Group 1 - Kangyuan Pharmaceutical has launched a significant generic drug, Sumatriptan Naproxen Sodium Tablets, which fills a gap in the domestic market as the original manufacturer has not yet received approval for entry [2] - The sales of neurological system drugs in China remain substantial, maintaining a scale of over 100 billion yuan, with analgesics holding a market share exceeding 17% [2] - This new drug is the third product approved for Kangyuan Pharmaceutical this year, alongside other products in the neurological field, including Piracetam Injection and Pirfenidone Tablets [2] Group 2 - Kangyuan Pharmaceutical is advancing its "one body, two wings" strategy, focusing on both traditional Chinese medicine and expanding into chemical and biological drugs [2][3] - The company has made significant progress in chemical drug development, particularly in antiviral and anti-tumor areas, enhancing its product matrix [2] - In 2024, Kangyuan Pharmaceutical will complete the acquisition of 100% of Zhongxin Pharmaceutical, which specializes in the development of recombinant human cytokines and antibody biological drugs, further solidifying its growth strategy [3]

Core Insights - In 2024, the company expects a decline in both revenue and net profit, with projected figures of 3.898 billion and 392 million respectively, representing year-on-year decreases of 19.86% and 15.58% [1] - The first quarter of 2024 continues to show pressure on performance, with revenue of 878 million, down 35.38% year-on-year, and net profit of 83.41 million, down 38.37% [1] - The decline in first-quarter revenue is primarily attributed to a decrease in sales of the core injection product, Heat Toxicity Ning Injection [1][2] Product Performance - The core injection products have historically driven high growth, with Heat Toxicity Ning Injection sales exceeding 1 billion in 2013, but experiencing significant fluctuations due to policy changes [2] - The 2023 National Medical Insurance Directory allowed for increased sales of Heat Toxicity Ning Injection, reaching 6.077 million units, but sales fell to 4.195 million units in 2024, with inventory levels increasing by 759.11% [2] - Ginkgo Biloba Diterpene Amine Injection has also contributed to revenue growth, but its price dropped significantly after negotiations, limiting its growth potential [3] - The company’s oral liquid product, Jin Zhen Oral Liquid, has shown inconsistent sales performance, with year-on-year changes of 74.81%, -22.67%, and 5.13% from 2022 to 2024 [3] Financial Overview - In the first quarter, the injection product category generated approximately 340 million in revenue, down 36.86% year-on-year [4] - The overall revenue for the company in the first quarter was 867.22 million, with a total revenue decline of 35.79% [7] - The company reported a significant decline in operating cash flow, down 59.9% to 77 million in the first quarter, raising concerns about balancing cash flow health with long-term investments [9] New Product Developments - The company has received approvals for several new traditional Chinese medicine products, but their contribution to overall revenue remains limited, with a 10.34% decline in revenue from granules and powders in 2024 [6] - The company has not disclosed sales figures for the "Scattering Cold and Dampness Granules," a product related to COVID-19 treatment, despite investor inquiries [8]

Core Viewpoint - Jiangsu Kangyuan Pharmaceutical Co., Ltd. has decided to repurchase and cancel a total of 3.3003 million restricted stocks from 155 incentive recipients due to unmet performance assessment criteria for the fiscal year 2024 [2][5][8] Group 1: Reasons for Repurchase and Cancellation - The repurchase and cancellation of restricted stocks are based on the failure to meet the performance assessment conditions outlined in the 2022 Restricted Stock Incentive Plan [4][5] - The specific conditions for lifting the restrictions included a revenue growth rate of no less than 18% or a net profit growth rate of no less than 20% for 2024, which were not achieved [4][5] - The company reported a revenue of 389.77 million yuan for 2024, a decrease of 19.86% year-on-year, and a net profit of 39.19 million yuan, down 15.58% year-on-year [5] Group 2: Details of the Repurchase and Cancellation - The decision to repurchase was approved in the board and supervisory meetings held on April 2, 2025, and the relevant announcements were disclosed on April 3, 2025 [3][4] - The repurchase will be executed through a dedicated securities account, with the cancellation expected to be completed by May 29, 2025 [6] - After the cancellation, the 2022 Restricted Stock Incentive Plan will be fully concluded [8] Group 3: Legal and Compliance Aspects - The company has ensured that the decision-making process and information disclosure comply with relevant laws and regulations, including the Management Measures for Equity Incentives [9][10] - A legal opinion has confirmed that the necessary authorizations and approvals for the repurchase and cancellation have been obtained [10]

