Investment Rating - The report maintains a "Recommended" rating for Kangyuan Pharmaceutical (600557) with a target price of 19.4 CNY, compared to the current price of 14.31 CNY [1]. Core Views - The company reported a revenue of 3.11 billion CNY for the first three quarters of 2024, a decrease of 11% year-on-year, while the net profit attributable to shareholders was 360 million CNY, an increase of 2% year-on-year. The third quarter revenue was 850 million CNY, down 10% year-on-year, but the net profit increased by 24% year-on-year to 90 million CNY, attributed to an increase in gross margin [1][2]. - The company is expected to benefit from marketing reforms, which may lead to a new development cycle. The financial indicators remain relatively stable, with a gross margin of 73.3% in Q3 2024, up 3.0 percentage points year-on-year [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the total revenue was 3.11 billion CNY, with a year-on-year decline of 11%. The net profit attributable to shareholders was 360 million CNY, reflecting a 2% increase year-on-year. The third quarter saw a revenue of 850 million CNY, down 10% year-on-year, while the net profit rose by 24% year-on-year to 90 million CNY [1][2]. - The company’s gross margin improved to 73.3% in Q3 2024, driven by a favorable change in revenue structure [2]. Product Performance - Injection products, particularly "Retoxin," are expected to experience fluctuations due to high base effects, while "Ginkgo Biloba" sales are under pressure from policy changes. The revenue from injection products for the first three quarters of 2024 was 1.12 billion CNY, down 30% year-on-year [2]. - Oral products, especially "Jin Zhen" and "Xing Bei," are expected to recover from a low base, with "Jin Zhen" projected to generate 600-700 million CNY in revenue, reflecting a growth of 30-40% year-on-year [2]. Future Outlook - The company aims to enhance its sales system through reforms, which are expected to yield positive results. The forecast for net profit attributable to shareholders for 2024-2026 is 500 million CNY, 560 million CNY, and 640 million CNY, with year-on-year growth rates of -6%, +12%, and +13% respectively [2][3].

证券简称：康缘药业 证券代码：600557 公告编号：2024-056 江苏康缘药业股份有限公司 关于 2024 年前三季度主要经营数据的公告 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。 江苏康缘药业股份有限公司（以下简称"公司"）根据上海证券交易所发布 的《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》的相关要求， 现将公司 2024 年前三季度主要经营数据披露如下： 一、2024 年 1-9 月公司主营业务分行业经营情况 单位：元 币种：人民币 | | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利 | 营业收入 | 营业成本 | | 毛利率比上年同期增减 | | 分行业 | 营业收入 | 营业成本 | | 比上年同 | 比上年同 | | | | | | | 率（%） | 期增减（%） | 期增减（%） | | （%） | | 工业企业国内 | 3,082,395,138.98 ...

