Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.73 billion CNY, with a net profit of 248 million CNY, and a non-recurring net profit of 205 million CNY, reflecting a year-on-year revenue decline of 14.63% but a net profit increase of nearly 2% [3] - The API business generated revenue of 1.883 billion CNY with a gross profit of 255 million CNY and a gross margin of 13.52% [3] - The CDMO business reported revenue of 549 million CNY, gross profit of 222 million CNY, and a gross margin of 40.43% [3] - The pharmaceutical business earned revenue of 298 million CNY, gross profit of 179 million CNY, and a gross margin of 60.09% [3] Group 2: Business Segment Performance - The API segment faced significant pressure with a revenue decline of 20% and a gross profit drop of 35%, leading to a gross margin decrease of 3.1 percentage points [3] - The CDMO segment showed strong performance with a 10% increase in sales and nearly 20% growth in gross profit, with a gross margin increase of 3.31 percentage points [3] - The pharmaceutical segment experienced a revenue decline of 12.8% and a gross profit decrease of 6.54%, but the gross margin improved by 4 percentage points [3] Group 3: Market Trends and Projections - The company anticipates a shift in business trends between 2024 and 2025, expecting a lower performance in the first half of 2025 compared to the previous year [4] - The CDMO business is projected to grow by 20% to 30% in 2025, with a normal gross margin range of 40% to 45% [6] - The company is actively expanding into new markets, including Southeast Asia and Africa, to mitigate domestic market pressures [7] Group 4: Share Buyback and Capital Management - The company has executed three share buyback plans, with the first in 2022 repurchasing 9.2 million shares for 200 million CNY, fully canceled [5] - The second buyback in 2024 involved 10.88 million shares for 153 million CNY, which was also approved for cancellation [5] - The third buyback plan is currently in process, with future stock incentive plans contingent on its completion [5] Group 5: R&D and Innovation - The company has enhanced its R&D capabilities significantly, particularly in the CDMO sector, by hiring experts from top international firms [6] - AI is being utilized to optimize fermentation processes, resulting in a nearly 70% increase in fermentation efficiency for certain products [13] - The company is developing new products and improving existing ones, with expectations of over 15 new product approvals by 2026 [8]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company's revenue in Q1 2025 faced pressure, with a reported revenue of 2.73 billion yuan, down 14.63% year-on-year, while the net profit attributable to shareholders slightly increased by 1.98% to 249 million yuan [4][8] - The raw material drug and intermediate segment experienced a significant decline in revenue and gross margin, while the CDMO segment showed resilience with steady growth [5][18] - The company aims to enhance its competitiveness in the raw material drug segment through overseas market expansion and optimization of production processes [4][18] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 2.73 billion yuan, a decrease of 14.63%, and a net profit of 249 million yuan, an increase of 1.98% [4][8] - The cash flow from operating activities was negative at -15 million yuan, down 105.35% [4][8] Raw Material and Intermediate Segment - This segment reported revenue of 1.88 billion yuan, down 20.08%, with a gross profit of 255 million yuan, down 34.95%, and a gross margin of 13.52%, a decrease of 3.10% [4][18] - The domestic antibiotic market is facing weak demand and overcapacity, leading to intensified competition [4][18] CDMO Segment - The CDMO segment achieved revenue of 549 million yuan, an increase of 9.58%, with a gross profit of 222 million yuan, up 19.35%, and a gross margin of 40.4%, an increase of 3.30% [5][18] - Growth is driven by an expanding project pipeline and improved customer structure [5][18] Formulation Segment - The formulation segment reported revenue of 298 million yuan, down 12.87%, with both gross profit and margin declining [5][19] - The company plans to strengthen its competitive advantage in key products and expand international registrations and sales [5][19] Profit Forecast - The company maintains its profit forecast, expecting net profits of 1.12 billion, 1.26 billion, and 1.40 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.9%, 11.9%, and 11.4% [6][19]

证券研究报告 | 2025年04月20日 普洛药业（000739.SZ）--2025 年一季报点评 优于大市 原料药业务承压，CDMO 业务彰显韧性 核心观点 公司研究·财报点评 医药生物·化学制药 | 证券分析师：彭思宇 | 证券分析师：陈曦炳 | | --- | --- | | 0755-81982723 | 0755-81982939 | | pengsiyu@guosen.com.cn | chenxibing@guosen.com.cn | | S0980521060003 | S0980521120001 | 0755-81982723 0755-81982939 pengsiyu@guosen.com.cn chenxibing@guosen.com.cn 联系人：凌珑 021-60375401 linglong@guosen.com.cn 基础数据 | 投资评级 | | 优于大市(维持) | | --- | --- | --- | | 合理估值 | | | | 收盘价 | | 13.57 元 | | 总市值/流通市值 | | 15868/15862 百万元 | | 52 | 周最高价/最低价 ...

