on ESG principles, achieving an MSCI ESG rating of AA and ranking among the top four in the Chinese pharmaceutical sector [31][32] - The company is committed to sustainable development, aiming for carbon neutrality by 2055 and actively participating in community health initiatives [31][32]