Investment Rating - The report maintains a "Buy" rating for Jichuan Pharmaceutical (600566) [1] Core Views - The company's 2023 annual report shows a revenue of 9.66 billion yuan, an increase of 7.3%, and a net profit attributable to shareholders of 2.82 billion yuan, up by 30% [2] - The growth in profit exceeded expectations, driven by strong sales of key products and effective cost control in sales, management, and finance [2] - The company is focusing on multi-channel sales strategies, including hospitals and retail, and is enhancing its academic platform [2] - Business development (BD) is progressing steadily, with four new product agreements reached in 2023, aligning with the company's long-term strategic goals [3] - Profit forecasts for 2024-2026 project net profits of 3.05 billion, 3.41 billion, and 3.81 billion yuan, with growth rates of 8.1%, 11.8%, and 11.7% respectively [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 9.66 billion yuan, with a net profit of 2.82 billion yuan, reflecting a 30% increase [2][4] - The overall gross margin for 2023 was 81.5%, with a net profit margin of 29.3%, an increase of 5.1 percentage points [2] - Key product categories showed varied performance, with the heat-clearing and detoxifying category generating 3.38 billion yuan in revenue, up 17.7% [2] Business Development - The company has established a robust sales network across hospitals, OTC pharmacies, and grassroots medical institutions [2] - The focus on academic leadership and product lifecycle management is expected to enhance market penetration and sales growth [2] - The BD strategy aims to introduce at least four new products annually, with successful agreements already in place for 2023 [3] Profit Forecasts - The projected net profits for 2024, 2025, and 2026 are 3.05 billion, 3.41 billion, and 3.81 billion yuan, respectively, indicating a positive growth trajectory [3][12] - The company anticipates a stable average price for its products, with sales growth rates of 5.1%, 9.2%, and 11.1% for its industrial segment from 2024 to 2026 [9][10]

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 within the next six months [11]. Core Insights - The company reported a revenue of 9.655 billion yuan in 2023, a year-on-year increase of 7.32%, and a net profit attributable to shareholders of 2.823 billion yuan, reflecting a growth of 30.04% year-on-year [2][5]. - The company plans to distribute a cash dividend of 1.30 yuan per share, totaling 1.197 billion yuan, which represents 42.41% of the net profit for 2023 [5]. - The company has a strong cash position with 7.738 billion yuan in cash and 3.178 billion yuan in trading financial assets, supporting its long-term development [3]. Financial Performance Summary - Revenue and Profit Growth: - 2022A Revenue: 8.996 billion yuan; 2023A Revenue: 9.655 billion yuan; 2024E Revenue: 10.021 billion yuan [6]. - 2022A Net Profit: 2.171 billion yuan; 2023A Net Profit: 2.823 billion yuan; 2024E Net Profit: 3.035 billion yuan [6]. - Key Product Performance: - Revenue from heat-clearing and detoxifying products reached 3.380 billion yuan, up 17.68% year-on-year; pediatric products generated 2.741 billion yuan, up 13.01% year-on-year [2]. - Market Position: - The company holds significant market shares in key product categories, ranking second in the market for heat-clearing traditional Chinese medicine and first in pediatric cold medicine [2]. Future Projections - Expected revenue for 2024-2026 is projected to be 10.002 billion yuan, 11.010 billion yuan, and 12.019 billion yuan, respectively, with net profits of 3.035 billion yuan, 3.399 billion yuan, and 3.738 billion yuan [5]. - The report anticipates a steady growth trajectory with EPS projected at 3.29 yuan, 3.69 yuan, and 4.06 yuan for the years 2024, 2025, and 2026, respectively [5].

2024 年 04 月 11 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩快速增长， 创新转型稳步推进 BD 证券分析师： 周小刚 S0350521090002 zhouxg@ghzq.com.cn 证券分析师： 沈岽皓 S0350524010005 ——济川药业（ ） 年年报点评报告 600566 2023 shendh01@ghzq.com.cn 最近一年走势 事件 : 济川药业2024年4月10日发布公告：2023年，公司实现营业收入96.55 亿元，同比增长7.32%；归母净利润28.23亿元，同比增长30.04%；扣 非归母净利润26.92亿元，同比增长32.72%。 投资要点 :  利润增速快于收入，经营效率提升明显 2023年，公司实现营业 收入96.55亿元，同比增长7.32%；归母净利润28.23亿元，同比 相对沪深300表现 2024/04/10 增长30.04%；扣非归母净利润26.92亿元，同比增长32.72%。其 表现 1M 3M 12M 中，单四季度公司实现营业收入31.18亿元，同比增长0.49%；归 济川药业 7.9% 23.6% 35.7 ...

