证券代码：600750 证券简称：江中药业 公告编号：2024-027 江中药业股份有限公司 关于召开 2023 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 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 2024 年 5 月 17 日 至 2024 年 5 月 17 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：2024年5月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 ...

江中药业股份有限公司 关于召开 2024 年第一季度业绩说明会的公告 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。 重要内容提示： 江中药业股份有限公司（以下简称"公司"）已于 2024 年 04 月 27 日发布 公司 2024 年第一季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 一季度经营成果和财务状况，公司计划于 2024 年 05 月 13 日下午 16:00-17:00 举行 2024 年第一季度业绩说明会，就投资者关心的问题进行交流。 证券代码：600750 证券简称：江中药业 公告编号：2024-026 一、说明会类型 本次投资者说明会以络互动形式召开，公司将针对 2024 年第一季度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 05 月 13 日下午 16:00-17:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 ...

证券代码：600750 证券简称：江中药业 公告编号：2024-023 江中药业股份有限公司 第九届董事会第二十一次会议决议公告 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"或"江中药业"）第九届董事会 第二十一次会议于 2024 年 4 月 25 日以通讯方式召开，会议通知于 2024 年 4 月 20 日以书面形式发出，全体董事以通讯方式参会并表决。本次会议召集召开符 合《公司法》和《公司章程》的有关规定。经与会董事充分研究和讨论，审议通 过以下议案： 一、公司 2024 年第一季度报告 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 公司审计委员会 2024 年第四次会议审议通过相关报告，并同意提交董事会 审议。 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一个解锁期解锁 的议案 表决情况：9 票同意，0 票反对，0 票弃权，通过本议案。 行动方案内容详见上海证券交易所网站（www. ...

国浩律师（上海）事务所 关 于 江中药业股份有限公司 2021 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就 的 法律意见书 上海市北京西路 968 号嘉地中心 27 楼接待中心 邮编：200041 27/F, Garden Square, 968 West Beijing Road, Shanghai 200041, China T. +86 21 5234 1668 F. +86 21 5234 1670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2024 年 4 月 | 义 释 | | | 2 | | --- | --- | --- | --- | | 第一节 | 律师声明事项 | | 4 | | 第二节 | 正文 | | 5 | | | | 一、本次解除限售的批准与授权 | 5 | | | | 二、本次解除限售条件成就情况 | 9 | | 三、结论意见 | | 11 | | 国浩律师（上海）事务所 法律意见书 释 义 以下词语如无特殊说明，在本文中具有如下含义： | 江中药业、本公司、公司 | 指 | 江中药业股份有 ...

证券代码：600750 证券简称：江中药业 公告编号：2024-025 江中药业股份有限公司 关于 2021 年限制性股票激励计划预留授予部分 第一个解锁期解锁条件成就的公告 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： 本次解锁股票数量：164,338 股 公司将在办理完毕相关解除限售申请手续后，股份上市流通前，发布限制性 股票解除限售暨股份上市公告。 江中药业股份有限公司（以下简称"公司"）第九届董事会第二十一次会议和 第九届监事会第十六次会议审议通过了《关于公司 2021 年限制性股票激励计划预 留授予部分第一个解锁期解锁的议案》。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"）的有关规定和公司 2021 年第二次临 时股东大会的授权，公司董事会认为公司激励计划规定的预留授予部分限制性股票 第一个解除限售期解除限售条件已经成就。本次可解除限售的激励对象人数为 16 人， 可解除限售的限制性股票数量为 164,338 股，约占公司目前股本总额的 0.02 ...

