Investment Rating - The report indicates a positive outlook for the pharmaceutical raw materials sector, highlighting a significant profit growth in Q1 and an expected improvement in industry supply and demand dynamics [3][4]. Core Insights - The pharmaceutical raw materials sector experienced a revenue of CNY 1176.77 billion in 2024, a year-on-year increase of 6.74%, with a net profit of CNY 150.46 billion, reflecting a growth of 27.89% [3][4][21]. - In Q1 2025, the sector's revenue was CNY 295.46 billion, a slight decline of 0.48% year-on-year, but net profit increased by 20.87% to CNY 45.62 billion [3][4][21]. - The report emphasizes that the rapid profit growth is attributed to several factors, including a low base in H2 2023, the end of inventory destocking by global downstream manufacturers, and improved product pricing stability [3][4][21][23]. Summary by Sections Q1 Performance - The raw materials sector's revenue was stable year-on-year, with a slight decline in Q1 2025 compared to the previous year, while profits showed significant growth [3][4][21]. - The sector's gross margin improved to 38.14% in Q1 2025, up 1.76 percentage points year-on-year, and the net margin reached 15.41%, an increase of 2.63 percentage points [4][25]. Industry Concentration - The top 10 companies in the raw materials sector contributed over 73% of total revenue in 2024, with significant contributions from companies like New and Cheng and Pro Pharmaceutical [31][33]. - In Q1 2025, the top 10 companies accounted for 73.19% of total revenue, indicating a slight decrease in concentration compared to the previous year [33][34]. Valuation and Construction Projects - The report notes that the valuation of the raw materials sector remains at historical lows, with a PE ratio of 30.26x at the end of 2024 and 33.97x at the end of Q1 2025 [5][42]. - The total construction projects in the sector decreased to CNY 163.57 billion by Q1 2025, reflecting a decline of 4.31% year-on-year, indicating a slowdown in capacity expansion [9][44]. Investment Recommendations - The report suggests focusing on companies with strong performance certainty in the formulation and CDMO sectors, such as Aorite and Pro Pharmaceutical, as well as those with significant new product contributions [10][38]. - It highlights the potential for increased demand for raw materials due to the expiration of patents for top-selling small molecule drugs in the coming years [6][42].

证券代码：605507 证券简称：国邦医药 公告编号：2025-024 二、回购股份的进展情况 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》的相关规定，现将公司回购股份的进展情况公告如下： 截至 2025 年 4 月 30 日，公司通过集中竞价交易方式累计回购股份 5,296,374 股，已回购股份占公司总股本的比例为 0.95%，成交的最高价为 19.88 元/股，最低 价为 18.61 元/股，已支付的总金额为 101,097,060.21 元（不含交易费用）。 上述回购事项符合相关法律法规的规定及公司回购股份方案的要求。 三、其他事项 国邦医药集团股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/3/11 | | --- | --- | | 回购方案实施期限 | 2025/3/11~2026/3/10 | | 预计回购金额 | 1亿元~2亿元 | | 回购用途 | □减少注册资本 √用于 ...

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 28.39 based on a 17x PE for 2025 [4][12]. Core Views - The company is expected to achieve stable revenue growth, with 2024 revenue projected at RMB 5.89 billion (+10.12%) and net profit attributable to shareholders at RMB 0.78 billion (+27.61%) [4][12]. - The veterinary medicine segment is anticipated to contribute significantly to revenue growth, with a projected revenue of RMB 2.02 billion in 2024 (+10.0%) [4][13]. - The company is enhancing its global operations, with products sold in 115 countries and regions, establishing a strong position in the global pharmaceutical manufacturing industry [4][14]. Financial Summary - Revenue and net profit forecasts for 2024 and 2025 are as follows: - 2024 Revenue: RMB 5.89 billion (+10.12%) - 2024 Net Profit: RMB 0.78 billion (+27.61%) - 2025 Revenue: RMB 6.60 billion (+12.1%) - 2025 Net Profit: RMB 0.93 billion (+19.5%) [3][4][12]. - Earnings per share (EPS) are projected to be RMB 1.67 in 2025, RMB 2.01 in 2026, and RMB 2.36 in 2027 [4][12]. Business Segments - The pharmaceutical raw materials segment is benefiting from high demand for macrolide antibiotics, with a projected revenue of RMB 2.48 billion in 2024 (+11.7%) and a gross profit margin of 28.4% [4][13]. - The veterinary medicine business is expanding, with significant sales growth expected due to improved market conditions and product certifications [4][13][14]. Global Operations - The company is focusing on globalization and integration, with over 70 active pharmaceutical ingredients and intermediates expected to be produced and sold in 2024 [4][14]. - The company has established sales channels in multiple countries, enhancing its global reach and operational capabilities [4][14].

