Core Viewpoint - The company has received approval from the National Medical Products Administration for the drug registration certificate of sodium hyaluronate eye drops [1] Group 1 - The company's wholly-owned subsidiary, Mayinglong Meikang, has been granted the drug registration certificate [1]

关于参加湖北辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 证券代码：600993 证券简称：马应龙 公告编号：临 2025-010 马应龙药业集团股份有限公司 1 为进一步加强与投资者的互动交流，马应龙药业集团股份有限公司（以下简 称"公司"）将参加由湖北证监局、湖北省上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年湖北辖区上市公司投资者集体接待日活动"，现将相关 事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号（全景财经），或下载全景路演 APP,参与 本次互动交流，活动时间为 2025 年 6 月 12 日（星期四）14:00-16:40。届时公司 高管将在线就公司经营业绩、公司治理、发展战略、经营状况等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 马应龙药业集团股份有限公司董事会 2025 年 6 月 7 日 ...

Core Insights - The report highlights a diversified investment strategy with a focus on specific stocks, including SF Holding, Anji Technology, and others, indicating a positive outlook for these companies in the near term [1] - The macroeconomic analysis points to a mixed performance in domestic and foreign demand, with improvements in the external trade environment positively impacting manufacturing sentiment [2][5] - The tourism sector shows a strong recovery during the Dragon Boat Festival, with significant increases in domestic travel and spending, driven by short-distance leisure travel and cultural events [8][10] Macroeconomic Analysis - In May, the manufacturing PMI rose to 49.5%, indicating a slight recovery but still within a contraction zone, with new orders and production indices showing improvements [5][6] - The high-tech manufacturing sector continues to expand, with a PMI of 50.9%, reflecting robust demand and export orders [7] - The report notes a positive shift in manufacturing expectations, with a production activity expectation index of 52.5% [6] Tourism Sector Insights - The Dragon Boat Festival saw 119 million domestic trips, a 5.7% increase year-on-year, with total spending reaching 42.73 billion yuan, up 5.9% [8][10] - The integration of cultural and sports events has significantly boosted tourism, with family-oriented travel becoming a prominent trend [9] - Cross-border travel remains strong, with a notable increase in inbound tourism, particularly from countries with visa-free policies [10] Pharmaceutical Sector Analysis - The report on Ma Yinglong indicates a solid revenue growth of 18.85% year-on-year for 2024, with a total revenue of 3.728 billion yuan [12] - The company’s focus on the healthcare sector, particularly in the treatment of hemorrhoids, is expected to drive future growth, supported by a strong brand presence [13][15] - The pharmaceutical industry overall is experiencing steady growth, with a significant increase in sales of hemorrhoid treatment products [13]

