| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-010 | | --- | --- | --- | | 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 关于"健友转债"转股结果暨股份变动的公告 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： 转股情况： 未转股可转债情况： 截至 2025 年 3 月 31 日，尚未转股的"健友转债"金额为人民币 502,464,000 元，占"健友转债"发行总量的比例为 99.86%。 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，期限 6 年。经上海证券交易所自律监管决定书[2020]134 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 高端注射剂平台建成，健友股份 3.0 To 2030 。 健友股份的前身健友生化厂于 1991 年成立，在创立以来三十余年的时间，公司始终保持 着前瞻的战略眼光和高效的执行力。目前健友股份产品管线丰富，业务涵盖无菌注射剂、肝素原料药、 CDMO 及生物药创新，立足中 美，拓展全球。回顾公司的发展历程，我们认为公司的成长模式和核心竞争力均已得到了较为充分的验证，并展现出广阔的成长空间。 原料药制剂一体化：肝素价稳筑基，制剂蓄势待发 。 健友股份作为国内肝素原料药及制剂一体化的龙头企业，凭借其在肝素产业链上的 完整布局，奠定了公司发展的坚实基础。公司不仅在肝素原料药领域占据重要地位，也通过制剂一体化战略，形成了从研发、生产到销 售的完整产业链条。 制剂出口 1 ：依诺肝素开篇，高端注射剂接力。 公司以依诺肝素制剂全球化突破为起点 ...

Core Viewpoint - The article emphasizes the growth potential and strategic positioning of Jianyou Co., highlighting its comprehensive capabilities in high-end injectable drugs and the integration of raw materials and formulations, particularly in the heparin sector, as well as its expansion into biosimilars and innovative drugs. Group 1: High-End Injectable Drug Platform - Jianyou Co. has established a high-end injectable drug platform, showcasing a rich product pipeline that includes sterile injectables, heparin raw materials, CDMO, and biopharmaceutical innovations, with a focus on expanding globally from a strong base in China and the U.S. [2][6] - The company has a solid foundation in the heparin industry, being a leading player in the integrated raw material and formulation sector, which supports its growth trajectory [16][20]. Group 2: Export of Formulations - The company has successfully launched its enoxaparin formulations globally since 2019, becoming a key driver of overseas revenue growth, leveraging FDA/EMA certifications to access emerging markets [29][30]. - As of the end of 2024, Jianyou Co. has obtained 82 approved ANDA products in the U.S., with plans to accelerate penetration into Europe and emerging markets [29][35]. Group 3: Biosimilars and Innovative Drugs - Jianyou Co. is transitioning towards biosimilars and innovative drugs, capitalizing on its manufacturing expertise to explore broader market opportunities, particularly in the U.S. biosimilar market, which is projected to exceed $40 billion by 2027 [4][53]. - The company has made strategic acquisitions, such as the purchase of Coherus' adalimumab biosimilar, to enhance its market position in the U.S. [62]. Group 4: Financial Performance and Projections - For the first three quarters of 2024, the company reported revenues of 3.088 billion yuan, with a net profit of 606 million yuan, reflecting a year-on-year decline of 27.83% [10]. - The projected net profits for 2024-2026 are 816 million, 1.108 billion, and 1.478 billion yuan, respectively, indicating a recovery and growth trajectory [4][10]. Group 5: Market Position and Competitive Landscape - The U.S. injectable generic drug market is characterized by high barriers to entry, with significant growth potential, as evidenced by the market size of $15-20 billion and a projected CAGR in the high single digits [37][49]. - Jianyou Co. is positioned to compete effectively against established players like Hikma, with a focus on leveraging its integrated manufacturing and cost advantages to enhance profitability [49][50].

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-009 | | --- | --- | --- | | 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 关于子公司与 Xentria 签署 根据协议的约定，在完成 XTMAB 多剂量爬坡试验（MAD）或临床 2 期研究入 组时，支付 2,000 万美元。目前 XTMAB 项目临床 2 期受试者已经筛选完毕，经过 联合指导委员会批准，公司子公司于 2025 年 3 月 5 日向 Xentria 支付了 500 万 美元进度款（详见公司在上交所官网披露的公告，公告编号：2025-008），公司 子公司又于 2025 年 3 月 19 日向 Xentria 支付 1,500 万美元进度款。截至本公告 披露日，就 XTMAB 项目公司子公司已累计支付 2,500 万美元。 三、XTMAB 项目进展情况 XTMAB 是一种肿瘤坏死因子 α（TNFα）抑制剂，旨在稳定免疫失调。TNFα 是炎症的关键调节因子，对肉芽肿的形成至关重要，通常导致疾病进展。目前已 经证明 XTMAB-16 对肺结节病患者有治疗作用， ...

