Financial Performance - Revenue for the third quarter was 357.67 million yuan, a decrease of 3.30% year-over-year[2] - Net profit attributable to shareholders of the listed company for the third quarter was 95.20 million yuan, a decrease of 30.33% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached 1,088,322,409.18 RMB, a 17.97% increase compared to 922,528,504.47 RMB in the same period of 2023[14] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 283,794,989.04 RMB, up 22.03% from 232,546,693.99 RMB in the same period of 2023[17] - Basic earnings per share for the third quarter were 0.24 yuan, a decrease of 27.27% year-over-year[4] - Diluted earnings per share for the third quarter were 0.22 yuan, a decrease of 33.33% year-over-year[4] - Basic earnings per share for the first three quarters of 2024 were 0.70 RMB, up from 0.57 RMB in the same period of 2023[17] - Weighted average return on equity (ROE) for the third quarter was 4.49%, a decrease of 3.72 percentage points year-over-year[4] - The decrease in net profit was mainly due to the absence of gains from the disposal of subsidiaries compared to the same period last year[7] Assets and Liabilities - Total assets as of the end of the reporting period were 3.69 billion yuan, an increase of 43.36% compared to the end of the previous year[4] - Total assets as of the end of Q3 2024 reached 3,690,915,800.95 RMB, a 43.37% increase compared to 2,574,610,570.52 RMB at the end of Q3 2023[14] - Total liabilities as of the end of Q3 2024 stood at 1,422,707,189.31 RMB, a significant increase from 607,025,380.82 RMB at the end of Q3 2023[14] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 2,268,208,611.64 RMB, a 15.28% increase from 1,967,585,189.70 RMB at the end of Q3 2023[14] - The increase in total assets was primarily due to the receipt of funds from convertible bonds and continuous investment in construction projects[8] Cash Flow - Net cash flow from operating activities for the period was 301.49 million yuan, an increase of 4.36% year-over-year[4] - Net cash flow from operating activities increased to 301,485,784.55 RMB, a 4.4% rise from 288,896,804.19 RMB in the previous year[18] - Total cash inflows from operating activities rose to 1,301,821,169.39 RMB, a 31.4% growth from 990,541,950.70 RMB in 2023[18] - Cash inflows from investment activities grew significantly to 232,663,738.42 RMB, a 259.3% increase from 64,749,351.07 RMB in 2023[18] - Cash outflows for investment activities surged to 825,521,567.15 RMB, a 316.4% jump from 198,260,528.31 RMB in the previous year[18] - Net cash flow from financing activities skyrocketed to 736,301,362.00 RMB, a massive increase from 3,004,165.97 RMB in 2023[19] - The company's cash and cash equivalents balance at the end of the period reached 856,975,209.89 