Investment Rating - The report maintains a "Buy" rating for Kunming Pharmaceutical Group [1] Core Views - The company achieved a total revenue of 7.703 billion yuan in 2023, a decrease of 6.99% year-on-year, while the net profit attributable to shareholders was 444.68 million yuan, an increase of 16.05% [1] - The report highlights that the business adjustments and impairment provisions have impacted the apparent performance, but the company is expected to be well-positioned for 2024 due to these adjustments and the integration efforts following China Resources' acquisition [1] - The strategic plan aims for a compound annual growth rate (CAGR) of over 20% in industrial revenue over the next five years, targeting a doubling of revenue by the end of 2028 [1] - The company has restructured its business lines into three divisions, focusing on brand rejuvenation and channel integration, which is expected to enhance brand value and operational efficiency [1] Summary by Sections Financial Performance - Total revenue for 2023 was 7,703 million yuan, with a year-on-year decline of 6.99% - Net profit attributable to shareholders was 444.68 million yuan, reflecting a year-on-year increase of 16.05% - The report projects revenues of 8,591 million yuan in 2024, with a forecasted CAGR of 11.53% [1][7] Strategic Planning - The company aims to achieve a revenue target of 10 billion yuan by 2028, with a focus on the health and chronic disease management sectors [1] - The strategic plan includes leveraging the historical brand "Kunzhong Medicine 1381" to enhance market presence and product offerings [1] Business Structure - The company has established three business units: "1381" for traditional Chinese medicine, "1951" for serious medical products, and "777" for oral formulations of Sanqi [1] - The restructuring is aimed at improving brand recognition and market penetration through targeted marketing and academic empowerment [1]

营销变革启动，融合成效初显。公司进行业务重塑，成立"KPC1951、 昆中药 1381、777"三大核心事业部。KPC1951 事业部于老龄健康 -慢病管理领域持续发力，积极拓展基层和诊所渠道，紧抓集采中 标窗口，核心品种稳步上量。注射用血塞通（冻干）同比+22.65%； 血塞通口服剂产品同比+19.44%，其中，血塞通软胶囊同比 +33.04%，血塞通片同比+15.09%。昆中药 1381 加大终端覆盖，重 点打造强单品，核心品种舒肝颗粒同比+11.11%；流感、支原体肺 炎等呼吸道疾病高发，公司口咽清丸同比+44.32%，板蓝清热颗粒 同比+21.19%，清肺化痰丸同比+24.21%。 出海与创新持续推进，为公司未来增长赋能。公司自主研发产品 双氢青蒿素磷酸哌喹片 40mg/320mg 通过 WHO 预认证，有利于加速 国际化布局。公司研发投入共计约 1.26 亿元，自主研发的适用于 缺血性脑卒中的1类药KYAZ01-2011-020临床II期入组进度顺利。 适 用 于 异 檬 酸 脱 氢 酶 -1 （ IDH1 ） 基 因 突 变 1 类创新药 KYAH01-2016-079 临床 I 期爬坡期研究已完 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 24.60 CNY over the next six months [3][21]. Core Views - The company is undergoing significant restructuring and integration with its shareholder, China Resources Sanjiu, focusing on "stock integration" and "incremental expansion" as key future strategies [21][23]. - The company aims to double its revenue by the end of 2028, targeting an industrial revenue of 10 billion CNY [21]. - The report highlights the company's strong performance in net profit growth, with a 16.05% increase year-on-year in 2023, despite a decline in total revenue [1][20]. Financial Performance Summary - In 2023, the company achieved a total revenue of 77.03 billion CNY, a decrease of 6.99% year-on-year, while the net profit attributable to shareholders was 4.45 billion CNY, an increase of 16.05% [1][20]. - The company reported a significant increase in net profit in Q4 2023, with a year-on-year growth of 458.75% [1]. - The report projects revenue growth for 2024-2026, estimating revenues of 86.72 billion CNY, 97.69 billion CNY, and 110.13 billion CNY respectively, with net profits of 6.23 billion CNY, 7.61 billion CNY, and 9.29 billion CNY [3][35]. Business Strategy and Restructuring - The company is implementing a "Four Restructuring" strategy focusing on value, business, organization, and spirit to enhance operational efficiency and cultural alignment [2][24]. - The establishment of three core business divisions aims to enhance product offerings and market presence, particularly in the areas of traditional Chinese medicine and chronic disease management [2][21]. - The integration with China Resources Sanjiu is expected to enhance distribution capabilities and market reach, particularly for the Kunzhong Medicine brand [23][21]. Market Position and Future Outlook - The company is positioned to leverage its historical strengths in traditional Chinese medicine while expanding its market footprint through strategic partnerships and enhanced distribution networks [23][21]. - The report emphasizes the potential for high-quality development as the company navigates through the critical phase of state-owned enterprise reform [2][20].

