Investment Rating - The report assigns a "Buy (Initiation)" rating to Lingkang Pharmaceutical (603669 SH) [1] Core Views - The company's performance has bottomed out and is expected to see new growth driven by multiple business segments [1] - Two of the company's products, Injection of Latamoxef Sodium and Esmolol Hydrochloride Injection, are eligible for the 10th national centralized drug procurement round, with significant sales growth potential if included [1] - The company's exclusive product, Injection of Huperzine A, has substantial room for expansion in market coverage and is expected to become a new growth driver [1] - Strategic cooperation with Laboratoire Bailly-Creat is expected to open up new growth opportunities in overseas markets, particularly in Africa and Belt and Road countries [1] Business Overview - Lingkang Pharmaceutical is an innovative enterprise group engaged in pharmaceutical R&D, production, sales, and medical services, with a nationwide network covering over 6,500 hospitals [21] - The company has a diversified product portfolio, with 114 products and 221 drug production approvals, including 55 products listed in the national medical insurance catalog and 13 in the national essential drug list [22] - The company is accelerating the consistency evaluation of key products, with 27 specifications already passing or deemed to have passed the evaluation, further enriching its product structure [23] Financial Performance - The company's revenue and net profit reached a high in 2019 but declined significantly in 2020 due to the pandemic and national centralized procurement policies [33] - In 2023, the company achieved revenue of 197 million yuan and a net loss of 151 million yuan, but performance rebounded in 2024 with a 53 34% YoY increase in revenue for the first three quarters [33] - The company's gross margin has declined from 85% to 43% due to factors such as price reductions from centralized procurement and rising raw material costs, but further declines are expected to be limited [36] R&D and Innovation - The company is transitioning from generic drugs to innovative drugs, with 8 ongoing R&D projects, including 2 Class 2 2 chemical drugs and 2 Class 3 chemical drugs [42] - R&D investment accounted for 14 80% of revenue in 2023, higher than the industry average, reflecting the company's commitment to innovation [41] Centralized Procurement Opportunities - The 10th national centralized drug procurement round involves 62 products with a total market size exceeding 50 billion yuan, with Lingkang's Injection of Latamoxef Sodium and Esmolol Hydrochloride Injection eligible to participate [49] - Injection of Latamoxef Sodium has a market size of approximately 3 billion yuan annually, with a competitive landscape of 5 out of 3 companies [1] - Esmolol Hydrochloride Injection has a market size of approximately 1 1 billion yuan, with 18 companies eligible to participate, but only 13 companies holding both production and marketing licenses [1] Exclusive Product - Injection of Huperzine A - Injection of Huperzine A is the company's exclusive intellectual property product, with proven efficacy in treating benign memory impairment, Alzheimer's disease, and myasthenia gravis [58] - The product is currently sold in only a few provinces, covering less than one-fifth of the national market, with significant potential for expansion [64] Overseas Expansion - The company has entered into a strategic cooperation with Laboratoire Bailly-Creat, a French pharmaceutical company with a sales network covering Africa, Vietnam, and Cambodia [77] - The first phase of cooperation involves the export of Omeprazole Injection, with a market size of approximately 20 million USD in African countries in 2023 [82] Financial Forecast - Revenue is expected to grow from 319 million yuan in 2024 to 882 million yuan in 2026, with a CAGR of 61 87% from 2024 to 2026 [96] - Net profit is expected to turn positive in 2025, reaching 177 44 million yuan, and further increase to 252 50 million yuan in 2026 [97] Valuation - Based on DCF valuation, the intrinsic value of the company's stock is estimated at 12 45 yuan per share [98]

