Core Viewpoint - The company is actively adjusting its supply chain in response to the 20% tariff challenge and is focusing on high-barrier, high-margin products to maintain its competitive edge in the pharmaceutical industry [2][4]. Company Overview - The company, Jianyou Co., Ltd., is a pharmaceutical enterprise engaged in drug research, production, and sales, with a diverse product pipeline including cardiovascular, neurological, anesthetics, anti-tumor preparations, and high-value sterile injectables [4]. Financial Performance - In Q1 2025, the company reported a main revenue of 885 million yuan, a year-on-year decrease of 11.85% - The net profit attributable to shareholders was 84.71 million yuan, down 52.19% year-on-year - The net profit after deducting non-recurring gains and losses was 75.32 million yuan, a decline of 56.05% - The debt ratio stood at 26.38%, with investment income of 11.13 million yuan and financial expenses of 21.80 million yuan - The gross profit margin was 34.41% [4]. Product Development - The company’s biosimilar drugs are entering a harvest period, with liraglutide expected to receive FDA approval in April 2024, making the company the third globally to enter the market - Sales of adalimumab (Yusimry) have already surpassed 70 million yuan - Collaborations with Tonghua Dongbao and Double Star Pharmaceutical are progressing well, with a focus on insulin and paclitaxel products [4]. Market Strategy - The company views the U.S. market as a significant revenue source and plans to expand into Europe, the Middle East, and Central and South America by 2030, aiming to become a global enterprise [2][4]. Analyst Ratings - In the last 90 days, 9 institutions have given buy ratings for the stock, with an average target price of 19.21 yuan [5]. Profit Forecast - Detailed profit forecasts indicate expected net profits for 2025 ranging from 10.25 billion yuan to 12.18 billion yuan, with projections for 2026 and 2027 also showing growth [7]. Financing Activity - In the past three months, the stock has seen a net inflow of 52.81 million yuan in financing, with an increase in financing balance, while the net inflow of short selling was 953,600 yuan [7].

Core Viewpoint - The company has received FDA approval for the production site transfer of its drug, Idarubicin Hydrochloride Injection, which is crucial for treating acute myeloid leukemia (AML) and is currently in short supply in the U.S. market [2][3] Group 1: FDA Approval and Product Details - Meitheal Pharmaceuticals, a subsidiary of the company, has obtained FDA approval for the production site transfer of Idarubicin Hydrochloride Injection, which comes in three dosages: 5mg/5mL, 10mg/10mL, and 20mg/20mL [2] - The drug is currently only available from one other company in the U.S. as a generic product, highlighting its market significance [2] - The product was acquired from Teva Pharmaceuticals in 2023, and the company plans to produce it at its own oncology drug facility after FDA approval [2] Group 2: Commercialization and Sales Growth - The company is also preparing to commercialize another product, Albumin-bound Paclitaxel, which recently received FDA approval from Double Pharma [3][4] - The company's formulation business has seen nearly a 20% year-on-year increase in sales revenue from the U.S. over the past year, indicating a strong international business growth trajectory [3] Group 3: Strategic Partnerships and Market Potential - The collaboration with Double Pharma for Albumin-bound Paclitaxel is considered the company's largest commercialization partnership, with a total milestone payment of $6 million to be paid by Hong Kong King-Friend Industrial Co., Ltd. [5] - The U.S. market for Albumin-bound Paclitaxel is projected to be in the range of several billion dollars, with the company expecting a significant sales performance once the product is launched [7] Group 4: Internationalization and Market Strategy - The company has established a local commercialization team in the U.S. since 2016, aiming to build a comprehensive supply chain and directly engage with the market [10] - The company is actively expanding its global footprint, with ongoing product registration and sales efforts in over 20 countries, including regions in South America, Asia, North Africa, and Europe [11] Group 5: Regulatory Challenges and Competitive Landscape - The company acknowledges the higher regulatory standards set by the FDA compared to domestic drug approvals, which can pose challenges for Chinese pharmaceutical companies [6] - The company emphasizes its competitive advantages in quality, sales, research, registration, and market capabilities to maintain its bargaining power in the evolving market landscape [11]

江苏世纪同仁律师事务所关于 南京健友生化制药股份有限公司2024年年度股东大会的 法律意见书 致:南京健友生化制药股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》和中国证监会 《上市公司股东会规则》等法律、法规和规范性文件以及贵公司《章程》的规 定,本所受贵公司董事会的委托,指派本律师出席贵公司 2024年年度股东大 会,并就本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、 表决程序以及表决结果的合法有效性等事项出具法律意见。 为出具本法律意见书,本律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随贵公司本次股东大会决议一并公告,并依法 对本法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神,出具法律意见如下: 一、关于本次股东大会的召集、召开程序和召集人资格 1.本次股东大会由董事会召集。2025年4月28日,贵公司召开第五届董事 会第十二次会议,决定于 2025年 5月 20日召开 2024年年度股东大会。2025年 4月 ...

(二)股东大会召开的地点：南京市高新技术开发区学府路 16 号南京健友生化制 药股份有限公司会议室 (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 | 257 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,277,246,943 | | 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（%） | 79.0554 | 证券代码：603707 证券简称：健友股份 公告编号：2025-037 南京健友生化制药股份有限公司 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。 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 20 日 (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，由董事长唐咏群先生主持，采用现场投票和网 络投票相结合的方式进行表决。本次股 ...

| 证券代码：603707 | 证券简称：健友股份 公告编号：2025-036 | | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | 南京健友生化制药股份有限公司 子公司关于获得美国 FDA 盐酸伊达比星注射液 药品生产场地转移注册批件的公告 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。 南京健友生化制药股份有限公司（以下简称"健友股份"或"公司"）子公司 Meitheal Pharmaceuticals, Inc.（以下简称"Meitheal"）于近日收到美国食品药品 监督管理局（以下简称"美国 FDA"）签发的盐酸伊达比星注射液，5 mg/5 mL， 10 mg/10 mL 和 20 mg/20 mL，单剂量（ANDA 号：065036）生产场地转移批准 信，批准在公司子公司健进制药有限公司场地生产。现将相关情况公告如下： 一、药品的基本情况 （一）药品名称：盐酸伊达比星注射液 （二）适 应 症：与其他抗白血病药物联合使用，适用于成人急性髓细胞性 白血病（AML）的治疗。 （三）剂 ...

