Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company is undergoing a sales transformation focused on academic marketing, which, despite short-term performance pressures, is expected to enhance the overall marketing system [7]. - The value of the company's R&D pipeline is becoming evident, with multiple products in traditional Chinese medicine, chemical drugs, and biological drugs entering clinical trials or receiving approvals [7]. - The acquisition of China New Medicine in 2024 enhances the company's R&D capabilities in the biopharmaceutical sector, particularly in metabolic and neurological diseases [7]. Financial Data and Valuation - Total revenue for 2023 is reported at 4,868 million, with a projected decline to 3,898 million in 2024, followed by a recovery to 4,314 million in 2025 [2][10]. - The net profit attributable to the parent company is expected to decline from 537 million in 2023 to 392 million in 2024, before rebounding to 443 million in 2025 [8][10]. - The company’s R&D expenditure is projected to be 6.38 billion in 2024, representing a 16.4% R&D expense ratio, which is among the highest in the traditional Chinese medicine industry [7]. Sales and Marketing Strategy - The company has initiated an academic marketing model transformation, which includes the "Doctor Pan Project" aimed at enhancing compliance in sales operations [7]. - A refined sales strategy is being implemented, focusing on product characteristics and therapeutic areas, with a notable reduction in sales expenses by 20.7% in 2024 [7]. R&D Pipeline - As of Q1 2025, the company has several products in various stages of development, including 4 innovative traditional Chinese medicine drugs and 4 chemical drugs in clinical trials [7]. - The company has received clinical approval for two of its self-developed biological drugs in 2024, targeting multiple myeloma and psoriasis [7]. Future Projections - The company is expected to achieve net profits of 4.4 billion, 5.3 billion, and 6.3 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.0%, 20.2%, and 18.4% [7][8].

证券简称：康缘药业 证券代码：600557 公告编号：2025-024 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。 江苏康缘药业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 2 日、 2025 年 4 月 24 日召开第八届董事会第十六次会议、2024 年年度股东会，审议通过 了《关于修改<公司章程>的议案》。公司于 2025 年 5 月 30 日召开第八届董事会第 十九次临时会议，审议通过了《关于变更法定代表人的议案》。具体内容详见公司 在《中国证券报》《上海证券报》《证券日报》《证券时报》及上海证券交易所网站 www.sse.com.cn 披露的《第八届董事会第十六次会议决议公告》（公告编号：2025- 007）、《关于修改<公司章程>的公告》（公告编号：2025-013）、《2024 年年度股东会 决议公告》（公告编号：2025-016）、《第八届董事会第十九次临时会议决议公告》 （公告编号：2025-022）。 近日，公司已完成注册资本、法定代表人工商变更登记及修订后的《公司章程》 等备案手续，并取 ...

Core Viewpoint - Jiangsu Kangyuan Pharmaceutical Co., Ltd. has completed the registration of changes in registered capital and legal representative, and has obtained a new business license following the amendments to its Articles of Association [1][2]. Group 1: Company Changes - The registered capital has been changed from RMB 581,797,452 to RMB 566,158,806 [2]. - The legal representative has been changed from Xiao Wei to Gao Haixin [2]. - The company has completed the necessary registration and filing procedures with the Lianyungang Market Supervision Administration [2]. Group 2: Business License Information - The new business license details include: - Name: Jiangsu Kangyuan Pharmaceutical Co., Ltd. - Unified Social Credit Code: 91320700138997640W - Type: Joint-stock company (listed) - Address: Lianyungang Economic and Technological Development Zone, Jiangning Industrial City - Legal Representative: Gao Haixin - Registered Capital: RMB 566,158,806 - Establishment Date: May 8, 1996 [2]. Group 3: Business Scope - The business scope includes the production of traditional Chinese medicine, chemical drugs, biological drugs, natural drug products, and food, among others [2]. - The company is also involved in the import and export of various goods and technologies, subject to national regulations [2]. - Special medical purpose formula food production is a licensed project that requires approval from relevant authorities [2].

证券简称：康缘药业 证券代码：600557 公告编号：2025-024 江苏康缘药业股份有限公司 关于完成工商变更登记并换发营业执照的公告 统一社会信用代码：91320700138997640W 类型：股份有限公司（上市） 住所：连云港经济技术开发区江宁工业城 法定代表人：高海鑫 注册资本：56615.8806 万元整 1 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。 江苏康缘药业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 2 日、 2025 年 4 月 24 日召开第八届董事会第十六次会议、2024 年年度股东会，审议通过 了《关于修改<公司章程>的议案》。公司于 2025 年 5 月 30 日召开第八届董事会第 十九次临时会议，审议通过了《关于变更法定代表人的议案》。具体内容详见公司 在《中国证券报》《上海证券报》《证券日报》《证券时报》及上海证券交易所网站 www.sse.com.cn 披露的《第八届董事会第十六次会议决议公告》（公告编号：2025- 007）、《关于修改<公司章程>的公告》（公告编号 ...

