Group 1 - The core viewpoint of the article is that Jiangzhong Pharmaceutical Co., Ltd. has publicly announced the list of individuals who will be granted restricted stock under its second phase incentive plan, confirming that the selection process complies with relevant regulations and guidelines [1][3]. - The company conducted an internal public notice from April 29, 2025, to May 8, 2025, regarding the names and positions of 168 individuals selected as incentive recipients, with no objections raised during the public notice period [1]. - The supervisory board of the company has verified that the selected incentive recipients meet the eligibility criteria set forth in the relevant laws, regulations, and the company's incentive plan, confirming that there are no disqualifying circumstances [3]. Group 2 - The supervisory board concluded that the individuals listed as incentive recipients are legally and effectively qualified to receive restricted stock, adhering to the conditions outlined in the guiding documents and the company's articles of association [3]. - The incentive recipients do not include independent directors, supervisors, or shareholders holding more than 5% of the company's shares, ensuring compliance with the regulations [3]. - The announcement serves to affirm the legitimacy of the incentive plan's implementation and the qualifications of the selected individuals [1][3].

Core Viewpoint - Jiangzhong Pharmaceutical Co., Ltd. is focused on high-quality development, emphasizing innovation, governance, and sustainable practices to enhance its core competitiveness and shareholder value. Group 1: Company Governance and Strategy - The company aims to create a world-class enterprise by enhancing the quality of listed companies and deepening the construction of the industrial chain [4][6][16] - The board of directors has implemented a modern governance structure, holding 4 shareholder meetings and 11 board meetings in 2024, approving 17 and 65 proposals respectively [6][17] - The company emphasizes the integration of party leadership with business development, enhancing political awareness and theoretical learning [4][9] Group 2: Financial Performance and Shareholder Returns - In 2024, the company distributed a total cash dividend of 755.10 million yuan, maintaining a stable and continuous dividend policy [14][26] - The company reported a stable revenue scale with improved profitability, despite industry policy impacts [4][9] - The company has maintained a cash dividend payout ratio exceeding 60% since its listing [14] Group 3: Innovation and R&D - The company is committed to increasing R&D investment intensity and promoting digital transformation, with a focus on developing new quality productivity [9][10] - The company has received national recognition for its R&D projects, including a second-class award for technological progress [9][10] - The company aims to enhance its product matrix and optimize business models to strengthen its market position in OTC and prescription drugs [9][18] Group 4: Risk Management and Compliance - The board has established a compliance management system, appointing a chief compliance officer to oversee risk management [8][19] - The company conducts regular internal control evaluations and has received positive audit reports regarding its financial and operational compliance [24][25][27] - The company emphasizes the importance of risk prevention and compliance culture among its employees [19][20] Group 5: ESG and Sustainable Development - The company has integrated ESG principles into its governance framework, achieving an A rating in ESG assessments [12][20] - The company actively discloses its social responsibility reports and has been recognized for its commitment to sustainable practices [12][20] - The board has established a dedicated committee to oversee ESG initiatives, enhancing the company's sustainable development capabilities [12][20]

江中药业股份有限公司监事会 关于公司第二期限制性股票激励计划首次授予激励对 象名单的公示情况说明及核查意见 1、本次拟被授予限制性股票的激励对象均具备《公司法》《证券法》等法律、 法规和规范性文件以及《公司章程》规定的任职资格，符合《工作指引》《管理 办法》《上海证券交易所股票上市规则》等法律、法规和规范性文件及公司《激 励计划》规定的激励对象条件，不存在《管理办法》第八条规定的不得成为激励 对象的情形；激励对象中无独立董事、监事、单独或合计持有上市公司 5%以上 股份的股东或实际控制人及其配偶、父母、子女。本次被授予限制性股票的激励 对象主体资格合法、有效，满足获授限制性股票的条件。 2、本次首次授予激励对象的基本情况属实，不存在虚假、故意隐瞒或引起 重大误解之处。 综上所述，公司监事会认为：列入本次首次授予的激励对象符合《工作指引》 《管理办法》等法律法规、规范性文件以及公司《激励计划》中规定的激励对象 范围和条件，不存在不得成为激励对象的情形，其作为公司第二期限制性股票激 励计划首次授予激励对象的主体资格合法、有效。 特此公告。 根据国务院国有资产监督管理委员会《中央企业控股上市公司实施股权激励 工作指 ...

江中药业股份有限公司 2024 年年度股东大会会议材料 江中药业股份有限公司 2024 年年度股东大会会议材料 江中药业股份有限公司 2024 年年度股东大会会议材料 江中药业股份有限公司 股东大会会议须知 为了维护全体股东的合法权益、依法行使股东职权，确保股东大会的 正常秩序和议事效率，根据《中华人民共和国公司法》《中华人民共和国 证券法》《公司章程》及《公司股东大会议事规则》，特制订本须知。 2 南 昌 二〇二五年五月 江中药业股份有限公司 2024 年年度股东大会会议材料 议案目录 | 议案一：公司 年度董事会工作报告 6 | 2024 | | --- | --- | | 议案二：公司 年度监事会工作报告 15 | 2024 | | 议案三：公司 年年度报告全文及摘要 21 | 2024 | | 议案四：公司 年度财务决算报告 22 | 2024 | | 议案五：公司 年年度利润分配方案 27 | 2024 | | 议案六：公司 年预计日常关联交易的议案 30 | 2025 | | 议案七：关于使用闲置自有资金购买理财产品的议案 37 | | | 议案八：关于公司第二期限制性股票激励计划（草案二次修订稿 ...

