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].

证券简称：康缘药业 证券代码：600557 公告编号：2025-010 江苏康缘药业股份有限公司 关于续聘会计师事务所的公告 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。 立信会计师事务所（特殊普通合伙）于 1927 年在上海创建，1986 年复办， 为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新 证券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众 公司会计监督委员会（PCAOB）注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师人数 743 名。 立信 2024 年度业务收入（未经审计）50.01 亿元，其中审计业务收入 35.16 亿元，证券业务收入 17.65 亿元。 同行业（医药制造业）上市公司审计客户 43 家。 截至 2024 年末，立信已提取职业风险基金 1.66 亿元，购买的职业保险累计 赔偿限额为 10.50 亿元，相关职业保险能够覆盖因审计失 ...

Core Viewpoint - Jiangsu Kangyuan Pharmaceutical Co., Ltd. has undergone a special audit regarding non-operating fund occupation and other related fund transactions for the year 2024, with the audit conducted by Lixin Accounting Firm [1] Group 1: Audit Overview - The audit covered the financial statements of Jiangsu Kangyuan Pharmaceutical Co., Ltd. for the year ending December 31, 2024, including consolidated and parent company balance sheets, income statements, cash flow statements, and changes in equity [1] - The audit report issued on April 2, 2025, was a clean opinion report, indicating no significant discrepancies found [1] Group 2: Non-operating Fund Occupation - The management of Jiangsu Kangyuan Pharmaceutical prepared a summary table of non-operating fund occupation and other related fund transactions for 2024, in compliance with regulatory requirements [1] - The summary table is intended to be read in conjunction with the audited financial statements to provide a clearer understanding of the company's financial dealings [1] Group 3: Financial Data - The summary table includes detailed information on non-operating fund occupation, with specific amounts and nature of transactions listed [2] - Total non-operating fund occupation for the year 2024 amounted to 30,216.63 million, with cumulative amounts and repayment details provided [2]

（草案） 江苏康缘药业股份有限公司 募集资金管理办法 第一章 总则 第一条 为了规范江苏康缘药业股份有限公司(以下简称"公司")募集资金 的管理和使用，提高募集资金使用的效率和效果，防范资金使用风险，确保资金 使用安全，切实保护投资者利益，依据《中华人民共和国公司法》《中华人民共 和国证券法》 《上市公司证券发行注册管理办法》 《上海证券交易所股票上市规则》 《上市公司监管指引第 2 号——公司募集资金管理和使用的监管要求》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》及《江苏康缘药业股 份有限公司章程》（以下简称《公司章程》）等有关法律、法规和规范性文件的 规定，结合本公司实际情况，制定本管理办法。 第二条 公司募集资金应当专款专用。公司使用募集资金应当符合国家产业 政策和相关法律法规，践行可持续发展理念，履行社会责任，原则上应当用于主 营业务，有利于增强公司竞争能力和创新能力。除金融类企业外，募集资金不得 用于持有财务性投资，不得直接或者间接投资于以买卖有价证券为主要业务的公 司。 第三条 本办法所称募集资金系指公司通过公开发行证券（包括首次公开发 行股票、配股、增发、发行可转换公司债券、 ...

Core Viewpoint - The document outlines the insider information management system of Jiangsu Kangyuan Pharmaceutical Co., Ltd., emphasizing the importance of confidentiality and compliance with relevant laws and regulations [1][2]. Group 1: Insider Information Management - The company establishes a system to manage insider information, ensuring confidentiality and fair disclosure in accordance with Chinese laws and regulations [1][2]. - The board of directors is responsible for overseeing the management of insider information, with the chairman being the primary accountable person [1][2]. - The board secretary is tasked with implementing the insider information management system and ensuring accurate records of insider information personnel [2][3]. Group 2: Scope of Insider Information - Insider information refers to non-public information that could significantly impact the company's operations, finances, or stock market prices [1][5]. - Major events that could affect stock prices include significant changes in business strategy, major asset transactions exceeding 30% of total assets, and substantial losses or debts [3][4]. Group 3: Confidentiality Obligations - Individuals with access to insider information must not disclose it to external parties or use it for personal gain, including trading company securities [6][7]. - The company must ensure that all personnel involved in insider information management adhere to strict confidentiality protocols [6][7]. Group 4: Record Keeping and Reporting - The company is required to maintain detailed records of all individuals who have access to insider information prior to its public disclosure [15][19]. - Following the public disclosure of insider information, the company must submit relevant records to the stock exchange within five trading days [10][11]. Group 5: Penalties for Violations - Individuals who leak insider information or engage in insider trading may face disciplinary actions from the company's board of directors [22][23]. - The company retains the right to pursue legal action against those who improperly disclose information, resulting in financial losses [23][24].