Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in its oral medication segment, while the injection segment experienced a significant decline [3] - The construction of the Kun Pharmaceutical business model is showing significant results in channel reform, which is expected to improve product accessibility and market coverage [5][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, and a net profit attributable to shareholders of 648 million yuan, reflecting a year-on-year growth of 19.86% [2] - The company’s oral medication revenue reached 3.693 billion yuan in 2024, marking an 8.15% increase year-on-year, while the injection segment revenue fell by 49.09% to 539 million yuan [3] - The company anticipates a double-digit revenue growth in 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [8] Business Segment Analysis - The blood clotting series products showed robust growth, with the sales volume of blood clotting soft capsules increasing by 11.27% to 1.584 billion capsules in 2024 [3] - The company’s wholesale and retail business generated 3.655 billion yuan in revenue, reflecting a 6.07% year-on-year increase [3] - The company is focusing on enhancing its distribution channels through the Kun Pharmaceutical business model, which aims to improve the coverage of core products in retail terminals [5][6]

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in oral medications, while injections saw a significant decline due to policy adjustments [3] - The construction of the Kun Pharmaceutical business model is expected to yield significant results, improving channel efficiency and market reach [5][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, while the net profit attributable to shareholders was 648 million yuan, reflecting a 19.86% increase [2][3] - The company forecasts a double-digit revenue growth for 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [8] - Key financial metrics for 2024 include a gross margin of 43.5% and a return on equity (ROE) of 12.3% [7] Business Segment Performance - The oral medication segment generated 3.693 billion yuan in revenue, marking an 8.15% year-on-year increase, while the injection segment saw a 49.09% decline, with revenues of 539 million yuan [3] - The blood-activating series products, particularly the oral formulations, showed robust growth, with sales of blood-activating soft capsules reaching 1.584 billion units, a year-on-year increase of 11.27% [3] Strategic Initiatives - The company is actively participating in national and provincial centralized procurement initiatives, which is expected to stabilize product supply prices and enhance market penetration [4] - The Kun Pharmaceutical business model aims to improve the efficiency of distribution channels and increase product accessibility across various medical institutions [5][6]

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company is expected to embrace centralized procurement policies actively, which will enhance its medical terminal coverage and drive future business development [2][4] - The company reported a stable performance in its oral dosage segment, while the injection segment experienced a significant decline [3] - The construction of the Kun Pharmaceutical business model is showing significant results in channel reform, which is expected to improve product accessibility and market coverage [5][6] Financial Summary - In 2024, the company achieved a total revenue of 8.401 billion yuan, which is essentially flat year-on-year, and a net profit attributable to shareholders of 648 million yuan, reflecting a year-on-year growth of 19.86% [2][3] - The company forecasts a double-digit revenue growth for 2025, with projected revenues of 9.3 billion yuan and a net profit of 757 million yuan [3][8] - Key financial metrics for 2025 include an EPS of 1.00 yuan, a P/E ratio of 17.76, and a projected gross margin of 44.1% [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [11]. Core Insights - The company reported a revenue of 8.40 billion RMB for 2024, a slight decrease of 0.34% year-on-year, while the net profit attributable to shareholders increased by 19.86% to 648 million RMB [1]. - The company is undergoing comprehensive reforms and enhancing its operational systems, which are expected to lead to improved efficiency and sales growth for core products [2]. - The integration with China Resources Sanjiu is showing positive results, with core products anticipated to enter a growth phase due to stable procurement contracts and effective channel management [3]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 8.40 billion RMB, reflecting a year-on-year decline of 0.34%. The net profit attributable to shareholders was 648 million RMB, marking a year-on-year increase of 19.86% [1]. - The adjusted net profit for Q4 2024 was approximately 130 million RMB, significantly improving from 25 million RMB in Q4 2023 [1]. Operational Analysis - The company is implementing a 4C operational system to enhance organizational efficiency and talent management, aiming for a more integrated structure [2]. - The company has successfully renewed procurement contracts for its core products, with expectations for increased market penetration and sales volume [2]. - Key products such as Shenling Baizhu Powder and Shugan Wan have shown a combined revenue growth of 20%, with one product surpassing 100 million RMB in revenue [2]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 740 million RMB, 893 million RMB, and 1.07 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 14%, 21%, and 20% [3]. - The earnings per share (EPS) are expected to be 0.98 RMB, 1.18 RMB, and 1.42 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 18, 15, and 13 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [11]. Core Insights - The company reported a revenue of 8.40 billion RMB for 2024, a slight decrease of 0.34% year-on-year, while the net profit attributable to shareholders increased by 19.86% to 648 million RMB [1]. - The company is undergoing comprehensive reforms and enhancing its operational systems, aiming for a more efficient and integrated organization [2]. - The company’s core products are expected to see increased sales due to stable contract renewals in national traditional Chinese medicine procurement [2]. - The company’s net profit forecasts for 2025-2027 are 740 million RMB, 893 million RMB, and 1.07 billion RMB, reflecting year-on-year growth rates of 14%, 21%, and 20% respectively [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a non-deductible net profit of approximately 130 million RMB, a significant improvement from 25 million RMB in Q4 2023 [1]. - The company’s revenue growth rate is projected to be 9.07% in 2025, with a steady increase in net profit margins [6]. Operational Analysis - The company is focusing on channel reforms and enhancing distributor management, which is expected to support the growth of core product sales [2]. - The integration of Huaren Shenghuo is anticipated to strengthen the company’s market position and product offerings [2]. Profit Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 0.98 RMB, 1.18 RMB, and 1.42 RMB, with corresponding price-to-earnings (P/E) ratios of 18, 15, and 13 [3]. - The company is expected to enter a new growth phase in 2025, driven by the successful implementation of its channel reforms and the anticipated increase in sales volume of core products [3].

