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 ...

湖北瑞通天元律师事务 HUBEI RUITONG TIANYUAN 湖北瑞通天元律师事务所 关于马应龙药业集团股份有限公司 二〇二四年第一次临时股东大会的法律意见书 (2024) 鄂瑞天律非诉字第 0823 号 致 马应龙药业集团股份有限公司: 湖北瑞通天元律师事务所接受马应龙药业集团股份有限公司(以 下简称"公司")的委托,指派柳平律师、许畅律师(以下简称"本律 师")出席了公司二〇二四年第一次临时股东大会〈以下简称"本次 股东大会"),并依法进行见证。现根据《中华人民共和国公司法》、 《上市公司股东大会规则》等法律法规和规范性文件以及《公司章程》 的有关规定,就公司本次股东大会的有关事宜出具法律意见书。 本律师对公司本次股东大会的召集、召开程序的合法性、本次股 东大会召集人资格的合法有效性、出席本次会议人员资格的合法有效 性及会议表决程序、表决结果的合法有效性,发表法律意见。 本律师依据对法律意见书出具日以前已经发生或存在的事实的 了解及对现行相关法律、法规的理解发表法律意见。 本律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精 神,对公司提供的出具法律意见书所必须的、全部的、真实的有关公 司本次股 ...

马应龙药业集团股份有限公司 2024 年第一次临时股东大会会议资料 2024 年 12 月 2024 年第一次临时股东大会会议资料 马应龙药业集团股份有限公司 股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证股东大会的顺利进行，根据中国证监会《上市公司股东大会 规则》、《公司章程》及有关法律法规的要求，特制订本须知。 一、董事会以维护全体股东的合法权益、确保大会正常秩序和议事 效率为原则，认真履行《公司章程》中规定的职责。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。 股东参加股东大会履行其法定义务，不得侵犯其他股东的合法权益。 三、股东发言应举手示意，并按照会议的安排进行。 四、会议进行中接受股东（或其授权代表）发言或提问。股东每次 发言或提问应围绕本次会议议题进行，简明扼要，时间不超过 3 分钟。 五、股东要求发言时不得打断会议报告人的报告或其他股东的发 言，股东提问和发言不得超出本次会议议案范围。股东违反上述规定的， 大会主持人有权加以制止或拒绝。 六、未经公司董事会同意，任何人员不得摄像、录音、拍照。如有 违反，大会组织方有权加以制止。 2 2024 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of RMB 37.49, indicating a potential upside of 50% from the current price of RMB 24.95 [2][3][36]. Core Insights - The company is expected to achieve a revenue and profit CAGR of 17.7% and 20.1% respectively from 2023 to 2026, driven by its strong brand influence in the anorectal health sector and effective channel management [6][7]. - The company has successfully reduced inventory levels to the lowest since 2016-2017, which is expected to facilitate a price increase cycle for its hemorrhoid treatment products [7][30]. - The healthcare service segment is seen as a crucial part of the company's strategy to expand its anorectal health ecosystem, although growth may be slow due to industry policies [8][31]. Financial Overview - The company reported a revenue of RMB 3,532 million in 2022, with projections of RMB 3,853 million in 2024 and RMB 4,484 million in 2025, reflecting a positive growth trajectory [9]. - The expected EPS for 2024, 2025, and 2026 are RMB 1.33, RMB 1.59, and RMB 1.78 respectively, indicating a steady increase in profitability [3][9]. - The company’s market capitalization is approximately USD 1.485 billion, with a current share count of 431 million [3]. Business Segments - The company's pharmaceutical segment, particularly hemorrhoid treatments, accounts for over 70% of its pharmaceutical revenue, highlighting its market leadership [7][29]. - The health products segment, which includes eye care and skincare, is projected to grow at a CAGR of 34.8% from 2023 to 2026, driven by product innovation [7][30]. - The medical services segment, while facing growth challenges, is expected to expand gradually as the company continues to develop its diagnostic and treatment centers [8][31]. Market Position - The company has established itself as a leading brand in the hemorrhoid treatment market, with a significant market share and a reputation for high-quality products [7][55]. - The hemorrhoid treatment market in China is projected to grow from RMB 49.73 billion in 2022 to RMB 74.75 billion by 2028, with a CAGR of 7.0% from 2023 to 2028 [44]. - The company’s pricing strategy has positioned it favorably against competitors, allowing for potential price increases in the future [64][70].

马应龙药业集团股份有限公司 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%，累计质押股份 100,000,000 股（含本次）, 占其持有本公司股份 总数的 79.26%，占本公司总股本的 23.20%。 关于控股股东部分股份解除质押及再质押的公告 证券代码：600993 证券简称：马应龙 公告编号：临 2024-025 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: 2024 年 11 月 18 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，2024 年 11 月 15 日中国宝安在中国证券登记结算有限责任公司与招商银 行股份有限公司深圳分行办理了本公司 50,000,000 股无限售流通股解除质押手 续，并于同日将 50,000,000 股无限售流通股再次质押给招商银行股份有限公司深 圳分行，具体事项如下： | 股东名称 | 中国宝安集团股份有限公司 | | --- | ...