Core Viewpoint - The company reported its 1Q25 performance, showing a decline in revenue and net profit due to a drop in OTC sales, but a significant improvement in gross margin. The company is viewed positively as a leader in the domestic OTC market, with stable growth prospects and a strong dividend foundation, maintaining a "Buy" rating [1]. Group 1: Financial Performance - 1Q25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.18 billion, 280 million, and 260 million respectively, reflecting a year-over-year change of -7.0%, +5.9%, and -1.1% [1]. - OTC segment revenue in 1Q25 was 890 million, down 12.1% year-over-year, with a gross margin of 76.1%, up 2.1 percentage points year-over-year [2]. - Prescription drug revenue in 1Q25 was 190 million, up 23.7% year-over-year, with a gross margin of 23.7%, up 9.2 percentage points year-over-year [2]. - Health consumer products revenue in 1Q25 was 110 million, up 0.6% year-over-year, with a gross margin of 37.0%, down 3.6 percentage points year-over-year [2]. - The company's gross margin improved to 68.2% in 1Q25, up 13.1 percentage points quarter-over-quarter, mainly due to adjustments in the beverage business [3]. Group 2: Cost Management and Efficiency - The company's selling, general, and administrative expense ratios were 33.8%, 4.5%, and 2.3% respectively, showing an overall decrease in expense ratios [3]. - As of 1Q25, accounts receivable, inventory, and cash were 640 million, 430 million, and 1.62 billion respectively, indicating good inventory and cash turnover [3]. Group 3: Shareholder Returns and Incentives - The company's stock incentive plan was approved in 4M25, with enhanced unlocking conditions for 2025-27, reflecting confidence in operational goals [4]. - In 2024, the company's cash dividends accounted for 95.77% of the net profit attributable to shareholders, highlighting a strong commitment to shareholder returns [4]. - The company emphasized its focus on investor returns in its 2025 action plan, aiming to share the benefits of its growth with shareholders [4]. Group 4: Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders for 2025-27 to be 897 million, 1.015 billion, and 1.145 billion respectively, reflecting year-over-year growth of 14%, 13%, and 13% [5]. - The company is assigned a target price of 29.96, based on a 21x PE ratio for 2025, maintaining a "Buy" rating [5].

