Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Views - The vitamin market is expected to continue its upward trend, with the company showing promising growth potential due to the orderly advancement of new projects [1][5]. - The company's financial performance in the first half of 2024 shows improvement, driven by a moderate recovery in vitamin demand and stable raw material prices [2][5]. Financial Summary - The company's revenue for 2022 was 2,305 million, which decreased to 1,882 million in 2023, but is projected to rise to 2,547 million in 2024, reflecting a year-on-year growth rate of 35.3% [1]. - The net profit attributable to the parent company was 622 million in 2022, dropping to 476 million in 2023, with an expected recovery to 757 million in 2024, marking a 59.0% year-on-year increase [1]. - The company's return on equity (ROE) is projected to improve from 11.2% in 2023 to 15.9% in 2024 [1]. Market and Product Insights - The company's vitamin B segment generated revenue of 891 million in the first half of 2024, with a gross margin of 48.24%, an increase of 8.37 percentage points year-on-year [2][5]. - The prices of VB1 and VB6 have stabilized and are expected to continue rising, contributing positively to the company's performance [5]. - The company is advancing multiple projects, including a 7,000-ton vitamin B5 project and a 1,000-ton vitamin A project, which are expected to enhance product structure and performance [5][6]. Future Projections - The company is projected to achieve revenues of 25.47 billion, 30.71 billion, and 35.34 billion from 2024 to 2026, with corresponding net profits of 7.57 billion, 9.20 billion, and 11.30 billion [5][6]. - The expected earnings per share (EPS) are forecasted to be 1.73, 2.10, and 2.58 for the years 2024, 2025, and 2026, respectively [5][6].

重要内容提示： | 回购方案首次披露日 | 2024/1/23 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 月 2024 1 | 22 | 日~2025 | 年 | 1 | 21 | 日 | | 预计回购金额 | 60,000,000 元~120,000,000 元 □减少注册资本 | | | | | | | | 回购用途 | √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 累计已回购股数 | 2,609,720 股 | | | | | | | | 累计已回购股数占总股本比 | 0.5961% | | | | | | | | 例 | | | | | | | | | 累计已回购金额 | 60,001,880.46 元 | | | | | | | | 实际回购价格区间 | 19.17 元/股~28.00 元/股 | | | | | | | 证券代码：603235 证券简称：天新药业 公告编号：202 ...

证券代码：603235 证券简称：天新药业 公告编号：2024-043 江西天新药业股份有限公司 关于 2024 年第二季度经营数据的公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号——行 业信息披露》的相关规定，现将江西天新药业股份有限公司 2024 年第二季度经 营数据（未经审计）公告如下： 一、 2024年第二季度主要经营数据 1、主营业务分产品情况 特此公告。 单位：元 币种：人民币 | 产品分类 | 2024 | 年 月收入 4-6 | 2023 | 年 4-6 | 月收入 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | 族维生素 B | | 481,009,752.01 | | 466,642,684.95 | | 3.08% | | 其他维生素 | | 52,681,773.93 | | 36,673,511.79 | | 43.65% | | 精细化工品 | | 29,002,87 ...

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。 一、董事会会议召开情况 江西天新药业股份有限公司（以下简称"公司"）第三届董事会第五次会议 于 2024 年 8 月 30 日在公司会议室以现场结合通讯表决的方式召开。本次会议通 知已于 2024 年 8 月 20 日以电子邮件及专人送达等方式送达全体董事。本次会议 应到董事 9 人，实到董事 9 人。会议由公司董事长许江南先生主持，公司监事、 高级管理人员列席会议。本次会议的召开符合《中华人民共和国公司法》《江西 天新药业股份有限公司章程》等有关规定，会议决议合法有效。 二、董事会会议审议情况 （一） 审议通过《关于公司 2024 年半年度报告及其摘要的议案》； 该议案同意票数为 9 票，反对票数为 0 票，弃权票数为 0 票。该议案已经董 事会审计委员会审议通过。 证券代码：603235 证券简称：天新药业 公告编号：2024-041 江西天新药业股份有限公司 第三届董事会第五次会议决议公告 具体内容详见公司同日刊登在上海证券交易所（www.sse.com.cn）及公司指 定 ...

