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 ...

江苏康缘药业股份有限公司 （股票代码：600557） 2024 年第一次临时股东大会会议资料 江苏康缘药业股份有限公司 2024 年第一次临时股东大会会议资料 2024 年 8 月 江苏康缘药业股份有限公司 （股票代码：600557） 2024 年第一次临时股东大会会议资料 江苏康缘药业股份有限公司 2024 年第一次临时股东大会会议议程 一、会议基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 8 月 12 日 10 点 30 分 召开地点：连云港市经济技术开发区江宁工业城公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 12 日至 2024 年 8 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，1 ...

证券代码：600557 证券简称：康缘药业 公告编号：2024-045 江苏康缘药业股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 8 月 12 日 10 点 30 分 召开地点：连云港市经济技术开发区江宁工业城公司会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年8月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 12 日 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资 者的投票，应按照《上海证券交易所上市公司自律监 ...

第一条 为规范江苏康缘药业股份有限公司（以下简称"公司"）的自愿信息 披露行为，确保公司信息披露的真实、准确、完整与标准统一，切实保护公司、股 东及投资者的合法权益，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》"）、《上市公司信息披露管 理办法》（以下简称"《信息披露管理办法》"）《上市公司治理准则》《上海证 券交易所股票上市规则》（以下简称"《上市规则》"）、《上海证券交易所上市 公司自律监管指引第 2 号—信息披露事务管理》等相关法律法规、规范性文件以 及《江苏康缘药业股份有限公司章程》(以下简称"《公司章程》")的规定，制定 本制度。 第二条 自愿信息披露是指虽然所披露的信息未达到《证券法》《信息披露管 理办法》《上市规则》等规定的披露标准，但基于维护投资者利益而由公司自愿进 行的信息披露。公司应当根据相关法律、法规、规范性文件、《公司章程》以及本 制度的规定，及时、公平地披露与投资者作出价值判断和投资决策有关的信息（以 下简称"相关信息"），并应保证所披露信息的真实、准确、完整、不存在任何虚 假记载、误导性陈述或者重大遗漏。 第二章 自愿信息 ...

证券简称：康缘药业 证券代码：600557 公告编号：2024-043 江苏康缘药业股份有限公司 关于选举公司第八届董事会非独立董事的公告 公司独立董事专门会议认为：经审核江锁成先生的个人履历、工作能力等情 况，我们认为其符合担任公司董事的任职条件，不存在《公司法》《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、规范性文件以及《公 司章程》规定不得担任上市公司董事的情形，不存在中国证监会和上海证券交易 所认定的不适合担任上市公司董事的情形。因此，我们认为江锁成先生具备担任 公司非独立董事的资格和能力，同意将该议案提交公司董事会审议。 特此公告。 江苏康缘药业股份有限公司董事会 2024 年 7 月 26 日 附件：江锁成简历 江锁成先生：1977 年 5 月出生，大学专科学历，中级会计师，中共党员， 中国国籍，无境外永久居留权。2000 年 12 月至 2022 年 2 月期间在公司任职， 历任成本会计、财务部副经理、生产成本部经理、财务部高级经理。2023 年 1 月起任公司副总会计师，2023 年 6 月 26 日起任公司财务总监。 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 ...