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 28.39 RMB, based on a 17x PE for 2025 [4][12]. Core Insights - The company is expected to achieve stable revenue growth, with 2024 revenue projected at 5.89 billion RMB (+10.12%) and net profit attributable to shareholders at 0.78 billion RMB (+27.61%) [4][12]. - The veterinary medicine segment is anticipated to contribute significantly to revenue, with a projected 2024 revenue of 2.02 billion RMB (+10.0%) [13][14]. - The company is enhancing its global operations, with products sold in 115 countries and regions, establishing a strong position in the global pharmaceutical manufacturing industry [14] Financial Summary - Revenue and net profit forecasts for 2024-2027 are as follows: - 2024 Revenue: 5.89 billion RMB (+10.1%) - 2024 Net Profit: 0.78 billion RMB (+27.6%) - 2025 Revenue: 6.60 billion RMB (+12.1%) - 2025 Net Profit: 0.93 billion RMB (+19.5%) - 2026 Revenue: 7.52 billion RMB (+14.0%) - 2026 Net Profit: 1.12 billion RMB (+20.0%) - 2027 Revenue: 8.61 billion RMB (+14.4%) - 2027 Net Profit: 1.32 billion RMB (+17.8%) [3][4][12]. Business Segments - The pharmaceutical raw materials segment is projected to generate 2.48 billion RMB in 2024, benefiting from high demand for macrolide antibiotics [13]. - The veterinary medicine business is expanding, with significant sales growth and increased capacity utilization for key products [13][14]. Global Operations - The company is focusing on globalization, with over 70 active pharmaceutical ingredients and intermediates expected to be produced and sold in 2024 [14]. - Established sales channels in various countries, including India, Netherlands, and Spain, enhancing its international market presence [14].

证券代码：605507 证券简称：国邦医药 公告编号：2025-023 国邦医药集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 1、 议案名称：关于《2024 年度董事会工作报告》的议案 (一)股东大会召开的时间：2025 年 4 月 25 日 (二)股东大会召开的地点：浙江省杭州市钱江世纪城民和路 886 号朝龙汇大厦 1 号楼 35 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 246 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 345,508,136 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 62.4023 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，由公司董事长邱家军先生主持，并 ...

国浩律师（杭州）事务所 关 于 国邦医药集团股份有限公司 2024 年年度股东大会 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 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 国邦医药集团股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受国邦医药集团股份有限 公司（以下简称"公司"）委托，指派本所律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称" ...

重要内容提示： | 回购方案首次披露日 | 2025/3/11 | | --- | --- | | 回购方案实施期限 | 2025/3/11~2026/3/10 | | 预计回购金额 | 亿元 1 亿元~2 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | 累计已回购股数 | 股 5,296,374 | | 累计已回购股数占总股本比 | 0.95% | | 例 | | | 累计已回购金额 | 101,097,060.21 元 | | 实际回购价格区间 | 18.61 元/股~19.88 元/股 | 证券代码：605507 证券简称：国邦医药 公告编号：2025-022 国邦医药集团股份有限公司 关于股份回购进展公告 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法律责任。 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，现将公司回购股份的进展情况公告如下： 截至 2025 年 4 月 22 日，公 ...

