证券代码：600993 证券简称：马应龙 公告编号：临 2025-008 马应龙药业集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 5 月 29 日(星期四)至 6 月 5 日(星期四)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@mayinglong.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 马应龙药业集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日发 布了公司 2024 年年度报告、2025 年 4 月 26 日发布了公司 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司 2024 年度、2025 年第一季度经营成果、 财务状况，公司计划于 2025 年 6 月 6 日（星期五）上午 10:30-11:30 举行 2024 年 度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has a strong foothold in the hemorrhoid treatment market, with a stable patient base and significant growth potential due to the high prevalence of hemorrhoid diseases, which affects over 50% of the population. The overall annual growth rate for hemorrhoid medications is around 7% [7] - The company is expanding its product line into health and wellness sectors, particularly with eye creams and wet wipes, which are gaining traction in the market. The wet wipes segment is experiencing rapid growth, and the company holds competitive advantages in brand and product quality [8] - The company has implemented channel optimization strategies to enhance operational capabilities, focusing on expanding into county-level and lower-tier markets [8] Summary by Sections 1. Hemorrhoid Treatment Market Leadership - The company has over 400 years of history and a unique "Eight Treasure" formula that is recognized as a national intangible cultural heritage, providing a strong efficacy foundation for its products [11] - The company’s product portfolio includes a comprehensive range of hemorrhoid treatments, with a significant market share of 50% in retail sales [7][18] - The company’s pharmaceutical segment contributes 90% of its gross profit, indicating a robust revenue model [39] 2. Growth Potential in Health and Wellness - The company has launched products like the "Little Blue Wet Wipes," which have quickly gained popularity, ranking high on sales charts [28] - The health and wellness segment is expected to enhance brand recognition, especially among younger consumers, thereby increasing the penetration of OTC products [25] 3. Revenue and Profitability Forecast - Projected revenues for 2025-2027 are estimated at 4.346 billion, 5.025 billion, and 5.822 billion yuan, respectively, with net profits expected to be 624 million, 742 million, and 890 million yuan, corresponding to PE ratios of 18.59, 15.64, and 13.04 times [8]

Group 1 - The company achieved an operating revenue of 969 million in the first quarter of 2025, representing a year-on-year growth of 1.48% [1] - The net profit for the same period was 204 million, showing a year-on-year increase of 2.99% [1]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 969,147,449.22, representing a year-on-year increase of 1.48% compared to CNY 955,017,184.55 in the same period last year[3]. - The net profit attributable to shareholders of the listed company reached CNY 203,572,140.06, reflecting a growth of 2.99% from CNY 197,665,895.38 in the previous year[3]. - The basic earnings per share rose to CNY 0.47, up 2.17% from CNY 0.46 in the previous year[3]. - Total operating revenue for Q1 2025 reached ¥969,147,449.22, a slight increase of 1.2% compared to ¥955,017,184.55 in Q1 2024[16]. - Net profit for Q1 2025 was ¥210,010,562.64, representing a 3.9% increase from ¥203,220,964.27 in Q1 2024[17]. - Earnings per share for Q1 2025 was ¥0.47, compared to ¥0.46 in Q1 2024[17]. - The total comprehensive income for the first quarter of 2025 was CNY 198,904,563.66, compared to CNY 207,780,747.12 in the first quarter of 2024, reflecting a decrease of approximately 4.2%[28]. - Basic and diluted earnings per share for the first quarter of 2025 were both CNY 0.46, down from CNY 0.48 in the same period last year, indicating a decline of about 4.2%[28]. Cash Flow - The net cash flow from operating activities significantly increased by 157.85%, amounting to CNY 153,332,989.59, compared to CNY 59,465,024.89 in the same period last year[3]. - The company reported a significant increase in cash flow due to higher interest income from time deposits and the issuance of payable notes for goods procurement[6]. - Cash inflows from operating activities totaled CNY 1,091,010,262.77 in Q1 2025, an increase of approximately 18.8% from CNY 918,254,814.69 in Q1 2024[30]. - Net cash flow from operating activities was CNY 649,393,018.82, compared to CNY 457,172,228.65 in the previous year, representing a growth of around 42.1%[30]. - Cash inflows from operating activities included CNY 382,636,583.55 from sales of goods and services, a decrease from CNY 428,778,352.18 in the previous year[30]. - Cash received from other operating activities increased to CNY 708,373,679.22, up from CNY 489,476,462.51, marking a growth of approximately 44.8%[30]. - The