2024年12月17日，全国高新技术企业认定管理工作领导小组 办公室发布了《对广东省认定机构2024年认定报备的第二批高新 技术企业进行备案的公告》。湖南方盛制药股份有限公司（以下 简称"公司"）全资子公司广东方盛健盟药业有限公司（以下简 称"方盛健盟"）被认定为高新技术企业，证书编号为 GR202444006126，发证时间为2024年11月28日，有效期三年。 根据国家相关规定，本次通过高新技术企业认定后，方盛健 盟将连续三年享受国家关于高新技术企业的所得税优惠政策，即 按15%的税率缴纳企业所得税，本次方盛健盟通过高新技术企业 认定事项不会对公司当期经营业绩产生重大影响。 方盛健盟此次被认定为高新技术企业，有利于进一步提升创 新能力、增强市场竞争力。 特此公告 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：2024-094 湖南方盛制药股份有限公司 关于全资子公司被认定为高新技术企业的公告 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、 ...

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：2024-093 湖南方盛制药股份有限公司 关于公司参与投资设立的并购基金合伙人合伙份额 发生变动的提示性公告 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12月13日，湖南方盛制药股份有限公司（以下简称"方 盛制药"或"公司"）收到珠海横琴中科建创投资合伙企业（有 限合伙）（以下简称"中科建创"）《告知函》，中科建创同意 广州迈普再生医学科技股份有限公司（以下简称"迈普科技"） 以3,000万元认购其新增的2,649万元合伙份额，公司放弃了优先 受让权。现将有关情况公告如下： 一、本次合伙份额变动基本情况 迈普科技以3,000万元认购中科建创新增的2,649万元合伙 份额（认缴出资2,649万元），其他合伙人均同意放弃优先受让 权。 二、合伙份额持有情况 第 2 页，共 2 页 本次合伙份额认购后，中科建创合伙份额持有情况如下： 第 1 页，共 2 页 ...

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：2024-092 湖南方盛制药股份有限公司 关于控股股东部分股份解除质押的公告 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。 重要内容提示: ●湖南方盛制药股份有限公司（以下简称"公司"）控股股东暨实际控制人张庆华 先生办理完成了244万股（占公司总股本的0.56%）公司股份解除质押手续； ●截至本公告披露日，张庆华先生直接持有公司的股份总数为156,019,500股，占 公司股份总数（439,124,060股）的35.53%；张庆华先生质押的公司股份总数为 79,115,200股，占其直接持有公司股份总数的50.71%，占公司股份总数的18.02%；张 庆华先生控股的湖南开舜投资咨询有限公司之控股子公司泰州共生创业投资管理有限 公司（以下简称"共生投资"）持有公司股份数为9,131,807股，共生投资质押的公司 股份总数为0股；综上，张庆华先生及其一致行动人共生投资 ...

Summary of Conference Call Notes Company Overview - The company discussed is Fangsheng Pharmaceutical, which focuses on innovative traditional Chinese medicine (TCM) [1][3] - The company has shifted its focus to the pharmaceutical industry, particularly innovative TCM, after acquiring Jiangxi Tengwangge Pharmaceutical in 2021 and further developing its R&D capabilities in 2022 [3] Industry Insights - The TCM industry is experiencing significant policy support from the government, with numerous initiatives aimed at promoting TCM development since 2019 [8][9] - The market for TCM, particularly innovative TCM, is expected to grow significantly, with projections indicating a market size of 180 billion yuan by 2026 for cardiovascular diseases [16] Financial Performance - The company has maintained a steady growth rate of approximately 20% from 2014 to 2022, although 2023 revenue decreased by 9.12% due to the divestiture of certain business segments [5] - In the first three quarters of 2023, the company achieved an 11% year-on-year revenue growth, with a profit growth rate of 60% [6] - The gross profit margin has improved to 73% in 2024, indicating strong operational efficiency [7] Product Portfolio - Key therapeutic areas include cardiovascular, musculoskeletal, respiratory, and pediatric medications, with significant revenue contributions from cardiovascular products [6][7] - Notable products include Xuanji Jiangu Pian and Xiaoer Qingxing Zhi Ke Granules, both of which have shown substantial sales growth after being included in the national medical insurance directory [20][22] R&D and Innovation - The company emphasizes its R&D capabilities as a core competitive advantage, with a robust pipeline of innovative TCM products [19] - The number of new drug applications for TCM has surged, with 62 applications in 2023, reflecting a growing trend in TCM innovation [11] Market Position and Competitive Landscape - The company has a significant market presence, with its cardiovascular products achieving a market share of approximately 25% in public hospitals [17] - The company’s products are increasingly being adopted in public healthcare institutions, with coverage expanding to over 1,000 hospitals for certain key products [20] Future Outlook - The company anticipates continued growth driven by its focus on innovative TCM and the supportive regulatory environment [10][15] - The upcoming adjustments to the national essential drug list are expected to further benefit the company’s product offerings [14] Valuation and Investment Potential - The company’s estimated fair market value is approximately 6.364 billion yuan, with a target stock price of 14.49 yuan, indicating a potential upside of over 30% from current levels [26] Additional Notes - The management team has extensive experience in the pharmaceutical industry, which enhances the company's operational capabilities [4] - The company is actively engaging with investors for further discussions and insights into its strategic direction and performance [27]

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 ...