Company and Industry Summary Company Overview - The company, established in 2009, initially functioned as a research team focused on nutritional products, later transitioning to product sales with its core product, the "Adult 12 Vitamins," launched in 2009 [5][6]. Key Points and Arguments Industry Dynamics - The core product, "Adult 12 Vitamins," is experiencing a new round of price reductions, significantly impacting the company's performance and stock price [1]. - The product was included in the Hunan Province Oil Alliance Group, leading to a 50% price drop, which is expected to have a substantial effect on the company's performance [1]. Short-term Performance - The stock price has been weak in the second half of 2022 and the first half of 2023, exerting pressure on earnings [2]. - The product's inclusion in the alliance is anticipated to trigger a significant growth phase, with expectations of improved quarterly performance moving forward [2]. New Product Potential - The company has two promising new products in the growth phase: the "Children's 13 Vitamins" and a multi-nutrient product. The latter is expected to quickly reach a sales volume of 200 million [2][3]. - The "Children's 13 Vitamins" product faced challenges due to anti-corruption measures but is expected to recover sales momentum by the end of the year [2][16]. Long-term Growth Strategy - The company is positioned to become a comprehensive supplier of nutritional solutions, leveraging its established channels to market a range of products, including mixed vitamins and various nutrient supplements [4][3]. - The market space for the company is expanding, leading to diversified revenue streams and strong growth potential [4]. Competitive Position - The company holds a dominant market share of approximately 89% in the "Adult 12 Vitamins" segment, significantly higher than competitors [9]. - The product's unique formulation and patented technology provide a competitive edge, making it difficult for smaller companies to enter the market [10][11]. Impact of External Factors - The COVID-19 pandemic negatively affected sales due to reduced surgical procedures, impacting the demand for the product [12]. - The two-invoice system has also influenced the distribution model, complicating sales processes [12]. Financial Outlook - Despite a 50% price reduction, the product's cost structure allows for a smaller decline in profitability, with a projected revenue growth rate of over 30% for the core product in the coming years [14][15]. - The company is expected to maintain a low valuation with a PE ratio of only 13 times, alongside strong cash reserves and low debt levels, making it an attractive investment opportunity [17]. Additional Important Insights - The company is actively pursuing opportunities in multiple provinces for its new products, with significant potential for growth if selected in upcoming tenders [16]. - The overall market sentiment is optimistic regarding the company's ability to recover and grow, supported by both short-term and long-term strategies [4][2].

西藏卫信康医药股份有限公司 关于股份回购进展公告 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： 证券代码：603676 证券简称：卫信康 公告编号：2024-052 | 回购方案首次披露日 | 2024/8/28 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 8 日~2025 年 8 月 | 年 | 月 | | 26 日 | | 预计回购金额 | 1,500 万元~3,000 万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 148.68 万股 | | | | | | 累计已回购股数占总股本比例 | 0.3417% | | | | | | 累计已回购金额 | 1,541.31 万元 | | | | | | 实际回购价格区间 | 9.72 元/股~10.50 元/股 ...

药品名称：葡萄糖酸钙注射液 剂型：注射剂 注册分类：化学药品 证券代码：603676 证券简称：卫信康 公告编号：2024-053 西藏卫信康医药股份有限公司 关于子公司药品通过仿制药质量和疗效一致性评价的公告 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，西藏卫信康医药股份有限公司（以下简称"公司"）全资子公司洋浦京泰药 业有限公司（以下简称"洋浦京泰"）收到国家药品监督管理局（以下简称"国家药监 局"）核准签发的葡萄糖酸钙注射液《药品补充申请批准通知书》，该药品通过仿制药质 量和疗效一致性评价。现就相关事项公告如下： 一、药品基本情况 规格：10ml:1g（按 C12H22CaO14 计） 申请类型：补充申请 受理号：CYHB2350637 葡萄糖酸钙注射液适用于急性低钙血症、镁中毒、氟中毒。 经查询，该产品除洋浦京泰外，国内还有山东新华制药股份有限公司、华润双鹤利 民药业(济南)有限公司、湖南科伦制药有限公司等已通过或视同通过一致性评价。 药品批准文号：国药准字 H20044408 上市许可持有人：洋浦京泰药业有 ...