Core Viewpoint - The article discusses the significant impact of centralized procurement policies on the traditional Chinese medicine (TCM) industry, highlighting the challenges and potential restructuring within the sector as it enters a new era of competition and pricing pressures [1][2][3]. Group 1: Impact of Centralized Procurement - The centralized procurement system has greatly affected the Western medicine industry, and similar pressures are now being felt in the TCM sector as it officially enters the "procurement era" [1][3]. - The scope of centralized procurement for TCM has expanded from 15 provinces to nationwide, with the number of products increasing to 45, indicating a growing impact on the industry [10][9]. - Many selected companies are pricing their products close to cost, leading to expectations of profit declines in the TCM industry by 2025 [11][12]. Group 2: Market Dynamics and Price Trends - Despite the challenges, the price of raw materials for TCM has significantly decreased this year, with the Chinese herbal medicine price index dropping over 20% from its peak [14][13]. - Some companies that won bids in the procurement process are experiencing unexpectedly high profits due to fixed hospital procurement prices, leading to optimistic sales forecasts [17]. - The average price drop for selected products in the latest procurement round was 47.38%, with some products seeing reductions as high as 69.3% [37][38]. Group 3: Industry Restructuring and Future Outlook - The TCM industry is expected to undergo significant restructuring, with a potential reduction in the number of suppliers as centralized procurement becomes more prevalent [23][24]. - The government has issued policies aimed at enhancing the quality and development of the TCM industry, indicating a push towards modernization and improved standards [25]. - The performance of TCM companies has been under pressure, with a reported 4.6% decline in total revenue and an 18.7% drop in net profit for 75 listed TCM companies in 2024 [29][28]. Group 4: Competitive Landscape - The competitive landscape is shifting, with traditional TCM giants facing challenges as their unique product strategies are tested by centralized procurement [33][40]. - Companies that previously opted out of insurance reimbursement to avoid price cuts are now facing increased pressure as more exclusive products enter centralized procurement [34][36]. - The article suggests that only companies with strong R&D capabilities, unique products, and brand advantages will thrive in the increasingly competitive environment [44][42].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 29.00 and a sector rating of "Outperform" [1][3]. Core Views - The company has demonstrated steady growth in its performance, with a 2024 revenue of RMB 3.728 billion, representing an 18.85% year-on-year increase, and a net profit of RMB 528 million, up 19.14% year-on-year. The first quarter of 2025 shows a revenue of RMB 969 million, a 1.48% increase, and a net profit of RMB 204 million, up 2.99% year-on-year. The company has a strong brand presence in the anorectal field and is expected to gain new growth from its health business [3][5]. - The company is expected to see continued growth in its health business, particularly with the launch of new products targeting the anorectal health management market, which is anticipated to enhance brand recognition and sales [8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 3.728 billion, with a growth rate of 18.9%. The projected revenues for 2025, 2026, and 2027 are RMB 4.204 billion, RMB 4.720 billion, and RMB 5.250 billion, respectively, with growth rates of 12.8%, 12.3%, and 11.2% [7]. - The net profit for 2024 was RMB 528 million, with a growth rate of 19.1%. The projected net profits for the following years are RMB 616 million, RMB 714 million, and RMB 798 million, with growth rates of 16.6%, 16.0%, and 11.7% [7]. Valuation - The report slightly adjusts the profit forecast, estimating the net profit for 2025-2027 to be RMB 616 million, RMB 714 million, and RMB 798 million, respectively. The corresponding earnings per share (EPS) are projected to be RMB 1.43, RMB 1.66, and RMB 1.85. The price-to-earnings (P/E) ratios for these years are expected to be 20.3, 17.5, and 15.7 times [5][7]. Market Position - The company has a strong foothold in the anorectal market, with significant brand advantages. The health sector is anticipated to provide new growth opportunities, particularly through the introduction of innovative products and enhanced market coverage [3][8].

Core Viewpoint - The ophthalmology medical concept sector has shown a significant increase, with a rise of 3.08%, ranking it as the 10th highest among concept sectors, indicating strong market interest and investment potential in this area [1][2]. Group 1: Market Performance - As of June 3, the ophthalmology medical concept sector saw 42 stocks increase in value, with notable performers including Guanhao Biological, which hit a 20% limit up, and ST Zhongzhu, which also reached its limit up [1]. - Other top gainers in the sector included Nuo Si Lan De (up 18.82%), Hai Te Biological (up 13.18%), and Bei Da Pharmaceutical (up 7.34%) [1]. - Conversely, the sector experienced declines from companies such as Kanghong Pharmaceutical (down 2.16%), Chuangwei Digital (down 2.05%), and Jianghe Group (down 1.60%) [1]. Group 2: Capital Flow - The ophthalmology medical concept sector attracted a net inflow of 107 million yuan from major funds, with 25 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow [2]. - Guanhao Biological led the sector with a net inflow of 159 million yuan, followed by Bei Da Pharmaceutical (61.32 million yuan), Ma Ying Long (24.37 million yuan), and Hai Te Biological (21.22 million yuan) [2][3]. - The net inflow ratios for ST Zhongzhu, Huashen Technology, and Guanhao Biological were 15.16%, 13.41%, and 11.88%, respectively, indicating strong investor confidence in these stocks [3].

