证券代码：600436 证券简称：片仔癀 公告编号：2024-037 漳州片仔癀药业股份有限公司 特此公告。 漳州片仔癀药业股份有限公司监事会 2024 年 8 月 10 日 1 / 1 一、审议通过《公司关于全资子公司对外投资暨关联交易的议 案》； 参加表决的监事 5 票同意,0 票反对，0 票弃权。议案内容详见公 司同日在上海证券交易所网站披露的《公司关于全资子公司对外投资 暨关联交易的公告》（2024-036 号）。 本议案无需提交至公司股东大会审议。 第七届监事会第十五次会议决议公告 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。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届监事 会第十五次会议于 2024 年 8 月 9 日（星期五）上午 11：00 在公司片 仔癀大厦 21 楼会议室以通讯会议方式召开。会议通知和议案以专人 送达、电子邮件方式发出。本次会议应参加表决的监事 5 名，实际表 决的监事 5 名。会议召开符合《公司法》和《漳州片仔癀药业股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，合 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-036 漳州片仔癀药业股份有限公司关于全资子公司对外投资暨 关联交易的公告 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： 漳州片仔癀药业股份有限公司（以下简称"公司"）全资子 公司漳州片仔癀投资管理有限公司（以下简称"片仔癀投资"）拟 以自有或自筹资金人民币 25,414.82 万元，向漳州市国有资产投资 经营有限公司（简称"国投公司"）收购漳州市明源香料有限公司 （以下简称"明源香料"）100%股权。 本次对外投资的交易对方国投公司，原为隶属于控股股东漳 州市九龙江集团有限公司（以下简称"九龙江集团"）的子公司， 于 2024 年 2 月划出九龙江集团股权；该事项构成关联交易，但未构 成《上市公司重大资产重组管理办法》规定的重大资产重组。 本次对外投资事项已经公司董事会审计委员会 2024 年第六次 会议、公司第七届董事会独立董事专门会议 2024 年第三次会议、公 司第七届董事会第二十二次会议以及第七届监事会第十五次会议审 议通过。关联董事已回 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-035 漳州片仔癀药业股份有限公司 参加表决的监事 5 票同意,0 票反对，0 票弃权。议案内容详见公 司同日在上海证券交易所网站披露的《公司关于全资子公司与专业投 资机构共同投资设立产业基金暨关联交易的公告》（2024-034 号）。 本议案无需提交至公司 2023 年年度股东大会审议。 特此公告。 漳州片仔癀药业股份有限公司监事会 2024 年 8 月 1 日 1 / 1 第七届监事会第十四次会议决议公告 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。 漳州片仔癀药业股份有限公司（以下简称"公司"）第七届监事 会第十四次会议于 2024 年 7 月 30 日（星期二）下午 17：30 在公司 片仔癀大厦 21 楼会议室以通讯会议方式召开。会议通知和议案以专 人送达、电子邮件方式发出。本次会议应参加表决的监事 5 名，实际 表决的监事 5 名。会议召开符合《公司法》和《漳州片仔癀药业股份 有限公司章程》（以下简称"《公司章程》"）的有关规定，合法、 有效。本次会议 ...

