Core Viewpoint - The report highlights that Yuandong Biopharmaceutical has received approval for new products, which are expected to drive growth through internationalization and innovation, maintaining a "buy" rating for the company [1] Financial Performance - In 2024, the company achieved revenue of 1.35 billion yuan (+20.82% year-on-year), with a net profit attributable to shareholders of 238 million yuan (+5.15%) and a net profit excluding non-recurring items of 175 million yuan (+10.90%). After excluding stock incentive expenses, the net profit increased by 13.47% year-on-year, and the net profit excluding non-recurring items rose by 22.87% [1] - For Q1 2025, the company reported revenue of 306 million yuan (-2.97%) and a net profit attributable to shareholders of 61 million yuan (-19.22%), with a net profit excluding non-recurring items of 46 million yuan (-10.79%). The profit in Q1 2025 was under pressure due to stock incentive expenses [1] Business Segments Growth - The chemical preparations segment generated revenue of 1.077 billion yuan (+22.25%), the raw materials segment 121 million yuan (+28.65%), and the CMO/CDMO business 65 million yuan (+111.59%). However, technical services and transfers saw a decline in revenue of 63 million yuan (-42.81%) [2] - Domestic revenue reached 1.324 billion yuan (+20.04%), while overseas revenue was 25 million yuan (+84.66%). The growth in the chemical preparations segment was driven by both existing and newly approved products, with 13 high-end preparation products approved in 2024 [2] R&D and Innovation - The company invested approximately 290 million yuan in R&D in 2024, accounting for 21.31% of revenue, with 83 million yuan allocated to new drug development [3] - The company has a rich pipeline of products under development, including a diabetes drug that has reached Phase III clinical trials and several other innovative drugs that have received clinical trial approvals [3] Profit Forecast and Investment Rating - The profit forecast for 2025-2026 has been adjusted to 281 million yuan and 335 million yuan, respectively, with an expected profit of 401 million yuan in 2027. The corresponding PE ratios are 21, 18, and 15 times, indicating strong growth potential as new products are approved [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has received approval for new products, which are expected to gradually increase in volume, driving growth through internationalization and innovation [1] - In 2024, the company achieved a total revenue of 1.35 billion yuan, representing a year-on-year increase of 20.82%, and a net profit attributable to shareholders of 238.23 million yuan, up 5.15% year-on-year [7] - The company is focusing on the anesthesia and analgesia sector, with significant investments in research and development, which accounted for 21.31% of revenue in 2024 [7] Financial Performance Summary - Total revenue projections for the company are as follows: 1.35 billion yuan in 2024, 1.59 billion yuan in 2025, 1.90 billion yuan in 2026, and 2.26 billion yuan in 2027, with respective year-on-year growth rates of 20.82%, 18.02%, 18.98%, and 19.31% [1][8] - The net profit attributable to shareholders is projected to be 238.23 million yuan in 2024, 281.30 million yuan in 2025, 335.30 million yuan in 2026, and 400.75 million yuan in 2027, with year-on-year growth rates of 5.15%, 18.08%, 19.20%, and 19.52% respectively [1][8] - The company’s earnings per share (EPS) are expected to be 1.35 yuan in 2024, 1.59 yuan in 2025, 1.90 yuan in 2026, and 2.27 yuan in 2027 [1][8] Business Segment Performance - The chemical formulation segment generated revenue of 1.077 billion yuan in 2024, up 22.25% year-on-year, while the raw materials segment saw revenue of 121 million yuan, an increase of 28.65% [7] - The CMO/CDMO business experienced significant growth, with revenue reaching 65 million yuan, a remarkable increase of 111.59% [7] - The company has successfully launched 16 anesthesia and analgesia products and has over 20 products in development, indicating a strong competitive position in the market [7]