Financial Performance - The company reported a non-operating income of CNY 109,568,222.80 for 2023, a decrease from CNY 132,073,781.03 in 2022, reflecting a decline of approximately 17.0%[12]. - The company recorded a government subsidy of CNY 105,966,264.70 in 2023, down from CNY 128,687,005.17 in 2022, indicating a decrease of approximately 17.6%[12]. - The total non-current assets disposal income was CNY 11,158,867.07, a decrease from CNY 14,462,674.53 in 2022, reflecting a decline of about 22.9%[12]. - The company achieved a consolidated revenue of CNY 770,312.13 million, a year-on-year decrease of 6.99% due to optimization of the business structure and reduced external assistance[79]. - The total profit amounted to CNY 56,361.99 million, reflecting a year-on-year increase of 18.09%[79]. - The net profit attributable to shareholders reached CNY 44,468.00 million, up 16.05% compared to the previous year[79]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 33,511.17 million, showing a significant growth of 33.45%[79]. - The company's total operating revenue for the period was approximately ¥7.54 billion, a decrease of 2.33% compared to the previous year[92]. - The net cash flow from operating activities rose by 40.25% to ¥356,083,160.30 in 2023[134]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a 15% year-over-year growth[173]. Strategic Initiatives - The company completed the restructuring of its board and supervisory board on January 19, 2023, with the controlling shareholder changing to China Resources Sanjiu, marking a significant strategic shift[15]. - The company has outlined a three-year integration plan with China Resources Sanjiu, focusing on high-quality development during the 14th Five-Year Plan period[15]. - The company plans to deepen its engagement in chronic disease management and premium traditional Chinese medicine, aiming for market expansion and innovation[17]. - The company aims to become a leader in the aging health industry and has set strategic goals to enhance brand influence and competitive advantage in the market[65]. - The company is actively pursuing international cooperation and technology acquisition to support its strategic goals and enhance its global competitiveness[58]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 200 million yuan allocated for potential deals[173]. Research and Development - The company is committed to enhancing its research and development capabilities, focusing on innovative and differentiated generic drugs, particularly in the cardiovascular and chronic disease sectors[61]. - Total R&D investment for 2023 amounted to ¥125,173,560.88, representing 1.62% of operating revenue[113]. - R&D expenses increased due to higher capitalized research investments, reflecting a focus on innovation[90]. - R&D investment totaled 125.17 million yuan during the reporting period, focusing on innovative products for chronic disease management[160]. - The number of R&D personnel is 197, making up 3.90% of the total workforce[112]. Market Expansion - The company is focusing on the aging health sector, particularly in chronic disease management, and has established a comprehensive marketing model covering hospitals, grassroots medical institutions, and retail pharmacies[56]. - The OTC (over-the-counter) market for TCM is expected to grow significantly as public awareness of TCM's role in chronic disease prevention increases[54]. - The company is actively expanding its market presence in grassroots and clinic channels, enhancing its prescription drug penetration capabilities[143]. - Market expansion efforts include entering two new provinces, which are projected to increase market share by 5%[173]. Product Development - The company is focusing on the "Qunzhong Medicine 1381" platform to enhance its cultural brand and historical value[31]. - The establishment of the Yunnan Province Sanqi Research Institute aims to enhance innovation and research in the Sanqi industry[31]. - The company has over 600 approved product numbers and maintains a strong market position with core products like Xuesaitong and Artemisinin series, which have dominated the Chinese market for years[56]. - The injection of Xuesaitong (freeze-dried) saw a year-on-year growth of 22.65%, while the oral dosage form of Xuesaitong achieved a growth of 19.44%[143]. - The company’s product KPC1951 aims to establish leadership in the elderly health and chronic disease management sector[157]. Corporate Governance - The company is committed to enhancing corporate governance and integrating party leadership into its operations[156]. - The company has established a comprehensive internal control system and long-term supervision mechanism to enhance management effectiveness and risk prevention[199]. - A series of internal control management systems have been revised and improved, including investor relations and independent director work systems[199]. - The company has implemented a performance management system that aligns individual performance with organizational goals, enhancing overall efficiency[181]. Sustainability and Social Responsibility - The management team emphasized the importance of sustainability initiatives, committing to invest 30 million yuan in eco-friendly practices[173]. - The company has been recognized as a national technology innovation demonstration enterprise and has received multiple awards for its contributions to scientific and technological progress[61]. - The government has introduced policies to support the development of traditional Chinese medicine, indicating a long-term growth opportunity for the industry[37]. Financial Management - The company has a clear cash dividend policy that complies with its articles of association and shareholder resolutions[182]. - The company has not proposed a cash profit distribution plan despite having positive distributable profits for shareholders[197]. - The company has established a comprehensive evaluation and incentive mechanism for senior management to enhance performance accountability[187].