证券代码：605507 证券简称：国邦医药 公告编号：2025-021 国邦医药集团股份有限公司 关于全资子公司参与设立股权投资基金的公告 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： 投资标的名称：杭州启真开物股权投资基金合伙企业（有限合伙）（以 下简称"基金"、"本基金"或"合伙企业"、"本合伙企业"）； 投资金额：本基金认缴出资总额为人民币 5,000 万元，国邦医药集团股 份有限公司（以下简称"公司"）全资子公司国邦医药（杭州）股权投资有限公 司（以下简称"国邦投资"）作为有限合伙人拟以自有资金认缴出资 1,000 万元， 占认缴出资总额的 20.00%； 本次对外投资不构成关联交易，也不构成《上市公司重大资产重组管理 办法》规定的重大资产重组； 本次对外投资事项无需提交公司董事会及股东大会审议； 风险提示：本基金尚未完成工商注册登记，尚需完成中国证券投资基金 业协会备案程序，实施过程尚存在不确定性。本基金在运营过程中将受宏观经济、 行业周期、市场变化、投资标的等多种因素影响，可能存在投资项目不能实现 ...

Investment Rating - The investment rating for Guobang Pharmaceutical is "Buy" (maintained) [1] Core Views - The company achieved a steady revenue growth of 7.57% year-on-year in Q1 2025, with total revenue reaching 1.44 billion yuan and a net profit of 215 million yuan, reflecting an 8.17% increase [4] - The report anticipates an upward turning point for the animal health raw materials segment, maintaining profit forecasts for 2025-2027 with expected net profits of 995 million, 1.235 billion, and 1.391 billion yuan respectively [4] - The current price-to-earnings (PE) ratio is considered attractive at 11.2, 9.0, and 8.0 times for the years 2025, 2026, and 2027 respectively [4] Financial Performance Summary - In 2024, the company reported a revenue of 2.477 billion yuan from pharmaceutical raw materials, an increase of 11.74%, with a gross margin of 28.36% [5] - The animal health raw materials segment generated 1.831 billion yuan in revenue, up 11.81%, with a sales volume increase of 31.19% [5] - The company’s R&D expenses grew by 12.88% to 215 million yuan, with a research expense ratio of 3.65% [6] Financial Forecasts - The company’s projected revenues for 2025, 2026, and 2027 are 6.786 billion, 7.615 billion, and 8.265 billion yuan respectively, with year-on-year growth rates of 15.2%, 12.2%, and 8.5% [7] - The expected net profit for 2025 is 995 million yuan, with a year-on-year growth of 27.3% [7] - The gross margin is projected to be 24.8% for 2025, slightly decreasing from 25.0% in 2024 [7]

Investment Rating - The investment rating for Guobang Pharmaceutical is "Buy" (maintained) [1] Core Views - The company achieved a steady revenue growth of 7.57% year-on-year in Q1 2025, with total revenue reaching 1.44 billion yuan and a net profit attributable to shareholders of 215 million yuan, reflecting an 8.17% increase [4] - The report anticipates an upward turning point for the animal health raw materials segment, maintaining profit forecasts for the company with expected net profits of 995 million yuan, 1.235 billion yuan, and 1.391 billion yuan for 2025, 2026, and 2027 respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.2, 9.0, and 8.0 for the years 2025, 2026, and 2027, indicating high valuation attractiveness [4] Financial Performance Summary - In 2024, the company reported a revenue of 2.477 billion yuan from pharmaceutical raw materials, an increase of 11.74%, with a gross margin of 28.36% [5] - The animal health raw materials segment generated 1.831 billion yuan in revenue, up 11.81%, with a sales volume increase of 31.19% [5] - The company’s R&D expenses grew by 12.88% to 215 million yuan, with a research expense ratio of 3.65% [6] Financial Forecasts - The company’s projected revenues for 2025, 2026, and 2027 are 6.786 billion yuan, 7.615 billion yuan, and 8.265 billion yuan respectively, with year-on-year growth rates of 15.2%, 12.2%, and 8.5% [7] - The expected net profit for 2025 is 995 million yuan, with a year-on-year growth of 27.3% [7] - The gross margin is projected to be 24.8% for 2025, slightly decreasing to 24.6% by 2027 [10]