北京康辰药业股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 | 2024 | 年年度股东大会会议须知 5 | | --- | --- | | 2024 | 年年度股东大会会议议案 6 | 北京康辰药业股份有限公司 2024 年年度股东大会会议议程 一、会议时间： 现场会议召开时间：2025 年 5 月 16 日上午 10:00 网络投票起止时间：自 2025 年 5 月 16 日至 2025 年 5 月 16 日。采用上海证 券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日 的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东大会召开当日的 9:15-15:00。 二、会议地点：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、会议召集人：公司董事会 四、会议主持人：董事长刘建华先生 1 6、《关于续聘华兴会计师事务所（特殊普通合伙）为公司 2025 年度审计机 构和内部控制审计机构的议案》 7、《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票及调整 回购价格的议案 ...

Investment Rating - The investment rating for the company is "Buy" indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [7]. Core Views - The company's revenue for 2024 was 825 million yuan, a decrease of 10.28% year-on-year, with a net profit attributable to shareholders of 42.22 million yuan, down 71.94% year-on-year [1][2]. - In Q1 2025, the company reported revenue of 21.2 million yuan, an increase of 6.41% year-on-year, and a net profit of 44.50 million yuan, up 6.83% year-on-year [1]. - The decline in 2024's net profit was primarily due to goodwill impairment related to the "Mige Xi" asset group and the impact of deferred tax expenses [2]. - The marketing transformation has significantly improved the operational efficiency of the "Su Ling" product, with a self-operated marketing team of 373 people established by the end of 2024 [3]. - The company maintained a high level of R&D investment in 2024, totaling 139 million yuan, which is 16.83% of its revenue, indicating a strong commitment to innovation [4][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 825 million yuan, with a net profit of 42.22 million yuan, reflecting a significant decline due to goodwill impairment [1][2]. - The first quarter of 2025 showed a recovery with a revenue of 21.2 million yuan and a net profit of 44.50 million yuan [1]. Marketing and Operational Strategy - The company has shifted from a single alliance model to a self-operated model, enhancing marketing efficiency and reducing sales expenses by 12.81% year-on-year [3]. - The introduction of a digital promotion platform is expected to improve the professionalism and effectiveness of marketing efforts [3]. Research and Development - The company has a differentiated product pipeline with ongoing R&D projects, including innovative drugs that have reached advanced clinical trial stages [4][9]. - The R&D investment in 2024 was 139 million yuan, indicating a strong focus on innovation and product development [4][9]. Future Outlook - The company is projected to achieve earnings per share (EPS) of 0.89 yuan, 1.13 yuan, and 1.34 yuan for the years 2025, 2026, and 2027, respectively, with corresponding dynamic price-to-earnings ratios of 34.55, 27.13, and 22.88 [10][11].

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance in the upcoming months [9][10][20]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textile and apparel, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [5][9]. - The recommended stocks are expected to benefit from various growth drivers, including market expansion, product innovation, and favorable policy support [9][10]. Summary by Sector Agriculture - Recommended Stock: Zhongchong Co., Ltd. (中宠股份) - Focus on pet food industry with strong growth in domestic brands and global capacity expansion. Expected net profit for 2025-2026 is 440 million and 570 million CNY, with a PE ratio of 36 and 28 times [13]. Retail - Recommended Stock: Xiaoshangpin City (小商品城) - Benefits from the high demand for Yiwu small commodities and successful transformation into a foreign trade service provider. Expected EPS for 2025-2027 is 0.75, 0.95, and 1.14 CNY, maintaining a "Buy" rating [14]. Social Services - Recommended Stock: Keri International (科锐国际) - Positive outlook due to cyclical recovery and AI integration in operations. Expected net profit for 2025-2027 is 287 million, 399 million, and 523 million CNY, with PE ratios of 23, 17, and 13 times [15]. Automotive - Recommended Stock: Xiaomi Group (小米集团-W) - Anticipated growth driven by stable orders and new model launches. Expected net profit for 2025-2027 is 35.404 billion, 51.653 billion, and 65.531 billion CNY [16]. Textile and Apparel - Recommended Stock: Hailan Home (海澜之家) - Expected to benefit from e-commerce expansion and international growth. Projected net profit for 2024-2026 is 2.04 billion, 2.57 billion, and 3.43 billion CNY, with a PE ratio of 19, 15, and 11 times [17][18]. Light Industry - Recommended Stock: Dengkang Oral Care (登康口腔) - Growth driven by e-commerce and product innovation. Expected net profit for 2025-2027 is 200 million, 260 million, and 330 million CNY, with PE ratios of 38, 30, and 23 times [19]. Food - Recommended Stock: Wufangzhai (五芳斋) - Leading market position in the rice dumpling sector with expansion into new channels. Expected net profit for 2025-2027 is 181 million, 207 million, and 224 million CNY, with PE ratios of 22, 19, and 18 times [19]. Home Appliances - Recommended Stock: Gree Electric Appliances (格力电器) - Strong brand and cost advantages in the air conditioning market. Expected net profit for 2025-2027 is 35.519 billion, 38.452 billion, and 42.086 billion CNY, with low PE ratios of 7.34, 6.78, and 6.20 times [20]. Pharmaceuticals - Recommended Stock: Kangchen Pharmaceutical (康辰药业) - Focus on innovative drug development with promising products in the pipeline. Expected net profit for 2025-2027 is 135 million, 216 million, and 286 million CNY [21][22].

