证券代码：600422 证券简称：昆药集团 公告编号：2025-019号 昆药集团股份有限公司十一届三次监事会决议公告 本公司监事会及全体监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"昆药集团"、"公司"）于 2025 年 3 月 25 日 以通讯表决方式召开公司十一届三次监事会会议。会议通知以书面方式于 2025 年 3 月 21 日发出。会议由公司监事会主席钟江先生召集并主持，本次会议应参加表决监 事 5 人，实际参加表决 5 人，符合《公司法》和《公司章程》的规定。会议审议并通 过了以下决议： 同意：5 票 反对：0 票 弃权：0 票 此议案审议通过，还需提交公司股东大会审议。 特此公告。 昆药集团股份有限公司监事会 2025 年 3 月 26 日 1 1、 关于公司 2025 年度担保计划的议案（详见《昆药集团关于 2025 年度担保计划的 公告》） ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-018号 昆药集团股份有限公司十一届三次董事会决议公告 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。 昆药集团股份有限公司（以下简称"昆药集团"、"公司"）于 2025 年 3 月 25 日以通讯表决方式召开公司十一届三次董事会会议。会议通知以书面方式于 2025 年 3 月 21 日发出。会议由公司董事长吴文多先生召集并主持，本次会议应参加表决董事 9 人，实际参加表决 9 人，符合《公司法》和《公司章程》的规定。会议以记名方式投 票表决，审议并通过以下决议： 1、 关于公司 2025 年度担保计划的议案（详见《昆药集团关于 2025 年度担保计划的 公告》） 同意：9 票 反对：0 票 弃权：0 票 董事会意见： 本次担保计划事项是为满足公司及相关下属公司 2025 年度生产经营需要，有利 于提高融资效率、降低融资成本。被担保人主要包括：公司全资子/孙公司以及昆药集 团医药商业有限公司的全资子公司或控股子公司。其中，昆药集团医药商业有限公司 对其非全资子公司 ...

Investment Rating - The report assigns a "Buy" rating for Kun Pharmaceutical Group, marking its first coverage with a target price of 21.73 CNY, indicating a potential upside of 25% from the current price of 17.45 CNY [5][8]. Core Insights - Kun Pharmaceutical Group, a subsidiary of China Resources Group, has successfully advanced its state-owned enterprise reform since joining China Resources Sanjiu in 2023, focusing on the aging health sector, which is expected to drive performance beyond expectations [1]. - The company benefits from a robust market position in the cardiovascular sector, driven by an aging population and a decrease in upstream Chinese medicinal material prices, which is likely to alleviate cost pressures [2][32]. Summary by Sections Company Overview - Kun Pharmaceutical Group, established in 1951 and listed in 2000, aims to become a leader in the aging health industry, focusing on high-quality traditional Chinese medicine and chronic disease management [15][23]. - The company has restructured its marketing organization to enhance its focus on the "777" brand and the "Kun Chinese Medicine 1381" series, targeting chronic disease management and premium traditional Chinese medicine [16][23]. Market Dynamics - The aging population in China is expected to continue increasing, with 21.1% of the population aged 60 and above by the end of 2023, which will benefit the elderly medication market [32][33]. - The cardiovascular traditional Chinese medicine market is projected to grow, despite some segments experiencing declines due to policy impacts on injection drugs [36][40]. Financial Projections - Revenue forecasts for 2025-2027 are 94.86 billion CNY, 108.87 billion CNY, and 125.99 billion CNY, with year-on-year growth rates of 12.91%, 14.77%, and 15.73% respectively [5][6]. - Net profit estimates for the same period are 7.83 billion CNY, 9.29 billion CNY, and 11.10 billion CNY, reflecting growth rates of 20.86%, 18.63%, and 19.44% respectively [5][6]. Brand and Marketing Strategy - The company has established a comprehensive marketing strategy that integrates various channels, including hospitals, retail pharmacies, and e-commerce, to enhance its market presence [25][30]. - The introduction of the "777" brand aims to strengthen consumer recognition of the key ingredient, total saponins of Panax notoginseng, in its products [29][50]. Competitive Landscape - The market share of Kun Pharmaceutical Group's key products, such as the blood-activating soft capsule and the injection form, has shown significant growth, indicating a strong competitive position in the cardiovascular market [38][39]. - The overall market concentration in the cardiovascular traditional Chinese medicine sector has increased, with the top 10 companies capturing a larger share of the market [36][38].