Group 1: Company Overview - The company is Tibet Weixin Kang Pharmaceutical Co., Ltd., with stock code 603676 and abbreviation Weixin Kang [1][2] - The company is involved in the production of injectable multivitamins and other nutritional products [4][5] Group 2: Market Competition - Currently, there are three manufacturers in the injectable multivitamins (12) market, with one more under application [4] - The competitive landscape for composite vitamin products has remained stable in recent years [4] Group 3: Financial Performance - The sales revenue for pediatric multivitamin injection (13) reached CNY 32.75 million in the first half of 2024, a year-on-year increase of 47.29% [5] - The company has successfully controlled costs despite price reductions following centralized procurement [4][6] Group 4: Product Development - The company is expanding its product matrix with the approval of multiple trace element injections, targeting both adult and pediatric patients [6] - The company is closely monitoring the market for potential opportunities and challenges, particularly in the context of price governance policies [6] Group 5: Share Buyback - As of November 25, 2024, the company has repurchased 156,700 shares, accounting for 0.036% of the total share capital, with a total transaction amount of CNY 1,541,919 [6]

证券代码：603676 证券简称：卫信康 公告编号：2024-051 西藏卫信康医药股份有限公司 关于全资子公司药品续约国家医保目录（2024 年）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。 药品名称：小儿多种维生素注射液（13） 根据国家医保局、人力资源社会保障部关于印发《国家基本医疗保险、工伤保险和 生育保险药品目录（2024 年）》（以下简称"《国家医保目录（2024 年）》"）的通知（医 保发﹝2024﹞33 号），西藏卫信康医药股份有限公司（以下简称"公司"）全资子公司内 蒙古白医制药股份有限公司（以下简称"白医制药"）小儿多种维生素注射液（13）在 协议期内续约纳入《国家医保目录（2024 年）》，具体情况如下： 一、 药品情况 （一）药品的基本情况 剂型：注射剂 药品分类代码：XB05BA 小儿多种维生素注射液（13）为含有 13 种维生素的复合维生素注射剂，适用于接 受肠外营养的 11 周岁以下患者维生素缺乏的预防。小儿注射用多种维生素（13）为临 床提供一种能符合医学共识的小儿专用肠外维生素制剂， ...

关于以集中竞价方式首次回购股份的公告 证券代码：603676 证券简称：卫信康 公告编号：2024-050 西藏卫信康医药股份有限公司 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。 2024 年 11 月 25 日，公司通过集中竞价交易方式首次回购公司股份 156,700 股，占公司总股本的比例为 0.0360%，最高成交价为 9.9 元/股，最低成交价为 9.72 元/股，成交总金额为 1,541,919 元（不含佣金等交易费用）。 本次回购股份符合法律法规的规定及公司披露的回购股份方案的要求。 重要内容提示： | 回购方案首次披露日 | 2024/8/28 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 8 日~2025 年 8 月 | 年 | 月 | 27 | 26 日 | | 预计回购金额 | 1,500 万元~3,000 万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 ...

