Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 38.64 CNY based on a 46x PE for 2025 [2][5]. Core Insights - The company experienced a significant decline in revenue and profit in 2024, with a revenue of 825 million CNY (down 10.3% YoY) and a net profit of 42 million CNY (down 71.9% YoY). However, the first quarter of 2025 shows signs of recovery, with a revenue of 212 million CNY (up 6.4% YoY) and a net profit of 44 million CNY (up 6.8% YoY) [10]. - The company is undergoing a transformation in its marketing strategy, shifting from an alliance model to a digital self-operated model, which has led to improved operational efficiency and reduced sales expenses [10]. - The clinical pipeline is progressing well, with several key products in various stages of development, indicating strong long-term growth potential [10]. Financial Performance Summary - **Revenue Forecast**: The company is projected to generate revenues of 969 million CNY in 2025, 1,141 million CNY in 2026, and 1,289 million CNY in 2027, reflecting a growth rate of 17.4%, 17.8%, and 12.9% respectively [4]. - **Profitability Metrics**: The operating profit is expected to rebound significantly to 217 million CNY in 2025, with a growth rate of 454.7% YoY, and further increase to 285 million CNY in 2026 and 337 million CNY in 2027 [4]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 0.84 CNY in 2025, 1.14 CNY in 2026, and 1.40 CNY in 2027 [4]. - **Margins**: The gross margin is expected to remain stable around 89.7% to 89.8% over the forecast period, while the net margin is projected to improve from 13.8% in 2025 to 17.3% in 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 38.64 CNY based on a 46x PE for 2025 [2][5]. Core Views - The company experienced a significant decline in profits in 2024, with a net profit of 0.42 billion CNY, down 71.9% year-on-year, primarily due to goodwill impairment. However, the first quarter of 2025 shows signs of recovery, with a net profit of 0.44 billion CNY, up 6.8% year-on-year [10]. - The company's existing business faced challenges, but growth opportunities are emerging as marketing transformations progress. The sales revenue for the product "Su Ling" was 5.92 billion CNY, down 3.5% year-on-year, while "Mi Ge Xi" saw a revenue drop of 21.6% due to local procurement policies [10]. - The clinical pipeline is advancing well, with several key products in development, including KC1036 for esophageal squamous cell carcinoma, which has shown promising results in clinical trials [10]. Financial Summary - The company's revenue for 2023 was 9.20 billion CNY, with a projected decline to 8.25 billion CNY in 2024, followed by a recovery to 9.69 billion CNY in 2025, representing a 17.4% growth [4]. - The net profit for 2023 was 1.50 billion CNY, expected to drop to 0.42 billion CNY in 2024, but forecasted to rebound to 1.33 billion CNY in 2025, reflecting a 215.6% increase [4]. - The earnings per share (EPS) are projected to be 0.84 CNY in 2025, increasing to 1.14 CNY in 2026 and 1.40 CNY in 2027 [2][4].

Core Viewpoint - 康辰药业's 2024 financial performance shows significant declines in revenue and profit, primarily due to the impact of local centralized procurement policies on its key products [1][4]. Financial Performance - The total revenue for 康辰药业 in 2024 was 825 million yuan, a decrease of 10.28% from 920 million yuan in 2023 [1][4]. - The net profit attributable to shareholders was 42.22 million yuan, down 71.94% from 150 million yuan in 2023 [1][4]. - The non-recurring net profit was 31.08 million yuan, a decline of 75.52% compared to 127 million yuan in the previous year [1][4]. - The gross profit decreased from 819 million yuan in 2023 to 739 million yuan in 2024, although the gross margin remained relatively high [1]. Impact of Centralized Procurement - The decline in revenue is attributed to the implementation of local centralized procurement in certain provinces, which has led to a significant drop in the sales price of 康辰药业's "密盖息" product by approximately 9% to 13% [2][5]. - The "密盖息" product, which generated revenues of 230 million yuan, 295 million yuan, and 297 million yuan in 2021, 2022, and 2023 respectively, has seen a substantial decrease in revenue due to these pricing pressures [2]. Business Dependency and Risks - 康辰药业's revenue heavily relies on its two main products: "苏灵" and "密盖息" [5]. - "苏灵" has historically contributed significantly to the company's revenue, but its sales have been affected by competition and pricing pressures from centralized procurement [6][7]. - The company has faced challenges in its R&D efforts, with two drug candidates failing to reach the market, resulting in substantial sunk costs [7]. Market Position and Future Outlook - 康辰药业's market share for "苏灵" was approximately 40% from 2011 to 2016, but recent competition and pricing strategies have created uncertainty in its market position [5]. - The company is currently conducting clinical trials for its self-developed drug KC1036, which targets various cancers, indicating ongoing efforts to diversify its product pipeline [7].

