Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 7.22 CNY [1]. Core Insights - The company has demonstrated stable performance through cost reduction and efficiency improvements, with expectations for new growth from its formulation segment [2]. - In the first half of 2024, the company achieved revenue of 492 million CNY, a year-on-year increase of 5.05%, and a net profit of 180 million CNY, up 12.26% year-on-year [2]. - The company is actively advancing its high-end formulation internationalization projects and expanding both domestic and international markets [2]. Financial Performance Summary - Revenue Forecasts: - 2024E: 890.49 million CNY - 2025E: 1,034.00 million CNY - 2026E: 1,247.62 million CNY - Year-on-year growth rates: 9.03% (2024), 16.12% (2025), 20.66% (2026) [1][2]. - Net Profit Forecasts: - 2024E: 290.15 million CNY - 2025E: 352.05 million CNY - 2026E: 434.90 million CNY - Year-on-year growth rates: 14.28% (2024), 21.33% (2025), 23.53% (2026) [1][2]. - Key Financial Ratios: - P/E ratios for 2024-2026 are projected at 19, 16, and 13 times respectively [1]. - Gross margin for 2024H1 was 59.80%, with a net margin of 36.52% [2]. Business Segments Overview - Specialty APIs and Intermediates: - The company has established a strong market presence with products like Entecavir and others, expected to provide stable support in the future [2]. - CRO/CDMO/CMO Services: - The number of ongoing projects in the first half of 2024 remained stable compared to the previous year, with a total of 24 projects [2]. - Formulations: - The company is developing unique formulations leveraging its API advantages, with the first formulation product nearing approval [2]. - Innovative Drugs: - The company is investing in new drug development, including a new drug for ischemic stroke currently awaiting phase III clinical trials [2].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥492,393,814.37, representing a 5.05% increase compared to ¥468,715,612.42 in the same period last year[12]. - The net profit attributable to shareholders of the listed company was ¥179,832,394.24, an increase of 12.26% from ¥160,196,748.33 in the previous year[12]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥172,301,846.87, reflecting a 12.44% increase from ¥153,232,464.11 year-on-year[12]. - The net cash flow from operating activities was ¥38,932,293.96, a decrease of 3.78% compared to ¥40,463,326.85 in the same period last year[12]. - Basic earnings per share for the first half of 2024 increased by 15.79% to CNY 0.22 compared to CNY 0.19 in the same period last year[13]. - Diluted earnings per share also rose by 15.79% to CNY 0.22 from CNY 0.19 year-on-year[13]. - The company achieved operating revenue of 492.39 million yuan, a year-on-year increase of 5.05%[31]. - The net profit attributable to shareholders was 179.83 million yuan, reflecting a year-on-year growth of 12.26%[31]. - The company reported a total comprehensive income of ¥179,848,011.49 for the first half of 2024, compared to ¥160,175,181.53 in the same period last year[86]. Assets and Liabilities - The net assets attributable to shareholders at the end of the reporting period were ¥2,321,424,565.59, an increase of 8.40% from ¥2,141,576,554.10 at the end of the previous year[12]. - Total assets at the end of the reporting period were ¥2,980,632,742.40, showing a slight increase of 0.98% from ¥2,951,571,189.46 at the end of the previous year[12]. - Accounts receivable increased by 130.95% to ¥306,593,182.66, primarily due to an increase in sales of goods not yet due[36]. - The company's total current assets amounted to approximately ¥1.70 billion, an increase from ¥1.67 billion as of December 31, 2023, reflecting a growth of about 3.5%[79]. - The total liabilities decreased to CNY 659,208,176.81 from CNY 809,994,635.36, indicating a decrease of approximately 18.6%[81]. Research and Development - R&D investment reached 40.42 million yuan, accounting for 8.21% of operating revenue, with plans for further increases in R&D spending[33]. - The company has established a research and development team of nearly 500 personnel, including PhDs and Masters, focusing on various advanced technologies and product quality testing[28]. - The company is expanding its API R&D team and has established a synthetic biology research institute to leverage AI technology for competitive advantage[31]. - Research and development expenses for the first half of 2024 were ¥40,416,045.22, a decrease of 15.6% compared to ¥47,902,225.02 in the same period of 2023[85]. Market Position and Strategy - The company has established a strong reputation in the international market for its specialty raw materials and intermediates, with leading market shares for products like Entecavir and Posaconazole[16]. - The company aims to enhance its competitiveness in the formulation sector through the integration of intermediates, specialty raw materials, and formulations[16]. - The company is recognized as a strategic supplier for several large international pharmaceutical companies in the CRO/CDMO market[16]. - The company is focusing on a one-stop service model by integrating CRO, CDMO, and CMO services to enhance collaboration and stability in future orders[25]. - The company is advancing its "high-end formulation internationalization project," focusing on high-activity targeted anti-tumor tablets/capsules and ordinary oral solid tablets/capsules[17]. Environmental Compliance - The company was listed as a key pollutant discharge unit by the environmental protection department in 2024, emphasizing its commitment to environmental protection and sustainable development[51]. - In the first half of 2024, the company reported a non-methane total hydrocarbon emission of 1.03 tons, with an average emission concentration of 14.22 mg/m3, both meeting the standards[51]. - The wastewater discharge in the first half of 2024 was 79,251.3 tons, with a chemical oxygen demand average concentration of 148.4 mg/L, also compliant with regulations[52]. - The company operates a wastewater treatment system with a capacity of 600 tons per day and an organic waste gas RTO incineration device with a disposal capacity of 38,000 cubic meters per hour[53]. - The company has established a comprehensive environmental risk emergency mechanism, with an emergency response plan filed in November 2023[56]. Financial Management - The company conducted foreign exchange hedging to mitigate the impact of exchange rate fluctuations, enhancing financial stability[43]. - The company’s financial expenses decreased by 55.02% to -¥13,559,791.97, mainly due to reduced exchange losses from currency fluctuations[35]. - The company has not proposed any profit distribution or capital reserve increase for the reporting period[50]. - The total amount of guarantees provided by the company during the reporting period is 0.00 million RMB, with a guarantee balance of 0.00 million RMB at the end of the reporting period[65]. Risks and Challenges - The company faces risks including product quality, R&D and innovation, environmental compliance, safety production, exchange rate fluctuations, raw material price volatility, and reliance on key customers[45]. - The top five customers accounted for 56.34% and 64.63% of total revenue in 2023 and the first half of 2024 respectively, indicating high customer concentration risk[46]. Shareholder Information - The total number of common shareholders as of the reporting period end was 30,246[74]. - The company completed a capital increase of 237,227,756 shares, raising the total share capital from 593,069,389 shares to 830,297,145 shares[76]. - The capital increase diluted the earnings per share for the reporting period[76]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, with no significant doubts regarding the company's ability to continue operations for the next 12 months[104]. - The company adheres to the accounting standards for enterprises, ensuring that financial statements reflect a true and complete view of its financial status[106]. - The company has not made any significant changes to its accounting policies or estimates during the reporting period[161].

