马应龙药业集团股份有限公司 2024 年度独立董事述职报告 （梅之南） 本人于 2024 年 12 月 2 日经马应龙药业集团股份有限公司（以下 简称"公司"）股东大会选举为公司独立董事，同时担任董事会提名 委员会主任委员、薪酬与考核委员会委员及战略委员会委员职务。 2024 年任职期内，本人严格遵照《公司法》、《证券法》、《上市公司独 立董事管理办法》、《上市公司治理准则》、《上海证券交易所股票上市 规则》等法律法规以及《公司章程》、《独立董事工作细则》等有关规 定，忠实、勤勉履行独立董事及相关专门委员会委员职责，切实维护 公司及全体股东的合法权益。现就 2024 年任职期间的履职情况报告 如下： 一、独立董事基本情况 本人梅之南，男，1970 年生，教授，博士生导师，美国 Washington University in St.Louis 访问学者，首批全国高校黄大年式教师团队负责 人、国家科技创新领军人才、国家科技部中青年科技创新领军人才、 国家民委领军人才、国家药典委员会委员、国家中医药管理局中药资 源学重点学科带头人等。现为华中农业大学植物科学技术学院二级教 授。 作为公司独立董事，本人及直系亲属、 ...

马应龙药业集团股份有限公司 2024 年度独立董事述职报告 （毛 鹏） 本人作为马应龙药业集团股份有限公司（以下简称"公司"）的 独立董事以及董事会审计委员会、提名委员会、薪酬与考核委员会和 战略委员会的成员，严格遵照《公司法》、《证券法》、《上市公司独立 董事管理办法》、《上市公司治理准则》、《上海证券交易所股票上市规 则》等法律法规以及《公司章程》、《独立董事工作细则》等有关规定， 忠实勤勉履行独立董事及相关专门委员会委员职责，积极出席公司各 次董事会、股东大会和相关专门委员会会议，认真审议各项议案，运 用自身专业知识，为公司经营发展提供意见与建议，充分发挥独立董 事的独立作用，切实维护公司及全体股东的合法权益。现就 2024 年 度履职情况报告如下： （一）出席董事会和股东大会会议情况 报告期内，公司共计召开 6 次董事会会议和 2 次股东大会，本人 均按时出席各次董事会和股东大会，并对各次董事会审议议案发表意 见并投了赞成票。 （二）参加专门委员会情况 公司董事会下设审计、提名、薪酬与考核、战略委员会，本人在 前述四大专门委员会中均有任职。报告期内，公司共计召开 7 次审计 委员会会议、1 次提名委员 ...

经核查独立董事梅之南先生、毛鹏先生、齐珺女士和报告期离任 的独立董事张勇慧先生的任职经历以及签署的相关自查文件，上述人 员及其直系亲属、主要社会关系均未在公司担任除独立董事以外的任 何职务，也未在公司主要股东公司担任任何职务，与公司以及公司主 要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的 关系，因此，公司独立董事符合《上市公司独立董事管理办法》、《上 海证券交易所上市公司自律监管指引第 1 号--规范运作》中对独立董 事独立性的相关要求。 马应龙药业集团股份有限公司董事会 2025 年 4 月 1 日 1 马应龙药业集团股份有限公司董事会 关于独立董事独立性情况的专项意见 根据中国证监会《上市公司独立董事管理办法》、上海证券交易 所《上市公司自律监管指引第 1 号—规范运作》等有关规定，马应龙 药业集团股份有限公司（以下简称"公司"）董事会就在任独立董事 梅之南先生、毛鹏先生、齐珺女士以及报告期内离任的独立董事张勇 慧先生的独立性情况进行了评估并出具如下专项意见： ...

Core Viewpoint - The leading company in anorectal medication, Mayinglong (600993.SH), is embroiled in a controversy regarding the circulation of returned drugs, which poses significant safety risks and highlights issues in the drug procurement and sales practices of some medical institutions [2][3]. Company Summary - Mayinglong has not yet disclosed information regarding the ongoing investigation as of March 31 [3]. - The two involved stores, 彭刘杨路店 and 惠济路店, are subsidiaries of Mayinglong and are cooperating with the investigation [3]. - The Wuhan Medical Insurance Bureau has terminated the medical insurance service agreements for these stores due to violations of the service agreement [3]. - Mayinglong, established in 1582, is a well-known brand in anorectal medication, with its business encompassing pharmaceutical manufacturing, medical services, and pharmaceutical commerce [3]. - The pharmaceutical manufacturing segment includes products like 马应龙麝香痔疮膏 and 马应龙八宝眼膏, while the medical services include a chain of anorectal hospitals and diagnostic centers [3]. Industry Summary - According to the Ministry of Commerce's report, Mayinglong's pharmacy ranked 64th in the national retail pharmacy top 100 with sales of 535 million yuan in 2023, accounting for approximately 17% of the company's total revenue of 3.137 billion yuan [4]. - There is a concerning trend of advertisements for "cash for insurance" and "high-priced drug buybacks" near public hospitals in Wuhan, indicating a broader issue of returned drug circulation [4]. - The return drug industry chain is highlighted by the practice where insured individuals purchase drugs at a subsidized cost and sell them back at a significant discount, leading to a profit for the resellers [5][6].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