RMB, up 69.8% from 504,574,923.07 RMB in 2023[19] - The company invested 438,220,122.15 RMB in fixed assets, intangible assets, and other long-term assets, a 125.8% increase from 194,045,508.31 RMB in 2023[18] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 8,992[9] - Zhejiang Tongben Investment Co., Ltd. holds 153,583,200 shares, accounting for 37.81% of the total shares[9] - Chu Yizhou holds 112,294,800 shares, accounting for 27.65% of the total shares[9] - Liu Meihua holds 16,513,200 shares, accounting for 4.07% of the total shares[9] - Qiu Peijing holds 11,178,000 shares, accounting for 2.75% of the total shares[9] - Tiantai Borong Investment Partnership holds 9,907,200 shares, accounting for 2.44% of the total shares[9] - Qiu Weihong holds 9,841,500 shares, accounting for 2.42% of the total shares, with 1,950,000 shares pledged[9] - Li Jianwen holds 6,984,000 shares, accounting for 1.72% of the total shares[9] - Tiantai Boen Investment Management Partnership holds 6,606,000 shares, accounting for 1.63% of the total shares[9] - China Bank Co., Ltd. - Huaxia Industry Prosperity Mixed Securities Investment Fund holds 4,987,442 shares, accounting for 1.23% of the total shares[9] Expenses and Costs - R&D expenses for the first three quarters of 2024 amounted to 105,370,544.25 RMB, a 10.01% increase compared to 95,784,972.98 RMB in the same period of 2023[16] - Operating costs for the first three quarters of 2024 were 764,635,750.47 RMB, a 10.40% increase compared to 692,605,370.46 RMB in the same period of 2023[16] - Sales expenses for the first three quarters of 2024 were 89,328,569.25 RMB, a 32.88% increase compared to 67,241,436.28 RMB in the same period of 2023[16] - The company's financial expenses showed a net income of 11,853,382.66 RMB in the first three quarters of 2024, compared to 7,357,470.96 RMB in the same period of 2023[16] - Cash outflows for purchasing goods and services jumped to 531,081,368.60 RMB, up 57.8% from 336,469,567.06 RMB in 2023[18] Non-Recurring Items - Non-recurring gains and losses for the period amounted to 744,316.34 yuan[6] Sales and Revenue - Sales revenue from goods and services received in cash increased to 1,134,032,793.23 RMB, up 29.3% compared to 876,966,095.44 RMB in the same period last year[18] - Tax refunds received surged to 128,340,307.36 RMB, a 109.5% increase from 61,258,280.88 RMB in the previous year[18]