证券代码：603235 证券简称：天新药业 公告编号：2024-042 （一） 审议通过《关于公司 2024 年半年度报告及其摘要的议案》 江西天新药业股份有限公司 第三届监事会第五次会议决议公告 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。 一、监事会会议召开情况 江西天新药业股份有限公司（以下简称"公司"）第三届监事会第五次会议 于 2024 年 8 月 30 日在公司会议室以现场表决的方式召开。本次会议通知已于 2024 年 8 月 20 日以电子邮件及专人送达等方式送达全体监事。本次会议应到监 事 3 人，实到监事 3 人。会议由公司监事会主席章根宝先生主持，公司董事会秘 书列席本次会议。本次会议的召开符合《中华人民共和国公司法》《江西天新药 业股份有限公司章程》等有关规定，会议决议合法有效。 二、监事会会议审议情况 （二） 审议通过《关于 2024 年半年度募集资金存放与使用情况的专项报告 的议案》 监事会认为：公司 2024 年半年度募集资金存放与使用情况符合《上海证券 交易所股票上市规则》《上市公司监管指引第 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥1,066,613,193.86, a decrease of 4.81% compared to ¥1,120,547,937.20 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥345,168,461.44, representing an increase of 4.61% from ¥329,956,160.32 in the previous year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥329,199,671.07, up 3.73% from ¥317,364,467.46 in the same period last year[13]. - The net cash flow from operating activities was ¥195,249,037.79, a significant decrease of 51.36% compared to ¥401,420,301.67 in the previous year[13]. - Basic earnings per share for the first half of 2024 increased to CNY 0.79, up 5.33% from CNY 0.75 in the same period last year[14]. - The weighted average return on equity rose to 7.92%, an increase of 0.11 percentage points compared to 7.81% in the previous year[14]. - The gross margin for the nutrition segment improved by 6.35 percentage points to 44.24% despite a revenue decline of 5.07%[27]. - The company reported a total comprehensive income of CNY 345,168,461.44 for the first half of 2024, compared to CNY 329,956,160.32 in the same period of 2023[90]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,102,645,148.83, showing a slight increase of 0.25% from ¥5,090,159,178.34 at the end of the previous year[13]. - The net assets attributable to shareholders at the end of the reporting period were ¥4,327,816,595.20, an increase of 2.24% from ¥4,232,947,161.44 at the end of the previous year[13]. - Current liabilities decreased to CNY 333,252,012.52 from CNY 461,328,040.95, a reduction of approximately 27.8%[84]. - The total liabilities decreased to CNY 774,828,553.63 from CNY 857,212,016.90, a decrease of about 9.6%[84]. - The company's retained earnings rose to CNY 1,716,338,424.91 from CNY 1,589,375,829.47, an increase of approximately 8%[84]. Investments and Capital Expenditures - The company reported a significant increase in construction in progress, rising by 46.67% to ¥638,541,857.70 from ¥435,368,164.72 year-on-year[30]. - The company has approved a guarantee limit of up to 600 million RMB for its subsidiaries, with 300 million RMB allocated to Qingtongxia Thermal Power and 300 million RMB to Ningxia Tianxin[67]. - The cumulative investment of raised funds reached 1,078,321,747.31, with an investment progress of 71.07%[69]. - The first phase of the annual production of 1,000 tons of Vitamin A project has an investment plan of 431,291,500.00, with a cumulative investment of 209,240,849.88, achieving 48.51% of the planned progress[70]. Research and Development - The company maintains a strong focus on R&D, collaborating with renowned institutions to optimize product development and technology[23]. - The company's research and development expenses increased by 17.25% to ¥45,045,430.51 from ¥38,417,883.89 year-on-year[29]. - The company has launched large-scale production of vitamin B5 during the reporting period, enhancing its product portfolio[27]. Market Position and Industry Trends - The vitamin industry is experiencing a recovery in market conditions, with some vitamin product prices stabilizing and rebounding from low levels since the beginning of 2024[20]. - The company holds a leading global market share in vitamin B6 and vitamin B1, with biotin and folic acid in the first tier of the industry[20]. - The company has established a diverse product matrix including vitamin B6, B1, biotin, folic acid, vitamin B5, vitamin D3, and vitamin E powder[20]. - The company has a strong competitive position in the vitamin sector, benefiting from technological, cost, and scale advantages[20]. Environmental and Social Responsibility - The company is committed to environmental protection, investing in waste treatment and recycling facilities to support sustainable development[24]. - The company has established 5 wastewater pretreatment workshops, 3 sewage treatment stations, and 2 exhaust gas treatment systems[38]. - The company reported no administrative penalties due to environmental issues during the reporting period[42]. - Total investment in poverty alleviation and rural revitalization projects amounted to 60,000 RMB, benefiting approximately 1,000 people[43]. Corporate Governance and Compliance - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during this reporting period[3]. - There are no significant risks related to non-operating fund occupation by controlling shareholders or other related parties[3]. - The company has confirmed compliance with all commitments made by its major shareholders during the reporting period[45]. - The company has committed to ensuring that all related party transactions are conducted in a transparent and fair manner[61]. Shareholder Information - The company has committed to a 36-month lock-up period for shares held by major shareholders, including Xu Jiangnan and Xu Jing, starting from June 18, 2021[45]. - The company has also established a 12-month lock-up period for shares held by other shareholders, including Wang Guangtian and Qiu Qinyong, starting from June 18, 2021[45]. - The top shareholder, Xu Jiangnan, holds 203,603,970 shares, representing 46.51% of the total shares[77]. - The company had a total of 17,508 common shareholders as of the end of the reporting period[77]. Cash Flow and Financial Management - Cash flow from operating activities for the first half of 2024 is CNY 195,249,037.79, down from CNY 401,420,301.67 in the same period of 2023, indicating a decline of approximately 51.4%[94]. - The total cash and cash equivalents at the end of the first half of 2024 is CNY 1,961,076,077.45, down from CNY 2,363,328,253.22 at the end of the first half of 2023[94]. - The company reported a total cash balance of approximately ¥1.96 billion as of June 30, 2024, down from ¥2.31 billion at the beginning of the period, indicating a decrease of about 15%[179]. - The company raised 150,000,000.00 RMB through borrowings during the financing activities[97]. Accounting Policies and Financial Reporting - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect its financial status accurately[113]. - The company recognizes revenue when control of the goods is transferred to the customer, based on the fulfillment of contractual obligations[167]. - The company applies systematic methods to allocate deferred income from government subsidies over the useful life of related assets[171]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[137].