证 券 2024 年 04 月 11 日 研 究 业绩增长超预期，BD 项目有望贡献新动力 报 告 —济川药业（600566.SH）公司事件点评报告 买入(首次) 事件 分析师：胡博新 S1050522120002 济川药业股份发布公告：2023 年度，公司实现营业收入 hubx@cfsc.com.cn 96.55 亿元，同比增长 7.32%；归属于母公司所有者的净利 润 28.23亿元，同比增长 30.04%；实现归属于母公司所有者 的扣除非经常性损益的净利润 26.92 亿元，同比增长 32.72%。 基本数据 2024-04-10 当前股价（元） 40.25 投资要点 总市值（亿元） 371 总股本（百万股） 922 ▌ 核心品种持续发力 流通股本（百万股） 916 2023 年销售费用率 41.5%，同比下降 4.22 个百分点，销售 52周价格范围（元） 24.32-40.25 费用率下降明显。按季度看，2023 年 Q4 营收 31.18 亿元， 日均成交额（百万元） 220.23 同比增长 0.49%，环比增长 63.42%；归母净利润实现 8.79 市场表现 亿元，同比增长 51.84%，环比 ...

业绩简评 2024 年 4月 9日，公司发布2023 年年度报告。2023 年公司实现 收入 96.5 亿元（同比+7.32%），归母净利润 28.2 亿元（同比 +30.04%），扣非归母净利润26.92 亿元（同比+32.72%）。 单季度看，公司2023 年Q4 实现收入 31.2 亿元（同比+0.49%）， 归母净利润 8.79 亿元（同比+51.84%），扣非归母净利润 8.64 亿 元（同比+48.48%）。 经营分析 工业商业均平稳增长，主要品种表现良好。2023 年公司工业实现 收入92.8亿元，同比+7.56%；商业实现收入3.6亿元，同比+2.66%。 2023 年公司主要品种蒲地蓝消炎口服液和小儿豉翘清热颗粒市场 需求较同期增加，清热解毒类和儿科类业务表现良好，其中清热 解毒类业务实现收入 33.8 亿元，同比+17.68%，儿科类业务实现 收入27.4 亿元，同比+13.01%。 人民币(元) 成交金额(百万元) 销售费用率下降明显，盈利能力持续提升。2023 年公司销售费用 40.00 900 率为41.50%，同比-4.22pct，管理费用率为3.86%，同比-0.19pct， 3 ...

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1] Core Views - The company achieved significant revenue and net profit growth in 2023, with revenue reaching 9.654 billion yuan (+7.32% YoY) and net profit attributable to shareholders reaching 2.823 billion yuan (+30.04% YoY) [1] - The company's core products, Pudilan Xiaoyan Oral Liquid and Xiaoer Chiqiao Qingre Granules, showed strong demand, with the anti-inflammatory and pediatric segments growing by 17.68% and 13.01% respectively [1] - The company's profitability improved, with net profit margin increasing by 5.14 percentage points to 29.28% in 2023 [1] Financial Performance - The industrial segment contributed 9.28 billion yuan (+7.56% YoY), while the commercial segment contributed 360 million yuan (+2.66% YoY) [1] - Gross margin for the industrial segment was 83.05%, slightly decreasing by 1.5 percentage points, while the commercial segment maintained a gross margin of 44.92% [1] - The company's ROE improved to 21.1% in 2023 from 19.1% in 2022 [2] Future Outlook - The company plans to upgrade its marketing system and strengthen market development in underserved regions [1] - R&D efforts continue with 4 projects in the consistency evaluation research stage and 6 projects in pre-BE or BE stages [1] - Revenue is projected to grow to 10.001 billion yuan in 2024, 10.892 billion yuan in 2025, and 11.827 billion yuan in 2026 [2] Valuation - The company's PE ratio is expected to be 12X in 2024, 11X in 2025, and 10X in 2026 [2] - EPS is forecasted to increase from 3.06 yuan in 2023 to 3.12 yuan in 2024, 3.47 yuan in 2025, and 3.83 yuan in 2026 [2]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 10 日 济 川药业(600566.SH) 证券研究报告 利润增长亮眼，现金分红比例提升 中成药 投资评级 买入-A 事件： 首次评级 2024 年 4 月9 日，公司发布2023 年年度报告。2023 年公司实现营 6个月目标价 51.15元 业收入 96.54 亿元，同比增长7.32%；实现归母净利润 28.23 亿元， 股价 (2024-04-09) 37.78元 同比增长 30.04%；实现扣非归母净利润 26.92 亿元，同比增长 32.72%。单季度来看，2023Q4 公司实现营业收入 31.18 亿元，同 交易数据 比增长 0.49%；实现归母净利润 8.79 亿元，同比增长 51.84%；实 总市值(百万元) 34,825.86 现扣非归母净利润 8.64 亿元，同比增长 48.48%。 流通市值(百万元) 34,596.97 总股本(百万股) 921.81 利润增长亮眼，主要得益于控费效应显著。 流通股本(百万股) 915.75 从收入端来看，2023 年清热解毒类实现销售收入 33.80 亿元，同比 1 ...

