湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-091 湖南方盛制药股份有限公司 关于公司产品续约国家医保目录（2024年）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。 2024年11月28日，国家医保局、人力资源社会保障部发布了 《关于印发〈国家基本医疗保险、工伤保险和生育保险药品目录 （2024年）〉的通知》【医保发〔2024〕33号】（以下简称"《2024 版医保目录》"），根据该通知，湖南方盛制药股份有限公司（以 下简称"公司"）小儿荆杏止咳颗粒、玄七健骨片在协议期内谈 判续约纳入《2024版医保目录》，公司及控股子公司其他主要产 品本次无退出及增加至《2024版医保目录》的情况，现将小儿荆 杏止咳颗粒、玄七健骨片具体情况公告如下： 小儿荆杏止咳颗粒2023年实现销售收入近6,000万元，2024 年1-9月实现销售收入约6,000万元（约占公司当期营业收入的 4.45%）。截至2024年 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown impressive performance in Q3 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 11%, and a net profit of 230 million yuan, up 60.7% year-on-year [1] - The core products are performing well, with significant sales growth across various categories, including a 14% increase in sales of the classic orthopedic drug, and over 340% growth in the innovative traditional Chinese medicine [1] - The company is advancing its innovation and R&D efforts, with multiple projects in the pipeline, which are expected to contribute to long-term growth [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 230 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024, the revenue reached 438 million yuan, reflecting a year-on-year growth of 21.7%, while the net profit surged by 158.7% to 91 million yuan [1] - The company forecasts net profits of 284 million yuan, 315 million yuan, and 365 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 51.9%, 11.1%, and 15.9% [1][5] Product Performance Summary - The classic orthopedic drug, Tenghuang Jianguo Pian, saw a sales volume increase of approximately 14%, covering nearly 8,400 public medical institutions [1] - The pediatric cough granules, Xiaor Jingxing Zhi Ke Granules, achieved sales revenue of about 60 million yuan, a growth of over 130%, covering more than 1,500 public medical institutions [1] - The innovative traditional Chinese medicine, Xuanqi Jianguo Pian, reported sales revenue of approximately 86 million yuan, with a growth of over 340%, covering over 1,000 public medical institutions [1] R&D and Innovation Summary - The company has submitted a listing application for the Yao Xue Qu Feng Zhi Tong Granules, which is expected to address clinical needs for headache and dizziness [1] - The company is actively developing 13 innovative traditional Chinese medicine projects across various medical fields, including gynecology, orthopedics, and oncology [1]

Investment Rating - The report maintains a "Buy" rating for Fang Sheng Pharmaceutical (603998 SH) [1][3] Core Views - Fang Sheng Pharmaceutical's Q3 2024 non-GAAP net profit grew by over 50% YoY, significantly exceeding expectations [1] - The company's core products, particularly in cardiovascular and orthopedic segments, showed strong performance [1] - Self-developed innovative drugs like Xiaoer Jingxing Zhike Granules and Xuanqi Jiangu Tablets are driving growth with rapid market expansion [1] - The company is increasing R&D investment, with Q3 2024 R&D expenses up 106% YoY, indicating strong long-term potential [1] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue reached 1 35 billion yuan, up 11% YoY, with net profit attributable to parent company of 230 million yuan, up 61% YoY [1] - Q3 2024 revenue was 440 million yuan, up 22% YoY, with net profit attributable to parent company of 90 million yuan, up 159% YoY [1] Segment Performance - Industrial segment revenue reached 1 24 billion yuan in Q1-Q3 2024, up 14% YoY [1] - Cardiovascular business revenue: 380 million yuan, up 41% YoY, driven by strong sales of Ezetimibe [1] - Orthopedic business revenue: 300 million yuan, up 11% YoY, supported by stable growth of Xuanqi Jiangu Tablets [1] - Respiratory system revenue: 180 million yuan, up 17% YoY, due to increased sales of Qiangli Pipa [1] - Pediatric drugs revenue: 140 million yuan, down 1% YoY [1] - Anti-infective revenue: 60 million yuan, down 