Financial Performance - In 2023, the company achieved operating revenue of RMB 12,430.04 million, a year-on-year decrease of 1.58%[9] - The net profit attributable to shareholders was RMB 1,953.65 million, representing a year-on-year increase of 2.32%[9] - The proposed profit distribution plan for 2023 includes a cash dividend of RMB 13.50 per 10 shares, subject to approval at the annual general meeting[22] - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion, representing a year-over-year growth of 20%[37] - The net cash flow from operating activities increased by 17.18% to CNY 3,248,934.19 in 2023[38] - The total assets as of December 31, 2023, were CNY 25,044,827.13, representing a 0.71% increase from the beginning of the year[39] - The total liabilities increased by 3.49% to CNY 10,278,124.13 as of December 31, 2023[39] - The return on equity for 2023 was 14.00%, a decrease of 0.31 percentage points from the previous year[39] - Basic earnings per share for 2023 were CNY 2.10, up 2.94% from CNY 2.04 in 2022[38] Research and Development - The company has made significant progress in R&D, with multiple products including injectable Triptorelin microspheres and Voriconazole approved for market[10] - The company is focusing on high-barrier complex formulations and innovative drugs in fields such as oncology and reproductive health[10] - Over 65% of participants have been enrolled in the Phase III clinical trial for recombinant human follicle-stimulating hormone injection[11] - The company aims to enhance its leading advantages in innovative drugs and high-barrier complex formulations, focusing on areas such as digestive, mental health, reproductive assistance, and anti-tumor fields[15] - The company is committed to enhancing its research and development capabilities, with ongoing projects in various therapeutic areas, which will support long-term growth[104] - The company reported a total R&D investment of approximately RMB 1.24 billion in 2023, a decrease of 11.86% compared to RMB 1.40 billion in 2022[107] - The number of R&D personnel decreased by 6.89% to 906 in 2023, down from 973 in 2022[106] Market Expansion and Strategy - The company has initiated international collaborations and licensing agreements to expand its product pipeline and market reach[13] - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[37] - The company is actively expanding its international business, with ongoing sales and registration efforts in countries like Pakistan, Indonesia, and the Philippines[60] - The company is focusing on unmet clinical needs and investing in innovative drug development to ensure sustainable growth[195] - The company plans to advance the development of traditional Chinese medicine formulations and enhance the marketing of key products in oncology and antiviral sectors[186] Corporate Social Responsibility and Sustainability - The company’s MSCI ESG rating achieved the highest level of AAA, becoming the first Chinese pharmaceutical company to receive this rating[14] - The company is committed to social responsibility, covering 8 provinces and 4 autonomous regions with its chronic disease prevention project[14] - The company has set a goal to achieve carbon neutrality by 2055, emphasizing its commitment to sustainable development and environmental protection[16] - The company is committed to strict compliance with environmental regulations and aims to achieve carbon neutrality by 2055[198] Marketing and Sales - The company is enhancing its marketing strategies through evidence-based and collaborative marketing approaches[12] - The company has strengthened its marketing management and established key product line divisions to enhance customer market share in three major areas[70] - The marketing strategy includes rapid coverage of core products, particularly in the digestive field, and expanding market presence in assisted reproduction and mental health sectors[182] Investment and Financial Management - The company has implemented new strategies focusing on digital marketing, which is expected to improve customer engagement by 30%[37] - The company plans to invest RMB 200 million in upgrading its manufacturing facilities to meet international quality standards[37] - The company has reported a total investment in securities of approximately RMB 236.5 million, with a loss of RMB 24.38 million during the reporting period[155] - The company has established measures to mitigate market risks associated with foreign exchange operations, ensuring that these contracts are not used for speculative trading[159] Investor Relations - The company engaged in multiple investor communications throughout January to July 2023, primarily through phone calls with institutional investors[199] - The investor relations activities were documented and made available on the company's official website, ensuring accessibility of information to stakeholders[199] - The company has maintained transparency in its communications, responding to inquiries based on actual operational conditions[199]