业绩简评 2025 年 3 月 11 日，公司发布 2024 年年度报告。合并华润圣火后， 公司 2024 年实现收入 84.0 亿元，同比-0.34%；归母净利润 6.48 亿元，同比+19.86%；扣非归母净利润 4.19 亿元，同比+25.09%。 单季度看，公司 2024 年 Q4 实现扣非归母净利润约 1.30 亿元，较 23 年 Q4 的 0.25 亿元有明显改善。 经营分析 全面深化改革，持续推进昆药商道建设。公司全面构建 4C 型系 统运营体系平台，重塑升级组织与人才体系，向高效一体化组织 迈进。同时，借助三九商道体系等优势，持续推动渠道变革，重 点加强经销商管理，并积极建构昆药商道。价格体系建设、数据 直连等关键举措落地见效，为一阶段商道建设顺利完成奠定坚实 基础。在纯销型精准营销网络持续搭建下，看好公司核心产品终 端销售稳步增长。 集采平稳续约，核心产品放量可期。在全国中成药集采（首批扩 围接续）中，公司血塞通口服系列平稳续约，同时，公司针剂 24 年收入同比下降 49%，注射用血塞通（冻干）基数降低，100mg 集 采降价影响可能较小。且集采身份有望提升公司三七系列产品医 疗机构覆盖率， ...

昆药集团股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 我们认为，后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则 (以下简称"企业会计准则") 的规定编制，公允反映了昆药集团 2024 年 12 月 31 日的合并 及母公司财务状况以及 2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则 (以下简称 ...

东海证券股份有限公司关于昆药集团股份有限公司 2024 年度募集资金存放与实际使用情况 专项核查意见 东海证券股份有限公司（以下简称"东海证券""保荐机构"或"持续督导 机构"）作为昆药集团股份有限公司（以下简称"昆药集团"或"公司"）2015 年度非公开发行 A 股股票的保荐机构，同时承继昆药集团 2013 年公开发行股票 的持续督导工作范围与责任。根据《证券发行上市保荐业务管理办法》《上海证 券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所股票 上市规则（2024 年 4 月修订）》《上市公司监管指引第 2 号—上市公司募集资 金管理和使用的监管要求（2022 年修订）》和《上海证券交易所上市公司自律 监管指引第 1 号——规范运作（2023 年 12 月修订）》等有关规定，对昆药集团 2024 年度募集资金的存放和使用情况进行了专项核查，核查结果如下： 一、募集资金基本情况 （一）2013 年公开发行股票上市及募集资金情况 （一）2013 年公开发行股票募集资金的存放、使用及专户余额情况 根据中国证监会《上市公司监管指引第 2 号—上市公司募集资金管理和使用 的监管要求》《上海证券 ...

昆药集团股份有限公司 自 2024 年 1 月 1 日 至 2024 年 12 月 31 日止年度内部控制审计报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2501266 号 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化可能导致内部控制 变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结果推测未来内部控制的有效性具有一 定风险。 KPMG Huazhen LLP, a People's Repub ...

昆药集团股份有限公司 关于自 2025 年 1 月 1 日起 会计估计变更事项的专项报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于昆药集团股份有限公司 会计估计变更事项的专项报告 毕马威华振专字第 2500860 号 昆药集团股份有限公司董事会： 我们接受委托，对后附的《昆药集团股份有限公司（以下简称"贵公司"）会计估计变 更事项的说明》（以下简称"会计估计变更事项说明"）中所述的会计估计变更事项执行了有 限保证的鉴证业务。 一、管理层的责任 按照中华人民共和国财政部颁布的 ...