证券代码：600436 证券简称：片仔癀 公告编号：2024-034 漳州片仔癀药业股份有限公司关于全资子公司与专业投资 机构共同投资设立产业基金暨关联交易的公告 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： 拟投资标的名称：漳州圆山大健康产业投资基金合伙企业(有 限合伙)（暂定名，以企业登记机关最终核准的名称为准，以下简称 "产业基金"）。 拟投资领域：主要投资方向为中医药、生物医药、医疗器械、 医疗服务、康养大健康、日化美妆等相关产业。 拟投资金额：漳州片仔癀药业股份有限公司（以下简称"公 司"）全资子公司漳州片仔癀投资管理有限公司（以下简称"片仔 癀投资"）拟作为有限合伙人以自有或自筹资金认缴出资人民币 20,000 万元，占产业基金目标募集规模的比例为 20%。 本次对外投资系与关联方漳州战新创业投资基金管理有限公 司（以下简称"战新创投"）、漳州片仔癀资产经营有限公司（以 下简称"资产公司"）、漳州市产业股权投资有限公司（以下简称 "产投公司"）、漳州市旅游投资集团有限公司（以下简称"旅投 公司"） ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 5.65 billion yuan for the first half of 2024, representing a year-on-year growth of 12%. The net profit attributable to shareholders was 1.72 billion yuan, up 11.6% year-on-year [1]. - The company is focusing on optimizing its channel layout and enhancing management efficiency, which is expected to support the growth of its core products and the development of a new product matrix [1]. - The company has launched an action plan for 2024 aimed at improving quality and efficiency while maintaining investor returns, with a potential mid-year cash dividend not exceeding 50% of the net profit attributable to shareholders [1]. - The company is actively developing new products, with several key products expected to exceed 100 million yuan in sales, and has received clinical approval for a new drug targeting lymphoma [1]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 3.135 billion yuan, 3.525 billion yuan, and 3.929 billion yuan, respectively, with year-on-year growth rates of 12.1%, 12.4%, and 11.5% [2]. - The company’s revenue is expected to grow from 11.241 billion yuan in 2024 to 14.068 billion yuan in 2026, with corresponding growth rates of 11.8% and 12.8% [2]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 39.7, 35.3, and 31.7, respectively [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 254.80 CNY over the next six months, based on the current price of 207.00 CNY [1]. Core Insights - The company reported a total revenue of 5.65 billion CNY for the first half of 2024, representing a year-on-year increase of 11.99%. The net profit attributable to shareholders was 1.72 billion CNY, up 11.6% year-on-year [2]. - The growth in revenue is attributed to enhanced market planning and the expansion of sales channels, particularly in the beauty product segment, which saw a significant increase in sales [2]. - The rising price of natural cow bile has exerted pressure on gross margins, but potential easing of cost pressures is anticipated due to new import policies [2]. - The company is actively investing in innovative research and development, achieving significant milestones in new drug approvals and clinical trials [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of 5.65 billion CNY, a year-on-year increase of 11.99%. The net profit attributable to shareholders was 1.72 billion CNY, reflecting an 11.6% increase year-on-year [2]. - The operating profit for the first half of 2024 was 2.06 billion CNY, with a slight decline in operating profit margin due to rising costs of key raw materials [2]. Sales and Market Strategy - The company has expanded its sales channels significantly, with over 100,000 terminal stores covered through partnerships with major pharmacy chains. The beauty product segment saw a revenue increase of 83.18% in the first quarter of 2024 [2][8]. - The company has upgraded its brand image by transforming all "Pian Zai Huang Experience Halls" into "Pian Zai Huang National Medicine Halls" [2]. Cost and Margin Analysis - The price of natural cow bile has surged from 200,000 CNY per kilogram at the beginning of 2023 to a peak of 1.65 million CNY per kilogram in June 2024, leading to increased cost pressures [2]. - New import policies are expected to alleviate some of the cost pressures associated with natural cow bile, potentially improving profit margins [2]. Research and Development - The company has made significant progress in R&D, obtaining clinical licenses for new drugs and advancing multiple projects into critical research phases [2][8]. - The company is exploring clinical advantages of its products in various therapeutic areas, including liver disease and oncology [2]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 3.29 billion CNY, 3.84 billion CNY, and 4.49 billion CNY, respectively, with corresponding PE ratios of 38, 33, and 28 [3][9]. - Given the competitive landscape and expected cost reductions, the company is assigned a valuation premium, leading to a target price of 254.80 CNY based on a 40x PE for 2025 [2][9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company reported a revenue of 5.65 billion yuan for the first half of 2024, representing a year-on-year growth of 11.99%, and a net profit attributable to the parent company of 1.72 billion yuan, up 11.61% year-on-year [6]. - The price of natural cow bile has significantly increased, impacting profit margins, but the opening of import trials is expected to gradually alleviate cost pressures [6]. - The company is advancing state-owned enterprise reforms and implementing market-oriented incentive mechanisms to enhance internal motivation [6]. - The dual growth strategy of "pharmaceuticals + non-pharmaceuticals" is being optimized through improved marketing models [6]. - The company has launched a "Quality Improvement and Efficiency Enhancement" action plan for 2024, focusing on maintaining prices, optimizing key products, and enhancing brand presence [7]. Financial Summary - The company’s revenue is projected to grow from 10.06 billion yuan in 2023 to 13.69 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 10.4% [8][13]. - The net profit is expected to increase from 2.80 billion yuan in 2023 to 4.02 billion yuan in 2026, reflecting a CAGR of about 12.9% [9][13]. - The gross margin is anticipated to improve from 46.8% in 2023 to 49.5% by 2026 [8][13]. - The earnings per share (EPS) is projected to rise from 4.64 yuan in 2023 to 6.66 yuan in 2026 [8][13]. Valuation - The company is assigned a price-to-earnings (P/E) ratio of 35-45x for 2024, leading to a fair value range of 182.00 to 234.00 yuan per share [9][12].

