国浩律师（北京）事务所 关于国药集团药业股份有限公司 2023 年年度股东大会律师见证之 法律意见书 北京 上海 深圳 杭州 天津 昆明 广州 成都 宁波 福州 西安 南京 南宁 济南 重庆 香港 巴黎 马德里 地址：北京市朝阳区东三环北路38号泰康金融大厦9层 邮编：100026 电话：010-65890699 传真：010-65176800 网址：http://www.grandall.com.cn 2024 年 4 月 致：国药集团药业股份有限公司 国浩律师（北京）事务所 关于国药集团药业股份有限公司 2023年年度股东大会律师见证之 法律意见书 国浩京证字[2024]第【0334】号 根据国药集团药业股份有限公司（下称"公司"）的委托，并依据《中华人民 共和国公司法》（下称"《公司法》"）《中华人民共和国证券法》（下称"《证 券法》"）和中国证券监督管理委员会发布的《上市公司股东大会规则》（下称"《股 东大会规则》"）《上市公司治理准则》（下称"《治理准则》"）等法律、行政 法规、规范性文件以及《国药集团药业股份有限公司章程》（下称"《公司章程》"） 《国药集团药业股份有限公司股东大会议事规则》（下称 ...

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"）第八届监事会第十二次会议通知于 2024 年 4 月 15 日以书 面、电子邮件等形式发出，会议于 2024 年 4 月 25 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： 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 2024 年第一季度报告》。（内容详见上海证券交易所网站 www.sse.com.cn 及《中国证券报》、《上海证券报》、《证券时 报》和《证券日报》同日披露的《国药股份 2024 年第一季度报 告》） 1 证券代码：600511 证券简称：国药股份 公告编号：临 2024-015 国药集团药业股份有限公司 第八届监事会第十二次会议决议公告 监事会对公司 2024 年第一季度报告确认如下：公司 2024 年 ...

国药集团药业股份有限公司 2023 年年度股东大会会议资料 股票代码：600511 2024 年 4 月 25 日 1 / 107 国药股份 2023 年年度股东大会议程 现场会议时间：2024 年 4 月 25 日 9:30 交易系统平台网络投票时间： 2024 年 4 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00； 互联网投票平台网络投票时间： 2024 年 4 月 25 日 9:15-15:00 现场会议地点：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 会议议题： 一、审议国药股份 2023 年度董事会工作报告 二、审议国药股份 2023 年度监事会工作报告 三、审议国药股份 2023 年年度报告及摘要 四、审议国药股份 2023 年度财务决算报告 五、审议国药股份 2023 年度利润分配方案 六、审议国药股份独立董事 2023 年度述职报告 七、审议国药股份 2023 年日常关联交易情况和预计 2024 年日常关联交易的议案 八、审议国药股份 2024 年拟向商业银行申请综合授信等 业务的议案 2 九、审议国药股份关于 2024 年拟为 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 47.60 [2][4]. Core Insights - In 2023, the company achieved a revenue growth of 9.23% and a net profit growth of 9.26%, with total revenue reaching RMB 49.70 billion and net profit attributable to shareholders at RMB 2.15 billion [3][10]. - The direct sales business in Beijing showed steady growth, with revenue increasing by 10.93% to RMB 32.53 billion, maintaining a leading market position [3][10]. - The nationwide distribution business also saw growth, with revenue of RMB 18.53 billion, up 9.15% year-on-year, while the industrial segment faced a decline of 20.60% [11][10]. - The company solidified its leading position in the distribution of narcotics, covering 31 provincial-level regions and over 50,000 medical clients [11][10]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 3.17, 3.54, and 3.95, respectively, with net profit attributable to shareholders expected to be RMB 2.39 billion, 2.67 billion, and 2.98 billion [4][11]. Financial Summary - The company's total revenue for 2023 was RMB 49.70 billion, with a year-on-year growth of 9.23% [3][5]. - The net profit for 2023 was RMB 2.15 billion, reflecting a 9.26% increase compared to the previous year [3][5]. - The gross profit margin increased by 9.93 percentage points, indicating improved operational efficiency [11][10]. - The company achieved a net profit margin of 4.3% in 2023, with projections for continued growth in the coming years [8][11]. Forecast and Valuation - The report anticipates a revenue increase of 10.2% for 2024, with total revenue expected to reach RMB 54.75 billion [5][8]. - The projected net profit for 2024 is RMB 2.39 billion, with a corresponding EPS of RMB 3.17 [4][8]. - The valuation is based on a 15x price-to-earnings (PE) ratio for 2024, leading to a target price adjustment from RMB 54.70 to RMB 47.60 [4][11].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 医药流通 ＃investSuggestion＃ ＃ ＃d 国yCo 药mp 股any＃份 （ 600511.SH ） investSug 增持 ( 维ges持tion ）Ch 00000 Q9 4 业 绩略超预期 ＃ ，titl 提e＃ 质增 效稳步推进 ange＃ ＃ createTime1＃ 2024年 04月 02日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 公ma 司ry＃ 发 布2023年年报。2023年，公司实现营收496.96亿元（YOY+9.23%）； 司 日期 2024/04/01 归母净利润 21.46 亿元（YOY+9.26%）；扣非归母净利润 20.93 亿元 点 收盘价（元） 33.08 （YOY+9.52%）。2023Q4，公司实现营收131.66亿元（YOY+20.17%）；归母 评 总股本（百万股） 754.50 净利润6.84亿元（YOY+28.41%）；扣非归母净利润6.62亿元（YOY+35.46%）。 报 流通股本（百万股） 553.35 告 净资产（百万元） 15, ...

