Financial Performance - The company reported a revenue of ¥2,808.44 million for 2024, representing a year-on-year increase of 0.93% compared to ¥2,782.70 million in 2023[23]. - Net profit attributable to shareholders decreased by 27.72% to ¥268.48 million in 2024 from ¥371.45 million in 2023, primarily due to changes in product sales structure and increased project costs[24]. - The net cash flow from operating activities fell sharply by 76.35% to ¥146.50 million in 2024, down from ¥619.47 million in 2023, attributed to increased accounts receivable and inventory[25]. - Total assets increased by 13.18% to ¥6,992.03 million at the end of 2024, compared to ¥6,177.68 million at the end of 2023, driven by ongoing project construction and profitability[25]. - Basic earnings per share decreased by 28.00% to ¥0.90 in 2024 from ¥1.25 in 2023[24]. - The weighted average return on equity dropped to 8.55% in 2024 from 13.50% in 2023, indicating a decline in profitability[24]. - The company reported a significant decrease in net cash flow from operating activities, down 76.35% to ¥146 million RMB[73]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling approximately 151.52 million RMB, which represents 56.44% of the net profit attributable to shareholders for the year 2024[6]. - The final dividend plan for 2023 is to distribute a cash dividend of 7 RMB per 10 shares (including tax), totaling 164.22532 million RMB based on a total share capital of 23,460.76 million shares[191]. - The company has established a three-year shareholder return plan (2022-2024) prioritizing cash dividends, with a minimum cash distribution of 30% of distributable profits if certain conditions are met[192][193]. - The cash dividend policy allows for a minimum cash distribution of 80% during mature phases without major capital expenditures, and 40% if there are significant expenditures[193]. - The company reported a cash dividend amount of 151.524 million RMB, which represents 56.44% of the net profit attributable to ordinary shareholders in the consolidated financial statements[197]. - Over the last three accounting years, the cumulative cash dividend and repurchase amount is 399.21 million RMB, with an average annual net profit of 309.457 million RMB, resulting in a cash dividend ratio of 129%[200]. Governance and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The board of directors and supervisory board members have all attended the board meeting, ensuring governance compliance[4]. - The company has not faced any issues with more than half of the directors being unable to guarantee the authenticity of the annual report[9]. - The company has not violated decision-making procedures for providing guarantees[9]. - The company ensured compliance with information disclosure obligations, maintaining transparency and accuracy in reporting[152]. - The board of directors operates independently from the controlling shareholder, ensuring effective governance[150]. - The supervisory board effectively monitored the company's financial activities and major operational decisions[151]. Market and Product Development - The company plans to continue focusing on the Zhoushan project and enhancing its product offerings to improve profitability in the coming years[25]. - The company has established a sales team of over 100 people, enhancing its market development and training system[33]. - The company’s main products include xylitol, sorbitol, maltitol, erythritol, and fructose syrup, which are widely used in food, beverage, pharmaceutical, and daily chemical industries[56]. - The company is expanding its production scale with a new project in Zhoushan, aiming for an annual capacity of 200,000 tons[66]. - The company plans to expand its market presence by entering new regions and enhancing its product offerings, focusing on innovative drug development[158]. - The company aims to enhance its core competitiveness and brand image through technological advancements and management innovations, aspiring to become a leading supplier of functional sugar alcohols and application technology solutions globally[122]. Research and Development - Research and development expenses increased by 3.33% to 128 million RMB, reflecting a commitment to innovation[73]. - The company employs a project responsibility system for R&D, focusing on continuous improvement of existing products and the development of new products[58]. - The company will strengthen its R&D capabilities by establishing advanced research centers and enhancing collaboration with universities and research institutions to drive innovation[126]. - As of December 31, 2024, the company has obtained 285 authorized patents, including 80 invention patents, and will continue to focus on intellectual property protection to support its innovation efforts[127]. Risks and Challenges - The company faces risks from price fluctuations of key products like xylitol and erythritol, which could impact profit levels[137]. - The company is exposed to raw material price volatility risks, particularly for corn starch and xylitol, which could adversely affect performance[138]. - The company anticipates challenges in digesting the new production capacity of 1.0538 million tons from the Zhoushan project[139]. - The company recognizes the risk of intensified market competition as larger firms may leverage economies of scale to increase market share[140]. - The company is subject to environmental risks due to potential changes in regulations that may increase compliance costs[142]. Acquisitions and Investments - The company is in the process of acquiring 100% equity of Yuxin Sugar Alcohol, which will become a wholly-owned subsidiary[41]. - The company plans to issue convertible bonds worth 1.303 billion yuan to support the corn processing project[41]. - The company plans to acquire 100% equity of Zhejiang Jinggong Agricultural Development Co., Ltd.[165]. - The company is pursuing the acquisition of 100% equity in Yuxin Sugar Alcohol to enhance its industry chain and market share[136]. Employee and Management - The company has a total of 2,078 employees, with 1,067 in the parent company and 1,011 in major subsidiaries[180]. - The workforce includes 1,458 production personnel, 106 sales personnel, 307 technical personnel, and 100 management personnel[180]. - The company has a training plan focused on enhancing employee skills and capabilities to meet both corporate and personal development needs[183]. - The company plans to accelerate talent recruitment and enhance training systems to build a professional and efficient management and technical team[131].