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个别及连带责任。 证券代码：603669 证券简称：灵康药业 公告编号：2024-082 灵康药业集团股份有限公司 关于子公司参与全国药品集中采购拟中选的公告 2、按照相关规定，采购周期内采购协议每年一签。续签采购协议时，约定采购量原则 上不少于各地该中选药品上年约定采购量。 二、此次中选对公司的影响 公司全资子公司灵康制药的注射用拉氧头孢钠 2023 年销售额为 0 万元，占 公司 2023 年度营业收入比例为 0%；2024 年前三季度销售额为 320.67 万元，占 公司 2024 年前三季度营业收入比例为 1.39%。 本次药品集中采购是国家组织的第十批国家药品集中采购，采购周期中，医 疗机构将优先使用本次药品集中采购中选药品，并确保完成约定采购量。本次公 司全资子公司灵康制药拟中选药品的价格较拟中选省份现销售价格有较大幅度 下降。若拟中选产品确定中选后将签订购销合同并实施，将有利于促进公司相关 产品市场开拓及提升公司品牌影响力，对公司未来的业绩提升产生积极影响。 三、风险提示 目前 ...

证券代码：603669 证券简称：灵康药业 公告编号：2024-081 | 股东名称 | 灵康控股 | | | | | --- | --- | --- | --- | --- | | 本次解除质押股份 | 7,267.00 | | 万股 | | | 占其所持股份比例 | 21.40% | | | | | 占公司总股本比例 | 10.08% | | | | | 解除质押时间 | 2024 年 12 | 月 | 10 | 日 | | 持股数量 | 33,965.28 | | 万股 | | | 持股比例 | 47.09% | | | | | 剩余被质押股份数量 | 4,965.96 | | 万股 | | | 剩余被质押股份数量占其所持股份比例 | 14.62% | | | | | 剩余被质押股份数量占公司总股本比例 | 6.89% | | | | 灵康药业集团股份有限公司 关于控股股东股份解除质押的公告 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个别及连带责任。 重要内容提示： 公司控股股东灵康控股集团有限公司（以下简称"灵康控股"）直接 ...

证券代码：603669 证券简称：灵康药业 公告编号：2024-080 灵康药业集团股份有限公司 关于股票交易风险提示公告 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个别及连带责任。 重要内容提示： 相关风险提示： 1、公司 2024 年三季报显示，2024 年前三季度实现营业收入 2.31 亿元，实 现归属于上市公司股东的净利润为-4,688.99 万元，实现归属于上市公司股东的 扣除非经常性损益的净利润为-9,086.25 万元。如公司 2024 年年度报告经审计 的利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值且营业收入 低于 3 亿元，将触及《上海证券交易所股票上市规则》第 9.3.2 条第一款规定的 退市风险警示。敬请广大投资者理性投资，注意投资风险。 2、经公司自查，公司日常经营活动正常，近期公司经营情况、内外部经营 环境与行业政策没有发生重大变化，不存在影响公司股票异常波动的重大事项。 敬请广大投资者理性投资，注意投资风险。 3、经董事会、监事会、股东大会、可转换公司债券持有人大会审议通过， 公司终止了"海 ...

证券代码：603669 证券简称：灵康药业 公告编号：2024-079 灵康药业集团股份有限公司 股票交易异常波动公告 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个别及连带责任。 重要内容提示： 灵康药业集团股份有限公司（以下简称"公司"或"灵康药业"）股 票于 2024 年 11 月 29 日、12 月 2 日、12 月 3 日连续三个交易日内收盘价格 涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 经公司自查并向控股股东及实际控制人核实，截至本公告披露日， 除公司已披露事项外，不存在应披露而未披露的重大信息。 经董事会、监事会、股东大会、可转换公司债券持有人大会审议通 过，公司终止了"海南灵康制药美安生产基地建设项目（一期）"，将剩余募 集资金继续留存于募集资金专户。敬请广大投资者理性投资，注意投资风险。 为满足公司生产经营需要，弥补日常生产经营资金缺口，降低公司 财务成本，提高募集资金的使用效率，经公司董事会审议通过，公司使用不 超过 25,000 万元的闲置募集资金临时补充 ...

