Financial Performance - The company's 2023 annual revenue reached CNY 4,867.81 million, representing an increase of 11.88% year-on-year [126]. - The net profit attributable to shareholders for 2023 was CNY 536.73 million, up 23.54% compared to the previous year [126]. - Non-injection product revenue was CNY 2,693.74 million, showing a decline of 7.10% year-on-year [126]. - The cash dividend for 2023 is set at CNY 3.7 per 10 shares, with a total cash dividend amounting to CNY 216,042,686.24, which is 40.25% of the net profit attributable to shareholders [122]. - The company aims for a revenue growth rate of at least 20% in 2023 compared to 2022's revenue, or a net profit growth rate of at least 22% [102]. Sales and Marketing Strategy - The total sales expenses for the reporting period amounted to RMB 193,694.38 million, representing 39.79% of the operating income [16]. - The company aims to enhance its self-operated team while pursuing multiple business models, focusing on customer-centric strategies and improving sales balance [23]. - The company plans to promote key products such as Ginkgo Biloba Terpene Lactone Injection and new products like Linggui Zhugan Granules into clinical guidelines or consensus [24]. - The company emphasizes the establishment of a strong clinical team through internal training and external recruitment to enhance marketing capabilities [48]. - The company is focused on enhancing its brand recognition and customer engagement strategies to attract a broader customer base [83]. Research and Development - The company emphasizes high-quality construction of research platforms to drive basic research and technological innovation [25]. - The company is committed to innovation in product development and has allocated significant resources for research and development, despite the high risks associated with new drug development [54]. - The company aims to create a systematic evidence chain for key listed products through clinical and basic research [49]. - The company is actively pursuing new product development and technological advancements to strengthen its competitive edge in the pharmaceutical industry [83]. - The company aims to increase its R&D investment to support innovation and the development of new therapies [83]. Governance and Compliance - The company maintains an independent governance structure, ensuring fair treatment of all shareholders and preventing the misuse of company resources by major shareholders [34]. - The company has implemented a management system for insider information to ensure compliance with relevant laws and regulations, with the chairman as the main responsible person [37]. - The company has revised its articles of association and various meeting rules to enhance governance and information disclosure practices [36]. - The company has established an internal control system to comply with regulatory requirements and enhance risk management capabilities [106]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the annual report, assuming legal responsibility for any misrepresentation or omissions [196]. Employee Management and Development - The company has established a performance evaluation mechanism for senior management based on annual operational goals and individual performance assessments [69]. - The company has implemented a comprehensive training system for employees, focusing on key positions and skills to enhance performance [95]. - The company has established a talent development mechanism to encourage employee growth alongside corporate development [95]. - The company is focused on maintaining a competitive compensation system to align employee interests with company performance [117]. - The company has established a long-term incentive mechanism to attract and retain talent, linking shareholder and company interests [129]. Environmental and Social Responsibility - The company has not experienced any environmental pollution incidents or received administrative penalties during the reporting period [152]. - The company is committed to reducing related party transactions and ensuring fair pricing in unavoidable transactions [163]. - The company has implemented measures to fulfill its environmental responsibilities and has not faced any environmental accidents [152]. - The company invested approximately 11.79 million yuan in environmental protection during the reporting period [191]. - Total social charity investment amounted to CNY 11.01 million, with CNY 11.01 million in cash donations and CNY 0.0512 million in material donations [140]. Strategic Outlook - Future outlook indicates a focus on expanding market presence and enhancing product development capabilities, particularly in traditional Chinese medicine [83]. - Jiangsu Kangyuan plans to explore strategic mergers and acquisitions to enhance its market position and operational efficiency [83]. - The company is focusing on the development of new products and technologies to enhance its market position [95]. - The company is planning to expand its market presence through strategic initiatives and potential acquisitions [95]. - The management team emphasizes the importance of collaboration and knowledge sharing to drive growth and innovation [83].

