证券代码：600572 证券简称：康恩贝 公告编号：临 2025-057 浙江康恩贝制药股份有限公司 十一届董事会第十二次（临时）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。 浙江康恩贝制药股份有限公司(以下简称"公司")第十一届董事会第十二次（临时） 会议于 2025 年 11 月 6 日以通讯方式召开。会议通知于 2025 年 10 月 31 日以书面、传 真、电子邮件方式送达各董事。会议应参加审议表决董事 9 人，实际参加审议表决董事 9 人。公司监事以审议有关议案方式列席会议。会议的召开符合《公司法》《公司章程》 的规定。 会议审议了有关议案，经书面表决通过决议如下： 一、审议通过《关于注销 2022 年股票期权激励计划部分股票期权的议案》。表决情 况：同意 7 票，回避 2 票，反对 0 票，弃权 0 票。（详见同日刊登于上海证券交易所网 站 www.sse.com.cn 和《中国证券报》《上海证券报》《证券时报》的公司临 2025—059 号《关于注销 2022 年股票期权激励计划部分股票期权的公告 ...

第十一届董事会薪酬与考核委员会 2025年第三次会议决议 浙江康恩贝制药股份有限公司 浙江康恩贝制药股份有限公司(以下简称"公司")第十一届董事会薪酬与考核委 员会 2025 年第三次会议于 2025 年 11 月 5 日以通讯方式召开。会议通知于 2025 年 10 月 31 日以书面、传真、电子邮件方式送达董事会薪酬与考核委员会各成员。会议应参 加审议表决董事 3人,实际参加审议表决董事 3人。会议的召开符合《公司法》、《公 司章程》的规定。 会议审议了有关议案,经书面表决通过决议如下: 一、审议通过《关于注销 2022年股票期权激励计划部分股票期权的议案》。表决 情况:同意3票,反对0票,弃权0票。 根据中国证监会《上市公司股权激励管理办法》《浙江康恩贝制药股份有限公司 2022 年股票期权激励计划(草案)》的相关规定以及公司 2022 年第二次临时股东大 会有关决议的授权,鉴于截至目前,公司 2022年股票期权激励计划(以下简称"本 次激励计划"）的激励对象中有人员因退休、离职等原因不再具备激励对象资格和行 权条件,以及经统计首次授予股票期权第二个行权期、预留授予股票期权第一个行权 期对应考核年度激励 ...

格隆汇11月6日丨康恩贝(600572.SH)公布，2025年11月6日，公司收到胡季强先生与康恩贝集团联合出 具的《关于股份减持暨权益变动触及1%的告知函》，2025年9月4日至11月6日期间，胡季强先生与康恩 贝集团分别通过上海证券交易所以集中竞价交易方式减持公司股份322.16万股、2054万股，减持均价分 别为4.58元/股、4.63元/股，合计减持2376.16万股，减持比例占公司现总股本（按2025年11月5日公司总 股本计）的0.941%，导致胡季强先生及康恩贝集团合计持有公司股份数量由351,986,156股减少至 328,224,556股，占公司总股本的比例由13.944%减少至占现总股本的12.992%，权益变动比例触及1%刻 度。 ...

康恩贝公告称，2025年9月4日至11月6日，胡季强与康恩贝集团分别减持公司股份322.16万股、2054万 股，合计减持2376.16万股，减持比例占公司现总股本的0.941%。两者合计持股比例由13.944%降至 12.992%，权益变动比例触及1%刻度。此前，康恩贝集团计划于2025年9月8日至12月7日减持不超 2524.27万股，截至公告披露日，减持计划尚未实施完毕。本次减持不会对公司治理和经营产生重大影 响，也不会导致控股股东、实控人变化。 ...