company's cash flow from investment activities showed a net outflow of approximately ¥1.32 billion, compared to a net outflow of about ¥629 million in the previous period, indicating a significant increase in investment expenditures[21]. - The cash flow from financing activities showed a net outflow of approximately ¥31.66 million, compared to a net outflow of about ¥10.52 million in the previous period, suggesting increased financial strain[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,447,625,927.72, an increase of 5.13% from CNY 5,181,936,729.77 at the end of the previous year[3]. - The equity attributable to shareholders of the listed company was CNY 4,269,485,832.69, reflecting a growth of 5.01% from CNY 4,065,961,926.61 at the end of the previous year[3]. - The company's total liabilities increased to RMB 1,726,457,309.30 from RMB 1,610,608,262.94, representing a rise of approximately 7.19%[13]. - Total current liabilities increased to RMB 863,128,369.65 from RMB 804,356,681.07, marking a rise of about 7.27%[13]. - The total assets of the company as of March 31, 2025, were approximately ¥5.66 billion, an increase from ¥4.74 billion at the end of 2024, reflecting growth in asset base[24]. - The company's total liabilities increased to approximately ¥1.21 billion from ¥485 million, indicating a significant rise in financial obligations[24]. Investments and Expenses - Research and development expenses for Q1 2025 were ¥18,835,159.65, an increase of 12.2% from ¥16,788,255.40 in Q1 2024[16]. - Research and development expenses increased to approximately ¥15.74 million in the first quarter of 2025, up from ¥13.50 million in the first quarter of 2024, indicating a focus on innovation[27]. - Cash outflows from investing activities amounted to CNY 1,633,455,524.90, significantly higher than CNY 698,790,626.25 in Q1 2024, indicating an increase of approximately 133.4%[30]. - The net cash flow from investing activities was -CNY 1,272,074,464.65, worsening from -CNY 569,320,881.27 year-over-year[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,455[7]. - Total equity attributable to shareholders reached ¥4,269,485,832.69, up from ¥4,065,961,926.61 in Q1 2024[14]. - The company's total equity increased to approximately ¥4.45 billion from ¥4.25 billion, indicating a strengthening of the shareholders' equity position[25].

Core Insights - The article highlights the growing trend of pharmaceutical companies entering the beauty and skincare market, with notable examples such as Mayinglong and its 30% year-on-year revenue growth in its beauty product line for 2024 [1] - The competitive landscape is evolving, with some pharmaceutical brands successfully establishing themselves in the beauty sector, while others struggle to maintain profitability and market presence [2][3] Group 1: Pharmaceutical Companies Entering Beauty Market - Mayinglong reported a significant revenue increase in its beauty product line, indicating a successful cross-industry expansion [1] - Other pharmaceutical companies like Yunnan Baiyao and Pianzaihuang have also ventured into beauty, but face challenges such as market saturation and declining revenue in their beauty segments [5][6] - The trend of "dimensionality reduction" is noted, where pharmaceutical companies leverage their research and development strengths to compete in the beauty market [2][3] Group 2: Challenges and Market Dynamics - Many pharmaceutical companies are experiencing difficulties in the beauty market due to product homogeneity and a lack of innovative marketing strategies [6][7] - The shift towards scalp care products is emerging as a new opportunity, with companies like Yunnan Baiyao reporting significant revenue growth in this area [9] - The scalp care market is projected to grow, with pharmaceutical companies aiming to differentiate their products through unique formulations and proprietary ingredients [9]

Core Insights - The company, Mayinglong Pharmaceutical Group Co., Ltd., reported a record high net profit of 528 million yuan for 2024, marking a year-on-year growth of 19.14% [1] - The company attributes its performance to a combination of digital intelligence, green practices, and innovation, which it refers to as "new quality productivity" [5] Digital Transformation - Mayinglong is implementing digital innovations across its entire supply chain, achieving 100% digital management of core production lines and utilizing digital twin technology for real-time production monitoring [2] - The company has introduced automated guided vehicles (AGVs) for product transport, enhancing logistics efficiency while reducing energy consumption [2] - The establishment of a comprehensive digital marketing system has improved consumer engagement through various channels, including short videos and live streaming [2] Green Practices - The