江苏康缘药业股份有限公司董事、监事、高级管理人员 所持公司股份及其变动管理制度 （2024 年 7 月修订） 第一章 总则 第一条 为加强对江苏康缘药业股份有限公司（以下简称"公司"）董事、 监事和高级管理人员所持本公司股份及其变动的管理，进一步明确办理程序， 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》"）、《上市公司董事、监事和高级管 理人员所持本公司股份及其变动管理规则》、《上海证券交易所上市公司自律 监管指引第 8 号——股份变动管理》《上海证券交易所上市公司自律监管指引 第 15 号——股东及董事、监事、高级管理人员减持股份》等法律、法规、规范 性文件以及《江苏康缘药业股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员。 第三条 公司董事、监事和高级管理人员应当遵守《公司法》《证券法》 和有关法律、行政法规，中国证监会规章、规范性文件以及证券交易所规则中 关于股份变动的限制性规定。 第四条 公司董事、监事和高级管理人员就其所持股份变动相关事项作出 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,259,796,227.60, a decrease of 11.49% compared to the same period last year[16]. - The net profit attributable to shareholders for the same period was ¥265,423,194.43, down 3.73% year-on-year[16]. - The net profit after deducting non-recurring gains and losses was ¥220,704,704.05, reflecting a decline of 15.95% compared to the previous year[16]. - The net cash flow from operating activities was ¥390,745,481.89, a decrease of 14.38% from the previous year[16]. - The total assets as of June 30, 2024, were ¥7,054,247,598.87, down 0.89% from the end of the previous year[16]. - The total comprehensive income amounted to approximately ¥271.30 million, down from ¥282.89 million, indicating a decrease of around 4.1% compared to the previous period[42]. - Basic and diluted earnings per share were both ¥0.46, a slight decrease from ¥0.47 in the prior period[42]. - The company reported a financial expense of approximately -¥16.78 million for the first half of 2024, compared to -¥7.55 million in the same period of 2023[90]. - The company’s total profit for the first half of 2024 was RMB 316,812,470.59, a slight decrease of 5.4% from RMB 334,746,398.79 in the same period last year[172]. Research and Development - The company is focusing on innovation in traditional Chinese medicine and aims to achieve breakthroughs in drug development for major diseases and unmet clinical needs[20]. - In the first half of 2024, the company submitted 3 new Chinese medicine drug registration applications and completed 2 Phase III clinical studies[31]. - The company received clinical trial approval notices for 2 drugs and completed Phase II clinical case enrollment for 1 chemical innovative drug[31]. - Research and development expenses for the first half of 2024 were approximately ¥329.02 million, slightly down from ¥350.67 million in the first half of 2023, indicating a reduction of 6.2%[90]. - The company emphasizes innovation in drug development, investing significantly in R&D to maintain a technological edge, while also managing risks associated with long development cycles and high investment[130]. Sales and Marketing Strategy - The company emphasizes academic promotion as a key feature of its sales strategy, relying on a professional sales team to enhance product recognition among healthcare professionals[22]. - The company has initiated the "Doctor Pan Project" to enhance the professional training of its marketing team, entering the 1.0+ phase by the end of the reporting period[33]. - Nearly 100 marketing training sessions were conducted, covering approximately 10,000 participants, to enhance the core competitiveness of talent[63]. Environmental Management - The company achieved a wastewater reuse rate of 30% and established five sets of waste gas treatment facilities, enhancing its environmental management capabilities[78]. - The company was recognized as a national-level green factory, marking a significant step in its commitment to sustainable development and social responsibility[78]. - The company has implemented a comprehensive monitoring and management system for environmental emissions, contributing to a long-term reduction in emissions[78]. - The company has established a comprehensive environmental management system that meets GB/T 24001 requirements and has received certification from the China Quality Certification Center, valid until August 6, 2026[98]. - The company has successfully created and demonstrated a green manufacturing system for traditional Chinese medicine production[98]. Financial Position and Cash Flow - The ending balance of cash and cash equivalents was approximately ¥2.07 billion, an increase from ¥1.98 billion at the end of the previous period[43]. - The company reported a significant increase in other receivables, which rose to approximately CNY 204.33 million from CNY 148.23 million, reflecting a growth of about 37.9%[170]. - Cash inflow from investment activities significantly increased to CNY 1,168,001,050.58, compared to CNY 42,046,702.72 in the same period last year[91]. - The company reported a net cash flow from investment activities of CNY 46,110,402.08, recovering from a negative cash flow of CNY -77,988,307.25 in the previous year[200]. Corporate Governance and Management - The company has appointed new executives, including a new deputy general manager and a new board secretary, while a previous board secretary has resigned[133]. - The company has implemented strict internal controls to monitor the stock trading activities of its directors and senior management to prevent violations[124]. - The company has established a technical committee composed of industry experts to oversee the drug development process, ensuring risk analysis and control throughout[130]. Shareholder Actions - The company plans to repurchase and cancel 2,951,000 restricted stock units as part of its incentive plan[94]. - The company plans to repurchase shares with a total fund of no less than RMB 150 million and no more than RMB 300 million, with a maximum repurchase price of RMB 18 per share[152]. - As of July 25, 2024, the company has repurchased a total of 5,619,989 shares, accounting for 0.9660% of the current total share capital, with a total payment of RMB 95,817,791.98[152].

江苏康缘药业股份有限公司 关于全资子公司签订建设工程框架协议暨关联交易的 公告 证券简称：康缘药业 证券代码：600557 公告编号：2024-044 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： 为保障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设的正 常推进，江苏康缘药业股份有限公司（以下简称"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"）与江苏新基誉建设工 程有限公司（以下简称"江苏新基誉"，原名为南通铭元建设工程有限公司）拟 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》"），约定江苏新基誉向康缘医药科技提供建筑外装饰及实验室工程项目 建设服务，预估总金额为 16,310.85 万元（工程项目具体金额按后续签订的正式 施工合同据实结算）。 交易对方江苏新基誉为公司控股股东江苏康缘集团有限责任公司（以下 简称"康缘集团"）全资子公司江苏缘森置业有限公司 ...