Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to see a recovery in its raw materials and intermediates business by 2025, with steady growth in its CDMO business driven by an increasing number of projects [1][2] - The company's performance in Q1 2025 shows a recovery with revenue of 1.49 billion yuan (up 0.98% year-over-year) and a net profit of 250 million yuan (up 5.68% year-over-year), primarily benefiting from the steady growth of CDMO business orders [1][3] Financial Performance - In 2024, the company achieved revenue of 5.16 billion yuan (down 6.57% year-over-year) and a net profit of 606 million yuan (down 41.34% year-over-year) [1][4] - The gross margin for Q1 2025 was 37.42% (up 3.38 percentage points year-over-year), indicating improved profitability [3] - The company expects EPS for 2025 to be 0.97 yuan, with projected revenues of 5.71 billion yuan and net profits of 935 million yuan [4][12] Business Segmentation - The CDMO segment is projected to generate revenue of 3.87 billion yuan in 2024 (down 5.12% year-over-year), with a growing pipeline of projects including 35 approved projects and 84 in Phase III clinical trials [2] - The raw materials and intermediates segment is expected to generate revenue of 1.16 billion yuan in 2024 (down 8.04% year-over-year), with a gross margin of 20.11% [2] Profitability Outlook - The company anticipates further improvement in profitability in 2025, driven by increased capacity utilization in the CDMO business and stabilization in pricing and demand for raw materials and intermediates [3][4]

Core Viewpoint - Zhejiang Jiuzhou Pharmaceutical Co., Ltd. has successfully completed a share repurchase plan, acquiring 7.736 million shares, which represents 0.86% of the total share capital, with a total expenditure of approximately 101.99 million yuan [1][2]. Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on March 22, 2025, with an expected repurchase amount between 100 million yuan and 200 million yuan [1]. - The maximum repurchase price was set at 20 yuan per share, and the repurchase period is 12 months from the board's approval [1]. - The repurchased shares will be used for employee stock ownership plans or equity incentive programs [1]. Group 2: Implementation Details - The company initiated the share repurchase on March 31, 2025, and completed it by May 15, 2025 [2]. - The actual repurchase price ranged from 12.36 yuan to 13.90 yuan per share [2]. - The total amount spent on the repurchase was 101.99 million yuan, excluding transaction fees [2]. Group 3: Shareholding Structure - Before the repurchase, the total number of shares was 895,235,828, all of which were unrestricted circulating shares [4]. - After the repurchase, the number of shares held in the repurchase special securities account increased from 5,789,800 to 13,525,800 [4]. - The repurchased shares will be temporarily held in a special account and will not have voting rights or profit distribution rights during the holding period [4]. Group 4: Compliance and Governance - There were no stock trades by major stakeholders, including the controlling shareholder and senior management, during the period from the announcement of the repurchase to the disclosure of the results [3]. - The company confirmed that the execution of the repurchase plan aligns with the previously disclosed details, ensuring compliance with regulations [2].

Core Viewpoint - The company has adjusted its profit distribution plan for the year 2024, proposing a cash dividend of 3.00 yuan per 10 shares, totaling approximately 364.41 million yuan, which represents a significant portion of the net profit attributable to shareholders [1][2]. Group 1: Profit Distribution Plan - The initial profit distribution plan proposed a cash dividend of 0.30 yuan per share, with a total cash dividend amounting to 365.65 million yuan, which was based on the total share capital as of April 10, 2025 [1]. - The adjusted profit distribution plan maintains the cash dividend at 3.00 yuan per 10 shares, with a total cash dividend of approximately 364.41 million yuan, reflecting the company's commitment to uphold the per-share distribution ratio despite changes in total share capital [2]. Group 2: Share Buyback - The company has implemented a share buyback amounting to approximately 99.89 million yuan, which is included in the total cash distribution to shareholders [1][2]. - The total amount for cash dividends and share buybacks combined is approximately 364.41 million yuan, indicating a strategic approach to returning value to shareholders [2].

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： | 回购方案首次披露日 | 2025/3/22 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 10,000万元~20,000万元 | | 回购价格上限 | 20元/股 | | 回购用途 | □减少注册资本 √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 | | 实际回购股数 | 773.60万股 | | 实际回购股数占总股本比例 | 0.86% | | 实际回购金额 | 10,199.11万元 | | 实际回购价格区间 | 12.36元/股~13.90元/股 | 证券代码：603456 证券简称：九洲药业 公告编号：2025-034 浙江九洲药业股份有限公司 关于股份回购实施结果暨股份变动的公告 三、 回购期间相关主体买卖股票情况 2025 年 3 月 22 日，公司首次披露了回购股份事项，具体内容详见公司于 2025 年 3 月 22 日在《上海证券 ...