证券研究报告 | 年报点评报告 2024年03月29日 丽珠集团（000513.SZ） 处方药短暂承压，大单品梯队陆续兑现拉动长期成长 丽珠集团发布 2023 年年报。公司 2023 年实现营业收入 124.30 亿元，同比下降 买入（维持） 1.58%；归母净利润19.54亿元，同比增长2.32%，归母扣非净利润18.81亿元， 股票信息 同比增长0.05%。 单看Q4，实现营业收入27.75亿元，同比下滑11.65%，归母净利润3.52亿元，同 行业 化学制药 比下滑12.55%；归母扣非净利润3.06亿元，同比下滑17.69%。 前次评级 买入 观点：处方药短暂承压，大单品梯队即将陆续兑现。 3月28日收盘价(元) 37.55 收入端，2023Q4同比下滑11.65%，我们预计主要由于2022Q4生物制品板块有新 总市值(百万元) 34,788.74 冠疫苗收入，而2023Q4该部分销售大幅减少。利润端，公司2023全年计提疫苗相 总股本(百万股) 926.46 关资产减值，影响归母净利润1.78亿元，加回后实际归母净利润21.32亿元，同比 其中自由流通股(%) 64.40 保持11.64%的稳定增长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable revenue and profit for 2023, with notable performance in the raw materials and traditional Chinese medicine segments [3] - The prescription drug policy impact and short-term pressure on Aiprazole were noted, while the raw materials and traditional Chinese medicine segments capitalized on favorable trends [3] - The company is expected to consolidate its leadership in the hormone and digestive fields in 2024, with profit pressure alleviated following the clearance of COVID-19 vaccine impairments [4] - The company is projected to achieve significant sales peaks from new high-end formulations and biopharmaceutical pipelines between 2025 and 2027 [4] - The long-term outlook remains positive due to the innovative nature of new products, high barriers from complex formulations and exclusive patents, and strong dividend yields [4] Financial Performance Summary - In 2023, total revenue was 12,430 million yuan, a decrease of 1.58% year-on-year, while net profit attributable to shareholders was 1,954 million yuan, an increase of 2.32% [3] - The revenue breakdown shows a 6% decline in the chemical preparation segment, a 79% decline in the biological products segment, a 4% increase in the raw materials and intermediates segment, and a 39% increase in the traditional Chinese medicine segment [3] - The company expects revenue for 2024 to be 13,143 million yuan, with net profit projected at 2,192 million yuan, reflecting a growth rate of 12.20% [2][4] Earnings Forecast and Valuation - The earnings per share (EPS) for 2023 was 2.11 yuan, with projections of 2.37 yuan for 2024 and 3.05 yuan for 2026 [2] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 15.87, 13.94, and 12.31 respectively [2] - The company’s revenue and net profit forecasts for 2024 and 2025 have been adjusted downwards due to procurement and medical insurance policy factors [4]