证券代码：600436 证券简称：片仔癀 公告编号：2024-032 漳州片仔癀药业股份有限公司 2024年度"提质增效重回报"行动方案 公司以习近平新时代中国特色社会主义思想为指导，坚持稳中求 进工作总基调，围绕"守正创新、行稳致远"的发展理念，认真落实 漳州市委市政府"产业发展项目建设增效年"活动，扎实开展"生态 修复年"活动，推进市场化改革，持续推动公司高质量发展。 1 本次"提质增效重回报"行动方案所涉及的公司规划等不构成 公司对投资者的实质承诺，方案的实施可能受行业发展、经 营环境、行业政策等因素的影响，具有一定的不确定性。 敬请广大投资者谨慎决策，注意投资风险。 （一）稳价保量促增长。2024年，公司将精准把握市场脉搏，持 续优化渠道布局，建强线上线下双渠道，增强终端管理效能与价格维 护力度，推动建设新产品矩阵，驱动营销环节新活力，打造销售增长 新引擎。截至2024年上半年，"片仔癀锭剂"在天猫和京东平台的肝 胆用药类销量排名第一名；2024年"龙江牌复方片仔癀肝宝"在618 京东平台分别荣获"香港药品品牌榜第一名"和"海外医药品牌榜第 二名"。同时，公司积极开展线上线下终端培训活动，覆盖人群超过 ...

Financial Performance - The total operating revenue for the first half of 2024 reached RMB 565,041.57 million, representing an increase of 11.99% compared to the same period last year[2] - Operating profit increased by 10.39% to RMB 205,599.91 million, while total profit rose by 10.38% to RMB 205,434.74 million[2] - Net profit attributable to shareholders of the listed company was RMB 171,975.21 million, reflecting an 11.61% year-on-year growth[2] - Basic earnings per share increased by 11.76% to RMB 2.85[3] - The net profit after deducting non-recurring gains and losses was RMB 175,120.12 million, up 11.03% year-on-year[2] Assets and Equity - The company's total assets at the end of the reporting period were RMB 1,702,765.55 million, a slight decrease of 0.31% from the beginning of the period[3] - The equity attributable to shareholders of the listed company increased by 2.17% to RMB 1,366,708.97 million[3] Strategic Initiatives - The company plans to closely monitor changes in raw material policies and improve risk management strategies to enhance profit levels[5] - The company emphasizes the importance of strategic reserves for key raw materials to manage costs effectively[5] Revenue Growth Drivers - The significant growth in revenue was attributed to strengthened market planning and expanded sales channels for core products, particularly the Pianzaihuang series and cosmetics[4]

关于取得《PZH2107Ⅰ期临床研究报告》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： 证券代码：600436 证券简称：片仔癀 公告编号：2024-033 漳州片仔癀药业股份有限公司 漳州片仔癀药业股份有限公司（以下简称"公司"）取得 《PZH2107Ⅰ期临床研究报告》对公司本年度的财务状况和经营业绩 无重大影响。 由于药品研发的特殊性，从批准临床、临床试验、申报生产 到最终取得药品注册证书，具有周期长、环节多、风险大、投入高 的特点，容易受到政策、技术、市场、竞品研发情况等多方面因素 的影响，存在诸多不确定性风险。 公司将密切关注该药物研发事项的后续进展情况，及时履行 信息披露义务。敬请广大投资者谨慎决策，注意防范投资风险。 近日，公司与上海璃道医药科技有限公司（以下简称"璃道医药"） 合作研发项目—PZH2107（璃道医药内部研发项目代号：LDS 片），已 完成Ⅰ期临床试验并取得《PZH2107Ⅰ期临床研究报告》，研究结果 显示 PZH2107 各研究剂量组在中国健康受试者中安全性及耐受性良 好 ...