健友股份 20250320 由于 2023 年肝素原料药行业不景气，无论是销售额还是价格均有所下滑。健友 股份因此计提了 12.4 亿元存货跌价准备，导致 2023 年归母净利润为负。到 2024 年肝素钠行业温和复苏，公司原材料采购价明显降低，因此转回存货跌价 准备 1.6 至 2.4 亿元，提高了归母净利润。2024 年公司发布业绩预告显示归母 净利润约为 8.0 至 10.5 亿元，实现扭亏为盈。 摘要 Q&A 健友股份近年来的转型和业务发展情况如何？ 健友股份近年来成功从肝素原料药企业转型为高端制剂企业。公司制剂业务的 营收占比已超过七成，成为主营业务，并且覆盖国内外市场，尤其在海外市场 拥有成熟的自营团队和丰富的 ANDA 批件数。在包括美国等海外市场，公司有超 过 50 个产品正在运行，同时在超过二十多个国家推进注册和销售拓展工作。公 司还与国内优秀企业合作拓展海外市场，如与双城药业合作白蛋白紫杉醇、与 通化东宝合作多个胰岛素类似物，这些产品在美国及其他海外市场上市工作正 在推进中。 健友股份在国内外市场的发展情况如何？ 在国内，健友股份近几年受到集采影响，其主要制剂进入国采范围后，通过集 采实现 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is transitioning from heparin raw materials to high-end injectable formulations, with a significant increase in the proportion of its formulation business, which accounted for over 70% of revenue in 2023 [1][17]. - The company has established a strong presence in the U.S. market, with over 50 products running and a sales revenue of 1.63 billion yuan in 2023, marking it as one of the largest Chinese pharmaceutical companies in the U.S. high-end formulation market [2][19]. - The heparin raw material business is stabilizing after a period of decline, with a projected mild recovery in 2024, which is expected to positively impact net profit [3][19]. Company Overview - The company is one of the largest global suppliers of heparin raw materials and formulations, with over 80 formulation varieties operating in more than 60 countries [1][10]. - The company has a mature R&D, quality, registration, and sales team in the U.S., leading the domestic industry in ANDA approvals [1][10]. Formulation Business - The formulation business is the main source of revenue and profit for the company, with sales increasing from 762 million yuan in 2019 to 2.77 billion yuan in 2023, representing 70.50% of total revenue [22]. - The company has been actively expanding its domestic market presence through successful bids in national procurement, although sales have faced pressure due to price reductions [24][40]. - The company is also expanding its global footprint, with overseas revenue exceeding 70% of total revenue in 2023, driven by a robust product pipeline and strategic market entry [19][41]. Heparin Raw Material Business - The heparin raw material business has shown a stable production trend, with a slight recovery expected in 2024, which will help mitigate previous losses from inventory write-downs [3][19]. - The company recorded a write-down of 1.24 billion yuan in 2023 due to declining heparin prices, impacting net profit [3][19]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.24 billion yuan, 5.57 billion yuan, and 7.19 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 946 million yuan, 1.16 billion yuan, and 1.62 billion yuan [4][19]. - The report anticipates continued growth in the formulation business, which will drive overall performance improvements [4][19].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is transitioning towards high-end formulations, with a significant increase in the proportion of its formulation business, which accounted for over 70% of total revenue in 2023. This shift reflects a successful transformation from a traditional raw material supplier to an international sterile injection enterprise [1][17]. - The company has established a strong presence in the U.S. market, with over 50 products operational and a leading position in ANDA approvals among domestic peers. The U.S. subsidiary generated sales of 1.63 billion yuan in 2023, marking it as one of the largest Chinese pharmaceutical companies engaged in high-end formulation sales in the U.S. [2][19]. - The report forecasts revenue growth for the company, projecting revenues of 4.24 billion yuan, 5.57 billion yuan, and 7.19 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 946 million yuan, 1.16 billion yuan, and 1.62 billion yuan [4][19]. Summary by Sections Company Overview - The company is one of the largest global suppliers of heparin raw materials and formulations, with over 80 formulation varieties marketed in more than 60 countries. It has been increasing R&D investments to support its transition to high-end formulations [1][10]. Formulation Business - The formulation business is the main source of revenue and profit for the company, with sales increasing from 762 million yuan in 2019 to 2.77 billion yuan in 2023, representing 70.50% of total revenue. The gross profit from this segment also rose significantly during the same period [22][23]. - The company has been actively expanding its domestic market presence through successful bids in national procurement, although sales have faced pressure due to price reductions [24][40]. Heparin Raw Materials - The heparin raw material business has shown a mild recovery, with stable production levels. However, the company faced a significant inventory impairment in 2023, leading to a net profit decrease of 1.05 billion yuan. A recovery in the global heparin market is expected in 2024, with potential reversals of inventory impairments [3][19]. Financial Forecast and Investment Recommendations - The report anticipates substantial growth in the company's overseas formulation business, which is expected to drive overall performance. The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.59 yuan, 0.72 yuan, and 1.00 yuan, respectively [4][19].