证券代码：603669 证券简称：灵康药业 公告编号：2024-078 灵康药业集团股份有限公司 关于上海证券交易所对公司 2024 年第三季度报告 监管工作函的回复公告 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个别及连带责任。 灵康药业集团股份有限公司（以下简称"公司"或"灵康药业"）于近日收 到上海证券交易所上市公司管理二部下发的《关于灵康药业 2024 年第三季度报 告信息披露的监管工作函》（上证公函【2024】3605 号）（以下简称"《监管工 作函》"）。根据相关规定，现对《监管工作函》提及的相关问题回复如下： 一、三季报显示，2024 年前三季度公司实现营业收入 2.31 亿元，同比上 升 53.34%，同时扣除非经常性损益后的净利润继续亏损 0.91 亿元。公司实现 营业收入增长的主要原因为，报告期内扩展存量制剂业务以及拓展新业务。其 中，新增商业配送业务较上年同期增长 100%，存量制剂业务较上年同期增长 48.42%。请公司：（1）详细说明新增商业配送业务的具体情况，包括但不限于 商业模式、获客方式、开展期限情况 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥89,552,626.84, representing a 137.26% increase compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2024 was -¥6,489,699.32, with a year-to-date net profit of -¥46,889,888.23[5]. - Total operating revenue for the first three quarters of 2024 reached ¥231,030,545.43, a significant increase from ¥150,665,541.41 in the same period of 2023, representing a growth of approximately 53.3%[33]. - The net loss for the first three quarters of 2024 was ¥46,889,888.23, an improvement from a net loss of ¥96,582,500.85 in the same period of 2023, reflecting a reduction of approximately 51.5%[36]. - The total comprehensive loss for the first three quarters of 2024 was ¥46,889,888.23, compared to a loss of ¥96,582,500.85 in 2023, reflecting a reduction of approximately 51.5%[39]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥64,056,674.63[7]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 273,547,756.34, compared to CNY 260,896,973.39 in the same period of 2023, representing an increase of approximately 4.3%[40]. - The net cash outflow from operating activities in the first three quarters of 2024 was CNY -64,056,674.63, worsening from CNY -21,150,724.69 in the first three quarters of 2023[44]. - The total cash outflow from operating activities was CNY 337,604,430.97 in the first three quarters of 2024, compared to CNY 282,047,698.08 in the same period of 2023, reflecting an increase of approximately 19.7%[44]. - The ending cash and cash equivalents balance as of the end of the third quarter of 2024 was CNY 121,210,711.78, down from CNY 448,275,862.91 at the end of the same period in 2023, a decrease of approximately 73.0%[46]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,205,651,919.73, a decrease of 25.79% from the end of the previous year[8]. - The total liabilities decreased to ¥710,481,179.23 from ¥743,026,871.85, a decline of about 4%[28]. - The total current assets decreased to ¥495,170,740.50 from ¥881,533,254.03, a reduction of about 44%[28]. - The company's total liabilities decreased to ¥349,929,587.69 in 2024 from ¥693,517,978.39 in 2023, a reduction of approximately 49.6%[33]. - Long-term equity investments decreased to ¥28,760,795.15 from ¥40,874,881.63, a decline of about 30%[28]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 16,589[18]. - The largest shareholder, Lingkang Holdings Group Co., Ltd., holds 339,652,800 shares, accounting for 47.09% of total shares[18]. - The company repurchased 17,701,793 shares, representing 2.45% of total shares[24]. - There are no known related party relationships among the top shareholders, except for siblings among some of them[22]. Operational Highlights - The company reported a significant increase in its core product lines, with a 117.21% growth in existing formulations and a 100% growth in pharmaceutical distribution compared to the same period last year[13]. - The company has been focusing on cost control and maximizing production capacity to improve profitability[13]. - The company plans to continue expanding its market presence and product offerings in the upcoming quarters[13]. Earnings and Expenses - The basic earnings per share for Q3 2024 was -¥0.01, with a year-to-date figure of -¥0.07[8]. - Research and development expenses decreased to ¥14,987,666.90 in 2024 from ¥21,226,696.58 in 2023, showing a decline of about 29.5%[33]. - The basic and diluted earnings per share for the first three quarters of 2024 were both -¥0.07, an improvement from -¥0.13 in the same period of 2023[39]. - The company recorded a financial expense of -¥19,037,217.99 in 2024, a notable improvement from a financial expense of ¥430,723.86 in 2023[33]. - The company reported a financial asset impairment loss of ¥46,298.03 in 2024, compared to a loss of ¥1,989,226.07 in 2023, indicating a significant improvement[36].

