Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 29.30 CNY, compared to the closing price of 26.29 CNY on April 30, 2025 [4]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with total revenue of 8.017 billion CNY, down 16.96% year-on-year, and net profit of 2.532 billion CNY, down 10.32% year-on-year [1]. - Despite the decline in revenue, the net profit margin improved to 31.64% in 2024, an increase of 2.36 percentage points, attributed to effective control of selling expenses [2]. - The company has increased its cash dividend payout ratio significantly, proposing a cash dividend of 2.09 CNY per share, totaling approximately 19.22 billion CNY, which represents 75.93% of the net profit for 2024, up from 42.43% in 2023 [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.212 billion CNY, a decrease of 29.06% year-on-year, and a net profit of 629 million CNY, down 28.44% year-on-year [1]. - For Q1 2025, the company achieved a revenue of 1.525 billion CNY, a decline of 36.51% year-on-year, and a net profit of 440 million CNY, down 47.91% year-on-year [1]. Sales Breakdown - The sales revenue from the heat-clearing and detoxifying category was 2.688 billion CNY in 2024, down 20.45% year-on-year, primarily due to a high base effect from 2023 [2]. - Pediatric products generated sales of 2.254 billion CNY, down 17.78% year-on-year, also affected by a high base from the previous year [2]. - The digestive category saw sales of 1.155 billion CNY, a decrease of 31.52% year-on-year, influenced by centralized procurement factors [2]. Cash Flow and Dividends - The company reported a net operating cash flow of 2.176 billion CNY in 2024, with total cash reserves reaching 11.830 billion CNY by the end of 2024, an increase of 0.914 billion CNY year-on-year [3]. - The dividend payout ratio has increased significantly, indicating strong cash flow management and a commitment to returning value to shareholders [3]. Innovation and R&D - The company is focusing on innovation by increasing investment in new product development, with several new drugs receiving registration certificates and progressing through clinical trials [4]. - The company has established partnerships for the introduction of new products in various therapeutic areas, enhancing its long-term growth potential [4]. Future Projections - Revenue growth is projected to decline by 6.2% in 2025, followed by a recovery with growth rates of 7.4% and 6.8% in 2026 and 2027, respectively [8]. - Net profit growth is expected to decline by 11.1% in 2025, with subsequent recoveries of 10.5% and 10.0% in the following years [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The Chinese traditional medicine sector is expected to experience a relative recovery in 2025, with opportunities in key lines and individual stocks [4][12] - The overall market demand is gradually recovering due to the end of the pandemic and the impact of influenza, leading to a high base and inventory digestion pressure in 2024 [4][12] - The State Council's March 2025 document supports the quality improvement of traditional Chinese medicine, which is expected to stimulate innovation and commercialization of high-quality products [5][13] Summary by Sections Industry Trends - In April 2025, the pharmaceutical and biotechnology sector rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points [6][15] - The medical research outsourcing sector saw the largest increase of 6.34%, while the vaccine sector experienced the largest decline of 3.78% [20][21] Investment Opportunities - Four main investment lines are identified: 1. Innovative R&D-focused companies with strong capabilities, benefiting from accelerated approvals and optimized procurement, recommended stocks include Fangsheng Pharmaceutical, Yuyuan Pharmaceutical, Tianshili, and Yiling Pharmaceutical [5][14] 2. State-owned enterprises undergoing operational efficiency improvements, recommended stocks include Dong'e Ejiao, Jiangzhong Pharmaceutical, and Kunming Pharmaceutical [5][14] 3. Companies with strong brand power and relatively scarce products, recommended stocks include Zoli Pharmaceutical and Lingrui Pharmaceutical [5][14] 4. Companies experiencing turnaround and valuation recovery, recommended stock includes Jichuan Pharmaceutical [5][14] Market Performance - The traditional Chinese medicine sector has faced pressure since the pandemic, but the situation is expected to improve in 2025 as macro disturbances ease [4][12] - The price index of traditional Chinese medicine materials has been declining since mid-July 2024, which is expected to alleviate the gross margin pressure on companies in 2025 [5][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 8.017 billion RMB in 2024, a decrease of 17% year-on-year, and a net profit attributable to shareholders of 2.532 billion RMB, down 10% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 1.525 billion RMB, reflecting a 37% decline year-on-year, with a net profit of 440 million RMB, down 48% year-on-year [2]. - The company's core products faced pressure due to high base effects and centralized procurement policies, particularly impacting key products like Pudilan and pediatric medications [3]. - The company has made progress in product introductions, securing four new product agreements, which are expected to support long-term growth [3]. - The company has a strong cash position with over 12.5 billion RMB in cash and financial assets, and it plans to distribute a cash dividend of 2.09 RMB per share, totaling approximately 1.922 billion RMB, which is 75.93% of the net profit for 2024 [4]. Financial Forecasts - Revenue forecasts for 2025 and 2026 have been revised down to 7.421 billion RMB and 8.139 billion RMB, respectively, with net profit estimates adjusted to 2.263 billion RMB and 2.557 billion RMB [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.456 RMB, 2.774 RMB, and 3.126 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 times [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 8.017 billion yuan in 2024, a decrease of 17% year-on-year, and a net profit attributable to shareholders of 2.532 billion yuan, down 10% year-on-year [2]. - The first quarter of 2025 showed a significant decline in performance, with revenue of 1.525 billion yuan, a 37% decrease year-on-year, and a net profit of 440 million yuan, down 48% year-on-year [2]. - The company is expected to see easing pressure from high revenue bases starting from Q2 2025, which may positively impact its core products [3]. Summary by Sections Performance Overview - In 2024, the company achieved a revenue of 8.017 billion yuan, a decline of 17% year-on-year, and a net profit of 2.532 billion yuan, down 10% year-on-year. The first quarter of 2025 saw revenue drop to 1.525 billion yuan, a 37% decrease year-on-year, with a net profit of 440 million yuan, down 48% year-on-year [2]. Operational Analysis - The company's core products faced pressure due to high revenue bases from the previous year and the impact of centralized procurement policies. Revenue from heat-clearing and detoxifying products was approximately 2.69 billion yuan, down 20% year-on-year, while pediatric products generated about 2.25 billion yuan, down 18% year-on-year [3]. - The company has successfully introduced four new products or partnerships in 2024, including a new drug in the respiratory field and a new pediatric drug in the ENT field [3]. Cash Flow and Dividends - As of Q1 2025, the company had over 12.5 billion yuan in cash and cash equivalents, indicating a strong cash position. The proposed cash dividend for 2024 is 2.09 yuan per share, totaling approximately 1.922 billion yuan, which represents 75.93% of the net profit attributable to shareholders for 2024 [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 and 2026 have been revised down to 7.421 billion yuan and 8.139 billion yuan, respectively. The net profit forecasts for the same years have also been adjusted to 2.263 billion yuan and 2.557 billion yuan, respectively. The expected EPS for 2025-2027 is 2.46, 2.77, and 3.13 yuan, with corresponding PE ratios of 10, 9, and 8 times [5].

