| --- | --- | |--------------|------------------------------------------| | 2024 | 月 17 日 | | 研究所： | | | 证券分析师： | 周小刚 S0350521090002 zhouxg@ghzq.com.cn | | 证券分析师： | 赵宁宁 S0350523040002 zhaonn@ghzq.com.cn | 评级：买入(维持) 最近一年走势 | --- | --- | --- | --- | --- | |---------------------|----------|-------|--------|-------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 相对沪深 | 300 表现 | | | 2024/08/16 | | 表现 | 1M | | 3M | 12M | | 健民集团 | 1.2% | | -23.4% | -29.6% | | 沪深 300 | -4.4% | | -8.1% | -12.4% ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [12]. Core Insights - The company experienced a revenue decline of 7.02% year-on-year in the first half of the year, with total revenue of 2.01 billion and a net profit of 239 million, down 5.16% year-on-year. The decline is attributed to adjustments in the marketing system and increased costs [1]. - The company is focusing on key product lines and has seen growth in specific products, such as the Dragon and Tiger Bone Granules and the Jianmin Dapeng product line, which contributed significantly to profits [1]. - Revenue forecasts for 2024, 2025, and 2026 have been adjusted downwards, with expected revenues of 4.74 billion, 5.45 billion, and 6.32 billion respectively, reflecting growth rates of 13%, 15%, and 16% [1]. Financial Performance Summary - For 2023, the company reported a revenue of 4.213 billion with a net profit of 521 million, showing a growth rate of 28% [5]. - The earnings per share (EPS) for 2023 is reported at 3.40, with a projected increase to 3.82 in 2024 and 5.40 by 2026 [2][10]. - The company's operating income is expected to grow at a rate of 12.6% in 2024, with a net profit growth rate of 12.4% [10]. Business Segment Analysis - The pharmaceutical commercial segment reported a slight revenue increase to 1.093 billion, while the pharmaceutical industrial segment saw a significant decline of 19.40% to 906 million [1]. - The company is enhancing its product offerings and market strategies, particularly in the OTC and Rx product lines, which are expected to drive future growth [1]. Market Position and Strategy - The company is focusing on optimizing sales models and enhancing channel management to reduce inventory and improve sales efficiency [1]. - The demand for the company's unique products, such as the cultivated cow bile, remains strong, contributing positively to profit margins [1].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,009,596,097.48, a decrease of 7.02% compared to CNY 2,161,430,293.88 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 239,357,528.02, down 5.16% from CNY 252,371,510.88 year-on-year[13]. - The net profit after deducting non-recurring gains and losses was CNY 194,297,661.98, representing a decline of 16.65% compared to CNY 233,102,742.27 in the previous year[13]. - The net cash flow from operating activities was CNY 55,231,620.77, a decrease of 29.99% from CNY 78,894,391.55 in the same period last year[13]. - Basic earnings per share for the first half of 2024 were CNY 1.56, a decrease of 5.45% compared to CNY 1.65 in the same period last year[14]. - The weighted average return on net assets was 11.27%, down from 12.69% year-on-year, indicating a decline of 1.42 percentage points[14]. - The company's revenue for the current period decreased by 7.02% year-on-year, primarily due to a decline in pharmaceutical industrial income[15]. - Net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 16.65% year-on-year, impacted by increased advertising expenses and rising raw material costs[15]. - The net cash flow from operating activities decreased by 29.99% year-on-year, mainly due to the transition to a pure sales assessment model and increased advertising expenses[15]. - In the first half of 2024, the company achieved revenue of 2.01 billion yuan, a year-on-year decrease of 7.02%, and a net profit attributable to shareholders of 239 million yuan, down 5.16% year-on-year[19]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,073,094,035.00, down 2.28% from CNY 4,167,951,216.96 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company increased by 2.66% to CNY 2,307,429,733.04 from CNY 2,247,706,068.29 at the end of the previous year[13]. - The company's total liabilities decreased from CNY 1,911,466,639.41 to CNY 1,754,071,888.94, a decrease of about 8.23%[74]. - The total equity attributable to shareholders was CNY 2,256,484,577.55, reflecting a slight increase from CNY 2,247,706,068.29 in the previous year[88]. - The total current assets amounted to RMB 2,389,213,982.28, a decrease of 13.6% from RMB 2,765,891,897.49 on December 31, 2023[73]. - The