Core Viewpoint - Since the "14th Five-Year Plan," China's pharmaceutical industry has transitioned from a phase of rapid growth to a new stage of high-quality development, shifting from scale expansion to a coordinated improvement of scale and quality [1] Company Performance - In 2024, the company achieved a revenue of approximately 1.35 billion yuan, a year-on-year increase of 20.82%, and a net profit attributable to shareholders of 238 million yuan, up 5.15% year-on-year [2] - Excluding the impact of stock incentive expenses, the net profit attributable to shareholders and the net profit after deducting non-recurring gains and losses increased by 13.47% and 22.87% respectively [2] - The company's revenue from the formulation segment reached 1.077 billion yuan, a growth of 22.25%, while the raw material drug segment generated 121 million yuan, up 28.65% [2] Product Development - The company submitted 18 new formulation product registration applications in 2024 and obtained approvals for 13 new formulation products, including domestic first generics [3] - The company has a strong iterative capability in high-end generics, which continues to contribute to performance growth [3] - The company has completed the industrialization of six special narcotic products and has 16 products listed in the narcotic analgesic field, with over 20 products under research [3][4] R&D Investment - The company maintains a high R&D investment intensity, with 2024 R&D expenditure of approximately 290 million yuan, a year-on-year increase of 16.88%, accounting for 21.31% of revenue [4] - Since 2021, the proportion of R&D investment to revenue has consistently exceeded 20% [4] Internationalization Strategy - The company has made significant progress in internationalizing its raw materials, with several products receiving international approvals, including FDA and EU certifications [7] - The company has successfully commercialized its first product in the U.S. market, marking a breakthrough from 0 to 1 [7] Digital Transformation - In 2024, the company focused on a "digital intelligence" strategy, enhancing its industrial platform and achieving digital management across the entire drug research and production process [8] - The company has received certifications for data management and intelligent manufacturing capabilities, indicating progress in its digital transformation efforts [8] Future Outlook - In 2025, the company aims to accelerate its transformation from generics to innovation, positioning innovation as the core engine for high-quality development [8]

Core Insights - Chengdu Yuandong Pharmaceutical Co., Ltd. reported a record high revenue of 1.35 billion RMB in 2024, marking a year-on-year growth of 20.82% [1] - The net profit attributable to shareholders reached 238 million RMB, with a growth of 5.15%, and a net profit growth of 13.47% after excluding stock incentive expenses [1] - The company plans to distribute a cash dividend of 4.3 RMB per 10 shares to all shareholders [1] Revenue Breakdown - The formulation segment generated 1.077 billion RMB, reflecting a year-on-year increase of 22.25% [1] - The raw material segment achieved 121 million RMB in revenue, up 28.65% year-on-year [1] - CMO/CDMO business saw a significant revenue increase of 111.59%, reaching 65.2 million RMB [1] Product Development and Approvals - Yuandong submitted 18 new formulation product registration applications and received approvals for 13 products, including domestic first generics [2] - The company is advancing its international strategy, with key approvals from the FDA and EU for various raw materials [2] - The company successfully shipped its first product to the U.S. market, marking a significant commercial breakthrough [2] Digitalization and R&D Investment - The company is accelerating the integration of digitalization and smart manufacturing in the pharmaceutical industry [3] - R&D investment reached approximately 288 million RMB, a year-on-year increase of 16.88%, with nearly 30% allocated to new drug development [3] - Over 10 first-class new drugs are currently in the research pipeline [3] Strategic Focus and Market Position - The company maintains a strong focus on the anesthetic and analgesic sector, establishing a comprehensive industry chain from raw materials to formulations [4] - The integration of R&D systems with international standards supports the company's new drug development and market expansion [4] - The company's ability to innovate and respond quickly to market changes enhances its competitive edge in a challenging market environment [3][4]

（二）公司《第四届监事会第二次会议决议公告》。 五、监事会意见 监事会认为：公司本次进行现金管理的资金来源为公司闲置自有资金，在符合国家法律法规和保障投资 安全的前提下，进行现金管理有利于提高资金使用效率，能够获得一定的投资收益，不影响公司日常经 营资金需求及公司主营业务的正常开展，符合公司及全体股东的利益，不存在损害公司及全体股东，特 别是中小股东利益的情形。同意公司使用闲置自有资金进行现金管理。 六、上网公告附件 （一）公司《第四届董事会第二次会议决议公告》； 登录新浪财经APP 搜索【信披】查看更多考评等级 三、对公司日常经营的影响 公司对闲置自有资金进行现金管理系以有效控制为前提，实施时将确保公司正常运营和资金安全，不影 响公司日常资金正常周转或公司主营业务的发展。公司及下属子公司使用闲置自有资金进行现金管理， 可以提高闲置自有资金的使用效率，增加公司投资收益，为公司及股东获取更多回报。 四、对使用闲置自有资金进行现金管理需履行的审议程序 公司于2025年4月24日召开第四届董事会第二次会议及第四届监事会第二次会议，审议通过了《关于使 用闲置自有资金进行现金管理的议案》，本事项属于公司董事会决策权限范 ...

