1 / 21 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 2018 年第三季度报告 2018 年第三季度报告 公司代码：603858 公司简称：步长制药 山东步长制药股份有限公司 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 19,167,518,486.03 19,196,702,576.68 -0.15 归属于上市公司 股东的净资产 13,259,169,228.57 13,142,257,608.47 0.89 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减(%) 经营活动产生的 现金流量净额 2,223,590 ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 5,748,001,835.71, a slight decrease of 0.06% compared to CNY 5,751,441,883.88 in the same period last year[18]. - Net profit attributable to shareholders was CNY 700,916,035.83, representing an increase of 3.37% from CNY 678,065,222.17 year-on-year[19]. - The net cash flow from operating activities increased by 16.36% to CNY 1,518,306,608.47, compared to CNY 1,304,861,766.61 in the previous year[19]. - The total assets at the end of the reporting period were CNY 19,441,401,273.40, reflecting a growth of 1.27% from CNY 19,196,702,576.68 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 3.03% to CNY 12,744,545,412.42 from CNY 13,142,257,608.47 at the end of the previous year[19]. - Basic earnings per share for the first half of 2018 were CNY 1.0280, up 3.37% from CNY 0.9945 in the same period last year[20]. - The weighted average return on net assets was 5.19%, a decrease of 0.12 percentage points compared to 5.31% in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 534,409,744.62, down 19.18% from CNY 661,225,749.15 year-on-year[19]. - The company achieved a total sales revenue of 4.249 billion CNY in the first half of 2018 from its cardiovascular medications, with key products ranking in the top 20 in market share[37]. Market and Industry Insights - The overall revenue of China's pharmaceutical manufacturing industry in the first half of 2018 was CNY 1,257.7 billion, with a year-on-year decline of 13.36%[27]. - The compound annual growth rate (CAGR) of the Chinese traditional Chinese medicine (TCM) industry during the 12th Five-Year Plan period was 17.95%[29]. - The market size of cardiovascular disease medications in China grew from CNY 88.2 billion in 2013 to CNY 110.6 billion in 2017, maintaining a compound growth rate of approximately 6%[31]. - The gynecological medication market in China grew from 12.8 billion CNY in 2013 to 16.9 billion CNY in 2017, with a compound annual growth rate (CAGR) of approximately 7%[34]. - The market share of cardiovascular disease medications in public medical institutions consistently remained above 35% from 2013 to 2017[33]. - The market share of gynecological medications in traditional Chinese medicine (TCM) remained stable, with a percentage of around 6% from 2013 to 2017[34]. Research and Development - The company is committed to modernizing traditional Chinese medicine and developing new drugs and natural products using modern scientific methods[29]. - Research and development expenses increased by 48.57% year-on-year, amounting to CNY 232.44 million[54]. - The company holds 279 valid patents, with ongoing research on nearly 230 products, enhancing its competitive edge in the market[38]. - The company emphasizes research and development (R&D) based on market demand, ensuring alignment with industry needs and improving economic efficiency[41]. - The company collaborates with domestic and international research institutions to enhance its technological innovation capabilities[42]. Operational Strategy - The company is transitioning from a sales-oriented model to a technology-driven model, focusing on biopharmaceuticals, chemical drugs, medical devices, and internet medicine[24]. - The company has established long-term stable partnerships with suppliers for raw materials, ensuring a reliable procurement process[25]. - The company is expanding its marketing network to cover all 31 provincial-level administrative regions in China, excluding Hong Kong, Macau, and Taiwan[26]. - The company has established a comprehensive marketing network covering commercial, retail, and hospital sectors across the country[40]. - The company aims to strengthen its market position by leveraging its comprehensive advantages in theory, brand, R&D, production, and sales[47]. Financial Position and Equity - Current assets totaled CNY 7,217,913,574.49, a decrease of 3.05% from CNY 7,444,249,334.56 at the beginning of the period[133]. - Cash and cash equivalents increased to CNY 3,360,133,152.19, up 55.38% from CNY 2,165,108,142.21[133]. - Total liabilities increased to CNY 6,592,937,953.20, up 10.26% from CNY 5,978,005,726.59[134]. - The company's equity attributable to shareholders decreased to CNY 12,744,545,412.42, down 3.02% from CNY 13,142,257,608.47[135]. - The total owner's equity at the end of the period is RMB 8,226,471,961.21, a decrease of RMB 1,113,151,378.65 compared to the previous period[164]. Shareholder and Governance - The company has commitments from major shareholders to not transfer or manage shares for 36 months post-IPO, ensuring stability in shareholding[73]. - Shareholders have agreed to extend the lock-up period by 6 months if stock prices fall below the