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 国药股份（600511）公司年报点评 2024年04月06日 [Table_InvestInfo] 投资评级 优于大市 维持 全年收入稳健增长，经营质量逐步提升 股票数据 [Table_Summary] 0[4Ta月b0le3_日S收to盘ck价（In元fo）] 33.90 投资要点： 52周股价波动（元） 26.58-44.80 总股本/流通A股（百万股） 755/553 总市值/流通市值（百万元） 25578/18758  2023年收入增长9.23%，归母净利润增长9.26%。2023年，公司营业收入 相关研究 为496.96亿元，同比增加9.23%；归母净利润为21.46亿元，同比增加9.26%， [《Ta麻b精le药_R配e送po龙rtI头nf，o]手 术复苏乘风而起》 扣非净利润20.93亿元，同比增长9.52%。2023年单Q4公司实现收入131.66 亿元，同比增长 20.17%，归母净利润 6.84 亿元，同比增长 28.41%，扣非 2023.05.31 净利润6.62亿元，同比增长35.46%。 市场表现  ...

Financial Performance - The company's operating revenue for 2023 reached ¥49,696,045,528.87, an increase of 9.23% compared to ¥45,498,583,764.24 in 2022[15] - The net profit attributable to shareholders of the listed company was ¥2,145,998,746.54, reflecting a growth of 9.26% from ¥1,964,057,559.33 in the previous year[15] - The net profit after deducting non-recurring gains and losses was ¥2,092,945,826.67, up by 9.52% from ¥1,910,981,633.08 in 2022[15] - The net cash flow from operating activities increased by 13.84% to ¥2,726,657,097.53, compared to ¥2,395,123,454.99 in 2022[15] - The net assets attributable to shareholders of the listed company at the end of 2023 were ¥15,775,887,678.80, a 10.98% increase from ¥14,214,807,659.39 at the end of 2022[15] - Total assets as of the end of 2023 amounted to ¥32,453,092,592.42, representing a 9.61% increase from ¥29,609,041,999.59 in 2022[15] - Basic earnings per share for 2023 were RMB 2.8443, up 9.26% from RMB 2.6031 in 2022[16] - The total profit for 2023 was CNY 2.93 billion, up 9.04% year-on-year, while net profit reached CNY 2.33 billion, an increase of 9.67%[41] - The company's operating cash flow net amount was CNY 2.73 billion, reflecting a 13.84% increase compared to the previous year[42] Dividend Distribution - The company plans to distribute a cash dividend of ¥8.54 per 10 shares, totaling ¥644,345,560.29, based on a total share capital of 754,502,998 shares as of December 31, 2023[3] - For the year 2023, the company plans to distribute a cash dividend of 8.54 RMB per 10 shares, amounting to 644,345,560.29 RMB, also representing 30.03% of the net profit[119] - The company proposed a cash dividend of 7.82 RMB per 10 shares for the year 2022, totaling 590,021,344.44 RMB, which represents 30.04% of the net profit for that year[117] Research and Development - The company invested CNY 71.20 million in R&D, which is a 6.27% increase from the previous year[42] - Research and development expenses totaled ¥141,151,775.11, accounting for 0.28% of total revenue, with 49.56% of R&D costs capitalized[52] - The company is investing 500 million RMB in R&D for new technologies aimed at enhancing product efficiency[89] - Research and development investments have increased by 25%, focusing on advanced medical technologies and pharmaceuticals[90] Market Position and Strategy - The company has focused on enhancing its pharmaceutical distribution and retail sectors, maintaining a leading position in the Beijing market[23] - The company is actively promoting its "big cannabis drug" strategy to enhance supply chain management capabilities in the narcotic drug sector[25] - The company is transitioning from simple drug sales to providing comprehensive pharmaceutical solutions, improving operational efficiency through refined management[23] - The company aims to strengthen its core business and maintain market share while exploring new growth areas through strategic investments and acquisitions, focusing on high-value segments of the pharmaceutical health industry[73] - The company is actively enhancing compliance management to mitigate systemic risks and ensure adherence to regulatory requirements, which is crucial for maintaining operational integrity[73] Environmental Commitment - The company invested 31.04 million RMB in environmental protection during the reporting period[124] - The company has obtained a pollution discharge permit for its new raw material workshop, valid until August 16, 2027, focusing on managing waste gas emissions[125] - The company has established 7 pollution control facilities, all compliant with environmental regulations, and has conducted regular maintenance[128] - The company implemented a carbon reduction strategy, achieving a total reduction of 958 tons of CO2 equivalent emissions in 2023[139] - The company is committed to preventing environmental pollution through strict adherence to environmental impact assessments and management regulations[129] Governance and Compliance - The company’s governance structure is designed to ensure transparency and protect shareholder rights, with independent directors constituting over one-third of the board[76] - The company has established a comprehensive internal control management system in compliance with relevant laws and regulations, ensuring effective operational management[121] - The company has implemented a strict insider information management system to ensure the accuracy and completeness of insider information records[78] - The company is committed to maintaining compliance with regulatory requirements and has not faced penalties from securities regulatory agencies in the past three years[97] Subsidiaries and Investments - The company has a controlling interest in various subsidiaries, including Guoyao Yizhi and Guoyao Modern, with substantial shareholdings[194] - The company signed a management agreement for the 61.06% equity stake in Guorui Pharmaceutical, with a management fee of CNY 500,000 per year for a duration of three years[168] - The company plans to promote the disposal of Guorui Pharmaceutical through various means, including potential sales to independent third parties[147] Employee and Management Structure - The total number of employees in the parent company and major subsidiaries is 3,138, with 559 in the parent company and 2,579 in subsidiaries[111] - The company conducted 51 training programs in 2023, with a total of 10,196 participants and 53,683.1 training hours, achieving a 100% employee training coverage rate[114] - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 18.86 million yuan[96] - The company has seen a significant increase in executive compensation, indicating a focus on retaining top talent[87] Financial Management - The company has not reported any non-operating fund occupations or guarantees during the reporting period[149] - The company appointed PwC Zhongtian as the new accounting firm for the 2023 fiscal year, with an audit fee of RMB 840,000[153] - The audit fees for the 2023 financial report decreased by 46% compared to the previous year, which was RMB 2.3 million, due to market conditions and procurement processes[155] - The company plans to provide internal loans to its subsidiary, with a total amount not exceeding RMB 400 million, at an interest rate not lower than the LPR[162]

