Group 1: Company Overview and Market Entry - Kexing Pharmaceutical has received EU GMP certification for its paclitaxel production line in April 2024, followed by marketing approvals in multiple countries including the UK and Bangladesh [2] - The company has received orders from 17 EU countries and completed multiple shipments of paclitaxel products [2][3] Group 2: Supply and Market Strategy - The European Medicines Agency (EMA) has issued shortage notifications for paclitaxel, indicating ongoing demand in the EU market [3] - Kexing aims to leverage the shortage to enhance sales and brand recognition in Europe [3] Group 3: Product Pipeline and International Expansion - The company has introduced 14 high-value biopharmaceutical products and is advancing registration processes in over 70 countries [4] - Kexing is focusing on a diverse product matrix in areas such as diabetes, obesity, and oncology, with significant products like liraglutide and trastuzumab [4][5] Group 4: Market Potential and Growth Projections - In Latin America, nearly 25% of the population is overweight, with obesity rates projected to reach 30% by 2030, creating substantial demand for diabetes and weight loss treatments [5] - The sales growth rate for semaglutide in Brazil has exceeded 70% over the past three years [5] Group 5: Financial Targets and Performance - Kexing's 2024 equity incentive plan targets a revenue growth of 200% to 400% compared to 2023 [5] - The company reported a 47% year-on-year increase in overseas revenue from January to September 2024 [5] Group 6: R&D Progress and Future Directions - Kexing is advancing clinical trials for its inhaled interferon α1b solution, targeting respiratory syncytial virus (RSV) in children [6] - The company is utilizing AI and computer-aided drug design to enhance its drug discovery and development processes [7]