证券代码：600566 证券简称：济川药业 公告编号：2025-023 湖北济川药业股份有限公司 关于召开2024年年度股东大会的通知 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年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：江苏省泰兴市大庆西路宝塔湾济川药业会议室 股东大会召开日期：2025年5月16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 (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2025 年 5 月 16 日 至2025 年 5 月 16 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 9:1 ...

湖北济川药业股份有限公司监事会 关于公司 2025 年员工持股计划 相关事项的核查意见 湖北济川药业股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第十届监事会第十四次会议。根据《关于上市公司实施员工持股计划试点的指导 意见》（以下简称"《指导意见》"）《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》（以下简称"《自律监管指引》"）等相关法律、法规及 规范性文件的规定，经认真审阅相关会议资料及全体监事充分全面的讨论与分析， 现就公司 2025 年员工持股计划相关事项发表审核意见如下： 1、公司不存在《指导意见》《自律监管指引》等法律、法规及规范性文件 规定的禁止实施员工持股计划的情形。 2、公司制定《湖北济川药业股份有限公司 2025 年员工持股计划（草案）》 （以下简称"员工持股计划"）的程序合法、有效。公司 2025 年员工持股计划 内容符合《指导意见》、《自律监管指引》等法律、法规及规范性文件的规定。 湖北济川药业股份有限公司监事会 2025 年 4 月 25 日 3、本次员工持股计划关联董事已根据相关规定回避表决，公司审议本次员 工持股计划相关议案的决策程序合法、 ...

