会议由监事会主席周娇女士主持，经与会监事认真讨论，审议通过以下议 案： 证券代码：600750 证券简称：江中药业 公告编号：2025-007 江中药业股份有限公司 第十届监事会第三次会议决议公告 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个别及连带责任。 江中药业股份有限公司（以下简称"公司"）第十届监事会第三次会议于 2025 年 3 月 18 日在公司会议室以现场结合视频方式召开，会议通知于 2025 年 3 月 7 日以书面形式发出，应参会监事 3 人，实到 3 人。会议召集召开符合 《公司法》和《公司章程》的有关规定。 一、公司 2024 年度监事会工作报告 表决情况：3 票同意，0 票反对，0 票弃权。通过本议案。 本议案尚需提交股东大会审议。 二、公司 2024 年年度报告全文及摘要 表决情况：3 票同意，0 票反对，0 票弃权。通过本议案。 本议案尚需提交股东大会审议。 报告内容详见上海证券交易所网站（www.sse.com.cn）。 三、公司 2024 年度财务决算报告 表决情况：3 票同意，0 票反对，0 票弃权 ...

鉴于 2021 年限制性股票激励计划的部分激励对象因调动、到龄退休、辞职 等原因，已不符合激励条件，根据《关于印发<中央企业控股上市公司实施股权 激励工作指引>的通知（国资考分〔2020〕178 号）》《上市公司股权激励管理 办法》等法律法规及《江中药业 2021 年限制性股票激励计划（2022 年 11 月修 订稿）》的有关规定，同意公司回购 5 名激励对象已获授但尚未解除限售的 149,602 股限制性股票，回购资金总额为 463,738.88 元，资金来源为公司自有 资金。 本次回购注销事项不会对公司的财务状况和经营业绩产生重大影响，且不影 响公司限制性股票激励计划的继续实施，不存在损害公司及全体股东利益的情 形。 江中药业股份有限公司监事会 关于回购注销部分激励对象已获授但尚未解除限售的 限制性股票及调整回购价格事项的核查意见 根据《上海证券交易所股票上市规则》和《上市公司股权激励管理办法》等 相关法律、法规以及《江中药业 2021 年限制性股票激励计划（2022 年 11 月修 订稿）》的有关规定，江中药业股份有限公司监事会审阅了《关于回购注销部分 激励对象已获授但尚未解锁的限制性股票及调整回购价格 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-006 江中药业股份有限公司 第十届董事会第三次会议决议公告 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个别及连带责任。 江中药业股份有限公司（以下简称"公司"）第十届董事会第三次会议于 2025 年 3 月 18 日在公司会议室以现场结合视频方式召开，会议通知于 2025 年 3 月 7 日以书面形式发出，会议应到董事 9 人，实到 9 人。公司监事及高管人员 列席。本次会议召集召开符合《公司法》和《公司章程》的有关规定。 会议由公司董事长刘为权先生主持，经与会董事充分研究和讨论，审议通 过以下议案： 一、公司 2024 年总经理工作报告 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 二、公司 2025 年商业计划 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 公司战略发展与 ESG 委员会 2025 年第一次会议审议通过相关事项，并同意 提交董事会审议。 三、公司 2024 年度董事会工作报告 表决情况：9 票同意，0 票反对，0 票弃权 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-008 江中药业股份有限公司 关于 2024 年年度利润分配方案的公告 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个别及连带责任。 重要内容提示： 每股分配比例：每股派发现金红利0.70元（含税）。 本次利润分配以2024年度利润分配股权登记日的江中药业股份有限公司 （以下简称"公司"）总股本为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日期前，因可转债转股/回购股份/股权激励授 予股份回购注销/重大资产重组股份回购注销等致使公司总股本发生变动的，公司 拟维持每股分配金额不变，相应调整分配总额。 公司未触及《上海证券交易所股票上市规则》第9.8.1条第一款第（八）项 规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 （一）利润分配方案的具体内容 经毕马威华振会计师事务所（特殊普通合伙）对公司 2024 年度财务报告进行 审计，截至 2024 年 12 月 31 日，公司合并报表中可供股东分配的利润为人民币 2,491,746,550.0 ...

