Core Viewpoint - The company held its 2024 annual performance briefing on May 16, 2025, to discuss financial status, market expansion, development strategy, and corporate governance with investors [1] Group 1: Company Performance - In 2024, the company achieved an operating income of 3.215 billion yuan and a net profit attributable to shareholders of 133 million yuan, representing a year-on-year growth of 14.01% [2] Group 2: Strategic Focus - The company will continue to adhere to an integrated development strategy for raw materials and formulations, focusing on high-quality development, steady progress, and operational efficiency [2][4] - The company aims to enhance its product pipeline, accelerate diversified and differentiated product development, and optimize its research-production-sales management model [2][5] Group 3: Market Expansion - The company is strengthening its presence in both domestic and international markets by optimizing marketing models and enhancing terminal development and academic promotion [4] - The overseas performance is driven by maintaining market share through key partnerships and flexible pricing strategies, as well as deepening engagement in emerging markets [2][4] Group 4: Management and Governance - The company emphasizes internal management improvements, focusing on energy conservation, efficiency enhancement, and lean management to drive cost reduction and efficiency [4] - The company is committed to protecting investor rights and has increased its cash dividend ratio to over 80% for both 2023 and 2024 profit distribution plans [2]

一、说明会召开的情况 公司于2025年3月27日在《上海证券报》《中国证券报》和上海 证券交易所网站披露了《津药药业股份有限公司2024年年度报告》， 并于2025年5月9日披露了《津药药业股份有限公司关于召开2024年度 业绩说明会的公告》（2025-031#）。 2025年5月16日13:00-14:45，公司董事长徐华先生、总经理李书 箱先生、独立董事边泓先生、独立董事陈喆女士、首席财务官朱立延 先生、董事会秘书刘博先生共同出席了2024年度业绩说明会，针对公 司财务状况、市场开拓、发展战略、公司治理等方面与投资者互动交 流和沟通，在信息披露允许的范围内就投资者关注的问题进行了回答。 二、投资者提出的问题及公司回复情况 公司对投资者在本次说明会上主要关注的问题进行了回复，具体 情况如下： 证券代码：600488 证券简称：津药药业 编号：2025-033 津药药业股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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个别及连带责任。 津药药业股份有限公司（以下简称"公司"）于20 ...

Core Viewpoint - Three pharmaceutical companies, Xianju Pharmaceutical, Tianjin Pharmaceutical, and Lianhuan Pharmaceutical, have been penalized for monopolistic practices related to the raw material dexamethasone sodium phosphate, with total fines amounting to approximately 325 million yuan [1][2][3]. Group 1: Penalties and Financial Impact - Xianju Pharmaceutical was fined a total of approximately 195 million yuan, which includes the confiscation of illegal gains of 23.74 million yuan and a fine of about 172 million yuan based on 8% of its 2023 sales [2][5]. - Tianjin Pharmaceutical faced penalties totaling approximately 69.19 million yuan, including the confiscation of illegal gains of 42.76 million yuan and a reduced fine of about 13.2 million yuan after an 80% reduction [3][5]. - Lianhuan Pharmaceutical was fined approximately 61.04 million yuan, which includes the confiscation of illegal gains of 17.89 million yuan and a reduced fine of about 61.63 million yuan after a 30% reduction [3][5]. Group 2: Profitability Impact - The fines significantly impact the profitability of the companies, with Tianjin Pharmaceutical's penalties representing 2.15% of its recent audited revenue and 51.85% of its net profit attributable to shareholders [5]. - For Xianju Pharmaceutical, the total fine of 195 million yuan accounts for 4.87% of its projected 2024 revenue of 4 billion yuan and 49.17% of its net profit of 397 million yuan [5]. - Lianhuan Pharmaceutical's proposed fines represent 72.53% of its net profit of 84 million yuan for the previous year [5]. Group 3: Recurrence of Violations - Tianjin Pharmaceutical has been penalized for monopolistic behavior for the fourth time in four years, with cumulative fines exceeding 170 million yuan [6][7].

