Core Points - Company will participate in the "2025 Hunan Listed Companies Investor Online Reception Day and Semi-Annual Performance Briefing" event [1] - The event aims to enhance interaction with investors and will be held online on September 19, 2025, from 14:00 to 17:00 [1] - Company executives will communicate about the company's performance and operational status for the first half of 2024 to 2025 [1] Event Details - The event is organized by the China Securities Regulatory Commission Hunan Supervision Bureau, Hunan Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. [1] - Investors can participate via the "Panorama Roadshow" website, WeChat public account, or by downloading the Panorama Roadshow APP [1] - The company encourages active participation from investors [1]

国泰海通证券股份有限公司 关于株洲千金药业股份有限公司 收购报告书 之 2025 年半年度持续督导意见 财务顾问 二〇二五年九月 声明 国泰海通证券股份有限公司（以下简称"国泰海通"、"本财务顾问"）接 受委托，担任株洲市国有资产投资控股集团有限公司（以下简称"株洲国投"、 "收购人"）及其一致行动人收购株洲千金药业股份有限公司（以下简称"千金 药业"、"上市公司"、"公司"）的财务顾问，依照《上市公司收购管理办法》 （以下简称"《收购办法》"）第六十九条、第七十一条、《上市公司并购重组 财务顾问业务管理办法》第三十一条等有关规定，持续督导期从千金药业公告收 购报告书至收购完成后的 12 个月止（即从 2025 年 2 月 11 日至相关股权完成过户 后的 12 个月止）。 2025 年 8 月 30 日，千金药业披露了 2025 年半年度报告。结合上述 2025 年半 年度报告及日常沟通，国泰海通出具了 2025 年半年度报告（从 2025 年 4 月 1 日至 2025 年 6 月 30 日，以下简称"本持续督导期"）的持续督导意见（以下简称"本 意见"）。本意见所依据的文件、书面资料等由收购人及其一致行 ...

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。 为进一步加强与投资者的互动交流，株洲千金药业股份有限公司 （以下称"公司"）将参加由中国证券监督管理委员会湖南证监局、 湖南省上市公司协会和深圳市全景网络有限公司联合举办的"资本聚 三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集体接 待日暨半年度业绩说明会"活动，现将有关事项公告如下： 证券代码：600479 证券简称：千金药业 公告编号：2025-046 株洲千金药业股份有限公司 关于参加 2025 年湖南辖区上市公司投资者 网上集体接待日暨半年度业绩说明会活动的公告 2025 年 9 月 12 日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 19 日 （星期五）14:00-17:00。届时公司高管将在线就公司 2024 年至 2025 年半年度业绩、经营状况等投资者关心的问题，与投资者进行沟通与 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company achieved a revenue of 1.818 billion yuan in the first half of 2025, a year-on-year decrease of 5.52%, while the net profit attributable to shareholders increased by 8.50% to 128 million yuan [1][7]. - The pharmaceutical industry continues to grow steadily, with the company's pharmaceutical segment generating a revenue of 1.005 billion yuan, a year-on-year increase of 6.4% [7]. - The company is focusing on high-intensity R&D, with R&D expenses reaching 104 million yuan in the first half of 2025, maintaining a high investment pace [7]. Financial Performance - The company reported a gross margin of 49.97% in the first half of 2025, an increase of 4.80 percentage points year-on-year, driven by a higher proportion of high-margin business and a decrease in raw material costs [7]. - The net profit margin improved to 9.57%, up 1.82 percentage points year-on-year, indicating a clear recovery in profitability [7]. - The company expects net profits for 2025-2026 to be 292 million yuan, 366 million yuan, and 437 million yuan, representing year-on-year growth rates of 27%, 25%, and 19% respectively [7][10]. Financial Data and Valuation - The total revenue forecast for 2025 is 3.613 billion yuan, with a projected net profit of 292 million yuan [2][9]. - The company’s PE ratio is projected to be 15.6 for 2025, decreasing to 10.4 by 2027 [2][10]. - The company’s total assets are expected to reach 4.735 billion yuan by 2025, with total liabilities of 1.375 billion yuan [8][10].

Group 1 - The core viewpoint of the news is that Qianjin Pharmaceutical (600479) reported a decline in total revenue but an increase in net profit for the first half of 2025 compared to the same period in 2024 [1] - The total revenue for the first half of 2025 was 1.818 billion yuan, a decrease of 5.52% year-on-year, while the net profit attributable to shareholders was 128 million yuan, an increase of 8.5% year-on-year [1] - In Q2 2025, the total revenue was 813 million yuan, down 11.97% year-on-year, but the net profit attributable to shareholders was 74.57 million yuan, up 4.26% year-on-year [1] Group 2 - The gross profit margin increased by 10.63% year-on-year to 49.97%, and the net profit margin increased by 23.57% year-on-year to 9.57% [1] - Total expenses (selling, administrative, and financial) amounted to 602 million yuan, accounting for 33.11% of revenue, which is an increase of 14.71% year-on-year [1] - The company's cash flow per share improved by 42.59% year-on-year, reaching -0.1 yuan, while earnings per share increased by 8.46% to 0.3 yuan [1] Group 3 - The company's return on invested capital (ROIC) was 8.46%, indicating average capital returns, with a historical median ROIC of 10.79% over the past decade [3] - The business model relies heavily on research and marketing, necessitating a detailed examination of the underlying drivers [3] - The cash flow situation is a concern, with cash and cash equivalents to current liabilities ratio at 69.05%, and accounts receivable to profit ratio at 148.04% [3]