证券代码：000739 证券简称：普洛药业 公告编号：2025-25 普洛药业股份有限公司 关于注销回购股份减少注册资本暨通知债权人的公告 一、注销回购股份减少注册资本的基本情况 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》以及公司于 2024 年 3 月 27 日召开的第九届董事会第五次会议审议通过的《关于回购股份方案 的议案》，公司该次回购股份用于实施员工持股计划。若公司在股份回购完成后 36 个月内未能实施前述用途，未使用部分将依法履行相关程序后予以注销。经公司管 理层讨论分析，综合公司目前情况，为维护公司价值和股东权益，优化公司资本结 构，公司拟将回购专用证券账户中的 10,880,000 股公司股票全部予以注销，相应减 少公司注册资本。本次注销上述回购股份后，公司股份总数将由 1,169,323,576 股 变更为 1,158,443,576 股；注册资本 将 由原来的 1,169,323,576 元变更为 1,158,443,576 元。 二、债权人通知 本次注销公司回购专用证券账户库存股将导致公司注册资本减少，根据《公司 法》等相关法律、法规的规定，公司特此通知债权人，债权人自 ...

Market Performance - On April 17, 2025, the pharmaceutical sector had a change of +0.04%, outperforming the CSI 300 index by 0.06 percentage points, ranking 16th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (+0.98%), pharmaceutical distribution (+0.40%), and offline pharmacies (+0.35%) performed well, while other bioproducts (-0.57%), vaccines (-0.48%), and blood products (-0.22%) lagged [1] - Top three gainers in individual stocks were Kangpeng Technology (+20.00%), Nuosige (+10.06%), and Yisheng Pharmaceutical (+10.03%); top three losers were Changyao Holdings (-6.33%), Hasanlian (-5.26%), and Shouyao Holdings (-4.81%) [1] Industry News - On April 17, 2025, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved statistically significant positive results in a key Phase III clinical trial (ACHIEVE-1) [2] - The study evaluated the safety and efficacy of Orforglipron compared to a placebo in adults with type 2 diabetes who had poor blood sugar control through diet and exercise alone [2] - Orforglipron is a research-based, once-daily oral small molecule (non-peptide) GLP-1 receptor agonist that can be taken at any time of the day without food and drink restrictions [2] Company News - Huayuan Bio (300401) reported Q1 2025 revenue of 326 million yuan, a year-on-year decrease of 1.18%, with net profit attributable to the parent company at 97 million yuan, a year-on-year increase of 5.50%, and a non-recurring net profit of 88 million yuan, up 44.42% year-on-year [3] - Puluo Pharmaceutical (000739) reported Q1 2025 revenue of 2.73 billion yuan, a year-on-year decrease of 14.63%, with net profit attributable to the parent company at 249 million yuan, a year-on-year increase of 1.98%, and a non-recurring net profit of 206 million yuan, down 14.05% year-on-year [3] - Sanbo Brain Science (301293) reported 2024 revenue of 1.43 billion yuan, a year-on-year increase of 8.84%, with net profit attributable to the parent company at 105 million yuan, a year-on-year increase of 34.24%, and a non-recurring net profit of 94 million yuan, up 0.77% year-on-year [3] - Betta Pharmaceuticals (300558) reported 2024 revenue of 2.89 billion yuan, a year-on-year increase of 17.74%, with net profit attributable to the parent company at 403 million yuan, a year-on-year increase of 15.67%, and a non-recurring net profit of 410 million yuan, up 55.92% year-on-year [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][39]. Core Views - The company achieved a steady revenue growth of 4.77% in 2024, with total revenue reaching 12.022 billion yuan, while net profit slightly declined by 2.29% to 1.031 billion yuan [9][39]. - The report highlights that excluding the impact of large CDMO projects, all three major business segments showed comprehensive growth [2][39]. - The company is focusing on deepening its international strategy and optimizing quality management to ensure stable supply in its raw materials and CDMO business [3][39]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 12.022 billion yuan, a growth of 4.77%, and a net profit of 1.031 billion yuan, down 2.29% year-on-year [9][39]. - The overall gross margin for 2024 was 23.85%, a decrease of 1.81 percentage points, while the net margin was 8.57%, down 0.63 percentage points [18][39]. Business Segments - The revenue from the raw material drug intermediates, CDMO, and formulation segments were 8.651 billion yuan (+8.32%), 1.884 billion yuan (-6.05%), and 1.256 billion yuan (+0.51%), respectively [2][39]. - The gross profit margins for these segments were 14.97% (-2.59pp), 41.06% (-1.23pp), and 60.81% (+7.67pp) [2][39]. Research and Development - The company increased its R&D expenses to 641 million yuan in 2024, a rise of 2.66% year-on-year, supporting the rapid growth of project numbers [3][39]. - The company has a rich pipeline with 1,601 CDMO quotation projects (+77% YoY) and 996 ongoing projects (+35% YoY) [31][39]. Market Strategy - The company is advancing its international strategy by establishing BD offices in key global markets such as Boston, Frankfurt, Tokyo, and Mumbai [3][39]. - The company aims to enhance its global supply chain and has successfully passed 265 audits in 2024 [3][39]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.123 billion yuan, 1.257 billion yuan, and 1.399 billion yuan, reflecting growth rates of 8.9%, 11.9%, and 11.4%, respectively [4][39].