证券简称：康缘药业 证券代码：600557 公告编号：2025-021 江苏康缘药业股份有限公司 关于公司2022年度限制性股票激励计划剩余 全部限制性股票回购注销实施的公告 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。 重要内容提示： 回购注销原因 鉴于江苏康缘药业股份有限公司（以下简称"公司"）2024 年度公司层面考 核条件未达标，公司 2022 年度限制性股票激励计划首次授予及预留部分首批授 予第三个解除限售期、预留部分第二批授予第二个解除限售期解除限售条件未成 就，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、公司 《2022 年度限制性股票激励计划（更正后）》（以下简称"《激励计划》"或 "本次激励计划"）的规定及 2021 年年度股东大会的授权，公司决定将上述涉 及的 155 名激励对象已获授但尚未解除限售的限制性股票共计 330.03 万股进行 回购注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | --- | --- | --- ...

回 购 注 销 剩 余 全 部 限 制 性 股 票 实 施 情 况 的 关 于 江 苏 康 缘 药 业 股 份 有 限 公 司 江 苏 世 纪 同 仁 律 师 事 务 所 2022 年 度 限 制 性 股 票 激 励 计 划 法 律 意 见 书 苏 同 律 证 字 2025 第 [101]号 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 邮 编 ： 2 1 0 0 1 9 电 话 ： + 8 6 2 5 - 8 3 3 0 4 4 8 0 传 真 ： + 8 6 2 5 - 8 3 3 2 9 3 3 5 江苏世纪同仁律师事务所 法律意见书 江苏世纪同仁律师事务所关于 江苏康缘药业股份有限公司 2022 年度限制性股票激励计划 回购注销剩余全部限制性股票实施情况的 法 律 意 见 书 苏同律证字（2025）第[101]号 致：江苏康缘药业股份有限公司 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》"）《上海证券交易所股票上市规则》（以 下简称"上市规则"）《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等有关法律、法规 ...

证券简称：康缘药业 证券代码：600557 公告编号：2025-020 江苏康缘药业股份有限公司 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个别及连带责任。 重要内容提示： ? 会议召开时间：2025 年 5 月 29 日（星期四）13:30-14:30 ? 会议召开地点：上证路演中心 http://roadshow.sseinfo.com ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 5 月 27 日(星期二)16:00 前登录上证路演中心网站首页点击"提 问预征集"栏目进行提问，公司将在说明会上对投资者普遍关注的问题进行解答。 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 3 日、 及上海证券交易所网站www.sse.com.cn披露了公司《2024 年年度报告》《2025 年第一季度报告》。为便于广大投资者更全面深入地了解公司 2024 年及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 ...

证券简称：康缘药业 证券代码：600557 公告编号：2025-020 江苏康缘药业股份有限公司 关于召开 2024 年度暨 2025 年第一季度 一、说明会类型 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个别及连带责任。 重要内容提示： 投资者可于 5 月 27 日(星期二)16:00 前登录上证路演中心网站首页点击"提 问预征集"栏目进行提问，公司将在说明会上对投资者普遍关注的问题进行解答。 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 3 日、 2025 年 4 月 30 日在《上海证券报》《中国证券报》《证券日报》《证券时报》 及上海证券交易所网站www.sse.com.cn披露了公司《2024 年年度报告》《2025 年第一季度报告》。为便于广大投资者更全面深入地了解公司 2024 年及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日（星期四） 13:30-14:30 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问 ...