Core Insights - The company reported a slight decline in revenue but an increase in net profit, showcasing resilience in a challenging market environment [1] - The core pharmaceutical segment performed well, with significant growth in revenue and profit, particularly in the health products division [1] - The company is heavily investing in R&D and digital transformation to enhance operational efficiency and competitive advantage [2][3] Financial Performance - In the first half of 2025, the company achieved revenue of 1.818 billion yuan, a year-on-year decrease of 5.52% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, reached 118 million yuan, reflecting a year-on-year increase of 6.58% [1] - The core pharmaceutical segment generated revenue of 1.005 billion yuan, up 6.4% year-on-year, with net profit soaring by 22.3% to 198 million yuan [1] R&D and Innovation - R&D investment increased to 138 million yuan, a 27% year-on-year rise, with R&D intensity reaching 7.6%, significantly above the industry average of 2.96% [1] - The company has 126 projects under development, including innovative traditional Chinese medicine and chemical drugs [1] Digital Transformation - The company has made significant progress in digital transformation, with a marketing intelligence platform and various automated systems enhancing operational efficiency [2] - Key production processes have seen over 50% automation in scheduling, and inventory management efficiency has improved by more than 50% [2] Talent Strategy - The establishment of 107 flexible organizations has engaged over a thousand employees, enhancing productivity across R&D, production, and marketing [2] - The company has focused on attracting top talent and facilitating knowledge exchange among technical staff, resulting in increased project output and sales efficiency [2] Mergers and Acquisitions - The company plans to invest 623 million yuan to acquire stakes in two pharmaceutical companies, aiming to strengthen its core competencies and profitability [3] - The share issuance price is set at 8.77 yuan per share, adjusted to 8.41 yuan post-dividend distribution, reflecting consideration for minority shareholders [3] Strategic Outlook - The company aims to continue its "Three New Navigation, Entering the Top 100" strategy, focusing on R&D innovation and digital transformation to optimize its business structure [3]

Core Viewpoint - The company, Qianjin Pharmaceutical, reported significant changes in its business performance for the first half of 2025, with a notable decline in revenue from traditional Chinese medicine while experiencing growth in the health products segment [3][4]. Group 1: Financial Performance - Revenue from the traditional Chinese medicine and herbal slices segment decreased by 47.91% compared to the same period last year, while the cost of goods sold in this segment fell by 46.20, attributed to market competition and fluctuations [3]. - The health products segment saw a revenue increase of 40.27% year-on-year, with a corresponding rise in cost of goods sold by 57.48%, driven by heightened demand for medical-grade sanitary products and increased promotional efforts [3]. Group 2: Corporate Governance - The board of directors and all directors confirmed the accuracy and completeness of the financial report, taking legal responsibility for any false statements or omissions [1][7]. - The company has not proposed any profit distribution or capital reserve increase during the reporting period [2]. Group 3: Mergers and Acquisitions - The company plans to acquire 28.92% of Hunan Qianjin Xiangjiang Pharmaceutical Co., Ltd. and 68.00% of Hunan Qianjin Xieli Pharmaceutical Co., Ltd. through a combination of issuing shares and cash payment [7]. - The acquisition proposal has been reviewed and approved by the Shanghai Stock Exchange's Mergers and Acquisitions Review Committee [7][8].

Core Viewpoint - Qianjin Pharmaceutical (600479.SH) reported a decline in revenue for the first half of 2025, while net profit showed growth, indicating mixed performance in financial results [1] Financial Performance - The company achieved revenue of 1.818 billion yuan, a year-on-year decrease of 5.52% [1] - The net profit attributable to shareholders was 128 million yuan, reflecting a year-on-year increase of 8.5% [1] - The net profit after deducting non-recurring gains and losses was 118 million yuan, up by 6.58% year-on-year [1] - Basic earnings per share were reported at 0.3012 yuan [1]

Group 1 - The company reported a revenue of 1,817,998,691.42 yuan for the first half of 2025, representing a year-on-year decrease of 5.52% [1] - The net profit attributable to shareholders of the listed company was 127,725,142.44 yuan, showing a year-on-year increase of 8.50% [1]

Core Viewpoint - Qianjin Pharmaceutical (600479.SH) reported a decline in revenue for the first half of 2025, while net profit showed growth, indicating mixed performance in financial results [1] Financial Performance - The company achieved revenue of 1.818 billion yuan, a year-on-year decrease of 5.52% [1] - The net profit attributable to shareholders was 128 million yuan, reflecting a year-on-year increase of 8.5% [1] - The net profit after deducting non-recurring gains and losses was 118 million yuan, up by 6.58% year-on-year [1] - Basic earnings per share were reported at 0.3012 yuan [1]