Investment Rating - The report maintains a "Recommended" rating for Jiuzhou Pharmaceutical [2][6] Core Views - Jiuzhou Pharmaceutical achieved a revenue of 5.523 billion yuan in 2023, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 1.033 billion yuan, up 12.17% year-on-year [1] - The CDMO business segment showed significant growth, with revenues reaching 4.079 billion yuan, a 19.40% increase year-on-year, and a gross margin of 40.34% [1] - The company is expanding its capabilities in peptide and conjugated drug platforms, successfully delivering multiple projects [1] - Jiuzhou Pharmaceutical is enhancing its global operational capacity by constructing advanced production facilities and establishing a CRO service platform in Japan [1] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 6.323 billion yuan, 7.292 billion yuan, and 8.468 billion yuan, respectively, with growth rates of 14.5%, 15.3%, and 16.1% [2][6] - Net profit attributable to shareholders is expected to be 1.196 billion yuan in 2024, 1.386 billion yuan in 2025, and 1.616 billion yuan in 2026, with corresponding growth rates of 15.8%, 15.9%, and 16.6% [2][6] - The report anticipates a PE ratio of 13 for 2024, decreasing to 9 by 2026 [2][6]

证券研究报告 | 年报点评报告 2024年04月09日 九洲药业（603456.SH） 收入基本符合预期，CDMO 板块保持高增，项目管线持续丰富 公司发布2023年年度报告。2023全年公司实现营业收入55.2亿元，同比 买入（维持） 增长 1.4%；实现归母净利润 10.3 亿元，同比增长 12.2%；归母扣非后净 股票信息 利润10.2亿元，同比增长10.5%。第四季度，公司实现营业收入9.5亿元， 同比下降11.7%；归母净利润6649万元，同比下降62.6%；归母扣非后净 行业 医疗服务 利润7268万元，同比下降55.7%。 前次评级 买入 收入基本符合预期，利润端受 Q4 影响较大：整体收入在行业承压和 API 4月8日收盘价(元) 17.06 下行的情况下基本符合预期，利润端Q4影响较大。CDMO业务表现突出， 总市值(百万元) 15,345.23 实现增速接近20%。 总股本(百万股) 899.49 项目管线持续丰富，CDMO业务占比显著提升：截至2023年末，公司承接 其中自由流通股(%) 99.85 项目中包含已上市项目32个、III期临床项目74个、I期和II期临床试验 30日日均成交 ...