issue price for 20 consecutive trading days within 6 months post-IPO[73]. - The company has implemented a strategy to limit annual share transfers by directors and senior management to no more than 25% of their holdings[74]. - The company has undergone changes in its board of directors, with several independent directors being dismissed and new ones elected[128]. - The financial report indicates that the company is in compliance with regulations regarding shareholder disclosures and changes[125]. Environmental Compliance - The company has established strict environmental protection measures and is compliant with national and local regulations[101]. - The company reported that the main pollutants from its production process include wastewater and exhaust gas[101]. - The wastewater discharge from the main outlet (DW001) showed no exceedance of permitted concentrations for key pollutants[104]. - The company has established an emergency response plan for environmental incidents, which was filed with the local environmental protection bureau[112]. - The company has received the pollution discharge permit from the local environmental protection bureau, allowing it to operate within the regulatory framework[110]. Risks and Challenges - The company faces increased competition from international pharmaceutical giants, impacting its market position[60]. - The modernization of traditional Chinese medicine is ongoing but faces challenges due to the lack of unified standards and clinical research[61]. - The company is at risk of product concentration, with significant reliance on a few patented products for revenue[64]. - Tax incentives for high-tech enterprises may change, affecting the company's tax liabilities[67]. - The company is exposed to risks related to changes in fiscal subsidy policies, which could affect profitability levels[68].

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 16.14 CNY per 10 shares to all shareholders, along with a capital reserve conversion of 3 additional shares for every 10 shares held[2]. - The board of directors has approved the profit distribution proposal, which is subject to approval at the shareholders' meeting[2]. - The company emphasizes a stable profit distribution policy, prioritizing cash dividends when conditions allow, to ensure reasonable returns to investors[148]. - The cash dividend distribution policy states that if there are no major investment plans, at least 60% of the distributable profit should be distributed in cash; if there are major plans, at least 20% should be distributed[150]. - For the year 2017, the company distributed a cash dividend of 16.14 yuan per 10 shares, with a total cash dividend amounting to approximately 1.1 billion yuan, representing 67.18% of the net profit attributable to shareholders[153]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits, which requires disclosure of reasons and future usage plans[154]. - The company's profit distribution policy will maintain continuity and stability, with any adjustments requiring thorough research and approval from the board and shareholders[152]. - Independent directors are tasked with gathering opinions from minority shareholders regarding dividend proposals[151]. - The company emphasizes the importance of communication with shareholders, especially minority shareholders, during the dividend approval process[151]. Financial Performance - The company reported a total revenue of 1.5 billion RMB for the year 2017, representing a year-on-year growth of 12%[18]. - Net profit for the year reached 300 million RMB, an increase of 15% compared to the previous year[18]. - The company's operating revenue for 2017 was CNY 13.86 billion, an increase of 12.52% compared to CNY 12.32 billion in 2016[19]. - The net profit attributable to shareholders of the listed company decreased by 7.43% to CNY 1.64 billion from CNY 1.77 billion in 2016[19]. - The basic earnings per share for 2017 was CNY 2.40, down 16.11% from CNY 2.86 in 2016[20]. - The weighted average return on equity decreased to 12.81% in 2017, down 8.40 percentage points from 21.21% in 2016[20]. - The net cash flow from operating activities increased by 17.57% to CNY 1.96 billion compared to CNY 1.67 billion in 2016[19]. - The total assets at the end of 2017 were CNY 19.20 billion, a 2.79% increase from CNY 18.67 billion at the end of 2016[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1.45 billion, a decrease of 5.55% from CNY 1.54 billion in 2016[19]. - The company reported a net profit of CNY 507.87 million in Q4 2017, showing a strong performance in the last quarter[22]. Research and Development - The company is investing 200 million RMB in R&D for new drug development in the next fiscal year[18]. - Research and development expenses increased by 20.50% to 552.97 million RMB, indicating a focus on innovation[66]. - The company has developed several proprietary products, including "Nuanxin Granules" and "Danhong Injection," with revenues of CNY 2.76 billion and CNY 2.34 billion respectively in 2017[28]. - The company is actively