湖北济川药业股份有限公司 第十届监事会第十四次会议决议公告 本公司监事会及全体监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： 600566 证券简称： 济川药业 公告编号： 2025-015 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年度报告全文及摘要的议案》 审议通过《关于公司2024年度报告全文及摘要的议案》（具体内容详见上海 证券交易所网站：http://www.sse.com.cn）。 同意3票，反对0票，弃权0票。本议案获得通过。 监事会认为：公司严格按照公司财务制度规范运行，公司2024年年度报告公 允、全面、真实地反映了公司本年度的财务状况和经营成果；经立信会计师事务 所（特殊普通合伙）审计的2024年度审计报告是实事求是、客观公正的。 一、监事会会议召开情况 （一）本次会议的召开符合《公司法》《公司章程》《监事会议事规则》的 规定。 （二）本次会议通知和相关资料于2025年4月15日以书面方式送达全体监事。 （三）本次会议于2025年4月25日在湖北济川药业股份有限公司（以下简称 "公司"）办公大楼 ...

综上所述，鉴于 14 名激励对象离职、1 名激励对象退休，不再具备激励对 象资格，我们同意按照公司 2022 年第二次临时股东大会的授权，根据《激励计 划》的有关规定，注销上述激励对象已获授但尚未行权的股票期权，回购注销上 述激励对象已获授但尚未解除限售的限制性股票。 （以下无正文） 湖北济川药业股份有限公司监事会 2025 年 4 月 25 日 湖北济川药业股份有限公司监事会关于注销部分 股票期权并回购注销部分限制性股票相关事项的核查意见 根据《公司法》《湖北济川药业股份有限公司 2022 年限制性股票与股票期权 激励计划》（以下简称"《激励计划》"）及《公司章程》等有关规定，作为湖北济 川药业股份有限公司（以下简称"公司"）的监事会，经严格、认真审核，现就 公司第十届监事会第十四次会议审议通过的《关于注销部分股票期权并回购注销 部分限制性股票的议案》发表意见如下： 本次取消激励资格的激励对象、注销的股票期权数量、回购注销的限制性股 票数量、价格等均符合《上市公司股权激励管理办法》及《激励计划》等相关法 律法规的规定，决策程序合法有效。 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2025-014 湖北济川药业股份有限公司 第十届董事会第十四次会议决议公告 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法律责任。 一、董事会会议召开情况 （一）本次会议的召开符合《公司法》《公司章程》《董事会议事规则》的 规定。 （二）本次会议通知和相关资料于 2025 年 4 月 15 日以书面方式送达全体董 事和监事。 （三）本次会议于 2025 年 4 月 25 日在湖北济川药业股份有限公司（以下简 称"公司"）办公大楼十楼会议室以现场及通讯表决的方式召开。 （四）本次会议应参加董事 7 人，实际参加董事 7 人，其中独立董事姚宏先 生、卢超军先生、杨玉海先生以通讯方式出席会议。 （五）本次会议由董事长曹龙祥先生召集和主持，公司全体监事及高级管理 人员列席会议。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年度报告全文及摘要的议案》 审议通过公司《2024 年度报告全文及摘要》（具体内容详见上海证券交易 所网站：http://www.sse.com. ...

湖北济川药业股份有限公司 董事会薪酬与考核委员会关于公司 2025 年员工持股计划 相关事项的核查意见 根据《关于上市公司实施员工持股计划试点的指导意见》（以下简称"《指 导意见》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以 下简称"《自律监管指引》"）等相关法律、法规及规范性文件的规定，我们作 为湖北济川药业股份有限公司（以下简称"公司"）董事会薪酬与考核委员会委 员，现就公司 2025 年员工持股计划相关事项发表审核意见如下： 1、公司《2025 年员工持股计划（草案）》的内容符合《指导意见》《自律 监管指引》等相关文件的规定，不存在损害公司及全体股东利益的情形，亦不存 在摊派、强行分配等方式强制员工参与本次员工持股计划的情形，不存在公司向 2025 年员工持股计划持有人提供贷款、贷款担保或任何其他财务资助的计划或 安排。 2、公司 2025 年员工持股计划拟定的持有人均符合《指导意见》及其他法律、 法规及规范性文件规定的持有人条件，符合 2025 年员工持股计划规定的持有人 范围，其作为公司 2025 年员工持股计划持有人的主体资格合法、有效。 3、公司实施 2025 年员工持股 ...