Investment Rating - The report maintains a "Recommended" rating for the company [2][11][30] Core Views - The company has shown significant improvement in Q4 2023, with revenue reaching 1.372 billion yuan, an increase of 11.95%, and net profit of 187 million yuan, up 22.25% [4][11] - The company is recognized as a leader in innovative traditional Chinese medicine, with a strong product pipeline and favorable valuation [11][25] - The growth of non-injection products is expected to rebound, despite a temporary decline in 2023 [11][23] Financial Performance Summary - In 2023, the company achieved total revenue of 4.868 billion yuan, a year-on-year increase of 11.88%, and a net profit of 537 million yuan, up 23.54% [7][9] - The gross margin for 2023 was 74.3%, with a net margin of 11.0% [9][11] - The company plans to distribute 3.7 yuan per 10 shares as dividends for 2023 [4] Future Projections - Revenue is projected to grow to 5.776 billion yuan in 2024, with a net profit forecast of 639 million yuan [9][12] - The company expects a continued increase in profitability, with net profit margins projected to reach 12.1% by 2026 [9][12] - The price-to-earnings ratio (P/E) is expected to decrease to 17.2 in 2024, indicating a favorable valuation [9][11] Product Pipeline and Market Position - The company has a robust product pipeline, with 112 products included in the medical insurance directory, including 26 exclusive products [25] - The injection product "热毒宁" has shown remarkable growth, with sales reaching 2.174 billion yuan, a 49.80% increase [23][25] - The company is actively expanding its research and development efforts, with a focus on innovative traditional Chinese medicine products [25][11]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 22.20 CNY for the next six months [13][31]. Core Views - The core product, Retoxin, is expected to continue its rapid growth, with significant sales volume increases anticipated in 2024 due to expanded patient access under the national medical insurance directory [2][11]. - The company is undergoing marketing reforms aimed at accelerating the growth of its secondary products, which are expected to gain market share as the reforms take effect [12][15]. Financial Performance - In 2023, the company achieved operating revenue of 4.868 billion CNY, a year-on-year increase of 11.88%, and a net profit attributable to shareholders of 537 million CNY, up 23.54% [1]. - The injection segment generated revenue of 2.174 billion CNY, marking a 49.80% increase, primarily driven by the strong performance of Retoxin injections [2]. - Non-injection products saw a revenue decline of 7.10%, with the oral liquid segment experiencing a significant drop of 22.99% due to high channel inventory and ongoing marketing reforms [3]. R&D and Innovation - The company emphasizes R&D investment, with 777 million CNY allocated in 2023, representing 15.96% of operating revenue, and has achieved notable results in traditional Chinese medicine innovation [30]. - The company has a robust pipeline with multiple products at various stages of clinical trials, indicating strong long-term growth potential [30]. Shareholder Returns - The company is committed to shareholder returns, planning to repurchase shares worth 150 to 300 million CNY and distributing a cash dividend of 0.37 CNY per share, which represents a 40.25% payout ratio [7][16].

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公 司 研 究 F原证券 康缘药业（600557.SH） 2024 年 03 月 11 日 ——公司信息更新报告 余汝意（分析师） | --- | --- | |-------------------------|-------------| | 日期 | 2024/3/8 | | 当前股价 ( 元 ) | 18.79 | | 一年最高最低 ( 元 ) | 33.71/13.36 | | 总市值 ( 亿元 ) | 109.87 | | 流通市值 ( 亿元 ) | 108.70 | | 总股本 ( 亿股 ) | 5.85 | | 流通股本 ( 亿股 ) | 5.78 | | 近 3 个月换手率 (%) | 118.24 | 公司 2023 年实现营收 48.68 亿元（同比+11.88%，下文皆为同比口径）；归母净 利润 5.37 亿元（+23.54%）；扣非归母净利润 4.99 亿元（+26.47%）。从盈利能力 来看，2023 年毛利率为 74.27%（+2.17pct），净利率为 11.24%（+1.08pct）。从 费用端来看，2023 年销售费用率为 39.74%（-3.14pct）；管理费用率为 7 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next 6 months [5]. Core Views - The company's performance in 2023 shows steady growth, with a revenue increase of 11.88% year-on-year, reaching 4.868 billion yuan, and a net profit increase of 23.54%, totaling 536.73 million yuan [1][7]. - The company is gradually overcoming the challenges posed by reforms, focusing on core marketing issues, and enhancing its clinical team's capabilities, which is expected to drive stable growth in performance [19]. Financial Performance Summary - In 2023, the overall gross margin was 74.27%, an increase of 2.17 percentage points year-on-year, with specific product margins as follows: injection liquids at 73.63%, capsules at 67.68%, and oral liquids at 81.28% [2]. - The net profit margin for the company was 11.24%, up by 1.08 percentage points year-on-year, while the sales expense ratio decreased by 3.14 percentage points to 39.79% [2]. - The company has increased its R&D investment, with a research expense ratio of 15.85%, up by 1.93 percentage points year-on-year [2]. Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 5.773 billion yuan and 6.632 billion yuan, respectively, with a projected revenue of 7.588 billion yuan in 2026 [7]. - The forecast for net profit attributable to the parent company has also been revised down to 650 million yuan for 2024 and 765 million yuan for 2025, with a projected net profit of 902 million yuan in 2026 [7]. Product Performance - In 2023, injection liquids generated revenue of 2.174 billion yuan, a significant increase of 49.80% year-on-year, driven by strong sales of the core product, Heat Toxicity Ning Injection [6]. - Non-injection products collectively saw a revenue decline of 7.20%, with oral liquids experiencing a notable drop of 22.99% [6].