Investment Rating - The report assigns a "Buy" rating for Kun Pharmaceutical Group, marking its first coverage with a target price of 21.73 CNY, indicating a potential upside of 25% from the current price of 17.45 CNY [5][8]. Core Insights - Kun Pharmaceutical Group, a subsidiary of China Resources Group, has been successfully advancing state-owned enterprise reforms since joining China Resources Sanjiu in 2023, focusing on the aging health sector, which is expected to drive performance beyond expectations [1][2]. - The company benefits from a strong brand culture and significant improvements in operational efficiency through channel reforms and management restructuring within the China Resources system [2][5]. Summary by Sections Company Overview - Kun Pharmaceutical Group, established in 1951 and listed in 2000, aims to become a leader in the aging health industry and a provider of premium traditional Chinese medicine, focusing on the "Three Seven" industry chain and chronic disease management [15][23]. - The company has initiated a marketing organization transformation in 2023, establishing three core business units centered around chronic disease management and premium traditional Chinese medicine [16]. Market Dynamics - The cardiovascular market is expected to benefit from the aging population, with a significant portion of patients being over 60 years old, which supports the company's stable growth [32][33]. - The market for cardiovascular traditional Chinese medicine is projected to grow, despite some segments experiencing price declines due to policy impacts [36][40]. Financial Projections - Revenue forecasts for 2025-2027 are 94.86 billion CNY, 108.87 billion CNY, and 125.99 billion CNY, with year-on-year growth rates of 12.91%, 14.77%, and 15.73% respectively [5][6]. - Net profit estimates for the same period are 7.83 billion CNY, 9.29 billion CNY, and 11.10 billion CNY, reflecting growth rates of 20.86%, 18.63%, and 19.44% [5][6]. Catalysts for Growth - Key catalysts include successful channel reforms for the premium national medicine series in 2025, exceeding expectations in medical and retail terminal coverage, and the implementation of a new equity incentive plan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [6][22]. Core Insights - The company achieved a revenue of 8.4 billion yuan in 2024, reflecting a 9.1% increase compared to the previous year, while the net profit attributable to shareholders reached 650 million yuan, marking a 45.7% increase [2][3]. - The acquisition of a 51% stake in China Resources Shenghuo is expected to enhance the company's operational capabilities and market position, contributing to historical highs in net profit and net profit after deducting non-recurring items [3][6]. - The company is focusing on developing strong single products and nurturing high-growth potential products, leveraging the resources and capabilities of China Resources [5][6]. Financial Performance Summary - In 2024, the company reported a revenue of 8.4 billion yuan, with a net profit of 650 million yuan, and a net profit after deducting non-recurring items of 420 million yuan, showing a year-on-year growth of 25.1% [2][4]. - The revenue forecast for 2025, 2026, and 2027 is projected to be 9.3 billion yuan, 10.3 billion yuan, and 11.5 billion yuan respectively, with growth rates of 11% for each year [6][12]. - The net profit for the same years is expected to be 760 million yuan, 910 million yuan, and 1.07 billion yuan, with growth rates of 17%, 20%, and 17% respectively [6][12]. Product Performance - Oral dosage products generated revenue of 3.69 billion yuan, showing a slight increase of 1.2%, while injection products faced a significant decline in revenue by 49.1% to 540 million yuan due to policy impacts [4][5]. - Key products include the injection of Xue Saitong, which saw a 54.7% drop in sales, while Tianma injection liquid experienced a 12.9% increase in sales [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [6][22]. Core Views - The company achieved a revenue of 8.4 billion yuan in 2024, reflecting a 9.1% increase compared to the previous year, while the net profit attributable to shareholders reached 650 million yuan, marking a 45.7% increase [2][3]. - The acquisition of a 51% stake in China Resources Shenghuo is expected to enhance the company's operational capabilities and market position, contributing to historical highs in net profit and net profit after deducting non-recurring items [3][6]. - The company is focusing on developing strong single products and nurturing high-growth potential products, leveraging the resources and capabilities of China Resources [5][6]. Financial Performance Summary - In 2024, the company reported a revenue of 8.4 billion yuan, with a net profit of 650 million yuan, and a net profit after deducting non-recurring items of 420 million yuan, showing a year-on-year increase of 25.1% [2][4]. - The revenue from oral dosage products was 3.69 billion yuan, a 1.2% increase year-on-year, while injection products saw a significant decline in revenue to 540 million yuan, down 49.1% [4]. - The company forecasts revenues of 9.29 billion yuan, 10.3 billion yuan, and 11.49 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of 11% for both 2025 and 2026, and 12% for 2027 [6][7]. Product Performance - The main products include: 1. Blood-activating injection (freeze-dried) saw a 54.7% drop in sales due to medical insurance payment policy impacts 2. Tianma injection liquid experienced a 12.9% increase in sales in procurement areas and grade hospitals 3. Blood-activating soft capsules reported an 11.3% increase in sales [4][5]. - The company is actively enhancing its product pipeline, with successful evaluations for several products in the neurology and chronic disease sectors [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is positioned to become a leader in the silver-haired health industry, supported by ongoing empowerment from China Resources [5] - The company reported a slight decline in revenue for 2024, but net profit reached a historical high, indicating strong operational performance [7] - The company aims to enhance its