Investment Rating - The report assigns a "Buy" rating for Jiangzhong Pharmaceutical, indicating an expected increase in stock price relative to the market index over the next six months [84]. Core Insights - Jiangzhong Pharmaceutical has established a strong market position in the gastrointestinal medicine sector with its two major brands, "Jiangzhong" and "Lihuo," which have created a competitive moat [4]. - The company has shown a steady increase in profitability, with a focus on optimizing its business structure [12]. - The report highlights the growth potential in the gastrointestinal drug market, driven by an aging population and increasing prevalence of gastrointestinal disorders [36]. Company Overview - Jiangzhong Pharmaceutical was founded in 1996 and went public in 1999 through a restructuring process. The company specializes in the production, research, and sales of traditional Chinese medicine and health products [4]. - The company has developed well-known brands, including "Jiangzhong" and "Lihuo," and has a significant market presence in the gastrointestinal medicine category [4][40]. Financial Performance - The report indicates that Jiangzhong Pharmaceutical's revenue from non-prescription drugs is projected to grow at a compound annual growth rate (CAGR) of 15% from 2024 to 2026, while prescription drug revenue is expected to recover gradually [78]. - The company achieved a revenue of 6.5 billion yuan in its health products segment in 2023, marking a year-on-year growth of 49.96% [58]. Product Portfolio - Jiangzhong Pharmaceutical's product lineup includes key offerings in the gastrointestinal, respiratory, and nutritional supplement categories, with notable products like "Jiangzhong Jianwei Xiaoshi Pian" and "Lihuo Lactobacillus Tablets" leading in their respective markets [21][27]. - The company has a strong focus on research and development, with plans to enhance its product offerings in the gastrointestinal health sector [58]. Market Position - Jiangzhong Pharmaceutical ranks among the top players in the gastrointestinal medicine market, with its "Jiangzhong Jianwei Xiaoshi Pian" being the leading product in the digestive medicine category for 19 consecutive years [40]. - The company is also expanding its presence in the throat and cough medicine market, with products like "Fangfang Caoshanhu Tablets" gaining significant market share [52]. Future Outlook - The report anticipates continued growth in the gastrointestinal drug market, with the industry expected to reach a market size of 633.2 billion yuan by 2024 [36]. - Jiangzhong Pharmaceutical is well-positioned to capitalize on this growth, leveraging its strong brand recognition and expanding product portfolio [40].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.39 billion yuan for 2023, representing a year-on-year increase of 13.00% [2] - The net profit attributable to the parent company was 708 million yuan, up 18.40% year-on-year, while the net profit excluding non-recurring items was 704 million yuan, an increase of 38.97% [2] - The company has successfully controlled expenses and improved cost management, with a gross margin of 65.28%, up 0.35 percentage points year-on-year [2] - The company plans to distribute a total cash dividend of 441 million yuan for the year 2023, which accounts for 62.20% of the net profit attributable to the parent company [2] Financial Performance - In Q4 2023, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 23.67%, and a net profit of 119 million yuan, up 30.39% year-on-year [2] - The company’s core product categories have shown continuous growth, with the non-prescription drug segment generating 3.05 billion yuan in revenue, a year-on-year increase of 16.46% [2] - The company’s operating cash flow was 1.036 billion yuan, remaining stable compared to the previous year [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 5.07 billion yuan, 5.91 billion yuan, and 6.88 billion yuan, respectively, with year-on-year growth rates of 15.5%, 16.6%, and 16.5% [5] - The net profit attributable to the parent company is expected to be 832 million yuan, 973 million yuan, and 1.13 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 17.5%, 16.9%, and 16.3% [5] Cost Management - The company has made significant progress in cost management, with a decrease in the expense ratio to 43.56%, down 2.41 percentage points year-on-year [2] - The sales expense ratio was 37.09%, down 1.77 percentage points, while the management expense ratio was 4.80%, down 0.5 percentage points [2] R&D and Innovation - The company has increased its R&D expenditure, with a research and development expense ratio of 3.04%, up 0.47 percentage points year-on-year [4] - The company is focusing on innovation in the gastrointestinal field and has obtained registration certificates for two special medical purpose formula foods [4]

