| | | 浙江寿仙谷医药股份有限公司 关于举办 2025 年投资者接待日活动的公告 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法律责任。 为更好与投资者沟通交流，便于广大投资者全面深入地了解浙江寿仙谷医药 股份有限公司（以下简称"公司"或"寿仙谷"）情况，公司拟举办 2025 年投资 者接待日活动，现将有关事项公告如下： 1、接待时间：2025 年 5 月 14 日 8:50-17:00 2、接待地点：公司基地—寿仙谷有机国药养生园；公司总部—浙江省武义 县黄龙三路 12 号。 3、公司主要参与人员：董事长李明焱、副董事长李振皓、董事兼总经理李 振宇、董事兼副总经理林荣志、董事兼副总经理徐靖、董事/副总经理兼董事会 秘书刘国芳、财务负责人祝彪、副总经理王汉波、投资者服务部总监曹秀娟（如 遇特殊情况，参会人员会有所调整） 电子邮箱：sxg@sxgoo.com 6、预约本次活动需签署《承诺书》（附件二），请投资者仔细阅读《承诺书》 条款并签署。 | 时间 | 活动内容 | 备注 | | --- | --- | --- | | 前 8: ...

转自：新华财经 "穿越"皇家养生圣地 沉浸式体验灵芝文化 本届寿仙谷灵芝文化节巧妙融合了传统中医药文化与现代互动体验，通过"中医文化展示+宋韵游园+趣味打卡"创新形式，让参与者在移步换景间感受灵芝 文化的深厚底蕴。 在慈福宫前的中医药创意文化市集上，灵芝宋韵四雅成为亮点，不仅能喝到新晋网红饮品灵芝咖啡，吃到美味的药膳美食，还能玩到各种别具特色的传统娱 乐项目……同时，还有DIY香囊、定制如意手串等精彩国潮文创，吸引了不少网红达人打卡互动。 "宋韵雅宴"以《仙草降世》《白蛇情劫》《神农百草·以身试药》等艺术表演，再现了灵芝在传统文化中的传奇色彩。以灵芝入馔创新宋宴，诠释"古方今 饪"的跨界魅力，"曲水流觞飞花令"则让嘉宾在诗词歌赋中感受灵芝文化的深厚底蕴。 "白娘子"现场分享 "健康天团"共话灵芝文化 以"德寿"为名，以灵芝为脉。活动现场，与寿仙谷结缘的六位"跨界嘉宾"，共话古今，开启了一场温情沙龙。 4月30日，第五届中国·寿仙谷灵芝文化节在杭州南宋德寿宫启幕。本届灵芝文化节以文化市集、启幕盛典、宋韵雅宴三大篇章展开，来自中医药、科研、体 育、电商等各界嘉宾齐聚一堂，展现了灵芝产业"承古法、立新章"的蓬勃气象 ...

公司代码：603896 公司简称：寿仙谷 债券代码：113660 债券简称：寿 22 转债 浙江寿仙谷医药股份有限公司 Zhejiang Shouxiangu Pharmaceutical Co., Ltd. （浙江省武义县壶山街道商城路 10 号） 2024 年年度股东大会会议资料 二〇二五年五月十三日 浙江寿仙谷医药股份有限公司 2023 年年度股东大会会议资料 目 录 | 浙江寿仙谷医药股份有限公司 2024 年年度股东大会会议议程 1 | | --- | | 浙江寿仙谷医药股份有限公司 2024 年年度股东大会会议须知 3 | | 议案一：浙江寿仙谷医药股份有限公司董事会 2024 年度工作报告 5 | | 议案二：浙江寿仙谷医药股份有限公司监事会 年度工作报告 18 2024 | | 议案三：浙江寿仙谷医药股份有限公司 2024 年度财务决算报告 22 | | 议案四：浙江寿仙谷医药股份有限公司 2024 年度利润分配预案 28 | | 议案五：浙江寿仙谷医药股份有限公司 年年度报告（全文及摘要） 29 2024 | | 议案六：浙江寿仙谷医药股份有限公司 2025 年度日常关联交易预案 30 | ...

