江苏康缘药业股份有限公司 关联交易决策制度 第二条 公司关联交易应遵循公正、公平、公开和诚实信用的原则，不得 损害公司、全体股东特别是中小股东的利益。 第三条 公司应当保证关联交易的合法性、必要性、合理性和公允性，保 持公司的独立性，不得利用关联交易调节财务指标，损害公司利益。交易各方 不得隐瞒关联关系或者采取其他手段，规避公司的关联交易审议程序和信息披 露义务。 第四条 本制度对公司股东、董事和管理层具有约束力，公司股东、董事 和管理层必须遵守。 第二章 关联人的认定 第五条 关联人包括关联法人（或者其他组织）和关联自然人。 第六条 具有以下情形之一的法人（或者其他组织），为公司的关联法人 （或者其他组织）： （一）直接或者间接控制公司的法人（或者其他组织）； （二）由前项所述法人（或者其他组织）直接或者间接控制的除公司、 控股子公司及控制的其他主体以外的法人（或者其他组织）； 第一章 总则 第一条 为规范江苏康缘药业股份有限公司（以下简称"公司"）的关联 交易，保证公司关联交易的公允性，维护公司及公司全体股东的合法权益，根 据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票 上市规则》 ...

江苏康缘药业股份有限公司 章 程 （业经 2024 年年度股东会审议通过） 2025 年 4 月 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司经江苏省人民政府[苏政复(2000)213 号]文批准，由原连云港康缘制药 有限责任公司变更设立；在连云港市市场监督管理局注册登记，取得营业执照， 统一社会信用代码:91320700138997640W。 第三条 公司于 2002 年 9 月 5 日，经中国证券监督管理委员会[证监发行字 （2002）92 号]文核准，首次向社会公众发行人民币普通股 4,000 万股，于 2002 年 9 月 18 日在上海证券交易所上市。 第四条 公司注册名称： 中文名称为：江苏康缘药业股份有限公司 英文名称为：Jiangsu Kanion Pharmaceutical Co.,Ltd. 第五条 公司住所：连云港经济技术开发 ...

Core Insights - The core viewpoint of the news is that despite a decline in short-term performance, the company is laying a solid foundation for long-term growth through innovation and market expansion strategies [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 3.898 billion yuan, a year-on-year decrease of 19.86% [2]. - The net profit attributable to shareholders was 392 million yuan, down 15.58% year-on-year [2]. - The non-recurring net profit was 363 million yuan, with a decline of 27.29% [2]. Product Performance - Injection products, the main revenue source, generated approximately 1.341 billion yuan in 2024, a decrease of 38.33% year-on-year [3]. - Sales of the core product, Re Du Ning injection, fell by 30.98%, while Ginkgo Biloba Terpene Lactone injection saw a decline of 47.86% [3]. - Oral liquid products achieved revenue of 875 million yuan, a growth of 1.28% year-on-year, with the core product Jin Zhen oral liquid increasing sales by 8.3% [3]. - Gel products experienced a significant revenue increase of 82.48%, driven by the sales growth of muscle and joint pain gel [4]. Market Strategy - The company is focusing on expanding its presence in the outpatient market, utilizing a multi-channel approach that includes OTC, grassroots medical services, and e-commerce [4]. - The company plans to strengthen its product matrix and enhance compliance systems to ensure long-term stable growth [4]. R&D Investment - The company invested 654 million yuan in R&D in 2024, accounting for 16.79% of total revenue, maintaining a leading position in the industry [6]. - Cumulatively, from 2020 to 2024, R&D expenses reached 2.911 billion yuan, with a consistent increase in R&D expense ratio [6]. - The company has established a comprehensive innovation system that integrates traditional Chinese medicine research with modern technology [7]. New Product Development - During the reporting period, the company received approval for one new traditional Chinese medicine and submitted applications for several others [7]. - The company completed the acquisition of 100% of Zhongxin Medicine, enhancing its biopharmaceutical pipeline and creating synergies with existing businesses [8]. Digital Transformation - The company is recognized as a national pilot for smart manufacturing, implementing digital technologies across its operations [9]. - Future strategies include leveraging innovation and digitalization to enhance product quality and operational efficiency [9].

2024年，中药创新药龙头企业康缘药业交出了一份令市场失望的成绩单。报告期内，公司实现营收 38.98亿元，同比下降19.86%；归母净利润3.92亿元，同比下滑15.58%；扣非净利润更是锐减27.29%。 这是继2020年疫情冲击后，康缘药业再次陷入"营收净利双降"的困境。 各业务线营收全线下滑 中药注射剂营收降近4成、库存激增 从产品角度看，康缘药业的核心竞争力主要建立在其三大主力产品——热毒宁注射液、银杏二萜内酯葡 胺注射液和金振口服液之上。其中，前两者分别属于呼吸感染与心脑血管领域的中药注射剂，长期贡献 公司超半数营收。然而，2024年这两大核心产品的销量均出现断崖式下跌，导致公司业绩大幅下滑。 年报数据显示，2024年康缘药业注射液产品实现的营业收入约为13.41亿元，同比下降38.33%。其中， 热毒宁注射液销售量为4194.57万支，同比下降30.98%；银杏二萜内酯葡胺注射液销售量为560.19万 支，同比下降47.86%。 核心品种的溃退，与医保支付方式改革、药品集采常态化密不可分。近年来，医保控费政策持续收紧， 中药注射剂因临床争议和性价比问题，在集采中议价能力较弱。以热毒宁注射液为例， ...