Core Insights - The competition in the sunscreen cosmetics market is intensifying earlier and more fiercely in 2025, with numerous new products launched by various brands, including domestic and international players [1][2] - The market size of sunscreen cosmetics in China is projected to decline from 31.37 billion yuan in 2022 to 29.78 billion yuan in 2024, but is expected to recover growth in the following years [1] - The demand for sunscreen products has become a hard requirement for Chinese consumers, with 38.82% using sunscreen daily, an increase of 12.71 percentage points since 2020 [2] Product Launches and Trends - The number of approved sunscreen products has surged, with over 2,700 products approved in 2024, compared to 1,500 in 2023 and around 900 in 2022 [1][2] - Brands are focusing on product innovation, with an emphasis on efficacy and unique technologies, such as "霓纱防晒锁妆膜" by 花西子 and "御光滤" by 蜜丝婷 [3][5] - The sunscreen base makeup segment is experiencing significant growth, with sales of sunscreen foundation increasing by 517.7% year-on-year in 2024 [5] Market Dynamics - The entry barrier for the sunscreen category is relatively high due to regulatory requirements and the need for specialized ingredient development [3] - The market is witnessing a shift towards outdoor sunscreen products, with brands like 安热沙 targeting this segment [5] - The presence of foreign brands remains dominant, but domestic brands are gaining traction by offering competitive pricing [7][8] Consumer Behavior and Marketing - Chinese consumers exhibit diverse needs for sunscreen products, focusing not only on sun protection but also on safety, texture, and additional benefits like whitening [2] - Emotional value in product design and marketing is becoming increasingly important, with brands leveraging celebrity endorsements to drive sales [6] - The rise of mid-to-high-end brands is notable, with significant sales in the 200-500 yuan price range on e-commerce platforms [8]

证券代码：600993 证券简称：马应龙 公告编号：临 2025-009 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: 公司控股股东中国宝安持有本公司股份总数 126,163,313 股，占本公司总 股本的 29.27%，本次解除质押 10,000,000 股，解除质押后，中国宝安累计质押 股份 90,000,000 股, 占其持有本公司股份总数的 71.34%，占本公司总股本的 20.88%。 2025 年 5 月 29 日，马应龙药业集团股份有限公司（以下简称"公司"或"本 公司"）接控股股东中国宝安集团股份有限公司（以下简称"中国宝安"）函告， 2025 年 5 月 28 日中国宝安在中国证券登记结算有限责任公司与中国银行股份有 限公司深圳罗湖支行办理了本公司 10,000,000 股无限售流通股解除质押手续，具 体情况如下： | 股东名称 | 中国宝安集团股份有限公司 | | | | --- | --- | --- | --- | | 本次解除质押股份（股） | 10,000,000 | | | | ...

Group 1 - The controlling shareholder, China Baoan, holds a total of 126 million shares in the company, accounting for 29.27% of the total share capital [1] - A total of 10 million shares have been released from pledge, resulting in China Baoan having 90 million pledged shares, which represents 71.34% of its total holdings in the company and 20.88% of the company's total share capital [1] - The release of the pledge is effective from May 28, 2025 [1]

Core Viewpoint - The company plans to hold a performance briefing on June 6, 2025, to discuss its 2024 annual report and the first quarter report of 2025, allowing investors to engage and ask questions [2][3]. Group 1: Meeting Details - The performance briefing is scheduled for June 6, 2025, from 10:30 AM to 11:30 AM [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted via video live streaming and online interaction [4]. - Investors can submit questions from May 29, 2025, to June 5, 2025, before 4:00 PM through the Roadshow Center website or via the company's email [2][5]. Group 2: Participants - Key participants in the meeting include Chairman Chen Ping, General Manager Xia Youzhang, and other senior executives [4]. Group 3: Investor Participation - Investors can join the performance briefing online on June 6, 2025, and the company will address commonly asked questions during the session [5]. - After the briefing, investors can access the meeting's details and main content through the Roadshow Center [5].