Financial Performance - The company's operating revenue for 2018 was RMB 243,885,062.27, representing a year-on-year increase of 1.54% compared to RMB 240,188,298.82 in 2017 [25]. - The net profit attributable to shareholders for 2018 decreased by 17.26% to RMB 43,864,090.74 from RMB 53,011,517.29 in 2017 [25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 34,015,621.56, down 33.26% from RMB 50,969,147.05 in the previous year [25]. - The net cash flow from operating activities significantly dropped by 76.66% to RMB 11,503,536.93 from RMB 49,294,377.30 in 2017 [25]. - The total assets at the end of 2018 increased by 8.14% to RMB 801,978,662.98 compared to RMB 741,583,786.95 at the end of 2017 [25]. - The basic earnings per share for 2018 was RMB 0.27, a decrease of 27.03% from RMB 0.37 in 2017 [28]. - The weighted average return on equity for 2018 was 7.55%, down 4.88 percentage points from 12.43% in 2017 [28]. - The company reported a total of RMB 5,462,365.46 in government subsidies related to its normal business operations for 2018 [32]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.55 per 10 shares, totaling RMB 8,800,000.00, based on a total share capital of 16 million shares [6]. - The company has established a cash dividend policy in accordance with regulatory guidelines, ensuring shareholder returns [135]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm [5]. - The company has confirmed no non-operating fund occupation by controlling shareholders or related parties [8]. - The company adheres to strict production management standards, including GMP and ISO14001, to ensure product quality and safety throughout the manufacturing process [43]. - The company faces risks related to product quality, requiring compliance with GMP and cGMP certifications for domestic and export sales [127]. Research and Development - The company has maintained a research and development investment exceeding 10% of its revenue over the past three years, indicating a strong commitment to innovation [46]. - The company has a dedicated research team of 146 members, representing 26.02% of its total workforce, focusing on various aspects of drug development and quality control [46]. - The company reported a total R&D investment of 34.37 million RMB, accounting for 14.09% of its operating revenue [93]. - The company has several ongoing R&D projects, including diabetes drugs and treatments for insomnia, with all projects in the research phase initiated in 2019 [104]. - The company’s R&D investment is among the highest in its industry, with a ratio of 14.09% compared to the industry average of 4.68% [96]. Market and Product Strategy - The company is engaged in the research, production, and sales of specialty APIs and pharmaceutical intermediates, focusing on high-tech and high-barrier products [36]. - The company has established long-term strategic partnerships with major clients in regulated markets, enhancing its reputation and market presence [47]. - The company plans to expand its market presence in Europe, the United States, and Japan to enhance sales growth [55]. - The company maintains a "R&D-driven sales" strategy, focusing on optimizing existing products and developing new ones to enhance market competitiveness [109]. - The company aims to develop high-value products with significant technical difficulty, focusing on the integration of intermediates, raw materials, and formulations [120]. Financial Management - The company has a total of ¥75,000,000 in bank wealth management products and ¥130,000,000 in securities firm wealth management products, indicating active investment strategies [170]. - The company reported accounts receivable of ¥80,363,236.03 and construction in progress of ¥25,940,391.25, reflecting significant adjustments in financial reporting [158]. - The company adjusted its management expenses to ¥65,145,439.86 and research and development expenses to ¥29,841,074.16, indicating a focus on innovation [158]. Environmental and Safety Compliance - The total wastewater discharged by the company during the reporting period was 82,652 tons [179]. - The average discharge concentration of chemical oxygen demand (COD) was 144.88 mg/L, with a total discharge of 8.2652 tons [179]. - The company conducted environmental monitoring, with all pollutant indicators meeting discharge standards [188]. - The company has not experienced major safety incidents but acknowledges potential risks from handling hazardous materials [130]. Shareholder Structure and Stock Management - The total number of ordinary shares is 160,000,000, with a proportion of 100% [192]. - The top shareholder, Zheng Zhiguo, holds 95,976,000 shares, representing 59.99% of the total shares [198]. - The company commits to not using its assets for unrelated investments or consumption activities by directors and senior management [156]. - The company will hold a shareholders' meeting to approve the stock buyback plan, requiring a two-thirds majority vote from attending shareholders [155].