10% YoY [1] Product Performance - Xiaoer Jingxing Zhike Granules covered over 1 500 public medical institutions by Q3 2024, with sales reaching 60 million yuan, up over 130% YoY [1] - Xuanqi Jiangu Tablets covered over 1 300 public medical institutions, with sales reaching 86 million yuan, up over 340% YoY [1] - Teng Huang Jiangu Tablets saw sales volume increase by about 14% YoY, covering nearly 8 400 public medical institutions [1] - Ezetimibe Tablets achieved sales of 233 million yuan in the first three quarters of 2024, up over 100% YoY, covering nearly 4 500 public medical institutions [1] Financial Forecasts - Revenue forecasts for 2024 2025 2026 are 1 829 billion yuan, 2 115 billion yuan, and 2 439 billion yuan, with growth rates of 12%, 16%, and 15% respectively [1] - Net profit forecasts for 2024 2025 2026 are adjusted to 277 million yuan, 302 million yuan, and 362 million yuan, with growth rates of 48%, 9%, and 20% respectively [1] Valuation Metrics - 2024E P E ratio: 19 6x [2] - 2024E P B ratio: 3 3x [2] - 2024E EPS: 0 63 yuan [2] Key Financial Ratios - 2023A gross margin: 68 1% [6] - 2023A net margin: 11 0% [6] - 2023A ROE: 11 8% [6] - 2023A ROIC: 12 8% [6] Balance Sheet Highlights - 2024E total assets: 3 293 billion yuan [5] - 2024E total liabilities: 1 525 billion yuan [5] - 2024E equity attributable to parent company: 1 648 billion yuan [5] Cash Flow Analysis - 2024E operating cash flow: 328 million yuan [5] - 2024E capital expenditure: -234 million yuan [5] - 2024E financing cash flow: -109 million yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [3][8]. Core Insights - The company reported a revenue of 1.348 billion yuan for Q3 2024, representing a year-on-year growth of 10.95%. The net profit attributable to shareholders reached 228 million yuan, up 60.66% year-on-year, while the non-recurring net profit was 163 million yuan, reflecting a 33.87% increase [2][4]. - The company is focusing on its core business of innovative traditional Chinese medicine, with significant growth in key products, particularly in chronic disease medications [3][4]. - The company has seen robust growth in its core products, with the sales of its new products, such as the children's cough granules and bone health tablets, achieving rapid market penetration [2][3]. Financial Performance Summary - For the first three quarters of 2024, the pharmaceutical manufacturing revenue grew by 14.31%, driven by strong performance in core products. However, revenue from medical services and other segments declined by 27.59% due to the exclusion of certain subsidiaries from consolidation [3][4]. - The company’s revenue forecast for 2024-2026 is projected at 1.899 billion, 2.216 billion, and 2.564 billion yuan, with year-on-year growth rates of 16.6%, 16.7%, and 15.7% respectively. The net profit attributable to shareholders is expected to be 285 million, 322 million, and 400 million yuan, with growth rates of 53%, 13%, and 24% [5][6]. Product Performance - The cardiovascular segment reported revenue of 381 million yuan, a growth of 41.28%, with a gross margin increase to 81.57%. Other segments, such as musculoskeletal and respiratory medications, also showed positive growth, while some areas like pediatric and gynecological medications experienced declines [4][6]. - The new products have achieved significant sales milestones, with the children's cough granules generating approximately 60 million yuan in sales, a year-on-year increase of over 130%, and the bone health tablets achieving around 86 million yuan, up over 340% [2][3]. Valuation Metrics - The report provides a P/E ratio forecast of 18.6 for 2024, decreasing to 13.2 by 2026, indicating an expected improvement in valuation as the company scales its operations [3][5]. - The projected return on equity (ROE) is expected to rise from 12% in 2023 to 17.4% by 2026, reflecting improved profitability and efficiency [6].

