Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 120.22 billion yuan, representing a year-on-year increase of 4.77%. However, the net profit attributable to shareholders is expected to decline by 2.29% to 10.31 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) business is experiencing rapid growth, with the number of projects increasing significantly. The company has 1,601 quoted projects, a 77% year-on-year increase, and 996 ongoing projects, a 35% increase [5] - The company has adjusted its profit forecasts for 2025-2026, now expecting net profits of 11.77 billion yuan and 13.74 billion yuan, respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a net profit of 10.31 billion yuan and a gross margin of 23.85% [4] - The CDMO business generated 18.84 billion yuan in revenue, with a gross margin of 41.06% [5] - The raw material drug intermediate business saw revenue of 86.51 billion yuan, an increase of 8.3%, while the formulation business generated 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan, respectively, with corresponding net profits of 11.77 billion yuan, 13.74 billion yuan, and 16.52 billion yuan [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 12.02 billion yuan, reflecting a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.03 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are growing rapidly, with a total of 1,601 quoted projects, a year-on-year increase of 77%, and 996 ongoing projects, a 35% increase year-on-year [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards, now expecting net profits of 1.18 billion yuan and 1.37 billion yuan respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 is reported at 18.84 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue is 86.51 billion yuan, showing an 8.3% increase year-on-year, while the formulation business revenue is 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan respectively, with corresponding net profits of 1.18 billion yuan, 1.37 billion yuan, and 1.65 billion yuan [8]

Financial Performance - In 2024, the company achieved a revenue of CNY 12.022 billion, a year-on-year increase of 4.77% [3] - Net profit for the same period was CNY 1.031 billion, a decrease of 2.29% compared to the previous year [3] - The raw material drug segment generated revenue of CNY 8.651 billion, up 8.32% year-on-year, with a gross profit of CNY 1.295 billion [3] - The CDMO segment's revenue was CNY 1.884 billion, down 6.05%, with a gross profit of CNY 0.773 billion [3] - The pharmaceutical segment reported revenue of CNY 1.256 billion, a slight increase of 0.51%, with a gross profit of CNY 0.764 billion [3] R&D and Project Development - R&D investment for 2024 was CNY 641 million, a 2.66% increase year-on-year [4] - The company quoted 1,601 projects in the CDMO segment, a 77% increase, with 996 ongoing projects, up 35% [4] - There are 116 API projects, with 22 already in production and 15 in the verification stage [4] Shareholder Returns - The total amount for share repurchase and cash dividends in 2024 was CNY 6.126 billion, representing 59.41% of the net profit attributable to shareholders [6] - The company has already distributed CNY 2.259 billion in dividends prior to the annual report [7] Market Strategy and Outlook - The company plans to increase the number of API DMF filings by 30-50 over the next three years to support stable growth in the API business [5] - The pharmaceutical strategy focuses on multiple products and channels, with 25 formulation projects initiated annually [5] - The company aims to enhance its CDMO capabilities and expects to reach 3,000 operational projects in 2-3 years [8] Cost and Expense Management - Employee compensation expenses increased by CNY 80 million in 2024, and fixed asset depreciation rose by CNY 120 million, impacting gross profit by approximately CNY 200 million [7] - Sales expense ratio is expected to increase with business scale expansion, while R&D expenses are projected to grow by around 10% [14] Industry Challenges and Responses - The company anticipates continued pressure on raw material prices in early 2025, with a potential recovery in the latter half of the year [11] - The competitive landscape for generic drugs is expected to intensify, but the company is focusing on differentiated products to mitigate risks [13]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 12.022 billion yuan, a year-on-year increase of 4.77% [1] - The net profit attributable to shareholders was 1.031 billion yuan, a decrease of 2.29% year-on-year, while the net profit after deducting non-recurring gains and losses was 984 million yuan, down 4.09% [1] - Operating cash flow was 1.209 billion yuan, reflecting a strong performance with a year-on-year growth of 17.20% [1] - The company plans to distribute a cash dividend of 3.56 yuan per 10 shares, totaling approximately 412 million yuan [1] Group 2: Business Strategy and Market Position - The company focuses on refining its raw materials business strategy, aiming to supply high-quality and competitive APIs to global pharmaceutical companies [1] - The API business showed steady progress, with a sales revenue of 8.651 billion yuan, an increase of 8.32% year-on-year [1] - The company has developed over 50 new clients, enhancing its market share in strategic products [1] Group 3: CDMO Development - Since establishing the CDMO division, the company aims to become a leading global innovative drug R&D and production enterprise [2] - The number of quoted projects reached 1,601, a year-on-year increase of 77%, with ongoing projects totaling 996, up 35% [2] - The CDMO R&D center in Boston commenced operations in September 2024, enhancing service capabilities in the North American market [2] Group 4: Pharmaceutical Business - The pharmaceutical business generated revenue of 1.256 billion yuan, a slight increase of 0.51% year-on-year, with a gross profit of 764 million yuan, reflecting a growth of 15.02% [2] - The gross margin for the pharmaceutical business was 60.81% [2] - The company is advancing a multi-product strategy, with over 120 formulation varieties and 64 projects under research [2] Group 5: R&D Investment - R&D investment reached 641 million yuan in 2024, a year-on-year increase of 2.66%, accounting for 5.34% of revenue [3] - The company has received approvals for 12 API varieties and 5 formulations domestically, with 2 formulations approved by the FDA [3] - A new international high-end formulation workshop is planned to enhance production capacity, currently in the design phase [3]

