截至2025年6月13日收盘，国药股份（600511）报收于30.34元，较上周的30.51元下跌0.56%。本周，国 药股份6月10日盘中最高价报31.55元。6月13日盘中最低价报30.34元。国药股份当前最新总市值228.92 亿元，在医药商业板块市值排名4/31，在两市A股市值排名670/5150。 本周关注点 公司公告汇总：国药股份2024年年度权益分派实施，每股现金红利0.80元（含税） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 A股每股现金红利0.80元（含税） 股权登记日：2025年6月17日 除权（息）日和现金红利发放日：2025年6月18日 差异化分红送转：否 分配方案：以方案实施前的公司总股本754502998股为基数，每股派发现金红利0.80元（含税）， 共计派发现金红利603602398.40元(含税） 分配实施办法：无限售条件流通股的红利委托中国结算上海分公司派发，控股股东国药控股股份 有限公司的现金红利由本公司直接发放 扣税说明： 对于个人股东及证券投资基金，持股期限超过1年的，股息红利所得暂免征 ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-016 国药集团药业股份有限公司 2024年年度权益分派实施公告 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 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/17 | － | 2025/6/18 | 2025/6/18 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 24 日的2024年年度股东大会审议通过。 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： 每股分配比例 A 股每股现金红利0.80元（含税） 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本754,502,998股为基数，每股派发现金红利0.80 元（含税）， ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-015 国药集团药业股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会 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： 会议召开时间：2025 年 05 月 22 日 （星期四） 15:00-16:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 15 日（星期四）至 05 月 21 日（星期 三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 gygfzqb@sinopharm.com 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 国药集团药业股份有限公司（以下简称"公司"）已于 2025 年 3 月 20 日发布公司 2024 年年度报告，于 4 月 25 日发布 2025 年一季报， 为便于广大投资者更全面深入地了解公司2024年度暨2025年第一季 度经营成果、财务状况，公司计划于 2025 年 05 月 22 日（星期四） 15:0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) due to relatively stable performance and good cost control [4]. Core Views - The company is expected to maintain steady growth in its core business, particularly in the distribution of narcotic and psychotropic drugs, benefiting from the increasing concentration in the pharmaceutical distribution industry [6]. - The company's revenue for Q1 2025 was 12.71 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to the parent company was 460 million yuan, a slight decrease of 0.1% year-on-year [6]. - The report highlights that the company's gross margin and expense ratios have remained stable, with a gross margin of 7% in Q1 2025, down 0.1 percentage points year-on-year [6]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 49.696 billion yuan - 2024: 50.597 billion yuan (1.81% growth) - 2025E: 54.668 billion yuan (8.04% growth) - 2026E: 58.472 billion yuan (6.96% growth) - 2027E: 62.448 billion yuan (6.80% growth) [5]. - Net profit attributable to the parent company is projected as follows: - 2023: 2.146 billion yuan - 2024: 2.000 billion yuan (-6.80% growth) - 2025E: 2.203 billion yuan (10.14% growth) - 2026E: 2.381 billion yuan (8.08% growth) - 2027E: 2.545 billion yuan (6.91% growth) [5]. - The company's earnings per share (EPS) is expected to be: - 2023: 2.84 yuan - 2024: 2.65 yuan - 2025E: 2.92 yuan - 2026E: 3.16 yuan - 2027E: 3.37 yuan [5]. Market Performance - The company's market capitalization is approximately 21.798 billion yuan, with a circulating market value of about 15.986 billion yuan [2]. - The stock price closed at 28.89 yuan, with a one-year high of 38.00 yuan and a low of 27.12 yuan [2].

Core Viewpoint - The company reported its Q1 2025 performance, showing stable revenue growth but a slight decline in net profit, indicating a mixed financial outlook for the period [1]. Financial Performance - In Q1 2025, the company achieved revenue of 12.713 billion yuan, a year-on-year increase of 4.87%, while the net profit attributable to shareholders was 459 million yuan, a slight decline of 0.10% [1]. - The company's net profit excluding non-recurring items was 446 million yuan, down 2.57% year-on-year, aligning with expectations [1]. - The parent company reported a revenue of 5.94 billion yuan in Q1 2025, representing a year-on-year growth of 16.3%, and a net profit of 340 million yuan, up 6.8% year-on-year [2]. Cost Management - The sales expense ratio decreased to 1.2%, down 0.5 percentage points year-on-year, attributed to cost optimization, while the management expense ratio remained stable at 0.8% [2]. - Industrial investment income for Q1 2025 was 103 million yuan, reflecting a year-on-year increase of 0.9% [2]. Research and Development - The company is accelerating its R&D efforts, particularly in the field of narcotic drugs, and has optimized its product structure for 2024 [2]. - The company has received registration approvals for several new products, including a first-class psychotropic raw material, and is collaborating with research institutions to enhance its research capabilities [2]. Marketing Strategy - The company is transforming its marketing approach to empower its national pharmaceutical distribution business, focusing on enhancing bidding, channel development, and data services [3]. - A diverse marketing model has been established, covering various fields such as oral products, blood products, and second-class psychotropic drugs [3]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 2.131 billion yuan and 2.270 billion yuan, respectively, both reflecting a year-on-year growth of 6.5% [4]. - The current stock price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.8 times for 2026, with a target price of 38.0 yuan, indicating a potential upside of 29.3% [4].

