Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company has shown steady progress in its key products, particularly in the small nucleic acid platform, which is expected to yield significant results in the future [5] - The company reported a revenue of 2.992 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 1.15%, with a notable increase in net profit [4][5] - The company is focusing on cost reduction and efficiency improvements, with a decrease in sales and management expense ratios [5] Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 210 million yuan, a year-on-year increase of 37.73% [4] - The third quarter of 2024 saw a revenue of 1.042 billion yuan, up 37.47% year-on-year, and a net profit of 91 million yuan, up 266.37% year-on-year [4] - The company maintains a healthy financial position with a debt-to-asset ratio of 38.84% and a net asset value per share of 8.14 yuan [3] Product Development - The company is advancing its key product, Hydroxy A, which is expected to be approved for market by 2025, potentially becoming a blockbuster product with a market size of 2 billion yuan [5] - Other products, such as Compound Ginkgo Leaf Tablets and Purple Flower Cough Relief Granules, are in the NDA review stage, while the first small interfering RNA drug YKYY015 has received IND approval in the US [5] Earnings Forecast and Valuation - The company is projected to achieve net profits of 306 million yuan, 410 million yuan, and 506 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.68 yuan, 0.91 yuan, and 1.12 yuan [5][7] - The expected growth rates for net profit are 65.6%, 33.9%, and 23.5% for the years 2024 to 2026 [5][7]