Financial Performance - For the year 2023, the company achieved a revenue of RMB 12,430.04 million, a year-on-year decrease of 1.58%[16] - The net profit attributable to shareholders for 2023 was RMB 1,953.65 million, representing a year-on-year increase of 2.32%[16] - Excluding non-recurring gains and losses, the net profit from core business for 2023 was RMB 1,881.35 million, a slight increase of 0.05% year-on-year[16] - The company reported total operating revenue of RMB 12,430.04 million, representing a year-on-year increase of 2.94%[28] - The net profit attributable to shareholders was RMB 1,744.89 million, reflecting a growth of 14.04% compared to the previous year[29] - The company reported a net profit of RMB 581,909,331.89 thousand in the first quarter of 2023[65] - The company reported a total operating cost of RMB 4,465,473,361.10, a slight increase of 0.09% from RMB 4,461,283,076.09 in 2022[118] - The income tax expense for the year was RMB 485.07 million, an increase of 29.36% year-on-year, primarily due to the company's operating results[129] - The company has made adjustments to previous years' financial data due to changes in accounting policies[58] Dividend and Shareholder Returns - The board proposed a cash dividend of RMB 13.50 per 10 shares (before tax) for the 2023 fiscal year, pending approval at the annual general meeting[17] - The company plans to distribute a cash dividend of RMB 13.50 per 10 shares to all shareholders, pending approval at the 2023 annual general meeting[37] - The dividend distribution is expected to occur on July 8, 2024, for A-share shareholders and August 5, 2024, for H-share shareholders[37] Research and Development - In 2023, the company focused on R&D innovation, particularly in the fields of digestive, mental health, reproductive assistance, and oncology, enhancing its differentiated product pipeline[18] - The company has established a robust R&D innovation system, optimizing management structures across clinical operations and drug safety, leading to accelerated realization of innovative research outcomes[18] - The company aims to enhance R&D efficiency and strengthen its leading position in innovative drugs and complex formulations, focusing on areas such as digestive, mental health, reproductive assistance, and oncology[24] - The company has initiated multiple clinical trials, including a Phase III trial for recombinant human IL-17A/F monoclonal antibody injection and completed enrollment for semaglutide injection for type 2 diabetes[20] - The company has made significant progress in R&D, with the approval of the injection of Triptorelin Acetate microspheres for prostate cancer and the completion of Phase III clinical trials for endometriosis[78] - The company is advancing several R&D projects, including a long-acting implant for prostate cancer and a micro-injection for endometriosis, all in preclinical research stages[137] Market Expansion and Product Development - The company accelerated the internationalization of its products, contributing to a comprehensive enhancement of its long-term sustainable development capabilities[14] - The company introduced innovative drugs in the gastrointestinal and cardiovascular fields, strengthening its international collaboration and licensing efforts[21] - The company has analyzed potential risk factors and response strategies for future development in the management discussion and analysis section of the report[37] - Livzon plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales from this region by 2025[45] - The company is actively pursuing international collaboration and innovation business models to enhance its global market presence[69] - The company is focusing on high-barrier complex formulations and innovative drugs, strengthening its integrated raw material and formulation capabilities[98] Environmental and Social Responsibility - The company achieved an MSCI ESG rating of AAA, becoming the first Chinese pharmaceutical company to receive this highest rating[23] - The company plans to achieve carbon neutrality by 2055 and is committed to increasing environmental protection investments[26] Financial Position and Assets - The total assets as of December 31, 2023, were RMB 25,044,827.13 thousand, reflecting a 0.71% increase from the previous year[59] - The total liabilities increased by 3.49% to RMB 10,278,124.13 thousand as of December 31, 2023[59] - The return on equity attributable to shareholders was 13.91%, an increase of 0.15 percentage points compared to the previous year[59] - The company's asset-liability ratio increased from 39.94% in 2022 to 41.04% in 2023[157] - The total outstanding debt as of December 31, 2023, is RMB 5,014.84 million, an increase from RMB 4,604.43 million as of December 31, 2022, representing an increase of 8.9%[171] Risk Management and Compliance - The company has implemented long-term equity incentive plans to motivate employees and align their growth with the company's development[23] - The company continues to address corruption issues in the pharmaceutical industry through a comprehensive governance approach initiated by the National Health Commission[3] - Forward-looking statements in the report are subject to risks and uncertainties, and actual results may differ significantly from these statements[37] Investment and Financing Activities - The company has made significant equity investments, including RMB 600 million in Wuhan Kangli Health Investment, acquiring a 60% stake, and RMB 102 million in Guangdong Lijian Animal Health, acquiring a 51% stake[183] - The total investment amount for the year reached RMB 729.64 million, a significant increase of 1,724.08% compared to RMB 40.00 million in the previous year[182] - The company has capital commitments totaling RMB 709.93 million, which includes commitments for long-term asset construction and R&D expenditures[168] Product Pipeline and Approvals - The company has successfully launched several new products, including tocilizumab injection and new indications for injectable esomeprazole sodium, enhancing its product pipeline in various therapeutic areas[131] - The company has received emergency use authorization for the recombinant novel coronavirus fusion protein vaccine, which is expected to enrich its vaccine product pipeline[133] - The injectable progesterone solution for women undergoing assisted reproductive technology has been submitted for approval, aiming to expand the company's offerings in the reproductive health sector[133] - The injectable phosphoric acid tedizolid for acute bacterial skin and skin structure infections has been submitted for market approval, which will enhance the company's infection control product pipeline[133]

关于开展期货套期保值业务的可行性分析报告 一、公司开展期货套期保值业务的背景 为了规避生产经营中所需主要原材料价格波动的风险，保障公司业务的稳步 发展，丽珠医药集团股份有限公司（以下简称"公司"）控股附属公司丽珠集团 新北江制药股份有限公司、丽珠集团福州福兴医药有限公司、丽珠集团（宁夏） 制药有限公司及四川光大制药有限公司拟开展商品期货套期保值业务。 二、公司开展期货套期保值业务概述 公司各控股附属公司开展的期货套期保值业务，交易场所为大连商品交易所， 具体交易品种限于与公司生产经营所需主要原材料相关的期货品种，如玉米淀粉 和白糖等。交易期限自公司董事会审议通过之日起 12 个月内。 三、公司开展期货套期保值业务的必要性和可行性 公司开展期货套期保值业务，以规避生产经营中使用的主要原材料价格波动 所产生的风险为目的，结合销售和生产采购计划，进行境内期货交易所上市标准 化期货合约的交易，实现对冲现货市场交易中存在的价格波动风险，以此达到稳 定采购成本的目的，保障公司业务稳步发展。因此，开展期货套期保值业务具有 必要性和可行性。 四、公司拟开展期货套期保值业务的基本情况 1、交易金额 基于各控股附属公司生产经营预 ...

丽珠医药集团股份有限公司 2023 年度募集资金存放与实际使用情况的专项报告 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 求（2022年修订）》和《深圳证券交易所上市公司自律监管指引第1号——主板 上市公司规范运作》有关规定，现将本公司2023年度募集资金存放与使用情况 说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会以证监许可[2016]1524号文《关于核准丽珠医药 集团股份有限公司非公开发行股票的批复》核准，本公司非公开发行人民币普 通股（A股）29,098,203股，每股面值人民币1元，每股发行价格为50.10元，募集 资金总额为1,457,819,970.30元，扣除发行费用37,519,603.53元后，募集资金净额 为1,420,300,366.77元，于2016年9月2日存入本公司账户。瑞华会计师事务所（特 殊普通合伙）于2016年9月6日出具瑞华验字[2016]40030019号验资报告验证确认。 公司于2016年9月6日、2016年9月26日将募集资金分别存入在浙商银行股份有限 公司深圳分行营业部、中国工商银行股份有限 ...

