Core Viewpoint - The financial performance of Heilongjiang Treasure Island Pharmaceutical Co., Ltd. for 2024 shows a decline in revenue and net profit, influenced by national drug procurement policies and internal cost management strategies [1][2]. Financial Performance Summary - The company reported a revenue of 2.704 billion yuan, a year-on-year decrease of 13.84%, and a net profit of 438 million yuan, down 7.30%. However, the non-recurring net profit increased significantly by 1,365.50% to 403 million yuan due to increased income and profit from the pharmaceutical industrial sector and reduced overall expenses [1][2]. - The gross profit margin for 2024 was 55.11%, an increase of 12.71 percentage points compared to the previous year [1]. Business Segment Analysis Pharmaceutical Industrial Sector - Revenue increased by 20.23% to 1.976 billion yuan, with a gross margin of 64.37%. The main contributors to this growth were products 1 and 2, which are traditional Chinese medicine preparations [1][3]. - The sales volume of key products showed significant growth, with product 1's revenue increasing by 335.96% and product 2's by 171% [2][3]. Pharmaceutical Commercial Sector - Revenue decreased by 52.05% to 313.58 million yuan, primarily due to the impact of national procurement policies, which led to lower prices and reduced order volumes from medical institutions [4][5]. - The tightening of hospital budgets and increased competition from major players in the industry further pressured the commercial distribution business [4][5]. Traditional Chinese Medicine Trade Sector - Revenue plummeted by 81% to 794.62 million yuan as the company anticipated a significant price correction in the market and strategically reduced its trading activities to mitigate risks [4][5]. - The company focused on securing raw materials for its own production needs while scaling back on non-essential trading activities [4][5]. Quarterly Revenue Trends - The first quarter showed significantly higher revenue compared to subsequent quarters, attributed to seasonal demand for respiratory and cardiovascular medications, as well as the timing of national procurement policies [5][6]. - The company’s sales strategy adjustments and the execution of procurement policies contributed to the observed revenue fluctuations across different quarters [5][6]. Changes in Business Model - The company has shifted its business model to focus more on regional distributors and large-scale partnerships, moving away from direct distribution to enhance efficiency and reduce costs [6][7]. - The operational model for each business segment remains largely unchanged, although there has been a strategic adjustment in the proportion of business activities across segments [6][7].

Core Insights - The company reported a revenue of 2.704 billion yuan in 2024, a year-on-year decline of 13.84%, and a net profit attributable to shareholders of 438 million yuan, down 7.3% year-on-year, while the non-net profit increased significantly by 1365.5% to 403 million yuan due to increased revenue and profit from the pharmaceutical industrial sector and a decrease in overall expenses [1] Group 1: Pharmaceutical Industrial Sector - The company's core products include cardiovascular drugs and respiratory disease medications, with higher demand observed in the first and fourth quarters due to seasonal factors [2] - In Q1 2024, there was a significant increase in the demand for respiratory disease medications due to a surge in viral flu cases, alongside a rise in cardiovascular drug demand during the spring [2] Group 2: Pharmaceutical Commercial Sector - The pharmaceutical commercial sector faced revenue impacts due to the increasing number and amount of products subject to national centralized procurement, leading to price reductions [3] - Hospitals are actively reducing procurement scales and amounts in response to ongoing medical reforms, resulting in decreased delivery orders for the company [3] Group 3: Traditional Chinese Medicine Trade Sector - The company anticipates a significant price correction in traditional Chinese medicine after a period of price increases, leading to a strategic reduction in non-productive trade activities to mitigate high-level risks [3] - In Q2, the company increased revenue by strategically selling part of its inventory of traditional Chinese medicine in anticipation of a price decline in the latter half of the year [3]

