证券代码：600976 证券简称：健民集团 公告编号：2025-018 健民药业集团股份有限公司 关于高级管理人员辞任的公告 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"）董事会收到胡振波 先生的书面《辞职报告》，因工作调整，胡振波先生向董事会申请辞去公司副总 裁职务。根据《公司法》《公司章程》等有关规定，胡振波先生的《辞职报告》 自送达董事会之日起生效。 胡振波先生辞去公司副总裁职务后，仍担任公司董事，不会对公司经营活动 产生不利影响。公司对胡振波先生在担任副总裁职务期间所做的工作和经营贡献 表示感谢。 特此公告。 健民药业集团股份有限公司 董事会 二○二五年五月十日 ...

Investment Rating - The report indicates a cautious outlook for the pharmaceutical industry, with a focus on recovery in 2024 after a challenging 2023 due to anti-corruption measures [6][19]. Core Insights - The pharmaceutical industry is projected to see a decline in sales revenue and net profit for 2024 compared to 2023, with total sales revenue growth at -0.46%, net profit at -6.73%, and non-recurring net profit at -11.97% [2][13]. - The fastest-growing segments in Q4 2024 are expected to be CXO, medical devices, and pharmaceutical distribution, while in Q1 2025, the growth leaders will shift to CXO, pharmacies, and pharmaceutical distribution [22]. - The report highlights a significant slowdown in growth for traditional Chinese medicine and a mixed performance across various sectors, with some showing resilience and others facing challenges [5][24]. Summary by Sector Pharmaceutical Industry - In 2024, the total revenue growth for 405 pharmaceutical companies is projected at -0.46%, with net profit declining by 6.73% [2][13]. - Q1 2025 shows a continued decline in revenue and net profit, indicating ongoing challenges [13]. Traditional Chinese Medicine - For 62 listed companies in traditional Chinese medicine, revenue and net profit are expected to decline by -3.9% and -14.6% respectively in 2024, with further declines in Q1 2025 [24][32]. Chemical Preparations - The 96 chemical preparation companies are expected to see revenue growth of 1.2% and net profit growth of 15.7% in 2024, with a slight slowdown in Q1 2025 [2][5]. Research Services - The 16 research service companies are projected to experience a revenue increase of 6.56% in 2024, despite a significant drop in net profit [2][5]. Medical Services - The 11 medical service companies are expected to face revenue growth of 1.4% in 2024, with a notable recovery in Q1 2025 [2][5]. Medical Devices - The 97 medical device companies are projected to see a slight revenue increase of 1.16% in 2024, with a decline in net profit [2][5]. Biopharmaceuticals - The 54 biopharmaceutical companies are expected to see a revenue decline of -6.9% in 2024, with a significant drop in Q1 2025 [3][5]. CXO - The 22 CXO companies are projected to experience a revenue decline of -4.14% in 2024, but a recovery is anticipated in Q1 2025 with a revenue increase of 13.1% [3][5]. Raw Materials - The 50 raw material companies are expected to see a slight revenue increase of 2.48% in 2024, with a recovery trend starting in Q1 2025 [3][5]. Pharmacies - The 7 pharmacy companies are projected to see revenue growth of 4.9% in 2024, but face challenges in Q1 2025 [2][5]. Pharmaceutical Distribution - The 22 pharmaceutical distribution companies are expected to see a slight revenue increase of 0.27% in 2024, with ongoing challenges in Q1 2025 [2][5].

截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 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： 本次利润分配方案经公司2025年4月15日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 三、相关日期 ■ 四、分配实施办法 1.实施办法 3.分配方案： 除自行发放的对象外，截至股权登记日登记在册的本公司全体股东的红利委托中国结算上海分公司通过 其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交 易的股东派发。已办理指定交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理 指定交易的股东红利暂由中国结算上海分公司保管，待办理指定交易后再进行派发。 2.自行发放对象 华立医药集团有限公司、华立集团股份有限公司、武汉市江岸区先锋彩印厂及未办理补登记手续的原内 部职工股股东的现金红利由本公司自行发放。 3.扣税说明 （1）对于 ...

证券代码：600976 证券简称：健民集团 公告编号：2025-017 健民药业集团股份有限公司 2024年年度权益分派实施公告 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： 相关日期 本次利润分配以方案实施前的公司总股本153,398,600股为基数，每股派发现金红利0.90 元（含税），共计派发现金红利138,058,740元。 三、相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/29 | － | 2025/4/30 | 2025/4/30 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 15 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登 ...