Financial Performance - The company reported a significant increase in revenue for 2023, reaching RMB 1.5 billion, a growth of 25% compared to 2022[14]. - The company achieved a revenue of CNY 5.52 billion in 2023, representing a year-on-year growth of 1.44%[15]. - Net profit attributable to shareholders reached CNY 1.03 billion, an increase of 12.17% compared to the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 1.02 billion, reflecting a growth of 10.46% year-on-year[15]. - The net cash flow from operating activities was CNY 1.36 billion, up by 10.98% from the previous year[15]. - The gross margin improved to 60%, up from 55% in the previous year, due to cost optimization strategies[14]. - The company's operating revenue for 2023 was approximately ¥5.52 billion, representing a year-on-year increase of 1.44%[61]. - The company's operating costs decreased by 3.21% year-on-year to approximately ¥3.44 billion[61]. - The overall gross margin for the company was 38.60%, reflecting a positive trend in direct sales performance[64]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5.00 CNY per 10 shares to all shareholders, with no stock increase or bonus shares for the year 2023[3]. - The company has not disclosed any significant changes in total share capital that would affect the dividend distribution[3]. - The company distributed a cash dividend of RMB 4.00 per 10 shares (including tax), totaling RMB 447,269,514, which represents 43.29% of the net profit attributable to ordinary shareholders in the consolidated financial statements[172]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[2]. - The company has confirmed that all board members can guarantee the authenticity and completeness of the annual report[4]. - The company has not violated any decision-making procedures regarding external guarantees[4]. - The company has passed 23 official inspections and 195 client audits during the reporting period, demonstrating strong compliance and quality management[38]. - The internal control audit report issued by Tianjian Accounting Firm confirmed the effectiveness of the company's internal controls with a standard unqualified opinion[181]. Research and Development - The company invested CNY 377 million in R&D during the reporting period, representing a 12.32% increase year-over-year[23]. - The company has established a pipeline of 32 marketed projects, 74 in Phase III clinical trials, and 902 in Phase I and II clinical trials, covering various therapeutic areas including oncology and cardiovascular diseases[31]. - The company has applied for 12 national invention patents and 1 PCT patent in the peptide conjugate drug technology platform, with 2 patents granted in the same year[26]. - The company’s continuous flow reaction technology has been applied on a large scale in the industry, enhancing its competitive edge[24]. - The company’s biocatalysis platform has developed over 150 types of enzymes and has filed 2 patents during the reporting period[25]. - The company has developed over 100 proprietary chiral ligands for asymmetric synthesis, significantly reducing production costs and waste emissions, with 13 patents granted and 8 international journal papers published[47]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2025[12]. - The company provided guidance for 2024, projecting revenue growth of 20% to RMB 1.8 billion[14]. - The company plans to expand its market presence through strategic acquisitions, as indicated by the resolution to acquire a factory[135]. - The company is actively exploring opportunities in international markets, with a goal to enter at least two new countries by the end of 2024[142]. - The company plans to strengthen its capabilities in high-end formulation technologies, including inhalation and liposome platforms, to address key drug delivery challenges[112]. Risk Management - The company has detailed potential risks in the report, which can be found in the "Management Discussion and Analysis" section[5]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[4]. - The company faces risks related to the lifecycle replacement of innovative drugs, which may lead to lower-than-expected sales and increased competition from generics, potentially impacting sales prices and gross margins[119]. - There is a risk of technological upgrades in the specialty API business, where competitors may adopt advanced technologies ahead of the company, affecting its market position[120]. - The company is exposed to regulatory risks due to changes in pharmaceutical regulations, which could impact its operations if it fails to adapt[121]. Environmental Sustainability - The company emphasizes environmental sustainability and has implemented advanced technologies to promote green and low-carbon supply chains[38]. - The company has committed to carbon reduction measures, including the purchase of green electricity and the use of green chemistry technologies[200]. - The company has continuously invested in environmental protection, maintaining ISO 14001 certification since 2002 and enhancing its pollution control systems[199]. - The company has established environmental protection mechanisms and complies with relevant standards for waste disposal[189]. Corporate Governance - The company has established communication channels to balance the interests of shareholders, employees, and the public, promoting sustainable and stable development[130]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate reporting to protect shareholder rights[130]. - The company has implemented a strict insider information management system to ensure fair and transparent information disclosure[131]. - The company has a structured decision-making process for determining the remuneration of directors and senior management, involving the remuneration and assessment committee[145]. Human Resources - The company has implemented a five-year human resources strategic plan to align with its overall business strategy[168]. - The company has a competitive salary structure and complies with national laws regarding employee benefits, including various insurances and housing funds[167]. - The company has a total of 4,877 employees, with 1,542 in the parent company and 3,335 in major subsidiaries[165]. - The company has a strong talent management system, continuously optimizing its mechanisms to attract and retain industry experts[54].

浙江九洲药业股份有限公司 募集资金管理制度 浙江九洲药业股份有限公司 募集资金管理制度 （2024年4月修订） 第一章 总 则 第一条 为进一步加强浙江九洲药业股份有限公司（以下简称"公司"）募 集资金的管理和运用，提高募集资金使用效率，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上海证券交易所股票上市规则》《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》《上海证券交易所上市公司自律监管指引第1号——规 范运作》等有关法律、法规和中国证券监督管理委员会（下称"中国证监会"）、 上海证券交易所有关规范性文件的规定，结合公司实际情况，制定本制度。 第二条 本制度所称募集资金是指，公司通过公开发行证券（包括首次公开 发行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券 等）以及非公开发行证券向投资者募集的资金，但不包括公司实施股权激励计划 募集的资金。 第三条 公司董事会应当对募集资金投资项目的可行性进行充分论证，确信 投资项目具有较好的市场前景和盈利能力，有效防范投资风险，提高募集资金使 用效益。 募集资金 ...