浙江康恩贝制药股份有限公司 2025年第一次临时股东大会 会 议 材 料 二О二五年十一月十三日 浙江康恩贝制药股份有限公司 2025 年第一次临时股东大会会议材料 浙江康恩贝制药股份有限公司 2025 年第一次临时股东大会 议 程 主持人：姜毅董事长 时间：2025 年 11 月 13 日 地点：杭州市滨江区滨康路 568 号康恩贝中心 2 楼会议室 | 序 | 号 | 内 容 | 报告人 | | --- | --- | --- | --- | | 1 | | 审议《关于修订<公司章程>并办理工商变更登记事项的议 案》 | 金祖成 | | 2 | | 审议《关于修改<公司股东会议事规则>的议案》 | 金祖成 | | 3 | | 审议《关于修改<公司董事会议事规则>的议案》 | 金祖成 | | 4 | | 审议《关于修改<公司关联交易制度>的议案》 | 金祖成 | 1 浙江康恩贝制药股份有限公司 2025 年第一次临时股东大会会议材料 议案一 浙江康恩贝制药股份有限公司 关于修订《公司章程》并办理工商变更登记事项的议案 各位股东： 根据公司 2024 年度股东大会做出的同意注销回购专用账户股份的决议，并经通 ...

Core Insights - The company reported a revenue of 4.976 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 584 million yuan, up 12.65% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.617 billion yuan, representing a 10.42% year-on-year growth, and a net profit of 230 million yuan, which is a significant increase of 69.11% year-on-year [1] - The company is focusing on enhancing cash flow management and operational efficiency, with a net operating cash flow increase of 16% year-on-year [1] Revenue Breakdown - The traditional Chinese medicine segment generated 2.676 billion yuan in revenue for Q1-Q3 2025, a growth of 5.73% year-on-year [2] - The specialty chemical drug segment reported a revenue of 1.720 billion yuan, a decline of 7.16% year-on-year, primarily due to the impact of centralized procurement [2] - The specialty health consumer products segment achieved a revenue of 485 million yuan, growing by 12.41% year-on-year [2] Product Performance - The company saw significant growth in key products, with the Changyanning series growing over 25% year-on-year through innovative marketing strategies [2] - Health product series increased over 13% year-on-year due to participation in industry standard formulation and clinical trials [2] - The Qiekan series and Zhixinfen both experienced over 9% growth year-on-year through brand activities and academic initiatives [2] R&D and Innovation - The company invested 184 million yuan in R&D during the first three quarters of 2025, focusing on innovative drug development and product lifecycle extension [3] - Several new drugs received approval, including two new traditional Chinese medicine products and multiple generic drug production licenses [3] - The company is enhancing the clinical and academic value of its core products through various research initiatives [3] Strategic Planning - The company is developing a five-year strategic plan to guide future growth and is actively seeking acquisition opportunities in innovative drugs and health consumer products [4] - The strategic plan aims to create a closed-loop management system to ensure effective execution [4] - Revenue growth projections for 2025-2027 are estimated at 3.9%, 6.0%, and 5.9%, respectively, with net profit growth of 4.6%, 5.2%, and 5.3% [4]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 5.43 CNY over the next six months [5]. Core Insights - The company reported a steady performance in the first three quarters of 2025, achieving a revenue of 4.976 billion CNY, a year-on-year increase of 1.27%, and a net profit attributable to shareholders of 584 million CNY, up 12.65% [1]. - The company is actively formulating its "15th Five-Year Plan" to outline its strategic direction and growth opportunities, including potential mergers and acquisitions in the pharmaceutical sector [7]. Financial Performance - In Q3 2025, the company achieved a revenue of 1.617 billion CNY, representing a year-on-year growth of 10.42%, and a net profit of 230 million CNY, which is a significant increase of 69.11% [1]. - The operating cash flow for the first three quarters increased by 16% year-on-year, indicating improved operational efficiency [1]. Business Segments - The traditional Chinese medicine segment generated 2.676 billion CNY in revenue, up 5.73% year-on-year, while the specialty health products segment saw a revenue increase of 12.41% to 485 million CNY [2]. - The specialty chemical drug segment experienced a decline of 7.16% in revenue, primarily due to the impact of centralized procurement [2]. Research and Development - The company invested 184 million CNY in R&D during the first three quarters of 2025, focusing on innovative drug development and enhancing existing product lines [3]. - Several new drug approvals were achieved, including two new traditional Chinese medicine products and multiple generic drug approvals [3]. Future Projections - Revenue growth is projected at 3.9%, 6.0%, and 5.9% for 2025, 2026, and 2027 respectively, with net profit growth expected at 4.6%, 5.2%, and 5.3% during the same period [7].

