Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 28, 2024 [2]. Core Views - The company's Q3 2024 operating performance has improved sequentially, with ongoing optimization in sales management [1]. - The revenue for Q1-Q3 2024 reached 5.805 billion, a year-on-year decrease of 11.19%, while the net profit attributable to the parent company was 1.699 billion, down 7.06% year-on-year [1][2]. - The gross profit margin for Q1-Q3 2024 was 79.26%, with a sales expense ratio of 37.73%, a management expense ratio of 5.19%, and a research and development expense ratio of 5.11% [1]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.614 billion, 3.046 billion, and 3.448 billion respectively, with corresponding EPS of 2.84, 3.30, and 3.74 [1][2]. - The current stock price corresponds to a P/E ratio of 11.2, 9.6, and 8.5 for the years 2024, 2025, and 2026 respectively, indicating a favorable outlook for the company's core business segments [1]. Summary by Sections Financial Performance - The company achieved a revenue of 5.805 billion in Q3 2024, with a net profit of 1.699 billion, reflecting a year-on-year decline of 11.19% and 7.06% respectively [1][2]. - The gross profit margin for the first three quarters of 2024 was 79.26%, with a net profit margin of 31.0% projected for 2024 [5]. Product Development and Sales - The sales of the company's heat-clearing and detoxifying products reached approximately 3.38 billion in 2023, accounting for about 35% of total revenue, with the core product being the Pudilan Oral Liquid [3]. - The Pudilan Oral Liquid transitioned to a dual-cross (Class 1) qualification on September 27, 2024, which is expected to enhance sales growth in retail channels [3]. - The company has established a robust marketing management system and is expanding its professional business team to optimize sales management [4]. Future Outlook - The company anticipates potential growth from its core business segments, including heat-clearing and detoxifying products, as well as the introduction of BD products [1]. - The adjusted profit forecasts for 2024-2026 indicate a cautious but optimistic growth trajectory, with expected net profits increasing year-on-year [5].

Investment Rating - Buy (Maintained) [1] Core Views - Performance meets expectations with continuous optimization of period expense ratio [1] - Revenue and profit slightly declined under high base, in line with expectations [2] - Sales expense ratio continues to optimize, net profit margin steadily increases [2] - BD progresses orderly, product matrix continues to enrich [3] - Core product competition remains stable, market share leads, laying a solid foundation for steady performance growth [3] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: RMB 1,771 million, down 7.18% YoY [2] - 2024 Q3 net profit attributable to parent company: RMB 565 million, down 6.58% YoY [2] - 2024 Q3 non-GAAP net profit: RMB 519 million, down 10.69% YoY [2] - 2024 Q1-Q3 revenue: RMB 5,805 million, down 11.19% YoY [2] - 2024 Q1-Q3 net profit attributable to parent company: RMB 1,903 million, down 2.13% YoY [2] - 2024 Q1-Q3 non-GAAP net profit: RMB 1,699 million, down 7.06% YoY [2] Profitability - 2024 Q1-Q3 gross margin: 79.26%, down 2.44pp YoY [2] - 2024 Q1-Q3 net profit margin: 32.78%, up 3.04pp YoY [2] - 2024 Q1-Q3 sales/management/financial expense ratios: 37.73%/10.30%/-3.54%, down 3.86pp, up 0.92pp, down 0.93pp YoY respectively [2] Forecast - 2024-2026 revenue forecast: RMB 9,183 million, RMB 10,004 million, RMB 10,772 million, with YoY growth of -5%, 9%, 8% respectively [3] - 2024-2026 net profit attributable to parent company forecast: RMB 2,709 million, RMB 3,030 million, RMB 3,270 million, with YoY growth of -4%, 12%, 8% respectively [3] Product Development - Strategic cooperation with Suzhou Yusen signed in July 2024 for innovative traditional Chinese medicine development in pediatric, respiratory, gynecological, and digestive fields [3] - 1 project entered clinical phase III, 2 projects entered pre-BE or BE stage by mid-year [3] - 4 new Chinese patent applications and 1 PCT international patent application submitted [3] - 1 Chinese patent and 1 European patent authorized [3] Financial Ratios - 2024E P/E: 10.4x [1] - 2024E