证券代码：603456 证券简称：九洲药业 公告编号：2024-021 为了规范募集资金的管理和使用，提高资金使用效率，保护投资者权益，浙 江九洲药业股份有限公司（以下简称"公司"）根据中国证券监督管理委员会《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》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》及相关格式指引的规定， 将本公司 2023 年度募集资金存放与使用情况专项报告公告如下： 一、募集资金基本情况 (一) 2020 年非公开发行募集资金情况 1、实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准浙江九洲药业股份有限公司非公开发 行股票的批复》（证监许可[2021]97 号）核准，公司非公开发行人民币普通股（A 股）股票 26,171,159 股，发行价格为 38.21 元/股，募集资金总额为人民币 999,999,985.39 元，扣除各项发行费用人民币 9,380,611.68 元（不含税），实际募 集资金净额为人民币 990,619,373.71 元。上述募集资金到位情况已经天健会计师 事务所（特殊普通合伙）审验，并于 2021 年 1 ...

浙江天册律师事务所 关于 浙江九洲药业股份有限公司 回购注销部分限制性股票相关事项的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 邮编 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 法律意见书 编号：TCYJS2024H0430 号 致：浙江九洲药业股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江九洲药业股份有限公司 （以下简称"公司"或"九洲药业"）的委托，就公司实施 2021 年限制性股票 激励计划（以下简称"本次激励计划"）有关事项担任专项法律顾问，并依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等有关法律、法规和规范性文件及九洲药业《公司章程》的相关规 定，已出具了 TCYJS2021H0711 号《浙江天册律师事务所关于浙江九洲药业股份 有限公司 2021 年限制性股票激励计划的法律意见书》、TCYJS2021H0831 号《浙 江天册律师事务所关于浙江九洲药业股份有限公司 2021 年限制性 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表………………第 3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 二、管理层的责任 九洲药业公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会 公告〔2022〕26 号）和《上海证券交易所上市公司自律监管指南第 2 号——业 务办理（2023 年 12 月修订）》（上证函〔2023〕3870 号）的规定编制汇总表，并 保证其内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 第 1 页 共 3 页 三、注册会计师的责任 我们的责任是在实施审计工作的基础上对九洲药业公司管理层编制的汇总 表发表专项审计意见。 天健审〔2024〕1260 号 浙江九洲药业股份有限公司全体股东： 我们接受委托，审计了浙江九洲药业股份有限公司（以下简称九洲药业公司） 2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，20 ...

公司代码：603456 公司简称：九洲药业 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 2. 财务报告内部控制评价结论 √有效 □无效 浙江九洲药业股份有限公司 2023 年度内部控制评价报告 浙江九洲药业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价 ...

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 2024 年 4 月 8 日，浙江九洲药业股份有限公司（以下简称"公司"）召开第 八届董事会第四次会议、第八届监事会第三次会议，会议审议通过了《关于回购 注销股权激励计划部分激励对象已获授但尚未解锁的限制性股票的议案》，具体 内容详见 2024 年 4 月 9 日在上海证券交易所网站（www.sse.com.cn）披露的《浙 江九洲药业股份有限公司关于回购注销股权激励部分激励对象已获授但尚未解 锁的限制性股票的公告》（公告编号：2024-029）。因公司 2021 年股权激励计划 原激励对象裘科明、姚兆良 2 人因离职不再符合激励条件，公司拟按照 20.75 元 /股的回购价格，对上述 2 人已获授但尚未解锁的 4,500 股限制性股票进行回购注 销；2022 年股权激励计划原激励对象曹琦、管伟伟等 5 人因离职、退休不再符 合激励条件，公司拟按照 23.17 元/股的回购价格，对上述 5 人已获授但尚未解锁 的 46,200 股限制性股票进行回购注销。 公 ...

浙江九洲药业股份有限公司 2023 年持续督导年度报告书 华泰联合证券有限责任公司 关于浙江九洲药业股份有限公司 2023 年持续督导年度报告书 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：浙江九洲药业股份有限公 | | --- | --- | | | 司 | | 保荐代表人姓名：沈钟杰 | 联系电话：025-83387713 | | 保荐代表人姓名：唐澍 | 联系电话：025-83387726 | 根据《证券法》、《证券发行上市保荐业务管理办法》、《上海证券交易所 股票上市规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等有关法律、法规的规定，华泰联合证券有限责任公司（以下简称"华泰联 合证券"或"保荐机构"）作为浙江九洲药业股份有限公司（以下简称"九洲药 业"、"公司"或"发行人"）2020 年非公开发行股票和 2022 年非公开发行股 票的保荐机构，对九洲药业进行持续督导， 截至 2023 年 12 月 31 日，九洲药业 2020 年非公开发行股票募集资金尚未使 用完毕，目前处于持续督导延续期；2022 年非公开发行股票的持续督导期为 2023 年 1 月 ...