Market Overview - The CITIC Pharmaceutical Index increased by 1.5% during the week of June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.5 percentage points, ranking 24th among CITIC's primary industry classifications [1] - Year-to-date, the CITIC Pharmaceutical and Biotechnology Index has risen by 7.0%, outperforming the CSI 300 Index by 7.3 percentage points, ranking 12th among CITIC's industry classifications [1] - The top five performing stocks for the week were: Shenzhou Cell (+30.5%), Haooubo (+27.1%), Huaren Health (+26.0%), Maiwei Bio (+17.4%), and Nanmo Bio (+16.5%) [1] Industry Insights - The DLBCL market, valued at billions, is seeing the introduction of new ADC drugs, with a focus on Teruisi (a subsidiary of Zhenbao Island) [2] - DLBCL accounts for approximately 30% to 40% of all non-Hodgkin lymphoma cases, with a rapid progression that necessitates quick medical intervention [2] - The first-line treatment, CHOP, has a cure rate of 30-35%, while the introduction of Rituximab marked a significant milestone in DLBCL treatment [2] - Despite advancements, nearly 40% of DLBCL patients remain uncured, prompting a shift towards targeted therapies [2] - The ADC drug, Vebotuzumab, has broken through the long-standing treatment ceiling with the Pola-R-CHP regimen [2] - Teruisi's TRS005, targeting CD20, has received breakthrough therapy designation and is showing promising efficacy signals in early trials [2] Short-term Investment Strategy - The pharmaceutical sector has underperformed the broader market by approximately 0.5 percentage points, attributed to capital flowing into non-financial and technology sectors [3] - The market saw a positive performance in early week driven by innovative drugs, but faced a pullback due to controversies surrounding Rongchang Bio [3] - The National Healthcare Security Administration has issued guidelines for adjusting the basic medical insurance directory, which may expand the payment system for innovative drugs, benefiting future commercialization [3] - Key investment focuses include: 1) Innovation as a long-term theme, emphasizing leading companies and those with business development/data readout catalysts; 2) Identifying companies with strong performance ahead of Q2 earnings [3] Recommended Stocks - Current recommended stocks include: Innovent Biologics, CanSino Biologics, CSPC Pharmaceutical Group, Yunnan Baiyao, and Zhenbao Island [4] - For July, recommended stocks include: Heng Rui Medicine, Innovent Biologics, CanSino Biologics, Kanghong Pharmaceutical, Kangzhe Pharmaceutical, Yunnan Baiyao, Tianan Pharmaceutical, and Linuo Paradice [4]

中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 关于黑龙江珍宝岛药业股份有限公司 2024 年年度报告的信息披露 监管问询函的回复 中国·北京 BEIJING CHINA 中审亚太会计师事务所（特殊普通合伙） China Audit Asia Pacific Certified Public Accountants LLP 关于黑龙江珍宝岛药业股份有限公司 上海证券交易所上市公司管理一部： 2025年6月3日，贵部出具了《关于黑龙江珍宝岛药业股份有限公司2024年年 度报告的信息披露监管问询函》（以下简称"问询函"），我们作为黑龙江珍宝岛 药业股份有限公司（以下简称"珍宝岛公司"）2024年度财务报表的审计机构， 对问询函中需要本所回复的相关问题履行了核查程序，现将核查情况说明如下： 问题 1：关于业绩变化。年报显示，2024 年公司实现营业收入 27.04 亿元， 同比下滑 13.84%，归母净利润 4.38 亿元，同比下滑 7.30%，扣非净利润 4.03 亿 元，同比增长 1,365.50%，扣非净 ...

请公司补充披露：（1）结合行业政策、公司产品结构、采购价格变化、公司发 展战略等，量化分析公司各板块收入、毛利率变化的原因及合理性； 证券代码：603567 证券简称：珍宝岛 公告编号：临 2025-051 黑龙江珍宝岛药业股份有限公司 关于对上海证券交易所关于公司 2024 年年度报告 的信息披露监管问询函的回复公告 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。 黑龙江珍宝岛药业股份有限公司（以下简称"公司"）于 2025 年 6 月 3 日收到上 海证券交易所下发的《关于黑龙江珍宝岛药业股份有限公司 2024 年年度报告的信息 披露监管问询函》（上证公函【2025】0715 号，以下简称"《监管问询函》"），根据上 海证券交易所的规定，公司现将《监管问询函》中的问题回复如下： 一、关于业绩变化。年报显示，2024 年公司实现营业收入 27.04 亿元，同比下 滑 13.84%，归母净利润 4.38 亿元，同比下滑 7.30%，扣非净利润 4.03 亿元，同比增 长 1,365.50%，扣非净利润大幅增长主要系医药工业板块 ...

Core Viewpoint - The announcement details the election of Ms. Huang Jing as the employee director of the fifth board of directors of Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd, effective from June 25, 2025, until the term of the fifth board ends [1]. Group 1: Election Announcement - The company held its first employee representative meeting on June 25, 2025, where Ms. Huang Jing was elected as the employee director [1]. - Ms. Huang Jing does not hold any shares in the company and has no other relationships with the company's directors, senior management, actual controllers, or shareholders holding more than 5% of the shares [1]. - The election complies with relevant laws and regulations, including the Company Law and the Shanghai Stock Exchange listing rules [1]. Group 2: Ms. Huang Jing's Background - Ms. Huang Jing, born in 1985, has a bachelor's degree and is a member of the Communist Party [2]. - She has held various positions within the company since 2011, including administrative roles and operational management [2]. - Since June 2025, she has served as the employee director on the fifth board after previously being a representative supervisor on the fourth and fifth supervisory boards [2].