Investment Rating - The report maintains a "Recommended" rating for the company [1][8][13] Core Views - The company's short-term performance is impacted by marketing transformation and goodwill impairment, but significant achievements in innovative research and development are noted [1][7][8] - The company reported a revenue of 825 million yuan for 2024, a year-on-year decrease of 10.28%, and a net profit of 42 million yuan, down 71.94% year-on-year [3][7] - The first quarter of 2025 shows a recovery trend with a revenue of 212 million yuan, up 6.41% year-on-year, and a net profit of 44 million yuan, up 6.83% year-on-year [3][7] Financial Performance Summary - Revenue and net profit projections for 2025 and 2026 are optimistic, with expected revenues of 990 million yuan and 1.131 billion yuan respectively, and net profits of 133 million yuan and 177 million yuan [6][11] - The company’s gross margin remains stable at around 89%, while net profit margin is expected to improve from 5.1% in 2024 to 16.7% by 2027 [6][11] - The report highlights a significant increase in R&D investment, which reached 139 million yuan in 2024, accounting for 16.83% of revenue [7][8] Market and Competitive Position - The marketing transformation from an alliance model to a digital empowerment model is expected to enhance sales efficiency and reduce sales expenses by 12.81% [7][8] - The company is optimistic about the potential recovery of its main business and the gradual realization of innovative successes, particularly with projects like KC1086 [8]

Revenue and Profit - The company achieved total revenue of 212 million yuan in Q1 2025, representing a year-on-year increase of 6.41% [1] - The net profit attributable to shareholders was 44.5 million yuan, up 6.83% year-on-year, while the net profit excluding non-recurring items was 43.9 million yuan, reflecting a 10.7% increase [1] Profitability - The gross margin stood at 90.14%, an increase of 1.59 percentage points year-on-year, indicating effective cost control in core operations [2] - However, the net profit margin decreased to 22.71%, down 3.43 percentage points year-on-year, suggesting a decline in profitability despite rising sales [2] Expense Control - Total selling, administrative, and financial expenses amounted to 122 million yuan, accounting for 57.64% of revenue, which is a decrease of 0.62 percentage points year-on-year, indicating improved expense management [3] Cash Flow and Asset Status - Operating cash flow per share was -0.2 yuan, a significant decrease of 170.26% year-on-year, highlighting increased cash outflow pressure in operations [4] - Monetary funds decreased from 314 million yuan to 212 million yuan, a year-on-year reduction of 32.49%, warranting attention [4] Accounts Receivable and Liabilities - Accounts receivable reached 303 million yuan, a year-on-year increase of 19.52%, with accounts receivable to profit ratio at 717.07%, indicating potential collection risks [5] - Interest-bearing liabilities rose to 217 million yuan, up 23.43% year-on-year, reflecting an increase in the company's debt level [5] Dividends and Financing - Since its listing, the company has raised a total of 974 million yuan and distributed dividends totaling 344 million yuan, resulting in a dividend-to-financing ratio of 0.35, indicating stable capital operations [6] Business Model - The company's performance is primarily driven by research and marketing, necessitating further observation of these drivers' effectiveness and their long-term impact on the company's development [7]

北京康辰药业股份有限公司董事会审计委员会对 华兴会计师事务所（特殊普通合伙） 董事会审计委员会与华兴会计师事务所沟通协商公司 2024 年度财务报告的 审计事项，包括 2024 年度审计工作的人员安排、审计范围、重要时间节点、审 计重点等相关事项的沟通，确定审计工作计划；并对 2024 年度审计调整事项、 审计结论、 专业委员会关注事项等相关事项进行沟通，了解审计工作进展情况。 在华兴会计师事务所出具初步审计意见后，与负责公司审计工作的注册会计师进 行专项沟通，充分了解审计情况，对审计工作提出了相关意见和建议。 董事会审计委员会对华兴会计师事务所 2024 年度财务审计工作进行了核查 和评估，认为该所在对公司审计期间勤勉尽职，遵循执业准则，独立地对公司会 计报表发表意见，较好的完成了各项审计任务。 三、总结评价 公司董事会审计委员会依据相关法律法规和公司内部制度等相关规定，充分 发挥专业委员会的作用，对会计师事务所相关资质和执业能力等进行了评价，在 年报审计期间与会计师事务所进行了充分的讨论和沟通，督促会计师事务所及时、 准确、客观、公正地出具审计报告，切实履行了审计委员会对会计师事务所的监 督职责。 履行监 ...