P/B: 1.8x [1] - 2024E ROE: 17% [1] - 2024E EPS: RMB 2.94 [1] Market Data - Total shares: 921.70 million [2] - Market price: RMB 30.53 [2] - Market capitalization: RMB 28,139.63 million [2]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company is currently digesting the impact of a high base, but its R&D and business development pipeline are expected to gradually materialize, empowering future growth [3]. - The company reported a revenue of 5.805 billion yuan for the first three quarters of 2024, a decrease of 11.19% year-on-year, with a net profit attributable to shareholders of 1.903 billion yuan, down 2.13% [1][3]. - The gross margin slightly declined to 78.53% in Q3 2024, a decrease of 3.3 percentage points year-on-year, likely due to the ongoing impact of centralized procurement on certain products [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.771 billion yuan, down 7.18% year-on-year, and a net profit of 565 million yuan, down 6.58% [1]. - The company’s net profit forecast for 2024-2026 has been adjusted downwards to 2.698 billion yuan, 2.980 billion yuan, and 3.307 billion yuan, reflecting a year-on-year growth of -4%, 10%, and 11% respectively [3]. Operational Analysis - The sales expense ratio continued to decline, reaching 32.77% in Q3 2024, a decrease of 4.84 percentage points year-on-year [1]. - The company is expected to benefit from the upcoming transition of Pudilan Oral Liquid to a dual-cross model, which may further expand its outpatient market [2]. Valuation Metrics - The earnings per share (EPS) for 2024-2026 are projected to be 2.93 yuan, 3.23 yuan, and 3.59 yuan, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 9 times [3].

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-061 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： 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站（http://www.sse.com.cn） 的相关公告。 一、 本次使用部分闲置募集资金进行现金管理到期赎回的情况 公司于 2024 年 10 月 19 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-058 湖北济川药业股份有限公司 第十届董事会第十二次会议决议公告 二、董事会会议审议情况 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 2024 年 10 月 21 日以书面方式送达全体 董事和监事。 （三）本次会议于 2024 年 10 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。 2024 年 10 月 26 日 （一）审议通过《关于公司 2024 年第三季度报告的议案》 公司根据 2024 年 1-9 月份的经营管理和公司治理情况，制定了公司 2024 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-059 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2024年10月21日以书面方式送达全体监事。 （三）本次会议于2024年10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表决的方式召开。 （四）本次会议由监事会主席周新春召集并主持。 （五）本次会议应参会监事3人，实际参会监事3人。 二、监事会会议审议情况 湖北济川药业股份有限公司 第十届监事会第十二次会议决议公告 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。 监事会认为：公司严格按照财务制度规范运行，公司 2024 年第三季度报告 公允、全面、真实地反映了公司当期的经营管理和财务状况等事项。 （二）关于全资子公司利用闲置募集资金进行现金管理的议案 为提高闲置募集资金使用效率，在确保不影响公司正常经营以及募集资金投 资项目正常开展的情况下，公司同意济川药业集团有限公司、济川（上海）医 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,770,734,301.23, a decrease of 7.18% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥564,522,598.46, down 6.58% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥518,796,572.39, a decline of 10.69% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.617, representing a decrease of 6.52% year-on-year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 5,805,134,511.20, a decrease of 11.14% compared to CNY 6,536,764,954.98 in the same period of 2023[15]. - Net profit for the third quarter of 2024 was CNY 1,907,346,070.63, a slight decrease of 2.05% compared to CNY 1,947,379,873.64 in the third quarter of 2023[16]. - The total profit for the third quarter of 2024 was CNY 2,233,497,637.20, slightly down from CNY 2,259,575,656.87 in the third quarter of 2023[16]. Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 39.17% to ¥1,739,512,698.34[6]. - The net cash flow from operating activities was CNY 1,739,512,698.34, a decrease of 39.2% compared to CNY 2,859,639,142.08 in the previous year[18]. - Cash inflow from investment activities totaled CNY 2,745,625,237.74, down 32.0% from CNY 4,040,790,940.26 year-on-year[18]. - The net cash flow from investment activities was -CNY 2,076,597,588.57, compared to a positive CNY 406,529,472.64 in the same period last year[18]. - Cash inflow from financing activities amounted to CNY 1,159,785,934.41, an increase of 91.0% from CNY 606,496,858.78 in the previous year[19]. - The net cash flow from financing activities was -CNY 877,834,603.01, worsening from -CNY 409,080,913.88 year-on-year[19]. - The total cash and cash equivalents at the end of the period were CNY 6,523,063,316.84, down from CNY 7,676,028,547.73 at the end of the previous year[19]. - The company reported a total operating cash inflow of CNY 7,739,228,359.60, a decrease of 11.0% from CNY 8,683,452,611.32 in the previous year[18]. - Total cash outflow from operating activities was CNY 5,999,715,661.26, an increase of 3.0% compared to CNY 5,823,813,469.24 last year[18]. - The company received CNY 2,713,082,500.00 from investment recoveries, down 31.5% from CNY 3,957,703,350.26 in the previous year[18]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥18,151,776,184.80, showing a slight increase of 0.04% from the end of the previous year[4]. - The total assets of the company as of September 30, 2024, amounted to RMB 18,151,776,184.80, showing a slight increase from RMB 18,143,694,578.52 at the end of the previous period[14]. - The company's current assets totaled RMB 14,349,997,698.34, compared to RMB 14,235,429,851.57 in the previous period, indicating a growth of approximately 0.8%[12]. - The company's inventory increased from RMB 490,078,167.24 to RMB 663,699,165.37, reflecting a growth of approximately 35.3%[12]. - The total liabilities of the company decreased from RMB 4,774,832,070.86 to RMB 4,056,640,512.00, a reduction of about 15%[13]. - The company's retained earnings increased from RMB 8,847,776,002.96 to RMB 9,554,547,902.22, showing an increase of approximately 8%[14]. - The company’s total equity increased from RMB 13,368,862,507.66 to RMB 14,095,135,672.80, reflecting a growth of approximately 5.4%[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,113[7]. - The company approved a share repurchase plan with a total fund of no less than RMB 25 million and no more than RMB 50 million, with a maximum repurchase price of RMB 48 per share[10]. - As of September 30, 2024, the company has repurchased 180,500 shares, accounting for 0.02% of the total share capital, with a total payment of RMB 5,004,978[10]. Expenses - Research and development expenses for the first three quarters of 2024 were CNY 296,861,461.95, a decrease of 11.29% from CNY 334,603,477.50 in 2023[15]. - Sales expenses for the first three quarters of 2024 were CNY 2,190,344,923.91, down 19.43% from CNY 2,719,010,883.20 in the same period of 2023[15]. - The company experienced a financial expense of CNY -205,391,094.76 in the first three quarters of 2024, compared to CNY -170,305,263.86 in the same period of 2023[15]. Non-Recurring Items - The company reported non-recurring gains of ¥45,726,026.07 for the current period[5]. - The company has not adopted new accounting standards or interpretations affecting the financial statements for the year[20].

华泰联合证券有限责任公司 关于湖北济川药业股份有限公司全资子公司 利用闲置募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为湖北济川药业股份有限公司（以下简称"济川药业"、"上市公司"或"公 司"）2020年非公开发行股票（以下简称"本次发行"）的保荐机构及持续督导机 构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规则》、 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》和《上 海证券交易所上市公司自律监管指引第1号——规范运作》等有关规定，对济川 药业全资子公司利用闲置募集资金进行现金管理的事项进行审慎核查，核查情况 如下： 一、募集资金的基本情况 （一）2020年非公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准湖北济川药业股份有限公司非公开发 行股票的批复》（证监许可[2020]1442号）核准，公司面向发行对象非公开发行 人民币普通股73,329,853股，发行价格19.16元/股，募集资金总额人民币 1,404,999,983.48元，扣除发行有关费用后募集资金净额为人民币1,383,772,03 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-060 湖北济川药业股份有限公司 重要内容提示： 2024 年 10 月 25 日，湖北济川药业股份有限公司（以下简称"公司"）召 开了第十届董事会第十二次会议、第十届监事会第十二次会议，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 5.8 亿 元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，包括但不限于结构性存款、大额存单 等。具体情况如下： 一、2020 年非公开发行股票募集资金基本情况 （一）实际募集资金金额及资金到账时间 2020 年 7 月 15 日，经中国证券监督管理委员会证监许可[2020]1442 号文 核准，公司非公开发行人民币普通股 73,329,853 股，发行价格为每股 19.16 元， 募集资金总额人民币 1,404,999,983.48 元，扣除相关的发行费用人民币 21,227,952.10 元（不含税）后，实际募集资金净额为人民币 1,383,7 ...

证券代码： 600566 证券简称： 济川药业 公告编号： 2024-057 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： 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站（http://www.sse.com.cn）的相关公告。 特别风险提示：尽管本次公司进行现金管理购买了低风险、流动性好的 产品，属于低风险投资产品，但金融市场受 ...