证券代码：603998 证券简称：方盛制药 编号：2024-038、39 湖南方盛制药股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|------------------------------------------------------------| | | R 特定对象调研 £分析师会议 | | | £媒体采访 £业绩说明会 | | 投资者关系活动 | £ 新闻发布会 £ 路演活动 | | 类别 | R 现场参观 £电话会议 | | | R 其他（电话交流会） | | | 1、2024-038 场：中泰证券、盘京投资等 2 人； | | 参与单位名称 | 2、2024-039 场：名单详见附件 | | 时间 | 2024 年 10 月 29 日 | | 上市公司 | | | 接待人员姓名 | 董事会秘书何仕 | | 地点 | 公司会议室 | | 投资者关系活动 | 主要交流内容： | | 主要内容介绍 | 一、公司 2024 年前三季度业绩介绍 | | | 公司聚焦"打造成为一家以创新中药为核心的健康产业集 | | | 团"的发展战略，促进资源整合和 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-090 湖南方盛制药股份有限公司 关于2024年第三季度业绩说明会召开情况的公告 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法律责任。 湖南方盛制药股份有限公司（以下简称"方盛制药"或"公 司"）于 2024 年 10 月 29 日（星期二）上午 10:00—11:00 以网 络互动方式，通过上证路演中心召开 2024 年第三季度业绩说明 会，就公司 2024 年第三季度经营业绩情况，以及其他投资者普 遍关心的问题与投资者进行交流与沟通。现将有关情况公告如 下： 一、本次说明会召开情况 出席本次网上业绩说明会的公司人员为：董事长兼总经理周 晓莉女士、独立董事袁雄先生、财务总监刘再昌先生、董事会秘 书何仕先生。 二、投资者提出的主要问题及公司回复情况 公司就投资者在本次说明会上提出的问题进行了回复，相关 问题及回复整理如下： 问题 1、公司前三季度的经营怎么样？ 第 ...

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。 根据《上市公司行业信息披露指引第六号——医药制造》、 《关于做好主板上市公司 2024 年第三季度报告披露工作的重要 提醒》的要求，湖南方盛制药股份有限公司（以下简称"公司"） 现将 2024 年前三季度主要经营数据披露如下： 一、报告期主要经营数据 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-089 湖南方盛制药股份有限公司 2024年前三季度经营数据公告 2、主营业务分类别情况中，"其他"主要是指除心脑血管疾病用药、抗感染用药、 儿童用药、妇科疾病用药、骨骼肌肉系统用药、呼吸系统用药之外的其他各类药品收入 及子公司的医疗服务收入、医药商业收入、技术服务收入； 3、主营业务分行业情况中，报告期内医药制造收入增长14.31%，主要系报告期内 核心产品尤其是慢病用药呈现稳健增长态势；医疗业务及其他收入较上年同期下降 27.59%，主要系重庆筱熊猫药业股份有限 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥437,714,187.98, representing a year-on-year increase of 21.69%[2] - Net profit attributable to shareholders for Q3 2024 was ¥91,293,829.01, a significant increase of 158.74% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was ¥52,214,206.60, up by 52.62% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.21, reflecting a 162.50% increase compared to the same period last year[5] - Total revenue for the first three quarters of 2024 reached ¥1,347,963,171.04, an increase of 10.96% compared to ¥1,214,912,885.84 in the same period of 2023[16] - The net profit for the third quarter of 2024 reached CNY 227,396,741.19, a significant increase of 61.5% compared to CNY 140,619,211.55 in the same period of 2023[17] - Operating profit for Q3 2024 was CNY 249,015,829.13, reflecting a 56.4% increase from CNY 159,335,085.01 in Q3 2023[17] - The total profit for Q3 2024 was CNY 249,980,029.93, up from CNY 158,514,675.04 in Q3 2023[17] Assets and Liabilities - The total assets of the company as of the end of Q3 2024 amounted to ¥3,286,165,068.21, an increase of 6.66% from the end of the previous year[2] - Current assets totaled ¥1,044,743,627.41 as of September 30, 2024, up from ¥920,669,331.89 at the end of 2023, reflecting a growth of 13.5%[14] - Total liabilities amounted to ¥1,574,797,656.23, an increase of 5.52% from ¥1,492,259,684.70 at the end of 2023[16] - Non-current assets totaled ¥2,241,421,440.80, an increase of 3.74% from ¥2,160,316,337.47 at the end of 2023[15] - Shareholders' equity totaled ¥1,711,367,411.99, reflecting an increase of 7.7% from ¥1,588,725,984.66 at the end of 2023[16] Cash Flow - The company reported a net cash flow from operating activities of ¥116,987,327.81 for the year-to-date period, showing a positive trend[2] - Cash flow from operating activities generated a net inflow of CNY 116,987,327.81, compared to a net outflow of CNY 11,512,056.70 in the same period last year[20] - The total cash inflow from investment activities was CNY 113,435,934.31, slightly down from CNY 122,855,661.14 in the previous year[20] - The net cash flow from investment