Investment Rating - The report gives a "Buy" rating for the company [5]. Core Views - The company is transitioning towards high-end formulations, with a significant increase in the proportion of formulation business, which accounted for over 70% of total revenue in 2023. This shift reflects a successful transformation from a traditional raw material supplier to an international sterile injection enterprise [1][17]. - The company has established a strong presence in the U.S. market, with over 50 products operational and a leading position in ANDA approvals among domestic peers. The U.S. subsidiary generated sales of 1.63 billion yuan in 2023, marking it as one of the largest Chinese pharmaceutical companies engaged in high-end formulation sales in the U.S. [2][19]. - The report forecasts revenue growth driven by overseas formulation business, with projected revenues of 4.24 billion yuan, 5.57 billion yuan, and 7.19 billion yuan for 2024, 2025, and 2026, respectively [4][19]. Summary by Sections Company Overview - The company is one of the largest global suppliers of heparin raw materials and formulations, with over 80 formulation varieties in more than 60 countries. It has been increasing R&D investments to support its transition to high-end formulations [1][10]. Formulation Business - The formulation business is the main source of revenue and profit for the company, with sales increasing from 762 million yuan in 2019 to 2.77 billion yuan in 2023, representing 70.50% of total revenue. The gross profit from this segment also rose significantly during the same period [22][23]. - The company has been actively participating in national procurement, which has helped maintain growth in domestic formulation sales despite some price pressures [24][40]. Heparin Raw Materials - The heparin raw material business has seen a mild recovery, with stable production levels. However, the company faced a significant inventory impairment charge of 1.24 billion yuan in 2023 due to declining prices, which impacted net profit [3][19]. - The report anticipates a recovery in the global heparin market in 2024, with a potential reversal of inventory impairment provisions, which could positively affect net profit [3][19]. Financial Forecast and Investment Recommendations - The company is expected to achieve a turnaround in profitability, with projected net profits of 946 million yuan, 1.16 billion yuan, and 1.62 billion yuan for 2024, 2025, and 2026, respectively. The earnings per share (EPS) are forecasted to be 0.59 yuan, 0.72 yuan, and 1.00 yuan for the same years [4][19]. - The report emphasizes the company's commitment to high-margin formulation business and its ongoing expansion into international markets, which are expected to drive future growth [17][19].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5][7]. Core Views - The company is positioned as a leading player in the heparin raw material market, with a strong potential for growth in its API business due to improving market conditions [3][4]. - The company is focusing on its sterile injection formulations, which are experiencing rapid growth in overseas markets, supported by a robust product matrix and strategic acquisitions [4][61]. - The global biosimilar market is expected to expand significantly, and the company is well-positioned to capitalize on this trend through both self-developed products and strategic partnerships [5][67]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional heparin raw material supplier to a high-end injection formulation and biosimilar provider, covering multiple therapeutic areas [13][16]. 2. Heparin API Market Improvement - The heparin raw material market is showing signs of recovery, with expectations for price stabilization and potential revenue growth for the company [3][31]. - The company has a strong production and sales level in its heparin API business, which is crucial for funding its injection formulation expansion [36][37]. 3. Focus on Sterile Injection Formulations - The company's injection business has seen significant revenue growth, with a 12.8% increase in 2023 and a compound annual growth rate (CAGR) of 47.4% from 2018 to 2023 [41][46]. - The company has a diverse product line in the injection segment, including low molecular weight heparin and anti-tumor agents, with a strong competitive position in the domestic market [47][55]. 4. Biosimilar Drug Development - The global biosimilar market is projected to grow rapidly, with the company actively developing multiple biosimilar products and securing market entry through strategic acquisitions [67][72]. - The company has made significant progress in obtaining FDA approvals for its biosimilar products, positioning itself as a key player in the U.S. market [72][73]. 5. Financial Projections - The company is expected to achieve substantial profit growth, with projected net profits of 9.0 billion, 11.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026, respectively [5][6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][7]. Core Views - The heparin raw material market is showing marginal improvement, and the company's API business is expected to grow steadily [3][29]. - The company is focusing on sterile injection formulations, with rapid growth in overseas formulation business [4][41]. - The global biosimilar drug market is anticipated to grow significantly, with the company leveraging both self-research and business development (BD) models to expand its growth potential [5][67]. Summary by Sections 1. Company Overview - The company is a leading supplier of heparin raw materials and has been transitioning towards high-end injection formulations and biosimilars, aiming to reduce its reliance on traditional raw material labels [13][16]. 2. Heparin Raw Material Market - The heparin raw material market is expected to recover as supply-side stability and the end of inventory destocking on the demand side are anticipated [3][31]. - The company has established stable supply relationships with major global heparin formulation manufacturers, providing a solid cash flow for its injection business [36][37]. 3. Focus on Sterile Injection Formulations - The company's injection business has shown robust growth, with a revenue increase of 12.8% in 2023 and a compound annual growth rate (CAGR) of 47.4% from 2018 to 2023 [41][46]. - The company has a diverse product matrix in sterile injections, including low molecular weight heparin and anti-tumor agents, with a significant portion of revenue coming from overseas markets [47][55]. 4. Biosimilar Drug Development - The global biosimilar market is projected to grow rapidly, with the company actively pursuing opportunities in this space, including acquiring rights to a biosimilar of adalimumab [5][72]. - The company has multiple biosimilar products in various stages of development, enhancing its growth prospects in international markets [67][72]. 5. Financial Projections - The company is expected to achieve net profits of 0.9 billion, 1.2 billion, and 1.5 billion yuan for the years 2024, 2025, and 2026, respectively, with significant growth rates projected [5][6].