Group 1 - The company's revenue for Q1 2025 was 12.713 billion yuan, with a year-on-year growth of 4.9%, while net profit attributable to the parent company was 459 million yuan, showing a slight decline of 0.1% [1] - Investment income from joint ventures was stable, amounting to 103 million yuan, reflecting a year-on-year increase of 0.9%, while the parent company's revenue reached 5.938 billion yuan, up 16.3% year-on-year [1] - The company maintained a buy rating despite short-term fluctuations in net profit, indicating a solid long-term growth logic [1][3] Group 2 - The sales expense ratio decreased year-on-year to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points, primarily due to a decline in the proportion of high-margin industrial product revenue [2] - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.1 billion, 2.21 billion, and 2.31 billion yuan, respectively, with corresponding EPS of 2.78, 2.92, and 3.07 yuan [3] - The company is valued at a 15x PE for 2025, compared to the industry average of 11x, with a target price set at 41.76 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q1 2025 shows stable growth with revenue of 12.713 billion RMB, a year-on-year increase of 4.9%, while net profit attributable to the parent company is 459 million RMB, showing a slight decline of 0.1% [1] - Despite short-term fluctuations in net profit due to market conditions, the long-term growth logic remains intact, supported by the company's leading market share in the distribution of controlled drugs and stable operations in Beijing's pharmaceutical distribution [4][1] - The report forecasts net profits for the parent company to grow steadily from 2.101 billion RMB in 2025 to 2.313 billion RMB in 2027, with corresponding EPS of 2.78 RMB, 2.92 RMB, and 3.07 RMB respectively [4][10] Summary by Sections Financial Performance - In Q1 2025, the company's revenue reached 5.938 billion RMB, a year-on-year increase of 16.3%, with net profit of 337 million RMB, up 6.8% [2] - The investment income from joint ventures was 103 million RMB, reflecting a stable growth of 0.9% year-on-year [2] Cost Management - The sales expense ratio decreased to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points year-on-year, primarily due to a lower proportion of high-margin industrial product revenue [3] Valuation and Forecast - The target price is set at 41.76 RMB, with a PE ratio of 15x for 2025, compared to the industry average of 11x [4][7] - The company is projected to maintain a steady revenue growth rate of approximately 5% annually from 2025 to 2027 [10]

2024年年度股东大会决议公告 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。 证券代码：600511 证券简称：国药股份 公告编号：临 2025-014 国药集团药业股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 24 日 (二)股东大会召开的地点：北京市东城区永定门西滨河路 8 号院 7 楼中海地产广 场西塔 8 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 402 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 464,765,952 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.5989 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司党委书记、董事蒋昕女士（代行董事长）主持， 会议采用现场投票和网络投票的方式进行 ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-013 国药集团药业股份有限公司 第八届监事会第十九次会议决议公告 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。 一、监事会会议召开情况 国药集团药业股份有限公司（以下简称"国药股份"或"公 司"）第八届监事会第十九次会议通知及资料于 2025 年 4 月 14 日以书面、电子邮件等形式发出，会议于 2025 年 4 月 24 日以现 场和通讯方式在北京召开，公司三位监事全部出席会议，会议由 监事会主席主持，符合《公司法》和《公司章程》关于召开监事 会会议的有关规定。 二、监事会会议审议情况 本次会议审议并通过了如下决议： （一）以 3 票同意、0 票反对和 0 票弃权的结果审议通过《国 药股份 2025 年第一季度报告》。 经核查，监事会认为：公司 2025 年第一季度报告的编制和 审议程序符合相关法律、法规及《公司章程》等内部规章制度的 规定；公司 2025 年第一季度报告的内容与格式符合相关规定， 1 公允地反映了公司 2025 年第一季度的财务状况 ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-012 国药集团药业股份有限公司 第八届董事会第二十四次会议决议公告 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。 1 全体委员一致同意提交董事会审议。 内容详见上海证券交易所网站 www.sse.com.cn 同日披露的 国药股份 2025 年第一季度报告。 （二）以 8 票同意、0 票反对和 0 票弃权的结果审议通过《国 药股份 2024 年度环境、社会及治理（ESG）报告》。 一、董事会会议召开情况 国药集团药业股份有限公司（以下简称"公司"或"国药股 份"）第八届董事会第二十四次会议通知及资料于 2025 年 4 月 14 日以书面、电子邮件等形式发出，会议于 2025 年 4 月 24 日 以现场和通讯方式在北京召开。本次会议应到董事八名，实到董 事八名，其中四名独立董事参加了会议，公司党委书记、董事蒋 昕女士（代董事长）主持本次会议，监事和部分高管列席会议， 符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 本次会议审议并通过了 ...