Financial Performance - The company's operating revenue for Q3 2024 was approximately ¥849.74 million, a decrease of 9.88% compared to the same period last year[2]. - The net profit attributable to shareholders for the same period was approximately ¥91.72 million, an increase of 24.28% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥64.47 million, reflecting a year-on-year increase of 17.56%[2]. - The basic earnings per share for Q3 2024 was ¥0.16, up 23.08% compared to the previous year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 3,109,535,857.51, a decrease of 11.08% compared to CNY 3,496,031,021.85 in the same period of 2023[20]. - Net profit for the first three quarters of 2024 was CNY 363,983,299.76, representing a slight increase of 1.61% from CNY 359,753,803.62 in 2023[21]. - Basic earnings per share for the first three quarters of 2024 was CNY 0.62, up from CNY 0.61 in the same period last year[21]. - Total profit for the first three quarters of 2024 was CNY 427,258,722.90, a decrease of 1.79% from CNY 435,042,909.35 in 2023[21]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥6.90 billion, a decrease of 3.01% from the end of the previous year[3]. - As of September 30, 2024, total current assets decreased to ¥3,730,071,208.27 from ¥4,049,719,426.38 as of December 31, 2023, representing a decline of approximately 7.85%[18]. - Total assets decreased to ¥6,902,739,551.64 from ¥7,117,321,667.52, reflecting a decline of about 3.02%[19]. - Total liabilities decreased to ¥1,566,995,961.40 from ¥1,736,768,927.64, a reduction of approximately 9.76%[19]. - The company's equity attributable to shareholders decreased to ¥5,150,151,026.08 from ¥5,192,797,030.75, a decline of about 0.82%[19]. Cash Flow - The company's cash flow from operating activities was approximately ¥607.52 million, down 21.48% year-on-year[3]. - Cash flow from operating activities generated a net amount of CNY 607,522,057.90, down from CNY 773,730,389.33 in the previous year[22]. - Cash received from the sale of goods and services was CNY 3,603,590,620.18, a decrease of 14.31% compared to CNY 4,206,978,087.18 in 2023[22]. - Cash and cash equivalents decreased to ¥1,816,857,563.46 from ¥1,969,272,883.32, a reduction of about 7.75%[18]. - The net increase in cash and cash equivalents was CNY -155,388,878.10, compared to CNY -107,133,643.66 in the same period last year[23]. - Cash outflow from financing activities totaled CNY 429,395,392.37, significantly higher than CNY 130,969,189.44 in the previous year[23]. - Cash inflow from financing activities was not detailed, but the company reported a net cash flow from financing activities of CNY -429,395,392.37[23]. Investments and Expenditures - The company reported a significant increase in inventory by 55.99%, attributed to early stockpiling[5]. - The company’s investment income increased by 55.32%, primarily due to higher returns from financial investments[7]. - The company made investments totaling CNY 1,610,000,000.00, compared to CNY 957,000,000.00 in the previous period[23]. - The cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was CNY 309,921,739.98, an increase from CNY 239,777,125.32[23]. - The company reported a significant increase in development expenditures to ¥181,500,752.87 from ¥171,701,113.32, an increase of approximately 5.00%[18]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 38,301, with the largest shareholder holding 30.28% of the shares[8]. - The company reported a total of 12,338,346 shares in the repurchase special securities account as of September 30, 2024[10]. - As of October 30, 2024, the company has repurchased a total of 12,338,346 shares, accounting for 2.1207% of the total share capital, with a total expenditure of ¥185,909,622.90[17]. - The company’s total number of shares held by the top ten shareholders does not include shares lent through margin trading[10]. Regulatory and Corporate Actions - The company received government subsidies amounting to approximately ¥28.31 million during the reporting period, contributing to its financial performance[4]. - The company received the drug registration certificate for the "Wen Yang Jie Du Granules," classified as a unique traditional Chinese medicine product, during the reporting period[15]. - The company obtained the clinical trial approval notice for the KYS202004A injection, a dual-target Fc fusion protein for psoriasis, during the reporting period[16]. - The estimated total amount for the construction framework agreement related to the national key laboratory project is 163.1085 million RMB[14]. - The company appointed Mr. Pan Peng as the secretary of the board of directors on July 12, 2024, following the resignation of Mr. Wu Yun as deputy general manager[11]. - The company’s major shareholders include Jiangsu Kangyuan Group Co., Ltd. and Shanghai Yinye Investment Co., Ltd., which are related parties[10]. - The company has not reported any changes in the participation of major shareholders in margin trading and securities lending activities[11]. - The company’s new product, KYS202004A injection, is independently developed and has complete intellectual property rights[16]. - The company’s full subsidiary signed a construction framework agreement to ensure the progress of the traditional Chinese medicine manufacturing project[13]. - The company did not apply new accounting standards for the current reporting period[23]. - The board of directors announced the financial results on October 30, 2024[23].

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。 证券代码：600557 证券简称：康缘药业 公告编号：2024-055 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 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等相关规定，公司在回购股份期间，应该在每个月的前3个交易 日内公告截至上月末的回购进展情况。现将公司回购股份的情况披露如下： 2024年9月，公司通过集中竞价交易方式累计回购股份2,427,300股，占公司 总股本的比例为0.4172%，购买的最高价为12.99元/股，最低价为11.77元/股，支 付的金额为30,061,477.10元（含交易费用）。 截至2024年9月30日，公司本次回购已累计回购股份12,338,346股，占公司当 前总股本的比例为2.1207%，购买的最高价为19.98元/股，最低价为11.77元/股， 已支付的总金额为185,909,622.90元（含交易费用）。 上述回购符合相关法律法规、规章制度及既定的回购股份方案。 重要内 ...

证券简称：康缘药业 证券代码：600557 公告编号：2024-054 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 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 2024 年 4 月 12 日、 2024 年 8 月 12 日召开第八届董事会第八次会议、2024 年第一次临时股东大会，审 议通过了《关于变更注册资本、增加经营范围及修改<公司章程>的议案》，具体内 容详见公司于 2024 年 4 月 13 日和 2024 年 8 月 13 日在《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 董事会第八次会议决议公告》（公告编号：2024-023）、《关于变更注册资本，增加经 营范围及修改<公司章程>的公告》（公告编号：2024-026）、《2024 年第一次临时股 东大会决议公告》（公告编号：2024-049）。 近日，公司已完成注册资本工商变更登记及修订后的《公司章程》等备案手 ...

证券代码：600557 证券简称：康缘药业 公告编号：2024-053 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比例达 2%暨回 购进展的公告 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。 | 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 | | □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 | 11,791,246 | 股 | | 累计已回购股数占总股本比例 | 2.0267% | | | 累计已回购金额 | 1.7931 | 亿元 | | 实际回购价格区间 | 11.96 元/股 | 元/股~19.98 | 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" ...