Financial Performance - The company's total revenue for 2023 was 9.6 billion yuan, a year-on-year increase of 8.5%[11] - The company's net profit for 2023 was 1.8 billion yuan, a year-on-year increase of 12.3%[11] - Revenue for 2023 reached RMB 9,654,537,192.67, a year-on-year increase of 7.32%[17] - Net profit attributable to shareholders of the listed company in 2023 was RMB 2,822,781,164.62, up 30.04% year-on-year[17] - Revenue from the pharmaceutical industry was 9,279.00 million yuan, a year-on-year increase of 7.56%[32] - Revenue from the pharmaceutical commerce was 359.02 million yuan, a year-on-year increase of 2.66%[32] - Operating income was 9,654.54 million yuan, a year-on-year increase of 7.32%[34] - Total revenue for 2023 reached 9,638,025,193.97 yuan, with a gross profit margin of 81.63%, a decrease of 1.41 percentage points year-over-year[36][37][38] - Revenue from the pediatric product category increased by 13.01% to 2,740,933,803.93 yuan, with a gross profit margin of 87.30%, down 1.85 percentage points[36] - Revenue from中药 (traditional Chinese medicine) products grew by 13.49% to 7,347,706,408.99 yuan, with a gross profit margin of 81.79%, down 1.25 percentage points[37] - The西北 (Northwest) region saw the highest revenue growth at 28.07%, reaching 824,043,619.99 yuan, with a gross profit margin of 83.57%[37] - Revenue from the industrial sales model accounted for 9,279,004,475.89 yuan, with a gross profit margin of 83.05%, down 1.50 percentage points[38] - Revenue from the华东 (East China) region accounted for the largest share at 3,986,350,632.86 yuan, with a gross profit margin of 78.73%, down 1.41 percentage points[37] - Revenue from the commercial sales model was 359,020,718.08 yuan, with a gross profit margin of 44.92%, down 0.97 percentage points[38] - The respiratory category saw a 9.74% increase in revenue, reaching 639.88 million yuan[57] - The pediatric category generated 2.741 billion yuan in revenue, with a gross profit margin of 87.30%[57] Profit Distribution and Dividends - The company's 2023 profit distribution plan is to distribute a cash dividend of 13.00 yuan per 10 shares (tax included) to all shareholders, with no share capital increase or stock dividends[3] - The total cash dividend for 2023 amounted to RMB 1,197,098,448.00 (tax included), representing 42.41% of the net profit attributable to shareholders[123] - The company implemented a cash dividend policy, distributing RMB 8.80 per 10 shares (tax included) for the 2022 fiscal year, with no stock dividends or capital increases[119] R&D and Innovation - The company's R&D investment in 2023 was 480 million yuan, accounting for 5% of total revenue[11] - The company obtained 7 new drug registration certificates and 1 consistency evaluation approval in 2023[24] - The company submitted 5 new invention patent applications and obtained 5 patent authorizations in 2023[24] - The company's R&D investment totaled 479,881,452.76 RMB, accounting for 4.97% of total revenue, with a capitalization rate of 3.23%[46] - The company has 696 R&D personnel, representing 13.31% of total employees, with 22 holding PhD degrees and 152 holding master's degrees[47] - The company's R&D projects include 4 chemical drug categories and 2 improved new drugs[60] - The company obtained 7 new drug registration certificates, including Valproate Sodium Injection Concentrate and Azithromycin Dry Suspension[59] - 4 drug consistency evaluation research projects are in progress, with 6 projects entering pre-BE or BE stages[59] - The company completed production applications for 5 drugs, including Sitaxentan Granules and Rosuvastatin Capsules[59] - JiChuan Limited received approval from the National Medical Products Administration for the registration of Sodium Valproate Injection Concentrate, targeting epilepsy patients who have previously used oral Sodium Valproate[63] - JiChuan Limited obtained approval for Azithromycin Dry Suspension, which inhibits bacterial protein synthesis by binding to the 23S rRNA of the 50S ribosomal subunit[63] - JiChuan Pharmaceutical received approval for Pregabalin Oral Solution, used for treating postherpetic neuralgia and fibromyalgia[63] - JiChuan Limited secured approval for Atomoxetine Hydrochloride Oral Solution, indicated for treating ADHD in children and adolescents aged 6 and above[63] - JiChuan Limited received approval for Esmolol Hydrochloride Injection and Ibuprofen Suspension, targeting tachycardia and pediatric fever/pain management respectively[63] - JiChuan Pharmaceutical