| 回购方案首次披露日 | 2024/1/23，由公司董事长胡季强先生提议 | | --- | --- | | 回购方案实施期限 | 自董事会审议通过回购股份方案之日起 6 个月内 | | 预计回购金额 | 20,000 万元—40,000 万元人民币 | | 回购用途 | 用于实施股权激励 | | 累计已回购股数 | 5,140.4645 万股 | | 累计已回购股数占总股本比例 | 2.00% | | 累计已回购金额 | 24,596.63 万元 | | 实际回购价格区间 | 4.08 元/股—5.00 元/股 | 重要内容提示： 证券代码：600572 证券简称：康恩贝 公告编号：2024-032 浙江康恩贝制药股份有限公司 关于以集中竞价交易方式回购公司股份比例达 2%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。 本次回购符合相关法律法规、规范性文件的规定和公司本次回购股份方案的 要求。 三、其他事项 公司将严格按照中国证监会《上市公司股份回购规则》、上海证券交易所《上 市公司自律监管指引第 7 号——回购股 ...

根据中国证监会《上市公司独立董事管理办法》《上海证券交易所股票上市 规则》、《上海证券交易所上市公司自律监管指引第1号一规范运作》、《浙江康恩 贝制药股份有限公司独立董事工作制度》的相关规定,结合《浙江康恩贝制药股 份有限公司独立董事 2023 年度述职报告》中有关独立董事对其独立性情况的自 查说明,浙江康恩贝制药股份有限公司(以下简称:公司)董事会就公司在任独 立董事的独立性情况进行评估并出具如下专项意见: 经核查公司独立董事吕久琴女士、董作军先生、吴永江先生和刘恩先生的任 职经历以及签署的自查报告,上述人员未在公司担任除独立董事以外的任何职务, 也未在公司主要股东公司担任任何职务,与公司以及主要股东之间不存在利害关 系或其他可能妨碍其进行独立客观判断的关系。2023年度,各位独立董事均符 合《上市公司独立董事管理办法》、《浙江康恩贝制药股份有限公司独立董事工作 制度》中对独立董事独立性的相关要求,不存在影响独立董事独立性的情形。 浙江康恩贝制药股份有限公司 董事会关于独立董事独立性自查情况的专项报告 浙江康恩贝制药 ...

[TABLE_INVEST] 买入|维持 康恩贝(600572)公司点评报告 2024 年 04 月 24 日 | --- | --- | --- | --- | --- | --- | |-----------------------|---------|---------|---------|---------|---------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 6000.44 | 6732.80 | 7550.37 | 8494.45 | 9397.64 | | 收入同比 (%) | -8.64 | 12.20 | 12.14 | 12.50 | 10.63 | | 归母净利润 ( 百万元 ) | 358.12 | 591.57 | 697.50 | 820.65 | 949.64 | | 归母净利润同比 (%) | -82.25 | 65.19 | 17.91 | 17.66 | 15.72 | | ROE(%) | 5.18 | 8.40 | 9.65 | 10.20 | 10.56 | | ...

坚持"大品种大品牌"战略，提质增效 重回报 （2）特色化学药业务：2023 年公司特色化学药业务实现营业收入 23.91 亿元，同比增长 2.98%；其中，化学药制剂实现营业收入 17.67 亿元，同比增长 2.92%；原料药和兽药制剂实现营业收入 6.24 亿元， 同比增长 3.18%。 （1）增持：2024 年 1 月 31 日，公司发布《关于控股股东增持公司 股份计划的公告》，控股股东"省中医药健康产业集团"计划通过集 中竞价增持上市公司 2-4%的股份，截至 2024 年 3 月 22 日，增持比 例已经达到下限 2%。 2024 年 04 月 21 日 康恩贝(600572.SH) 股价表现 提质增效重回报，打出"增持+回购+分红"组合拳。 （3）分红：2024 年 2 月 7 日，董事长提议 2023 年度向全体股东每 10 股派发现金红利 2.00 元（含税），根据《关于 2023 年度利润分配 预案的公告》，预计派发现金红利 5.04 亿元（含税），分红比例达到 2023 年归母净利润的 85.27%，以 2024 年 4 月 20 日收盘价为参 照，股息率达到 3.97%。 本报告版权属于国 ...