证券代码：603590 证券简称：康辰药业 公告编号：临 2025-017 北京康辰药业股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 拟聘任的会计师事务所名称：华兴会计师事务所（特殊普通合伙）（以下 简称"华兴会计师事务所"） 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 华兴会计师事务所（特殊普通合伙）前身系福建华兴会计师事务所，创立于 1981 年，隶属福建省财政厅。1998 年 12 月，与原主管单位福建省财政厅脱钩， 改制为福建华兴有限责任会计师事务所。2009 年 1 月，更名为福建华兴会计师 事务所有限公司。2013 年 12 月，转制为福建华兴会计师事务所（特殊普通合伙）。 2019 年 7 月，更名为华兴会计师事务所（特殊普通合伙）。 华兴会计师事务所为特殊普通合伙企业，注册地址为福建省福州市鼓楼区湖 东路 152 号中山大厦 B 座 7-9 楼，首席合伙人为童益恭先生。 截至 2024 年 12 月 31 日，华兴会计师事务所拥有合 ...

北京康辰药业股份有限公司 对华兴会计师事务所（特殊普通合伙） 履职情况评估的报告 北京康辰药业股份有限公司（以下简称"公司"）聘请华兴会计师事务所（特 殊普通合伙）（以下简称"华兴会计师事务所"）作为公司 2024 年度财务报告和 内部控制审计机构。 根据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务 所管理办法》等规定和要求，公司对华兴会计师事务所 2024 年度审计过程中的 履职情况进行评估。经评估，公司认为华兴会计师事务所在资质等方面合规有效， 履职保持独立性，勤勉尽责，具体情况如下： 一、2024 年度会计师事务所基本情况 （一）基本信息 华兴会计师事务所（特殊普通合伙）前身系福建华兴会计师事务所，创立于 1981 年，隶属福建省财政厅。1998 年 12 月，与原主管单位福建省财政厅脱钩， 改制为福建华兴有限责任会计师事务所。2009 年 1 月，更名为福建华兴会计师 事务所有限公司。2013 年 12 月，转制为福建华兴会计师事务所（特殊普通合伙）。 2019 年 7 月，更名为华兴会计师事务所（特殊普通合伙）。 华兴会计师事务所（特殊普通合伙）为特殊普通合伙企业，注册地址为福建 ...

北京康辰药业股份有限公司董事会 2025 年 4 月 25 日 根据证监会《上市公司独立董事管理办法》、上海证券交易所《股票上市规 则》《上市公司自律监管指引第 1 号--规范运作》等要求，北京康辰药业股份有 限公司（以下简称"公司"）董事会，就公司现任独立董事刘俊彦、付立家、翟 永功及 2024 年度在任独立董事李洪仪的独立性情况，进行评估并出具如下专项 意见： 经核查，现任独立董事刘俊彦、付立家、翟永功及 2024 年度在任独立董事 李洪仪的任职经历以及签署的相关自查文件，上述人员在公司任职期间，未在公 司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务，与 公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的 关系，不存在其他影响独立性的情况，符合《上市公司独立董事管理办法》《上 海证券交易所上市公司自律监管指引第 1 号--规范运作》中对独立董事独立性的 相关要求。 北京康辰药业股份有限公司董事会 关于 2024 年度独立董事独立性自查情况的专项报告 ...

证券代码：603590 证券简称：康辰药业 公告编号：临 2025-015 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、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准北京康辰药业股份有限公司首次公开 发行股票的批复》（证监许可[2018]1084 号）核准，公司向社会公众首次公开发 行人民币普通股（A 股）股票 4,000 万股，发行价格为每股人民币 24.34 元，募 集资金总额为人民币 97,360.00 万元，扣除各项发行费用后的实际募集资金净额 为人民币 89,142.5937 万元。上述募集资金已于 2018 年 8 月 20 日全部到账，经 广东正中珠江会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到 位情况进行了审验，并于 2018 年 8 月 20 日出具了验资报告（广会验字 [2018]G16002320621 号）。 | 项目 | 金额（单位：元） | | --- | --- | | 募集资金净额（1） | 891,425,937.00 | | ...