证券研究报告 | 2025年04月18日 普洛药业（000739.SZ）--2024 年年报点评 优于大市 全年营收增长 4.77%，利润端略有承压 全年营收稳步增长、利润端略有下滑。2024 全年公司实现营收 120.22 亿 元（+4.77%），归母净利润 10.31 亿元（-2.29%），扣非归母净利润 9.84 亿元（-4.09%）。其中，四季度单季营收 27.31 亿元（-8.15%），归母 净利润 1.61 亿元（-20.85%），扣非归母净利润 1.53 亿元（-22.81%）。 2024 年全年公司整体毛利率 23.85%，同比下降 1.81pp；净利率 8.57%， 同比下降 0.63pp。 剔除 CDMO 大项目影响，三大业务全面增长。2024 年公司原料药中间体、 CDMO 、 制 剂 板 块 营 收 分 别 为 86.51/18.84/12.56 亿 元 （+8.32%/-6.05%/+0.51%），剔除 2023 年同期 CDMO 业务新冠项目基数 影 响 ， 三 大 业 务 全 面 增 长 ， 毛 利 为 12.95/7.73/7.64 亿 元 （ -7.68%/-8.78%/+1 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,730,189,121.97, a decrease of 14.63% compared to ¥3,198,046,619.86 in the same period last year[5] - Net profit attributable to shareholders was ¥248,547,145.11, representing a slight increase of 1.98% from ¥243,716,289.99 year-on-year[5] - The basic and diluted earnings per share were both ¥0.2126, reflecting a growth of 2.02% from ¥0.2084 in the same period last year[5] - Net profit increased to ¥248,576,261.58 compared to ¥243,714,001.08, showing a growth of approximately 2.3%[18] - The total profit margin for the period was approximately 10.9%, slightly down from the previous margin of 11.1%[18] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥14,993,469.16, a decline of 105.35% compared to ¥280,125,473.87 in the previous year[5] - Operating cash flow generated a net outflow of ¥14,993,469.16, contrasting with a net inflow of ¥280,125,473.87 in the previous period[19] - Cash and cash equivalents decreased to CNY 3,465,233,609.71 from CNY 3,661,618,802.74, reflecting a decline of approximately 5.36%[14] - Cash and cash equivalents at the end of the period stood at ¥2,594,930,339.41, slightly down from ¥2,599,072,264.47[20] - Investment activities resulted in a net cash outflow of ¥91,370,688.15, compared to a larger outflow of ¥188,142,141.05 in the prior period[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,708,540,956.72, a slight decrease of 0.16% from ¥12,729,008,610.16 at the end of the previous year[5] - Current assets totaled CNY 8,228,646,015.77, compared to CNY 8,186,761,774.66 at the start of the period, indicating a growth in liquidity[14] - Total liabilities decreased to CNY 5,709,989,761.76 from CNY 5,979,125,430.44, indicating a reduction of about 4.49%[15] - The company's equity attributable to shareholders increased to CNY 6,990,603,683.93 from CNY 6,741,964,785.16, reflecting an increase of approximately 3.69%[16] - Short-term borrowings decreased to CNY 668,156,422.52 from CNY 814,026,241.34, a reduction of about 17.94%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 51,719, with the largest shareholder holding 28.30% of the shares[10] - The company repurchased 10,880,000 shares, representing 0.93% of the total share capital[11] Investment and Other Income - The company reported a significant increase in investment income to ¥39,456,689.06, compared to a loss of -¥2,018,356.21 in the previous year[9] - Non-recurring gains and losses totaled ¥42,881,422.13, primarily from the disposal of non-current assets and government subsidies[6] Research and Development - Research and development expenses increased to ¥169,688,023.08 from ¥152,938,500.76, reflecting a rise of about 11%[17] Other Financial Metrics - The company's return on equity (ROE) was 4.00%, an increase of 0.16% compared to 3.84% from the previous year[5] - Accounts receivable financing increased by 195.96% to ¥539,323,041.79, mainly due to an increase in received bills[9] - Accounts receivable increased to CNY 1,832,342,320.15 from CNY 1,764,198,282.30, representing a growth of about 3.86%[14] - Inventory decreased to CNY 1,651,614,838.63 from CNY 1,860,088,103.67, showing a decline of approximately 11.21%[14] - The company reported a significant increase in long-term receivables, rising to CNY 3,888,628.75 from CNY 3,483,230.30, an increase of approximately 11.63%[15] - The company experienced a foreign exchange impact of ¥3,246,242.93 on cash and cash equivalents[20]

Group 1 - The core point of the article is that Prologis Pharmaceutical (000739) reported a decline in revenue for the first quarter of 2025, while net profit showed a slight increase [1] - The company's operating revenue for Q1 2025 was 2.73 billion yuan, representing a year-on-year decrease of 14.63% [1] - The net profit for the same period was 249 million yuan, which reflects a year-on-year growth of 1.98% [1]

北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 北京市康达律师事务所 关于普洛药业股份有限公司 2024 年年度股东大会的法律意见书 康达股会字【2025】第 0083 号 致：普洛药业股份有限公司 北京市康达律师事务所（以下简称"本所"）接受普洛药业股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会（以下简 称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《 ...