Financial Data and Key Metrics Changes - The company has seen a significant increase in R&D expenses, reaching 360 million yuan, with two-thirds of this amount allocated to biopharmaceuticals, indicating a strong focus on this area [2][4] - The company anticipates a net profit margin of approximately 15% to 20% for 2024 compared to 2023, reflecting a positive outlook on profitability despite market challenges [28] Business Line Data and Key Metrics Changes - The company aims to expand its product offerings from over 50 to 120 by 2027, focusing on small molecule drugs, which have been a significant contributor to gross profit [1][4] - The company is actively developing three insulin products, with expectations for clinical trials to progress as planned, indicating a robust pipeline in the diabetes treatment segment [11] Market Data and Key Metrics Changes - The company predicts a gradual recovery in raw material prices, with expectations of a 10% increase by early next year, following a period of price stabilization [14][22] - The biopharmaceutical market is expected to see significant growth, with the company projecting that biosimilars could capture 70% to 80% of the market by 2030 [33] Company Strategy and Development Direction - The company is positioning itself as a key player in the U.S. biopharmaceutical market, emphasizing rapid product development and high-quality standards [1][4] - The strategy includes a focus on collaboration in R&D, particularly in the biopharmaceutical sector, to enhance innovation and market competitiveness [2][4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the approval timelines for key products, including a biosimilar expected to be approved in Q4 of this year, which could generate significant revenue [8][9] - The management highlighted the importance of maintaining price stability in a competitive market, indicating a preference for sustainable profit margins over aggressive pricing strategies [49][54] Other Important Information - The company has successfully resolved patent challenges for key products, which is expected to facilitate smoother market entry and sales [7][8] - The management noted that the global market for biopharmaceuticals is becoming increasingly competitive, with a focus on quality and compliance as critical success factors [4][5] Q&A Session Summary Question: What is the market outlook for the biosimilar Adalimumab? - The company anticipates that biosimilars will significantly increase their market share, potentially reaching 70% to 80% by 2030, driven by the expiration of patents and increased competition [33][35] Question: How does the company plan to manage its inventory levels? - Management clarified that while inventory levels are currently high, they are not overly concerning, as they are in line with industry standards and will be managed strategically to avoid price wars [42][44] Question: What is the company's strategy regarding pricing in a competitive environment? - The company aims to maintain price stability and avoid aggressive price competition, focusing instead on quality and sustainable profit margins [49][54]

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 司健进制药有限公司（以下简称"健进制药"）于近日收到国家药品监督管理局 （以下简称"国家药监局"）关于核准签发注射用阿扎胞苷（规格：100mg）药 品注册证书的通知（药品批准文号：国药准字 H20244451），现将相关情况公告 如下： | 证券代码：603707 | 证券简称：健友股份 公告编号：2024-061 | | --- | --- | | 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 关于子公司产品注射用阿扎胞苷 获得国家药品监督管理局药品注册证书的公告 本公司董事会、全体董事及相关股东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、药品的基本情况 1、 药品名称：注射用阿扎胞苷 规格：100mg（按 C8H12N4O5 计） 剂型：注射剂（冻干粉针剂） 申请事项：仿制药申请 注册分类：化学药品 4 类 申报阶段：生产 上市许可持有人：健进制药有限公司 受理号：CYHS2201599 药品批准文号：国药准字 H202444 ...

大家好欢迎参加国一现世300家云端建知建有股份交流会目前所有参会者均处于静音状态现在开始播报免责声明 本次会议仅面向国胜证券的专业投资机构客户或受邀客户会议中嘉宾的发言内容仅代表其个人观点国胜证券研究人员的发言内容仅代表当日的判断具体请参见完整版的研究报告未经国胜证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留追究相关方法律责任的权利 尊敬的各位投资者大家上午好感谢大家参加由我们国胜医药举办的300家云端件系列的线上策略会我是国胜证券的医药分析师胡若璧本场跟我在线一起主持的还有我们看创新药和大药体的分析师宋科宋博士我们这个活动也是希望在当下整个市场跟医药底部比较低迷的时间点 持续的给大家更新各公司的情况和挖掘投资机会本场是建有股份的交流建有股份也是我们国胜医药团队持续深度跟踪的标的虽然去年因为干碎原料价格的这种波动公司进行了一些减值影响了表观的利润但是我们还是认为最坏的时候已经逐步的过去公司的核心竞争力还是在于非常强大的战略执行的能力而且公司也是为数不多的 从原料药去转型升级制剂出口而且从1.0进化到2.0已经成功的企业未来还是要持续的布局收入大分子向3.0去持续进化的这个公 ...