Investment Rating - The report maintains a "Buy" rating for Jiangzhong Pharmaceutical, expecting a price increase of over 15% relative to the industry index in the next six months [20]. Core Insights - Jiangzhong Pharmaceutical achieved a revenue of 4.39 billion yuan in 2023, representing a year-on-year growth of 13%, and a net profit attributable to shareholders of 708 million yuan, up 18.4% year-on-year [10]. - The company continues to focus on high dividend payouts, with a proposed cash dividend of 0.70 yuan per share, accounting for 62.20% of the net profit attributable to shareholders [10][13]. - The company is expected to achieve revenues of 5.00 billion yuan, 5.62 billion yuan, and 6.41 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 802 million yuan, 927 million yuan, and 1.08 billion yuan [7][22]. Business Segments Summary - The OTC segment generated revenues of 3.05 billion yuan, with a year-on-year growth of 16.52%, accounting for 69.48% of total revenue [2]. - The health segment, focusing on high-end nourishment and recovery nutrition, saw a revenue increase of 58.77%, indicating strong growth potential [3]. - The prescription drug segment experienced a revenue decline of 10.86%, primarily due to the impact of national drug procurement policies [24]. Financial Performance - The overall gross margin for the company improved to 65.31%, with the OTC segment gross margin at 71.70%, while the prescription drug segment saw a decline to 63.21% [26]. - The company’s operating income for 2023 was 4.39 billion yuan, with a projected growth rate of 13.9% for 2024 [22]. - The return on equity (ROE) is expected to rise from 17.1% in 2023 to 18.8% by 2026 [22]. Dividend Policy - Jiangzhong Pharmaceutical has maintained a high dividend payout ratio, with historical rates of 108.33% and 121.02% in 2021 and 2022, respectively, highlighting its commitment to returning value to shareholders [13].

Investment Rating - The investment rating for the company is "Buy" [7][6] Core Views - The company reported a revenue of 4.39 billion yuan in 2023, a year-on-year increase of 13%, and a net profit attributable to shareholders of 708 million yuan, up 18% year-on-year [4] - The health business has become a new growth engine, with revenue reaching 650 million yuan, a growth of 49.96% year-on-year, and a gross margin of 37.28%, an increase of 9.10 percentage points [5][11] - The company is expected to achieve revenues of 5.17 billion yuan, 6.05 billion yuan, and 7.06 billion yuan in 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.64%, 17.14%, and 16.63% [6][18] Financial Performance - The company’s non-prescription drug business generated revenue of 3.05 billion yuan, a year-on-year increase of 16.46%, with a gross margin of 71.70% [17] - The core product in the digestive category, Jianwei Xiaoshi Pian, achieved a revenue of 1.1 billion yuan, while two key products in the intestinal health category surpassed 500 million yuan in revenue [17] - The forecast for net profit attributable to shareholders is 831 million yuan, 966 million yuan, and 1.12 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 17.38%, 16.22%, and 15.92% [6][18] Valuation - The target price for the company is set at 26.42 yuan, based on a 20x PE ratio for 2024 [6][7] - The current price is 22.53 yuan, indicating potential upside [7] - The company’s EPS is projected to be 1.32 yuan, 1.54 yuan, and 1.78 yuan for the years 2024, 2025, and 2026 respectively [6][18]

证券代码：600750 证券简称：江中药业 公告编号：2024-022 1 江中药业股份有限公司 关于控股股东的间接控股公司华润医药集团有限公司 刊发 2023 年业绩公告的提示性公告 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"）接控股股东华润江中制药集团有限 责任公司（以下简称"华润江中"）通知，华润江中的间接控股公司华润医药集团有 限公司（以下简称"华润医药集团"）于 2024 年 3 月 26 日在香港联合交易所有限公 司（以下简称"香港联交所"）刊发了 2023 年业绩公告。 公司投资者如需了解华润医药集团 2023 年业绩公告的详细信息，请查询香港联 交所网站：http://www.hkexnews.hk。 特此公告。 江中药业股份有限公司董事会 2024 年 3 月 36 日 ...