证券代码：603229 证券简称：奥翔药业 公告编号：2024-020 浙江奥翔药业股份有限公司 第四届董事会第三次会议决议公告 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。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 经全体董事认真审议并表决，一致通过了如下议案： （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 本议案已经审计委员会审议通过，并同意提交公司董事会审议。 具体内容详见上海证券交易所网站（www.sse.com.cn）、《中国证券报》上刊 登的《奥翔药业 2024 年半年度报告》和《奥翔药业 2024 年半年度报告摘要》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于公司 2024 年半年度募集资金存放与实际使用情况的专 项报告的议案》 具体内容详见上海证券交易所网站（www.sse.com.cn）、《中国证券报》上刊 登的《奥翔药业 2024 年半年度募集资金存放与实际使用情况的专项报告》（公告 编号：2024-022）。 一、董事会会议召开情况 浙江 ...

证券代码：603229 证券简称：奥翔药业 公告编号：2024-021 浙江奥翔药业股份有限公司 一、监事会会议召开情况 第四届监事会第三次会议决议公告 本公司监事会及全体监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。 浙江奥翔药业股份有限公司（以下简称"公司"）第四届监事会第三次会议 于 2024 年 8 月 23 日在浙江省化学原料药基地临海园区东海第四大道 5 号公司新 办公楼一楼会议室以现场的方式召开。会议通知已于 2024 年 8 月 13 日以专人送 达或电子邮件方式送交公司全体监事。本次会议应参加监事 3 人，实际参加监事 3 人，会议由监事会主席徐海燕女士主持。会议的通知、召集、召开和表决程序 符合《中华人民共和国公司法》《公司章程》等有关法律、法规的规定。 二、监事会会议审议情况 经全体监事认真审议并表决，一致通过了如下议案： （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 监事会认为：公司 2024 年半年度报告的编制和审议程序符合相关法律、法 规、公司章程和公司内部管理制度的各项规定。2024 年半年度报 ...

证券代码：603229 证券简称：奥翔药业 公告编号：2024-022 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。 2、募集资金使用和结余情况 | 金额单位：人民币万元 | | --- | | 项 目 | | 序号 | 金 额 | | --- | --- | --- | --- | | 募集资金净额 | | A | 40,794.04 | | 截至期初累计发生额 | 项目投入 | B1 | 26,035.77 | | | 利息收入净额 | B2 | 982.53 | | 本期发生额 | 项目投入 | C1 | 4,487.96 | | | 利息收入净额 | C2 | 5.76 | | 截至期末累计发生额 | 项目投入 | D1=B1+C1 | 30,523.73 | | | 利息收入净额 | D2=B2+C2 | 988.29 | | 应结余募集资金 | E=A-D1+D2 | 11,258.60 | | --- | --- | --- | | 实际结余募集资金 | F | 1,258.60 | | 差异[注] | G=E ...