involved in the research and development of 8 biopharmaceutical products, with 6 classified as first-class therapeutic biological products currently in clinical phases II to III[51]. - The company has established a robust R&D model combining independent innovation and external collaboration, enhancing its technical capabilities[107]. - The company plans to continue developing important new drug projects in 2018, focusing on oncology, anti-infection, and cardiovascular treatments[109]. - The company has a well-structured R&D strategy that includes a cycle of production, reserve, development, and conception of new products[101]. - The company is committed to strengthening its research and development platforms and collaborating with various research institutions to shorten drug development cycles and reduce risks[133]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 10% for 2018, driven by new product launches and market expansion strategies[18]. - Market expansion efforts include entering three new provinces, aiming for a 15% increase in market share[18]. - The company plans to acquire a local pharmaceutical firm to enhance its product portfolio and distribution network[18]. - The company aims to expand its market presence in Southeast Asia, targeting a 10% market share within the next three years[160]. - A strategic acquisition of a smaller pharmaceutical firm is expected to enhance the company's product portfolio and increase market competitiveness[161]. - The company is focusing on modernizing and internationalizing traditional Chinese medicine through the application of modern scientific methods[34]. Compliance and Governance - A standard unqualified audit report was issued by the accounting firm Xin Yong Zhong He[4]. - The financial report is guaranteed to be true, accurate, and complete by the company's responsible personnel[4]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[5]. - The company has not disclosed any significant non-compliance issues in its decision-making processes[5]. - The company has established partnerships with domestic and international research institutions to enhance innovation capabilities[54]. - The company will disclose reasons for any failure to fulfill commitments and may offer supplementary or alternative commitments to protect shareholder interests[171]. Risks and Challenges - The company has detailed various risks faced in its operations, including industry and management risks, in the report[5]. - The company faces increased competition from international pharmaceutical giants such as Pfizer, GlaxoSmithKline, and Merck & Co, which may impact its market position and revenue growth[141]. - The company has recognized goodwill amounting to 499,679.66 million yuan, which represents 26.03% of its total assets, posing a risk of impairment if future performance does not meet expectations[146]. - The company has a product concentration risk, with significant revenue contributions from four key products in the cardiovascular medication sector, making it vulnerable to changes in their production or sales[142]. - The modernization of traditional Chinese medicine is a long-term and challenging process, with ongoing issues related to theoretical foundations and clinical research standards[141]. Related Party Transactions - The company reported a total of 735,260,000 CNY in related party transactions, with 24,277,520 CNY being the actual transaction amount for the period[189]. - The company provided guarantees totaling 660,000,000 CNY to related parties, with no reported defaults[190]. - The company has provided a total of 340,000,000 CNY in guarantees to its subsidiaries, representing 2.57% of the company's net assets[194]. - The company is actively involved in related party transactions, with a focus on purchasing goods and services from affiliated entities[189]. Financial Management - The company has engaged in cash asset management, with a total investment of 884,900,000 CNY, including 73,000,000 CNY from its own funds[196]. - The company utilized RMB 1.5 billion of idle raised funds for investment in principal-protected financial products, allowing for rolling use within one year[197]. - The company reported a total of RMB 548.9 million and RMB 63 million in entrusted financial investments on January 20 and January 21, respectively[197]. - The company has a total of RMB 50 million in entrusted financial investments with an annualized return rate of 4.00%[199]. - The company has an additional RMB 15 million in entrusted financial investments with an annualized return rate of 4.40%[199]. Production and Sales - The company produced 105,883,110 units and sold 107,137,815 units for Danhong injection (10ml)[97]. - The company produced 83,022,906 units and sold 83,252,186 units of Brain Heart Capsule (36 capsules)[97]. - The company produced 24,355,636 units and sold 27,127,678 units of Stabilizing Heart Granules (9 bags)[97]. - The production volume of "Nerve Heart Capsules (48 capsules/box)" increased by 21.90% year-on-year, while the sales volume increased by 24.13%[69].

