Summary of Conference Call for Jianyou Co., Ltd. Industry Overview - **Heparin API Market**: The non-compliant market is expected to recover by 5%-10% in 2025, with the compliant market price around 40,000 yuan. The global reduction in heparin formulation usage and inventory impacts sales, but impairment reversal measures may mitigate gross profit losses in the API segment [2][3][18]. Core Insights and Arguments - **European Market Strategy**: The company is accelerating its European market expansion, aiming to complete 40 product approvals within two years. It anticipates generating annual revenue of $150 million to $200 million by 2027-2028, utilizing a self-built sales team and local partnerships [2][5]. - **Gross Margin by Product Type**: Heparin formulations have a low gross margin of about 30%, while non-heparin small molecule drugs have a gross margin of approximately 50%. Large molecule biopharmaceuticals can achieve gross margins of 80%-90%, indicating significant differences across product types [2][6]. - **Sales Targets for Large Molecule Drugs**: The company has set sales targets for its large molecule segment at $100 million, $300 million, and $500 million for 2025, 2026, and 2027, respectively. Sales of adalimumab and liraglutide are expected to exceed $120 million in 2025, with the overall large molecule segment potentially reaching $200 million [2][7]. - **Product Selection Strategy**: The company prioritizes products for hospital management and chain pharmacies, focusing on biopharmaceuticals, particularly non-oncological, autoimmune, or monoclonal antibody products, while actively promoting innovative clinical research [2][9]. - **Upcoming Product Launches**: Three insulin products are expected to gradually launch in the second half of 2026, with at least one to two self-developed biosimilar products launched annually starting in 2026 [2][10]. Additional Important Insights - **Impact of Tariffs**: The 20% tariff on Chinese pharmaceutical products will affect gross margins, potentially reducing net profit by approximately $10 million in 2025. The company is negotiating with Sanofi to share tariff burdens [2][13]. - **Currency Fluctuations**: The company faces significant financial exposure due to currency fluctuations in 2025, with plans for observation and hedging operations, particularly with the euro [2][14]. - **Production Line Plans**: From 2025 to 2027, the company plans to build two to three production lines annually, with construction costs not exceeding $20 million per year [2][16]. - **Liraglutide Orders and Pricing**: Since its launch in April, liraglutide has received approximately 750,000 orders, with a net price of about $60 per unit and terminal prices ranging from $80 to $100 [2][17]. - **2025 Performance Guidance**: The company expects 2025 revenue to be around $1 billion to $1.1 billion, with a net gross profit increase of approximately $32.5 million, despite a reduction in gross profit from the API segment [2][23].

Core Viewpoint - The impact of the U.S. "reciprocal tariffs" on Chinese pharmaceutical companies is limited, with many companies reporting normal operations and minimal effects on their business [1][2][4][7][12]. Group 1: Company Responses - Heng Rui Pharmaceutical reported that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs have a minimal impact on its business [1]. - Han Yu Pharmaceutical stated that it has a diversified market presence across North America, Asia, Europe, and South America, which mitigates risks from single market policy changes [2]. - Bai Yang Pharmaceutical noted that its supply chain is globally diversified, and the impact of tariffs is minimal [3]. - WuXi AppTec acknowledged that tariffs will have some impact but emphasized their optimized supply chain and management practices to minimize effects [4]. - Kangtai Biological confirmed that it has no products exported to the U.S. and is focusing on markets along the Belt and Road [5]. Group 2: Industry Trends - The medical device industry in China is rapidly developing, with companies like Mindray Medical actively seeking alternatives for U.S. imported raw materials [5]. - Companies are increasingly focusing on domestic production and local supply chains to counteract potential tariff impacts [6][8]. - The vaccine industry in China is evolving, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology [8][9]. - The overall sentiment among Chinese pharmaceutical companies is that the current tariff situation presents an opportunity for domestic substitution and innovation [10][12].

