| 关于本报告 | �� | | --- | --- | | 董事长致辞 | �� | | 亮点专题： | �� | | 长风破浪融合并进， | | | 潮尽峰出可期巍峨 | | | 责任专题： | �� | | 云滇国药泽被万民， | | | 中华智慧福祉寰球 | | | 走进昆药 | �� | | ESG治理体系 | �� | | 守正立命： 循规治理，笃行价值再兴 | | | --- | --- | | 夯实党建根基 | �� | | 笃行合规经营 | �� | | 恪守商业道德 | �� | | 维护数据安全 | �� | | | �� | | --- | --- | | 保障客户权益 | �� | | | 勖励立新： | | | --- | --- | --- | | �� | 朝兢夕惕，聚力创新研发 | �� | | | 坚持研发创新 | �� | | | 规范医药伦理 | �� | | | 保护知识产权 | �� | | | 提升药物可及 | �� | | 四时立道： 守此青绿，护佑和合共生 | | | --- | --- | | 完善环境管理 | �� | | 应对气候变化 | �� | | ...

昆药集团股份有限公司 关于 2024 年度 募集资金存放与实际使用情况的专项报告的鉴证报告 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 我们接受委托，对后附的昆药集团股份有限公司 (以下简称"昆药集团")《关于 2024 年度募 集资金存放与实际使用情况的专项报告》(以下简称"专项报告") 执行了合理保证的鉴证业务，就 专项报告是否在所有重大方面按照中国证券监督管理委员会 (以下简称"证监会") 发布的《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) 》(证监会公告 [2022] 15 号) 和上海证券交易所发布的《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》及相关格式指引的要求编制，以及是否在所有重大方面如实反映了贵公司 2024 年度募集资金 的存放和实 ...

证券代码：600422 证券简称：昆药集团 公告编号：2025-013号 昆药集团股份有限公司十一届二次董事会决议公告 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 10 日以 现场+线上会议方式召开公司十一届二次董事会会议。会议通知以书面方式于 2025 年 2 月 28 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、 公司 2024 年度总裁工作报告 同意：9 票 反对：0 票 弃权：0 票 2、 公司 2025 年度商业计划 同意：9 票 反对：0 票 弃权：0 票 3、 公司 2024 年度董事会工作报告 同意：9 票 反对：0 票 弃权：0 票 此议案审议通过，还须提交公司股东大会审议。 4、 公司 2024 年度审计与风险控制委员会履职报告（全文刊登于上海证券交易所网 站 www.sse.com.cn） 本议案已经公司十一届董事会审计与风险控制委员会 2025 年第一次会议审议通 过，并同意提交公司董事会审议。 同意：9 票 ...

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].

结构性分化，把握龙头配置价值 ——中药行业2025年2月月报 长城证券产业金融研究院 分析师：刘鹏 执业证书编号：S1070520030002 邮箱：liupeng@cgws.com 分析师：袁紫馨 执业证书编号：S1070122080041 邮箱：yuanzixin@cgws.com 评级：强大于市（维持） 2025.03.03 01 核心观点 核心观点 1、 2024年 中 药 行 业分 化加大 ，头部 效应凸 显，竞 争格局 有望重 塑 2024年多因素影响行业竞争局，头部企业优势集中，华润系（华润三九、东阿阿胶、昆药集团、江中药业）、片仔癀名贵 OTC龙头、 奇 正藏药 院内贴 膏龙头 通过品 牌壁垒 和渠道 优势普 遍实现 稳健增 长，中 小企业 受成本 端压力 、集采 政策、 医保控 费、消费 疲软等 因素共 振 陷 入 亏 损 或利润 同比下 滑，行 业整体 承压， 2025年 业 绩 压 力减弱 下弹性 有望释 放 2、 估 值 与复盘 • 2月中药板块下跌1.15%， 大 幅 跑输 沪深300和 SW 医 药 生 物指数 ，主要 系科技 成长股 资金虹 吸效应 及"AI+医 疗" 关 注 景 ...

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]