Core Viewpoint - The company announced that its subsidiary, Meitheal Pharmaceuticals, Inc., has received approval from the U.S. Food and Drug Administration (FDA) for the production site transfer of Idarubicin Hydrochloride Injection in various dosages [1] Group 1 - The approved dosages include 5mg/5mL, 10mg/10mL, and 20mg/20mL [1] - The approval is for the production at the company's subsidiary, Jianjin Pharmaceutical Co., Ltd. [1] - The ANDA number for the product is 065036 [1]

Investment Rating - The report rates the pharmaceutical industry as "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][3]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.3%, outperforming the Shanghai Composite Index which rose by 0.8% [5][4]. - The overall valuation of the pharmaceutical sector is at 27.7 times PE (2025E), ranking 6th among 31 primary industries [7][12]. - Key events include the official launch of Hong Kong IPO by Heng Rui Pharmaceutical, aiming to issue approximately 225 million H shares with a maximum fundraising of 13.08 billion HKD [13][4]. - A collaboration between Jianyou and Shuangcheng for the injection of paclitaxel (albumin-bound) received FDA approval, highlighting significant market opportunities [14][4]. Market Performance - The pharmaceutical bio index ranked 11th among 31 primary sub-industries, with various sub-sectors showing mixed performance: raw materials (+3.8%), chemical preparations (+1.0%), and traditional Chinese medicine (+1.7%) [4][5]. - The report notes that the pharmaceutical sector's performance is driven by innovations and regulatory approvals, which are crucial for future growth [4][14]. Key Company Developments - Heng Rui Pharmaceutical's IPO is set to take place from May 15 to May 20, with the final price expected to be determined by May 22 [13][4]. - The collaboration between Jianyou and Shuangcheng is expected to generate significant revenue through profit-sharing agreements following FDA approval [14][4]. Valuation Metrics - The report provides a detailed valuation table for key companies in the pharmaceutical sector, indicating projected EPS and PE ratios for 2025 to 2027 [17][4].

南京健友生化制药股份有限公司 | 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 关于"健友转债"预计满足 转股价格修正条款的提示性公告 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。 一、可转债的发行上市概况 经中国证券监督管理委员会《关于核准南京健友生化制药股份有限公司公开 发行可转换公司债券的批复》（证监许可[2020]603 号）核准，南京健友生化制 药股份有限公司（以下简称"公司"）公开发行了 5,031,900 张可转换公司债券 （以下简称"可转债"或"健友转债"），每张面值人民币 100 元，发行总额人 民币 5.0319 亿元，本次可转债存续期限为发行之日起六年，即自 2020 年 4 月 23 日至 2026 年 4 月 22 日。 经上海证券交易所自律监管决定书[2020]134 号文同意，公司 5.0319 亿元 可转债于 2020 年 5 月 22 日起在上海证券 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a realization phase for its biopharmaceuticals, with expectations of an upward turning point [1] - The company achieved a revenue of 3.924 billion yuan in 2024, a slight decrease of 0.20% year-over-year, while the net profit attributable to shareholders increased significantly by 536.09% to 826 million yuan [1][9] - The first quarter of 2025 saw a revenue of 885 million yuan, down 11.85% year-over-year, and a net profit of 85 million yuan, down 52.19% year-over-year [1] Revenue and Profitability - The company's revenue from non-heparin formulations is expected to drive growth in overseas formulations, with a projected revenue of 3.050 billion yuan from formulations in 2024, representing a year-over-year increase of 10.05% [1][2] - The revenue from non-heparin formulations reached 1.467 billion yuan in 2024, showing a year-over-year growth of 24.25% [1][2] - The company’s heparin raw material revenue is declining, with a projected revenue of 787 million yuan in 2024, accounting for 20.06% of total revenue [2] Future Growth Drivers - The company is expected to see significant growth from its high-margin biopharmaceutical product line, which is entering a realization phase [2][3] - The company has received FDA approvals for several products, including Liraglutide in April 2025, which is anticipated to enhance its international market presence [1][2] Financial Forecasts - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.65 yuan, 0.90 yuan, and 1.22 yuan respectively [3][9] - The company’s revenue is expected to grow to 4.785 billion yuan in 2025, representing a year-over-year increase of 21.95% [9] Market Position - The company is successfully transitioning from a traditional raw material supplier to an international sterile injection enterprise, with a focus on quality and cost leadership [2]

南京健友生化制药股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 南京健友生化制药股份有限公司（以下简称"健友股份"或"公司"）于 2025 年 4 月 28 日召开了第五届董事会第十二次会议，审议通过了《关于拟通过集中 竞价方式回购股票的议案》，该议案尚需提交公司 2024 年度股东大会审议通过。 具体内容详见 2025 年 4 月 29 日披露于上海证券交易所网站(www.sse.com.cn）的 《健友股份关于以集中竞价方式回购股份的预案》（公告编号：2025-028）。 | 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 量、比例情况公告如下： | | 合 | | | | --- | --- | --- | --- | | 9 | 基本养老保险基金一二零五组合 | 9,899,590 | 0.61 | ...