Group 1 - The legal opinion letter confirms that the annual general meeting of Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd. was convened and held in accordance with the relevant laws and regulations [3][12] - The meeting was scheduled for June 25, 2025, and the notice of the meeting was published in advance, detailing the agenda, voting methods, and other relevant information [4][5] - The legal opinion states that the qualifications of the meeting's convener and attendees were valid and complied with the company's articles of association and applicable laws [6][12] Group 2 - The voting procedures during the meeting were conducted properly, with both on-site and online voting verified by the legal representatives [7][12] - The results of the voting showed a high level of agreement among shareholders, with A-share ordinary shares voting overwhelmingly in favor of the proposals [8][11] - Specific voting results indicated that the majority of proposals received over 99% approval from shareholders, demonstrating strong support for the company's decisions [9][10]

Meeting Details - The shareholders' meeting was held on June 25, 2025, in Harbin, Heilongjiang Province [1] - The meeting was convened by the board of directors and chaired by Chairman Fang Tonghua, utilizing both on-site and online voting methods [1] Voting Results - All proposed resolutions were passed with significant majority votes, with A-share votes showing high approval rates, such as 99.9499% for one resolution [1][2] - Specific voting results included: - 509,418,436 votes in favor (99.9499%), 184,400 against (0.0362%), and 71,100 abstentions (0.0139%) for the first resolution [1] - 509,555,936 votes in favor (99.9768%), 50,600 against (0.0099%), and 67,400 abstentions (0.0133%) for the second resolution [1] - 506,748,236 votes in favor (99.4260%), 2,842,400 against (0.5577%), and 83,300 abstentions (0.0163%) for another resolution [1] Legal Compliance - The meeting's convening and voting procedures complied with the Company Law and relevant regulations, ensuring the legality and validity of the proceedings [4]

证券代码：603567 证券简称：珍宝岛 公告编号：临 2025-050 黑龙江珍宝岛药业股份有限公司 关于分公司获得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，黑龙江珍宝岛药业股份有限公司（以下简称"公司"）鸡西分公司收 到国家药品监督管理局颁发的《化学原料药上市申请批准通知书》，现就相关情 况公告如下： 一、药品的基本情况 化学原料药名称：富马酸卢帕他定 通知书编号：2025YS00491 登记号：Y20230001300 化学原料药注册标准编号：YBY65612025 包装规格：5kg/件 有效期：18 个月 生产企业：黑龙江珍宝岛药业股份有限公司鸡西分公司 通知书有效期：至 2030 年 6 月 19 日 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册。质量标准、标签及生产工艺照所附执行。 二、药品的其他情况 富马酸卢帕他定是一种长效抗组胺剂，通过选择性拮抗组胺 H1 受体发挥作 用。本品能抑制致敏细胞脱颗粒及炎性细胞因 ...

证券代码：603567 证券简称：珍宝岛 公告编号：临 2025-049 黑龙江珍宝岛药业股份有限公司 附件： 黄静女士简历： 黄静，女，1985 年出生，本科学历，中共党员。2011 年至今在黑龙江珍宝 岛药业股份有限公司先后担任行政办公室档案管理员、文字秘书、行政专员、行 政主管、运营经理；2021 年 10 月至今任黑龙江珍宝岛药业股份有限公司工会女 工委员；2022 年 4 月至今任黑龙江珍宝岛药业股份有限公司党委宣传委员；2023 年 2 月至 2025 年 6 月担任公司第四届、第五届监事会职工代表监事；2025 年 6 月至今担任公司第五届董事会职工董事。 根据《公司法》等法律、行政法规和相关规范性文件以及《公司章程》的规 定，黑龙江珍宝岛药业股份有限公司（以下简称"公司"）于 2025 年 6 月 25 日 召开了 2025 年第一次职工代表大会，经与会职工代表认真审议，会议同意选举 黄静女士（简历见附件）为公司第五届董事会职工董事，任期自本次职工代表大 会审议通过之日起至第五届董事会任期届满之日止。 截至目前，黄静女士未持有本公司股份，与公司其他董事、高级管理人员、 实际控制人以及持股 5% ...