证券代码：603676 证券简称：卫信康 公告编号：2024-049 西藏卫信康医药股份有限公司 关于子公司撤回药品注册申请的公告 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，西藏卫信康医药股份有限公司（以下简称"公司"）全资子公司内蒙古白医 制药股份有限公司（以下简称"白医制药"）收到国家药品监督管理局（以下简称"国 家药监局"）签发的《药品注册申请终止通知书》，同意白医制药撤回复方氨基酸(16)双 肽(1)注射液注册申请。现将有关信息公告如下： 一、药品基本信息 药品名称：复方氨基酸(16)双肽(1)注射液 剂型：注射剂 注册分类：3 申报内容：国内化药仿制药申请生产 申请人：内蒙古白医制药股份有限公司 受理号：CYHS2400801、CYHS2400802 审批结论：根据《药品注册管理办法》第八十九条以及申请人的撤回申请《关于申 请撤回复方氨基酸(16)双肽(1)注射液注册申请的函》，同意本品（复方氨基酸(16)双肽(1) 注射液）注册申请撤回，终止注册程序。 二、药品的其他相关情况 复方氨基酸(16)双肽(1 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a turning point in performance as the impact of centralized procurement is gradually being digested, leading to improved profitability [4][5] - The company's revenue for the first three quarters of 2024 was 994 million yuan, a decrease of 6.30% year-on-year, while net profit attributable to shareholders increased by 15.71% to 243 million yuan [3] - The core product, injectable multivitamins (12), has significant market potential despite a decline in sales revenue due to centralized procurement price reductions [4] - The company has a rich pipeline of second-tier products that are expected to drive continuous growth, including pediatric multivitamin injections which saw a revenue increase of 47.29% in the first half of 2024 [5] - Profitability is on the rise, with the company achieving record high non-recurring profit margins and amounts in recent quarters, indicating a clear performance inflection point [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 994 million yuan, down 6.30% year-on-year, and a net profit of 243 million yuan, up 15.71% [3] - The third quarter alone saw operating revenue of 361 million yuan, an increase of 15.83% [3] Product Analysis - The injectable multivitamins (12) were uniquely selected in the centralized procurement in September 2023, which has led to a temporary decline in sales but is expected to recover due to increased market coverage and reduced costs [4] - Other products, such as trace element injections, are anticipated to recover quickly following successful bids in regional centralized procurement [5] Profitability and Forecast - The company is expected to see revenue growth from 1.377 billion yuan in 2024 to 1.951 billion yuan in 2026, with corresponding net profits increasing from 251 million yuan to 388 million yuan [7] - The projected growth rates for revenue are 4.1% in 2024, 20.7% in 2025, and 17.4% in 2026, with net profit growth rates of 17.4%, 24.9%, and 23.8% respectively [5][7]

证券代码：603676 证券简称：卫信康 公告编号：2024-048 西藏卫信康医药股份有限公司 关于子公司药品通过仿制药质量和疗效一致性评价的公告 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，西藏卫信康医药股份有限公司（以下简称"公司"）全资子公司内蒙古白医 制药股份有限公司（以下简称"白医制药"）收到国家药品监督管理局（以下简称"国 家药监局"）核准签发的复方电解质注射液（Ⅱ）《药品补充申请批准通知书》，该药品 通过仿制药质量和疗效一致性评价。现就相关事项公告如下： 一、药物基本情况 药物名称：复方电解质注射液（Ⅱ） 剂型：注射剂 注册分类：化学药品 规格：100ml 、250ml、500ml 申请类型：补充申请 受理号： CYHB2350360 、 CYHB2350361 、 CYHB2350359 、 CYHB2350358 、 CYHB2350362 上市许可持有人：内蒙古白医制药股份有限公司 药品生产企业：内蒙古白医制药股份有限公司 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，批准本品增 ...

证券代码：603676 证券简称：卫信康 公告编号：2024-047 西藏卫信康医药股份有限公司 2024 年前三季度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.162 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/11/11 | － | 2024/11/12 | 2024/11/12 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 西藏卫信康医药股份有限公司（以下简称"公司"）于 2024 年 5 月 16 日召开 2023 年年 度股东大会，审议通过《关于提请股东大会授权董事会制定 2024 年中期利润分配方案的议案》， 授权董事会制定 2024 年中期利润分配方案。因此，本次利润分配方案无需提交股东大会审议。 二、 分配方案 1. 发放年度：2024 年前三季度 2. 分派对象： 截至股 ...