证券代码：688658 证券简称：悦康药业 公告编号：2024-051 悦康药业集团股份有限公司 自愿披露关于子公司 YKYY015 注射液获得国家药品 监督管理局临床试验批准的公告 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。 悦康药业集团股份有限公司（以下简称"公司"）全资子公司杭州天龙药业 有限公司（以下简称"杭州天龙"）于近日获得国家药品监督管理局（以下简称 "NMPA"）核准签发的关于 YKYY015 注射液用于治疗以 LDL-C 升高为特征的 原发性（家族性和非家族性）高胆固醇血症或混合型高脂血症的患者的《药物 临床试验批准通知书》，公司将开展本品 I 期临床试验。现将相关情况公告如下： 一、《药物临床试验批准通知书》主要内容： 1、药品名称：YKYY015 注射液 2、受理号：CXHL2400819 3、通知书编号：2024LP02464 4、申请适应症：以 LDL-C 升高为特征的原发性（家族性和非家族性）高 胆固醇血症或混合型高脂血症的患者 4、申请人：杭州天龙药业有限公司 6、审批结论：根据《中华人民 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a strong performance in Q3 2024, with revenue of 10.42 billion yuan (up 37.47% year-on-year) and a net profit of 2.02 billion yuan (up 45.90% year-on-year), indicating a turnaround from previous losses [1][2] - The growth in revenue is attributed to steady sales of core products, particularly the ginkgo leaf extract injection, and a reduction in selling expenses [1] - The company maintains a positive outlook on its innovative pipeline, projecting net profits of 3.2 billion yuan, 4.08 billion yuan, and 5.48 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.71 yuan, 0.91 yuan, and 1.22 yuan [1][2] Financial Performance Summary - For Q1-Q3 2024, the company achieved a gross margin of 60.38% (down 3.95 percentage points) and a net margin of 6.96% (up 1.73 percentage points) [1] - The sales expense ratio decreased to 36.01% (down 8.01 percentage points), while the R&D expense ratio increased to 8.73% (up 0.89 percentage points) [1] - The company’s operating cash flow for Q1-Q3 2024 was 4.30 billion yuan [1] Innovative Pipeline Progress - The company has made significant progress in its innovative drug pipeline, with several NDA applications submitted and clinical trials ongoing for various products, including traditional Chinese medicine and peptide drugs [3] - The NDA application for the injection of hydroxyl safflower yellow A for treating acute ischemic stroke was accepted by the CDE, with expectations for approval in H1 2025 [3] - The company is also advancing its nucleic acid drugs, with IND approvals in the US and China for its first small interfering nucleic acid drug [3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,041,759,196.79, representing a year-on-year increase of 37.47%[2] - The net profit attributable to shareholders for the same period was ¥91,171,550.09, with a year-to-date increase of 37.73% to ¥209,725,063.28[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥85,118,740.84 for Q3 2024, reflecting a year-to-date increase of 45.90%[2] - The basic earnings per share for Q3 2024 was ¥0.20, with a year-to-date increase of 38.24% to ¥0.47[3] - The net profit for Q3 2024 was CNY 208,200,539.69, an increase of 34.6% compared to CNY 154,624,259.72 in Q3 2023[15] - The total profit for Q3 2024 reached CNY 248,270,396.38, up 49.7% from CNY 165,761,105.35 in the same period last year[15] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.47, compared to CNY 0.34 in Q3 2023, reflecting a 38.2% increase[16] Research and Development - Research and development expenses totaled ¥112,369,396.17 in Q3 2024, a decrease of 8.23% compared to the previous year[3] - Research and development expenses increased to CNY 261,146,138.06, up from CNY 231,721,009.40, indicating a growth of approximately 12.65%[14] Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥6,003,710,202.69, an increase of 1.56% from the end of the previous year[3] - The company's total assets rose to CNY 6,003,710,202.69, compared to CNY 5,911,276,401.80, marking an increase of about 1.56%[13] - Non-current liabilities increased significantly to CNY 569,106,848.05 from CNY 177,004,400.11, showing a growth of approximately 221.51%[13] - The total liabilities of the company stood at CNY 2,331,799,871.26, slightly up from CNY 2,313,636,835.67, reflecting an increase of about 0.78%[13] - The equity attributable to shareholders of the parent company increased to CNY 3,663,638,001.19 from CNY 3,587,842,712.30, representing a growth of approximately 2.11%[13] - Short-term borrowings decreased significantly to CNY 202,715,515.62 from CNY 351,773,409.45, a reduction of about 42.36%[13] Cash Flow - The company reported a net cash flow from operating activities of ¥430,485,846.40 year-to-date, showing a decrease of 13.19% compared to the previous year[3] - Cash flow from operating activities for the first three quarters of 2024 was CNY 430,485,846.40, down 13.2% from CNY 495,894,226.56 in the same period of 2023[17] - Cash inflow from operating activities totaled CNY 3,326,912,990.09, a decrease of 9.5% compared to CNY 3,679,239,176.01 in the previous year[17] - Cash outflow from operating activities was CNY 2,896,427,143.69, down 9.0% from CNY 3,183,344,949.45 in the same period last year[17] - The company reported a net cash outflow from investing activities of CNY -320,111,188.83 for Q3 2024, compared to CNY -417,529,083.75 in Q3 2023[18] - Cash inflow from financing activities was CNY 523,673,304.58, an increase from CNY 346,555,000.00 in the same period last year[18] - The ending cash and cash equivalents balance for Q3 2024 was CNY 1,481,155,046.28, up from CNY 1,259,316,093.61 at the end of Q3 2023[18] - The company experienced a net increase in cash and cash equivalents of CNY 107,621,855.99 in Q3 2024, contrasting with a decrease of CNY -259,028,788.09 in Q3 2023[18] Shareholder Information - The top shareholder, Fuyang Jingyue Yongshun Information Consulting Co., Ltd., holds 40.05% of the shares, totaling 180,240,120 shares[8] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending activities[9] - There are no reported related party transactions or agreements among the top shareholders, ensuring transparency in ownership[8] Business Developments - The company experienced significant sales growth in cardiovascular and digestive products, contributing to the increase in revenue and profit[6] - The company has not disclosed any new product developments or technological advancements during this reporting period[10] - There are no significant mergers or acquisitions reported in the third quarter of 2024[10] - The company has not provided specific future guidance or performance outlook for the upcoming quarters[10] Operating Costs - Total operating revenue for the first three quarters of 2024 reached CNY 2,991,795,632.65, a slight increase from CNY 2,957,716,328.49 in the same period of 2023, representing a growth of approximately 1.15%[14] - Total operating costs decreased to CNY 2,730,072,277.72 from CNY 2,787,559,797.21, reflecting a reduction of about 2.06%[14] - The company reported a decrease in sales expenses to CNY 1,077,257,545.89 from CNY 1,301,988,273.28, indicating a decline of approximately 17.25%[14] - Deferred income increased to CNY 102,240,785.31 from CNY 93,047,088.33, reflecting an increase of about 9.66%[13]

证券代码：688658 证券简称：悦康药业 公告编号：2024-047 悦康药业集团股份有限公司 关于新增 2024 年度日常关联交易预计的公告 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： 一、日常关联交易基本情况 （一）新增日常关联交易履行的审议程序 公司于 2024 年 1 月 16日召开第二届董事会第十一次会议、第二届监事会第 九次会议，审议通过了《关于预计 2024 年度日常关联交易的议案》，同意公司 2024 年度日常关联交易预计金额合计为 20,107.00 万元人民币（不含税）。具体 内容详见公司于上海证券交易所网站及指定媒体披露的《悦康药业集团股份有 限公司关于预计 2024 年度日常关联交易的公告》（公告编号：2024-003）。 公司于 2024 年 9 月 30日召开第二届董事会第十五次会议、第二届监事会第 十三次会议，审议通过了《关于新增 2024 年度日常关联交易预计的议案》，同 意公司新增日常关联交易预计金额合计为 5,800 万元人民币（不含税）。具体内 容详见公司于上海证 ...