法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 奥锐特药业股份有限公司 2022 年限制性股票激励计划 第二个解除限售期解除限售及调整回购价 格相关事项 的法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 GrandallBuilding,No.2＆No.15,BlockB,BaitaPark,OldFuxingRoad,Hangzhou,Zhejiang310008,China 电话/Tel：（+86）（571）85775888 传真/Fax：（+86）（571）85775643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年十月 法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 奥锐特药业股份有限公司 2022 年限制性股票激励计划 第二个解除限售期解除限售及调整回购价格相关事 项 的法律意见书 致：奥锐特药业股份有限公司 根据奥锐特药业股份有限公司（以下简称"奥锐特"或"公司"）与国浩律 师（杭州）事 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-059 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于公司 2022 年限制性股票激励计划第二个解除限售 期解除限售条件成就暨上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,078,000 股。 本次股票上市流通总数为 2,078,000 股。 本次股票上市流通日期为 2024 年 11 月 7 日。 奥锐特药业股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召开第 三届董事会第九次会议，审议通过了《关于公司 2022 年限制性股票激励计划第二 个解除限售期解除限售条件成就的议案》，关联董事彭志恩和李金亮已回避表决， 会议表决结果：7 票同意，0 票反对，0 票弃权。根据公司《2022 年限制性股票激 励计划（草案）》（以下简称"激励计划"）和公司 2022 年第一次临时股东大会的 授权，现就相关事项说明如下： 一、限 ...

奥锐特药业股份有限公司 第三届董事会第一次独立董事专门会议决议 奥锐特药业股份有限公司（以下简称"公司"）第三届董事会第一次独立 董事专门会议于 2024 年 10 月 24 日以通讯会议的方式召开，本次会议的通知 于 2024 年 10 月 21 日以邮件方式送达全体独立董事。 本次会议应出席独立董事 3 人，实际出席独立董事 3 人，经公司全体独立 董事推举，由独立董事陈应春先生主持，本次会议的召集和召开程序符合《上 市公司独立董事管理办法》《奥锐特药业股份有限公司独立董事专门会议工作 制度》等相关规定，会议形成的决议合法有效。会议通过如下决议： 一、审议通过《关于公司 2022 年限制性股票激励计划第二个解除限售期 解除限售条件成就的议案》 经审议，我们认为： 3、公司《激励计划》对各激励对象获授限制性股票的解锁安排未违反相 关法律法规的规定，未损害公司及全体股东的利益。 综上，我们同意公司对 85 名激励对象获授的限制性股票在激励计划第二 个限售期届满后按规定解除限售。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、审议通过《关于对公司 2022 年限制性股票激励计划授予的激励股份 回购价 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-057 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 第三届董事会第九次会议决议公告 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法律责任。 一、董事会会议召开情况 表决结果：同意 7 票，反对 0 票，弃权 0 票。关联董事彭志恩、李金亮 已回避表决。 奥锐特药业股份有限公司（以下简称"公司"）第三届董事会第九次会议于 2024 年 10 月 24 日在公司会议室以现场结合通讯方式召开。本次会议的通知于 2024 年 10 月 21 日以邮件方式送达全体董事、监事及高级管理人员，会议由董 事长彭志恩召集并主持，应到董事 9 人，实到董事 9 人。 本次会议的通知、召开、表决程序符合《中华人民共和国公司法》《奥锐特 药业股份有限公司章程》以及相关法律、法规的有关规定，会议形成的决议合 法有效。 二、董事会会议审议情况 1、审议通过《关于公司 2022 年限制性股票激励计划第二个解除限售期解 除限售条件成就的议案》 根据《上市公司股权激励管理办法》、公司 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-058 债券代码：111021 债券简称：奥锐转债 本次会议的通知、召开、表决程序符合《中华人民共和国公司法》《奥锐特 药业股份有限公司章程》以及相关法律、法规的有关规定，会议形成的决议合法 有效。 二、监事会会议审议情况 参会监事对相关议案进行了充分讨论，以现场结合通讯方式通过以下议案， 形成决议如下： （一）审议通过《关于公司 2022 年限制性股票激励计划第二个解除限售期 解除限售条件成就的议案》 第三届监事会第九次会议决议公告 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。 一、 监事会会议召开情况 奥锐特药业股份有限公司（以下简称"公司"）第三届监事会第九次会议于 2024 年 10 月 24 日在公司会议室以现场结合通讯方式召开。本次会议的通知于 2024 年 10 月 21 日以邮件方式送达全体监事及相关人员，会议由监事会主席金 平召集并主持，应到监事 3 人，实到监事 3 人。 奥锐特药业股份有限公司 经审议，监事会认为：鉴于公司 2022 年度限制 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-056 债券代码：111021 债券简称：奥锐转债 已履行的审议程序：奥锐特药业股份有限公司（以下简称"公司"或"奥 锐特"）于 2024 年 8 月 27 日召开第三届董事会第八次会议及第三届监事会第八 次会议分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同 意公司及子公司使用闲置募集资金不超过人民币 3 亿元进行现金管理，上述额度 可以滚动使用，自第三届董事会第八次会议审议通过之日起 12 个月内有效，并 授权公司管理层在上述额度内行使决策权，具体事项由公司财务部负责组织实施。 具体内容详见公司于 2024 年 8 月 29 日披露于上海证券交易所网站 （www.sse.com.cn）的《奥锐特药业股份有限公司关于使用部分闲置募集资金进 行现金管理的公告》（公告编号：2024-047）。 特别风险提示：尽管本次公司选择的现金管理产品属于保本型理财产品， 但金融市场受宏观经济、财政及货币政策的影响较大，不排除相关投资可能受到 市场波动的影响，从而影响预期收益。敬请广大投资者注意投资风险。 本公司董事会及全体董事保证本公告内容不存在 ...