关于开展外汇衍生品交易业务的可行性分析报告 一、公司开展外汇衍生品交易业务的背景 随着丽珠医药集团股份有限公司（以下简称"公司"）国际贸易业务的逐年 增长，并结合公司 2022 年出口收汇及进口付汇的情况，为规避和防范汇率波动 对公司利润和全体股东权益造成不利影响，因此公司计划继续开展外汇衍生品交 易业务，以降低汇兑损益可能对公司经营业绩带来的影响。 根据公司的需求，公司及下属附属公司拟开展交易总额度不超过人民币 14.00 亿元（或等值外币）的外汇衍生品交易业务，在交易额度范围内可滚动使 用，且在交易期限内任一时点的交易金额将不超过上述额度。 2、交易方式 二、公司开展外汇衍生品交易业务概述 开展远期外汇衍生品交易业务，主要包括远期结售汇及相关组合业务，交易 总金额不超过 14.00 亿元人民币（或等值外币，在交易额度范围内可滚动使用）。 交易期限自公司董事会审议通过之日起 12 个月内。 三、公司开展外汇衍生品交易业务的必要性和可行性 基于公司进出口业务的不断增加，需要大量外汇交易，为规避和防范汇率波 动风险，公司及下属附属公司开展包括远期结售汇及相关组合业务的远期外汇衍 生品交易，符合公司的实际发展需要 ...

董事会关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》及丽珠医药集团股份有限公司（以下简称 "公司"）《独立董事制度》的规定，就公司第十一届董事会现任独立董事白华先 生、田秋生先生、黄锦华先生、罗会远先生及崔丽婕女士的独立性情况进行了评 估并出具如下专项意见： 经核查独立董事白华先生、田秋生先生、黄锦华先生、罗会远先生及崔丽婕 女士的任职经历及其签署的独立性自查文件，上述人员未在公司担任除独立董事 外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及主要股东之 间不存在利害关系或其他可能妨碍其进行独立客观判断的关系，不存在影响独立 董事独立性的情况，符合《上市公司独立董事管理办法》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》及公司《独立董事制度》 中对独立董事独立性的相关要求。 丽珠医药集团股份有限公司 丽珠医药集团股份有限公司董事会 2024 年 3 月 29 日 ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2024-018 丽珠医药集团股份有限公司 拟续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 3 月 28 日，丽珠医药集团股份有限公司（以下简称"公司"）召开 了公司第十一届董事会第十三次会议，审议通过了《关于聘任公司 2024 年度财 务报表及内部控制审计机构的议案》，公司拟续聘致同会计师事务所（特殊普通 合伙）为公司 2024 年度财务报表及内部控制的审计机构。现将有关详情公告如 下： 一、拟续聘会计师事务所事项的情况说明 二、拟续聘会计师事务所的基本信息 1、机构信息 （1）基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：1981 年 注册地址：北京市朝阳区建国门外大街 22 号赛特广场五层 首席合伙人：李惠琦 执业证书颁发单位及序号：北京市财政局 NO 0014469 截至 2023 年末，致同所从业人员近六千人，其中合伙人 225 名，注册会计 师 1,364 名，签署过证券服务业务审计报告的注册会计师超过 40 ...

关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 本次会计政策变更是丽珠医药集团股份有限公司（以下简称"公司"）根据 财政部的最新规定进行的相应变更，不属于自主变更，无需提交公司董事会及股 东大会审议批准。本次会计政策变更，本公司对租赁业务确认的租赁负债和使用 权资产，产生应纳税暂时性差异和可抵扣暂时性差异的，按照解释第 16 号的规 定进行调整。 一、会计政策变更概述 1、会计政策变更的原因及适用日期 财政部于 2022 年 11 月发布了《企业会计准则解释第 16 号》（财会〔2022〕 31 号）（以下简称"解释第 16 号"）。 解释第 16 号规定，对于不是企业合并、交易发生时既不影响会计利润也不 影响应纳税所得额（或可抵扣亏损）、且初始确认的资产和负债导致产生等额应 纳税暂时性差异和可抵扣暂时性差异的单项交易，因资产和负债的初始确认所产 生的应纳税暂时性差异和可抵扣暂时性差异，应当根据《企业会计准则第 18 号 ——所得税》等有关规定，在交易发生时分别确认相应的递延所得税负债和递延 所得税资产。对于在首次施行上述规 ...