Financial Performance - The company's operating revenue for 2024 was approximately ¥8.40 billion, a slight decrease of 0.34% compared to ¥8.43 billion in 2023[24]. - Net profit attributable to shareholders for 2024 increased by 19.86% to approximately ¥648.08 million, up from ¥540.71 million in 2023[24]. - The net profit after deducting non-recurring gains and losses was approximately ¥419.21 million, reflecting a growth of 25.09% compared to ¥335.11 million in 2023[24]. - The net cash flow from operating activities for 2024 was approximately ¥808.07 million, an increase of 7.12% from ¥754.33 million in 2023[24]. - Total assets as of the end of 2024 reached approximately ¥12.61 billion, a 2.57% increase from ¥12.30 billion at the end of 2023[24]. - The net assets attributable to shareholders decreased by 19.94% to approximately ¥5.25 billion, down from ¥6.56 billion at the end of 2023[24]. - The basic earnings per share for 2024 was CNY 0.86, an increase of 21.13% compared to CNY 0.71 in 2023[25]. - The weighted average return on equity increased to 9.52% in 2024, up by 0.97 percentage points from 8.55% in 2023[25]. - The company achieved a historic breakthrough in overall sales scale for "Kun Traditional Medicine 1381," with core products in the digestive, emotional treatment, and respiratory categories growing by 20% year-on-year[45]. - The revenue scale of "Qingfei Huatan Wan" surpassed 100 million, while "Shu Gan Granules" and "Canling Jianpi Granules" set new historical revenue highs[45]. Strategic Initiatives - The company is focusing on the "silver hair health industry" and aims to be a leader in chronic disease management, aligning with national strategies to address aging[39]. - The company is implementing a five-year strategic development plan (2024-2028) to anchor high-quality development goals amid a complex market environment[41]. - The integration with China Resources Sanjiu is entering a critical phase, enhancing the company's operational capabilities and market positioning[41]. - The company is committed to deepening reforms and restructuring to create a patient-centered, innovation-driven, and agile organization[41]. - The company is enhancing its brand reputation and product iteration capabilities to gain a competitive advantage in the market[38]. - The company is actively participating in centralized procurement to enhance the coverage of its chronic disease product series in hospitals[50]. - The company aims to become a leader in the "silver-haired health industry" and "premium traditional Chinese medicine," focusing on the "777" brand series of oral products and the "1951" serious treatment product group for elderly health[79]. Research and Development - The company achieved a research and development investment of CNY 143.11 million, focusing on innovative drug development in the aging health sector[55]. - The company has established a comprehensive drug research and development system covering innovative drugs, generic drugs, and secondary development drugs, supported by various research platforms[83]. - The company is committed to R&D innovation, focusing on plant-based medicines and chronic disease management[70]. - The company has received approval for changes in the formulation and specifications of Dandelion granules, with the application submitted for a 24-month extension of the validity period[124]. - The company is currently developing several key pharmaceutical projects, including KYAH01-2016-079 for solid tumors in clinical phase I and KYAH01-2018-111 for non-alcoholic fatty liver disease, which has received clinical approval[123]. Market Trends and Challenges - The pharmaceutical industry is undergoing profound changes driven by policy and demand, moving towards a new stage of high-quality development[35]. - The ongoing national medical procurement is expected to lower drug prices while ensuring reasonable profit margins for pharmaceutical companies, promoting sustainable development[38]. - The aging population in China is increasing the demand for chronic disease management, with a significant rise in the prevalence of diseases such as cardiovascular diseases and diabetes among the elderly[62]. - The government has implemented policies since 2015 to promote chronic disease management, enhancing funding and encouraging social participation in healthcare services[64]. - The centralized procurement system is being expanded, with a focus on reducing drug prices and improving the quality of medical products, benefiting both patients and pharmaceutical companies[65][66]. Governance and Compliance - The company’s governance structure complies with relevant laws and regulations, ensuring the rights of all shareholders are protected[167]. - The company’s board of directors and supervisory board actively fulfill their responsibilities, ensuring compliance and oversight of financial matters[167]. - The company has implemented measures to address competition issues with its controlling shareholder, including commitments to resolve conflicts[167]. - The company is committed to maintaining independence from its controlling shareholder, ensuring no harm to the interests of the company and its shareholders[167]. - The company has conducted regular meetings to review and approve significant financial and operational decisions, ensuring transparency[171]. Future Outlook - The company aims for double-digit revenue growth in 2025, with net profit expected to match revenue growth levels[151]. - The strategic focus is on the "aging health" sector and chronic disease management, with a core emphasis on the "777" series products and "Kun Zhong Yao 1381" premium traditional Chinese medicine[149]. - The company plans to enhance its product pipeline by integrating both traditional and Western medicine, targeting a comprehensive solution for the elderly population[152]. - The company is expanding its market presence internationally, particularly in countries along the Belt and Road Initiative, and is focusing on the development of anti-malarial drugs[159].