Summary of the Conference Call Company and Industry - **Company**: Kexing Pharmaceutical - **Industry**: Pharmaceutical Industry, specifically focusing on biopharmaceuticals and international sales Key Points and Arguments Financial Performance - **Revenue for the first three quarters**: 1.038 billion RMB, a year-on-year increase of 7.18% [2] - **Net profit**: 24.24 million RMB, a year-on-year increase of 130% [2] - **Overseas revenue**: 149 million RMB, a year-on-year increase of 47.16%, surpassing last year's total [2] - **Domestic revenue growth**: 8.89%, with a slight increase of 2% year-on-year [2] - **Q3 revenue**: 278 million RMB, showing a slight decline due to the impact of interferon procurement [2] - **Q3 overseas revenue**: 59 million RMB, a year-on-year increase of 75.64% [2] Market Expansion and Product Development - **EU Market Breakthrough**: Kexing has achieved significant milestones in the EU market, including obtaining GNP certification and MAA approval, leading to the first shipments in August [3] - **Product Supply**: The company reports a supply shortage for its products in most EU regions, indicating strong demand [3] - **New Product Introductions**: Kexing has introduced 12 new products to emerging markets, with successful launches in countries like Peru and Pakistan [5] - **EPO and GC Products**: Continued growth in sales of existing products, with a focus on expanding into new markets [4] Strategic Initiatives - **Local Operations**: Establishment of a subsidiary in Germany to enhance local operations in the EU [4] - **Product Mix Improvement**: The proportion of finished products in exports is increasing, contributing to a 6.25 percentage point increase in gross margin [4] - **Future Product Pipeline**: Ongoing efforts to introduce new products targeting oncology and autoimmune diseases, with a focus on high-demand markets [5] Challenges and Risks - **Impact of Procurement Policies**: The company is navigating challenges related to domestic procurement policies, particularly for interferon products, which have seen price reductions [27][28] - **Market Competition**: Increased competition in the domestic pharmaceutical market, particularly for monoclonal antibodies [29] Future Outlook - **Revenue Growth Projections**: The company aims for overseas revenue growth of 50% to 100%, targeting 200 million to 300 million RMB for the year [14] - **Long-term Strategy**: Emphasis on establishing a robust international sales network and introducing innovative products to sustain growth [15] - **R&D Focus**: Continued investment in R&D, with several projects in clinical trials expected to advance in the coming years [32][34] Additional Insights - **Sales Efficiency**: The company is optimizing its sales expenses, with a projected decrease in sales expense ratio as overseas sales grow [31] - **Collaborative Opportunities**: Increased willingness among domestic companies to collaborate for international expansion, enhancing Kexing's market presence [19][20] Other Important but Overlooked Content - **Government Contracts**: Kexing has been actively securing government contracts in the EU, which are expected to increase [11] - **Market Dynamics**: The company is observing significant interest in its EPO products during international exhibitions, indicating potential for further market penetration [8] - **Emerging Market Strategy**: Kexing is strategically positioning itself in emerging markets, with plans to introduce products in countries like Canada and Australia [12] This summary encapsulates the key points discussed during the conference call, highlighting Kexing Pharmaceutical's financial performance, market strategies, challenges, and future outlook in the pharmaceutical industry.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [11]. Core Views - The company reported a revenue of 1.04 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 20 million yuan, up 131.6% year-on-year [1]. - The overseas sales revenue reached 150 million yuan, reflecting a significant growth of 47.2% year-on-year, with the company successfully entering the EU market with its product, albumin paclitaxel [2]. - The company is advancing its innovative drug pipeline, with several projects in various clinical trial phases, indicating a strong potential for future growth [3]. Financial Performance - For 2024, the company expects revenue growth rates of 14%, 22%, and 34% for the years 2024, 2025, and 2026 respectively, with net profit growth rates of 115%, 296%, and 78% for the same years [3]. - The earnings per share (EPS) are projected to be 0.13 yuan, 0.52 yuan, and 1.02 yuan for 2024, 2025, and 2026 respectively [4]. - The company’s gross margin for Q3 2024 was reported at 65.7%, with a net margin of 1.5%, showing an improvement in profitability [1]. Market Expansion - The company has successfully expanded its sales territory from emerging markets to the EU, with ongoing orders for albumin paclitaxel and other products [2]. - The establishment of a subsidiary in Germany is expected to enhance sales in the EU market [2]. - The company has also received regulatory approvals for its products in various international markets, including recent approvals in Tanzania and the Philippines [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve, with significant breakthroughs in the EU market sales [1] - The company has experienced rapid growth in overseas performance, establishing a comprehensive overseas commercialization platform [1][2] - The domestic sales revenue has been affected by centralized procurement, leading to a downward adjustment in previous profit forecasts [2] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 1.038 billion yuan, with a year-on-year increase in net profit of 130.36% [1] - The company’s gross profit margin for the first three quarters of 2024 was 69.86%, a decrease of 1.65 percentage points year-on-year [1] - The company’s overseas revenue for the first three quarters of 2024 was 149 million yuan, a year-on-year increase of 47.16% [1][2] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 1.382 billion yuan, 1.728 billion yuan, and 2.166 billion yuan, respectively, with year-on-year growth rates of 9.7%, 25.1%, and 25.3% [2] - The projected net profits for the same years are 23 million yuan, 38 million yuan, and 137 million yuan, with year-on-year growth rates of 112.2%, 64.8%, and 258.9% [2] Market Expansion - The company has successfully entered the EU market with its product, albumin paclitaxel, which received marketing approval in July 2024 and has seen increasing sales orders [1] - The company has established a relatively complete overseas commercialization system, covering over 40 countries, including emerging markets [1][2]

证券代码：688136 证券简称：科兴制药 公告编号：2024-073 科兴生物制药股份有限公司 关于 2022 年限制性股票激励计划首次授予部分第二个归属期 及预留授予部分第一个归属期归属结果暨股份上市的公告 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 443,600 股。 本次股票上市流通总数为 443,600 股。 本次股票上市流通日期为 2024 年 11 月 6 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，科兴生物制药股份有限公司(以下简称"公 司")于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券变更登记 证明》，公司已完成 2022 年限制性股票激励计划（以下简称"本激励计划"）首次授 予部分第二个归属期及预留授予部分第一个归属期归属（以下简称"本次归属"）的 股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 6 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company has achieved a revenue of 1.04 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7.2%. The net profit attributable to the parent company is 17.18 million yuan, with a non-recurring net profit of 24.24 million yuan. In Q3 2024, the revenue was 280 million yuan, a decrease of 13.0% compared to the previous quarter [2][3]. - The company is actively pursuing an "internationalization" strategy, optimizing its overseas marketing structure, and enhancing its commercial platform. In the first three quarters of 2024, overseas sales revenue reached 149 million yuan, an increase of 47.16%, surpassing the total for 2023 [3]. - The company has made significant breakthroughs in the EU market, with the product albumin paclitaxel receiving market approval in July 2024 and achieving its first shipment in August. The establishment of a subsidiary in Germany is expected to boost sales in the EU and the UK [3]. Financial Summary - The projected net profits for the company from 2024 to 2026 are estimated to be 22.31 million yuan, 101.90 million yuan, and 196.77 million yuan, respectively. The earnings per share (EPS) are forecasted to be 0.11 yuan, 0.51 yuan, and 0.99 yuan, with corresponding price-to-earnings (PE) ratios of 159.83, 34.99, and 18.12 [4][10]. - The company’s revenue is expected to grow from 1.41 billion yuan in 2024 to 2.39 billion yuan in 2026, with year-on-year growth rates of 12.17%, 29.64%, and 30.52% respectively [5][10].

