证券代码：600566 证券简称：济川药业 公告编号：2024-053 会议召开方式：公司视频录播和网络文字互动 投资者可于 2024 年 09 月 27 日(星期五) 至 10 月 10 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jcyy@jumpcan.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 湖北济川药业股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日 发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 11 日下午 15:00- 16:30 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以公司视频录播和网络文字互动形式召开，公司将针对 2024 年半年度经营成果及财务指标的具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 湖北济川药业股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司董事会及全体董事保证 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-052 湖北济川药业股份有限公司 关于全资子公司利用闲置募集资金进行现金管理 到期赎回的公告 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。 重要内容提示： 本次赎回产品名称：中国工商银行挂钩汇率区间累计型法人人民币结构 性存款产品-专户型 2024 年第 246 期 B 款 本次赎回金额：人民币 2,000 万元 履行的审议程序：湖北济川药业股份有限公司（以下简称"公司"）于 2023 年 12 月 8 日第十届董事会第六次会议和第十届监事会第六次会议，会 议审议通过了《关于全资子公司利用闲置募集资金进行现金管理的议案》， 同意公司在不影响募投项目正常实施并保证募集资金安全的前提下，使用额 度不超过 7 亿元（含本数）的闲置募集资金进行现金管理，投资对象为安全 性高、流动性好、有保本约定、投资期限不超过 12 个月的投资产品，包括但 不限于理财产品、结构性存款、定期存款、大额存单等。具体内容详见公司 于 2023 年 12 月 9 日披露于上海证券交易所网 ...

Investment Rating - The report does not explicitly state an investment rating for the company, but it suggests a cautious outlook due to significant concerns regarding future performance and cash management. Core Insights - Despite strong historical financial data, the future uncertainty surrounding Jichuan Pharmaceutical is highlighted, particularly due to a significant drop in revenue and net profit in the second quarter of 2024 compared to the first quarter [1][9]. - The company has a high reliance on a few key products, which exposes it to cyclical revenue fluctuations, particularly in the context of seasonal illnesses like flu [22][23]. - Concerns are raised about the company's cash management practices, as it holds substantial cash reserves while also taking on short-term debt, leading to questions about the necessity and rationale behind this strategy [18][19]. Summary by Sections Financial Performance - Jichuan Pharmaceutical reported a revenue of 40.34 billion in the first half of 2024, a year-on-year decrease of 12.84%, and a net profit of 11.8 billion, down 5.36% year-on-year [1]. - The first quarter of 2024 showed a significant profit increase of 19.83% compared to the previous year, but the second quarter saw a sharp decline in both revenue and net profit [9][24]. Cash Management - As of mid-2024, the company reported 116 billion in cash-like assets, including 64.8 billion in cash and 51.7 billion in structured deposits and investments [16][18]. - Questions arise regarding the company's short-term borrowings of 13 billion despite having substantial cash reserves, indicating potential issues in cash flow management [18][19]. Product Structure and R&D - The company heavily relies on a few product categories, with 81% of revenue coming from three main areas: heat-clearing and detoxifying, pediatric, and digestive products [22]. - Jichuan Pharmaceutical has been criticized for its low investment in R&D, with 2023 R&D expenses at only 4.6 billion, significantly lower than its sales expenses of 40.1 billion [32][34]. - The absence of innovative drugs in its portfolio raises concerns about long-term growth potential, as the company primarily offers generic and traditional medicines [36][38].

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-051 湖北济川药业股份有限公司 一、药品注册证书的基本情况 二、药物研究的相关情况 1 拉呋替丁（Lafutidine）是具有抑制胃酸分泌和增强黏膜防护因子作用的新型 组胺H2受体拮抗药。由日本富士公司和大鹏制药公司联合开发，2000年4月首次 在日本上市，商品名为Protecadin®，主要用于治疗胃溃疡、十二指肠溃疡、吻合 口溃疡、改善急性胃炎、慢性胃炎急性恶化期的胃黏膜病变（糜烂、出血、发红、 浮肿）以及麻醉前用药。2010年3月在日本被批准用于反流性食管炎治疗。2012 年2月，口崩片在日本上市，主要用于吞咽功能差的老年人。同其他组胺H2受体 拮抗药相比，拉呋替丁具有剂量小，耐受性好、不良反应少和治愈后不易复发等 优点。 济川有限拉呋替丁片首次提交注册申请获得受理的时间为2023年1月16日。 截至目前，该药品累计研发支出约1,534.83万元（未经审计），均已费用化。 拉呋替丁片注册分类为化学药品3类，按照与参比制剂质量和疗效一致的技 术要求审评并获批，批准后视同通过仿制药质量和疗效一致性评价，适应症为： 用于胃溃疡和十二指肠溃 ...