高端产品受销量影响较大，中低端产品价格下降较明显。从量价来看，根据公司2024 年年度报告，我 们测算出，灵芝孢子粉类产品2024 年销量为25.72 吨，同比下降13.84%；平均单价为17.33 元/克，同比 下降3.04%。 灵芝孢子粉类产品销售收入的下降主要来自于销量的下滑。铁皮石斛类产品2024 年销量为13.91 吨，同 比增长7.33%；平均单价为8.11 元/克，同比下降17.08%。铁皮石斛类产品销售收入的下降主要源自价格 的下降。从量价变化看，高端产品受销量影响明显，中低端产品在竞争加剧下，价格影响较大。 省外市场拓展有待发力，关注二季度业绩表现根据公司2024 年年度报告，分区域看，2024 年公司在浙 江省内实现销售收入4.42 亿元，占比约65.23%，仍为主要业务区域；浙江省外实现销售收入6517.22 万 元，占比约9.61%；互联网销售收入1.71 亿元，占比约25.16%。 事件： 根据公司2024 年年度报告和2025 年第一季度报告，公司2024 年实现营业收入6.92 亿元，较上年同期减 少11.81%；实现归母净利润1.75 亿元，较上年同期减少31.34%。2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's short-term performance is under pressure, but core products provide stable support. For the period from Q1 2024 to Q1 2025, the company's quarterly revenue figures are 221 million, 132 million, 119 million, 220 million, and 171 million yuan, showing a year-on-year change of +7.15%, -20.35%, -30.20%, -9.13%, and -22.68% respectively. The net profit attributable to the parent company for the same period is 77 million, 24 million, 18 million, 56 million, and 58 million yuan, with year-on-year changes of +23.19%, -14.05%, -63.77%, -51.32%, and -24.32% respectively. The poor performance is mainly attributed to changes in the macroeconomic environment and weak consumer demand [2][3] Summary by Relevant Sections Financial Performance - In 2024, the revenue from the company's core product categories shows a decline, with revenue from Ganoderma lucidum spore powder at 445 million yuan (65.75% of total revenue) down by 16.53% year-on-year, and revenue from Dendrobium candidum at 113 million yuan (16.63% of total revenue) down by 11.00% year-on-year. The sales model shows that the distribution model accounts for 58.57% (up 2.25 percentage points year-on-year), while direct sales (including online) account for 41.43%, with online sales at 171 million yuan (25.16% of total revenue) maintaining a stable layout [2] Marketing and International Expansion - The company is actively promoting marketing reforms and expanding its international presence. It continues to deepen the "famous doctors, famous medicines, famous stores" model, promoting the direct sales experience from Zhejiang to Shanghai and Jiangsu, and establishing a business pattern centered on Zhejiang with Shanghai and Jiangsu as wings. The company plans to add 10 specialty stores and strengthen cooperation with live streaming channels like Douyin and Li Jiaqi. In terms of internationalization, significant progress has been made in collaboration with the Mayo Clinic for research, advancing the commercialization of Ganoderma products in the U.S. and registering products in the EU [3] Profit Forecast and Valuation - The short-term recovery of consumer demand may impact the company's earnings elasticity. The net profit forecasts for 2025 and 2026 have been revised down to 192 million and 224 million yuan (originally forecasted at 355 million and 417 million yuan, both down by 46%). The newly added forecast for 2027 is a net profit of 251 million yuan, with year-on-year growth rates of 9.88%, 16.44%, and 12.23%. The current price corresponds to P/E ratios of 20, 17, and 15 times for 2025, 2026, and 2027 respectively. Given the company's product scarcity, technical standards barriers, and advantages in the entire industry chain, it has the ability to withstand cycles, and with policy support for traditional Chinese medicine, long-term growth is expected [3][4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company's short-term performance is under pressure, but core products provide stable support. The quarterly revenue from Q1 2024 to Q1 2025 shows fluctuations, with a peak of 2.21 billion yuan and a low of 1.19 billion yuan, reflecting a year-on-year change of +7.15% to -30.20%. The net profit also shows a decline, with a peak of 0.77 billion yuan and a low of 0.18 billion yuan, indicating a significant drop in profitability due to macroeconomic changes and weak consumer demand [2][3] - The company is advancing marketing reforms and expanding its international presence. It is implementing a "famous doctor, famous medicine, famous store" model and plans to enhance its presence in the Yangtze River Delta region. The internationalization efforts include collaboration with the Mayo Clinic and registration of products in the EU, which opens up overseas market opportunities [3][4] Financial Performance Summary - The company's revenue for 2024 is projected at 6.92 billion yuan, a decrease of 11.81% year-on-year, with a net profit of 1.75 billion yuan, down 31.34% [9] - The revenue for 2025 is estimated at 7.34 billion yuan, with a net profit of 1.92 billion yuan, reflecting a recovery trend with a growth rate of 9.88% in 2027 [4][10] - The earnings per share (EPS) for 2024 is expected to be 0.88 yuan, with a gradual increase to 1.27 yuan by 2027 [10][12] Profitability and Valuation Metrics - The company's gross margin is projected to be 80.7% in 2024, with a slight decline to 80.6% by 2027. The return on equity (ROE) is expected to improve from 7.6% in 2024 to 9.0% in 2027 [12][13] - The price-to-earnings (P/E) ratio is forecasted to be 22 in 2024, decreasing to 15 by 2027, indicating a more attractive valuation over time [12][13] Market Position and Strategy - The company is focusing on enhancing its sales channels, with a significant portion of revenue coming from e-commerce, which accounted for 25.16% of total sales in the latest quarter. The company plans to open 10 new specialty stores and strengthen partnerships with online influencers [2][3] - The geographical revenue distribution shows that 65.23% of income comes from Zhejiang province, with ongoing efforts to reform distributors in other provinces like Guangdong and Anhui [2][3]