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-021 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 第六届董事会第二十九次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 浙江华康药业股份有限公司（以下简称"公司"）第六届董事会第二十九次 会议于 2025 年 2 月 26 日以现场与通讯相结合的方式召开，本次会议通知于 2025 年 2 月 16 日以通讯方式向全体董事发出。本次会议应出席董事 9 名，实际出席 董事 9 名。公司董事长陈德水先生主持会议，本次会议的召集、召开符合《公司 法》和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年度总经理工作报告的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于公司 2024 年度董事会工作报告的议案》 表决情况：同意 9 票，反对 0 票， ...

华康股份第六届董事会第四次独立董事专门会议 浙江华康药业股份有限公司 我们同意将关于确认公司2024年度日常关联交易及2025年日常关联交易预 计情况的议案提交公司董事会审议。 二、审议通过《关于续聘 2025 年度审计机构的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票 我们认为：天健会计师事务所（特殊普通合伙）（以下简称"天健"）具备 证券服务业务从业资格，具备为上市公司提供审计服务的经验、专业胜任能力和 投资者保护能力；在为公司提供审计服务工作期间，一直恪尽职守，遵循独立、 客观、公正的职业准则，从会计专业角度维护公司与股东利益；续聘审议程序合 法、合规，鉴于天健已多年执行本公司年度审计业务，一直以来为公司提供了优 质的服务，为此我们同意续聘其为公司 2025 年度外部审计机构并提交董事会审议。 （以下无正文，下接签字页） 华康股份第六届董事会第四次独立董事专门会议 第六届董事会第四次独立董事专门会议决议 浙江华康药业股份有限公司（以下简称"公司"）第六届董事会第四次独立 董事专门会议于 2025 年 2 月 25 日上午在公司会议室召开，会议出席独立董事 3 人，实际出席独立董事 3 人。 ...

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-010 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于公司 2024 年度利润分配预案的公告 利润分配及转增比例：每 10 股派发现金红利 5 元（含税），每 10 股以资 本公积金转增 0 股 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 一、利润分配及公积金转增股本预案情况 经天健会计师事务所（特殊普通合伙）审计，截止 2024 年 12 月 31 日，浙江 华康药业股份有限公司（以下简称"公司"或"华康股份"）期末可供分配的利 润（母公司报表口径）为 116,670.36 万元。经公司第六届董事会第二十九次会议 决议，公司 2024 年度拟以实施权益分派股权登记日登记的总股本为基数分配利 润。公司 2024 年年度利润分配预案如下： 公司拟向全体股东每 10 股派发现金红利 5 元（含税），截至 2025 年 2 月 20 日公司总股本为 30,588.0934 万股，扣除公司拟回购注销的限制 ...