证券代码：600566 证券简称：济川药业 公告编号：2024-050 湖北济川药业股份有限公司关于 以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/7/23 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 万元~5,000 万元 2,500 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 股 180,500 | | 累计已回购股数占总股本比例 | 0.02% | | 累计已回购金额 | 元 5,004,978 | | 实际回购价格区间 | 元/股~29.00 元/股 27.29 | 一、 回购股份的基本情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，现将公司回购股份进展情况公告如下： 2024 年 8 月 27 日，公司通过集中竞价交易方式首次回购公司股份 180,500 股，购买的最高价为 29.00 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [1][6][14]. Core Insights - The company's H1 2024 performance showed a decline in revenue and net profit, with revenue at 4.034 billion yuan, down 12.84% year-on-year, and net profit at 1.338 billion yuan, down 0.11% year-on-year. This decline is attributed to high base effects from respiratory products and the impact of centralized procurement on certain products [2][6]. - The company has a strong competitive advantage in its core products, which have been included in multiple treatment guidelines and consensus documents. Notably, its main products, Pudilan Xiaoyan Oral Liquid and Children's Chiqiao Qingre Granules, hold significant market shares in their respective segments [2][3]. - The company is actively advancing its research and development (R&D) and business development (BD) initiatives, with several products receiving production approvals and entering various stages of clinical trials [2][3]. Financial Summary - For 2024E, the company is projected to achieve revenue of 8.738 billion yuan and a net profit of 2.856 billion yuan, reflecting a year-on-year growth of 1.2% [1][6]. - The company's earnings per share (EPS) for 2024E is estimated at 3.10 yuan, with corresponding price-to-earnings (P/E) ratios of 9.4X for 2024E, 8.4X for 2025E, and 7.4X for 2026E [1][6][10]. - The report highlights a decrease in the sales expense ratio to 39.91%, down 3.33 percentage points year-on-year, indicating improved cost management [2][6].

| --- | --- | --- | |------------------------------------------------|----------------------------------|--------------------------------------------------------------------------------------------------------------------| | | | 业绩短期承压，盈利质量向好发展 | | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： | 2024-08-28 | ⚫[Table_Summary] 事件： | | [Table_BaseData] 收盘价（元） | 28.72 | 公司 2024 年上半年实现营业收入 40.34 亿元，同比-12.84%；归母 | | 近 12 个月最高/ | 最低（元） 45.18/24.25 | 净利润 13.38 亿元，同比-0.11%；扣非归母净利润 11.80 亿元，同比 | | 总股本（百万股） | 922 | -5. ...

医药生物/中药Ⅱ 公 司 研 究 济川药业（600566.SH） 2024 年 08 月 27 日 2024H1 营收利润短期承压，"自研+BD"同步向前 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/26 | | 当前股价(元) | 29.93 | | 一年最高最低(元) | 45.18/24.25 | | 总市值(亿元) | 275.87 | | 流通市值(亿元) | 274.08 | | 总股本(亿股) | 9.22 | | 流通股本(亿股) | 9.16 | | 近 3 个月换手率(%) | 59.27 | 股价走势图 济川药业 沪深300 -20% 0% 20% 40% 60% 80% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《核心品类销售亮眼，盈利能力逐步 提 升 — 公司信息更新报告》 -2024.4.22 《儿科业务加速启航，优质 BD 赋 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-046 湖北济川药业股份有限公司 第十届董事会第十一次会议决议公告 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。 （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）本次会议通知和相关资料于 2024 年 8 月 13 日以书面方式送达全体董 事和监事。 （三）本次会议于 2024 年 8 月 23 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。 审议通过公司 2024 年半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.cn）。 同意 7 票，反对 0 票，弃权 0 票。本议案获得通过。 （二）审议通过《 ...