2018 年第三季度报告 公司代码：603229 公司简称：奥翔药业 浙江奥翔药业股份有限公司 2018 年第三季度报告 1 / 20 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人郑志国、主管会计工作负责人娄杭及会计机构负责人（会计主管人员）郑仕兰保 证季度报告中财务报表的真实、准确、完整。 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度 末增减(%) | | --- | --- | --- | --- | | 总资产 | 785,860,125.02 | 741,583,786.95 | 5.97 | | 归属于上市公司股东 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 116,091,797.26, representing a 28.23% increase compared to CNY 90,533,525.71 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 23,732,953.65, a decrease of 3.45% from CNY 24,579,903.79 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 20,584,693.29, down 9.79% from CNY 22,819,125.60 in the same period last year[19]. - The net cash flow from operating activities was CNY 6,108,581.08, a significant decrease of 69.04% compared to CNY 19,727,390.16 in the previous year[19]. - Basic earnings per share decreased by 21.05% to CNY 0.15 compared to the same period last year[20]. - Diluted earnings per share also decreased by 21.05% to CNY 0.15 compared to the same period last year[20]. - The weighted average return on net assets dropped by 4.05 percentage points to 4.13%[20]. - The company achieved operating revenue of 116.09 million yuan, representing a year-on-year growth of 28.23%[35]. - The net profit attributable to shareholders decreased by 3.45% to 23.73 million yuan[35]. - R&D investment amounted to 13.87 million yuan, accounting for 11.95% of operating revenue[36]. Assets and Liabilities - The net assets attributable to shareholders at the end of the reporting period were CNY 577,467,627.48, an increase of 2.22% from CNY 564,934,673.83 at the end of the previous year[19]. - Total assets at the end of the reporting period were CNY 766,268,121.95, reflecting a 3.33% increase from CNY 741,583,786.95 at the end of the previous year[19]. - Total current assets increased to ¥517,790,483.87 from ¥509,392,621.28, representing a growth of approximately 0.78%[84]. - Total non-current assets rose to ¥248,477,638.08 from ¥232,191,165.67, an increase of about 7.0%[85]. - Total liabilities amounted to ¥188,800,494.47, compared to ¥176,649,113.12, marking an increase of approximately 6.5%[86]. - Owner's equity totaled ¥577,467,627.48, up from ¥564,934,673.83, representing an increase of about 2.9%[86]. Cash Flow - The net cash flow from financing activities fell by 73.68% to ¥60,129,838.94 from ¥228,463,327.36, due to a decrease in cash received from investments compared to the previous year[39]. - Cash inflow from operating activities totaled CNY 175,128,191.86, an increase from CNY 137,091,678.80 in the previous period, representing a growth of approximately 27.8%[99]. - The net increase in cash and cash equivalents for the period was CNY 42,233,022.17, a significant drop from CNY 225,601,543.62 in the prior period[101]. - Total cash and cash equivalents at the end of the period stood at CNY 263,094,867.86, down from CNY 319,147,228.58[101]. Research and Development - The company has maintained R&D investment exceeding 10% of operating revenue for the past three years[31]. - The company has a research and development team of over 100 members, comprising various educational backgrounds, accounting for approximately 30% of total staff[31]. - Research and development expenses increased by 22.37% to ¥13,868,713.66 from ¥11,333,726.73, attributed to the expansion of R&D projects[39]. Market and Sales Strategy - The company primarily engages in the research, production, and sales of specialty APIs and pharmaceutical intermediates, with a focus on six major product categories[23]. - The company adopts a "research-driven sales" strategy, optimizing existing products to enhance quality and reduce costs[25]. - The domestic sales model includes direct sales through various channels, while export sales require client audits and regulatory approvals[26]. Environmental and Regulatory Compliance - The company was listed as a key pollutant discharge unit by the environmental protection department in 2018, with a total wastewater discharge of 30,203 tons during the reporting period[62]. - The average discharge concentration of chemical oxygen demand (COD) was 163.13 mg/L, with a total discharge of 4.93 tons, while the average concentration of ammonia nitrogen was 4.5 mg/L, with a total discharge of 0.14 tons[62]. - The company has received environmental impact approvals for multiple projects, including a key drug intermediate project approved in 2018[64]. Shareholder and Corporate Governance - No profit distribution or capital reserve transfer plan proposed for the half-year period[49]. - The company’s actual controllers and shareholders have committed not to transfer or entrust the management of their shares for 36 months from the date of listing[50]. - The company has committed to not repurchase shares that were issued prior to the public offering[50]. - The company will hold a shareholders' meeting within 30 days after the board resolution to discuss the stock repurchase proposal[56]. Risk Factors - The company faces risks related to product quality, R&D and technological innovation, environmental regulations, and fluctuations in raw material prices[46]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[120]. - The company adheres to the accounting standards and policies applicable to its operations[121]. - The company recognizes financial liabilities at amortized cost using the effective interest method, with exceptions for certain financial liabilities measured at fair value[131].