公司拟每10股派发现金红利7元（含税）。 人民财讯3月19日电，江中药业(600750)3月19日披露年报，公司2024年实现营业收入44.35亿元，同比下 降2.59%；净利润7.88亿元，同比增长9.67%；基本每股收益1.25元。 ...

Profit Distribution - The profit distribution plan for 2024 proposes a cash dividend of 7 RMB per 10 shares, totaling approximately 440.31 million RMB, which accounts for 55.86% of the net profit attributable to shareholders of the parent company[7]. - The total cash dividend for 2024, including the interim distribution, is projected to be 754.88 million RMB, representing 95.77% of the annual net profit attributable to shareholders of the parent company[7]. - The company has completed the distribution of 314.56 million RMB for the first half of 2024, indicating a strong commitment to returning value to shareholders[7]. - The company has implemented a cash dividend policy, with cumulative cash dividends exceeding 60% of the net profit attributable to shareholders since its listing, and plans to maintain a frequency of two cash dividends per year during the 14th Five-Year Plan period[45]. Financial Performance - The company's adjusted operating revenue for 2023 was approximately CNY 4.44 billion, a decrease of 2.59% compared to the previous year[22]. - Net profit attributable to shareholders for 2023 was approximately CNY 788.19 million, an increase of 9.67% year-on-year[22]. - Basic earnings per share for 2024 increased to CNY 1.25, reflecting a growth of 9.65% compared to 2023[23]. - The weighted average return on equity rose to 19.58%, an increase of 1.90 percentage points from the previous year[23]. - The company generated a net cash flow from operating activities of approximately CNY 786.25 million, a decrease of 24.36% compared to 2023[22]. - The total assets of the company reached approximately CNY 6.51 billion, an increase of 1.66% from the previous year[22]. - The company achieved total revenue of 4.435 billion RMB in 2024, a decrease of 2.59% year-on-year[64]. - Net profit attributable to shareholders was 788 million RMB, an increase of 9.67% compared to the previous year[64]. Audit and Compliance - The company’s board of directors and management have ensured the accuracy and completeness of the annual report, taking legal responsibility for its content[4]. - The company has received a standard unqualified audit report from KPMG Huazhen LLP for the financial statements[6]. - The company has not violated any decision-making procedures regarding external guarantees during the reporting period[9]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[9]. - The company has not reported any significant deficiencies in internal control during the reporting period[200]. Research and Development - R&D investment increased by 9.31% year-on-year, with an R&D intensity of 4.82%[40]. - The company’s R&D expenses amounted to 130 million RMB, a decrease of 7.77% from the previous year[66]. - The company’s R&D investment accounted for 4.82% of its operating revenue, which is in the medium range compared to industry peers[120]. - The company has a long-term R&D plan focusing on the development of traditional Chinese medicine new drugs and deep integration of production, education, and research[114]. - The company’s R&D efforts are focused on new product development, including a method for quality control of gastrointestinal health products[113]. Market and Strategic Development - The company aims to strengthen its core competitiveness by focusing on brand building and innovation-driven development[35]. - The company is actively participating in national and provincial procurement to explore growth opportunities for potential products[39]. - The company is expanding its product offerings in the throat and cough category, achieving double-digit growth in this segment[37]. - The company is committed to smart manufacturing and green development, enhancing production efficiency through technology and upgrading facilities[146]. - The company is actively exploring new sales channels, including interest e-commerce platforms like Douyin and Kuaishou, to expand its market presence[56]. Risks and Challenges - The company’s future plans and strategic developments are subject to investment risks, and investors are advised to exercise caution[8]. - The company faces risks from market and policy changes, particularly regarding centralized drug procurement and pricing regulations, which may pressure key product prices[149]. - Raw material price fluctuations pose a risk, but the company plans to monitor and optimize procurement strategies to manage costs effectively[150]. - The R&D process is subject to uncertainties, and the company has established a comprehensive R&D planning framework to mitigate innovation risks[152]. Governance and Management - The company has strengthened its internal control system, ensuring compliance and accuracy in financial reporting and asset management[199]. - The governance structure includes a clear division of responsibilities among the board of directors, supervisory board, and management team[199]. - The company has focused on risk prevention and effective integration in managing its subsidiaries, enhancing internal control effectiveness[200]. - The company has a total of 880 retired employees who incur costs for the parent company and major subsidiaries[184]. - The company’s compensation policy is based on four principles: performance-based pay, position-based pay, ability-based pay, and market-based pay[185]. Industry Trends - The national policies are increasingly supporting the development of traditional Chinese medicine, which is expected to drive high-quality growth in the industry[96]. - The competitive landscape in the health industry is intensifying, necessitating companies to strengthen their core competencies through innovation and compliance[98]. - The total revenue of China's health industry is projected to reach 9 trillion yuan in 2024, a significant increase from 8 trillion yuan in 2021, indicating robust market expansion[98]. - The ongoing "three medical linkage" reform aims to promote industry standardization and sustainable development, focusing on price reduction, supply assurance, and cost control[138].

