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 ...

重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 10 月 28 日 （二） 股东大会召开的地点：深圳市南山区高新中一道与科技中一路交汇处创 益科技大厦 B 栋 19 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 证券代码：688136 证券简称：科兴制药 公告编号：2024-071 科兴生物制药股份有限公司 2024 年第三次临时股东大会决议公告 本公司董事会及全体董事保证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。 | 1、出席会议的股东和代理人人数 | 107 | | --- | --- | | 普通股股东人数 | 107 | | 2、出席会议的股东所持有的表决权数量 | 136,573,133 | | 普通股股东所持有表决权数量 | 136,573,133 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 69.2147 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 6 ...

Investment Rating - The investment rating for Kexing Pharmaceutical is "Recommended (Maintain)" [2][7] Core Views - The company's revenue for the first three quarters of 2024 reached 1.038 billion yuan, an increase of 7.15%, while the net profit attributable to shareholders was 17 million yuan, up 131.63% [5][6] - The company is focusing on the overseas market, with significant growth in sales of its biological drugs, particularly the albumin paclitaxel, which has received EU approval and is experiencing increasing sales orders [6][7] - The reduction in sales and R&D expense ratios has contributed to the continuous recovery of the company's profitability [6][7] Summary by Sections Financial Performance - For the first three quarters of 2024, Kexing Pharmaceutical achieved a revenue of 1.038 billion yuan, a year-on-year increase of 7.15%, and a net profit of 17 million yuan, reflecting a growth of 131.63% [5][6] - The company’s sales expense ratio decreased by 12.23 percentage points to 43.15%, while the R&D expense ratio fell by 6.45 percentage points to 10.93% [6] Market Expansion - The company’s overseas sales revenue reached 149 million yuan, a year-on-year increase of 47%, with domestic cooperative product revenue growing by 80% compared to the same period last year [6] - Kexing has signed contracts for 13 new products with over 40 countries and is actively submitting registration applications [6][7] Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 1.568 billion yuan, 2.071 billion yuan, and 2.692 billion yuan, respectively, with net profit estimates of 35 million yuan, 118 million yuan, and 257 million yuan [7] - The company is advancing multiple projects in clinical trials, including two in Phase III, which are expected to support future growth [7]

科兴生物制药股份有限公司（以下简称"公司"）第二届监事会第十七次会 议于 2024 年 10 月 24 日以现场表决方式召开。会议通知已于 2024 年 10 月 21 日 发出。本次会议应出席监事 3 人，实际出席监事 3 人。 证券代码：688136 证券简称：科兴制药 公告编号：2024-069 科兴生物制药股份有限公司 第二届监事会第十七次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 （二）审议通过《关于重新审议关联交易协议的议案》 公司监事会认为：公司全资子公司深圳科兴药业有限公司向正中产业控股集 团有限公司租赁房产，是根据实际业务发展需要而发生的。本次重新审议关联交 易协议符合《上海证券交易所科创板股票上市规则》和《公司章程》的规定，交 易定价公平、合理，不会对公司及公司财务状况、经营成果产生不利影响，不会 损害公司及全体股东特别是中小股东利益，不会影响公司的独立性，也不会对公 司持续经营产生不利影响。 表决结果：3 票同意，0 票反对，0 票弃权。 会议由监事会主席江海 ...

证券代码：688136 证券简称：科兴制药 公告编号：2024-070 关于重新审议关联交易协议的公告 科兴生物制药股份有限公司 本公司董事会及全体董事保证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: 是否需要提交股东大会审议：否。 公司全资子公司深圳科兴药业有限公司向正中产业控股集团有限公司租 赁房产作为厂房及配套设施使用，租赁面积为 15,954.9 平方米，租金为每月 25 元/平方米，三年租金总额为 1,435.94 万元，重新审议关联交易协议前后租赁面 积及租金均未发生变化。 对上市公司的影响：公司与关联方的日常关联交易是为了满足公司日常 业务发展需要，为正常的持续性合作。公司本次重新审议关联交易协议符合《上 海证券交易所科创板股票上市规则》和《公司章程》的规定，交易定价公平、合 理，不会对公司及公司财务状况、经营成果产生不利影响，不会损害公司及全体 股东特别是中小股东利益，不会影响公司的独立性，也不会对公司持续经营产生 不利影响。 一、关联交易概述 公司全资子公司深圳科兴药业有限公司（以下简称"深圳科兴药业"）向正 中产 ...