Investment Rating - Buy (首次覆盖) [5] Core Views - Ma Yinglong is a leading brand in the anorectal health sector, with a comprehensive layout in the pharmaceutical industry, medical services, and pharmaceutical commerce [7] - The company's core anorectal products have a strong market position, with a 34% market share in retail pharmacies and 8% in hospitals [7] - The company is actively expanding its health and wellness business, which is expected to become a new growth engine [7] - The company's medical services segment has shown strong growth, with a 33% YoY increase in revenue in 2023 [7] Market Performance - Closing price: 24.55 yuan [3] - Total market capitalization: 10,582.37 million yuan [3] - Circulating market capitalization: 10,564.04 million yuan [3] - Total shares outstanding: 431.05 million shares [3] - Asset-liability ratio: 19.40% [3] - Net asset per share: 9.28 yuan/share [3] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 3,604 million yuan, 4,066 million yuan, and 4,581 million yuan, respectively, with YoY growth rates of 14.91%, 12.80%, and 12.67% [6] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is projected to be 564 million yuan, 664 million yuan, and 788 million yuan, respectively, with YoY growth rates of 27.26%, 17.65%, and 18.75% [6] - EPS for 2024E, 2025E, and 2026E is projected to be 1.31 yuan/share, 1.54 yuan/share, and 1.83 yuan/share, respectively [6] - ROE for 2024E, 2025E, and 2026E is projected to be 13.73%, 14.60%, and 15.57%, respectively [6] Business Segments Pharmaceutical Industry - Revenue in 2023 was 18.3 billion yuan, accounting for 56% of total revenue, with a gross margin of 64.5% [7] - The anorectal product segment is the main revenue driver, contributing 70% of the pharmaceutical industry's revenue and 78% of its gross profit [47] - The health and wellness product segment achieved revenue of 3.9 billion yuan in 2023, accounting for 21% of the pharmaceutical industry's revenue [47] Medical Services - Revenue in 2023 was 3.45 billion yuan, a 33% YoY increase [7] - The company operates 6 directly-owned anorectal hospitals and over 90 Ma Yinglong Anorectal Diagnosis and Treatment Centers [68] - The "Xiao Ma Medical" cloud platform integrates pharmaceutical operations, medical technology, and health data to build an integrated anorectal health ecosystem [68] Pharmaceutical Commerce - Revenue in 2023 was 10.87 billion yuan, a 19.67% YoY decrease, mainly due to business structure optimization [75] - The segment includes pharmaceutical retail and medical logistics, with a focus on the Hubei market [75] - Ma Yinglong Pharmacy, a subsidiary, achieved a net profit of 3.27 million yuan in 2023 [75] Growth Drivers - Channel optimization and increased marketing efforts are expected to drive growth in the anorectal product segment [60] - The health and wellness business is expected to grow rapidly, with a focus on key products such as Ma Yinglong Babao Eye Cream and wet wipes [64] - The medical services segment is expected to maintain steady growth, supported by the expansion of anorectal hospitals and diagnosis centers [81] Valuation - The current stock price corresponds to a PE ratio of 19X, 16X, and 13X for 2024E, 2025E, and 2026E, respectively [85] - Compared to peers such as Yunnan Baiyao, Tongrentang, and Darentang, Ma Yinglong's valuation is relatively attractive [86]