Meeting Overview - The shareholders' meeting of Beijing Kangchen Pharmaceutical Co., Ltd. was held on May 16, 2025, at the company's conference room in Changping District, Beijing [1] - The meeting was attended by shareholders representing 47.0795% of the total shares [1] Voting Results - All non-cumulative voting proposals were approved with significant support, including: - Proposal 1: 99.5307% approval from A-shareholders [1] - Proposal 2: 99.5969% approval from A-shareholders [1] - Proposal 3: 99.5973% approval from A-shareholders [1] - Proposal 4: 99.5987% approval from A-shareholders [1] - Proposal 5: 99.5836% approval from A-shareholders [1] - The voting process was conducted in accordance with the Company Law and the company's articles of association [1][2] Legal Compliance - The meeting was legally compliant, with the presence of lawyers Liu Siliang and Zhong Ruxue confirming the legality of the meeting's procedures and voting results [2]

证券代码：603590 证券简称：康辰药业 公告编号：2025-021 北京康辰药业股份有限公司 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。 (五)公司董事、监事和董事会秘书的出席情况 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：北京市昌平区中关村生命科学园科学园路 7 号院 3 号 楼公司第三会议室 (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 | 174 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 75,024,300 | | 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 | | | 份总数的比例（%） | 47.0795 | (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。 本次股东大会由公司董事会召集并发布公告通知，由公司董事长刘建华先生 主持 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于北京康辰药业股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0216 号 致：北京康辰药业股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《北京康辰药业股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召 集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 ...

证券代码：603590 证券简称：康辰药业 公告编号：临 2025-020 北京康辰药业股份有限公司 关于使用部分闲置募集资金进行现金管理赎回的公告 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。 北京康辰药业股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召 开的第四届董事会第十三次会议、第四届监事会第十一次会议审议通过《关于使 用闲置募集资金进行现金管理的议案》，同意公司使用额度不超过人民币 3 亿元 的闲置募集资金适时进行现金管理，该额度自公司董事会审议通过之日起 12 个 月内有效，并在有效期内可循环滚动使用。具体内容详见公司于 2024 年 10 月 30 日在上海证券交易所网站及指定信息披露媒体披露的《康辰药业关于使用闲 置募集资金进行现金管理的公告》（公告编号：临 2024-065）。 北京康辰药业股份有限公司董事会 截至本公告披露日，公司使用部分闲置募集资金购买的保本型产品已赎回， 募集资金本金及理财收益已归还至募集资金账户，具体情况如下： 2025 年 5 月 14 日 特此公告。 单位： ...

自願公告 本 公 告 乃 由 中 國 泰 凌 醫 藥 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 作 出。本 公 司 董 事（「董 事」）會（「董事會」）謹 此 就 潛 在 意 向 向 本 公 司 股 東 及 潛 在 投 資 者 提 供 最 新 資 料。 可能進行之收購及出售事項 董 事 會 收 到 北 京 康 辰 生 物 科 技 有 限 公 司（「聯營公司」）及 其 大 股 東 北 京 康 辰 藥 業 股 份 有 限 公 司（「康辰藥業」）一 家 在 上 海 交 易 所 主 板 上 市 的 公 司（股 票 編 號： 603590）通 知，康 辰 藥 業 主 動 提 出 在 保 護 所 有 股 東 權 益 的 基 礎 上 對 聯 營 公 司 之 資 產 進 行 拆 分，解 散 聯 營 關 係，各 自 獨 立 經 營。 具 體 內 容 如 下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因 ...

自願公告 本 公 告 乃 由 中 國 泰 凌 醫 藥 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 作 出。本 公 司 董 事（「董 事」）會（「董事會」）謹 此 向 本 公 司 股 東 及 潛 在 投 資 者 欣 然 宣 佈 本 集 團 對 聯 營 公 司 業 績 承 諾 已 經 達 成。 有關聯營公司業績承諾達成 本 公 司 收 到 聯 營 公 司 北 京 康 辰 生 物 科 技 有 限 公 司（「聯營公司」）及 其 大 股 東 北 京 康 辰 藥 業 股 份 有 限 公 司（「康辰藥業」）一 家 在 上 海 交 易 所 主 板 上 市 的 公 司（股 票 編 號：603590）通 知，以 及 其 發 出 的 業 績 承 諾 期 公 告： 2020年4月21日，康 辰 藥 業、聯 營 公 司 與 本 公 司、泰 凌 醫 藥 國 際 有 限 公 司（「泰 凌 國 際」）、泰 凌 醫 藥（香 港）有 限 公 司、泰 凌 醫 藥（海 外）控 股 有 限 公 司、泰 凌 醫 藥（亞 洲）有 限 公 司（「泰凌亞洲」）、蘇 州 第 壹 製 藥 有 限 公 司 及 本 ...

Group 1 - The company will hold its annual general meeting on May 16, 2025, with both on-site and online voting options available for shareholders [1][2] - The agenda includes the reappointment of Huaxing Accounting Firm as the auditing institution for the fiscal year 2025 and a proposal to repurchase and cancel certain restricted stocks [1][2][3] - The meeting will be presided over by the chairman, Liu Jianhua, and will include reports on the 2024 annual report and the board's work report [2][3] Group 2 - The company reported a significant decline in net profit for 2024, amounting to 42.2167 million yuan, a decrease of 71.94% year-on-year, primarily due to goodwill impairment related to the "Mige Xi" asset group [8][18] - The total assets of the company as of December 31, 2024, were 3.9197 billion yuan, reflecting a 3.67% increase compared to the previous year [18][20] - The total liabilities increased by 17.94% to 493.5249 million yuan, with short-term borrowings rising by 45.42% [20][21] Group 3 - The company plans to distribute a cash dividend of 6.00 yuan per 10 shares for the fiscal year 2024, with a total share capital of 159,356,477 shares [22][23] - The company aims to enhance investor relations through various communication channels and regular performance briefings [10][11] - The board of directors will continue to strengthen corporate governance and compliance with regulatory requirements in 2025 [10][11][12]