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》《上市公司股东大会规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等法律、法规和规范性文件以及《公司章程》的规定， 本所受公司董事会的委托，指派本所律师出席公司 2024 年第一次临时股东会， 并就本次股东会的召集、召开程序、出席会议人员资格、召集人资格、表决程序 以及表决结果等事项的合法有效性出具法律意见。 为出具本法律意见书，本律师对本次股东会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 康缘药业 2024 年第一次临时股东会 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 2024 年第一次临时股东会的法律意见书 本律师同意将本法律意见书随公司本次股东会决议一并公告，并依法对本法 律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东会的召集和召开 1、本次股东会由公司董事会召集 本次股东会由董事会召集。2024 ...

江苏康缘药业股份有限公司 章 程 （业经 2024 年第一次临时股东大会审议通过） 2024 年 8 月 第一章 总 则 第一条 为维护公司、股东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，制订本章程。 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，经中国证监会[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. 第九条 公司全部资产分为等额股份，股东以其认购的 ...

Investment Rating - The report maintains a "Buy-A" rating for Kangyuan Pharmaceutical (600557.SH) [1][3] Core Views - The company reported a revenue of 2.26 billion yuan for the first half of 2024, a year-on-year decrease of 11.49%, and a net profit attributable to shareholders of 265 million yuan, down 3.73% year-on-year [1] - The second quarter of 2024 saw a significant decline in performance, with revenue of 901 million yuan, a year-on-year decrease of 24.98%, and a net profit of 117 million yuan, down 12.59% year-on-year [1] - Despite short-term sales pressure, the long-term outlook remains positive due to strong R&D capabilities and a rich product pipeline [3] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 74.55%, a slight decrease of 0.4 percentage points, while the net profit margin increased by 0.93 percentage points to 12.01% [2] - The company’s R&D expenses for the first half of 2024 were 339 million yuan, representing a decrease of 6.67%, with an R&D expense ratio of 15.01% [2] - The forecasted revenues for 2024, 2025, and 2026 are 4.80 billion yuan, 5.48 billion yuan, and 6.15 billion yuan respectively, with corresponding net profits of 563 million yuan, 653 million yuan, and 739 million yuan [3][5] Product Performance - Oral liquid and gel products showed growth, with oral liquid revenue reaching 544 million yuan, up 28.60% year-on-year, and gel products revenue at 21 million yuan, up 107.87% [2] - Injection products, however, faced a significant decline, with revenue of 840 million yuan, down 27.49%, and a sharp drop of 46.80% in the second quarter compared to the previous year [2] Market Strategy - The company is focusing on compliance in sales and enhancing academic transformation, with a strategy to strengthen core product lines and expand into OTC and distribution businesses [2]

关于上海证券交易所《关于江苏康缘药业股份有限公 司关联交易事项的监管工作函》的回复公告 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： 江苏康缘药业股份有限公司（以下简称"公司"）2024 年 7 月 26 日召开 第八届董事会第十一次会议，审议通过了《关于全资子公司签订建设工程框架协 议暨关联交易的议案》。公司全资子公司江苏康缘医药科技发展有限责任公司（以 下简称"康缘医药科技"）拟与江苏新基誉建设工程有限公司（原名为南通铭元 建设工程有限公司，以下简称"江苏新基誉"）签订《康缘医药科技园项目 1 号 楼（中药制药过程控制与智能制造技术全国重点实验室项目）建筑外装饰及实验 室工程框架协议》（以下简称"《建设工程框架协议》"），预估总金额为 16,310.85 万元（前述内容以下简称为"本次交易"）。该议案尚待公司股东大 会审议通过方可实施。具体内容详见公司于 2024 年 7 月 27 日在上海证券交易所 网站 www.sse.com.cn 披露的公司《关于全资子公司签订建设工程框架协议暨关 联交易的公 ...