obtained approval for Xiaoer Chiqiao Qingre Syrup, a modified version of its proprietary pediatric herbal medicine for treating wind-heat cold in children[63] - No major R&D projects were canceled or failed to receive approval during the reporting period[63] - The company's R&D accounting policy distinguishes between research and development phases, with development costs capitalized only if specific criteria are met[64] - R&D investment in 2023 was 4.97% of operating income, higher than the industry average of 4.64%[66] - R&D investment accounted for 3.59% of net assets, slightly lower than the industry average of 4.17%[66] - The capitalisation ratio of R&D investment was 3.23%, significantly lower than the industry average of 25.59%[66] Market and Sales Performance - The company's main product, Pudilan Anti-inflammatory Oral Liquid, accounted for 12.10% of the market share in the清热解毒用药 (heat-clearing and detoxifying) category in urban public hospitals nationwide, ranking second[29] - Xiaoer Chiqiao Qingre Granules held a 46.52% market share in the pediatric感冒用药 (cold medicine) category in public hospitals nationwide, ranking first[29] - Jianwei Xiaoshi Oral Liquid dominated the健胃消食类 (digestive aid) category in urban public hospitals with a 57.9% market share, ranking first[29] - The company's pharmaceutical business accounted for 3.73% of its total主营业务收入 (main business revenue)[28] - The combined sales revenue of Pudilan Anti-inflammatory Oral Liquid, Rabeprazole Sodium Enteric-coated Capsules, and Xiaoer Chiqiao Qingre Granules accounted for 73.33% of the company's main business revenue[85] - The company's main sales model is professional academic promotion, supplemented by channel distribution[70] - The company's main traditional Chinese medicine products include Pudilan Xiaoyan Oral Liquid, Xiaoer Chiqiao Qingre Granules, and Jianwei Xiaoshi Oral Liquid[74] Cash Flow and Financial Position - The company's operating cash flow for 2023 was 2.1 billion yuan, a year-on-year increase of 15.8%[11] - Net cash flow from operating activities in 2023 was RMB 3,463,958,635.83, an increase of 32.17% compared to the previous year[17] - Net cash flow from operating activities increased by 32.17% to 3,463,958,635.83 RMB, driven by increased sales collections[48] - Net cash flow from investing activities improved by 73.78% to -394,227,663.31 RMB, mainly due to reduced investment in financial products[48] - The company's total assets as of December 31, 2023, were 15.2 billion yuan, an increase of 6.7% compared to the end of 2022[11] - The company's total liabilities as of December 31, 2023, were 5.3 billion yuan, a decrease of 3.6% compared to the end of 2022[11] - The company's total equity as of December 31, 2023, was 9.9 billion yuan, an increase of 10.2% compared to the end of 2022[11] - Total assets at the end of 2023 were RMB 18,143,694,578.52, a year-on-year increase of 21.11%[17] - Cash and cash equivalents increased by 60.57% to RMB 7,737,982,810.08, accounting for 42.65% of total assets, primarily due to increased sales collections[49] - Short-term borrowings surged by 160.77% to RMB 1,043,077,468.32, mainly due to increased bank loans[50] - Accounts payable rose by 33.42% to RMB 1,694,456,409.34, driven by increased market promotion expenses[50] - Contract liabilities decreased by 64.89% to RMB 17,251,362.37, primarily due to reduced prepayments from customers[50] - Other non-current assets increased by 271.16% to RMB 56,261,531.75, mainly due to increased prepayments for engineering equipment[49] - Investment properties decreased by 87.45% to RMB 5,895,065.70, as some properties were converted from rental to self-use[49] - Construction in progress decreased by 46.90% to RMB 186,978,071.91, as some projects were transferred to fixed assets[49] Industry and Market Trends - The 2023 medical insurance catalog adjustment added 126 new drugs, with a total of 3,088 drugs in the catalog, including 1,698 Western drugs and 1,390 traditional Chinese medicines[26] - The success rate of negotiations/bidding for the 2023 medical insurance catalog was 84.6%, with an average price reduction of 61.7%[26] - The 9th batch of national drug centralized procurement included 41 drugs, covering common and chronic diseases such as infections, tumors, cardiovascular diseases, and gastrointestinal diseases[26] - The Chinese pharmaceutical industry's top 100 companies generated a total revenue of 1,033.21 billion yuan in 2022, a decrease of 4.0% year-on-year, but an actual growth of 6.2% after excluding