Summary of Jiangzhong Pharmaceutical Conference Call Company Overview - Jiangzhong Pharmaceutical reported a significant increase in operating cash flow, up nearly 160% year-on-year in Q1 2025. However, the OTC (over-the-counter) business saw a revenue decline of approximately 12% due to adjustments in business rhythm and decreased demand for cold medications. [2][3] - The prescription drug business experienced over 20% revenue growth year-on-year, with a gross margin increase of 9.2 percentage points. [2][3] - The health consumer goods segment maintained revenue stability year-on-year, with a more than double-digit growth on a quarter-on-quarter basis. [2][3] Key Business Insights - Jiangzhong Pharmaceutical aims to revitalize its cold medication brand and enhance its throat product offerings while expanding partnerships with key retail chains to attract new customer segments, such as those interested in weight loss. [2][5] - The company is focusing on building product clusters and enhancing its product hierarchy, with expectations for a recovery in the health consumer goods business by 2025. [2][6] - Core products like Jianwei Xiaoshi Pian and Lactic Acid Bacteria Tablets are performing well, although some throat and tonic categories have seen a decline in terminal sales. [2][7] Financial Performance - In Q1 2025, Jiangzhong Pharmaceutical achieved revenue of 1.184 billion yuan, a year-on-year decrease of 7%. The net profit attributable to shareholders was 285 million yuan, a year-on-year increase of 5.91%. [3][4] - The OTC business generated revenue of 885 million yuan, down approximately 12% year-on-year, while the prescription drug segment brought in 187 million yuan, reflecting over 20% growth. [3][12] Strategic Initiatives - The company is committed to a dual strategy of organic growth and external acquisitions, focusing on enhancing product offerings and expanding into new markets, particularly targeting health needs of women and children. [2][9] - Jiangzhong plans to continue its focus on external acquisitions in 2025, aiming to improve its investment management system and explore opportunities in industrial investment and mergers. [2][9] Market and Product Development - The company is leveraging digital tools to monitor channel inventory and terminal sales, ensuring a healthy inventory level for its core OTC products. [3][10] - Jiangzhong is enhancing its marketing strategies for potential products, including Jianwei Xiaoshi Pian and Lactic Acid Bacteria Tablets, to penetrate the probiotic market effectively. [3][11] - The company is also planning to launch new products in the health sector, particularly in weight management, to meet modern consumer demands. [20] Future Outlook - Jiangzhong aims to maintain a stable dividend policy while focusing on high-quality growth and enhancing shareholder value. [14][24] - The company has set ambitious goals for its prescription drug business, including expanding market access and improving compliance capabilities, particularly in hospital settings. [12][13] - The overall strategy includes a focus on brand and innovation to drive growth and strengthen core competencies, preparing for future challenges and opportunities in the market. [24]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 1.18 billion RMB, with a net profit attributable to shareholders of 280 million RMB, reflecting a year-over-year change of -7.0% and +5.9% respectively [1] - The OTC sales have faced short-term pressure, but the overall gross margin has improved significantly on a quarter-over-quarter basis [1] - The company is positioned as a leader in the domestic gastrointestinal OTC market and is expected to achieve stable growth through both organic and external means, maintaining a solid foundation for high dividends [1] Summary by Sections OTC and Prescription Drugs - OTC segment revenue for Q1 2025 was 890 million RMB, down 12.1% year-over-year, with a gross margin of 76.1%, up 2.1 percentage points year-over-year. The company anticipates double-digit growth for the full year as consumer spending recovers [2] - Prescription drug revenue for Q1 2025 was 190 million RMB, up 23.7% year-over-year, with a gross margin of 23.7%, up 9.2 percentage points year-over-year. The company expects continued recovery in prescription drug revenue as the negative impact of centralized procurement diminishes [2] Financial Performance - The company's gross margin for Q1 2025 was 68.2%, an increase of 13.1 percentage points quarter-over-quarter, primarily due to adjustments in the beverage business structure [3] - The overall expense ratios for sales, management, and R&D were 33.8%, 4.5%, and 2.3% respectively, showing a decrease in overall expense ratios [3] - As of Q1 2025, accounts receivable, inventory, and cash were 640 million RMB, 430 million RMB, and 1.62 billion RMB respectively, indicating good inventory and cash turnover conditions [3] Shareholder Returns - The company's equity incentive plan was approved in April 2025, with enhanced unlocking conditions for 2025-2027, reflecting confidence in operational goals [4] - In 2024, cash dividends accounted for 95.77% of the net profit attributable to shareholders, demonstrating a strong commitment to shareholder returns [4] Earnings Forecast and Valuation - The report maintains earnings forecasts, projecting net profits attributable to shareholders of 897 million RMB, 1.015 billion RMB, and 1.145 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-over-year growth of 14%, 13%, and 13% [5] - The target price is set at 29.96 RMB, based on a 21x PE ratio for 2025, with a reference to comparable companies [5]

证券代码：600750 证券简称：江中药业 公告编号：2025-026 江中药业股份有限公司 关于召开2024年年度股东大会的通知 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。 重要内容提示： 一、召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：江西省南昌市新建区招贤 1 路江中药谷会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东大会召开日期：2025年5月16日 本次股东大会采用的 ...

江中药业股份有限公司监事会 关于第十届监事会第四次会议相关事项的核查意见 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）》（以下简称"激励计划"）的有关规定，江中药业股份有限公司监事会 审阅了《关于公司 2021 年限制性股票激励计划预留授予部分第二个解锁期解锁 条件成就的议案》《江中药业第二期限制性股票激励计划（草案二次修订稿）》 及其相关资料,并提出如下书面审核意见： 一、关于公司 2021 年限制性股票激励计划预留授予部分第二个解锁期解锁 条件成就的议案 监事会认为：鉴于本激励计划预留授予限制性股票第二个解除限售期的相关 解除限售条件已成就，公司董事会根据 2021 年第二次临时股东大会的授权，按 照本激励计划的相关规定为符合条件的 14 名激励对象办理本激励计划预留授予 限制性股票第二次解除限售的相关事宜，该等事项符合《上市公司股权激励管理 办法》等法律法规、规范性文件及《激励计划》《公司章程》的有关规定，不存 在损害公司及股东利益的情况。 二、关于公司第二期限制性股票激励计划（草案二次 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-021 江中药业股份有限公司 第十届监事会第四次会议决议公告 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。 一、公司 2025 年第一季度报告 表决情况：3 票同意，0 票反对，0 票弃权。通过本议案。 监事会认为，《江中药业 2025 年第一季度报告》真实反映了公司 2025 年第 一季度的财务状况和经营成果，编制程序符合相关法律法规、中国证券监督管 理委员会和上海证券交易所的相关规定，报告内容真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏。 报告内容详见上海证券交易所网站（www.sse.com.cn）。 二、关于公司 2021 年限制性股票激励计划预留授予部分第二个解锁期解 锁条件成就的议案 表决情况：3 票同意，0 票反对，0 票弃权。通过本议案。 根据《2021 年限制性股票激励计划（2022 年 11 月修订稿）》（以下简称 "激励计划"）的有关规定，公司激励计划预留授予部分限制性股票第二个解除 限售期解除限售条件已经成就，同意对符合 ...