Core Insights - The overall performance of traditional Chinese medicine (TCM) companies shows a divergent trend amid intensified market competition, fluctuating raw material prices, and changing policy environments [1] - Companies are actively seeking new growth avenues for long-term development [1] Revenue Performance - Baiyunshan leads with a revenue of 749.93 billion, but experienced a slight decline of 0.69% year-on-year [3] - Yunnan Baiyao follows with a revenue of 400.33 billion, maintaining steady growth supported by diversified products [3] - Taiji Group and Kangyuan Pharmaceutical saw significant revenue declines, with Taiji's revenue dropping by 20.72% to 123.86 billion [3][4] - Taiji's flagship product, Huoxiang Zhengqi Oral Liquid, faced a 35.34% drop in sales, indicating market share erosion [3][4] Profitability Analysis - Yunnan Baiyao reported a leading net profit of 47.49 billion, up 16.02%, while Huaren Sanjiu's net profit grew by 18.05% to 33.68 billion [6] - Six out of fifteen companies experienced a decline in net profit, indicating severe profitability challenges [6] - Taiji Group's net profit plummeted by 96.76% to 0.27 billion, attributed to tax payment issues [6][7] Cost Pressures - Rising raw material prices significantly impacted profit margins, with notable increases in costs for key ingredients [8][9] - For instance, the price of natural cow bile used in Tongrentang's products surged from 650,000 to 1,650,000 per kilogram, leading to a decrease in gross margin [8] R&D and Innovation Challenges - Many TCM companies face low R&D investment and high sales expenses, limiting their growth potential [9][10] - Approximately 40% of the surveyed companies had R&D expenses below 200 million, with seven companies reporting a year-on-year decline in R&D spending [9] - Companies are increasingly relying on traditional products, hindering innovation and the introduction of competitive new products [9] Strategic Shifts - Companies are exploring new growth strategies, such as East A Ejiao's focus on men's health products and Jichuan Pharmaceutical's partnerships for business development [10][11] - Some companies are integrating AI and digital technologies into their operations to modernize and enhance product offerings [11]

Core Viewpoint - In 2024, Kangyuan Pharmaceutical (600557) reported a decline in both revenue and net profit, primarily due to the underperformance of its core products, namely Rendu Ning Injection and Ginkgo Biloba Terpene Lactone Injection [1][5][8] Financial Performance - The company's revenue for 2024 was approximately 3.90 billion yuan, a year-on-year decrease of 19.86% [2][5] - The net profit attributable to shareholders was about 391.86 million yuan, down 15.58% from the previous year [2][5] - Quarterly revenue and net profit showed a downward trend throughout 2024, with Q4 revenue declining by 42.38% and net profit by 69.71% year-on-year [5][6] Product Performance - The main revenue source, injections, generated approximately 1.34 billion yuan in 2024, a decrease of 38.33% year-on-year, largely due to falling sales of Rendu Ning Injection and Ginkgo Biloba Terpene Lactone Injection [8][9] - Rendu Ning Injection's production decreased by 10.24%, with sales down 30.98%, leading to a significant increase in inventory [8][9] - Ginkgo Biloba Terpene Lactone Injection saw a production drop of 33.9% and a sales decline of 47.86% [8][9] Strategic Initiatives - In response to declining sales, the company is expanding its product lineup with new offerings such as Jinzhen Oral Liquid and Xingbei Cough Granules [1][9] - The company completed the acquisition of Jiangsu Zhongxin Pharmaceutical Co., Ltd. in 2024, although this acquisition has not yet turned profitable and is expected to impact short-term performance [1][10][11] Industry Context - The pharmaceutical manufacturing industry is facing external pressures such as healthcare payment reforms, drug price governance, and centralized procurement, leading to a decline in profit margins [6][9] - The company plans to forgo cash dividends for 2024, instead opting for a share buyback strategy, which is viewed as a form of returning value to shareholders [6][10]