the impact of COVID-19 vaccines[27] - The top 100 pharmaceutical companies accounted for 30.7% of the industry's total revenue in 2022, slightly lower than the previous year but higher than the 23% at the beginning of the 13th Five-Year Plan period[27] - In 2022, 30 of the top 100 pharmaceutical companies achieved revenues exceeding 10 billion yuan, an increase of 2 companies compared to the previous year, and these 30 companies accounted for 63.8% of the total revenue of the top 100[27] - The Chinese government has introduced a series of policies to support the development of TCM, including the "Special Provisions on TCM Registration Management" and the "Implementation Plan for Major Projects for the Revitalization and Development of TCM"[27] - The "Action Plan for High-Quality Development of the Pharmaceutical Industry (2023-2025)" emphasizes the unique advantages of Chinese TCM and calls for increased protection and safety in TCM development[27] - The Chinese government is promoting the construction of a hierarchical medical system to optimize the allocation of medical resources and strengthen primary healthcare services[27] Corporate Governance and Leadership - The company's management team includes key executives such as Cao Fei, who serves as Vice Chairman and General Manager, and Huang Qu, who is also Vice Chairman and has extensive experience in the pharmaceutical industry[96] - Cao Wei, the company's Director, Vice President, and Board Secretary, has a background in investment banking and has held significant roles in various subsidiaries and affiliated companies[96] - The company has a strong focus on research and development, with Zhao Qian serving as Vice President and Director of the Drug Research Institute, leveraging his expertise in pharmaceutical innovation[97] - The company's leadership includes independent directors with diverse backgrounds, such as Yao Hong, who has experience in private equity and government roles, and Lu Chaojun, who brings legal expertise from his work at a prominent law firm[96][99] - The company's board of directors and senior management have extensive experience in the pharmaceutical and investment sectors, with multiple executives holding positions in various subsidiaries and affiliated companies[96][97][98] - The company's management structure includes a mix of internal promotions and external hires, ensuring a blend of institutional knowledge and fresh perspectives[96][97] - The company's leadership team has a strong track record in corporate governance, with several executives holding positions in multiple subsidiaries and affiliated companies, ensuring cohesive strategic direction[96][97][98] - The company's management team includes individuals with significant experience in both domestic and international markets, such as Cao Fei, who has held roles in international companies and investment firms[96][99] - The company's leadership includes individuals with expertise in financial management, such as Yan Hongquan, who serves as Vice President and CFO, bringing experience from the venture capital sector[97] - The company's board of directors includes independent directors with diverse professional backgrounds, ensuring a well-rounded approach to corporate governance and strategic decision-making[96][99] - Total compensation for directors, supervisors, and senior management in 2023 amounted to 20.5142 million yuan[101] - The company held its 26th Board of Directors meeting on April 7, 2023, approving 22 proposals including the 2022 annual report and financial statements[104] - The 27th Board of Directors meeting on April 17, 2023 approved the company's Q1 2023 report[105] - The 1st meeting of the 10th Board of Directors on May 8, 2023 approved 14 proposals including the election of the chairman and appointment of senior management[105] - The 2nd Board of Directors meeting on July 3, 2023 approved a share repurchase plan and changes to registered capital[105] - The 3rd Board of Directors meeting on August 11, 2023 approved the H1 2023 report and fundraising usage report[105] - The 4th Board of Directors meeting on August 14, 2023 approved additional restricted stock and stock option grants[105] - The 5th Board of Directors meeting on October 20, 2023 approved the Q3 2023 report and cancellation of some stock options[105] - The 6th Board of Directors meeting on December 8, 2023 approved revisions to various corporate governance rules and systems[105] - The company held its 2023 1st extraordinary general meeting of shareholders