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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [14][26]. Core Viewpoints - The company's revenue and profit are under slight pressure, but compliance construction empowers long-term development [14]. - The company achieved a revenue of 2.26 billion yuan in H1 2024, a year-on-year decrease of 11.49%, with a net profit attributable to the parent company of 265 million yuan, down 3.73% year-on-year [16]. - The company is optimistic about its innovation pipeline and has adjusted its net profit forecasts for 2024-2026 to 562 million, 648 million, and 734 million yuan respectively [16]. Financial Summary - The company's total assets are projected to be 79.84 billion yuan in 2025 and 84.54 billion yuan in 2026 [4]. - The operating income for 2024 is estimated at 4.79 billion yuan, with a slight decline from 4.87 billion yuan in 2023 [20]. - The gross profit margin is expected to remain stable around 74.1% in 2024, with a net profit margin of 11.7% [20]. - Earnings per share (EPS) are projected to be 0.97 yuan in 2024, increasing to 1.26 yuan by 2026 [20].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [8] Core Views - The company reported a revenue of 2.26 billion yuan in the first half of 2024, a year-on-year decline of 11.49%, with a net profit attributable to shareholders of 265 million yuan, down 3.73% year-on-year [2][28] - In Q2 2024, the company achieved a revenue of 900 million yuan, a year-on-year decrease of 24.98%, and a net profit of 117 million yuan, down 12.59% year-on-year [2][28] - Strong growth was observed in the company's oral liquid and gel products, with revenues of 544 million yuan and 21 million yuan, respectively, representing year-on-year increases of 28.60% and 107.87% [2][9] Financial Performance Summary - The company continues to push for new product development, with three NDA varieties in traditional Chinese medicine and two completed Phase III clinical studies [10] - Revenue projections for 2024-2026 are 5.76 billion yuan, 6.74 billion yuan, and 7.87 billion yuan, with year-on-year growth rates of 18.27%, 17.04%, and 16.72% respectively [10] - Net profit projections for the same period are 653 million yuan, 787 million yuan, and 956 million yuan, with growth rates of 21.63%, 20.57%, and 21.40% respectively [10] - Earnings per share (EPS) are expected to be 1.12 yuan, 1.35 yuan, and 1.64 yuan for 2024, 2025, and 2026 respectively [10] Financial Data and Valuation - The company's revenue for 2022 was 4.35 billion yuan, increasing to 4.87 billion yuan in 2023, with an expected revenue of 5.76 billion yuan in 2024 [11] - The EBITDA for 2024 is projected to be 1.37 billion yuan, with a net profit of 653 million yuan [11] - The price-to-earnings (P/E) ratio is expected to decrease from 20.3 in 2022 to 13.5 in 2024, indicating a more attractive valuation over time [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6]. Core Views - The company experienced a decline in revenue and net profit in the first half of the year, with a revenue of 2.26 billion (-11.49%) and a net profit of 265 million (-3.73%). The second quarter saw a more significant drop, with revenue at 901 million (-24.98%) and net profit at 117 million (-12.59%) [1]. - Despite the current performance pressures, the company is expected to achieve long-term healthy development due to its ongoing innovation in traditional Chinese medicine and a robust product pipeline [1]. - The company has set ambitious growth targets for 2024, aiming for a revenue growth rate of no less than 18% and a net profit growth rate of no less than 20% [1]. Financial Performance Summary - For 2023, the company reported a revenue of 4.87 billion, with projected revenues of 5.75 billion, 6.58 billion, and 7.64 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 18%, 14%, and 16% [4]. - The net profit for 2023 was 537 million, with forecasts of 663 million, 793 million, and 957 million for the following three years, indicating growth rates of 23%, 20%, and 21% [4]. - The company’s earnings per share (EPS) are projected to increase from 0.92 in 2023 to 1.64 by 2026 [4]. Product Development and Innovation - The company is actively developing new products, with three new traditional Chinese medicine products submitted for NDA and two completing phase III clinical trials [1]. - The company has also received clinical trial approval for several new drugs, indicating a strong commitment to innovation and product diversification [1]. Market Position and Strategy - The company is focusing on optimizing its product structure, particularly increasing the revenue share from non-injection products, as part of its long-term strategy [1]. - The company’s stock performance is expected to outperform the market, supported by its innovative capabilities and improving marketing system [1].

Investment Rating - The report assigns a Buy-A rating to the company with a 6-month target price of 17.64 yuan, equivalent to a 2024 dynamic P/E ratio of 18x [4][13] Core Views - The company's core product, Reduning Injection, is expected to continue its strong sales growth, while secondary products are poised for accelerated growth [2] - The company's R&D achievements are outstanding, and its sales reforms are worth anticipating [2] - The company is expected to see new sales increments as several products enter the NDA or late-stage clinical phases and are expected to be approved in the coming years [4] Financial Performance - The company's revenue for 2024-2026 is forecasted to be 4.801 billion yuan, 5.451 billion yuan, and 6.121 billion yuan, respectively, with net profits of 572 million yuan, 655 million yuan, and 740 million yuan [4] - The company's EPS for 2024-2026 is projected to be 0.98 yuan, 1.13 yuan, and 1.27 yuan, respectively [16] - The company's ROE is expected to improve from 10.2% in 2024 to 11.5% in 2026 [16] Operational Highlights - The company's gross margin is expected to remain stable at around 74.5%-74.7% from 2024 to 2026 [8] - The company's R&D expenses are forecasted to increase from 758.5 million yuan in 2024 to 967.1 million yuan in 2026, maintaining a high R&D intensity [8] - The company's asset turnover efficiency is expected to improve, with fixed asset turnover days decreasing from 170 days in 2024 to 127 days in 2026 [8] Recent Performance - In H1 2024, the company reported revenue of 2.26 billion yuan, down 11.49% YoY, and net profit of 265 million yuan, down 3.73% YoY [11] - The performance pressure is attributed to decreased demand for flu-related products and the impact of ongoing marketing reforms [12] R&D Pipeline - The company has 3 new traditional Chinese medicine drugs submitted for NDA and 2 completing Phase III clinical trials as of H1 2024 [19] - The company maintains high R&D investment, with R&D expenses reaching 339 million yuan in H1 2024, accounting for 15.01% of revenue [19]

江苏康缘药业股份有限公司（简称"公司"）第八届监事会第八次会议通知 于 2024 年 7 月 16 日以书面文件、电话和电子邮件方式发出，会议于 2024 年 7 月 26 日以现场方式召开，会议应参加表决监事 5 人，实际参加表决监事 5 人。 本次会议的召开符合《公司法》《公司章程》等法律法规的规定。会议由监事会 主席殷世华先生主持，会议以举手表决的方式审议通过以下议案，并形成决议。 一、审议通过了《2024 年半年度报告及其摘要》 证券简称：康缘药业 证券代码：600557 公告编号：2024-041 江苏康缘药业股份有限公司 第八届监事会第八次会议决议公告 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。 经审议，监事会认为：公司全资子公司签订建设工程框架协议暨关联交易事 项，符合公司实际经营发展需要；定价原则公允、合理；关联交易决策程序符合 相关法律法规规定，不存在损害公司及其股东特别是中小股东利益的情形。 具体内容详见公司同日于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 ...