股票简称：华康股份 股票代码：605077 债券简称：华康转债 债券代码：111018 东方证券股份有限公司 关于 浙江华康药业股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） 债券受托管理人 东方证券股份有限公司 （上海市黄浦区中山南路 119 号） 二零二五年二月 1 （一）债券名称：华康股份向不特定对象发行可转换公司债券 （二）债券简称：华康转债 （三）债券代码：111018 （四）债券类型：可转换公司债券 （五）发行规模：人民币 130,302.30 万元 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《浙 江华康药业股份有限公司与东方证券股份有限公司关于向不特定对象发行可转 换公司债券至受托管理协议》（以下简称"《受托管理协议》"）、《浙江华康药业 股份有限公司向不特定对象发行可转换公司债券证券募集说明书》（以下简称 "《募集说明书》"）、《浙江华康药业股份有限公司 2023 年年度报告》等相关公 开信息披露文件、第三方中介机构出具的专业意见等，由本期可转换公司债券受 托管理人东方证券股份有限公司（以下简称"东方证券"）编制。 ...

Investment Rating - The report assigns an "Outperform" rating to Huakang Co., Ltd. (605077.SH) for the first time [4]. Core Views - Huakang Co., Ltd. is a leading enterprise in the functional sugar alcohol industry, with a new project in Zhoushan initiating a second growth curve for the company [1][2]. - The demand for functional sugar alcohols is continuously growing, driven by increasing health awareness and diabetes prevalence globally [2][37]. - The company is expanding its product range and enhancing its supply chain through the Zhoushan project, which focuses on deep processing of corn [3][23]. Company Overview - Huakang Co., Ltd. specializes in the production and sales of various functional sugar alcohols, with main products including xylitol, sorbitol, maltitol, and fructose syrup [1][17]. - The company has established a strong customer base, including well-known brands such as Mars, Coca-Cola, and Pepsi [1][17]. - The current production capacity includes 195,000 tons of crystalline functional sugar alcohols and 100,000 tons of fructose syrup, positioning the company among the top in the industry [1][17]. Market Trends - The global market for functional sugar alcohols was valued at $3.83 billion in 2023 and is projected to reach $6.53 billion by 2032, with a CAGR of 6.52% [2]. - In China, the production of functional sugar alcohols exceeded 1.7 million tons in 2023, with a CAGR of 8.9% from 2017 to 2023 [2]. Financial Forecast and Valuation - Revenue projections for Huakang Co., Ltd. are estimated at 2.945 billion, 3.668 billion, and 4.407 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 5.8%, 24.6%, and 20.2% [4][8]. - The expected net profit for the same years is projected to be 258 million, 396 million, and 494 million yuan, with corresponding EPS of 0.84, 1.30, and 1.62 yuan [4][8]. - The reasonable valuation range for the company is estimated to be between 15.60 and 17.71 yuan, indicating a potential upside of 12% to 27% compared to the current stock price of 14.28 yuan [4].