Revenue and Profit - Revenue for Q1 2025 was CNY 170,805,352, a decrease of 22.68% compared to CNY 220,901,649 in the same period last year[4] - Net profit attributable to shareholders was CNY 58,373,966, down 24.32% from CNY 77,130,242 year-on-year[4] - Basic earnings per share decreased by 25.64% to CNY 0.29 from CNY 0.39 in the previous year[6] - Total operating revenue for Q1 2025 was ¥170,805,352, a decrease of 22.7% compared to ¥220,901,649 in Q1 2024[18] - Net profit for Q1 2025 was ¥58,373,966, down 24.2% from ¥77,130,242 in Q1 2024[19] - Operating profit for Q1 2025 was ¥58,308,200, compared to ¥76,696,519 in Q1 2024, reflecting a decline of 24.0%[18] - Basic and diluted earnings per share for Q1 2025 were both ¥0.29, down from ¥0.39 in Q1 2024[19] - Other comprehensive income after tax for Q1 2025 was ¥843,980, significantly lower than ¥10,703,351 in Q1 2024[19] Cash Flow - Operating cash flow increased by 42.52% to CNY 70,177,811 from CNY 49,240,931 in the same period last year[4] - Cash flow from operating activities increased to ¥70,177,811 in Q1 2025, up 42.5% from ¥49,240,931 in Q1 2024[22] - Cash flow from investing activities showed a net outflow of ¥97,041,004 in Q1 2025, compared to a net inflow of ¥132,590,452 in Q1 2024[23] - Cash flow from financing activities resulted in a net outflow of ¥97,463,057 in Q1 2025, compared to a smaller outflow of ¥7,819,456 in Q1 2024[23] - The ending cash and cash equivalents balance for Q1 2025 was ¥181,964,934, down from ¥750,080,016 at the end of Q1 2024[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,115,726,946, a slight decrease of 0.49% from CNY 3,131,185,579 at the end of the previous year[6] - The company's current assets totaled CNY 1,445,028,686.42, down from CNY 1,522,348,721.66 at the end of 2024, indicating a decrease of approximately 5.08%[13][15] - Cash and cash equivalents decreased to CNY 731,501,989.37 from CNY 853,642,354.80, representing a decline of about 14.3%[13][15] - The company's total liabilities decreased to CNY 762,488,777.80 from CNY 837,166,235.48, reflecting a reduction of approximately 8.9%[15] - The company's inventory rose to CNY 197,370,499.01 from CNY 179,550,878.25, indicating an increase of approximately 9.9%[13][15] - The accounts receivable decreased to CNY 79,297,754.72 from CNY 86,360,292.67, a decline of about 8.3%[13][15] - The company reported a significant reduction in short-term borrowings, which fell to CNY 94,794,120.21 from CNY 187,400,276.58, a decrease of approximately 49.5%[15] - The company's long-term investments slightly decreased to CNY 4,978,640.07 from CNY 5,003,440.74, a decline of about 0.5%[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 23,469[10] - Shareholders' equity attributable to shareholders increased by 2.58% to CNY 2,353,238,168 from CNY 2,294,019,344 at the end of the previous year[6] - The equity attributable to shareholders increased to CNY 2,353,238,168.26 from CNY 2,294,019,344.33, marking an increase of about 2.57%[15] - The company has not reported any significant changes in shareholder relationships or participation in financing activities during the reporting period[11][12] Accounts Receivable and Borrowings - Accounts receivable increased by 33.75%, mainly due to an increase in outstanding receivables at the end of the reporting period[8] - Short-term borrowings decreased by 49.42%, attributed to a reduction in pledged bank acceptance bills[8]