on December 8, 2023[106] - The company held 8 board meetings in the reporting period, all of which were conducted through a combination of on-site and teleconference methods[108] - The audit committee held 4 meetings during the reporting period, reviewing and approving various financial and operational reports[110] - The nomination committee held 2 meetings, approving the election of board members and the appointment of senior management[111] - The remuneration and assessment committee held 4 meetings, approving executive compensation and stock option plans[112] - The strategic committee held 1 meeting, reviewing the 2022 annual report of the strategic committee[113] Environmental and Social Responsibility - The company invested 40.27 million yuan in environmental protection during the reporting period[132] - The company's subsidiary, Jichuan Limited, is listed as a key water environment pollutant discharge unit in Taizhou and Jiangsu, with wastewater discharge concentrations of COD at 111.96 mg/L and ammonia nitrogen at 2.59 mg/L[133][134] - Jichuan Limited's wastewater discharge concentrations for COD and ammonia nitrogen at the Development Zone Branch were 8.11 mg/L and 0.52 mg/L, respectively[135] - Jichuan Limited's dust emission concentrations at various production sites ranged from 1.299 mg/m³ to 3.592 mg/m³, all within permitted limits[136] - Noise levels at the company's Baotawan plant ranged from 54.41 dB(A) to 55.20 dB(A) during the day and 43.41 dB(A) to 44.46 dB(A) at night[138] - Jichuan Limited's total pollutant discharge, including COD, ammonia nitrogen, and VOCs, was within the permitted limits during the reporting period[139] - The company's subsidiary, Dongke Pharmaceutical, is listed as a key water environment pollutant discharge unit in Yangling, with emissions including wastewater, exhaust gas, industrial noise, and solid waste[139] - Shaanxi Dongke Pharmaceutical's wastewater discharge meets standards with a daily flow of 153.3 tons and COD concentration of 90 mg/L, well below the limit of 500 mg/L[140] - Shaanxi Dongke Pharmaceutical's ammonia nitrogen concentration in wastewater is 2.850 mg/L, significantly lower than the standard limit of 45 mg/L[140] - Shaanxi Dongke Pharmaceutical's non-methane total hydrocarbon emissions from extraction workshop are 17.5 mg/m³, below the permitted limit of 60 mg/m³[140] - Shaanxi Dongke Pharmaceutical's noise levels at factory boundaries range from 54-56 dB(A) during the day and 49-52 dB(A) at night, all within the limits of 65 dB(A) and 55 dB(A) respectively[142] - Shaanxi Dongke Pharmaceutical operates a comprehensive wastewater treatment station with a daily capacity of 2000 tons, using "hydrolysis acidification + IC anaerobic + primary AO" process[144] - Hubei Jichuan Pharmaceutical has two wastewater treatment facilities with capacities of 4500 tons/day and 600 tons/day, using advanced treatment processes[144] - Hubei Jichuan Pharmaceutical's solid waste is properly disposed of, with hazardous waste handled by Veolia Environmental Technology (Taixing) Co., Ltd[144] - Both companies have passed environmental impact assessments and "three simultaneous" acceptance for their construction projects[145] - Both companies have established and filed emergency environmental incident response plans with local environmental protection bureaus[146] - The company reduced carbon dioxide equivalent emissions by 8,100 tons in the reporting period[150] - The company generated approximately 8.12 million kWh of photovoltaic power in 2023[150] - The company invested a total of 1.5295 million yuan in social responsibility initiatives, including

湖北济川药业股份有限公司 内部控制审计报告 二〇二三年度 内部控制审计报告 信会师报字[2024]第 ZA10807 号 湖北济川药业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了湖北济川药业股份有限公司（以下简称济川药业） 2023 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是济川药业董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 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，根据内部控制审计结果推测未来内部控制的 有效性具有一定风险。 内控审计报告 第 1 页 四、 财务报告内部控制审计意见 我们认为，济川药业于 2023 年 12 月 3 ...

关于湖北济川药业股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZA10806 号 湖北济川药业股份有限公司全体股东： 湖北济川药业股份有限公司 专项报告 二〇二三年度 我们审计了湖北济川药业股份有限公司(以下简称"济川药 业")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 4 月 9 日出具了报告号为信会师报字[2024]第 ZA10804 号的 无保留意见审计报告。 济川药业管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公 告〔2022〕26 号）和《上海证券交易所上市公司自律监管指南第 2 号——业务办理》的相关规定编制了后附的 2023 年度非经营性资金 占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制汇总表并确保其真实、准确、完整是济川药业管理层的责任。 我们将汇总表所载信息与我们审计济川药业 2023 年 ...