cash and cash equivalents were reported at RMB 186,348,464.56, down from RMB 305,122,133.15, reflecting a decline of 38.9%[73]. - Accounts receivable increased to RMB 1,059,743,928.28, up 23.4% from RMB 858,462,443.99 in the previous period[73]. - The inventory decreased significantly to RMB 280,201,750.22, a drop of 37.9% compared to RMB 450,845,166.25[73]. Research and Development - The company launched three new prescription drugs in the first half of the year, including a nebulized solution of Terbutaline Sulfate and an oral solution of Pregabalin[18]. - The company increased its advertising investment for the "Jianmin" brand products, contributing to the decline in net profit alongside rising raw material costs due to increased prices of traditional Chinese medicine materials[19]. - The company has increased R&D investment, with R&D expenses rising compared to the same period last year[19]. - Research and development expenses for the first half of 2024 were CNY 40,468,804.88, up from CNY 35,141,038.88 in the same period of 2023, indicating a growth of 15.0%[79]. Market Position and Strategy - The company primarily engages in the research, manufacturing, wholesale, and retail of pharmaceuticals, with no significant changes in its main business operations[18]. - The OTC product line's top-selling item, Longmu Zhuanggu Granules, has ranked first in pediatric digestive products for three consecutive years according to the China OTC Drug Association[18]. - The company is actively participating in volume-based procurement in certain provincial alliances for traditional Chinese medicine[19]. - The company is focusing on digital construction and improving terminal control capabilities to lay a solid foundation for rapid and stable development in the next cycle[19]. - The company has established three traditional Chinese medicine clinics in Wuhan, enhancing its TCM business planning and layout[18]. Environmental and Social Responsibility - The company is committed to environmental protection and has increased efforts in waste management and pollution reduction[60]. - The company has established a comprehensive wastewater treatment station with a daily processing capacity of 800 tons, ensuring stable operation and compliance with discharge standards[52]. - The company has implemented a new air pollution control facility with a processing capacity of 50,000 m³/h, utilizing a "biofilter + dry chemical filtration" method for exhaust gas treatment[52]. - The company emphasizes continuous investment in pollution prevention and integrates environmental management into its operational assessments[59]. - The company is committed to social responsibility through various community support initiatives, including educational programs for underprivileged children[32]. Shareholder and Capital Structure - The total number of ordinary shareholders as of the end of the reporting period was 12,591[69]. - The top ten shareholders held a total of 61,000,000 shares, representing 39.73% of the total shares[69]. - The company’s major shareholder, Huali Pharmaceutical Group, holds 37,014,073 shares, accounting for 24.13% of the total shares[69]. - The company approved a total of 10 resolutions during the 2023 annual general meeting, including the financial budget report for 2024 and the profit distribution plan for 2023[45]. - The company did not distribute profits or increase capital reserves in 2023, with no shares or dividends allocated[46]. Risk Management - The company did not report any significant risks that could materially affect its operations during the reporting period[3]. - The company faces risks from policy changes, particularly in the heavily regulated pharmaceutical industry, which could significantly impact operations[44]. - The company is actively responding to price reduction risks associated with centralized procurement of traditional Chinese medicine products[44]. - The company aims to enhance its R&D management system and improve the conversion rate of R&D results to address potential R&D risks[44]. Accounting and Financial Reporting - The company's financial statements are prepared based on the assumption of going concern, in accordance with the relevant accounting standards[101]. - The company’s financial report was approved by the board of directors on August 15, 2024[99]. - The company has not made any significant changes to its accounting policies or estimates for the 2024 fiscal year[166]. - The company regularly reviews significant judgments and estimates that affect the reported amounts of revenue, expenses, assets, and liabilities[167].