Group 1 - The latest institutional holding trends are becoming clearer as the earnings report season unfolds [1] - The Basic Pension Insurance Fund's 808 combination has emerged as the eighth largest shareholder of Prologis, holding 11.8004 million shares, which accounts for 1.01% of the circulating shares [1]

普洛药业股份有限公司 内部控制审计报告 一、企业对内部控制的责任 和信审字（2025）第 000731 号 和信会计师事务所（特殊普通合伙） 二〇二五年三月七日 普洛药业股份有限公司 报告正文 内部控制审计报告 和信审字（2025）第 000731 号 按照《企业内部控制基本规范》、《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是普洛 药业董事会的责任。 普洛药业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了普洛药业股份有限公司（以下简称"普洛药业"）2024 年 12 月 31 日的财 务报告内部控制的有效性。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告 ...

普洛药业股份有限公司 审计报告 和信审字（2025）第 000730 号 | 目 录 | 页 码 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | | | 1、合并及公司资产负债表 | 7-10 | | 2、合并及公司利润表 | 11-12 | | 3、合并及公司现金流量表 | 13-14 | | 4、合并及公司所有者权益变动表 | 15-18 | | 三、财务报表附注 | 19-114 | 和信会计师事务所（特殊普通合伙） 二○二五年三月七日 普洛药业股份有限公司 报告正文 审 计 报 告 和信审字（2025）第 000730 号 普洛药业股份有限公司全体股东： 一、审计意见 我们审计了普洛药业股份有限公司（以下简称普洛药业）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量 表、合并及公司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映 了普洛药业 2024 年 12 月 31 日的合并及公司财务状况以及 2024 年度的合并及公 ...

非经营性资金占用及其他关联资金往来情况的 专项说明 和信专字（2025）第 000016 号 关于普洛药业股份有限公司 | 目 | 录 | 页 | 码 | | --- | --- | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项说明 | | 1-2 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | | 3 | | 和信会计师事务所（特殊普通合伙） 二〇二五年三月七日 普洛药业股份有限公司 报告正文 关于普洛药业股份有限公司 非经营性资金占用及其他关联资金往来情况的 专项说明 和信专字（2025）第 000016 号 普洛药业股份有限公司全体股东： 我们接受委托，审计了普洛药业股份有限公司（以下简称普洛药业）2024 年度 财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司所有者权益变动表以及相关财务 报表附注，并于 2025 年 3 月 7 日出具了和信审字（2025）第 000730 号标准无保留 意见审计报告。 根据中国证券监督管理委员会等四部委联合发布的《上市公司监管 ...

第三条 公司设总经理一名，由公司董事长提名，公司董事会聘任。 第四条 公司总经理任职应当具备下列条件： 普洛药业股份有限公司 总经理工作细则 第一章 总则 第一条 为进一步完善普洛药业股份有限公司（以下简称"公司"） 法人治理结构，明确总经理的职权，规范总经理办公会议的工作程序， 根据《中华人民共和国公司法》、《上市公司治理准则》、《公司章程》 等有关规定，并结合公司实际情况，特制定本细则。 第二条 公司总经理主持公司日常生产经营和管理工作，组织实施 董事会决议，对董事会负责。 第二章 总经理的任职资格与任免程序 （一）具有较丰富的理论知识、管理知识及实践经验，有较强的 经济管理能力； （二）具有调动员工积极性、建立合理的组织机构、协调各种内 外关系和统揽全局的能力； （三）具有一定年限的企业管理或经济工作经验，熟悉公司主业 及相关行业的生产经营业务，掌握国家有关法律、法规和政策； 1 （四）年富力强，有较强的使命感和积极开拓的进取精神； （五）遵守国家法律、行政法规、部门规章和公司章程等规定， 履行忠诚和勤勉义务。 第五条 有下列情形之一的，不得担任公司总经理： （一）《公司法》等法律法规及其他有关规定不得 ...

第一章 总则 普洛药业股份有限公司 董事、监事和高级管理人员所持公司股份及其变动管理制度 第一条 为规范普洛药业股份有限公司(以下简称"公司")董事、监事和高 级管理人员所持公司股份及其变动的管理，维护证券市场秩序，保护投资者合法 权益，根据《公司法》《证券法》《上市公司董事、监事和高级管理人员所持本 公司股份及其变动管理规则》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第10号——股份变动管理》《深圳证券交易所上市公司 自律监管指引第18号——股东及董事、监事、高级管理人员减持股份》及《公司 章程》等规定，并结合公司实际情况，制定本制度。 公司董事、监事和高级管理人员从事融资融券交易的，其所持公司股份还包括记载在其 信用账户内的公司股份。 （二）新任高级管理人员在董事会通过其任职事项后两个交易日内； （三）现任董事、监事、高级管理人员在其已申报的个人信息发生变化后的 两个交易日内； （四）现任董事、监事、高级管理人员在离任后两个交易日内； 第二条 公司董事、监事和高级管理人员所持公司股份，是指登记在其名下 和利用他人账户持有的所有公司股份。 第三条公司董事、监事和高级管理人员在买卖公 ...