证券代码：600557 证券简称：康缘药业 公告编号：2024-047 江苏康缘药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/2/7 | | | --- | --- | --- | | 回购方案实施期限 | 2024/2/6~2025/2/5 | | | 预计回购金额 | 1.5 | 亿元~3 亿元 | | 回购用途 | □用于员工持股计划或股权激励 | □减少注册资本 | | | □用于转换公司可转债 | | | | √为维护公司价值及股东权益 | | | 累计已回购股数 | | 9,911,046 万股 | | 累计已回购股数占总股本比例 | 1.7035% | | | 累计已回购金额 | 1.5585 | 亿元 | | 实际回购价格区间 | 13.67 元/股 | 元/股~19.98 | 一、 回购股份的基本情况 2024 年 2 月 6 日，公司召开第八届董事会第六次会议，审议通过了《关于以 集中竞价 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's performance is under pressure in the short term, but long-term development prospects remain positive [2] - The company reported a revenue of 2.26 billion yuan in the first half of 2024, a decrease of 11.49% year-on-year, and a net profit attributable to shareholders of 265 million yuan, down 3.73% [3] - The company is focusing on compliance marketing and OTC (over-the-counter) development, which is expected to contribute to future growth [3] Financial Performance Summary - The company achieved a revenue of 4.87 billion yuan in 2023, with a projected revenue of 4.88 billion yuan in 2024, indicating a slight increase [5] - The net profit for 2023 was 537 million yuan, with a forecasted net profit of 561 million yuan for 2024 [5] - The gross margin is expected to improve from 74.3% in 2023 to 74.7% in 2024 [6] Research and Development - The company invested 340 million yuan in R&D in the first half of 2024, with an R&D expense ratio of 15.01% [4] - The company has submitted three new drug applications and completed two Phase III clinical studies, indicating a strong pipeline for future products [4] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders has been adjusted down from 610 million yuan to 560 million yuan for 2024, and from 740 million yuan to 650 million yuan for 2025 [4] - The company is considered a leader in innovative traditional Chinese medicine with a rich pipeline, supporting a long-term positive outlook [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's revenue for the first half of 2024 was 2.26 billion yuan, a decrease of 11.49% year-on-year, while the net profit attributable to the parent company was 265 million yuan, down 3.73% [2] - Sales performance of oral liquids and gel preparations was strong, with structural changes in expense ratios observed [2] - The company continues to advance compliance construction and innovative research and development [2] Financial Performance Summary - For 2024, the company is expected to achieve total revenue of 4.93 billion yuan, with a year-on-year growth of 1.35% [1] - The net profit attributable to the parent company is forecasted to be 569 million yuan in 2024, reflecting a growth of 6.01% [1] - The latest diluted EPS is projected to be 0.98 yuan per share for 2024, with a P/E ratio of 14.82 based on the current price [1] Product Performance Summary - In H1 2024, injection revenue was 840 million yuan (down 27.49%), while oral liquid revenue increased by 28.60% to 544 million yuan [2] - Gel preparations saw a significant increase in revenue by 107.87%, reaching 21 million yuan [2] - The company maintained a gross margin of 74.55%, with a slight decrease of 0.4 percentage points compared to the same period last year [2] Research and Development Summary - The company submitted three new drug applications and completed two Phase III clinical studies in H1 2024 [2] - The product pipeline is strong, with seven products included in nine guideline consensus documents [2] - The sales team is enhancing professional skills through academic empowerment initiatives [2]