可能比例即使调整下来的可能就回报率还是会比较高所以我们将努力奋斗在中在行业里面所以相对于就是股息率比较高的方向按照至少至少至少带来更好的预期好的感谢胡总非常的清晰那么下面我们有请天峰证券的老师来提问 好的各位领导好我是天蒙证券的刘一博然后先祝咱们公司在20多年来取得了一个非常不错的发展成绩然后想请教一下公司咱们关于一些新品种这个放样领域的情况比如说这个长安磷颗粒或者牛黄上青粉然后另外咱们今年有其他这个能够进入一亿以上的这个大品牌大品种序列的其他品种吗谢谢 前面胡总也已经给大家讲了包括加南塔敏治疗AZ的包括我们前面也讲了排拉锡林 塔杜巴塔结菜以后的放料其他一些信息我们请罗总再给大家讲一讲 关于新品种后续的市场的发力我们刚才也提到过亿产品的市场的培育我们现在一方面是在现有的品牌技术上的像汉培产业里面的颗粒这种品种的话我觉得我们的成长性是非常强的 那么另外就是类似加拿大米的我们的成长去年这几年都有50%的成长尤其在治疗老年期待的领域当中随着患教的提升随着更多的医疗人员对这个产品的了解熟知以及随着人口老龄化的 这个推进我想这个品种的成长性还是非常可观的那么另外一方面呢实际上我们在这几年的节制材当中的增长也是比较快的我 ...

➢ 中药大健康加速发展，品牌建设成效显著 证券研究报告 2024 年 04 月 22 日 公司发布 2023 年年度报告，2023 全年实现收入 67.33 亿元（yoy+12.21%）， 归母净利润 5.92 亿元（yoy+65.19%），扣非归母净利润 5.54 亿元 （yoy+14.60%）。单 Q4 季度公司实现收入 15.49 亿元（yoy+2.40%），归母 净利润-0.32 亿元，扣非归母净利润 0.43 亿元（yoy+7.75%）。 ➢ 盈利预测、估值与评级 风险提示：利润下滑风险、原材料供应及价格波动风险、销售不及预期风 险等。 | --- | --- | --- | --- | |----------------|--------|----------------|--------| | | | | | | 20% | 康恩贝 | 沪深 | 300 | | 0% | | | | | -20% | | | | | -40% 2023/4 | 2023/8 | 2023/12 | 2024/4 | | 作者 | | | | | 分析师：郑薇 | | | | | 执业证书编号： | | S059 ...

型，未来特色化学药和特色健康消费品有望为公司创造第二成长曲线。 | --- | --- | |-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | --- | |--------------------|---------|---------|---------|---------|---------| | | 2022 | 2023 | 2024E | 2025E | 2026E | | | | | | | | | | -2.45% | 12.20% | 15.20% | 13.45% | 12.71% | | | -76.07% | 30.84% | 34.27% | 18.53% | 15.34% | | 归属于母公司净利润 | -82.18% | 65.20% | 32.91% | 19.98% | 12.61% | | | | | | | | | | 59.30% | 58.48% | 60.24% | 60.25% | 60.12% | | 净利率 | 5.97% | 8.79% | 10.14% | 10.72% | 10.71% | | | 5.18% | 8.40% | 10.11% | 10.82% | 10.86% | | | 7.80% | 11.83% | 16.7 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of RMB 5.04 [24] Core Views - The company achieved revenue of RMB 6.733 billion in 2023, a YoY increase of 12.2%, and net profit attributable to shareholders of RMB 592 million, a YoY increase of 65.2% [2] - The traditional Chinese medicine (TCM) and health business contributed RMB 4.544 billion, accounting for 67.49% of total revenue, with a YoY growth of 16.13% [2] - The company's core product "Kang En Bei" brand Changyanning series achieved sales of nearly RMB 1.3 billion, a YoY increase of 28% [2] - The company completed the transfer of a 7.84% stake in its subsidiary Zhen Shiming for RMB 290 million, aiming to accelerate its development and independent capital market access [2] Financial Performance - In Q4 2023, the company reported revenue of RMB 1.55 billion, a YoY increase of 2.4%, but a net loss attributable to shareholders of RMB -32 million [2] - The company's gross profit margin for 2023 was 58.5%, with operating expenses accounting for 34.0% of revenue [20] - The company's ROE (Return on Equity) improved to 8.40% in 2023, up from 5.18% in 2022 [20] Business Strategy - The company is focusing on optimizing its product structure, with significant growth in its TCM and health business [2] - The company has 17 products with sales exceeding RMB 100 million, contributing RMB 4.619 billion in revenue, a YoY increase of 12.93% [2] - The company is actively integrating resources, including the full acquisition of four subsidiaries and the disposal of inefficient land and property assets, raising RMB 65 million [2] Future Outlook - The report forecasts revenue growth of 12.87% in 2024, reaching RMB 7.599 billion, and net profit attributable to shareholders of RMB 678 million, a YoY increase of 14.53% [20] - The company's EPS (Earnings Per Share) is expected to be RMB 0.264 in 2024, with a P/E ratio of 19.12x [20] - The company's ROE is projected to increase to 9.40% in 2024, further improving to 10.90% by 2026 [20]