浙江奥翔药业股份有限公司（以下简称"公司"）于 2024 年 5 月 20 日召开 了 2023 年年度股东大会，审议通过了《关于修订〈公司章程〉的议案》。 证券代码：603229 证券简称：奥翔药业 公告编号：2024-019 浙江奥翔药业股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 浙江奥翔药业股份有限公司董事会 2024 年 8 月 24 日 1、统一社会信用代码：91331000554754592X 2、名称：浙江奥翔药业股份有限公司 3、类型：股份有限公司（上市、自然人投资或控股） 4、住所：浙江省化学原料药基地临海园区东海第四大道5号 5、法定代表人：郑志国 6、注册资本：捌亿叁仟零贰拾玖万柒仟壹佰肆拾伍元 7、成立日期：2010年04月22日 8、营业期限：2010年04月22日至长期 近日，公司完成了相关工商变更登记手续，并取得浙江省市场监督管理局换 发的《营业执照》。变更后的相关信息如下： 9、经营范围：原料药、片剂制造(凭有效许可证经营)；有机中间体 ...

证券代码：603229 证券简称：奥翔药业 公告编号：2024-023 投资者可于 2024 年 9 月 6 日(星期五) 至 9 月 12 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 board@ausunpharm.com 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。 浙江奥翔药业股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 日发 布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半 年度经营成果、财务状况，公司计划于 2024 年 9 月 13 日上午 09:00-10:00 举 行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 浙江奥翔药业股份有限公司 关于召开 2024 年半年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： 会议召开时间：2024 年 9 月 13 日(星期五) 上午 09:00-10:00 会议召开 地点：上海证券交易所上证路演中心（网址 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment [1]. Core Insights - The company, Aoxiang Pharmaceutical, has shown steady growth in its API and CXO businesses, while its formulation segment is expected to create a third growth curve starting in 2025 [1][9]. - From 2019 to 2023, the company's revenue compound annual growth rate (CAGR) was 27.62%, and net profit CAGR was 45.95%, with gross margin increasing by 3.27 percentage points and net margin increasing by 12.78 percentage points [1][17]. - The company has a diverse product portfolio, including categories such as liver disease, respiratory, cardiovascular, high-end fluorinated products, prostaglandins, antibiotics, gout, oncology, and nervous system drugs, with a focus on high-difficulty chiral structures [1][9]. Revenue and Profit Growth - The company's revenue increased from 308 million yuan in 2019 to 817 million yuan in 2023, with a slowdown in growth to 6.83% in 2023 [17]. - The net profit rose from 56 million yuan in 2019 to 254 million yuan in 2023, with a 2023 growth rate of 7.87% [17]. - The revenue forecast for 2024, 2025, and 2026 is projected at 963 million yuan, 1.164 billion yuan, and 1.581 billion yuan, respectively, with corresponding net profits of 317 million yuan, 384 million yuan, and 506 million yuan [2]. Product Matrix and Market Position - The first-tier products contribute stable revenue and profit, including Entecavir, Dihydrocodeine, Posaconazole, Nebivolol, and Ciprofloxacin, with Entecavir and Dihydrocodeine holding significant market shares internationally [1][25]. - The second-tier products, such as Sodium Glucose Co-Transporter 2 (SGLT2) inhibitors and others, are expected to see rapid growth in the next three years [1]. - The company has established a deep collaboration with STADA to advance its formulation internationalization process, with the first formulation product expected to be approved in Europe in H2 2024 and in China in H1 2025 [1][9]. R&D and Capacity Utilization - The company has maintained a high R&D investment rate, reaching nearly 10% in 2023, which supports the continuous development of its product pipeline [1][22]. - The production capacity is being expanded with new facilities, which are expected to alleviate current capacity constraints and support future growth [13][14]. Financial Metrics - The company's gross margin improved from 51.78% in 2019 to 55.05% in 2023, while the net margin increased from 18.31% to 31.09% during the same period [22]. - The forecasted price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 22.76, 18.21, and 15.05, respectively, indicating a potential premium valuation due to stable growth in the API and CXO businesses [1][2].

证券代码：603229 证券简称：奥翔药业 公告编号：2024-018 浙江奥翔药业股份有限公司 2023 年年度权益分派实施公告 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： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售 条件流通股 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | | 份上市日 | 放日 | | Ａ股 | 2024/7/11 | － | 2024/7/12 | 2024/7/12 | 2024/7/12 | 差异化分红送转： 否 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 5 月 20 日的 2023 年年度股东大会审议通过。 二、 分配、转增股本方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公 ...

证券代码：603229 证券简称：奥翔药业 公告编号：2024-017 (一) 股东大会召开的时间：2024 年 5 月 20 日 (二) 股东大会召开的地点：浙江省化学原料药基地临海园区东海第四大道 5 号公司新办公楼一楼会议室 (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： 会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。 浙江奥翔药业股份有限公司 2023 年年度股东大会决议公告 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。 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 | 1、出席会议的股东和代理人人数 | 17 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 323,281,763 | | 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 | 54.5099 | | 份总数的比例（%） | | (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。 本次股东大会由公司董事会召集 ...