Core Viewpoint - Kangyuan Pharmaceutical has signed two contracts totaling 258 million yuan with the same related party within a year, leading to the major shareholder, Jiangsu Kangyuan Group, choosing to exit the related party, Jiangsu Kunyue Construction Engineering Co., Ltd. [1] Group 1: Related Party Transactions - Jiangsu Kunyue was established in January 2023 and initially named Nantong Mingyuan Construction Engineering Co., Ltd. Kangyuan Group invested in it in September 2023 but exited two months later, transferring ownership to its wholly-owned subsidiary, Jiangsu Yuansen Real Estate Co., Ltd. [1] - In December 2023, Kangyuan Pharmaceutical announced a related transaction where its subsidiary, Jiangsu Kangyuan Pharmaceutical Technology Development Co., Ltd., signed a construction contract with Nantong Mingyuan for 94.4472 million yuan. [2] - Five months after the first transaction, Nantong Mingyuan was renamed Jiangsu Xinjiyu Construction Engineering Co., Ltd. and relocated to Jiangsu Province. [3] Group 2: Financial Impact and Regulatory Attention - In July 2024, Kangyuan Pharmaceutical announced another related transaction with Jiangsu Xinjiyu, with a total estimated contract value of 163 million yuan, bringing the total related transactions to 258 million yuan, which accounts for 4.96% of Kangyuan Pharmaceutical's audited net assets for 2023. [4] - The Shanghai Stock Exchange sent a regulatory letter to Kangyuan Pharmaceutical regarding these transactions, prompting the company to clarify its bidding process and confirm Jiangsu Xinjiyu as the winning bidder. [5] Group 3: Corporate Structure and Governance - After securing a new contract worth 163 million yuan, Jiangsu Xinjiyu was renamed Jiangsu Kunyue again in December 2024, with a new investor, Nanjing Yichen Investment Co., Ltd., acquiring a 67% stake. [6] - Kangyuan Pharmaceutical stated that Jiangsu Kunyue is no longer a related party as of December 12, 2024, following the transfer of shares. [6] - The company emphasized that it has adhered to legal and regulatory requirements regarding related transactions and will reassess Jiangsu Kunyue's status after the 12-month period. [6][9]

Core Viewpoint - The traditional Chinese medicine (TCM) industry is undergoing transformation, with a focus on quality stability and uniformity of traditional Chinese patent medicines, while 康缘药业 (Kangyuan Pharmaceutical) emphasizes intelligent manufacturing alongside research and innovation [2][3]. Group 1: Intelligent Manufacturing - 康缘药业 has transitioned from traditional to intelligent manufacturing, utilizing automated and digital production processes to enhance efficiency and control in TCM extraction [2]. - The company has implemented over 20 technological breakthroughs, including fully automated extraction workshops and AI-driven quality control systems, showcasing its unique competitive edge in the industry [2]. - 康缘药业's intelligent manufacturing team has established three key construction goals: data collection and governance, intelligent decision-making, and intelligent regulation, successfully overcoming four core technical challenges in online detection and quality modeling [3]. Group 2: Achievements and Recognition - 康缘药业 has designed and built China's first intelligent factory for TCM extraction and developed the first big data-driven TCM production process knowledge system (PKS), recognized as a national pilot demonstration for intelligent manufacturing [3]. - The company has received multiple honors, including being named an "Advanced Unit in Intelligent Manufacturing" in Jiangsu Province and recognized as an "Excellent Scene in Intelligent Manufacturing" at the national level [3]. Group 3: Compliance and Market Strategy - 康缘药业 balances intelligent manufacturing with compliance and academic promotion, establishing a product matrix and a compliance system to enhance market competitiveness [4]. - The company employs a "self-built sales team + academic promotion" model to gather real-time clinical feedback, creating a positive feedback loop that informs research and production [4]. - Despite facing challenges during its reform efforts, 康缘药业 remains committed to its foundational principles of research and intelligent manufacturing, aiming to innovate while preserving traditional Chinese medicine [4].

Core Viewpoint - The company has reported a significant decline in revenue and costs for its main products in the first quarter of 2025, primarily due to decreased sales of specific injection and oral liquid products [11]. Financial Data - The company completed the acquisition of 100% equity in Jiangsu Zhongxin Pharmaceutical Co., which is now a wholly-owned subsidiary and included in the financial statements [3]. - The company has not audited its first-quarter financial statements [10]. Non-Recurring Gains and Losses - The company has identified non-recurring gains and losses, but specific amounts and reasons are not detailed in the provided documents [4]. Shareholder Information - The company has implemented a share repurchase plan, extending the repurchase period by 9 months and increasing the maximum repurchase price from 18 RMB to 20 RMB per share [6]. - As of February 5, 2025, the company repurchased a total of 12,338,346 shares for approximately 185.91 million RMB [7]. - The controlling shareholder's action plan to increase holdings was completed, with 2,478,700 shares purchased for approximately 34.23 million RMB [8]. Product Development - The company has received clinical trial approval for several products, including solid granules and capsules for specific indications [8]. - The focus areas for Jiangsu Zhongxin Pharmaceutical include metabolic and neurological diseases, with multiple innovative drugs in various clinical trial phases [9].