Core Insights - 康恩贝's stock price increased by 2.19% on October 31, reaching 4.66 CNY per share, with a trading volume of 275 million CNY and a market capitalization of 11.766 billion CNY [1] - The company reported a year-to-date stock price increase of 3.23%, with a 4.25% rise over the last five trading days and a 6.88% increase over the last 20 days [1] - For the period from January to September 2025, 康恩贝 achieved a revenue of 4.976 billion CNY, reflecting a year-on-year growth of 1.27%, and a net profit attributable to shareholders of 584 million CNY, up 12.65% year-on-year [2] Financial Performance - 康恩贝's main business revenue composition includes 52.80% from traditional Chinese medicine, 35.68% from specialty chemical drugs, 9.56% from specialty health products, and 1.30% from other supplementary products [1] - Cumulative cash dividends paid by 康恩贝 since its A-share listing amount to 3.727 billion CNY, with 1.267 billion CNY paid out in the last three years [3] Shareholder Structure - As of September 30, 2025, 康恩贝 had 86,700 shareholders, a decrease of 3.48% from the previous period, with an average of 29,037 circulating shares per shareholder, an increase of 1.20% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 50.739 million shares, an increase of 23.964 million shares from the previous period [3]

Core Insights - The protein powder market is undergoing a "standard revolution" to address issues such as significant differences in protein content, inconsistent quality, and non-standard labeling, which have negatively impacted consumer experience and industry health [1][5] - Kangnbei (600572) has collaborated with five universities to establish China's first group standard for protein powder (T/ACCEM 596—2025), mandating a minimum protein content of 80% and setting uniform requirements for raw material sources, contaminant limits, and labeling [1][3] Group 1 - Kangnbei's Jin Guan protein powder has a measured protein content of 94.6g/100g, approximately 31.5 times that of milk, and has been certified as a "90% protein powder pioneer" [3] - As a state-controlled large pharmaceutical and health enterprise, Kangnbei extends its pharmaceutical-grade quality management system to nutritional product manufacturing, ensuring strict standards from raw material selection to process control [3][5] - The establishment of these standards is expected to shift the protein powder industry from "quantity competition" to "quality enhancement," reflecting Kangnbei's commitment to innovation and industry upgrade [5] Group 2 - According to the "2025 National Protein Intake Status Survey Report," nearly half of adults are at risk of insufficient protein intake, and over 70% lack scientific knowledge on supplementation [6] - Protein powder is becoming a standard part of nutrition for the general public, not just for fitness enthusiasts, although many still face challenges in selecting the right products [6][7] - The future of protein powder selection may hinge on having clear standards and verifiable information [7]

Core Insights - Hangzhou Kang En Bei Pharmaceutical's application for the generic version of Finerenone has been accepted, with 30 companies currently competing for the first generic approval [1][7][10] - Finerenone, originally developed by Bayer, is used for treating type 2 diabetes-related chronic kidney disease (CKD) and heart failure, showing strong market performance with sales exceeding 410 million yuan in the first half of 2025, a 135.98% year-on-year increase [4][10] - The original patent for Finerenone is set to expire in February 2028, with 23 companies currently filing for a type 3 patent declaration, indicating they cannot market the product until the patent expires [10][13] Company Developments - Kang En Bei Pharmaceutical has successfully obtained approvals for over 50 products, with several being the first to pass consistency evaluations, including Sulfamethoxazole and Amisulpride solutions [16] - The competition for Finerenone has intensified, with 37 companies having completed bioequivalence (BE) trials and over 20 more currently conducting BE trials [13][16] Market Dynamics - The strong sales performance of Finerenone has attracted numerous domestic pharmaceutical companies to enter the market, leading to a competitive landscape [4][7] - The ongoing patent challenges and the competitive nature of the generic drug market suggest a dynamic environment for both original and generic manufacturers [10][13]