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company is experiencing rapid growth in overseas business, with profitability continuing to improve [2] - Domestic business showed short-term fluctuations but is expected to remain stable in the long term [4] - The company's profitability is improving, with potential for further profit margin enhancement [4] - The overseas business is entering a phase of accelerated growth, with significant revenue increases expected [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.038 billion yuan, a year-on-year increase of 7.15%, with a net profit attributable to shareholders of 17.18 million yuan [6] - The revenue from overseas operations reached 149 million yuan, up 47.16% year-on-year, with Q3 2024 overseas revenue growing by 93.29% [7] Revenue and Profit Forecast - Revenue projections for 2024 to 2026 are 1.349 billion yuan, 1.721 billion yuan, and 2.087 billion yuan, with year-on-year growth rates of 7.1%, 27.6%, and 21.3% respectively [5] - Net profit attributable to shareholders is forecasted to be 30 million yuan, 97 million yuan, and 197 million yuan for the same period, with growth rates of 222.3% and 104.0% [5] Market Position and Strategy - The company has strengthened its overseas market presence, establishing a subsidiary in Germany to enhance sales of its products in the EU and UK [7] - Key products have received regulatory approvals in various international markets, indicating a robust pipeline for future growth [7]

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.15%. The net profit attributable to the parent company was 17.18 million yuan, up 131.63% year-on-year, exceeding expectations [7]. - The company is accelerating its overseas commercialization efforts, with significant progress in emerging markets. Notable achievements include the first shipment of infliximab to Peru and successful GMP inspections for various products in multiple countries [7][10]. - The report highlights the strong growth in export business and improved operational efficiency as key factors for the company's better-than-expected performance [9]. Financial Summary - For 2024E, the company is projected to achieve total revenue of 1.519 billion yuan, with a year-on-year growth rate of 20.7%. The net profit attributable to the parent company is expected to be 20 million yuan [6][12]. - The gross margin is forecasted to be 72.1% in 2024, with a gradual increase to 73.0% by 2026 [6]. - The report indicates that the company's earnings per share (EPS) will improve from -0.96 yuan in 2023 to 0.10 yuan in 2024, and further to 1.03 yuan by 2026 [6][12].

证券代码：688136 证券简称：科兴制药 公告编号：2024-072 科兴生物制药股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 11 月 08 日 上午 11:00-12:00 重要内容提示： 会议召开时间：2024 年 11 月 08 日(星期五) 上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 1 日(星期五)至 11 月 7 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 ir@kexing.com 进 ...

北京市嘉源律师事务所 关于科兴生物制药股份有限公司 2024 年第三次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 S C T C S Fi A YUAN LAW OFFICES 北京 BEI JING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:科兴生物制药股份有限公司 北京市嘉源律师事务所 关于科兴生物制药股份有限公司 2024 年第三次临时股东大会的 法律意见书 嘉源(2024)-04-779 北京市嘉源律师事务所(以下简称"本所")接受科兴生物制药股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东大会规则》(以下简称"《股东大会规则》")等现 行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以 及《科兴生物制药股份有限公司章程》(以下简称"《公司章程》")的有关规 定,指派本所律师对公司2024年第三次临时股东大会(以下简称"本次股东大会") 进行见证,并依法出具本法律意见书。 为出 ...