Investment Rating - The report assigns an "Outperform" rating to Mayinglong Pharmaceutical Group with a target price of RMB 37.25 based on a 25X PE for 2025 [11][36] Core Views - Mayinglong Pharmaceutical Group, established in 1582, focuses on anorectal health medicine and has expanded into medical services and pharmaceutical commerce, leveraging a 440-year heritage with products like Mayinglong Musk Hemorrhoids Ointment, forming a '1+4+X' product structure [1][92] - The company strategically focuses on core areas and expands into health products, with significant growth in eye care and hygiene products, leading to a 33.27% YoY increase in health revenue in H1 2024 [2][93] - The company's core anorectal products maintain steady growth, with revenue from the pharmaceutical industry expected to grow at 18.1%, 15.5%, and 13.3% from 2024 to 2026, with gross margins of 64.7%, 64.8%, and 64.9% respectively [4] - The medical services segment is expected to grow at 25.0%, 20.0%, and 18.0% from 2024 to 2026, with gross margins of 15.2%, 15.4%, and 15.6% respectively [13] - The pharmaceutical commerce segment is projected to grow at 5.0%, 4.0%, and 3.0% from 2024 to 2026, maintaining a gross margin of 8.9% [78] Financial Performance and Forecast - Revenue for 2024E, 2025E, and 2026E is projected at RMB 3.61 billion, RMB 4.08 billion, and RMB 4.54 billion, with YoY growth of 15.1%, 12.9%, and 11.3% respectively [3] - Net profit for 2024E, 2025E, and 2026E is expected to be RMB 546 million, RMB 641 million, and RMB 738 million, with YoY growth of 23.3%, 17.3%, and 15.2% respectively [3][11] - EPS for 2024E, 2025E, and 2026E is forecasted at RMB 1.27, RMB 1.49, and RMB 1.71 respectively [3][11] - Gross margin is expected to remain stable, with 42.2%, 42.5%, and 42.7% from 2024 to 2026 [3] - ROE is projected at 13.3%, 13.5%, and 13.4% for 2024E, 2025E, and 2026E respectively [3] Business Strategy and Market Position - The company has optimized its distribution channels, reducing the number of first-tier distributors and enhancing cooperation with channel distributors, which is expected to improve channel control and operational capabilities [5][17] - Mayinglong holds a 48% market share in the hemorrhoid medication retail market, solidifying its position as a leading brand in the anorectal health sector [80] - The company has expanded its product portfolio to include functional skincare, hygiene products, functional foods, and medical devices, with significant growth in eye care and hygiene products [2] Historical Performance - From 2014 to 2023, the company achieved a revenue CAGR of 7.6% and a net profit CAGR of 9.2% [10] - In the first three quarters of 2024, revenue reached RMB 2.79 billion, up 14.13% YoY, while net profit was RMB 458 million, up 9.35% YoY [10][82]

Group 1 - The company Mayinglong (600993) has received approval from the National Medical Products Administration for the clinical trial of MYL Ointment (Tiger Musk Hemostasis and Analgesic Ointment) [1] - The ointment is indicated for clearing heat and dampness, reducing swelling and pain, and promoting hemostasis and tissue regeneration [1] - The indications include improvement of symptoms related to hemorrhoids, such as bleeding, pain, and prolapse [1]

证券代码：600993 证券简称：马应龙 公告编号：临 2024-027 马应龙药业集团股份有限公司 关于获得药物临床试验批准通知书的公告 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法律责任。 近日，马应龙药业集团股份有限公司（以下简称"公司"或"本公司"）收 到国家药品监督管理局（以下简称"国家药监局"）核准签发的关于 MYL 软膏 （虎麝止血止痛膏，暂定）的《药物临床试验批准通知书》（通知书编号： 2024LP02795、2024LP02796、2024LP02797、2024LP02798），将于近期开展临床 试验。现就相关情况公告如下： 一、药物的基本情况 药物名称：MYL 软膏（虎麝止血止痛膏，暂定） 剂型：软膏剂 注册分类：中药 1.1 类 申请事项：临床试验 申请人：马应龙药业集团股份有限公司 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2024 年 9 月 19 日受理的 MYL 软膏（虎麝止血止痛膏，暂定）临床试验申请符合药 品注册的有关要求，在进一步完善临床试验方案的基础上，同意开展本品用于痔 ...

证券代码：600993 证券简称：马应龙 公告编号：2024-026 马应龙药业集团股份有限公司 2024 年第一次临时股东大会决议公告 本次股东大会由公司董事会召集，董事长陈平先生主持，采取现场投票和网 络投票结合的表决方式，符合《公司法》及《公司章程》的规定。 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 12 月 2 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 334 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 222,561,839 | | 3、出席会议的股东所持有表决权股份数占公司有表 | | | 决权股份总数的比例（%） | 51.6320 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (五) 公司董事、监事和董事会秘 ...