Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance above the market index over the next six months [3][26]. Core Insights - The company achieved a revenue of 4.21 billion yuan in 2023, representing a year-on-year growth of 15.7%, with a net profit attributable to shareholders of 520 million yuan, up 27.8% [1][17]. - The investment income for 2023 was 230 million yuan, a significant increase of 42.5% year-on-year, primarily driven by the performance of its subsidiary, Dapeng Pharmaceutical [3][17]. - The company has launched multiple new drugs, enhancing its research and promotion capabilities, with a focus on pediatric medications [3][17]. Financial Performance - Revenue growth is projected to continue, with estimates of 4.99 billion yuan in 2024, 5.87 billion yuan in 2025, and 6.88 billion yuan in 2026, reflecting growth rates of 18.33%, 17.73%, and 17.21% respectively [2][39]. - The net profit attributable to shareholders is expected to reach 620 million yuan in 2024, 747 million yuan in 2025, and 909 million yuan in 2026, with corresponding growth rates of 18.60%, 20.74%, and 21.76% [2][39]. - The company's gross margin for the pharmaceutical industry was reported at 77.75% in 2023, showing a slight increase from the previous year [17]. Product Performance - Key products such as Longmu Bone Strengthening Granules and Bian Tong Capsules have shown significant sales growth, with Bian Tong Capsules increasing by 44.6% year-on-year [17]. - The company has successfully introduced new drugs, including a pediatric cough syrup that addresses a common pediatric condition, which is expected to capture a significant market share [3][17]. Market Position and Outlook - The company is well-positioned in the market with a strong pipeline of new products and a focus on expanding its marketing efforts, particularly in the pediatric segment [3][17]. - The report anticipates continued demand for its products, particularly in the context of rising prices for natural medicinal materials, which may benefit the company's cultivated alternatives [3][17].

Investment Rating - The report maintains a "Buy" rating for Jianmin Group, with expected revenue growth from 48.29 billion to 64.14 billion CNY from 2024 to 2026, and corresponding net profits increasing from 6.19 billion to 9.16 billion CNY during the same period [2][17]. Core Insights - Jianmin Group achieved a revenue of 4.213 billion CNY in 2023, representing a year-on-year growth of 15.72%, and a net profit of 521 million CNY, up 27.78% year-on-year [17]. - The growth in net profit is attributed to the strong performance of key products such as Longmu and investment income from Jianmin Dapeng [17]. - The company is actively advancing its R&D in traditional Chinese medicine, with several new drug approvals and ongoing projects aimed at enhancing its product offerings [17]. Financial Performance Summary - Total revenue (in million CNY) for the years 2022A to 2026E is projected as follows: 3,641 (2022), 4,213 (2023), 4,829 (2024), 5,564 (2025), and 6,414 (2026), with growth rates of 10.3%, 15.7%, 14.6%, 15.2%, and 15.3% respectively [3]. - Net profit attributable to the parent company (in million CNY) is forecasted to be: 408 (2022), 521 (2023), 619 (2024), 746 (2025), and 916 (2026), with year-on-year growth rates of 33.7%, 27.8%, 18.7%, 20.6%, and 22.8% respectively [3]. - The gross profit margin is expected to remain stable, with figures of 43.3% (2022), 46.0% (2023), 45.5% (2024), 46.3% (2025), and 47.3% (2026) [3]. - Earnings per share (EPS) is projected to increase from 2.66 CNY in 2022 to 5.97 CNY in 2026 [3]. R&D and Product Development - The company is focusing on the development of new traditional Chinese medicine products, with 27 ongoing R&D projects and 7 new product approvals in 2023 [17]. - Jianmin Group plans to implement differentiated marketing strategies for its two major product lines in 2024, aiming to enhance market coverage and brand recognition [17].

