Core Viewpoint - Hunan Fangsheng Pharmaceutical Co., Ltd. announced that its pediatric cough granules have successfully completed a Phase II clinical trial for treating acute bronchitis in adults, indicating potential for market expansion and increased revenue [1][2][6]. Group 1: Clinical Trial Information - The pediatric cough granules received clinical approval for adult acute bronchitis on March 11, 2022, with a total R&D expenditure of approximately 21.65 million RMB [1]. - The Phase II clinical trial involved 330 participants, randomized into high-dose (30g/day), low-dose (15g/day), and placebo groups, with results showing significant efficacy in reducing cough severity and improving related symptoms [6][7]. - The trial demonstrated that both high and low doses were more effective than the placebo, with no serious adverse events reported [6][7]. Group 2: Market Position and Financial Performance - The pediatric cough granules are the company's proprietary product and have generated nearly 90 million RMB in sales in 2024, marking a 73% increase [3][11]. - The market for cough and bronchitis medications includes competitors such as Kyoto Nishikyo's syrup and Taiji Group's products, with significant sales figures reported for these alternatives [4][3]. - The overall sales of cough and phlegm-relieving traditional Chinese medicine exceeded 15.8 billion RMB in the first half of 2024 across various healthcare settings [4]. Group 3: Future Outlook and Strategic Plans - The company plans to leverage the successful clinical trial results to enhance its product portfolio and expand market reach, focusing on innovative drug development [11][15]. - The strategic focus includes optimizing resource allocation and increasing the proportion of innovative drug revenue, which currently stands at 11% [11]. - Future growth is anticipated through the development of a diverse product matrix and improved operational efficiency, aiming for sustainable growth over the next 3-5 years [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue reaching 1.777 billion yuan, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 255.22 million yuan, up 36.61% [8] - The company has a diverse product matrix that supports stable performance, with significant growth in cardiovascular and anti-infection medications, while respiratory medications faced some pressure [8] - The dual strategy of "innovative drugs + centralized procurement drugs" is showing significant results, with key products like Xuanqi Jianguo tablets and pediatric cough granules experiencing substantial sales growth [8] Financial Summary - Total revenue forecast for 2024 is 1.777 billion yuan, with a projected growth rate of 9.15% [9] - Net profit attributable to shareholders is expected to be 255.22 million yuan in 2024, with a growth rate of 36.61% [9] - The earnings per share (EPS) is projected to be 0.58 yuan for 2024, with a price-to-earnings (P/E) ratio of 16.71 [9] - The company's gross margin is expected to improve to 71.85% in 2024, reflecting a 3.75 percentage point increase [8] - The net profit margin is projected to rise to 14.06% in 2024, an increase of 3.03 percentage points [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue reaching 1.777 billion yuan, a year-on-year increase of 9.15%, and a net profit attributable to shareholders of 255.22 million yuan, up 36.61% year-on-year [8] - The company has a diverse product matrix that supports stable performance, with significant growth in cardiovascular and anti-infection medications, while respiratory medications faced some pressure [8] - The dual strategy of "innovative drugs + centralized procurement drugs" is showing significant results, with key products like Xuanqi Jianguo tablets and pediatric cough granules experiencing substantial sales growth [8] Financial Summary - Total revenue forecast for 2024 is 1.777 billion yuan, with a projected growth rate of 9.15% [9] - The net profit attributable to shareholders is expected to be 255.22 million yuan in 2024, with a growth rate of 36.61% [9] - The earnings per share (EPS) is projected to be 0.58 yuan for 2024, with a price-to-earnings (P/E) ratio of 16.71 [9] - The gross profit margin for 2024 is expected to be 71.85%, reflecting a year-on-year increase of 3.75 percentage points [9] - The net profit margin is projected to improve to 14.06% in 2024, up 3.03 percentage points from the previous year [9]

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：2025-051 湖南方盛制药股份有限公司 关于2024年度暨2025年第一季度业绩暨现金分红 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 2025 年 4 月 29 日（星期二）上午 9:00—10:00 以网络 互动方式，通过上证路演中心召开 2024 年度暨 2025 年第一季度 业绩暨现金分红说明会，就公司 2024 年年度及 2025 年第一季度 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、财务总监曹湘琦女士、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， ...