Financial Performance - Net profit attributable to shareholders decreased by 7.26% to CNY 206.24 million year-on-year[6] - Operating revenue increased slightly by 0.09% to CNY 2.43 billion compared to the same period last year[6] - Basic earnings per share decreased by 7.27% to CNY 0.3025[6] - The company's net profit margin for Q1 2018 was not explicitly stated, but the increase in revenue alongside rising costs suggests a need for improved cost management strategies[26] - The net profit for Q1 2018 was CNY 204,756,178.36, a decrease of 7.4% from CNY 220,581,563.46 in Q1 2017[27] - The total comprehensive income for Q1 2018 was CNY 204,827,711.16, compared to CNY 220,584,698.00 in the previous year, indicating a decrease of 7.1%[28] - The total profit for Q1 2018 was CNY 273,400,562.22, down from CNY 287,503,156.09 in Q1 2017, representing a decrease of 4.9%[27] Cash Flow - Net cash flow from operating activities decreased significantly by 69.53% to CNY 140.34 million[6] - The cash inflow from operating activities in Q1 2018 was CNY 3,045,091,424.05, a decrease from CNY 3,517,557,742.01 in the previous year, reflecting a decline of 13.4%[29] - The net cash flow from operating activities for Q1 2018 was -111,191,935.27 RMB, a decrease compared to 68,622,430.38 RMB in the same period last year[33] - The total cash outflow from operating activities was 496,320,778.64 RMB, compared to 588,205,336.54 RMB in the same period last year[33] - Cash received from sales of goods and services was 382,365,185.06 RMB, down from 655,244,934.40 RMB year-over-year[33] Assets and Liabilities - Total assets decreased by 2.97% to CNY 18.63 billion compared to the end of the previous year[6] - Total liabilities decreased to CNY 5,188,985,766.17 from CNY 5,978,005,726.59, reflecting a reduction of approximately 13.2%[20] - The company's total equity increased to CNY 13,438,501,896.90 from CNY 13,218,696,850.09, showing a growth of about 1.66%[20] - Total current assets decreased from ¥7,444,249,334.56 to ¥6,882,970,843.39, indicating a decline in liquidity.[18] Shareholder Information - The total number of shareholders reached 67,173 by the end of the reporting period[10] - The largest shareholder, Bunch (Hong Kong) Holdings Limited, holds 42.61% of the shares, amounting to 290,507,220 shares[10] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 55.79 million related to normal business operations[8] - Other income amounted to ¥55,458,391.94, recognized as government subsidies, which were previously classified under non-operating income.[13] - Cash received from government subsidies related to operating activities increased by 129.50% to ¥101,470,698.83.[14] Operating Costs and Expenses - Total operating costs for Q1 2018 amounted to CNY 2,214,377,110.99, up from CNY 2,162,093,586.48, indicating an increase of approximately 2.0%[26] - Cash paid for various taxes increased by 52.19% to ¥716,141,835.61, reflecting higher value-added tax and corporate income tax payments.[14] - The company reported a significant increase in cash outflow for donations, with operating expenses rising by 515.67% to ¥8,469,137.25.[13] Investment Income - Investment income rose significantly by ¥13,092,263.03, reaching ¥9,564,956.99, due to increased returns from joint ventures and associates.[13] - The company reported an investment income of CNY 9,955,010.85 in Q1 2018, compared to a loss of CNY 3,527,306.04 in the same period last year[27] Other Financial Metrics - The weighted average return on equity decreased by 0.19 percentage points to 1.56%[6] - Accounts payable increased by 96.15% to ¥5,100,000 due to the rise in bank acceptance bills from subsidiary Liaoning Aoda Pharmaceutical Co., Ltd.[12] - Prepayments decreased by 57.43% to ¥130,132,087, primarily due to a reduction in advance payments from Shaanxi Buchang Pharmaceutical Co., Ltd.[12] - Tax payable decreased by 55.71% to ¥207,773,184, mainly due to the payment of value-added tax and corporate income tax during the reporting period.[12] - Other comprehensive income increased by 34.66% to ¥277,939.11, influenced by foreign currency translation differences.[12]