company integrates ESG principles into its operations, actively pursuing energy-saving and carbon-reduction initiatives in response to national dual carbon policies [3] - Investments in advanced green production lines and environmental management systems have led to significant reductions in energy consumption and emissions [3] - Mayinglong has been recognized as a "National Green Factory" and a green manufacturing demonstration enterprise in Hubei province [3] AI and Innovation - Mayinglong has developed an intelligent manufacturing cloud platform that connects data from suppliers and customers, enhancing coordination across production, supply, and sales [4] - The company focuses on strategic areas such as proctology, ophthalmology, and dermatology, with significant advancements in product development, including several new drug registrations [4] - In 2024, the company invested 66.69 million yuan in R&D, successfully completing the development of 60 health products across various sectors [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [4][18]. Core Insights - The company reported a revenue of 3.73 billion (up 18.9% year-on-year) and a net profit of 530 million (up 19.1% year-on-year) for 2024, with a significant increase in non-recurring net profit by 45% [1][4]. - The fourth quarter of 2024 saw a revenue of 940 million (up 35.6% year-on-year) and a net profit of 70.59 million (up 183.8% year-on-year) [1][4]. - The adjustments in the pharmaceutical channel have shown effectiveness, with the pharmaceutical industry segment achieving a revenue of 2.16 billion (up 17.8% year-on-year) and a gross margin of 71.4% [2][3]. Revenue Breakdown - The company's revenue from hemorrhoid treatment products reached 1.59 billion (up 23.2% year-on-year) with a gross margin of 74% [3]. - The medical commercial segment generated 1.25 billion (up 14.8% year-on-year) with a gross margin of 8.7% [2]. - The healthcare services segment achieved a revenue of 450 million (up 30.2% year-on-year) [2]. Product Development - The company has made progress in multiple research projects, including obtaining clinical approval for a new hemorrhoid treatment and registration for eye care medications [3]. - A total of 60 health products have been developed, covering various categories such as cosmetics and medical devices, laying a solid foundation for future market expansion in the health sector [3]. Financial Forecast - The revenue projections for 2025, 2026, and 2027 are 4.21 billion, 4.73 billion, and 5.27 billion respectively, with growth rates of 13%, 12%, and 11% [4]. - Net profit forecasts for the same years are 680 million, 760 million, and 840 million, with growth rates of 29%, 12%, and 10% [4].

Core Viewpoint - The company Ma Ying Long (600993.SH) has reported strong financial performance for the year 2024, with significant growth in revenue and profit, while maintaining a tradition of shareholder dividends [1][2]. Financial Performance - The company achieved an operating income of 3.728 billion yuan, representing a year-on-year increase of 18.85% [2]. - The net profit attributable to shareholders reached 528 million yuan, up 19.14% year-on-year [2]. - The non-recurring net profit surged by 44.98%, amounting to 511 million yuan [2]. Dividend Policy - Ma Ying Long plans to distribute a cash dividend of 6.20 yuan per 10 shares, totaling 267 million yuan, which accounts for 50.61% of the net profit [1][5]. - The company has maintained a continuous cash dividend policy for 20 years since its listing in 2004, with cumulative cash dividends reaching 1.366 billion yuan [5]. Business Segments - The pharmaceutical industrial revenue reached 2.161 billion yuan, with a year-on-year growth of 17.82% [2]. - The core business of treating hemorrhoids saw a revenue increase of 23.19%, maintaining a leading market position [2]. - The health and wellness segment, particularly the upgraded sanitary wet wipes and eye makeup series, also showed strong performance, with eye makeup revenue growing by 30% [2]. Innovation and Development - The company invested over 100 million yuan in research and development, focusing on three main areas: proctology, ophthalmology, and dermatology [4]. - New product projects in the health sector totaled 60, covering various sub-sectors including special cosmetics and medical devices [4]. - The company is advancing digital healthcare capabilities through the "Ma Ying Long Health Cloud" platform, exploring AI-assisted diagnostic systems and 3D digital modeling [3]. Manufacturing and Supply Chain - The company is enhancing its smart manufacturing capabilities, with new production lines and systems being implemented to optimize production efficiency [3]. - Ma Ying Long has been recognized as a "National Technology Innovation Demonstration Enterprise" and a "National Green Factory" [3].