证券代码：603456 证券简称：九洲药业 公告编号：2025-035 浙江九洲药业股份有限公司 关于调整 2024 年度利润分配现金分红总额的公告 一、调整前 2024 年度利润分配方案 浙江九洲药业股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日、2025 年 5 月 8 日召开第八届董事会第十三次会议、2024 年年度股东大会，审议通过 了《公司 2024 年度利润分配预案及 2025 年中期分红授权的议案》。公司拟向全 体股东每股派发现金红利 0.30 元（含税）。截至 2025 年 4 月 10 日，公司总股本 895,235,828 股，扣除回购专用账户股份 9,368,500 股，即以 885,867,328 为基数， 向全体股东每 10 股派发现金股利 3.00 元（含税），共计拟派发现金红利 265,760,198.40 元（含税）。 2024 年度公司现金分红总额 265,760,198.40 元；2024 年度以现金为对价， 采用集中竞价方式已实施的股份回购金额 99,893,380.10 元，现金分红和回购金 额合计 365,653,578.50 元，占 2024 年 ...

Core Viewpoint - The domestic pharmaceutical industry is experiencing a slowdown in investment and financing, leading to a gradual decline in market demand growth, which is impacting the CXO sector, resulting in intensified competition and challenges for development [1] Summary by Category Industry Overview - In Q1 2025, among 29 listed CXO companies, five, including WuXi AppTec and Kanglong Chemical, reported revenues exceeding 1 billion yuan, indicating a mixed performance across the sector [1][2] - 17 companies achieved year-on-year revenue growth, while 12 companies saw declines ranging from 0.6% to 40.32% [1] Financial Performance - WuXi AppTec led the sector with a net profit of 3.672 billion yuan, followed by Kailai Ying and Kanglong Chemical with approximately 300 million yuan each; however, eight companies, including Nanmo Bio and Boteng Co., reported losses [1][2] - Year-on-year, 18 companies saw net profit growth, while 11 experienced declines, with the largest drop reaching 431.11% [1] Market Dynamics - The international business is becoming a focal point for domestic CXO companies, with WuXi AppTec reporting 6.38 billion yuan in revenue from U.S. clients, a 28.4% increase, while revenue from Chinese clients decreased by 1.3% [3][4] - Kanglong Chemical's revenue from North American clients was 2.003 billion yuan, up 16.81%, indicating a strong focus on the North American market despite global trade uncertainties [4] Growth Opportunities - The CXO industry is expected to benefit from increased R&D investments and outsourcing penetration, with predictions indicating that by 2030, the scale of drug R&D and production outsourcing services in China could reach 482.3 billion yuan [5][6] - Companies like Kanglong Chemical reported a more than 10% increase in new order amounts in Q1 2025, reflecting a positive trend in order reserves [6] Competitive Landscape - The performance of leading companies is showing significant differentiation, with some like WuXi AppTec experiencing substantial order growth, while others like Tigermed are facing challenges [3][7] - Despite pressures, Tigermed reported a 20% increase in new contract amounts, indicating resilience in securing new business [7] Future Outlook - The CXO sector is transitioning from a focus on cost advantages to a dual barrier of technology and globalization, with companies expected to enhance their positions in the market as they convert order reserves into revenue [8]

证券代码：603456 证券简称：九洲药业 公告编号：2025-033 浙江九洲药业股份有限公司 关于公司收到化学原料药上市申请批准通知书 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。 近日，浙江九洲药业股份有限公司（以下简称"公司"）收到国家药品监督 管理局（以下简称"国家药监局"）颁发的关于氢溴酸伏硫西汀的《化学原料药 上市申请批准通知书》（通知书编号：2025YS00368），具体情况如下： 一、药品的基本情况 药品名称：氢溴酸伏硫西汀 注册标准编号：YBY64042025 由于医药产品的行业特点，药品的生产、销售受到市场环境、行业政策、供 求关系等因素影响，具有一定的不确定性。敬请广大投资者谨慎决策，注意投资 风险。 桶，4kg/桶，8kg/桶，11kg/桶，12kg/桶，13kg/桶，14kg/桶，15kg/桶，16kg/桶 申请事项：境内生产化学原料药上市申请 生产企业：浙江九洲药业股份有限公司，浙江省台州市椒江区外沙路工业区 （外沙路 99 号） 审批结论：根据《中华人民共和国药品管理法》及有关规定，经 ...

证券代码：603456 证券简称：九洲药业 公告编号：2025-032 浙江九洲药业股份有限公司 关于注销回购股份通知债权人的公告 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托书和代理人有效身份证的原件及复印件。 债权人为自然人的，需同时携带有效身份证的原件及复印件；委托他人申报的， 除上述文件外，还需携带授权委托书和代理人有效身份证件的原件及复印件。 债权申报具体方式如下： 1、债权申报登记地点：浙江省台州市椒江区外沙路 99 号 2、申报时间：2025 年 5 月 9 日起 45 天内（9:30-11:30；13:00-17:00） 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、通知债权人的原由 2025 年 4 月 10 日、4 月 24 日，浙江九洲药业股份有限公司（以下简称"公 司"）分别召开第八届董事会第十三次 ...

证券代码：603456 证券简称：九洲药业 公告编号：2025-031 浙江九洲药业股份有限公司 2024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。 (二)股东大会召开的地点：浙江九洲药业股份有限公司会议室（浙江省台州市椒 江区外沙路 99 号） (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： | 1、出席会议的股东和代理人人数 | 789 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 394,188,359 | | 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 | 44.67 | | 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。 本次股东大会由董事长花莉蓉女士主持，会议召集、召开及表决方式符合《公 司法》等有关法律法规和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席8人，独立董事李继承先生因公差未出席本次会议； 重要内容提示： ...