公司延续双轮驱动战略，但核心增长驱动力逐步由并购增收转向内生产品增收，叠 加降本增效及子公司融合协同增利，未来有望持续赋能业绩高速增长。 投资要点： 风险提示：市场及政策变动风险，原材料价格及供应风险 | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,885 | 4,390 | 4,435 | 4,826 | 5,331 | | (+/-)% | 35.2% | 13.0% | 1.0% | 8.8% | 10.5% | | 净利润（归母） | 598 | 708 | 785 | 882 | 998 | | (+/-)% | 18.3% | 18.4% | 10.8% | 12.4% | 13.1% | | 每股净收益（元） | 0.95 | 1.13 | 1.25 | 1.40 | 1.59 | | 净资产收益率(%) | 15.3% | 18.5% | 20.1% | 21.8% | 23.1% | | 市盈率(现价&最 ...

Investment Rating - The report maintains a strong investment rating for the biopharmaceutical industry, particularly for the traditional Chinese medicine (TCM) sector, which is expected to benefit from multiple factors in 2025 [2]. Core Insights - The TCM sector is anticipated to experience a gradual reduction in performance pressure in 2025, driven by factors such as improved earnings, favorable policies, decreasing costs, rising demand, and consolidation within the industry [4][6]. - The report identifies five main investment opportunities within the TCM sector, including high-end OTC products, state-owned enterprise reforms, hospital-based TCM, dividend-paying assets, and turnaround situations for struggling companies [4][7]. Summary by Sections 1. Performance Outlook - The TCM sector faced overall revenue decline in 2024, with a total revenue of 270.61 billion yuan, down 3.28% year-on-year, and a net profit of 29.88 billion yuan, down 8.55% year-on-year [10]. - The number of companies forecasting negative net profit growth in 2024 is 22 out of 34, while only 12 companies expect positive growth [16]. 2. Policy Developments - The third batch of national TCM procurement results showed an average price reduction of 63%, but the impact on listed companies is limited due to the small number of affected products [20]. - A new essential drug list is expected to be released in 2025, which may include more TCM products, enhancing their market presence [24]. 3. Cost Factors - The TCM material price index has been declining since July 2024, which is expected to alleviate cost pressures for TCM companies and improve their gross margins starting in 2025 [28]. 4. Demand Dynamics - The recent increase in flu cases has driven demand for related treatment products, leading to a quicker clearance of inventory for cold and cough medications [34]. 5. Competitive Landscape - The TCM industry is experiencing frequent mergers and acquisitions, which are likely to enhance industry concentration and provide performance flexibility for related listed companies [39]. 6. Investment Opportunities - The report highlights five key investment themes: 1. High-end OTC TCM products, particularly those using natural bezoar as a key ingredient, are expected to see improved margins as supply stabilizes [45][54]. 2. State-owned enterprise reforms are anticipated to yield positive changes in management and strategic planning [7]. 3. Hospital-based TCM products are expected to gain market share due to regulatory support [7]. 4. Companies with strong cash flow and high dividend potential are viewed favorably [7]. 5. Companies currently facing challenges are expected to improve as inventory pressures ease [7]. 7. Recommended Stocks - The report suggests monitoring companies such as Kunming Pharmaceutical, Tongrentang, Darentang, Jiangzhong Pharmaceutical, Dong'e Ejiao, China Resources Sanjiu, Yunnan Baiyao, Tianshili, Fangsheng Pharmaceutical, and others for potential investment opportunities [4].