2024 年 03 月 18 日 公司研究年年报 评级：买入(维持) 最近一年走势 事件: 投资要点: 沪深 300 7.1% 8.2% -9.0% 风险提示 龙牡壮骨颗粒销售不及预期；处方药集采降价风险；医药商 证券研究报告 | --- | --- | --- | --- | --- | |----------------------------------|-------|-------|-------|-------| | [ 预 Ta 测 ble 指 _F 标 orcast1] | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4213 | 4812 | 5664 | 6636 | | 增长率 (%) | 16 | 14 | 18 | 17 | | 归母净利润（百万元） | 521 | 625 | 779 | 973 | | 增长率 (%) | 28 | 20 | 25 | 25 | | 摊薄每股收益（元） | 3.41 | 4.07 | 5.08 | 6.34 | | ROE(%) | 23 | 22 | 21 | 21 | | P/E | 19.13 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][25]. Core Insights - The company has shown a steady increase in revenue and profitability, with 2023 revenue reaching 4.21 billion yuan, a year-on-year growth of 15.72%, and a net profit attributable to the parent company of 521.46 million yuan, up 27.78% year-on-year [27]. - The OTC product line generated revenue of 1.106 billion yuan, reflecting a year-on-year increase of 14.85%, while the Rx product line achieved revenue of 1.058 billion yuan, up 15.43% [1][27]. - The company’s core product, Longmu Zhuanggu Granules, sold 62.33 million bags, marking a 15.17% increase, and Bian Tong Capsules saw sales of 29.36 million capsules, a significant rise of 44.59% [1]. Financial Summary - The company’s financial projections indicate a revenue increase from 4.21 billion yuan in 2023 to 6.93 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16.71% [3][25]. - The net profit attributable to the parent company is expected to grow from 521.46 million yuan in 2023 to 901.87 million yuan in 2026, with a CAGR of 20.16% [3][25]. - The EBITDA is projected to rise from 679.61 million yuan in 2023 to 1.05 billion yuan in 2026, indicating strong operational performance [3][25]. Business Segments Performance - The commercial segment achieved revenue of 2.01 billion yuan in 2023, a year-on-year increase of 16.64%, while the pharmaceutical industrial segment generated 2.16 billion yuan, up 15.13% [23]. - Pediatric products contributed 1.14 billion yuan in revenue, reflecting a 13.67% increase, and gynecological products generated 573 million yuan, up 3.81% [23]. - The overall gross margin for the company improved to 46.05%, an increase of 2.78 percentage points year-on-year, with a net margin of 12.42%, up 1.28 percentage points [23].

Investment Rating - The report maintains an "Outperform" rating for the company [16]. Core Views - The company achieved a revenue of 4.213 billion yuan in 2023, representing a year-on-year growth of 15.72%, and a net profit of 521 million yuan, up 27.78% [4]. - The OTC business generated revenue of 1.106 billion yuan, growing by 14.85%, with strong performance from key products [5]. - The company is expected to continue its growth trajectory, with projected net profits of 612 million yuan, 775 million yuan, and 953 million yuan for 2024, 2025, and 2026, respectively [6]. Financial Performance Summary - In 2023, the company reported total revenue of 4.213 billion yuan, with a gross margin of 46.0% [7]. - The net profit for 2023 was 521 million yuan, with a net profit margin of 12.4% [26]. - The company’s earnings per share (EPS) for 2023 was 3.40 yuan, with projections of 3.99 yuan, 5.05 yuan, and 6.21 yuan for the years 2024, 2025, and 2026, respectively [26]. Business Segment Performance - The prescription drug segment achieved revenue of 1.058 billion yuan in 2023, growing by 15.43%, with several products performing well in the market [21]. - The OTC segment's leading product, Longmu Bone Granules, maintained stable growth, while the company focused on brand building and marketing strategies [5]. - The company’s pediatric products also showed promising sales, with new products entering the market and ongoing clinical trials for additional offerings [21]. Future Outlook - The company is expected to benefit from strong brand capabilities and stable growth in its core business, with a projected revenue increase to 5.338 billion yuan in 2025 and 6.023 billion yuan in 2026 [26]. - The anticipated growth rates for net profit are 17.3%, 26.7%, and 22.9% for the years 2024, 2025, and 2026, respectively [6].

