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 | | --- | ...

证券代码：600993 证券简称：马应龙 公告编号：临 2024-021 马应龙药业集团股份有限公司 第十一届董事会第十七次会议决议公告 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。 马应龙药业集团股份有限公司（以下简称"公司"）第十一届董事会第十 七次会议于 2024 年 11 月 15 日以通讯方式召开，本次会议通知及会议材料于 2024 年 11 月 12 日以电话及电子邮件形式发出。公司 8 名董事均在规定时间内 对本次会议议案进行了表决，本次会议的召集、召开符合《公司法》、《公司章 程》等有关规定，会议审议通过了以下议案： 一、《关于提名第十一届董事会董事候选人的议案》 同意：8 票，反对：0 票，弃权：0 票 独立董事张勇慧先生因工作变动，辞去公司独立董事以及董事会提名委员 会主任委员、薪酬与考核委员会委员、战略委员会委员、创新管理委员会委员职 1 务。张勇慧先生辞职将导致公司独立董事人数不足董事会人数的三分之一，根 据《公司法》、《上市公司独立董事管理办法》、《公司章程》等有关规定，该辞职 报告自公司股东大会选 ...

证券代码：600993 证券简称：马应龙 公告编号：2024-024 马应龙药业集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 股东大会召开日期：2024年12月2日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次：2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 12 月 2 日 15 点 15 分 召开地点：公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 2 日 至 2024 年 12 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:1 ...

马应龙药业集团股份有限公司（以下简称"公司"）第十一届监事会第十二 次会议于 2024 年 11 月 15 日以通讯方式召开，本次会议通知及会议材料于 2024 年 11 月 12 日以电话及电子邮件形式发出。公司 3 名监事均在规定时间内对本 次会议议案进行了表决，本次会议的召集、召开符合《公司法》、《公司章程》 等有关规定，会议审议通过了以下议案： 证券代码：600993 证券简称：马应龙 公告编号：临 2024-022 马应龙药业集团股份有限公司 第十一届监事会第十二次会议决议公告 本公司监事会及全体监事保证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。 详细内容请见公司于 2024 年 11 月 16 日在《中国证券报》、《上海证券报》 和上海证券交易所网站（www.sse.com.cn）刊登的《马应龙关于提名董事、独立 董事及监事候选人的公告》（公告编号：临 2024-023）。 特此公告。 马应龙药业集团股份有限公司监事会 2024 年 11 月 16 日 1 一、《关于提名第十一届监事会监事候选人的议案》 同意：3 票，反对：0 票，弃权： ...

关于提名董事、独立董事及监事候选人的公告 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 2024-023 一、董事、独立董事及监事辞职的情况 马应龙药业集团股份有限公司 马应龙药业集团股份有限公司（以下简称"公司"）于近日收到董事黄其 龙先生、独立董事张勇慧先生、监事叶奇先生提交的书面辞职报告。 董事黄其龙先生因退休原因，申请辞去第十一届董事会董事及审计委员会 委员、战略委员会委员职务，辞职后黄其龙先生不再担任公司任何职务。黄其龙 先生辞职不会导致公司董事会人数低于法定最低人数，不会影响公司董事会的 正常运作，根据《公司法》、《公司章程》等有关规定，辞职报告自送达董事会 之日起生效。 独立董事张勇慧先生因工作变动，申请辞去第十一届董事会独立董事及提 名委员会主任委员、薪酬与考核委员会委员、战略委员会委员、创新管理委员会 委员职务，辞职后张勇慧先生不再担任公司任何职务。张勇慧先生辞职将导致 公司独立董事人数不足董事会人数的三分之一，根据《公司法》、《上市公司独 立董事管理 ...

（二）《中华人民共和国公务员法》关于公务员兼任职务的规定 （如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退（离）休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼 职（任职）问题的意见》的相关规定（如适用）； 独立董事候选人声明与承诺 本人梅之南，已充分了解并同意由提名人马应龙药业集团股份有 限公司董事会提名为马应龙药业集团股份有限公司第十一届董事会 独立董事候选人。本人公开声明，本人具备独立董事任职资格，保证 不存在任何影响本人担任马应龙药业集团股份有限公司独立董事独 立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、部门规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及公司 规章的要求： （一）《中华人民共 ...

独立董事提名人声明与承诺 提名人马应龙药业集团股份有限公司董事会，现提名梅之南先生为 马应龙药业集团股份有限公司第十一届董事会独立董事候选人，并已充 分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无 重大失信等不良记录等情况。被提名人已同意出任马应龙药业集团股份 有限公司第十一届董事会独立董事候选人（参见该独立董事候选人声 明）。提名人认为，被提名人具备独立董事任职资格，与马应龙药业集 团股份有限公司之间不存在任何影响其独立性的关系，具体声明并承诺 如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政 法规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、 管理或者其他履行独立董事职责所必需的工作经验。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如 适用）； （七）中国人民银行《股份制商业银行独立董事和外部监事制度指 引》等的相关规定（如适用）； （八）中国证监会《证券基金经营机构董事、监事、高级管理人员 及从业人员监督管理办法》等的相 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company has shown steady growth in Q3 2024, with revenue reaching 8.6 billion, a year-on-year increase of 7%, and net profit of 1.5 billion, up 6% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 27.9 billion, a 14% increase year-on-year, and a net profit of 4.6 billion, reflecting a 9% growth [1]. - The company's hemorrhoid treatment products have performed well, with a 12.59% increase in revenue for this segment in the first three quarters of 2024, while the health sector has seen over 50% growth [1]. - The company is leveraging its traditional brand value and expanding its product offerings in the anorectal health field, including the successful launch of a hygiene wet wipe series [1]. - The company is enhancing its R&D capabilities, with three products receiving drug registration certificates in Q3 2024, and a reasonable pipeline of innovative drugs under development [1]. Financial Summary - The company is projected to achieve revenues of 37.2 billion, 41.7 billion, and 46.5 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 19%, 12%, and 11% [1]. - Net profits are expected to be 6 billion, 6.8 billion, and 7.8 billion for the same years, with growth rates of 35%, 14%, and 14% [1]. - The company's earnings per share (EPS) is forecasted to be 1.39, 1.58, and 1.80 for 2024, 2025, and 2026, respectively [9][10].