证券代码：688658 证券简称：悦康药业 公告编号：2024-046 悦康药业集团股份有限公司 第二届监事会第十四次会议决议公告 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 。 不存在损害公司及股东利益的情形，不影响公司的独立性，上市公司亦不会因 此类交易而对关联人产生依赖。 2024 年 10 月 30 日，悦康药业集团股份有限公司（以下简称"公司"）召 开了第二届监事会第十四次会议（以下简称"本次会议"）。本次会议由监事会 主席滕秀梅女士主持，会议应出席监事 3 人，实际出席并表决的监事 3 人。本 次会议的召开及表决程序符合《中华人民共和国公司法》《悦康药业集团股份有 限公司章程》（以下简称"《公司章程》"）等相关规定。 二、监事会会议审议情况 （一）审议通过《关于<2024 年第三季度报告>的议案》 监事会认为：公司《2024 年第三季度报告》编制和审议程序符合法律法规、 《公司章程》和公司内部管理制度的各项规定；报告内容真实、准确、完整， 不存在任何虚假记载、误导性陈述或者重大遗漏， ...

关于召开 2024 年第二次临时股东大会的通知 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： 证券代码：688658 证券简称：悦康药业 公告编号：2024-048 悦康药业集团股份有限公司 一、 召开会议的基本情况 （一） 股东大会类型和届次 网络投票起止时间：自 2024 年 11 月 21 日 至 2024 年 11 月 21 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。 股东大会召开日期：2024年11月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 2024 年第二次临时股东大会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2024 年 11 月 2 ...

悦康药业集团股份有限公司 证券代码：688658 证券简称：悦康药业 公告编号：2024-049 对于存在客观证据表明存在减值，以及其他适用于单项评估的应收票据、 应收账款，其他应收款、应收款项融资等单独进行减值测试，确认预期信用损 失，计提单项减值准备。对于不存在减值客观证据的应收票据、应收账款、其 他应收款、应收款项融资或当单项金融资产无法以合理成本评估预期信用损失 的信息时，本公司依据信用风险特征将应收票据、应收账款、其他应收款、应 收款项融资等划分为若干组合，在组合基础上计算预期信用损失。 关于 2024 年前三季度计提资产减值准备的公告 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。 悦康药业集团股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召 开第二届董事会第十六次会议、第二届监事会第十四次会议，分别审议通过了 《关于 2024 年前三季度计提资产减值准备的议案》。现将相关事项公告如下： 一、计提资产减值准备情况的概述 根据《企业会计准则》以及公司的会计政策、会计估计的相关规定，为客 观公 ...

证券代码：688658 证券简称：悦康药业 公告编号：2024-050 悦康药业集团股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 20 日（星期三）上午 10:00-11:00 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 （一）会议召开时间：2024 年 11 月 20 日上午 10:00-11:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 董事长：于伟仕 投资者可于 2024 年 11 月 13 日（星期三）至 11 月 19 日（星期二）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过悦康药业集团股份有限 公司（以下简称"公司"）邮箱 irm@youcareyk.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 ...

表决结果：赞成票3票，反对票0票，弃权票0票。 特此决议！ 悦康药业集团股份有限公司 悦康药业集团股份有限公司（以下简称"公司"）第二届董事会独立董事专 门会议2024年第二次会议于2024年10月30日召开，本次会议应参会独立董事3名， 实际参会独立董事3名，本次会议由独立董事程华女士召集并主持。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《悦康药 业集团股份有限公司章程》的规定，会议决议合法、有效。 二、独立董事专门会议审议情况 （一）审议通过《关于新增2024年度日常关联交易预计的议案》 公司本次新增 2024 年度日常关联交易预计事项属于公司日常经营业务实际 需要，交易双方按照公平、公正、公开原则开展，交易双方平等协商参照市场 价格确定交易价格，不存在损害公司股东尤其是中小股东的利益，不会对公司 独立性产生影响，公司业务不会因此对关联方形成依赖或被其控制。因此，同 意本次新增日常关联交易预计事项，并同意将该议案提交公司董事会审议。 悦康药业集团股份有限公司 第二届董事会独立董事专门会议 2024 年第二次会议决议 一、独立董事专门会议召开情况 独立董事：陈可冀、王波、程华 ...