公司代码：603229 公司简称：奥翔药业 浙江奥翔药业股份有限公司 2018 年第一季度报告 1 / 18 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2018 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人郑志国、主管会计工作负责人娄杭及会计机构负责人（会计主管人员）郑仕兰保 证季度报告中财务报表的真实、准确、完整。 2018 年第一季度报告 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | | --- | --- | --- | --- | | | | | 增减(%) | | 总资产 | 743,100,215.21 | 741,583,786.95 | 0.20 | | ...

Financial Performance - The company's operating revenue for 2017 was RMB 240,188,298.82, representing a 20.79% increase compared to RMB 198,841,958.18 in 2016[20]. - The net profit attributable to shareholders of the listed company decreased by 7.53% to RMB 53,011,517.29 from RMB 57,328,094.10 in the previous year[20]. - The net cash flow from operating activities was RMB 46,784,777.30, a decrease of 49.81% compared to RMB 93,207,588.34 in 2016[21]. - The total assets of the company increased by 66.25% to RMB 741,583,786.95 from RMB 446,061,176.60 in 2016[21]. - The net assets attributable to shareholders of the listed company rose by 132.19% to RMB 564,934,673.83 from RMB 243,302,401.83 in 2016[21]. - Basic earnings per share decreased by 22.92% to CNY 0.37 from CNY 0.48 in the previous year[22]. - Diluted earnings per share also decreased by 22.92% to CNY 0.37 from CNY 0.48 in the previous year[22]. - The weighted average return on equity fell by 14.02 percentage points to 12.43% from 26.45% in the previous year[22]. - Total revenue for Q4 was CNY 100,492,429.62, with a net profit attributable to shareholders of CNY 21,371,192.48[24]. - The net cash flow from operating activities for Q4 was CNY 35,345,025.77[24]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.70 per 10 shares, totaling RMB 11,200,000.00[5]. - The company does not plan to increase capital reserves or issue bonus shares, with remaining undistributed profits carried forward to the next year[5]. - The net profit attributable to ordinary shareholders for 2017 was RMB 53,011,517.29, with a cash dividend payout ratio of 21.13%[115]. - The company has established a three-year cash dividend policy following its listing, detailing conditions and ratios for dividend distribution[113]. - The company did not propose any stock bonus or capital reserve transfer in the 2017 profit distribution plan[114]. Research and Development - The company has maintained a research and development investment ratio exceeding 10% of its operating revenue for the past three years, with a dedicated R&D team of 149 members, accounting for 29.04% of total staff[35][36]. - Research and development expenses amounted to 29.84 million yuan, accounting for 12.42% of operating revenue, with a year-on-year increase of 27.07%[46]. - The company has 16 ongoing research projects, with 3 projects already submitted for approval[74]. - The company is currently in the clinical trial phase for a new drug targeting cerebrovascular diseases[80]. - The company has received clinical approval for hepatitis drugs and is awaiting production[81]. Market and Industry Trends - The pharmaceutical manufacturing industry achieved a total revenue of CNY 281.855 billion in 2017, representing a year-on-year growth of 12.5%[35]. - The total profit for the pharmaceutical manufacturing industry in 2017 was CNY 33.141 billion, with a year-on-year increase of 17.8%[35]. - The global pharmaceutical expenditure is projected to reach USD 1.3 trillion by 2018, with a compound annual growth rate (CAGR) of over 6% from USD 605 billion in 2005[33]. - The domestic pharmaceutical market is experiencing rapid growth, driven by increasing healthcare demands due to economic development and population growth[34]. - The pharmaceutical manufacturing industry is projected to grow at an annual rate exceeding 10% through 2020, driven by rising healthcare demands in China[68]. Product Portfolio - The company focuses on the research, production, and sales of specialty APIs and intermediates, with a strong emphasis on high-tech and unique production