Revenue and Profit Performance - Revenue for the first three quarters of 2024 reached RMB 1.038 billion, a year-on-year increase of 7.15%[2] - Overseas revenue grew by 47.16% year-on-year, surpassing the total amount for the full year of 2023[7] - Domestic sales increased year-on-year, driven by the company's focus on terminal markets and deep cultivation of niche markets[7] - Net profit attributable to shareholders for the first three quarters was RMB 17.18 million, with a significant year-on-year increase[7] - Overseas revenue reached 1.49 billion yuan, a year-on-year increase of 47.16%, while domestic revenue was 8.89 billion yuan, up 2.47% year-on-year, with total revenue of 10.38 billion yuan, a 7.15% increase[8] - Net profit attributable to parent company shareholders was RMB 17.18 million, compared to a loss of RMB 54.31 million in the same period last year[19] - Net profit attributable to the parent company increased from 125,451,529.17 RMB to 142,629,780.58 RMB, a growth of approximately 13.7%[15] - Total comprehensive income was RMB 14.11 million, compared to a loss of RMB 58.13 million in the same period last year[19] R&D Investment and Expenses - R&D investment for the first three quarters was RMB 135.39 million, a year-on-year decrease of 52.73%[3] - R&D investment as a percentage of revenue decreased by 16.52 percentage points to 13.04%[3] - R&D expenses decreased to RMB 113.45 million, down 32.6% year-over-year from RMB 168.37 million[18] Cash Flow and Financial Position - Operating cash flow for the first three quarters was RMB 53.27 million, primarily due to reduced operating expenses[7] - Net cash flow from operating activities was RMB 53.27 million, a significant improvement from a net outflow of RMB 74.49 million in the same period last year[21] - Cash received from selling goods and providing services was RMB 864.23 million, a decrease of 3.2% year-over-year[21] - Cash paid for employee compensation decreased to RMB 172.34 million, down 13.0% from RMB 198.15 million in the same period last year[21] - Cash received from investment activities increased to RMB 1.49 billion, up 15.5% from RMB 1.29 billion in the same period last year[21] - Cash paid for construction of fixed assets and intangible assets decreased to RMB 67.24 million, down 61.3% from RMB 173.78 million in the same period last year[21] - Investment cash outflow totaled 1,725,561,951.91, with a net cash flow from investment activities of -234,917,275.06[22] - Cash received from financing activities amounted to 436,755,263.90, with a net cash flow from financing activities of -74,485,021.37[22] - Cash and cash equivalents at the end of the period were 304,529,264.60, a decrease from the beginning balance of 559,930,585.75[22] - Cash paid for investment-related activities was 13,320,050.00[22] - Cash received from borrowing was 436,755,263.90[22] - Cash paid for debt repayment was 437,332,505.83[22] - Cash paid for dividends, profits, or interest was 33,494,795.65[22] - Cash paid for other financing-related activities was 40,412,983.79[22] - The impact of exchange rate changes on cash and cash equivalents was 731,760.74[22] - The net increase in cash and cash equivalents was -255,401,321.15[22] Asset and Liability Changes - Total assets at the end of the reporting period were RMB 3.031 billion, a slight decrease of 1.02% compared to the end of the previous year[3] - Equity attributable to shareholders at the end of the reporting period was RMB 1.626 billion, a slight decrease of 0.68% compared to the end of the previous year[3] - Total assets decreased slightly from 3,031,093,090.30 RMB to 3,000,193,448.63 RMB[15] - Accounts receivable increased from 274,522,885.16 RMB to 406,029,832.16 RMB, a growth of approximately 47.9%[13] - Inventory decreased from 191,364,918.26 RMB to 141,623,802.19 RMB, a reduction of approximately 26%[13] - Total current liabilities increased from 669,994,863.31 RMB to 762,936,045.47 RMB, a growth of approximately 13.9%[14] - Long-term liabilities decreased from 730,303,133.29 RMB to 616,901,503.97 RMB, a reduction of approximately 15.5%[14] International Market Expansion - The company achieved a major breakthrough in the EU market with the approval and first shipment of albumin-bound paclitaxel in July and August 2024, respectively, leading to increased sales orders[8] - The self-built albumin-bound paclitaxel production line has been registered with the EU, which is expected to improve sales gross margins[8] - A new subsidiary was established in Germany to boost sales of albumin-bound paclitaxel in the EU and the UK[8] - Self-produced products such as EPO, GC, and Chang Lekang expanded into more international markets, with overseas sales gross margin increasing by 6.25% year-on-year in the first three quarters of 2024[8] - The company accelerated sales and registration of introduced products in emerging markets, including the first shipment of infliximab to Peru and GMP inspections for adalimumab in the Philippines and liraglutide in Colombia[9] Shareholder and Equity Information - The top shareholder, Shenzhen Keyi Pharmaceutical Holding Co., Ltd., holds 66.15% of the company's shares[10] - The company's top 10 shareholders include institutional investors such as CITIC Securities and China Merchants Fund Management, with no shares pledged or frozen[10] - The company's total number of ordinary shareholders at the end of the reporting period was 8,947[10] Earnings Per Share and Financial Ratios - Basic earnings per share for the first three quarters were RMB 0.09[2] - Basic earnings per share were RMB 0.09, compared to a loss per share of RMB 0.27 in the same period last year[19]