Financial Performance - The company's operating revenue for 2023 reached RMB 421,315.46 million, representing a year-on-year increase of 15.72%[22]. - Net profit attributable to shareholders increased by 27.78% to RMB 52,145.77 million, driven by growth in key products and investment income[25]. - Cash flow from operating activities rose by 24.33% to RMB 26,838.97 million, primarily due to increased sales collections[25]. - Basic earnings per share increased by 27.24% to RMB 3.41, while diluted earnings per share remained the same[23]. - Total assets at the end of 2023 were RMB 416,795.12 million, up 21.15% compared to the end of 2022[22]. - The company's net assets attributable to shareholders increased by 20.85% to RMB 224,770.61 million[22]. - The fourth quarter net profit decreased due to year-end asset impairment provisions and fluctuations in investment income[26]. - The company achieved total assets of 4.168 billion RMB, a year-on-year increase of 21.15%[34]. - The company reported an operating income of 4.213 billion RMB, representing a year-on-year growth of 15.72%[34]. - The net profit attributable to shareholders reached 521 million RMB, an increase of 27.78% compared to the previous year[34]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 12 per 10 shares, totaling a profit distribution of RMB 184,078,320 based on a total share capital of 153,398,600 shares[7]. - The company announced a cash dividend amounting to CNY 184,078,320, which represents 35.30% of the net profit attributable to ordinary shareholders in the consolidated financial statements[189]. - For the 2022 fiscal year, the company approved a cash dividend of 10 CNY per 10 shares, totaling 153,398,600 CNY[186]. - The company has implemented a cash dividend policy, distributing a total of 790 million CNY in cash dividends over the past 15 years[185]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongshen Zhonghuan Accounting Firm[6]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[10]. - The company has not violated decision-making procedures for providing guarantees[10]. - All board members attended the board meeting, ensuring accountability for the report's accuracy[5]. - The company has established strict insider information management protocols, with no insider trading incidents reported during the period[155]. - The independent directors communicated with the audit team regarding key audit areas such as inventory and accounts receivable, ensuring thorough oversight[153]. - The company has implemented measures to ensure compliance with regulations, with no significant discrepancies noted in governance practices[156]. - The company has held three shareholder meetings in 2023, addressing 16 proposals, ensuring compliance with legal and regulatory requirements[151]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period[10]. - The company has outlined various risks it may face in its operations, including industry policy risk, raw material risk, market competition risk, and R&D risk[10]. - The company faces significant risks from policy changes in the pharmaceutical industry, with new regulations impacting operational strategies and requiring adjustments to product structures and marketing strategies[144]. - The price of traditional Chinese medicine materials has been on the rise due to market supply and demand, which could affect production costs and profit levels[146]. - The average price drop for 68 selected traditional Chinese medicine products was 49% due to centralized procurement, posing a risk to product pricing[147]. - New drug development involves high investment and risk, with potential challenges in clinical efficacy and market acceptance[147]. Research and Development - The company has accelerated the market introduction of new products, including the innovative drug "小儿紫贝宣肺糖浆" and others[38]. - In 2023, the company increased R&D investment, launching 27 new drug R&D projects and obtaining 3 drug registration certificates, including 1 new traditional Chinese medicine and 2 generic drugs[39]. - The company has 172 research personnel and holds 123 valid patents, including 69 invention patents, supporting its R&D capabilities[68]. - The company’s R&D expenses have shown a compound annual growth rate of 32.76%, with R&D costs exceeding 10% of total revenue[46]. - The company is committed to enhancing its R&D capabilities and accelerating the development of innovative drugs in response to the evolving healthcare landscape and regulatory environment[56]. - The company is committed to improving its R&D management system and enhancing the conversion rate of R&D results[147]. - The company has established a robust intellectual property portfolio, with numerous patents protecting its innovative products and methods[103][104]. Market Expansion and Strategy - The company plans to continue focusing on the development of key products and expanding its market presence[25]. - The company is actively expanding its traditional Chinese medicine clinic business, adding 1 new clinic in Wuhan during the reporting period[40]. - The company is expanding its sales resources towards community hospitals and rural health clinics in response to increasing government focus on rural healthcare, with a goal to tap into previously underserved markets[54]. - The company aims to increase its market share in the hospital sector through the promotion of its products, especially after the removal of reimbursement restrictions for Longmu Zhuanggu Granules in the 2023 insurance directory[56]. - The company plans to enhance its core industries while actively incubating emerging businesses to achieve rapid and high-quality development in 2024[140]. - The company is considering strategic acquisitions to enhance its market position, targeting companies with a combined revenue of 500 million[160]. - Market expansion plans include entering three new international markets by the end of 2024, projected to increase overall market share by 5%[164]. Human Resources and Management - The company has a comprehensive human resource management system, providing competitive salaries and diverse training for talent development[68]. - The company has established a comprehensive human resources system, including a multi-dimensional salary system based on job levels and performance[183]. - The company conducted a talent development project, selecting 35 young middle-level backup talents for training in 2023[184]. - The company has implemented a performance assessment system for senior management, linking salary to performance responsibility agreements[183]. - The total remuneration for directors and senior management during the reporting period amounted to 682.05 million yuan[159]. - The company has established a balanced incentive and restraint compensation system for senior management in 2023, including annual salary standards and performance responsibility agreements[167]. Corporate Governance - The board of directors convened 16 times in 2023, reviewing 48 proposals to ensure effective governance and decision-making[152]. - The company has made adjustments to its board committees, ensuring effective governance and oversight[174]. - The company has not reported any dissenting opinions from board members during the year, indicating a unified approach to governance[174]. - The company has implemented measures to ensure compliance with regulations, with no significant discrepancies noted in governance practices[156]. - The company has established a partner shareholding plan for its subsidiary, demonstrating a commitment to aligning interests with stakeholders[173]. Environmental and Social Responsibility - The company invested CNY 5.3 million in environmental protection during the reporting period[198]. - The company’s subsidiary, Yekai Thai Pharmaceutical, reported wastewater discharge with BOD levels at 76.9 mg/L, well below the standard limit of 300 mg/L[200]. - The company has committed to donating to the China Population Welfare Foundation, reflecting its corporate social responsibility initiatives[176].