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：2024-052 江苏康缘药业股份有限公司 关于收到 KYS202004A 注射液临床试验批准通知书的 公告 银屑病是一种由 T 淋巴细胞介导的慢性炎症性疾病，影响全球 2-3%的人口。 银屑病与异常的角质形成细胞增殖有关，临床上表现为红斑性、边界清晰的丘疹 和圆形斑块。大约 75%的银屑病患者至少会有一种合并症，其中银屑病关节炎最 为常见。根据最新的市场信息，截至 2023 年 6 月的过去 12 个月中，全球银屑病 药物市场的市值约为 340 亿美元，占整个免疫疾病市场的约 30%。预计从 2023 年到 2030 年将有 8-10%的年复合增长率[2]。 艾伯维（AbbVie）2023 年年度报告数据显示，以 TNF-α 为靶点的药物阿达 木单抗（Adalimumab，商品名:Humira/修美乐）销售额为 144.04 亿美元；诺华 （Novartis）2023 年年度报告数据显示，以 IL-17A 为靶点的药物 ...

证券代码：600557 证券简称：康缘药业 公告编号：2024-051 于延长回购股份实施期限并调整回购股份价格上限的议案》，基于对公司未来持 续稳定发展的信心和对公司内在价值的认可，同时也为了保障本次回购股份事项 的顺利实施，有效维护公司价值及股东权益，董事会同意公司将股份回购实施期 限延长 9 个月，实施期限由 2024 年 5 月 6 日止延长至 2025 年 2 月 5 日止，并将 股份回购价格上限由 18 元/股（含）调整为 20 元/股（含）。除延长回购股份实 施期限并调整回购股份价格上限外，回购股份方案的其他内容未发生变化。具体 内容详见公司于 2024 年 4 月 26 日在上海证券交易所网站 www.sse.com.cn 披露的 公司《第八届董事会第九次临时会议决议暨关于延长回购股份实施期限并调整回 购股份价格上限的公告》（公告编号：2024-030）。鉴于公司回购的资金总额不 低于人民币 1.5 亿元（含）且不超过人民币 3 亿元（含）保持不变，股份回购价 格上限由 18 元/股（含）调整为 20 元/股（含），按最新的回购价格上限测算， 拟回购股份数量相应调整为 750 万股-1500 ...

证券简称：康缘药业 证券代码：600557 公告编号：2024-050 江苏康缘药业股份有限公司 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。 江苏康缘药业股份有限公司（以下简称"公司"）于近日收到国家药品监督管理 局签发的温阳解毒颗粒《药品注册证书》。按照《上海证券交易所上市公司自律监 管指引第 3 号——行业信息披露》的相关要求，现将药品相关情况公告如下： 一、药品基本情况 药品通用名称：温阳解毒颗粒 主要成份：淡附片、干姜、炙甘草、五指毛桃、皂角刺、金银花、广藿香、陈 皮 剂型：颗粒剂 规格：每袋装 15g（相当于饮片 33.33g），每盒装 10 袋 注册分类：中药 3.2 类 是否独家：独家 关于获得温阳解毒颗粒药品注册证书的公告 功能主治：温阳益气，化湿解毒。用于疫病辨证属阳气虚弱，疫毒侵袭，症见 发热、咳嗽、胸闷、四末不温、气短乏力、大便溏薄，舌淡，苔少或白苔，脉沉细 或弱。 药品有效期：18 个月 处方药/非处方药：处方药 药品注册标准编号：YBZ00332024 药品批准文号：国药准字 C202400 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Views - The company's performance is under short-term pressure due to compliance construction, but it is expected to improve in the long term [1][2]. - The company is focusing on compliance marketing, which is anticipated to support long-term healthy business development despite current challenges [2]. - The company maintains stable profitability with a gross margin of 74.55% and a net profit margin of 12.01% [3]. Financial Performance Summary - In H1 2024, the company achieved revenue of 2.26 billion yuan, a year-on-year decrease of 11.49%, and a net profit of 265 million yuan, down 3.73% [1]. - For Q2 2024, revenue was 901 million yuan, a decline of 24.98%, with a net profit of 117 million yuan, down 12.59% [1]. - The revenue breakdown by product in H1 2024 shows significant variations, with injections down 27.49% to 840 million yuan, while oral liquids increased by 28.60% to 544 million yuan [2]. Profitability and R&D - The company’s R&D expenses accounted for 15.01% of revenue, reflecting a commitment to new product development [3]. - The company submitted three new drug applications and completed two Phase III clinical trials in H1 2024 [3]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised down from 57.73 billion yuan to 48.66 billion yuan for 2024, with net profit estimates adjusted from 6.50 billion yuan to 5.52 billion yuan [4].