Investment Rating - Maintain "Overweight" rating [2] Core Views - High base effect led to a year-on-year decline in performance in H1 2024, with revenue of RMB 2.26 billion (-11.49% YoY), net profit attributable to shareholders of RMB 265 million (-3.73% YoY), and non-GAAP net profit of RMB 221 million (-15.95% YoY) [1] - Oral liquid and gel segments showed strong growth, driven by the performance of Jinzhen Oral Liquid and Jingutong Gel [1] - The company has a diversified product portfolio with 207 drug production approvals, including 48 exclusive traditional Chinese medicine (TCM) varieties and 2 TCM protected varieties [1] - R&D expenses accounted for 15.00% of revenue in H1 2024, with significant progress in new drug development across TCM, chemical drugs, and biologics [1] - The company is increasing talent investment and optimizing cost control, with a slight improvement in net profit margin to 12.01% (+0.93pct YoY) [1] Financial Performance - Revenue is expected to grow to RMB 5.60 billion in 2024E, RMB 6.31 billion in 2025E, and RMB 7.04 billion in 2026E, with growth rates of 15.05%, 12.69%, and 11.60% respectively [7] - Net profit attributable to shareholders is forecasted to reach RMB 626 million in 2024E, RMB 751 million in 2025E, and RMB 862 million in 2026E, with growth rates of 16.67%, 19.89%, and 14.88% respectively [7] - EPS is projected to be RMB 1.08 in 2024E, RMB 1.29 in 2025E, and RMB 1.48 in 2026E [7] - The company maintains a high gross margin of 74.55% in H1 2024, with a slight decrease of 0.41pct YoY [1] Product Portfolio - Non-injection products accounted for 62.83% of revenue in H1 2024, an increase of 8.23pct YoY [1] - Key product segments: Injection (RMB 840 million, -27.49% YoY), Oral Liquid (RMB 544 million, +28.60% YoY), Capsules (RMB 402 million, -12.80% YoY), Granules & Powders (RMB 162 million, -15.13% YoY), Tablets & Pills (RMB 169 million, -5.16% YoY), Patches (RMB 104 million, -10.94% YoY), Gels (RMB 21 million, +107.87% YoY) [1] - 112 products are included in the 2023 National Reimbursement Drug List, including 25 exclusive varieties [1] R&D Progress - In H1 2024, the company submitted 3 TCM new drug applications (NDA), completed Phase III clinical trials for 2 TCM products, and obtained clinical trial approvals for 2 TCM products [1] - For chemical drugs, the company completed Phase II clinical trial enrollment for 1 innovative drug and obtained clinical trial approvals for 2 injectable drugs [1] - In biologics, the company is conducting Phase I clinical trials for a monoclonal antibody targeting multiple myeloma and systemic lupus erythematosus [1] Valuation Metrics - The company's market capitalization is RMB 8.06 billion, with a circulating market cap of RMB 8.01 billion [4] - Forward P/E ratios are 14.09x for 2024E, 11.75x for 2025E, and 10.23x for 2026E [7] - Forward P/B ratios are 1.54x for 2024E, 1.36x for 2025E, and 1.20x for 2026E [7] - EV/EBITDA is expected to decrease from 13.90x in 2023A to 4.91x in 2026E [7]

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： | 回购方案首次披露日 | 2024/2/7 | | --- | --- | | 回购方案实施期限 | 2024/02/06~2025/02/05 | | 预计回购金额 | 1.5 亿元~3 亿元 | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | √为维护公司价值及股东权益 | | 累计已回购股数 | 9,911,046 股 | | 累计已回购股数占总股本比例 | 1.7035% | | 累计已回购金额 | 亿元 1.5585 | | 实际回购价格区间 | 13.67 元/股~19.98 元/股 | 一、 回购股份的基本情况 2024 年 2 月 6 日，江苏康缘药业股份有限公司（以下简称"公司"）召开第八 届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，为维护公司价值及股东权益，董事会同意公司使用自有资金通过集中竞 价交易方式回购公司股份。本次回购的资金总额不低于人民币 1.5 ...

标题：关于江苏康缘药业股份有限公司关联交易事项的监管工作函 证券代码：600557 证券简称：康缘药业 监管类型：监管工作函 涉及对象：上市公司 处分日期：2024-07-29 处理事由：就公司关联交易事项发出监管工作函 ...