按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 公司代码：600557 公司简称：康缘药业 江苏康缘药业股份有限公司 2023 年度内部控制评价报告 江苏康缘药业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专 ...

江苏康缘药业股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-96 | 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了康缘药业 2023 年 12 月 31 日的合并及母公司 财务状况以及 2023 年度的合并及母公司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计 报告的"注册会计师对财务报表审计的责任"部分进一步阐述了我 们在这些准则下的责任。按照中国注册会计师职业道德守则，我们独 立于康缘药业，并履行了职业道德方面的其他责任。我们相信，我们 获取的审计证据是 ...

江苏康缘药业股份有限公司 2023 年度独立董事述职报告 作为江苏康缘药业股份有限公司（以下简称"公司"）的独立董事，我们严 格按照《公司法》《上市公司独立董事管理办法》《公司章程》及《独立董事工 作制度》等有关规定，在 2023 年的工作中，勤勉、尽责、忠实履行职责，按时出 席相关会议，认真审议各项议案，对公司相关事项发表独立意见，切实维护全体 股东尤其是广大中小股东的合法权益。现将我们在 2023 年度履行独立董事职责的 情况报告如下： 一、独立董事的基本情况 作为公司的独立董事,我们均拥有专业资质及能力,在所从事的专业领域积累 了丰富的经验。我们个人工作履历、专业背景以及兼职情况如下: 段金廒先生：1956 年 10 月出生，博士，二级教授，南京中医药大学博士研 究生导师，国际欧亚科学院院士，中共党员，中国国籍，无境外永久居留权。全 国中医药杰出贡献奖获得者，全国优秀科技工作者，入选全国首届"岐黄学者" 中医药领军人才工程，带领团队入选"全国高校黄大年式教师团队"。现任中药 资源产业化与方剂创新药物国家地方联合工程中心主任、国家中医药管理局中药 资源循环利用重点研究室主任、江苏省中药资源产业化过程协同创 ...

重要内容提示： 本事项需提交公司股东大会审议。 该关联交易对公司独立性没有影响，公司主营业务不会因此类交易而对 关联人形成依赖。 根据《上海证券交易所股票上市规则》及信息披露有关规定，江苏康缘药 业股份有限公司（以下简称"公司"）依据 2023 年日常关联交易情况及 2024 年生产经营计划，现对 2024 年度日常关联交易进行了预计，累计日常交易金额 不超过 98,480.28 万元，具体情况如下： 证券简称：康缘药业 证券代码：600557 公告编号：2024-013 江苏康缘药业股份有限公司 关于预计 2024 年度日常关联交易的公告 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。 一、预计 2024 年度日常关联方交易情况 （一）日常关联交易履行的审议程序 1、公司第八届董事会独立董事专门会议2024年第一次会议于2024年3月7日 召开，经全体独立董事一致同意，通过了《关于预计2024年度日常关联交易的 议案》。独立董事专门会议形成了如下意见：本次拟审议的日常关联交易事项 遵循了公平、公正、公允的原则，没有损害 ...