2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 19.42 | | 一年最高最低(元) | 29.20/18.22 | | 总市值(亿元) | 38.50 | | 流通市值(亿元) | 38.50 | | 总股本(亿股) | 1.98 | | 流通股本(亿股) | 1.98 | | 近 3 个月换手率(%) | 71.64 | 医药生物/中药Ⅱ 寿仙谷（603896.SH） 股价走势图 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 寿仙谷 沪深300 数据来源：聚源 相关研究报告 《2024H1 营收小幅下滑，市场渠道稳 步拓展 — 公 司 信 息 更 新 报 告 》 -2024.8.29 《营收利润小幅承压，营销改革赋能 品 牌 发 展 — 公 司 信 息 更 新 报 告 》 -2024.4.27 经营业绩相对承压，省外营销改革有望带来成长动力 ——公司信息更新报告 | 余汝意（分析师） | 巢舒然（联系人） | | --- | --- | | yuruyi@kys ...

医药生物/中药Ⅱ 寿仙谷（603896.SH） 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 19.42 | | 一年最高最低(元) | 29.20/18.22 | | 总市值(亿元) | 38.50 | | 流通市值(亿元) | 38.50 | | 总股本(亿股) | 1.98 | | 流通股本(亿股) | 1.98 | | 近 3 个月换手率(%) | 71.64 | 股价走势图 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 寿仙谷 沪深300 数据来源：聚源 相关研究报告 《2024H1 营收小幅下滑，市场渠道稳 步拓展 — 公 司 信 息 更 新 报 告 》 -2024.8.29 公司 2024 年实现营收 6.92 亿元（同比-11.81%，下文皆为同比口径）；归母净利 润 1.75 亿元（-31.34%）；扣非归母净利润 1.43 亿元（-36.96%）。从盈利能力来 看，2024 年毛利率为 80.72%（-2.00pct），净利率为 25.26%（- ...

证券代码：603896 证券简称：寿仙谷 公告编号：2025-026 债券代码：113660 债券简称：寿 22 转债 浙江寿仙谷医药股份有限公司 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： 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 (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 (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 13 日 14 点 00 分 召开地点：浙江省武义县黄龙三路 12 号会议室 股东大会召开日期：2025年5月13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 (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 13 日 至2025 年 5 月 13 日 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 ...