Investment Rating - The report assigns a "Buy" rating for Jiangzhong Pharmaceutical (600750.SH) [1] Core Views - Jiangzhong Pharmaceutical is positioned as a leader in gastrointestinal OTC medications, with strong growth potential in its OTC series products and a positive outlook for prescription drugs and health products. The company is expected to achieve net profits of 785 million, 891 million, and 1,008 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.25, 1.42, and 1.60 yuan. The current stock price corresponds to PE ratios of 16.9, 14.9, and 13.2 times for the same years [4][5][8]. Summary by Sections Company Overview - Jiangzhong Pharmaceutical was established in 1969 and underwent a restructuring in 1999. It became part of the China Resources Group in 2019, enhancing its resource integration capabilities. The company has developed three main business segments: OTC, prescription drugs, and health products, supported by acquisitions of Sangha Pharmaceutical and Jisheng Pharmaceutical [4][15]. Financial Performance - From 2019 to 2023, the company's revenue grew from 2.449 billion yuan to 4.390 billion yuan, with a CAGR of 15.71%. The net profit increased from 464 million yuan to 708 million yuan, with a CAGR of 11.18%. In 2023, the revenue from OTC drugs accounted for 69.89% of total revenue, while prescription drugs contributed 15.21% [27][29]. Business Strategy - The company focuses on enhancing its OTC business, particularly in four core categories: spleen and stomach, intestinal health, throat and cough, and nutritional supplements. Key products include Jianwei Xiaoshi Tablets and Lactobacillus Tablets, which are expected to drive steady revenue growth [5][35]. Market Position - Jiangzhong Pharmaceutical maintains a strong market position in the gastrointestinal drug sector, with its Jianwei Xiaoshi Tablets holding a market share that increased from 74.8% to 83.8% from 2018 to 2023. The company is also expanding its presence in the prescription drug market and health products [39][45]. Dividend Policy - The company has demonstrated a commitment to shareholder returns, with cash dividend ratios exceeding 100% from 2021 to 2023 and an increase in dividend yield from 3.96% to 5.92% during the same period. This reflects the company's confidence in sustainable growth [6][19].

Investment Rating - The report assigns a "Buy" rating for Jiangzhong Pharmaceutical (600750.SH) [1] Core Views - Jiangzhong Pharmaceutical is positioned as a leader in gastrointestinal OTC medications, with strong growth potential in its OTC series products, prescription drugs, and health business. The company is expected to achieve net profits of 785 million, 891 million, and 1,008 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.25, 1.42, and 1.60 yuan. The current stock price corresponds to PE ratios of 16.9, 14.9, and 13.2 times for the same years [4][5] Summary by Sections Company Overview - Jiangzhong Pharmaceutical was established in 1969 and underwent a restructuring in 1999, becoming part of the China Resources Group in 2019. The company has built a solid foundation for its three business segments: OTC, prescription drugs, and health products through acquisitions [4][15] Business Development - The OTC business is the core of Jiangzhong's operations, focusing on four main categories: spleen and stomach, intestinal health, throat and cough, and nutritional supplements. The company aims to enhance its product lineup around key products like Jianwei Xiaoshi Pian and Lactobacillus tablets, driving steady revenue growth [5][35] Financial Performance - From 2019 to 2023, the company's revenue grew from 2.449 billion yuan to 4.390 billion yuan, with a CAGR of 15.71%. The net profit increased from 464 million yuan to 708 million yuan, with a CAGR of 11.18%. The revenue for 2023 was 4.390 billion yuan, with a 13% year-over-year growth [27][29] Market Position - Jiangzhong's non-prescription drugs accounted for 69.89% of its revenue in 2023, while prescription drugs and health products contributed 15.21% and 14.89% respectively. The company maintains a gross margin above 65% for both non-prescription and prescription drugs [29][34] Dividend Policy - The company has maintained a cash dividend payout ratio exceeding 100% from 2021 to 2023, with the dividend yield increasing from 3.96% to 5.92%. This reflects the company's commitment to returning value to shareholders [6][19] Growth Strategy - Jiangzhong is focusing on expanding its prescription drug business and health products, while also enhancing its OTC product offerings. The company is exploring new marketing models and targeting the elderly chronic disease market [5][6]