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].

Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [17]. Core Insights - The "Weight Management Year" initiative aims to promote healthy eating habits and increase awareness of weight management among the population, with a focus on functional foods [1]. - Functional foods related to weight management include meal replacements, general functional foods, and health supplements, utilizing ingredients like nutrients, plant extracts, and compounds such as L-carnitine [2]. - The report highlights the role of probiotics in weight management by improving gut health and metabolism, recommending companies like Keta Bio [3]. - Oats and dairy products are emphasized as advantageous meal replacements due to their nutritional benefits and health claims [4]. - The concept of "food and medicine homology" is explored, with traditional Chinese medicine ingredients being integrated into food products to meet health and dietary needs [5]. - The report suggests that the promotion of healthy eating concepts will directly benefit functional food sectors, with a particular emphasis on the role of traditional Chinese medicine in dietary adjustments [5]. Summary by Sections - **Functional Foods**: The report identifies meal replacements, functional foods, and health supplements as key categories, with specific ingredients highlighted for their benefits in weight management [2]. - **Probiotics**: Probiotics are noted for their positive impact on gut health and fat metabolism, with specific strains recommended for their effectiveness [3]. - **Meal Replacements**: Oats and dairy products are recognized for their health benefits and suitability as meal replacements, with specific companies recommended for investment [4]. - **Traditional Chinese Medicine**: The integration of traditional Chinese medicine into food products is discussed, highlighting its dual value in nutrition and health [5]. - **Investment Recommendations**: The report recommends focusing on companies in the health food sector, including Keta Bio, Yili, New Dairy, and traditional medicine companies like Tongrentang [8].

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 ...

结构性分化，把握龙头配置价值 ——中药行业2025年2月月报 长城证券产业金融研究院 分析师：刘鹏 执业证书编号：S1070520030002 邮箱：liupeng@cgws.com 分析师：袁紫馨 执业证书编号：S1070122080041 邮箱：yuanzixin@cgws.com 评级：强大于市（维持） 2025.03.03 01 核心观点 核心观点 1、 2024年 中 药 行 业分 化加大 ，头部 效应凸 显，竞 争格局 有望重 塑 2024年多因素影响行业竞争局，头部企业优势集中，华润系（华润三九、东阿阿胶、昆药集团、江中药业）、片仔癀名贵 OTC龙头、 奇 正藏药 院内贴 膏龙头 通过品 牌壁垒 和渠道 优势普 遍实现 稳健增 长，中 小企业 受成本 端压力 、集采 政策、 医保控 费、消费 疲软等 因素共 振 陷 入 亏 损 或利润 同比下 滑，行 业整体 承压， 2025年 业 绩 压 力减弱 下弹性 有望释 放 2、 估 值 与复盘 • 2月中药板块下跌1.15%， 大 幅 跑输 沪深300和 SW 医 药 生 物指数 ，主要 系科技 成长股 资金虹 吸效应 及"AI+医 疗" 关 注 景 ...

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]

Financial Performance - In 2024, the company achieved total operating revenue of 443.545 million yuan, a decrease of 2.59% compared to the previous year[3] - The net profit attributable to shareholders was 78.491 million yuan, an increase of 9.22% year-on-year[3] - The basic earnings per share rose to 1.25 yuan, reflecting a growth of 9.65% from the previous year[3] - The weighted average return on equity increased to 19.90%, up by 1.92 percentage points compared to the previous year[3] - Total assets at the end of the reporting period were 648.914 million yuan, an increase of 1.37% from the beginning of the period[3] - The equity attributable to shareholders decreased by 1.36% to 386.059 million yuan[3] - The financial data presented is preliminary and unaudited, with potential discrepancies in the final report[6] Strategic Focus - The company is focusing on strengthening its OTC products, developing health products, and expanding its prescription drug business as part of its strategic plan[5] - The company is addressing bottlenecks to high-quality development by accelerating its focus on core business, technological innovation, and organizational transformation[5] Business Acquisition - The company acquired 51% equity in Jiangxi Jiangzhong Traditional Chinese Medicine Co., Ltd. from its controlling shareholder, which constitutes a business combination under common control[4]

Investment Rating - The report maintains a "Buy" rating for Jiangzhong Pharmaceutical with a target price of RMB 31.00 [4][5]. Core Insights - Jiangzhong Pharmaceutical's Q424 performance is expected to show improvement compared to the previous quarters, with a projected high single-digit profit growth for 2024 being achievable [1]. - The company will continue to focus on its OTC (over-the-counter) business, aiming for a revenue target of RMB 5 billion in 2025, representing a 19% growth from the estimated RMB 4.2 billion in 2024 [2]. - The prescription drug business is anticipated to recover as the impact of centralized procurement diminishes, while the health business is undergoing restructuring to enhance profitability [2][3]. Summary by Sections Q424 Business Update - Jiangzhong Pharmaceutical's overall performance in Q424 is expected to improve year-on-year, with significant growth in its OTC products due to favorable inventory conditions [1]. - The prescription drug segment is projected to see a reduced decline in revenue compared to previous quarters, while the health segment continues to face challenges [1]. Future Business Focus - The company will prioritize its OTC business, with plans for both organic growth and acquisitions, particularly in the gastrointestinal and throat health OTC product areas [2]. - Key OTC products like Jianwei Xiaoshi Pian are expected to see increased sales due to diversified usage scenarios [2]. Financial Projections - The revised stock incentive plan indicates a compound annual growth rate (CAGR) of 12% for EPS from 2023, with net profit targets set at RMB 8.9 billion, RMB 10 billion, and RMB 11.1 billion for 2025, 2026, and 2027 respectively [3]. - The company plans to maintain stable dividend payouts of around RMB 700-800 million, supported by a strong cash position [3]. Valuation - The target price of RMB 31.00 is derived using the Sum-of-the-Parts (SOTP) valuation method, reinforcing the "Buy" recommendation [4]. - The current stock price is RMB 21.55, indicating a potential upside of 43.9% [9]. Key Financial Data - Revenue projections show a growth trajectory from RMB 4.166 billion in 2024E to RMB 6.183 billion by 2028E [7]. - Net profit is expected to increase from RMB 759 million in 2024E to RMB 1.224 billion by 2028E [7].

证券简称：江中药业 证券代码：600750 上海荣正企业咨询服务（集团）股份有限公司 关于 江中药业股份有限公司 第二期限制性股票激励计划（草案修订稿） 之 独立财务顾问报告 2025 年 1 月 | 目录 2 | | --- | | 一、释义 3 | | 二、声明 5 | | 三、基本假设 6 | | 四、本激励计划的主要内容 7 | | （一）激励对象的范围及分配情况 7 | | （二）本激励计划的股票来源和数量 8 | | （三）本激励计划的有效期、授予日及授予后相关时间安排 8 | | （四）本激励计划的授予价格及授予价格的确定方法 9 | | （五）本激励计划的授予与解除限售业绩条件 9 | | （六）本激励计划的其他内容 11 | | 五、独立财务顾问意见 12 | | （一）对本激励计划是否符合政策法规规定的核查意见 12 | | （二）对公司实行本激励计划可行性的核查意见 12 | | （三）对激励对象范围和资格的核查意见 12 | | （四）对本激励计划权益授出额度的核查意见 13 | | （五）对本激励激励授予价格的核查意见 13 | | （六）对上市公司是否为激励对象提供任何形式的财务资 ...