activities was -¥37.72 million, an improvement from -¥170.42 million year-over-year[21] - Cash inflow from financing activities totaled ¥622.16 million, up from ¥421.26 million, representing an increase of approximately 47.7%[21] - The net cash flow from financing activities was -¥82.46 million, worsening from -¥37.63 million year-over-year[21] Shareholder Information - The company’s major shareholder, Zhang Qinghua, holds 156,019,500 shares, representing 35.53% of total shares[9] - The top ten shareholders include several investment funds, with the largest being the E Fund Healthcare Industry Mixed Securities Investment Fund, holding 14,936,807 shares (3.40%) at the end of the period[9] - The company’s stock performance shows a slight increase in the proportion of shares held by major shareholders from the beginning to the end of the period[9] - The company’s financial health remains stable, with no major changes in shareholder structure reported[10] Research and Development - Research and development expenses surged to CNY 103,389,362.79, up 80.9% from CNY 57,211,016.94 year-over-year[17] - The company’s subsidiary, Guangdong Fangsheng Rongda Pharmaceutical Co., is involved in the development of innovative drugs[10] - The company is expanding its market presence through strategic partnerships and acquisitions, including a significant stake in a healthcare investment firm[12] Legal and Regulatory Matters - The company is pursuing a legal case against Yunnan Fuya Biotechnology Co., seeking repayment of principal and interest totaling RMB 121 million[10] - The company’s financial report indicates no significant impact from the ongoing legal dispute with Yunnan Fuya Biotechnology Co.[10] - The company received approval for the clinical trial of its innovative traditional Chinese medicine, Yiqi Xiaoliu Granules, from the National Medical Products Administration[10] Investments and Acquisitions - The company approved the establishment of a subsidiary with a registered capital of 20 million RMB, contributing 11 million RMB, accounting for 55%[11] - The company signed an agreement to transfer 100% equity of a subsidiary for 2.2 million RMB[11] - The company plans to acquire 100% equity of a pharmacy with a registered capital of 10 million RMB, which has not yet been paid in[11] - The company signed a technology transfer agreement for a drug, receiving 30 million RMB for the ownership transfer[12] - The company agreed to a debt restructuring plan with a partner, with outstanding principal of 107.2 million RMB and interest of approximately 15.22 million RMB[12]

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法律责任。 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-088 湖南方盛制药股份有限公司 第五届监事会第十四次会议决议公告 特此公告 湖南方盛制药股份有限公司监事会 2024年10月29日 第 1 页，共 1 页 湖南方盛制药股份有限公司（以下简称"公司"）第五届监 事会第十四次会议于 2024 年 10 月 25 日 15:30 在公司办公大楼 一楼会议室（一）召开。会议通知已于 2024 年 10 月 14 日以书 面形式告知全体监事。本次会议由公司监事会主席肖满女士召集 并主持，会议应出席监事 3 人，实际出席监事 3 人。公司董事会 秘书列席了本次会议。本次会议召开符合法律、法规、规章及《公 司章程》的有关规定，会议合法、有效。会议审议并通过了《关 于公司 2024 年第三季度报告的议案》（表决情况：3 票同意，0 票反对，0 票弃权，表决通过）。 经审核,监 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 湖南方盛制药股份有限公司 章 程 （待提交公司股东大会审议） 2024 年 10 月 | 第一章 | 总 则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和经营范围 | 3 | | 第三章 | 股 份 | 3 | | 第四章 | 股东和股东大会 | 7 | | 第五章 | 董事会 | 27 | | 第六章 | 总经理及其他高级管理人员 | 37 | | 第七章 | 监事会 | 42 | | 第八章 | 财务会计制度、利润分配和审计 | 45 | | 第九章 | 通 知 | 49 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 50 | | 第十一章 | 修改章程 | 53 | | 第十二章 | 附 则 | 53 | 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 第一章 总 则 第一条 为维护湖南方盛制药股份有限公司(以下简称"公司"或"本公司")、公 司股东及债权人的合法权益，规范公司的组织和行为，根据 ...