证券代码：600976 证券简称：健民集团 公告编号：2024-023 健民药业集团股份有限公司 详见中国证券报、证券时报、上海证券报及上海证券交易所网站 （http://www.sse.com.cn）公司披露的《健民药业集团股份有限公司 2024 年半年 度报告》及其摘要。 2. 关于新建叶开泰中医药传承创新中心的议案 第十届董事会第二十五次会议决议公告 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。 健民药业集团股份有限公司于 2024 年 8 月 5 日发出召开第十届董事会第二十 五次会议的通知，并于 2024 年 8 月 15 日上午 9:30 在武汉市汉阳区鹦鹉大道 484 号公司会议中心 3 楼会议室召开本次会议。会议应到董事 9 人,实到董事 9 人，符 合《公司法》和《公司章程》的规定。会议由公司董事长何勤先生主持，经到会董 事充分讨论，审议通过如下议案： 1. 公司 2024 年半年度报告 同意：9 票 弃权：0 票 反对：0 票 本议案经第十届董事会第十次审计委员会审议通过，全体委员均同意该项议案。 ...

2、公司 2024 年半年度报告的内容和格式符合中国证券监督管 理委员会和上海证券交易所的各项规定，所包含的信息能从各方面真 实的反映出公司 2024 年半年度的经营管理和财务状况等事项。 3、在提出本意见前，没有发现参与 2024 年半年度报告编制和 审议的人员存在违反保密规定的行为。 健民药业集团股份有限公司 监事会对 2024 年半年度报告的审核意见 根据证监会、上交所相关规定, 健民药业集团股份有限公司第 十届监事会第十二次会议审议通过公司 2024 年半年度报告，并出具 审核意见如下： 1、公司 2024 年半年度报告编制及审议程序符合相关法律、法 规、《公司章程》等有关规定； 二○二四年八月十五日 健民药业集团股份有限公司 监事会 ...

证券代码：600976 证券简称：健民集团 公告编号：2024-022 健民药业集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 （三）会议召开方式：上证路演中心网络互动 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： 会议召开时间：2024 年 08 月 16 日(星期五)下午 14:00-15:00 投资者可于 2024 年 08 月 09 日(星期五)至 08 月 15 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir.jmjt@whjm.com）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 健民药业集团股份有限公司（以下简称"公司"）将于 2024 年 08 月 16 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 08 月 16 日下午 14:00-15:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 ...

健民药业集团股份有限公司 2024 年 7 月投资者关系活动记录表 | --- | --- | |--------------|-------------------| | 投关活动类别 | 特定对象调研 | | | □业绩说明会 | | | □现场参观 | | 参与单位名称 | 2024 年 7 月 11 | | | 2024 年 7 月 18 | | 地 点 | 公司会议室 | | 公司参与人员 | | | | 务助理王淼 | | 相关情况说明 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目标顺利达成。 | | | | | | | | | | | | | | | 公司研发管线有 25 | | | | | | | | --- | |-------------------------------------------------------------| | 品，持续夯实公司产品力；三是坚持品牌引领，公司拥有"健民" | | "龙牡""叶开泰"三大品牌，其中"健民""龙牡"为中国驰 | | 名商标，"健民"为中华老字号品牌，公司是中药企业中 ...

健民集团(600976) 证券研究报告 | 公司更新 | 中药 || | --- | --- | |--------------------|-------------------------| | | 报告日期:2024年08月03日 | | 下半年业绩有望改善 | | | 健民集团更新报告 | | 投资要点 0 公司当前处于渠道调整末期,公司通过调签渠道结构、稳定终端价格的方式实 现儿科补益美大单品龙牡壮骨颗粒高质量发展,随着渠道库存出清完毕和促销活 动的正常开展，主营业务有望改善。 0 市场对儿科市场过于悲观，认为出生人口下滑导致市场规模缩水，却忽视了竞 争格局变化。以公司第一大单品龙牡所在的维矿类市场为例,TOP20产品中仅 龙牡为中成药,其他均为以葡萄糖酸钙和碳酸钙为代表的化药,龙牡作为中西复 方制剂,能够提高儿童吸收钙磷的能力和直接提供外源性钙元素,在重塑价格体 系后,形成了对内卷严重的化药竞品的明显替代。 0 公司战略前瞻布局老龄化市场，便通胶囊产品有望快速放置。公司注重老龄化 相关领域，着力于通过线上广告和线下促销的方式发展便秘类独家品种便通胶 囊,该产品 2023年已达到 44.59%的销量 ...

证券代码：600976 证券简称：健民集团 公告编号：2024-021 健民药业集团股份有限公司 关于获得《药品注册证书》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。 近日，健民药业集团股份有限公司（以下简称"公司"）收到国家药品监督管理 局核准签发的普瑞巴林口服溶液、地夸磷索钠滴眼液的《药品注册证书》，现将有关 情况公告如下： 点（电压门控钙通道的一个辅助性亚基）有高度亲和力，主要适用于治疗带状疱疹后 神经痛、纤维肌痛。 地夸磷索钠滴眼液适用于经诊断为伴随泪液异常的角结膜上皮损伤的干眼患者。 地夸磷索钠系二核苷酸衍生物，通过作用于结膜组织以及杯状细胞膜上的 P2Y2 受体， 使细胞内钙离子浓度升高，促进含有水分及粘蛋白的泪液分泌，使泪液层在质和量两 方面接近正常状态，进而改善角结膜上皮损伤。 一、药品获批上市的主要内容 | 项目 | 药品注册证书主要内容 | 药品注册证书主要内容 | | --- | --- | --- | | 药物名称 | 普瑞巴林口服溶液 | 地夸磷索钠滴眼液 | | 剂型 | 口服溶液剂 ...