Core Viewpoint - The report highlights that Mayinglong (600993) has shown impressive growth in core products and sustained improvement in profitability, leading to a "buy" rating from Dongwu Securities [1] Financial Performance - In 2024, the company achieved operating revenue of 3.728 billion yuan, a year-on-year increase of 18.85%, and a net profit attributable to shareholders of 528 million yuan, up 19.14% [2] - The non-recurring net profit was 511 million yuan, reflecting a significant growth of 44.98% [2] - For Q4 alone, the company reported revenue of 936 million yuan, a growth of 35.58%, and a net profit of 71 million yuan, which surged by 183.84% [2] Business Segments - The pharmaceutical industry segment generated 2.161 billion yuan in revenue, marking a 17.82% increase, with hemorrhoid treatment products growing by 23.19% [2] - The health and wellness segment saw significant growth, with sales of sanitary wet wipes exceeding 100 million yuan and beauty products revenue increasing by 30% [2] Medical Services and Pharmaceutical Commerce - The medical services segment reported revenue of 449 million yuan, up 30.15%, while the pharmaceutical commerce segment achieved 1.249 billion yuan, a growth of 14.81% [3] - The company turned profitable in its pharmaceutical commerce operations [3] Profitability and Efficiency - The gross margin for the main business improved to 46.03%, with the pharmaceutical industry gross margin rising to 71.42% [3] - The net profit margin after non-recurring items was 13.7%, reflecting an increase of 2.47 percentage points [3] - The sales expense ratio was 25.13%, while the management expense ratio decreased to 3.07%, indicating improved operational efficiency [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted, with net profits expected to be 632 million yuan and 730 million yuan respectively, and 834 million yuan in 2027 [4] - The company is recognized as a leader in its niche market, with stable growth in core products and a positive outlook for the health and wellness business, maintaining a "buy" rating [4]

Group 1 - The company achieved operating revenue of 3.728 billion yuan in 2024, a year-on-year increase of 18.85%, and a net profit attributable to shareholders of 528 million yuan, up 19.14% year-on-year [1] - The company's Q4 revenue reached 936 million yuan, representing a 35.58% increase compared to the same period in 2023, with a net profit of 71 million yuan, up 183.84% [1] - The healthcare product line showed steady growth, with the main business revenue from the pharmaceutical industry reaching 2.161 billion yuan, a year-on-year increase of 17.82% [1] Group 2 - The medical services segment reported a main business revenue of 449 million yuan in 2024, a year-on-year increase of 30.15%, maintaining stable operating performance [2] - The pharmaceutical commercial segment achieved a main business revenue of 1.249 billion yuan, a year-on-year increase of 14.81%, successfully turning a profit [2] - The company's gross profit margin improved to 46.03%, with the pharmaceutical industry gross margin rising to 71.42% [2] Group 3 - The company's net profit forecast for 2025-2026 has been adjusted to 632 million yuan and 730 million yuan, respectively, with an expected net profit of 834 million yuan in 2027 [3] - The company is positioned as a leader in its niche industry, with core products showing steady growth and a positive trend in the health and wellness business [3]