浙江九洲药业股份有限公司 证券代码：603456 证券简称：九洲药业 浙江九洲药业股份有限公司 投资者关系活动记录表 编 号 ： 2024- 001 一、活动类别 电话会议 中信证券、民生证券、华夏基金、东吴医药、申万宏源证券、银华 二、参与方名称 基金、太平洋证券、平安证券、银河基金、方正证券、国泰君安证 券、建信养老、中信建投基金、招商证券、华西证券、君和资本、 中金公司、西部利得基金、摩根士丹利基金、长江证券、东海证 券、中泰证券、光大证券、华安证券、兴业证券、信泰人寿、东北 ...

5、成立日期：2024 年 3 月 28 日 证券代码：603456 证券简称：九洲药业 公告编号：2024-034 浙江九洲药业股份有限公司 关于设立日本全资孙公司的进展公告 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。 2024 年 1 月 22 日，浙江九洲药业股份有限公司（以下简称"公司"）第八 届董事会第三次会议审议通过了《关于在日本设立全资孙公司投资建设 CRO 服 务平台的议案》，具体内容详见公司于 2024 年 1 月 23 日在《上海证券报》和上 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 在日本设立全资孙公司投资建设 CRO 服务平台的公告》（公告编号：2024-010）。 近日，公司已完成日本全资孙公司的设立工作，并取得横滨地方法务局颁发 的履历事项全部证明书，相关信息如下： 1、公司名称：株式会社九洲ファルマラボ 6、经营范围：支持新药、医药品开发的相关业务；CRO 有关的受托业务； 专利权等知识产权的调查；目标化合物制造方法的研究及生产相关业务；化合物 合成 ...

2024年4月10日 证券研究报告/公司研究 医疗研发外包/医疗服务/医药生物 九洲药业 603456.SH CDMO 业务保持增长态势，原料药业务承压 基础数据： 事件： 截至2024年4月9日 公司发布2023年年报：2023年公司实现营收55.23亿元，同比增长1.44%； 当前股价 16.64元 投资评级 买入 归母净利润10.33亿元，同比增长12.17%；扣非归母净利润为10.24亿元， 评级变动 维持 同比增长10.46%。 总股本 8.99亿股 事件点评： 流通股本 8.98亿股 总市值 149.67亿元 ◆盈利能力有所提升，原料药业务承压。2023年公司实现营收55.23亿 流动市值 149.44亿元 元，同比增长1.44%。其中公司API及中间体业务销售收入12.61亿元， 相对市场表现： 同比下滑22.95%；CDMO业务销售收入40.79亿元，同比增长19.40%。 公司营业收入增长，主要由CDMO业务快速增长驱动；API及中间体业 务下滑明显，主要系原料药行业整体竞争加剧所致，特别是抗感染类业 务，收入同比下滑超过40%。公司整体毛利率为37.66%，同比提升 3.00Pct，主要系 ...

证券研究报告 2024.04.10 公司研报 九洲药业 CDMO 稳健增长，原料药板块承压 吴婉桦 分析员 张琎 分析员 医药 医药 SAC 执证编号：S0080522120002 SAC 执证编号：S0080517040001 wanhua.wu@cicc.com.cn SFC CE Ref：BHM689 jin.zhang@cicc.com.cn 维 持跑赢行业 业绩回顾 股票代码 股票评级 目标价 2023年业绩低于我们预期 603456.SH → 跑赢行业 人民币21.60 公司公布2023年业绩：收入55.23亿元，同比增长1.4%；归母净利润 10.33亿元，同比增长12.2%；扣非净利润10.24亿元，同比增长10.5%。 股票代码 603456.SH 低于我们预期，主要因原料药行业竞争加剧及市场产品结构调整。 最新收盘价 人民币 16.64 发展趋势 52周最高价/最低价 人民币 36.36~15.49 总市值(亿) 人民币 149.7 CDMO项目管线日益丰富，保持稳健增长。2023年，公司CDMO实现营 业收入40.79亿元，同比+19.4%，毛利率40.3%，同比提升0.6ppt。截至 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.78 CNY, based on a 17x PE for 2024 [2][10]. Core Insights - The company reported a revenue of 5.523 billion CNY in 2023, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 1.033 billion CNY, up 12.17% year-on-year [6][10]. - The CDMO (Contract Development and Manufacturing Organization) business showed robust growth, achieving a revenue of 4.079 billion CNY, a 19.40% increase year-on-year, with a gross margin of 40.34% [7][10]. - The company is actively expanding its capacity and has made significant progress in new business areas, including peptide synthesis and small nucleic acid projects [8][9]. Financial Summary - Total shares outstanding: 899.49 million; circulating shares: 898.11 million [3]. - Market capitalization of circulating A shares: 14,944.50 million CNY [3]. - Book value per share: 9.41 CNY; asset-liability ratio: 21.37% [3]. - Highest and lowest share price in the past year: 36.92 CNY and 15.49 CNY, respectively [3]. - Revenue projections for 2024-2026 are 6.299 billion CNY, 7.284 billion CNY, and 7.466 billion CNY, with corresponding growth rates of 14.03%, 15.65%, and 2.50% [10][11].

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]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a revenue of 5.52 billion yuan in 2023, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.03 billion yuan, up 12.2% year-on-year [1] - The CDMO segment showed strong growth, with a revenue of 4.08 billion yuan, representing a year-on-year increase of 19.4%, and it now accounts for 73.9% of total revenue [1] - The project pipeline continues to expand, with 32 projects already on the market and 74 in Phase III clinical trials, contributing to stable business growth [1] - The company’s API business saw a revenue decline of 22.95% year-on-year, totaling 1.26 billion yuan, which impacted overall profitability [1] - The company’s gross profit margin improved to 37.7%, up 3 percentage points year-on-year, while the net profit margin increased to 18.7%, up 1.8 percentage points [1] Financial Summary - For 2024, the company expects revenue growth to be adjusted to 10-15%, with net profit projections for 2024-2026 at 1.21 billion yuan, 1.47 billion yuan, and 1.78 billion yuan, reflecting year-on-year growth rates of 17.3%, 21.4%, and 21.3% respectively [1][2] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 13X, 10X, and 9X respectively [1][2] - The company’s domestic revenue reached 1.1 billion yuan, a year-on-year increase of 7%, while overseas revenue was 4.31 billion yuan, up 3.7% year-on-year [1]

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 ...