证券代码：605116 证券简称：奥锐特 公告编号：2024-055 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 公告 单位：人民币万元 特此公告。 奥锐特药业股份有限公司董事会 2024 年 10 月 9 日 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。 奥锐特药业股份有限公司（以下简称"公司"或"奥锐特"）于 2024 年 8 月 27 日召开第三届董事会第八次会议及第三届监事会第八次会议分别审议通过 了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司及子公司使用 闲置募集资金不超过人民币 3 亿元进行现金管理，上述额度可以滚动使用，自第 三届董事会第八次会议审议通过之日起 12 个月内有效，并授权公司管理层在上 述额度内行使决策权，具体事项由公司财务部负责组织实施。具体内容详见公司 于 2024 年 8 月 29 日披露于上海证券交易所网站（www.sse.com.cn）的《奥锐特 药业股份有限公司关于使用部分闲置募集资金进行现金管理的公告》 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company achieved a net profit attributable to shareholders of 189 million yuan in the first half of 2024, representing a year-on-year increase of 96.66%. The total revenue for the same period was 731 million yuan, up 32.21% year-on-year [5] - The gross profit margin for the company was 57.02%, an increase of 7.23 percentage points year-on-year, while the net profit margin was 25.81%, up 8.29 percentage points year-on-year [5] - The rapid market penetration of Dydrogesterone tablets is supported by an optimized distributor network and a professional academic team for promotion, with sales revenue reaching approximately 92.48 million yuan in the first half of 2024 [5] - The company is progressing well with its raw material production capacity, having raised 812 million yuan through convertible bonds for various production projects [5] Financial Performance - The company forecasts revenues of 1.638 billion yuan, 2.044 billion yuan, and 2.423 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 393 million yuan, 530 million yuan, and 643 million yuan for the same years [6][10] - The earnings per share (EPS) are projected to be 0.97 yuan, 1.31 yuan, and 1.58 yuan for 2024, 2025, and 2026 respectively [6][10] - The gross margin is expected to improve to 59.3% in 2024 and further to 61.4% in 2025 [10] Market Comparison - The company is compared with peers such as Tonghua Dongbao Pharmaceutical, Xianju Pharmaceutical, and Huahai Pharmaceutical, with a projected P/E ratio of 30-32x for 2024, indicating a reasonable value range of 29.02 to 30.95 yuan per share [6][9]

Investment Rating - The report initiates coverage on Aurobindo Pharma with a "Buy" rating, citing a 10 99% upside potential to the target market value of 9 1 billion RMB based on a PEG valuation of 0 75x [6][54] Core Views - Aurobindo Pharma has established six major technological innovation platforms, including biofermentation, complex synthesis, synthetic biology, photochemistry, crystal research, and oligonucleotide synthesis, which support its transition from small molecules to peptides and oligonucleotides [3] - The company's first formulation, Dydrogesterone, was approved in June 2023, marking a significant breakthrough in its "API + Formulation" integrated strategy [3] - Aurobindo Pharma has a diversified product portfolio covering six core therapeutic areas: cardiovascular, oncology, women's health, respiratory, nervous system, and anti-infectives, with strong performance in cardiovascular, oncology, and women's health segments [3] - The company is focusing on the "API + Formulation" integration strategy and is proactively laying out oligonucleotide business for long-term growth potential [4] Financial Projections - Revenue is expected to grow from 16 03 billion RMB in 2024 to 24 14 billion RMB in 2026, with a CAGR of 23 47% [4][6] - Net profit is projected to increase from 3 83 billion RMB in 2024 to 6 63 billion RMB in 2026, with a CAGR of 31 5% [4][6] - Gross margin is forecasted to improve from 58 8% in 2024 to 61 7% in 2026, driven by the formulation business [4][6] Business Segments - The API and intermediates segment accounted for 83 87% of total revenue in 2023, with cardiovascular, oncology, and women's health products showing strong growth [3][23] - The formulation segment, currently represented by Dydrogesterone, is expected to grow rapidly with the launch of Abiraterone Acetate, Enzalutamide, and Estradiol/Dydrogesterone combination tablets [4][7] - The trade and other businesses are relatively small, with combined revenues expected to grow from 1 26 billion RMB in 2024 to 1 55 billion RMB in 2026 [7] Strategic Initiatives - Aurobindo Pharma is expanding its production capacity with new facilities and projects, including a 300kg Semaglutide API production line and a 3 billion Estradiol/Dydrogesterone combination tablet production line [31][32] - The company is investing in oligonucleotide technology, with a dedicated platform and team to support the development of nucleic acid drugs [45][47] - Aurobindo Pharma has a robust R&D pipeline, including Semaglutide, Finerenone, and other innovative APIs and formulations, with significant progress in synthetic biology and process optimization [35][37]