证券代码：600422 证券简称：昆药集团 公告编号：2025-015号 昆药集团股份有限公司关于 2024 年度利润分配方案的公告 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： 一、利润分配方案内容 经毕马威华振会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，昆药集团股份有限公司（以下简称"公司"） 以合并报表口径实现归属于上 市公司股东的净利润为 648,081,341.92 元；母公司实现净利润 217,105,592.36 元， 加年初未分配利润 1,530,511,907.74 元，提取盈余公积金 2,926,457.29 元，对股 东分红 151,422,799.40 元，合计未分配利润为 1,593,268,243.41 元。 根据《公司法》《上海证券交易所上市公司现金分红指引》以及《公司章程》 等有关规定，充分考虑广大投资者的利益，在符合利润分配政策、保证公司正常 经营和长远发展的前提下，公司 2024 年年度拟以实施权益分派股权登记日登记 的实际有权参与本次权益分派 ...

Investment Rating - The report upgrades the investment rating of the company from "Recommended" to "Strongly Recommended" due to the expectation of accelerated reform dividends and the clearance of policy risks [8][9]. Core Viewpoints - The company is expected to achieve a revenue of 84.01 billion yuan in 2024, with a year-on-year decrease of 0.34%, and a net profit of 6.48 billion yuan, reflecting a year-on-year increase of 19.86% [7][13]. - The strategic goal is to become a leader in the silver health industry and premium traditional Chinese medicine, with a target of reaching 10 billion yuan in industrial revenue by 2028 [7][19]. - The three major business divisions (KPC1951, 777, and 1381) are expected to collaborate effectively, enhancing the company's growth potential [7][19]. Summary by Sections Performance Improvement - The company’s performance in 2024 is expected to exceed market expectations, with significant profit growth driven by the acquisition of Huaren Shenghuo and enhanced brand advantages in chronic disease management [7][13]. - The company’s revenue and net profit projections for 2024-2026 are adjusted to 6.42 billion, 7.27 billion, and 9.23 billion yuan respectively, with corresponding year-on-year growth rates of 44.4%, 13.1%, and 27.0% [8][9]. Policy Risk and Business Development - Policy risks have largely been mitigated, allowing for stable growth in the KPC1951 division, which focuses on serious medical treatments and has seen a recovery in the traditional Chinese medicine injection market [22][28]. - The 777 division is focusing on the Sanqi industry chain, with the blood-saitong oral preparations expected to see significant growth due to strong brand positioning and channel development [40][46]. - The 1381 division aims to establish itself as a leader in premium traditional Chinese medicine, leveraging its extensive product portfolio and historical brand strength [19][22]. Financial Metrics - The company’s revenue for 2023 is reported at 8,282 million yuan, with a projected increase to 9,419 million yuan in 2025, reflecting a compound annual growth rate of 12.1% [4]. - The gross profit margin is expected to improve from 44.8% in 2023 to 48.4% by 2026, indicating enhanced operational efficiency [4][15]. Market Position and Competitive Landscape - The company’s core product, the injection of blood-saitong (freeze-dried), has maintained a strong market position, with sales in public medical institutions reaching 35.28 billion yuan in 2023, a year-on-year increase of 3.1% [35][36]. - The competitive landscape for blood-saitong oral preparations is intensifying, with the company positioned favorably against key competitors [41][46].

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

证券代码：600422 证券简称：昆药集团 公告编号：2025-012号 昆药集团股份有限公司 关于获得药物临床试验批准通知书的公告 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。 昆药集团股份有限公司（以下简称"公司"）于近日收到国家药品监督管理局签发 的天麻素注射液（通知书编号：2025LP00457，以下简称"该新药"） 按照化学药品 2.4 类新药受理的《药物临床试验批准通知书》，同意该新药开展相关临床试验研究，具 体如下： 一、该新药基本情况 药品名称：天麻素注射液 注册分类：化学药品 2.4 类新药 通知书编号：2025LP00457 剂型：注射剂 申请事项：药物临床试验申请 申请人：昆药集团（珠海横琴）科技有限公司（公司全资子公司）；昆药集团股 份有限公司 结论：批准药物临床试验 该新药是公司研制的一款 2.4 类新药，适应症为：预防心脏外科术后谵妄。 2018 年 WHO 发布国际疾病分类第 11 版(ICD-11)，将谵妄定义为：急性或亚急 性起病的注意障碍(即指向、聚焦、维持和转移注意的能力减弱)和意识障碍 ...