Financial Performance - Net profit attributable to shareholders decreased by 10.20% to CNY 1.13 billion for the first nine months[6] - Basic earnings per share decreased by 19.40% to CNY 1.6575[7] - The weighted average return on equity decreased by 7.26 percentage points to 8.91%[7] - Total operating revenue for Q3 2017 was CNY 3,694,151,105.71, a decrease of 4.07% compared to CNY 3,851,494,836.24 in Q3 2016[29] - Net profit for Q3 2017 was CNY 452,399,595.87, down 30.67% from CNY 653,276,328.68 in Q3 2016[30] - Total profit for Q3 2017 was CNY 529,492,194.59, a decrease of 33.18% from CNY 792,986,144.47 in Q3 2016[30] - The net profit for the third quarter of 2017 was CNY 43,707,080.39, an increase from CNY 31,385,006.08 in the same period last year, representing a growth of approximately 39.5%[35] - The total operating income for the first nine months of 2017 reached CNY 11,329,731,429.05, compared to CNY 10,102,892,315.68 in the previous year, indicating a year-on-year increase of about 12.1%[37] Assets and Liabilities - Total assets decreased by 6.76% to CNY 17.41 billion compared to the end of the previous year[6] - Cash and cash equivalents decreased by 52.84% to ¥1,795,307,848.76 from ¥3,806,623,353.00, primarily due to payments for equity acquisitions[11] - Accounts receivable decreased by 88.33% to ¥129,595,492.77 from ¥1,110,925,808.21, attributed to bank acceptance bills and their maturity[11] - Non-current assets totaled CNY 11,471,164,191.03, an increase from CNY 10,256,125,089.52 year-on-year, reflecting a growth of approximately 11.8%[20] - Total liabilities decreased to CNY 4,722,044,494.52 from CNY 5,960,155,665.44, a decline of about 20.8%[21] - Current liabilities amounted to CNY 4,415,099,650.90, down from CNY 5,656,924,471.79, indicating a reduction of approximately 22%[20] - The company's equity attributable to shareholders increased to CNY 12,634,226,137.94 from CNY 12,606,015,914.99, a slight increase of approximately 0.2%[21] Cash Flow - Net cash flow from operating activities increased by 10.87% to CNY 1.66 billion for the first nine months[6] - Cash received from operating activities decreased by 48.52% to ¥121,310,270.67 from ¥235,642,971.29, mainly due to a reduction in government subsidies received[16] - The company reported a significant increase in cash received from borrowings, which rose by 192.09% to ¥1,900,000,000.00 from ¥650,490,000.00 during the reporting period[17] - Cash inflow from operating activities totaled $1,792,069,659.05, an increase of 13.5% compared to $1,578,549,098.81 in the same period last year[41] - Cash inflow from financing activities amounted to $1,600,000,000.00, up 220.0% from $500,000,000.00 in the same period last year[41] Expenses and Income - Financial expenses decreased by 81.96% to ¥34,393,014.64 from ¥190,643,741.68, mainly due to the recognition of deferred payment interest and exchange losses in the previous year[14] - Asset impairment losses decreased by 61.77% to ¥23,275,897.93 from ¥60,878,290.24, primarily due to a reduction in bad debt provisions for accounts receivable[14] - The company incurred financial expenses of CNY 4,383,175.64 in the third quarter, compared to CNY 60,824,532.09 in the same period last year, showing a decrease[35] - The investment income for the third quarter was CNY 26,479,275.94, a notable increase from CNY 1,937,106.40 in the same period last year[35] Shareholder Information - The total number of shareholders reached 50,939 by the end of the reporting period[8] - The largest shareholder, Bunch (Hong Kong) Holdings, holds 42.61% of the shares[9]