Financial Performance - The company's operating revenue for the third quarter reached ¥864,101,704.84, representing a year-on-year increase of 7.22%[2] - Net profit attributable to shareholders was ¥145,592,209.22, reflecting a year-on-year growth of 6.26%[2] - The net profit after deducting non-recurring gains and losses was ¥140,415,128.49, with a year-on-year increase of 2.35%[2] - Total operating revenue for the first three quarters of 2024 reached CNY 2,791,816,831.37, an increase of 14.1% compared to CNY 2,446,244,490.16 in the same period of 2023[13] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 457,504,222.25, up from CNY 418,381,342.81 in the previous year, reflecting a growth of 9.4%[14] - The net profit for the first three quarters of 2024 was CNY 463,231,519.36, up 6.3% from CNY 435,579,725.13 in the previous year[21] - The total comprehensive income for the first three quarters of 2024 was CNY 463,231,519.36, compared to CNY 435,579,725.13 in the previous year[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥5,124,759,268.86, an increase of 6.11% compared to the end of the previous year[3] - The company's total assets reached CNY 5,124,759,268.86 at the end of the third quarter of 2024, compared to CNY 4,829,523,622.47 in the same period of 2023, indicating a growth of 6.1%[12] - The total assets as of September 30, 2024, amounted to CNY 5,268,216,867.06, compared to CNY 4,415,931,097.09 at the end of 2023, reflecting an increase of 19.3%[17] - The company's total liabilities as of the end of the third quarter of 2024 were CNY 994,307,397.57, compared to CNY 959,617,984.37 at the end of the third quarter of 2023, showing an increase of 3.6%[12] - The total liabilities increased to CNY 1,078,284,253.17 as of September 30, 2024, compared to CNY 516,808,446.18 at the end of 2023, representing a rise of 108.5%[18] Shareholder Information - Shareholders' equity attributable to the parent company was ¥4,000,705,971.94, up by 7.03% from the previous year[3] - The total equity attributable to shareholders of the parent company was CNY 4,000,705,971.94, up from CNY 3,737,968,219.51 in the previous year, marking an increase of 7.0%[12] - The total number of ordinary shareholders at the end of the reporting period was 34,027[7] Cash Flow - The net cash flow from operating activities increased significantly by 314.97% year-to-date, primarily due to growth in pharmaceutical industrial and commercial revenue[6] - In the first three quarters of 2024, the cash inflow from operating activities reached CNY 2,754,937,729.63, an increase of 19.4% compared to CNY 2,304,679,265.39 in the same period of 2023[15] - The net cash flow from operating activities was CNY 317,286,449.82, significantly up from CNY 76,460,034.32 in the previous year, marking a growth of 315.5%[15] - The company's cash flow from operating activities generated a net amount of CNY 657,858,596.32, down from CNY 816,689,177.53 in the same period last year[22] Expenses - The total operating costs for the first three quarters of 2024 amounted to CNY 2,212,469,157.11, representing an increase of 10.4% from CNY 2,004,757,828.14 in the same period of 2023[13] - Research and development expenses for the first three quarters of 2024 were CNY 51,039,415.65, compared to CNY 48,389,153.88 in 2023, indicating a rise of 3.4%[13] - Research and development expenses for the first three quarters of 2024 were CNY 43,121,388.43, slightly up from CNY 39,492,365.12 in 2023[20] - The financial expenses for the first three quarters of 2024 showed a significant decrease, with interest expenses at CNY 4,021,280.55 compared to CNY 13,742,725.58 in the previous year, a reduction of 70.7%[13] Investments - The company reported a decrease in investment income to CNY 17,523,676.86 from CNY 65,621,956.61 in the previous year[20] - The company has ongoing development expenditures of approximately RMB 97.44 million, up from RMB 71.66 million, indicating a growth of about 36.06%[11] - The long-term equity investments as of September 30, 2024, were CNY 1,198,980,445.08, up from CNY 1,172,206,665.34 at the end of 2023, indicating a growth of 2.3%[17] Inventory and Receivables - Accounts receivable rose to approximately RMB 310.54 million, compared to RMB 246.37 million, marking an increase of approximately 25.99%[10] - Inventory increased to approximately RMB 316.06 million from RMB 273.48 million, representing a growth of about 15.57%[10] - The company's inventory increased to CNY 120,957,487.61 from CNY 98,129,648.81, showing a growth of 23.2%[17]