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。 2025 年 4 月 29 日，湖南方盛制药股份有限公司（以下简称 "公司"）研发的小儿荆杏止咳颗粒取得了成人急性气管-支气 管炎（风寒化热证）的临床试验 II 期临床研究总结报告。为保证 所有投资者获取信息的公平、准确、完整，并及时了解公司经营 动态，根据上海证券交易所《上市公司行业信息披露指引第六号 ——医药制造》相关规定，公司现将有关内容公告如下： 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：2025-050 湖南方盛制药股份有限公司 关于小儿荆杏止咳颗粒成人急性气管-支气管炎（风 寒化热证）获得II期临床试验总结报告的公告 一、基本情况 药品名称：小儿荆杏止咳颗粒 剂型：颗粒剂 申报阶段：成人急性气管-支气管炎（风寒化热证）的 II 期 临床总结 临床批件号：2022LB00118 获得临床批复时间：2022 年 3 月 11 日 累计研发支出：约 2,16 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown impressive growth in operating performance, with a revenue of 1.777 billion yuan in 2024, representing a year-on-year increase of 9.15%. The net profit attributable to the parent company reached 255 million yuan, up 36.61% year-on-year [3][4] - The company is focusing on innovative traditional Chinese medicine, which is expected to enhance long-term competitiveness and growth potential [3][5] - The company has increased its profit forecasts for 2025-2027, expecting net profits of 308 million yuan, 378 million yuan, and 457 million yuan respectively [3][6] Financial Performance - In 2024, the company achieved a gross margin of 71.85%, an increase of 3.75 percentage points, and a net margin of 14.06%, up 3.03 percentage points [3][6] - The revenue from cardiovascular drugs was 530 million yuan, a growth of 37.95%, while revenue from respiratory drugs was 213 million yuan, up 18.87% [4][6] - R&D expenses increased by nearly 30% in 2024, totaling 139 million yuan, indicating a strong commitment to innovation [5][6] Earnings Forecast - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.70 yuan, 0.86 yuan, and 1.04 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.1, 11.5, and 9.5 [3][6] - The company expects a revenue growth of 14.3% in 2025, followed by 13.1% in 2026 and 13.9% in 2027 [6][8] R&D and Innovation - The company has established a comprehensive scientific management system for new drug development, integrating five major R&D platforms [5][6] - As of the end of 2024, one innovative traditional Chinese medicine product has been submitted for production approval, with five others in various clinical research stages [5][6]

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 会计师事务所选聘制度 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. （经公司第六届董事会第二次会议审议） 第一章 总则 第一条 为湖南方盛制药股份有限公司（以下简称"公司"） 选聘（含新聘、续聘、改聘，下同）会计师事务所相关行为，提 高财务信息质量，切实维护股东利益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上海证券交易所股票上市规 则》等相关的法律法规，证券监督管理部门的相关要求及《湖南 方盛制药股份有限公司章程》（以下称"《公司章程》"）的规 定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据有关 法律法规要求，聘任会计师事务所对本公司财务会计报告、内部 控制等发表审计意见、出具审计报告的行为。 公司选聘进行会计报表审计等业务的会计师事务所，需遵照 本制度的规定。选聘其他专项审计业务的会计师事务所，视重要 性程度可参照本制度执行。 第三条 公司选聘会计师事务所应由董事会 ...

| 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 增减(%) | 2022年 | | --- | --- | --- | --- | --- | | 营业收入 | 1,777,494,393.87 | 1,628,542,252.04 | 9.15 | 1,792,000,925.51 | | 归属于上市公司股 东的净利润 | 255,216,208.09 | 186,823,361.94 | 36.61 | 285,853,227.19 | | 归属于上市公司股 东的扣除非经常性 损益的净利润 | 193,089,411.89 | 133,527,499.83 | 44.61 | 106,521,668.55 | | 经营活动产生的现 金流量净额 | 194,947,438.56 | 87,537,942.80 | 122.70 | 301,625,891.42 | | | 2024年末 | 2023年末 | 本期末比上年同 期末增减（%） | 2022年末 | | 归属于上市公司股 东的净资产 | 1,622,965,416.79 | 1,458,093,676.18 | 11.31 ...

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：2025-046 湖南方盛制药股份有限公司 关于聘任证券事务代表的公告 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"公司"）于 2025 年 4 月 25 日召开第六届董事会第二次会议，审议通过了《关于 聘任证券事务代表的议案》，董事会同意聘任王超霞女士为公司 证券事务代表，协助董事会秘书开展日常工作，任期自本次董事 会审议通过之日起至第六届董事会届满之日止。 王超霞女士已取得上海证券交易所颁发的董事会秘书任职 培训证明，具备履行证券事务代表职责所必需的专业知识、工作 经验及相关素质，能够胜任相关岗位职责的要求，其任职符合《中 华人民共和国公司法》《上海证券交易所股票上市规则》等相关 法律法规和规范性文件的规定。 公司证券事务代表联系方式如下： 联系电话：0731-88997135 传真号码：0731-88908647 联系地址： ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 二、其他关联交易（单位：人民币万元） 证券代码：603998 证券简称：方盛制药 公告编号：2025-042 湖南方盛制药股份有限公司 关于确认公司 2024 年度关联交易实际发生额的公告 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。 一、2024 年日常关联交易预计及实际发生情况 1、2024 年日常关联交易预计情况 2024 年 1 月 31 日，公司召开第五届董事会 2024 年第一次 临时会议审议通过了《关于预计 2024 年度日常关联交易的议案》， 同意公司及全资/控股子公司拟与关联人或其全资/控股子公司发 生的年度技术服务、设备使用、房屋租赁等业务，涉及总金额为 人民币 779.84 万元。 | 关联交易方 | 关联关系 | 关联交易 | 关联交易定 | 关联交易 | 已履行的 | | --- | --- | --- | --- | --- | --- | | | | 类型 | 价原则 | 合同金额 | 审批 ...