Core Insights - 康缘药业 reported a revenue of 3.898 billion yuan in 2024, a year-on-year decrease of 19.86%, and a net profit attributable to shareholders of 392 million yuan, down 15.58% [1] - The decline in performance is primarily attributed to the underperformance of core products such as 热毒宁注射液 and 银杏二萜内酯葡胺注射液, with injection products revenue dropping to 1.341 billion yuan, a decrease of 38.33% year-on-year [1][2] - The company completed a 100% acquisition of 中新医药, which focuses on the development of innovative biopharmaceuticals, enhancing its presence in the biopharmaceutical sector [3] Revenue and Product Performance - Core products contributing over 10% to revenue include 热毒宁注射液, 金振口服液, and 银杏二萜内酯葡胺注射液, with significant declines in sales volume and increased inventory levels for these products [1] - The market competition has intensified due to stricter medical insurance cost control and centralized procurement policies, leading to a substantial drop in sales for key products [2] R&D and Future Outlook - 康缘药业's R&D expenditure was 638 million yuan in 2024, a decrease of 24.66% year-on-year, but still represents 16.79% of total revenue, indicating a commitment to innovation [4] - The company has made progress in obtaining new drug approvals across various categories, but the conversion of R&D results into market competitiveness remains a critical challenge [5] - Future strategies to boost performance amidst declining core product sales and reduced investment in R&D are essential for 康缘药业's recovery [5]

Group 1 - Kanyuan Pharmaceutical (600557.SH) released its 2024 annual report on April 3, 2025, indicating that 125 institutional investors disclosed holding A-shares, totaling 292 million shares, which accounts for 50.25% of the total share capital [1] - The top ten institutional investors include Jiangsu Kanyuan Group Co., Ltd., Lianyungang Kangbeier Medical Equipment Co., Ltd., Central Huijin Asset Management Co., Ltd., and others, with a combined holding ratio of 47.38%, showing a decrease of 1.85 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 1.49% [2] - A total of 111 new public funds were disclosed this period, including funds such as Rongtong Health Industry Flexible Allocation Mixed A/B and Southern CSI 1000 ETF [2] - Four public funds were not disclosed this period, including various funds under the Fangzheng Fubang brand [2]

证券简称：康缘药业 证券代码：600557 公告编号：2025-015 江苏康缘药业股份有限公司 关于回购注销剩余全部限制性股票通知债权人的公告 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。 一、通知债权人的原由 二、需债权人知晓的相关信息 根据《中华人民共和国公司法》等相关法律、法规的规定，本次总股本减少 未来会引起公司注册资本减少（需经股东会审议），公司特此通知债权人，债权 人自接到公司通知起30日内，未接到通知者自本公告披露之日起45日内，均有权 凭有效债权证明文件及相关凭证向公司要求清偿债务或要求本公司提供相应担 保。债权人如逾期未向公司申报债权，不会因此影响其债权的有效性，相关债务 （义务）将由公司根据原债权文件的约定继续履行。 公司各债权人如要求公司清偿债务或提供相应的担保，应根据《中华人民共 和国公司法》等法律、法规的有关规定向公司提出书面要求，并随附有关证明文 件。 公司债权人需持证明债权债务关系存在的合同、协议及其他凭证的原件及复 印件到公司申报债权。 （1）债权人为法人的，需同时携带法人营业执照副本原件及 ...

Core Viewpoint - The report outlines the supervisory responsibilities of the Board Audit Committee of Jiangsu Kangyuan Pharmaceutical Co., Ltd. regarding the accounting firm for the year 2024, emphasizing the appointment and performance evaluation of the auditing firm, Lixin Certified Public Accountants [1][2][3]. Group 1: Basic Information of the Accounting Firm - Lixin Certified Public Accountants was founded in 1927 by Dr. Pan Xulun and is a member of the international accounting network BDO, with a registered address in Shanghai [1]. - As of the end of 2024, Lixin has 296 partners, 2,498 registered accountants, and a total of 10,021 employees, with 743 registered accountants having signed securities service audit reports [2]. Group 2: Appointment Procedures - On March 7, 2024, the company held its first meeting of the eighth Board Audit Committee and the annual general meeting, where it approved the reappointment of Lixin as the auditing firm for the 2024 financial report and internal control audit [2][3]. Group 3: Performance of the Accounting Firm - Lixin conducted the audit in accordance with the Chinese Certified Public Accountant Auditing Standards, issuing an audit report that confirmed the financial statements were prepared in accordance with accounting standards and fairly reflected the company's financial position as of December 31, 2024 [3]. - The audit committee communicated with Lixin regarding the independence of the audit team, audit plans, risk assessments, and other key audit matters throughout the audit process [2][3]. Group 4: Supervision by the Audit Committee - The audit committee held multiple meetings to discuss the audit work and preliminary audit opinions, ensuring that Lixin completed the audit work timely to facilitate the disclosure of the 2023 annual report [4][5]. - The audit committee evaluated Lixin's qualifications, professional capabilities, and independence, concluding that Lixin met the requirements for conducting the audit work [5][6]. Group 5: Overall Evaluation - The audit committee adhered to relevant regulations and effectively supervised Lixin, ensuring that the audit reports were timely, accurate, objective, and fair [6][7]. - Lixin demonstrated good professional ethics and business quality, completing the 2024 annual audit work in a timely manner [7].