Group 1 - A new wave of stock buybacks is occurring among A-share listed companies, coinciding with the latest portfolio adjustments of several billion-yuan fund managers [1][12] - Zhang Kun, deputy general manager of E Fund, sold 3 million shares of China Merchants Bank on April 29 due to exceeding the 10% limit of the fund's net asset value, amounting to approximately 127 million yuan [1][4] - Zhang Kun significantly increased his holdings in SF Express by 31.7 million shares during the first quarter of 2025 [1][5] Group 2 - Chen Hao, manager of E Fund's Quality Momentum Fund, increased his stake in Jianyou Co., a pharmaceutical stock, during April [1][7] - Fund managers Hu Xinwei and Gao Nan both increased their positions in durable consumer goods company Jiayi Co. [1][8] - Zhao Xiaodong, director of equity investment at Guohai Franklin Fund, increased his holdings in Huangjiu stock Guyue Longshan [1][10] Group 3 - The electronic and pharmaceutical industries topped the list of public fund research in April, with Luxshare Precision being the most favored stock, receiving over 100 research visits [1][12] - A total of 169 stocks received significant attention from public funds in April, with 22 stocks having research frequencies exceeding 50 times [1][12] - The electronic industry dominated the research focus, with Luxshare Precision receiving 182 visits, followed by other electronic stocks like Huidian Co. and Lanke Technology [1][13]

根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将董事会公告回购股份决议的前一个交易日 （2025 年 4 月 28 日）登记在册的前十大股东和前十大无限售条件股东的名称及 持股数量、比例情况公告如下： | 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-032 | | --- | --- | --- | | 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》。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： ...

Core Viewpoint - The impact of the U.S. tariff policy on Chinese pharmaceutical companies is relatively limited, with many companies reporting normal operations and minimal effects from the tariffs [1][2][3][4][5]. Company Responses - Heng Rui Pharmaceutical stated that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs will have a minimal impact on its business [1]. - Han Yu Pharmaceutical emphasized its diversified market layout, which mitigates risks from single market policy changes, and reported no significant impact from the tariffs [2]. - WuXi AppTec acknowledged that tariffs would have some effect but deemed it manageable, highlighting their optimized supply chain and global presence [3]. - Kang Tai Biological reported no exports to the U.S. and is focusing on markets along the Belt and Road, indicating a strategic shift to other regions [4]. - Mindray Medical confirmed that while some raw materials are imported from the U.S., they are taking measures to ensure supply safety and view the tariff impact as a one-time issue [4]. Industry Trends - The Chinese vaccine industry is rapidly developing, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology, focusing on domestic innovation [6][7]. - The overall sentiment among companies is that the tariff policy presents an opportunity for domestic product substitution, with many firms prepared to adapt to changing market conditions [5][8]. - Companies are increasingly focusing on technological innovation and expanding into emerging markets to counteract potential supply chain disruptions caused by tariffs [5][6][7].