Core Insights - In 2024, Chengdu Yuandong Biopharmaceutical Co., Ltd. achieved a revenue of 1.35 billion yuan, representing a year-on-year growth of 20.82% and a net profit of 238 million yuan, up 5.15% year-on-year [1][2][3] Financial Performance - Revenue growth was driven by the successful launch of new formulation products and the expansion of the raw material drug market [2] - Chemical preparations revenue reached 1.08 billion yuan, growing by 22.25%, while chemical raw materials revenue was 121 million yuan, up 28.65% [2] - CMO/CDMO business revenue surged by 111.59% to 65 million yuan, indicating improved business structure and market competitiveness [2] Profitability Analysis - Net profit attributable to shareholders was 238 million yuan, with a 5.15% increase; excluding stock incentive expenses, net profit growth was 13.47% [3] - The net profit excluding non-recurring gains and losses was 174 million yuan, reflecting a 10.90% increase, and a 22.87% increase when excluding stock incentive expenses [4] Earnings Per Share - Basic earnings per share rose to 1.36 yuan, a 6.25% increase, while the diluted earnings per share, excluding non-recurring gains and losses, was 1.00 yuan, up 12.36% [5] Expense Analysis - Sales expenses increased by 15.92% to 445 million yuan, attributed to higher marketing service fees and sales personnel salaries due to increased product sales [6] - Management expenses grew by 8.37% to 107 million yuan, primarily due to stock incentive plans [7] - Financial expenses showed a negative value of -14 million yuan, indicating increased interest income from bank deposits [8] Research and Development - R&D expenses totaled 263 million yuan, a 10.64% increase, with R&D investment accounting for 21.31% of revenue [9][10] - Capitalized R&D investment rose significantly by 212.86% to 24 million yuan, with the capitalization rate increasing from 3.09% to 8.26% [10] - The number of R&D personnel decreased slightly to 418, but average salaries increased, which may help retain core talent [11] Cash Flow Insights - Operating cash flow net amount was 263 million yuan, a decrease of 4.36%, but cash received from sales increased by 22.08% [12] - Investment cash flow net amount turned positive at 196 million yuan, indicating more active asset allocation [13] - Financing cash flow net amount decreased significantly to -262 million yuan due to debt repayment and share buybacks [14]

证券代码：688513 证券简称：苑东生物 公告编号：2025-021 成都苑东生物制药股份有限公司 关于提请股东大会授权董事会以简易程序 向特定对象发行股票的公告 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。 一、本次授权事项概述 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》等法律法规和规范性文件的有关规定，成都苑东生物制药股份 有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第四届董事会第二次会议， 审议通过了《关于提请股东大会授权董事会以简易程序向特定对象发行股票的议 案》，提请股东大会授权董事会向特定对象发行融资总额不超过人民币 3 亿元且 不超过最近一年末净资产 20%的股票，授权期限自公司 2024 年年度股东大会审 议通过之日起至 2025 年年度股东大会召开之日止。 二、本次授权的具体内容 本次提请股东大会授权事宜包括但不限于以下内容： （一）确认公司是否符合以简易程序向特定对象发行股票的条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国 ...

证券代码：688513 证券简称：苑东生物 公告编号：2025-019 成都苑东生物制药股份有限公司 关于召开2024年年度股东大会的通知 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： 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：四川省成都市双流区安康路 8 号，苑东生物 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 16 日 股东大会召开日期：2025年5月16日 本次 ...

证券代码：688513 证券简称：苑东生物 公告编号：2025-012 成都苑东生物制药股份有限公司 第四届监事会第二次会议决议公告 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 成都苑东生物制药股份有限公司（以下简称"公司"）第四届监事会第二次会 议于 2025 年 4 月 24 日在公司会议室以现场形式召开。会议通知已于 2025 年 4 月 14 日以电话通知等方式送达全体监事。本次会议应出席监事 3 名，实际出席 监事 3 名，本次会议由监事会主席罗雯婕女士主持，公司董事会秘书等列席会议。 本次会议的召集和召开程序符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 经审议，会议以投票表决的方式通过以下议案： 该议案尚需提交公司 2024 年年度股东大会审议。 （三）审议通过《关于<公司 2025 年度财务预算报告>的议案》 （一）审议通过《关于<公司 2024 年度监事会工作报告>的议案》 监事会认为：报告期内，监事会严格按照《 ...

证券代码：688513 证券简称：苑东生物 公告编号：2025-011 成都苑东生物制药股份有限公司 第四届董事会第二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 成都苑东生物制药股份有限公司（以下称"公司"）第四届董事会第二次会议 于 2025 年 4 月 24 日以现场和通讯相结合的方式召开。会议通知已于 2025 年 4 月 14 日以专人送达、电话通知、电子邮件等形式送达全体董事。本次会议由董 事长王颖女士主持，应出席董事 9 名，实际出席董事 9 名。本次会议的召集、召 开和表决程序符合《中华人民共和国公司法》等相关法律法规和《成都苑东生物 制药股份有限公司章程》的规定，会议形成的决议合法有效。 二、董事会会议审议情况 经与会董事审议，逐项表决，形成决议如下： （一）审议通过《关于<公司 2024 年度总经理工作报告>的议案》 公司总经理袁明旭先生对公司 2024 年度经营情况、2025 年的经营计划等事 项向董事会做了汇报。 表决结果：9 票赞成，0 票反对，0 票弃权 ...