目录 Contents | 关于本报告 /001 | | --- | | 董事长致辞 /003 | 亮点专题 | 万流归海融合共生， | | --- | | 昆药重塑焕新启航 / 005 | 走进昆药 /007 责任专题 云滇天然赓续绵延 国药弘愿履践致远 / 021 可持续发展管治 /027 | 守正笃诚： | 01 | | --- | --- | | 山林再启，开辟价值 新 | 章 | | 1.1 立地有恒，夯实党建根基 | / 033 | | 1.2 法令谨循，笃行合规经营 | / 036 | | 1.3 诚以养信，恪守商业道德 | / 041 | | 1.4 智慧昆药，赋能高效运营 | / 045 | | 抱朴臻美： | 02 | | 和合共生，绘就生态 新 | 篇 | 抱朴臻美： 和合共生，绘就生态 新 篇 | 2.1 孜孜以行，专注环境管理 | / 049 | | --- | --- | | 2.5 防微杜渐，落实污染防治 | / 052 | | 2.2 凝心环保，优化资源管理 | / 056 | | 2.4 勖励标准，应对气候变化 | / 059 | | 2.3 聚此青绿，践行绿色运营 | / ...

昆药集团股份有限公司 自 2023 年 1 月 1 日 至 2023 年 12 月 31 日止年度财务报表 KPMG 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 毕马威华振审字第 2401984 号 昆药集团股份有限公司全体股东: 一、审计意见 我们审计了后附的昆药集团股份有限公司《以下简称"昆药集团"）财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 ...

KPMG 昆药集团股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况的专项报告 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 +86 (10) 8518 5111 Fax Internet kpmg.com/cn 近外带气式外张分窗口出 (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 2023 年度非经营性资金占用及其他关联资金往来情况的专项报告 毕马威华振专字第 2400222 号 昆药集团股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了昆药集团股份有限公司(以下简称 "昆药集团"）2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表, 2023 年度的 ...

昆药集团股份有限公司 2023 年度审计与风险控制委员会履职报告 二、 审计与风险控制委员会2023年度履职概况 （一）年报审计沟通会召开情况 2023年年初，委员会就2022年年报审计工作进行沟通，组织安排委员会成员 及独立董事与审计机构就2022年度报告审计工作进行沟通交流，审计师对2022 年度审计工作、审计重点和内容进行充分阐述，并与与会人员就2022年审计中存 在的问题进行了充分讨论并提出意见和建议。 （二）委员会召开情况 报告期内，除了年报审计沟通会，委员会共召开了七次会议，所有委员均参 加了各次会议，情况如下： 1、 委员会第一次会议 委员会2023年第一次会议于2023年1月2日以通讯表决方式召开，会议应到委 员3人，实到3人。会议审议了《关于公司2023年与华润医药日常关联交易预估的 1 议案》《关于公司2023年与华立医药日常关联交易预估的议案》。会议审议通过 并同意将上述议案提交董事会审议。 昆药集团股份有限公司（以下简称"公司"）董事会下设审计与风险控制委员 会（以下简称"委员会"），根据上海证券交易所《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等相关规定，现将委员会 ...

昆药集团股份有限公司 关于 2023 年度募集资金存放与实际使用情况的专项报告 根据中国证监会发布的《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》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》 等有关规定，昆药集团股份有限公司（以下简称"公司"或"本公司"）董事会编制了截至 2023 年 12 月 31 日止的《关于公司 2023 年年度募集资金存放与实际使用情况的专项报告》。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准昆明制药股份有限公司公开发行股票的通知》（证监 发行字〔2000〕149号）文核准，并经上海证券交易所同意，本公司由主承销商国泰君安证券股份 有限公司采用公开发行的方式发行人民币普通股(A股)4,000万股,每股面值为人民币1元，每股发行 价格为人民币10.22元，共募集资金总额为人民币40,880.00万元,扣除发行费用中的承销费用人民币 820.00万元和上网发行费人民币143.08万元后的余款人民币39,916.92万元，已由主承销商国泰君安 证券股份有限公司于2000年11 ...

KPMG 对昆药集团股份有限公司 关于 2023 年年度 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 +86 (10) 8518 5111 Fax 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 鉴加哥传告 毕马威华振专字第 2400221 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"昆药集团"）《关于 2023 年 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"） ...