Investment Rating - The report assigns an "Outperform the Market" rating for Huakang Co., Ltd. (605077.SH) [4] Core Viewpoints - Huakang Co., Ltd. is a leading enterprise in the functional sugar alcohol industry, with a significant market presence and a new project in Zhoushan that is expected to initiate a second growth curve for the company [1][2] - The global functional sugar alcohol market is projected to grow from USD 3.83 billion in 2023 to USD 6.53 billion by 2032, with a compound annual growth rate (CAGR) of 6.52% [2] - The company is expanding its production capacity and product range through the Zhoushan "1 million tons corn deep processing" project, which is expected to enhance its supply chain and product offerings [3][23] Company Overview - Huakang Co., Ltd. specializes in the production and sales of various functional sugar alcohols, with main products including xylitol, sorbitol, maltitol, and fructose syrup, which are widely used in food, beverage, and daily chemical industries [1][17] - The company has established a strong customer base, including well-known brands such as Mars, Mondelez, Ferrero, Coca-Cola, and Pepsi [1][17] - The current production capacity includes 195,000 tons of crystalline functional sugar alcohols and 100,000 tons of fructose syrup, positioning the company among the top in the industry [1][17] Market Trends - The demand for functional sugar alcohols is continuously increasing due to rising health awareness and the growing prevalence of diabetes, leading to a higher penetration rate of sweeteners in the sugar market [2][37] - The company’s main products, including xylitol and crystalline sorbitol, have leading production capacities in China, with xylitol and crystalline sorbitol being the top in the country [2][3] Financial Forecast and Valuation - The company is expected to achieve revenues of CNY 29.45 billion, CNY 36.68 billion, and CNY 44.07 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 5.8%, 24.6%, and 20.2% [4][8] - The projected net profit for the same years is CNY 2.58 billion, CNY 3.96 billion, and CNY 4.94 billion, with corresponding year-on-year changes of -30.7%, +53.8%, and +24.8% [4][8] - The estimated reasonable valuation for the company is between CNY 15.60 and CNY 17.71, indicating a potential upside of 12% to 27% compared to the current stock price of CNY 14.28 [4]

| 证券代码：605077 | 证券简称：华康股份 公告编号：2025-007 | | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | 2024 年 11 月 30 日，公司在指定信息披露媒体披露了《浙江华康药业股份有 限公司关于披露发行股份及支付现金购买资产暨关联交易预案后的进展公告》 （公告编号：2024-097）。 浙江华康药业股份有限公司 关于披露发行股份及支付现金购买资产暨关联交易预案后的 进展公告 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个别及连带责任。 一、本次交易的基本情况 浙江华康药业股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金相结合的方式购买河南豫鑫糖醇有限公司（以下简称"豫鑫糖醇"）100%的股 权（以下简称"本次交易"）。本次交易完成后，豫鑫糖醇将成为公司的全资子 公司。截至本公告披露日，本次交易的审计及评估工作尚未完成，标的资产估值 及定价尚未确定，本次交易预计不构成重大资产重组或重组上市，预计构成关联 交易。 二、本次交易的进展情况 根据上海证券交易所相关规 ...

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 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个别及连带责任。 重要内容提示： 截至 2025 年 1 月 23 日收盘，公司股票在连续 30 个交易日中已有 15 个 交易日的收盘价低于当期转股价格 16.89 元/股的 85%（即 14.36 元/股），触发了 "华康转债"的转股价格修正条款。经公司第六届董事会第二十八次会议审议通过， 本次触发向下修正条款公司不向下修正"华康转债"的转股价格。 一、可转债基本情况 经中国证券监督管理委员会出具的《关于同意浙江华康药业股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2739 号）同意， 浙江华康药业股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日向不特定对 象发行可转换公司债券，发行规模 130,302.30 万元（13,030,230 张，1,303 ...

| 证券代码：605077 | 证券简称：华康股份 公告编号：2025-004 | | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | 浙江华康药业股份有限公司 关于"华康转债"预计满足转股价格修正条件的提示性公告 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个别及连带责任。 一、可转债发行上市概况 经中国证券监督管理委员会出具的《关于同意浙江华康药业股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2739 号）同意， 浙江华康药业股份有限公司（以下简称"公司"）于 2023 年 12 月 25 日向不特 定对象发行可转换公司债券，发行规模 130,302.30 万元（13,030,230 张， 1,303,023 手），每张面值 100 元。发行票面利率为第一年 0.20%、第二年 0.40%、 第三年 0.80%、第四年 1.50%、第五年 2.00%、第六年 2.50%，本次发行的可转债 期限为自发行之日起不超过 6 年，即自 2023 年 12 月 25 日至 20 ...