Summary of Conference Call Company/Industry Involved - The conference call involves Guoyi Shengshi 300 Cloud Knowledge and Construction Co., Ltd. [1] Core Points and Arguments - The call begins with a welcome message and a disclaimer regarding the meeting [1] Other Important but Possibly Overlooked Content - All participants are currently muted, indicating a structured format for the call [1]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [6]. Core Views - The company is transforming from a heparin leader to an international high-end formulation leader, focusing on a comprehensive product chain that includes standard heparin, low molecular weight heparin, small molecule anti-tumor injectables, and other high-end formulations [3][11]. - The international and domestic markets are driving growth in the formulation segment, with significant capacity expansion and product approvals expected to enhance performance [4][30]. - The risks associated with the heparin raw material segment have been mitigated to some extent, with prices and export volumes at historical lows, indicating potential recovery as inventory levels normalize [5]. Summary by Sections 1. Transformation and Strategy - The company has over 30 years of experience in the biopharmaceutical industry and is implementing a dual-driven strategy focusing on both raw materials and formulations, with a global market perspective [11][12]. - The company has successfully integrated its heparin business and is expanding into high-end biopharmaceuticals, aiming to become a world-class comprehensive pharmaceutical enterprise [3][11]. 2. Growth Drivers - The international market is primarily driven by the approval of new products and the commercialization of complex formulations like albumin-bound paclitaxel, with significant capacity expansion in the U.S. [4][30]. - The domestic market is expected to recover steadily due to the implementation of centralized procurement, with core products maintaining a strong market position despite short-term disruptions [4][40]. 3. Financial Forecast - The company projects earnings per share (EPS) of 0.54, 0.69, and 0.92 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 21.41, 16.50, and 12.51 [6]. - Revenue is expected to grow from 39.31 billion yuan in 2023 to 64.20 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.7% [6]. 4. Product and Market Position - The company has a robust pipeline with over 59 projects under development, including high-demand areas such as anti-infectives, anti-tumor drugs, and diabetes treatments [26][31]. - The company has established a strong presence in the U.S. market, with significant growth in its subsidiary Meitheal, which achieved revenue of 1.63 billion yuan in 2023, a 37.71% increase year-on-year [22][30]. 5. Competitive Landscape - The company ranks third among domestic firms in terms of ANDA approvals, indicating a strong competitive position in the international market [22]. - The global generic drug market is projected to grow steadily, with the U.S. market for shortage drugs reaching a ten-year high, presenting significant opportunities for the company [25][24].

南京健友生化制药股份有限公司 关于"健友转债"转股价格调整公告 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： 经中国证券监督管理委员会证监许可[2020]134 号文核准，南京健友生化制药 股份有限公司（以下简称"公司"）于 2020 年 4 月 23 日公开发行了 5,031,900 张 可转换公司债券，每张面值 100 元，发行总额 50,319 万元，并于 2020 年 5 月 22 日起在上海证券交易所挂牌交易，债券简称"健友转债"，债券代码 113579。健友 转债存续期 6 年，自 2020 年 4 月 23 日至 2026 年 4 月 22 日，转股起止日期自 2020 年 10 月 29 日至 2026 年 4 月 22 日，初始转股价格为 54.97 元/股。由于公司实施 2020 年限制性股票激励计划及公司 2019 年度权益分派，转股价格调整为 42.05 元 /股；由于公司实施 2021 年限制性股票激励计划，"健友转债"自 2021 年 6 月 25 日转股价格调整为 42.01 元 ...