Group 1 - The company held its 19th temporary board meeting on May 30, 2025, with all 9 directors present, and the meeting complied with relevant laws and regulations [1][2][3] - The board approved the proposal to change the legal representative from Chairman Xiao Wei to Director Gao Haixin, which aligns with the Company Law and the company's articles of association [1][3] - The board authorized relevant personnel to handle the business registration change in accordance with regulations [3] Group 2 - The company completed the repurchase and cancellation of all remaining restricted stocks from the 2022 incentive plan on May 29, 2025, reducing the total share capital from 569,459,106 shares to 566,158,806 shares [8][9] - Following the repurchase, the controlling shareholder, Jiangsu Kangyuan Group, saw its shareholding percentage increase from 30.94% to 31.12% without changing the number of shares held [8][10] - This change in shareholding percentage is due to the repurchase and does not affect the company's controlling shareholder or actual controller [10][11]

Group 1 - Jiangsu Kangyuan Pharmaceutical Commercial Co., Ltd. applied for a patent titled "A Method and Device for Drug Distribution," with publication number CN120071512A, filed on November 2024 [1] - The patent describes a drug distribution client that includes at least one processor and one memory, configured to send purchase requests to a drug distribution server and handle responses accordingly [1] - The invention aims to provide a convenient way for patients to address different needs for prescription and over-the-counter drugs during the purchasing process [1] Group 2 - Jiangsu Kangyuan Pharmaceutical Commercial Co., Ltd. was established in 1990, located in Lianyungang, with a registered capital of 136 million RMB [2] - The company has invested in 23 enterprises, participated in 332 bidding projects, and holds 2 patents along with 31 administrative licenses [2] - Jiangsu Kangyuan Pharmaceutical Co., Ltd. was founded in 1996, also in Lianyungang, with a registered capital of approximately 581.8 million RMB [2] - This company has invested in 15 enterprises, participated in 5000 bidding projects, and possesses 354 trademark records and 1042 patent records, along with 588 administrative licenses [2]

Core Viewpoint - Jiangsu Kangyuan Pharmaceutical Co., Ltd. completed the repurchase and cancellation of restricted stocks, resulting in a passive increase in the shareholding ratio of its controlling shareholder, Kangyuan Group, from 30.94% to 31.12% [1][2][3] Summary by Sections 1. Completion of Restricted Stock Repurchase - The company repurchased and canceled a total of 3,300,300 restricted stocks, reducing the total share capital from 569,459,106 shares to 566,158,806 shares [2] - The repurchase and cancellation were confirmed by China Securities Depository and Clearing Corporation Limited Shanghai Branch on May 29, 2025 [2] 2. Changes in Shareholding Ratios - Following the repurchase, Kangyuan Group's shareholding ratio increased from 30.94% to 31.12%, while the number of shares held remained unchanged at 176,173,467 shares [2] - Other shareholders, including Yin Ye Gong Yu No. 10 Private Securities Investment Fund, Mr. Xiao Wei, and Nanjing Kangzhu Enterprise Management Partnership, did not experience changes in their shareholding quantities [2] 3. Regulatory Compliance - The company will proceed with the necessary business registration changes following the completion of the stock repurchase and cancellation [2] - The announcement serves as a compliance measure for changes in shareholding ratios that touch upon 1% integer multiples [3]

Core Points - Jiangsu Kangyuan Pharmaceutical Co., Ltd. held its 19th temporary meeting of the 8th Board of Directors on May 30, 2025, to discuss and approve key resolutions [1][2] - The board approved a proposal to change the legal representative from Chairman Xiao Wei to Director Gao Haixin, which complies with relevant laws and regulations [1][2] - The voting results for the proposal were unanimous, with 9 votes in favor and no votes against or abstentions [1] Summary by Sections Board Meeting Details - The meeting was notified on May 28, 2025, and conducted both in-person and via communication methods [1] - The meeting was presided over by Chairman Xiao Wei [1] Legal Representative Change - The change of the legal representative is in accordance with the Company Law of the People's Republic of China and the Shanghai Stock Exchange's self-regulatory guidelines [1] - The board authorized relevant personnel to handle the business registration change as per regulations [2] Profile of New Legal Representative - Gao Haixin, born in May 1988, holds a doctoral degree and has been with the company since 2014, serving in various roles [4] - As of the announcement date, Gao Haixin holds 60,000 shares of the company and has no conflicts of interest with other board members or significant shareholders [4]

江苏康缘药业股份有限公司 关于公司控股股东因公司回购注销限制性股票 持股比例被动增加触及1%整数倍的公告 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。 证券简称：康缘药业 证券代码：600557 公告编号：2025-023 本次回购注销完成后，公司控股股东江苏康缘集团有限责任公司（以下 简称"康缘集团"）在持有公司的股份数量不变的情况下，持有公司股份比例 由 30.94%被动增加至 31.12%，适用权益变动触及 1%整数倍的情形。本次权益 变动不会导致公司控股股东及实际控制人发生变化。 江苏康缘药业股份有限公司已于 2025 年 5 月 29 日办理完成回购注销公司 2022 年度限制性股票激励计划剩余全部限制性股票事宜。本次回购注销导致公 司控股股东江苏康缘集团有限责任公司在持有公司的股份数量不变的情况下， 持有公司股份比例由 30.94%被动增加至 31.12%，适用权益变动触及 1%整数倍 的情形，具体情况如下。 一、本次限制性股票回购注销完成情况 公司本次回购注销的限制性股票数量为 330,03 万股，本次回 ...

证券简称：康缘药业 证券代码：600557 公告编号：2025-022 一、审议通过《关于变更法定代表人的议案》 公司董事会拟将法定代表人由董事长肖伟先生变更为代表公司执行公司事务的 董事高海鑫先生，该变更符合《中华人民共和国公司法》《上海证券交易所上市公 司自律监管指引》等法律法规以及康缘药业《公司章程》第八条的相关规定。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 董事会授权相关人员依规办理工商登记变更事宜，具体以工商行政管理部门登 记为准。 江苏康缘药业股份有限公司 第八届董事会第十九次临时会议决议公告 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。 江苏康缘药业股份有限公司（以下简称"公司""康缘药业"）第八届董事会 第十九次临时会议通知于 2025 年 5 月 28 日以书面文件、电话和电子邮件方式发出， 会议于 2025 年 5 月 30 日在公司会议室以现场结合通讯方式召开。应出席会议董事 9 人，实际出席会议董事 9 人。本次会议的召开符合《公司法》等法律法规以及《公 司章程》的规定。会议由董事长肖伟 ...