Investment Rating - The report maintains a "Buy" rating for Kunming Pharmaceutical Group (600422.SH) [2][6] Core Views - The company is expected to achieve a revenue of 8.4 billion yuan in 2024, representing a 9.1% increase compared to the previous adjustment, and a net profit of 650 million yuan, reflecting a 45.7% increase [4][6] - The integration of Huaren Shenghuo is expected to enhance the company's competitive position in the cardiovascular treatment market and improve its performance in the aging health and chronic disease management sectors [5][6] - The company has successfully won bids for its key products in the national traditional Chinese medicine procurement, which is anticipated to expand its sales reach and enhance brand recognition [6][6] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 8.4 billion yuan, 9.22 billion yuan, and 10.11 billion yuan respectively, with growth rates of 9%, 10%, and 10% [6][7] - Net profit forecasts for the same years are 650 million yuan, 760 million yuan, and 930 million yuan, with growth rates of 46%, 17%, and 23% [6][7] - The report indicates an expected EPS of 0.86 yuan for 2024, increasing to 1.00 yuan in 2025 and 1.23 yuan in 2026 [7][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's 2024 performance exceeded expectations, with a focus on continuous empowerment from China Resources [7] - The strategic goal is to become a leader in the elderly health industry and a top player in traditional Chinese medicine [7] - The integration with China Resources is progressing steadily, with expectations for accelerated growth in 2025 [7] Financial Performance Summary - 2024 revenue reached 8.401 billion RMB, with a year-on-year growth of 9.07% [7] - The net profit attributable to shareholders for 2024 was 648 million RMB, reflecting a year-on-year increase of 45.81% [6][7] - The company forecasts revenue growth of 10.68% in 2025, reaching 9.299 billion RMB [6] - The projected net profit for 2025 is 751 million RMB, with a growth rate of 15.88% [6][7] Brand and Market Strategy - The company is increasing investment in the 777 brand, with expectations for rapid growth in the blood circulation product line [7] - The integration of resources post-acquisition of China Resources Shenghuo is expected to enhance market presence [7] - The company aims to strengthen its position in the elderly health and chronic disease management sectors [7] Valuation Metrics - The projected P/E ratios for 2025 and 2026 are 18.23 and 14.54, respectively [6][7] - The company’s return on equity (ROE) is expected to improve from 11.34% in 2025 to 13.83% in 2026 [6][7]

关于昆药集团股份有限公司 2025 年第二次临时股东会的 法律意见 北京德恒（昆明）律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）：0871-63172192 邮编: 650032 北京德恒（昆明）律师事务所 关于昆药集团股份有限公司 2025 年第二次临时股东会的 法 律 意 见 昆药集团股份有限公司： 北京德恒（昆明）律师事务所（下称"本所"）作为贵公司的常年法律顾问， 本次指派杨敏律师、李妍律师出席贵公司 2025 年第二次临时股东会（以下简称 "本次股东会"），并按照律师行业公认的业务标准、道德规范及勤勉尽责精神， 对贵公司提供的与本次股东会有关的文件资料进行了审查，现根据《公司法》《证 券法》《上市公司股东大会规则》及贵公司《章程》的规定，就贵公司本次股东 会的相关事项出具如下法律意见： 一、关于本次股东会的召集和召开程序 根据贵公司提供的有关资料及公开披露的信息，表明贵公司董事会已于 2025 年 1 月 22 日召开了会议，作出了关于召开本次股东会的决议，并于 2025 年 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-011 昆药集团股份有限公司 2025 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 2 月 13 日 (二)股东大会召开的地点：云南省昆明市国家高新技术开发区科医路 166 号昆药 集团股份有限公司管理中心 审议结果：通过 表决情况： (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 | 746 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 363,295,186 | | 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 | 47.9929 | | 份总数的比例（%） | | (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。 本次会议的召集、召开程序符合《中华人民共和国公司法》《上市公司股东 大会规则 ...

Investment Rating - The investment rating for Kunming Pharmaceutical Group is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 8.401 billion yuan in 2024, reflecting a year-on-year growth of 9.07% before adjustments and a slight decline of 0.34% after adjustments. The net profit attributable to shareholders is projected to be 648 million yuan, showing a significant increase of 45.74% before adjustments and 19.86% after adjustments [4] - The acquisition of a 51% stake in China Resources Shenghuo is anticipated to enhance the competitiveness of the company's blood circulation products, particularly the Xue Saitong soft capsules. The integration is expected to support the development of chronic disease management and the traditional Chinese medicine sector [5] - The company aims to double its revenue by the end of 2028, targeting an industrial revenue of 10 billion yuan through both organic growth and external expansion [5] Financial Summary and Valuation Indicators - Revenue is projected to grow from 7.703 billion yuan in 2023 to 9.293 billion yuan in 2025, with a compound annual growth rate (CAGR) of 10.6% [7] - The net profit attributable to shareholders is expected to increase from 648 million yuan in 2024 to 725 million yuan in 2025, and further to 873 million yuan in 2026, indicating a growth rate of 11.9% and 20.4% respectively [7] - The earnings per share (EPS) is forecasted to rise from 0.86 yuan in 2024 to 0.96 yuan in 2025, and 1.15 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 20.9, 18.6, and 15.5 [7]