market position in the aging health and chronic disease management sectors through strategic branding and product development [7] Financial Performance Summary - For 2023, the company achieved a revenue of 7,703 million RMB, with a projected growth to 8,996 million RMB in 2025, reflecting a year-on-year growth rate of 7.08% [6] - The net profit attributable to shareholders is expected to grow from 648 million RMB in 2024 to 751 million RMB in 2025, with a growth rate of 15.82% [6] - The earnings per share (EPS) is projected to increase from 0.86 RMB in 2024 to 0.99 RMB in 2025 [6] Business Segment Performance - The oral dosage segment generated revenue of 36.93 million RMB in 2024, showing a year-on-year increase of 1.18%, while the injection segment saw a significant decline of 49.09% [7] - The company is focusing on the "777" brand to strengthen its market presence in cardiovascular disease prevention and treatment [7] - The core products in the traditional Chinese medicine segment, such as "Shenling Baizhu Powder" and "Shu Gan Granules," have shown a sales growth of 20% in 2024 [7] Strategic Outlook - The company aims to achieve a net profit of 7.51 billion RMB by 2025, with a clear strategic goal to become a leader in the silver-haired health industry and premium traditional Chinese medicine [7] - The integration with China Resources is expected to enhance operational efficiency and market reach, particularly in the hospital and retail sectors [7]

Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company has solidified its foundation and improved operational quality, achieving stable performance despite external pressures and optimizing its business structure. The performance aligns with expectations, with the blood circulation product series enhancing brand recognition through the "777" strategy [1][9]. - Future prospects include continued brand development for Kun Chinese Medicine, expected synergies from the acquisition of Huaren Shenghuo, effective channel reforms anticipated to show results starting in 2025, and a gradual weakening of external environmental impacts [1][14]. Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 84.01 billion yuan, a slight decrease of 0.34% year-on-year. The net profit attributable to shareholders was 6.48 billion yuan, reflecting a growth of 19.86%, while the net profit after deducting non-recurring items was 4.19 billion yuan, up 25.09% [2][9]. - Key financial metrics for 2023 to 2027 show a projected revenue increase from 84.01 billion yuan in 2024 to 113.50 billion yuan in 2027, with net profit expected to rise from 6.48 billion yuan to 9.73 billion yuan over the same period [3][15]. Business Strategy and Outlook - The company is focusing on the "777" brand strategy to enhance the blood circulation product series, which is expected to drive growth despite external challenges [10][11]. - The integration of the Sanqi industry chain with Huaren Shenghuo is anticipated to maximize value through collaborative advantages in product development and marketing [14]. - The company is implementing channel reforms to enhance long-term partnerships and digital operations, with expected positive impacts on performance starting in 2025 [14]. Profitability and Cost Management - The overall gross margin for 2024 is reported at 43.46%, a decrease of 3.15 percentage points, influenced by revenue and product structure changes. The sales expense ratio decreased by 4.82 percentage points to 26.50% [13]. - The company has seen a significant increase in cash flow from operating activities, up 7.12% year-on-year, primarily due to reduced marketing expenses [13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is positioned to become a leader in the silver-haired health industry, supported by ongoing empowerment from China Resources [5] - The company reported a slight revenue decline of 0.34% in 2024, but achieved record highs in net profit and non-recurring net profit [7] - The company is focusing on enhancing its product offerings in the health management sector, particularly through its 777 series of products [7] Financial Performance Summary - Revenue projections for 2025 are estimated at 8,996 million RMB, with a year-on-year growth rate of 7.08% [6] - The net profit for 2025 is projected to be 751 million RMB, reflecting a growth rate of 15.82% [6] - The earnings per share (EPS) for 2025 is expected to be 0.99 RMB, with a return on equity (ROE) of 12.85% [6] Business Segment Performance - The oral dosage segment achieved revenue of 3,693 million RMB in 2024, growing by 1.18% year-on-year, while the injection segment saw a significant decline of 49.09% [7] - The company is enhancing its product structure, with a focus on the 777 series and other key products, which are expected to drive future growth [7] Strategic Goals - The company aims to become a leader in the silver-haired health industry and a premium traditional Chinese medicine provider [7] - The strategic focus includes optimizing product channels and increasing brand recognition, particularly for its key products [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company is expected to achieve steady profit growth in 2024, with a strong performance in the fourth quarter. The channel integration is nearly complete, and improvements in quality and efficiency are anticipated [3][7] - The acquisition of a 51% stake in Kunming Huaren Shenghuo Pharmaceutical is a key move to resolve competition issues with Huaren Sanjiu and further expand in the health sector [7] - The company's strategy of "big products + all channels + branding" is progressing, with significant channel integration completed, which is expected to enhance quality and efficiency [7] Financial Summary - The company’s projected revenue for 2025 is estimated at 9.22 billion RMB, with a net profit of 718 million RMB, reflecting a growth rate of 10.8% [6][9] - The earnings per share (EPS) for 2025 is expected to be 0.95 RMB, with corresponding price-to-earnings ratios of 18.1 times [4][6] - The company reported a total revenue of 8.40 billion RMB in 2024, with a net profit of 648 million RMB, marking a year-on-year growth of 19.86% [7]