Financial Performance - In the first three quarters of 2024, the cash received from sales of goods and services was ¥238,867,039.41, an increase of 6.3% compared to ¥224,142,447.05 in the same period of 2023[6]. - The total cash inflow from operating activities for the first three quarters of 2024 was ¥273,547,756.34, up from ¥260,896,973.39 in 2023, reflecting a growth of 4.9%[6]. - The net cash flow from operating activities for the first three quarters of 2024 was -¥64,056,674.63, worsening from -¥21,150,724.69 in the same period of 2023[4]. Cash Flow Analysis - The cash outflow for purchasing goods and services increased significantly to ¥206,756,300.58 in 2024 from ¥107,302,510.84 in 2023, marking an increase of 92.7%[6]. - The total cash outflow from operating activities reached ¥337,604,430.97 in 2024, compared to ¥282,047,698.08 in 2023, indicating an increase of 19.7%[6]. - The company received other cash related to operating activities amounting to ¥34,680,716.93 in 2024, slightly down from ¥36,754,526.34 in 2023[6]. Reporting and Disclosure - The company expressed its commitment to improving the quality of information disclosure and enhancing the review process for periodic reports[7]. - The adjustments made to the cash flow statement do not affect the overall financial condition or operating results of the company[6]. - The company apologized for any inconvenience caused to investors due to the corrections made in the report[7]. - The revised report is available on the Shanghai Stock Exchange website for further details[6].

灵康药业集团股份有限公司 关于控股股东部分股份办理质押的公告 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个别及连带责任。 重要内容提示： 截至公告披露日,公司控股股东灵康控股集团有限公司（以下简称"灵 康控股"）直接持有公司股份 33,965.28 万股无限售流通股股票，占公司总股本 的 47.09%，灵康控股累计质押公司股票数量为 12,232.96 万股，占其持有公司 股份总数的 36.02%，占公司总股本的 16.96%。 截至目前，灵康控股所持股份的质押风险可控，不存在引发平仓或被强 制平仓的风险。 证券代码：603669 证券简称：灵康药业 公告编号：2024-076 2024 年 11 月 29 日，灵康药业集团股份有限公司（以下简称"灵康药业" 或"本公司"）接到公司控股股东灵康控股关于部分股份办理质押的通知，现将 相关情况公告如下： 一、本次股份质押情况 1、本次股份质押基本情况 | 股东 | 是否为 | 质押股数 | 是否为 | 是否 | 质押起始 | | 质押到期 | | | 占其所 | 占公司 | 质押融 | ...

| 证券代码：603669 | 证券简称：灵康药业 | 公告编号：2024-074 | | --- | --- | --- | | 债券代码：113610 | 证券简称：灵康转债 | | 灵康药业集团股份有限公司 可转换公司债券付息公告 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个别及连带责任。 重要内容提示： 灵康药业集团股份有限公司（以下简称"公司"）于 2020 年 12 月 1 日公开发 行的 A 股可转换公司债券（以下简称"灵康转债"），将于 2024 年 12 月 2 日开始 支付自 2023 年 12 月 1 日至 2024 年 11 月 30 日期间的利息。根据《灵康药业集 团股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集 说明书》"）有关条款规定，现将有关事项公告如下： 一、本期债券的基本情况 8、债券期限：本次发行的可转债存续期限为自发行之日起 6 年，即 2020 年 12 月 1 日至 2026 年 11 月 30 日。 9、债券利率：本次发行的可转债票面利率设定为：第一年 0.40 ...