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月21日 国药股份(600511.SH) Buy 买进 王睿哲 C0062@capital.com.tw 23Q4业绩回升好于预期 目标价(元) 39元 结论与建议： 公司基本信息 产业别 医药生物  公司业绩：公司发布年报，2023年实现营业收入497.0亿元，YOY+9.2%， A股价(2024/3/20) 29.68 录得归母净利润21.5亿元，YOY+9.3%，扣非后归母净利润YOY+9.5%，经 上证指数(2024/3/20) 3079.69 股价12个月高/低 43.89/26.58 营活动现金流27.3亿元,YOY+13.8%,回款继续向好。其中Q4单季度营收 总发行股数(百万) 754.50 131.7亿元，YOY+20.2%，录得归母净利润6.9亿元,YOY+28.4%，单季度 A股数(百万) 553.35 恢复显著。整体来看，公司业绩好于我们的预期。 A市值(亿元) 164.23 主要股东 国药控股股份有  分红预案：公司拟每10股派发现金股利8.54元（含税），以昨日收盘 限公司 ...

证券代码：600511 证券简称：国药股份 公告编号：2024-013 国药集团药业股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 4 月 25 日 9 点 30 分 召开地点：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 股东大会召开日期：2024年4月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 4 月 25 日 至 2024 年 4 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的 ...

国药集团药业股份有限公司 2023 年度董事会工作报告 第一部分 2023 年工作总结 一、经营业绩和社会价值 （一）经营业绩 2023 年，国药股份实现营业收入 496.96 亿元，同比增长 9.23%；利润总额 29.31 亿元，同比增长 9.04%；净利润 23.34 亿，同比增长 9.67%；归属于母公 司净利润 21.46 亿元，同比增长 9.26%；归属于母公司扣非净利润 20.93 亿元， 同比增长 9.52%，经营活动现金流量净额达到 27.27 亿元。截至 2023 年 12 月底， 公司总资产 324.53 亿元，归属于上市公司股东的所有者权益 157.76 亿元，每股 净资产 20.91 元，净资产收益率（加权）13.68%。截至 2023 年 12 月 31 日，公 司总股本为 754,502,998 股，总市值为 215.94 亿。 （二）社会价值 1 / 10 国药股份作为医药央企所属上市公司，始终牢记"护佑生命、关爱健康"的 企业理念，积极投身健康中国战略，积极履行社会责任，充分发挥药品供应链优 势，及时响应多项应急保供的任务，出色完成医药物资紧急调运和物资转运工作， 为保障人民 ...