市场数据 2024-03-21 A 股收盘价(元) 20.65 总股本(万股) 75,711 流通 A 股市值(亿元) 156 精品国药、慢病管理两手抓，聚焦银发 经济第一股 核心观点： 分析师 ：021-20257805 分析师登记编码：S0130522100001 相对沪深 300 表现图 资料来源：中国银河证券研究院 【银河医药】公司点评_昆药集团(600422.SH)年报点评 _华润入主，优质中药品牌有望焕发生机 公司点评 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 公司点评 3 昆药集团股份有限公司成立于 1951 年，前身是昆明制药厂，1995 年改制为股份制企业，2000 年 在上海证券交易所上市。公司下属子公司众多，其中全资子公司 24 个，非全资子公司 3 个。旗下的精 品国药平台昆中药，始于明太祖洪武十四年，打破世界最古老药企的世界吉尼斯纪录。 核心管理层。2023 年 1 月 19 日，公司召开 2023 年第一次临时股东大会，审议通过《关于增补公司十 届董事会部分非独立董事的议案》《关于增补公司十届监事会部分非职工代表监事的议案》，确认增补 华润三九推荐的邱华伟先生、颜 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, consistent with the previous rating [8]. Core Views - The company achieved a revenue of 7.703 billion RMB in 2023, a year-on-year decrease of 6.99%. However, the net profit attributable to shareholders increased by 16.05% to 445 million RMB, and the net profit excluding non-recurring items rose by 33.45% to 335 million RMB. The operating cash flow also saw a significant increase of 40.25% to 356 million RMB [8]. - The growth in net profit is attributed to continuous optimization of the product structure and cost reduction measures. In Q4 2023, the company reported a revenue of 2.092 billion RMB, a slight increase of 0.14% year-on-year, with a remarkable net profit growth of 458.75% to 58 million RMB [8]. - The company is focusing on new drug research and development, with 29 new patent authorizations in 2023. It aims to enhance its core product pipeline and has made progress in clinical trials for innovative drugs [8]. - The company plans to concentrate on the elderly health sector in 2024, with three major business divisions targeting chronic disease management and traditional Chinese medicine [8]. Financial Summary - The company forecasts revenues of 8.180 billion RMB, 8.672 billion RMB, and 9.122 billion RMB for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 561 million RMB, 686 million RMB, and 812 million RMB for the same years [9]. - The gross profit margin is projected to improve from 44.8% in 2023 to 53.4% by 2026, while the return on equity (ROE) is expected to rise from 8.4% to 11.9% over the same period [9]. - The earnings per share (EPS) is anticipated to increase from 0.59 RMB in 2023 to 1.07 RMB by 2026, reflecting a positive growth trajectory [9].

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 ...