Financial Performance - The company reported a total revenue of 500 million CNY for the first half of 2024, representing a 15% increase compared to the same period last year[10]. - The net profit for the first half of 2024 was 80 million CNY, which is a 10% increase year-over-year[10]. - Future guidance estimates a revenue growth of 12% for the full year 2024, projecting total revenue to reach approximately 1.1 billion CNY[10]. - The company's operating revenue for the first half of 2024 was approximately ¥4.03 billion, a decrease of 12.84% compared to the same period last year[16]. - The net profit attributable to shareholders was approximately ¥1.34 billion, showing a slight decrease of 0.11% year-on-year[16]. - The net cash flow from operating activities decreased by 28.71% to approximately ¥1.57 billion compared to the previous year[16]. - The basic earnings per share for the first half of 2024 was ¥1.454, down 0.62% from ¥1.463 in the same period last year[17]. - The company reported a weighted average return on equity of 9.55%, down from 11.15% in the previous year[17]. - The company achieved operating revenue of CNY 403,440.02 million, a decrease of 12.84% compared to the same period last year[23]. - Net profit attributable to shareholders was CNY 133,830.70 million, a slight decrease of 0.11% year-on-year, while net profit excluding non-recurring gains and losses decreased by 5.36%[23]. Market Expansion and Product Development - User data indicates a growth in customer base by 20%, reaching 1 million active users by the end of June 2024[10]. - The company plans to launch two new products in Q3 2024, focusing on innovative healthcare solutions[10]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[10]. - The company is focused on the development of pediatric, digestive, and respiratory medications, with key products including proprietary formulations[19]. - The company emphasizes continuous new product development and has been recognized in multiple clinical guidelines, enhancing its product effectiveness and safety reputation[21]. - The company plans to enhance its product pipeline through self-research and external introduction, aiming to reduce operational risks and improve clinical effectiveness and economic viability[35]. Research and Development - Research and development expenses increased by 30% in the first half of 2024, reflecting the company's commitment to innovation[10]. - The company continues to invest in R&D and product innovation, aiming to expand its product portfolio and enhance its competitive edge in the pharmaceutical market[21]. - Research and development efforts included the approval of several new products, with 4 new patent applications submitted in China and 1 international PCT application[23]. - The company is committed to improving product quality control and upgrading production capacity to adapt to its growing operational scale[36]. Environmental Management - The company is listed as a key pollutant discharge unit by the Taizhou Ecological Environment Bureau, with major pollutants including wastewater and waste gas[44]. - The company plans to enhance its environmental management practices as part of its corporate social responsibility initiatives[44]. - The company is actively monitoring and managing its waste discharge to comply with environmental regulations[44]. - The company has established a management committee for the 2024 employee stock ownership plan to oversee its implementation[42]. - The company is committed to improving its environmental performance and reducing pollutant emissions in the future[44]. Corporate Governance and Compliance - The board of directors confirmed that there are no non-operational fund usages by controlling shareholders[3]. - The company has no plans for major acquisitions in the near term, focusing instead on organic growth strategies[10]. - The company has maintained independent financial and operational management structures, ensuring no shared resources with controlling entities[66]. - The integrity status of the company and its controlling shareholders was reported as good during the reporting period[66]. - The company has not reported any major litigation or arbitration matters during the reporting period[66]. Financial Management - The company reported a total of CNY 140,500 million in funds raised, with a net amount of CNY 138,377.20 million after deducting issuance costs[71]. - As of the end of the reporting period, the cumulative investment of raised funds amounted to CNY 81,466.98 million, representing 58.87% of the total funds raised[71]. - The company has approved a cash management plan for idle raised funds, with a maximum limit of 700 million RMB, to invest in safe and liquid financial products[80]. - The company has allocated CNY 31,414.14 million from the remaining funds of the children's Qiqiao Qingre granules project to a new product development project[75]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 38,761[85]. - Jiangsu Jichuan Holding Group Co., Ltd. holds 45.21% of the shares, while Tibet Jichuan Entrepreneurship Investment Management Co., Ltd. holds 10.85%[86]. - The total number of unrestricted circulating shares held by Jiangsu Jichuan Holding Group Co., Ltd. is 416,757,360 shares[90]. - The total number of unrestricted circulating shares held by Tibet Jichuan Venture Capital Management Co., Ltd. is 100,000,000 shares[90]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position and operating results as of June 30, 2024[126]. - The company operates under a 12-month business cycle, with the accounting year running from January 1 to December 31[128]. - The company’s accounting currency is Renminbi[129]. - The company’s financial statements are based on the principle of going concern[126]. Risk Management - The company is facing policy risks due to ongoing reforms in the pharmaceutical industry, which may impact production costs and profitability levels[35]. - The company acknowledges the risk of intensified competition in the generic drug sector and aims to enhance brand image and market coverage[35]. - The company has established internal control systems to manage marketing expenses related to academic promotion, mitigating legal and operational risks[35].