Core Viewpoint - Four companies engaged in a price-fixing conspiracy for dexamethasone phosphate raw materials, leading to significant price increases and resulting in administrative penalties exceeding 350 million yuan [1][5][15] Group 1: Companies Involved - The companies involved in the price-fixing conspiracy are Tianjin Pharmaceutical Industry Co., Ltd. (津药药业), Xianju Pharmaceutical Co., Ltd. (仙琚制药), Lianhuan Pharmaceutical Co., Ltd. (联环药业), and Xi'an Guokang Ruijin Pharmaceutical Co., Ltd. (西安国康瑞金) [1][5][14] - The main organizer of the conspiracy was identified as an individual named Guo, who facilitated communication and coordination among the companies [5][6] Group 2: Price Changes - The price of dexamethasone phosphate raw materials increased from several thousand yuan per kilogram to over ten thousand yuan, with some companies raising prices as high as 38,000 yuan per kilogram [1][10][14] - Specific price increases included Tianjin Pharmaceutical raising prices from a maximum of 9,000 yuan to 13,800 yuan per kilogram, and Xi'an Guokang Ruijin increasing prices from 7,900 yuan to between 10,000 and 38,000 yuan per kilogram [10][14] Group 3: Administrative Penalties - The total penalties imposed on the companies amounted to over 350 million yuan, with Tianjin Pharmaceutical fined 69.19 million yuan, Xianju Pharmaceutical fined 195.3 million yuan, and Xi'an Guokang Ruijin fined 28.78 million yuan [1][12][13] - Lianhuan Pharmaceutical is expected to face a fine of 61.04 million yuan, with a proposed reduction of 30% due to its cooperation during the investigation [1][11] Group 4: Cooperation and Leniency - Tianjin Pharmaceutical was the first to submit a leniency application, providing crucial evidence and reporting the details of the price-fixing agreement, which led to an 80% reduction in its fine [2][11] - In contrast, Xianju Pharmaceutical and Xi'an Guokang Ruijin did not submit leniency applications, resulting in no reductions in their fines [2][12][14]

Group 1 - The core issue involves Xianju Pharmaceutical (002332) receiving an administrative penalty from the Tianjin Municipal Market Supervision Administration for engaging in a monopoly agreement to fix the price of Dexamethasone Phosphate Sodium raw materials, violating Article 17(1) of the Anti-Monopoly Law of the People's Republic of China [1] - The company is ordered to cease illegal activities and faces a total penalty of RMB 195,296,912.22, which includes the confiscation of illegal gains amounting to RMB 23,746,680.00 and a fine of RMB 171,550,232.22, equivalent to 8% of its 2023 sales [1] - Other companies involved in the same matter, including Tianyao Pharmaceutical (600488.SH) and Lianhuan Pharmaceutical (600513.SH), were also penalized, with fines of RMB 69,192,400 and RMB 61,038,200 respectively [3]

Group 1 - China National Pharmaceutical plans to acquire 100% equity of Jinsui Technology for 302 million yuan to enhance marketing and supply chain management capabilities [1] - The acquisition aims to strengthen the company's e-commerce platform, product pipeline, and marketing strategies, potentially boosting investor confidence and stock performance [1] Group 2 - Tianjin Pharmaceutical responded to an inquiry regarding its 2024 annual report, highlighting strategic R&D collaborations and significant reductions in sales expenses due to policy changes and marketing upgrades [2] - The reduction in sales expenses indicates improved cost control and operational efficiency, which may positively impact investor confidence and stock valuation [2] Group 3 - President Trump announced plans to sign an executive order aimed at reducing prescription drug prices by 30% to 80%, aligning U.S. drug prices with the lowest global prices [3] - A significant drop in U.S. drug prices could pressure domestic pharmaceutical companies' export businesses, but innovative domestic firms may leverage unique advantages to mitigate risks [3] Group 4 - Fosun Pharma's FCN-159 tablet has been included in the breakthrough therapy designation program, indicating strong R&D capabilities and market potential for treating rare diseases and tumors [4] - The breakthrough designation may accelerate the drug's development and approval process, enhancing investor confidence and potentially increasing the company's market competitiveness [4] Group 5 - Rongchang Biopharma's ADC drug, RC48, has successfully met primary endpoints in a Phase III clinical trial for treating advanced or metastatic urothelial carcinoma [5] - The successful trial results may expand the drug's indications and significantly enhance its market competitiveness and commercial value, attracting investor interest [6]

Core Viewpoint - Tianjin Pharmaceutical Industry Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, particularly focusing on the prepayment of research and development (R&D) funds and the collaboration with its controlling shareholders' affiliated enterprises [1][2]. Summary by Sections R&D Project Payments - The company reported a total prepayment of approximately 20 million yuan for R&D projects in 2024, with repayments from major shareholders and their affiliates totaling about 70 million yuan, leaving a balance of approximately 160 million yuan at the end of the period [1]. - The company emphasized the necessity of collaborating with its controlling shareholders' affiliates for R&D, citing advantages such as resource integration, risk control, and enhanced R&D efficiency [1]. R&D Project Details - The company has engaged in various R&D projects, including high-end hormone and amino acid APIs, sterile lyophilized preparations, nasal sprays, eye drops, and inhalation preparations. The total prepayment for these projects in 2024 was 18.30 million yuan, with repayments amounting to 68.31 million yuan [1]. - Specific details of R&D projects were provided, including project codes, budget totals, prepayment amounts, and repayment reasons, indicating a structured approach to managing R&D expenditures [1]. Financial Management and Compliance - The company has established a milestone payment mechanism to reduce upfront financial pressure, ensuring that any excess R&D costs beyond the contract amount are borne by the R&D institutions [1]. - The annual audit confirmed that the prepayment of R&D funds is part of the company's normal business operations and does not constitute non-operating fund occupation by related parties [1][8]. Project Status and Challenges - The company is actively managing its R&D projects, which are in various stages of development. Some projects have faced challenges due to technical difficulties and regulatory changes, leading to costs exceeding initial estimates [1][8]. - The company maintains close communication with its R&D partners to address any issues and ensure the smooth progress of projects, with a focus on achieving the necessary regulatory approvals [1][8].