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 [4][18]. Core Insights - The company reported a revenue of 889 million (down 8.04% year-on-year) and a net profit of 110 million (up 10.7% year-on-year) for Q1 2025, with a gross margin of 57.61% (up 15.11 percentage points) and a net margin of 12.45% (up 2.12 percentage points) [1][2]. - The decline in revenue is attributed to the ongoing optimization of the pharmaceutical commercial segment, while the increase in net profit is driven by higher revenues from the pharmaceutical industrial segment and improved product revenue structure [2]. - The company has made significant progress in cash flow, with net cash flow from operating activities increasing by 51.74% year-on-year, primarily due to increased sales collections from its pharmaceutical commercial subsidiaries [2]. Financial Performance and Forecast - The company’s revenue projections for 2025, 2026, and 2027 are 3.79 billion, 4.14 billion, and 4.56 billion respectively, with growth rates of 8%, 9%, and 10% [4][6]. - Net profit forecasts for the same years are 510 million, 650 million, and 800 million, with growth rates of 41%, 27%, and 23% [4][6]. - The report highlights a significant improvement in profitability metrics, with EPS expected to rise from 2.36 in 2024 to 5.20 in 2027 [6][12]. Strategic Initiatives - The company is reforming its marketing system to enhance performance, including implementing a profit contribution assessment alongside sales assessments, optimizing organizational structure, and advancing digitalization efforts [3]. - The company plans to accelerate the commercialization of new products in the prescription line and expand its market coverage, particularly in grassroots healthcare [3]. - The introduction of innovative traditional Chinese medicine products is expected to contribute to future revenue growth [3].

证券代码：600976 证券简称：健民集团 公告编号：2025-016 健民药业集团股份有限公司 关于小儿牛黄退热贴膏获批上市的公告 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"）从国家药品监督管 理局网站获悉，公司研发的小儿牛黄退热贴膏获批上市。现将相关情况公告如下： 一、药品获批上市的主要内容 药物名称：小儿牛黄退热贴膏 申请事项：药品注册（境内生产） 规格：每贴相当于饮片 2.4g，含薄荷脑 20mg（6cm×6cm） 注册分类：中药 1.1 类 上市许可持有人：健民药业集团股份有限公司 该药品处方源自全国名中医的临床经验方，贴于大椎穴和神阙穴，具有退热 解表、清热解毒功效，用于小儿急性上呼吸道感染风热证所致的发热(38.5℃及 以下)。该药品的上市为急性上呼吸道感染风热证所致的 1 至 5 岁发热儿童患者 提供了新的治疗选择。 二、药品研发及相关情况 药物名称：小儿牛黄退热贴膏 功能主治：退热解表，清热解毒。用于小儿急性上呼吸道感染风热证所致的 发热（38.5℃ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business profits have shown a strong recovery in Q1 2025, with a non-recurring net profit of 1.03 billion yuan, representing a year-on-year increase of 13.92%. The main business profit reached 640 million yuan, up 116% year-on-year [6] - The report highlights the positive impact of the company's marketing system reform initiated in 2024, which is expected to enhance short-term profit recovery and long-term revenue growth and profitability [6] - The demand for cultured gallstones is expected to grow steadily due to an aging population and the shortage of natural gallstones, providing significant replacement opportunities [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 892 million yuan, down 8.04% year-on-year, while the net profit attributable to shareholders was 110 million yuan, up 10.70% year-on-year [4][6] - The report forecasts revenues for 2025-2027 to be 39.50 billion yuan, 43.45 billion yuan, and 47.80 billion yuan, respectively, with net profits of 5.46 billion yuan, 6.25 billion yuan, and 7.41 billion yuan [6][8] Market Position and Growth Drivers - The company is expected to maintain high growth in its OTC and hospital sales channels, with significant market share increases for products like "Bengtong Capsule" and "Jianpi Shengxue Granule" [6] - New product launches, including pediatric and prescription drugs, are anticipated to contribute to sustained growth in the prescription line [6] Long-term Outlook - The report emphasizes the long-term growth potential of cultured gallstones, driven by increasing health demands and the aging population, which is expected to benefit downstream products containing gallstones [6]

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly on innovative drugs and their internationalization process, while suggesting a focus on blood products and scientific instruments in the short term [4][18]. Core Insights - The pharmaceutical sector has shown stable stock performance, with significant approvals for innovative drugs such as the IL-21/IL-23 dual antibody by Kangfang Biopharma and the successful phase 3 clinical trial results for Eli Lilly's orforglipron [1][2][18]. - The report emphasizes the resilience and growth potential of the pharmaceutical sector amidst changing external tariff environments, highlighting low geopolitical risks for innovative drugs and opportunities for domestic replacements in blood products and medical devices [4][18]. - The report suggests a continuous focus on innovative and semi-innovative drug companies, as well as potential recovery in the performance of generic drugs, chain pharmacies, and traditional Chinese medicine post-Q1 reports [4][20]. Summary by Sections Pharmaceutical Sector - Kangfang Biopharma's IL-21/IL-23 dual antibody has been approved for moderate to severe plaque psoriasis, marking a significant milestone as the first domestic drug of its kind [19]. - The approval of AstraZeneca's capivasertib for second-line breast cancer treatment further highlights the growing number of innovative drugs being approved in China [23][25]. - The report anticipates a surge in licensing transactions as Chinese innovative drug assets mature, leading to more predictable performance for pharmaceutical companies [2][25]. Biological Products - Eli Lilly's orforglipron has successfully completed phase 3 clinical trials, demonstrating superior A1C reduction compared to placebo, which positions it as a leading oral GLP-1 receptor agonist [26][29]. - The report encourages monitoring the progress of domestic GLP-1 small molecules, which are showing promising clinical results [33][34]. Medical Devices - Domestic companies are making significant strides in innovative research and development, with products like the LiqMagic peripheral vascular shockwave treatment system gaining traction in clinical applications [35][36]. - The report notes that the innovative technology in vascular treatment is expected to enhance patient outcomes and reduce procedural risks [35][36]. Investment Recommendations - The report recommends focusing on innovative and semi-innovative drug companies such as Kelun-Biotech, Kangfang Biopharma, and Huadong Medicine, as well as blood products and scientific instruments for potential domestic replacements [5][20]. - It also suggests paying attention to the recovery of generic drugs, chain pharmacies, and traditional Chinese medicine as the market stabilizes post-Q1 [4][20].

