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： ...

北京康辰药业股份有限公司 会议资料 二〇二五年五月 北京康辰药业股份有限公司 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 《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》 《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》 北京康辰药业股份有限公司 为了维护全体股东的合法权益、保障股东依法行使股东权利，确保股东大会 的正常秩序和议事效率，根据《上市公司股东会规则》、 《北京康辰药业股份有限 公司章程》及《北京康辰药业股份有限公司股东大会议事规则》等相关规定，特 制定本须知： 一 ...

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 "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]