贵所《关于津药药业股份有限公司 2024 年年度报告的事后审核问询函》 （上证公函【2025】0389 号）（以下简称"事后审核问询函"）已收悉。 根据贵所事后审核问询函的要求，中审华会计师事务所（特殊普通合伙） （以下简称"年审会计师"）作为津药药业股份有限公司（以下简称"公 司"）本次年度报告的审计机构，会同公司对事后审核问询函中所提问题 进行了讨论，对相关事项进行了审慎核查并发表意见，现汇报如下： 一、关于研发项目款。年报及公告显示，公司与天津药业研究院股份 有限公司、北京华众恩康医药技术有限公司、津药永光（河北）制药有限 公司、天津市医药集团技术发展有限公司等控股股东附属企业存在大额预 付研发款，2024 年累计发生预付约 0.2 亿元，大股东及其附属企业 2024 年 累计偿还约 0.7 亿元，期末余额约 1.6 亿元。 请公司补充披露： （1）公司委托控股股东及其附属企业研发的主要内容及必要性，列示 各研发项目的启动时间、研发周期、预算总额、预付金额及预付时间、合 同约定的支付进度、实际研发开支，以及目前进展及状态，并说明大额预 付研发预付款且长期挂账的合理性，公司与控股股东及其附属企业相关往 来 ...

证券代码：600488 证券简称：津药药业 编号：2025-032 津药药业股份有限公司 关于 2024 年年度报告的事后审核问询函的回复公告 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个别及连带责任。 近日，津药药业股份有限公司（以下简称"公司"）收到上海证券交 易所上市公司管理一部下发的《关于津药药业股份有限公司 2024 年年度报 告的事后审核问询函》（上证公函【2025】0389 号），根据上海证券交易 所的要求，公司积极组织相关各方核实有关情况，现回复如下： 一、关于研发项目款。年报及公告显示，公司与天津药业研究院股份 有限公司、北京华众恩康医药技术有限公司、津药永光（河北）制药有限 公司、天津市医药集团技术发展有限公司等控股股东附属企业存在大额预 付研发款，2024 年累计发生预付约 0.2 亿元，大股东及其附属企业 2024 年 累计偿还约 0.7 亿元，期末余额约 1.6 亿元。 请公司补充披露： （1）公司委托控股股东及其附属企业研发的主要内容及必要性，列示 各研发项目的启动时间、研发周期、预算总额、预付金额及预付 ...

Core Viewpoint - A significant antitrust fine exceeding 350 million yuan has been imposed on four pharmaceutical companies for colluding to raise the price of dexamethasone phosphate sodium raw materials, with the fines totaling approximately 354 million yuan [1][6][11]. Group 1: Companies Involved - The companies involved in the antitrust case include Zhejiang Xianju Pharmaceutical Co., Ltd., Tianjin Pharmaceutical Co., Ltd., Jiangsu Lianhuan Pharmaceutical Co., Ltd., and Xi'an Guokang Ruijin Pharmaceutical Co., Ltd. [1][4][6] - Zhejiang Xianju Pharmaceutical received the highest penalty of approximately 195 million yuan, which includes the confiscation of illegal gains and a fine based on 8% of its 2023 sales [3][4]. - Tianjin Pharmaceutical was fined approximately 69.19 million yuan, while Jiangsu Lianhuan was fined around 61.04 million yuan [1][4]. Group 2: Details of the Antitrust Violations - The antitrust violations occurred over a period of two years and four months, during which the companies engaged in price-fixing and supply manipulation of dexamethasone phosphate sodium, a critical medication during the COVID-19 pandemic [5][7][9]. - The companies collectively agreed to raise prices and implemented a supply cut, leading to increased costs for downstream formulations [9][11]. - The price of dexamethasone phosphate sodium was raised significantly, with Xianju Pharmaceutical increasing its price from 8,200 yuan to 10,000 yuan per kilogram, and other companies following suit with similar price hikes [8][11]. Group 3: Individual Accountability - The antitrust enforcement agency has also pursued individual accountability, imposing fines on three company executives of 600,000 yuan each, and an additional 500,000 yuan fine on the individual who organized the collusion, Guo Xiangguo [10][12]. - This case marks a continuation of the trend towards holding individuals accountable for corporate antitrust violations, reinforcing the importance of compliance within the industry [12][13].