Core Insights - A total of 749 companies released their 2024 annual reports on April 29, with 285 companies reporting a year-on-year increase in net profit, while 464 companies experienced a decline [1] - Among these, 363 companies saw a year-on-year increase in operating revenue, whereas 386 companies reported a decrease [1] - 187 companies, including Changchuan Technology, experienced simultaneous growth in both net profit and operating revenue, while 288 companies, such as ST Huicheng, saw declines in both metrics [1] - Notably, 73 companies reported a doubling of their performance growth, with Changchuan Technology leading at an impressive 915.14% increase in net profit [1] Company Performance Summary - Changchuan Technology (300604): - Earnings per share: 0.7300 - Net profit: 45,843.33 million - Net profit growth: 915.14% - Operating revenue: 364,152.60 million - Operating revenue growth: 105.15% [1] - Runbang Co., Ltd. (002483): - Earnings per share: 0.5500 - Net profit: 48,496.97 million - Net profit growth: 775.84% - Operating revenue: 822,398.85 million - Operating revenue growth: 14.50% [1] - Duku Culture (301025): - Earnings per share: 0.0400 - Net profit: 1,470.75 million - Net profit growth: 548.06% - Operating revenue: 40,551.23 million - Operating revenue growth: -6.61% [1] - Yahua Group (002497): - Earnings per share: 0.2231 - Net profit: 25,711.50 million - Net profit growth: 539.36% - Operating revenue: 771,567.62 million - Operating revenue growth: -35.14% [1] - Jianyou Co., Ltd. (603707): - Earnings per share: 0.5100 - Net profit: 82,614.49 million - Net profit growth: 536.09% - Operating revenue: 392,358.58 million - Operating revenue growth: -0.20% [1] - Yutong Optical (300790): - Earnings per share: 0.5600 - Net profit: 18,356.12 million - Net profit growth: 494.92% - Operating revenue: 274,335.54 million - Operating revenue growth: 27.90% [1] Additional Company Highlights - Huayu Mining (601020): - Earnings per share: 0.3200 - Net profit: 25,332.22 million - Net profit growth: 242.85% - Operating revenue: 161,382.37 million - Operating revenue growth: 85.27% [2] - Zhongxin Travel (002707): - Earnings per share: 0.1080 - Net profit: 10,591.85 million - Net profit growth: 228.18% - Operating revenue: 645,511.38 million - Operating revenue growth: 95.70% [2] - Keli Yuan (600478): - Earnings per share: 0.0469 - Net profit: 7,814.20 million - Net profit growth: 214.05% - Operating revenue: 393,817.33 million - Operating revenue growth: 6.30% [2] - Xizang Pearl (600338): - Earnings per share: 0.2512 - Net profit: 22,960.78 million - Net profit growth: 206.62% - Operating revenue: 163,947.82 million - Operating revenue growth: 11.64% [2] - De Rui Lithium (833523): - Earnings per share: 1.4900 - Net profit: 15,056.16 million - Net profit growth: 182.47% - Operating revenue: 51,999.25 million - Operating revenue growth: 50.12% [2]

证券代码：603707 证券简称：健友股份 公告编号：2025-025 南京健友生化制药股份有限公司 关于召开2024年年度股东大会的通知 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： (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 14 点 00 分 召开地点：南京市高新开发区学府路 16 号公司会议室 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 ...

第五届监事会第九次会议决议公告 本公司监事会及全体监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：603707 | 证券简称：健友股份 | 公告编号：2025-016 | | --- | --- | --- | | 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 一、监事会会议召开情况 南京健友生化制药股份有限公司（以下简称"公司"或"本公司"）第五届 监事会第九次会议的通知已于 2025 年 4 月 18 日以电话及电子邮件的方式向各位 监事发出，会议于 2025 年 4 月 28 日上午 10 点在公司会议室召开。会议应到监 事 3 人，实到监事 2 人。监事王慧梅女士因个人原因无法出席，委托监事刘祖清 代为出席并投票表决。 会议由监事会主席刘祖清先生主持。本次会议召集、召开符合《中华人民共 和国公司法》及有关法律、法规和《公司章程》的规定。会议审议并通过了如下 议案： 二、监事会会议审议情况 会议审议并通过了如下议案： （一）审议通过了《2024 年监事会工作报告的议案》 本议案尚 ...

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-015 | | --- | --- | --- | | 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 第五届董事会第十二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 南京健友生化制药股份有限公司（以下简称"公司"）第五届董事会第十二 次会议的通知已于 2025 年 4 月 18 日以电话及电子邮件的方式向各位董事发出， 会议于 2025 年 4 月 28 日上午 9 点整在公司会议室召开。会议应到董事 6 人，实 到董事 5 人，其中独立董事 1 人，独立董事金毅先生因个人原因无法亲自出席会 议，委托独立董事崔国庆代为出席并投票表决。 本次会议由董事长唐咏群先生主持。本次会议召集、召开符合《中华人民共 和国公司法》及有关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 会议审议并通过了如下议案： （一）审议通过了《2024 年度总经理工作报告》的议案 表决结 ...