每股分配比例 证券代码：603707 证券简称：健友股份 公告编号：2024-058 南京健友生化制药股份有限公司 2023 年年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： A 股每股现金红利 0.1 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 | 2024/7/5 | － | 2024/7/8 | 2024/7/8 | 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 本次利润分配方案经公司 2024 年 5 月 17 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 1,615,634,520.00 股为基数，每股派发现金红利 0.1 元 ...

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-060 | | --- | --- | --- | | 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： （二）因"健友转债"触发《南京健友生化制药股份有限公司公开发行可转 换公司债券募集说明书》中约定的回售条款，公司于 2024 年 6 月 17 日至 2024 年 6 月 21 日进行了回售，回售数量为 70 张，回售资金已于 2024 年 6 月 26 日发 放。 二、可转债本次转股情况 自 2024 年 4 月 1 日至 2024 年 6 月 30 日期间，有人民币 18,000 元"健友转 债"转为公司普通股。自 2024 年 4 月 1 日至 2024 年 6 月 30 日期间"健友转债" 转股数为 733 股。 截至 2024 年 6 月 30 日，累计已有人民币 708,000 元"健友转债 ...

| 证券代码：603707 | 证券简称：健友股份 公告编号：2024-057 | | --- | --- | | 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 关于获得国家药品监督管理局 瑞加诺生注射液药品注册批件的公告 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"）于近日收 到国家药品监督管理局（以下简称"NMPA"）签发的瑞加诺生注射液 5ml：0.4mg （按 C15H18N8O5计）规格的药品注册证书（药品批准文号为国药准字 H20244139）， 现将相关情况公告如下： 一、药品的基本情况 （一）药品名称：瑞加诺生注射液 （二）适 应 症：瑞加诺生注射液作为放射性核素心肌灌注显像（MPI）中使 用的一种负荷药物，适用于不能接受运动负荷试验的患者。 二、药品其他相关情况 公司于 2024 年 06 月 28 日获得 NMPA 通知，公司注册申报的瑞加诺生注射 经查询，目前原研参比制剂尚未进口，国内药品瑞加诺生注射 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 17.57, representing a 20% premium over comparable companies due to the company's lower reliance on API business [2] Core Views - The company's acquisition of the US FDA approval for "Yusimry," a biosimilar of Humira (adalimumab), is seen as a strategic move to expand its biologics portfolio and drive overseas growth [2] - The transaction is considered reasonably priced, with the potential for the company to quickly recoup costs given the significant market space for adalimumab [3] - The company's biologics business is expected to become a new growth driver, with four biosimilars under development and collaborations for insulin products in the US market [4] - Overseas formulations are expected to continue leading the company's growth, with Meitheal achieving RMB 1.63 billion in revenue in 2023 (+38% YoY) and 97 overseas approvals accumulated by the end of 2023 [5] Financial Forecasts - Revenue is projected to grow from RMB 3.93 billion in 2023 to RMB 6.71 billion in 2026, with a CAGR of 20.33% [6] - Net profit attributable to the parent company is forecasted to rebound from a loss of RMB 189.45 million in 2023 to RMB 1.66 billion in 2026 [6] - EPS is expected to increase from RMB 0.57 in 2024 to RMB 1.03 in 2026 [6] - ROE is projected to recover to 14.53% by 2026, up from -3.27% in 2023 [6] Business Segments - Overseas formulations: Strong growth driven by Meitheal's commercialization capabilities and a growing portfolio of overseas approvals, including peptides and complex formulations [5] - Domestic formulations: Recovery expected as the impact of volume-based procurement (VBP) is digested, with products like nadroparin and enoxaparin injections winning bids in the 8th VBP round [5] - APIs: The segment's contribution to overall revenue is expected to decline to below 20% in 2024, down from 25% in 2023, reducing its impact on the company's performance [5] Valuation - The company is valued at 30.62x 2024E PE, a 20% premium to peers, reflecting its lower exposure to API business and growth potential in biologics [2] - Comparable companies in the sector trade at an average PE of 25.52x for 2024E, with the company's premium justified by its strategic positioning [10]