processes[30]. - The company has established a comprehensive product portfolio, including mature products like CS acid and Entecavir, which are expected to provide stable revenue and profit sources in the coming years[37]. - The company has six main product categories, including liver disease, respiratory system, and cardiovascular products, indicating a diverse product portfolio[30]. - The company’s sales revenue from liver disease treatments was 63.64 million RMB, with a gross margin of 73.67%, indicating a 22.28% increase in revenue compared to the previous year[90]. - The company is focusing on developing new products, including orphan drugs and treatments for insomnia, to enhance its product portfolio[81]. Financial Position and Assets - The total assets increased from RMB 446,061,176.60 at the beginning of the period to RMB 741,583,786.95 at the end, while total liabilities decreased from RMB 202,758,774.77 to RMB 176,649,113.12, resulting in a reduction of the debt-to-asset ratio from 45.46% to 23.82%[147]. - The company’s net assets attributable to shareholders increased due to the funds raised from the new share issuance, leading to an increase in earnings per share[141]. - The company’s total equity increased significantly following the IPO, enhancing its financial stability[147]. - Cash and cash equivalents increased to CNY 240,389,367.50 from CNY 109,487,684.96 at the beginning of the year[197]. - The book value of inventory after impairment was CNY 126,334,341.90[190]. Risk Management - The company has detailed potential risks in the report, which investors should review[7]. - The company faces a risk of dependency on major clients, with the top five clients accounting for 58.77% of total revenue in 2017[107]. - The company is experiencing pressure to upgrade its production processes due to increasing environmental regulations, which may raise production costs and affect competitiveness[111]. Corporate Governance - The company received an unqualified audit opinion for its financial statements, indicating fair representation of its financial position as of December 31, 2017[186]. - The company confirmed that it operates independently from its controlling shareholder in terms of business, personnel, assets, and finance[177]. - The company maintained a transparent information disclosure process, adhering to the requirements of the Shanghai Stock Exchange[178]. - The company emphasized the importance of investor relations, implementing a management system to address investor inquiries effectively[178]. Shareholder Structure - The largest shareholder, Zheng Zhiguo, holds 95,976,000 shares, representing 59.99% of the total shares[150]. - The company has a clear ownership structure with no other entities holding more than 10% of shares[158]. - The company has several shareholders with limited sale conditions, including Zheng Zhiguo and LAV Bridge, with shares becoming tradable on specific dates[152]. - The total number of shares held by current directors and senior management remained unchanged at 101,556,000 shares throughout the reporting period[161]. Employee and Management - The total number of employees in the parent company is 490, with a combined total of 513 employees including major subsidiaries[172]. - The remuneration for all directors, supervisors, and senior management totaled 1.5298 million yuan[169]. - The company provides competitive salaries and benefits in accordance with national laws, including various types of insurance and housing funds[173]. - The board of directors conducted nine meetings in total, with all members attending and no absences reported[180].

2017 年第三季度报告 公司代码：603229 公司简称：奥翔药业 浙江奥翔药业股份有限公司 2017 年第三季度报告 1 / 21 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 10 | 2017 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人郑志国、主管会计工作负责人娄杭及会计机构负责人（会计主管人员）郑仕兰保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末 | | | --- | --- | --- | --- | --- | --- | | | | | | 增减(%) | | ...