| 财务报表 | | | --- | --- | | 合并资产负债表 | | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | ર | | 资产负债表 | 7 | | 利润表 | 9 | | 现金流量表 | 10 | | 股东权益变动表 | 11 | | 财务报表附注 | 13 | 起始页码 审计报告 健民药业集团股份有限公司 审计报告 众环审字(2024) 0100327号 目 录 审计报告 众环审字(2024) 0100327 号 健民药业集团股份有限公司全体股东: 一、审计意见 我们审计了健民药业集团股份有限公司(以下简称"健民药业集团"或"公司)财务报 表,包括 2023年12月31日的合并及公司资产负债表,2023年度的合并及公司利润表、合 并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 健民药业集团 2023年12月31日合并及公司的财务状况以及 2023年度合并及公司的经营成 果和现金流量。 二、形成审计意见的基础 审计报告第1页共4页 | 关键审计事项 | 在 ...

关于独立董事独立性自查情况的专项意见 因此，公司独立董事不存在任何妨碍其进行独立客观判断的关系， 不存在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》 等法律法规及《健民药业集团股份有限公司章程》《健民药业集团股份 有限公司独立董事工作制度》等制度中关于独立董事任职资格及独立性 的要求。 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等要求，健民药业集团股份有限公司（以下简称 "公司"）董事会，就公司 2023 年度在任独立董事李曙衢先生、杨智 先生、郭云沛先生的独立性情况进行评估并出具如下专项意见： 健民药业集团股份有限公司董事会 经公司独立董事自查及董事会核查独立董事在公司的履职情况，董 事会认为公司全体独立董事均具备胜任独立董事岗位的资格。独立董事 及其配偶、父母、子女、主要社会关系未在公司或公司附属企业任职， 未在公司主要股东及其附属企业任职，未与公司存在重大的持股关系， 与公司及主要股东之间不存在重大业务往来关系或提供财务、法律、咨 询、保荐等服务关系。 健民药业集团股份有限公司 董事会 ...

健民药业集团股份有限公司 2023 年度会计师事务所履职情况评估报告 健民药业集团股份有限公司（以下简称"公司"）聘请中审众环会计师事务 所（特殊普通合伙）（以下简称"中审众环会计师事务所"）作为公司 2023 年 度年报审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公司选 聘会计师事务所管理办法》，公司对中审众环会计师事务所 2023 年审计过程中 的履职情况进行评估。经评估，公司认为中审众环会计师事务所资质等方面合规 有效，履职保持独立性，勤勉尽责，公允表达意见。具体情况如下： 一、资质条件 1、基本信息 （1） 机构名称：中审众环会计师事务所（特殊普通合伙） （2） 成立日期：中审众环会计师事务所始创于 1987 年，是全国首批取得 国家批准具有从事证券、期货相关业务资格及金融业务审计资格的大型会计师事 务所之一。根据财政部、证监会发布的从事证券服务业务会计师事务所备案名单， 本所具备股份有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国 家财政部等有关要求转制为特殊普通合伙制。 （3） 组织形式：特殊普通合伙企业 （4） 注册地址：湖北省武汉市武昌区水果湖街道中北路 16 ...

健民药业集团股份有限公司 监事会议事规则 第二章 监事会的组成与职权 第四条 监事会由 5 名监事组成，其中股东代表担任的监事 3 人、公司职工代表担任的 监事 2 人。监事会设监事会召集人 1 名即监事会主席，由监事会选举产生。监事会召集人 不能履行职权时，由该召集人指定一名监事代行其职权。 第一条 为保障监事会依法独立行使监督权，确保股东的整体利益和公司的发展，规范 公司监事会的议事方式和表决程序，促使监事和监事会有效地履行监督职责，现依据《中 华人民共和国公司法》《上市公司治理准则》《健民药业集团股份有限公司章程》及其他有 关法律法规规定，制定本规则。 第二条 公司设立监事会，根据法律法规及《公司章程》的规定行使监督职能。监事会 设监事会主席，作为监事会的召集人。 第三条 监事会依法对公司的董事、高级管理人员及公司的经营活动实施监督，维护公 司和股东的合法权益。 第五条 监事应具有法律或会计等相关领域专业知识和工作经验，以及独立、有效履职 所需的判断、监督能力。 公司董事和高级管理人员不得兼任公司监事。 监事候选人存在下列情形之一的，不得被提名担任公司监事： (本规则尚需股东大会批准) 第一章 总则 监 ...