Investment Rating - The industry investment rating is "Outperform the Market" [1][50]. Core Insights - Eli Lilly's first oral small molecule GLP-1 drug, Orforglipron, has successfully completed Phase 3 clinical trials, which is expected to change the landscape of weight loss medications [3][4]. - The ACHIEVE-1 trial showed that Orforglipron significantly reduced HbA1c levels by 1.3% to 1.6% from a baseline of 8.0% after 40 weeks, with over 65% of patients achieving HbA1c levels ≤6.5% [3][4]. - Patients receiving the highest dose of Orforglipron lost an average of 7.3 kg, indicating potential for further weight loss [4]. - Eli Lilly plans to submit a global application for Orforglipron for weight management by the end of this year and for type 2 diabetes treatment in 2026 [4][5]. Summary by Sections Industry Overview - The successful Phase 3 trial of Orforglipron positions it as a potential second oral GLP-1 drug in the U.S., following Novo Nordisk's Rybelsus [5]. Investment Strategy - Focus on "innovation," "overseas expansion," "equipment upgrades," and "consumer recovery" as key investment themes [7]. - Recommended companies include innovative drug developers and those with strong overseas market potential [7]. Key Companies to Watch - **Nocera Health**: Expected to achieve over 1 billion yuan in revenue from its core product, with a projected 49% year-on-year growth [8]. - **Sihuan Pharmaceutical**: Strong fundamentals with a stable growth outlook, particularly in the ADC market [11]. - **China Biopharmaceutical**: Rapid revenue growth with a focus on innovative products [13]. - **Aier Eye Hospital**: Benefiting from increasing demand in ophthalmology and ongoing overseas expansion [22]. Market Performance - The pharmaceutical sector saw a decline of 0.36% last week, while the broader market index rose by 0.59% [25][36].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leader in pediatric traditional Chinese medicine, particularly with its flagship product, Longmu Bone Strengthening Granules, which has shown significant sales growth and market recognition [8][14]. - The company is undergoing a marketing reform and inventory management strategy, which may lead to short-term revenue decline but is expected to set a foundation for long-term growth [8][23]. - The company has a strong pipeline of innovative products and is focusing on expanding its OTC (over-the-counter) offerings, particularly in the pediatric segment [8][37]. Summary by Sections Financial Performance - The company reported a total revenue of 42.13 billion yuan in 2023, with a year-on-year growth of 15.72%. However, a decline to 35.05 billion yuan is expected in 2024, representing a decrease of 16.81% [1][23]. - The net profit attributable to shareholders for 2023 was 5.21 billion yuan, up 27.78% from the previous year, but is projected to drop to 3.62 billion yuan in 2024, a decline of 30.54% [1][23]. - The earnings per share (EPS) for 2023 was 3.40 yuan, with a forecast of 2.36 yuan for 2024 [1]. Pediatric Product Line - Longmu Bone Strengthening Granules is a leading product in the pediatric calcium supplement market, achieving sales of over 6.2 billion bags in 2023, a 15.2% increase from the previous year [8][48]. - The company is focusing on expanding its pediatric product line, which includes various formulations for common childhood ailments, and has seen a compound annual growth rate (CAGR) of 26.6% in its pediatric segment from 2018 to 2023 [8][58]. OTC Brand Development - The company is actively developing its OTC brand strategy, with a focus on products like the Bian Tong Capsule, which has seen a sales growth of 45% in 2023 [8][37]. - The pediatric drug market in China is characterized by a scarcity of suitable products, presenting significant growth opportunities for the company [8][38]. Innovation and R&D - The company has accelerated its R&D efforts, with 51 projects currently in development, including 31 new drug projects [8][33]. - Recent approvals for innovative products, such as the pediatric Zibei Syrup and the Cow Yellow Pediatric Fever Patch, are expected to enhance the company's competitive edge in the market [8][33]. Market Position and Strategy - The company maintains a strong market position in the pediatric traditional Chinese medicine sector, with a market share of 10.84% in the pediatric Chinese medicine market [8][50]. - The company is implementing strategic adjustments to its sales approach, including reducing channel inventory to better align with market demand [8][53].