Financial Performance - Basic earnings per share for the first half of 2017 was CNY 0.19, an increase of 11.76% compared to CNY 0.17 in the same period last year[19] - Diluted earnings per share for the first half of 2017 was also CNY 0.19, reflecting the same growth of 11.76% year-on-year[19] - The company's operating revenue for the first half of the year reached ¥90,533,525.71, representing a 23.49% increase compared to ¥73,312,158.07 in the same period last year[21] - Net profit attributable to shareholders was ¥24,579,903.79, up 21.87% from ¥20,168,994.01 year-on-year[21] - The net profit after deducting non-recurring gains and losses was ¥22,819,125.60, reflecting a 17.74% increase from ¥19,380,419.76 in the previous year[21] - The company reported a significant increase in net cash flow from operating activities, which rose by 283.87% to 19,727,390.16 RMB[40] - The company achieved operating revenue of 90,533,525.71 RMB, representing a year-on-year growth of 23.49%[40] - The net profit attributable to shareholders reached 2,457.99 million RMB, with a year-on-year increase of 21.87%[37] - The company reported a significant increase in bank deposits, reaching CNY 332,628,933.71, compared to CNY 109,485,373.43 at the beginning of the period[181] Asset and Equity Growth - The company's net assets attributable to shareholders increased by 120.51% to ¥536,503,060.33 from ¥243,302,401.83 at the end of the previous year[21] - Total assets grew by 56.23% to ¥696,897,553.20 from ¥446,061,176.60 at the end of the previous year[21] - The total equity attributable to the parent company at the beginning of the year was CNY 243,302,401.83[104] - The total equity at the end of the reporting period is RMB 536,678,453.72, an increase from RMB 243,508,399.80 at the beginning of the year[112] - The company's equity attributable to shareholders rose to RMB 536,503,060.33 from RMB 243,302,401.83, marking an increase of approximately 120%[86] Research and Development - R&D investment accounted for 12.52% of operating revenue, totaling 1,133.37 million RMB[37] - The company has a research and development team of over 100 members, with more than 30% holding doctoral or master's degrees[32] - The company adopts a "research-driven sales" strategy, focusing on optimizing existing products and developing new ones to maintain competitive advantages in the market[27] Market and Industry Context - The global pharmaceutical industry is projected to grow from $605 billion in 2005 to $1,200 billion by 2017, with a compound annual growth rate of nearly 6%[28] - The domestic pharmaceutical industry has shown a compound annual growth rate of 23.31% during the "11th Five-Year Plan" period, with significant growth continuing into the "12th Five-Year Plan" period[30] - The company specializes in the research, production, and sales of specialty APIs and pharmaceutical intermediates, with a focus on high-tech and high-barrier products[25] Cash Flow and Financing Activities - The net cash flow from financing activities increased significantly to 228,463,327.36, up 1,008.06% from 20,618,348.11 in the previous period, primarily due to new share issuance[41] - The net cash flow from investing activities was -22,589,173.90, an improvement of 15.19% compared to -26,634,472.59 in the previous period[41] - Cash inflows from financing activities totaled CNY 348,850,000.00, while cash outflows amounted to CNY 120,386,672.64, resulting in a net increase in cash[101] Shareholder and Corporate Governance - The company has not proposed any profit distribution or capital reserve conversion plans for the half-year period[53] - The company held two shareholder meetings during the reporting period, with all procedures compliant with relevant laws and regulations[52] - The actual controllers and shareholders have committed to not transferring or entrusting their shares for a specified period following the company's IPO[54] - The company will extend the lock-up period for shareholders if the stock price falls below the issue price for a specified duration[54] Risks and Challenges - The company faces market competition risks as existing and potential competitors may increase investments in the specialty raw materials and pharmaceutical intermediates sector[47] - The company anticipates potential risks from fluctuations in raw material prices, which could impact profitability[47] - The rising raw material prices have increased production costs, putting pressure on the company's profit growth potential[48] - The company faces significant product quality risks due to complex production processes and stringent quality management requirements[48] Accounting and Financial Reporting - The company has not made any changes to its important accounting estimates during the reporting period[178] - The company has not reported any major accounting errors requiring restatement[65] - The company has maintained a stable shareholder structure with no significant changes in major shareholders[68] - The company includes all subsidiaries under its control in the consolidated financial statements[127] Inventory and Receivables Management - Inventory increased by 48.35% to 89,107,852.64, up from 60,067,488.64, likely due to increased sales and stockpiling of raw materials[42] - Accounts receivable decreased by 31.67% to 46,519,823.53 from 68,085,061.09, indicating improved cash collection[42] - The company has implemented a bad debt provision policy based on aging analysis, with 5% for receivables within one year and 100% for receivables over three years[187]