证券代码：603235 证券简称：天新药业 公告编号：2024-044 江西天新药业股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项 报告的公告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所股票上市规则》及《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》有关规定，江西天新药业股份有限公司（以下简称"公 司"或"本公司"）董事会编制了公司关于 2024 年半年度募集资金存放与使用 情况的专项报告。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 本公司经中国证券监督管理委员会"证监许可[2022]1220 号"文《关于核准 江西天新药业股份有限公司首次公开发行股票的批复》核准，由主承销商中信证 券股份有限公司通过上海证券交易所系统采用网下向符合条件的投资者询价配 售和网上向持有上海市场非限售 A 股股份和非限售存托凭证市值的社会公众投 资者定价发行相结合的方式，向社会公开发行了人民币普通股（ ...

证券代码：603235 证券简称：天新药业 公告编号：2024-040 江西天新药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 截至 2024 年 7 月 31 日，公司已累计回购股份 2,296,691 股，已回购股份占公 司总股本的比例为 0.5246%，回购的最高价格为 25.50 元/股，最低价格为 19.17 元 /股，已支付的总金额为 51,404,520.46 元（不含交易费用）。 三、 其他事项 具体内容详见公司于 2024 年 1 月 23 日、2024 年 1 月 30 日和 2024 年 6 月 20 日刊登在上海证券交易所（www.sse.com.cn）及公司指定披露媒体上的《关于以集 中竞价交易方式回购股份方案的公告》（公告编号：2024-003）、《关于以集中竞 价交易方式回购股份的回购报告书》（公告编号：2024-008）和《关于 2023 年年 度权益分派实施后调整回购股份价格上限的公告》（公告编号：2024-037 ...

证券代码：603235 证券简称：天新药业 公告编号：2024-039 江西天新药业股份有限公司 一、 回购股份的基本情况 2024 年 1 月 22 日，公司第三届董事会第二次会议审议通过了《关于以集中竞 价交易方式回购股份方案的议案》，拟使用不低于人民币 6,000 万元（含）且不高 于人民币 12,000 万元（含）的自有资金以集中竞价方式回购公司股份，回购价格 为不超过人民币 33.00 元/股（含），回购的公司股份将用于员工持股计划或股权 激励，回购期限为自公司董事会审议通过本次回购股份方案之日起 12 个月内，即 2024 年 1 月 22 日至 2025 年 1 月 21 日。 经 2023 年年度权益分派除权除息后，上述股份回购价格上限由不超过人民币 33.00 元/股（含）调整为不超过人民币 32.50 元/股（含），调整后的回购价格上限 于 2024 年 6 月 26 日生效。 具体内容详见公司于 2024 年 1 月 23 日、2024 年 1 月 30 日和 2024 年 6 月 20 日刊登在上海证券交易所（www.sse.com.cn）及公司指定披露媒体上的《关于以集 中竞价交易方 ...

差异化分红送转： 是 证券代码：603235 证券简称：天新药业 公告编号：2024-036 江西天新药业股份有限公司 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： 每股分配比例 A 股每股现金红利 0.50 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/25 | － | 2024/6/26 | 2024/6/26 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 23 日的 2023 年年度股东大会审议通过。 二、 分配方案 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"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等法律法规的相关 规定，公司回购专用证券账户中的公司股份 1 ...