Summary of the Conference Call for Kang En Bei's 2023 Annual Report Company Overview - **Company**: Kang En Bei - **Date of Call**: April 21, 2024 - **Participants**: Senior management team including Chairman Hu Jiqiang, President Luo Guoliang, and other executives Key Financial Highlights - **Revenue**: 6.733 billion CNY, up 12.2% year-on-year [4] - **Total Profit**: 768 million CNY, up 30% year-on-year [4] - **Net Profit**: 592 million CNY, up 65% year-on-year [5] - **Net Profit Excluding Non-recurring Items**: 554 million CNY, up 14.6% year-on-year [5] - **Earnings Per Share**: 0.23 CNY, up 64.4% year-on-year [5] - **Total Assets Turnover Rate**: 0.6 times, up 12.5% year-on-year [5] - **Return on Total Assets**: 7.25% [5] - **Average Return on Equity**: 8.45% [5] Operational Efficiency - **Sales Expense Ratio**: Decreased from 50% in 2018 to 34% in 2023 [6] - **R&D Investment**: Increased to 4.63% of total revenue, with a focus on innovation [7] Core Business Segments - **Traditional Chinese Medicine (TCM) Revenue**: 4.544 billion CNY, up 16.13% year-on-year [7] - **Chemical Medicine Revenue**: Approximately 2.4 billion CNY, up 3% year-on-year [7] - **Health Consumer Products Revenue**: 580 million CNY, up 21.28% year-on-year [8] Strategic Initiatives - **Three Major Projects**: 1. **Brand and Product Development**: Focus on core products, with 17 products exceeding 100 million CNY in sales [9] 2. **Innovation and Technology**: R&D investment of 312 million CNY, up 18.8% year-on-year [11] 3. **Talent Development**: Increased recruitment and training of high-level talent [12] Future Outlook - **2025 Goals**: Targeting over 10 billion CNY in revenue and over 1 billion CNY in profit [13] - **Strategic Adjustments**: Emphasis on TCM and specialized chemical drugs, with a focus on market expansion and product innovation [14] Market Position and Competitive Strategy - **Market Expansion**: Plans to enhance market penetration in Eastern China and improve access to healthcare institutions [31] - **Product Pipeline**: Introduction of new products expected to contribute significantly to revenue growth [40] Dividend Policy - **Dividend Distribution**: Proposed total dividend of 3.66 billion CNY for 2023, with a dividend yield of 48% [15] - **Future Dividend Expectations**: Aiming to maintain a payout ratio of over 50% [36] Mergers and Acquisitions - **Acquisition Strategy**: Actively pursuing M&A opportunities to enhance product offerings and market presence [45] - **Current Progress**: Two to three potential acquisition targets under consideration [48] Conclusion - **Commitment to Growth**: Kang En Bei is focused on leveraging its strengths in TCM and chemical medicines, enhancing operational efficiency, and driving innovation to achieve its ambitious growth targets for 2025 and beyond [16][17]