Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The report highlights stable revenue growth and the continuous advancement of the innovation pipeline, indicating a positive long-term growth outlook for the company [2] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 31.478 billion yuan, an increase of 3.56%, and a net profit attributable to shareholders of 2.562 billion yuan, up 17.05%. The third quarter alone saw revenue of 10.513 billion yuan, growing by 5.03%, and a net profit of 866 million yuan, increasing by 14.71% [8] - The company maintains its EPS forecasts for 2024-2026 at 1.93, 2.25, and 2.55 yuan respectively, and has raised the target price to 42.75 yuan from the previous 39.29 yuan [8] Business Segment Performance - The pharmaceutical manufacturing segment generated revenue of 9.941 billion yuan, up 10.53%, with a net profit of 2.140 billion yuan, increasing by 14.49%. The third quarter saw a revenue growth of 10.32% and a net profit growth of 20.44% [8] - The industrial microbiology segment reported revenue of 443 million yuan, a significant increase of 30.17%, driven by expanding overseas markets and an increasing number of cooperative clients [8] - The medical aesthetics segment achieved a total revenue of 1.909 billion yuan, with the core product "少女针" generating 909 million yuan, reflecting a 10.31% increase [8] Innovation Pipeline - As of Q3 2024, the company has over 70 innovative products in its pipeline, with several expected to receive approval between 2024 and 2025, including ADC drugs and diabetes treatment options [8] Market Data - The current stock price is 34.22 yuan, with a target price of 42.75 yuan, indicating a potential upside [3] - The company has a total market capitalization of 60.031 billion yuan and a net asset value per share of 12.56 yuan [4][5]

Investment Rating - The report maintains a "Buy" rating for Huadong Medicine, indicating an expected stock price increase of over 20% relative to the market benchmark within the next 6 months [8]. Core Views - The company reported strong performance in Q1-Q3 2024, with revenues of 31.48 billion yuan, a year-on-year increase of 3.6%, and a net profit of 2.56 billion yuan, up 17.1% year-on-year [1]. - The pharmaceutical commercial sector is stabilizing, while the pharmaceutical manufacturing sector shows steady growth [1]. - The company has a rich pipeline of innovative products, with several key drugs expected to be approved soon, providing strong long-term growth potential [1]. Financial Performance Summary - For Q1-Q3 2024, the industrial segment (including CSO) generated revenues of 9.94 billion yuan, a 10.5% increase year-on-year, with a net profit of 2.14 billion yuan, up 14.49% [1]. - The commercial segment's revenue was 20.57 billion yuan, growing 1.4% year-on-year, with a net profit of 320 million yuan, an increase of 2.1% [1]. - The medical aesthetics segment reported revenue of 1.91 billion yuan, a 1.9% increase year-on-year, with significant contributions from domestic subsidiaries [1]. - The company expects revenues of 43.78 billion yuan for 2024, with net profits projected at 3.33 billion yuan, reflecting a growth rate of 17% [2][6]. Pipeline and Product Development - The report highlights several key products in the pipeline, including GLP-1 small molecules and various cancer treatments, with expected clinical trial results and regulatory submissions in the near future [1]. - The company is advancing multiple innovative drugs, including a GLP-1/GIP dual-target agonist and a three-target agonist for obesity and hypertriglyceridemia [1]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 18, 17, and 16 respectively, indicating a favorable valuation outlook [1][2]. - The report provides a detailed financial forecast, with expected revenues and net profits showing consistent growth over the next few years [2][6].

Investment Rating - The report maintains a "Buy" rating for Huadong Medicine (000963.SZ) [1][2] Core Views - The company reported a revenue of 31.478 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 4%. The net profit attributable to shareholders was 2.562 billion RMB, up 17% year-on-year [1] - The pharmaceutical manufacturing segment continues to show a stable growth trend, with a revenue of 9.94 billion RMB in the first three quarters, a 10.53% increase year-on-year [2] - The company has over 70 innovative products in its pipeline, focusing on endocrine, autoimmune, and oncology fields, with significant progress in clinical trials [2] Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 10.513 billion RMB, a 5% increase year-on-year, and a net profit of 866 million RMB, up 15% year-on-year [1] - The pharmaceutical commercial segment showed signs of stabilization, with a total revenue of 20.571 billion RMB in the first three quarters, a 1.38% increase year-on-year [2] Business Segments - The aesthetic medicine segment generated a revenue of 1.909 billion RMB in the first three quarters, a 1.90% increase year-on-year, with the Xin Ke Li aesthetic business contributing 909 million RMB, up 10.31% [2] - The industrial microbiology segment saw a significant increase in international market expansion, achieving a revenue of 443 million RMB, a 30.17% increase year-on-year [2] Research and Development - The company is actively advancing its R&D efforts, with a focus on endocrine, autoimmune, and oncology areas, and has established a robust pipeline of over 70 innovative products [2] - Notable developments include the ADC new drug for platinum-resistant ovarian cancer, currently under comprehensive review for market approval in China [2] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026, expecting net profits of 3.36 billion RMB (+18%), 3.94 billion RMB (+17%), and 4.57 billion RMB (+16%) respectively [2] - Corresponding EPS for 2024-2026 is projected at 1.92, 2.25, and 2.61 RMB, with current P/E ratios of 18, 15, and 13 times [2]

证券代码：000963 证券简称：华东医药 公告编号：2024-085 华东医药股份有限公司 第十届董事会第二十九次会议决议公告 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。 华东医药股份有限公司（以下简称"公司"）第十届董事会第二 十九次会议的通知于2024年10月21日以书面和电子邮件等方式送达 各位董事，于2024年10月24日（星期四）在公司会议室以现场并结合 通讯方式召开。会议应参加董事9名，实际参加董事9名。会议由公司 董事长主持。会议的召开和表决程序符合《公司法》、《公司章程》 的有关规定，会议合法有效。 二、董事会会议审议情况 1 1、公司第十届董事会第二十九次会议决议； 一、董事会会议召开情况 董事会就以下议案进行了审议，经书面和通讯方式表决，通过决 议如下： 审议通过《关于公司<2024年第三季度报告>的议案》 具体内容详见公司同日披露于巨潮资讯网 （http://www.cninfo.com.cn）的公司《2024年第三季度报告》。 表决结果：9票同意，0票反对，0票弃权。 该议案已经公司第十届董事会审计委员会2024年第八次会议审 议 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥10,512,589,144.83, an increase of 5.03% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥866,306,099.25, reflecting a growth of 14.71% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥856,621,563.99, up by 16.93% compared to the previous year[2]. - Basic earnings per share for Q3 2024 were ¥0.4969, representing a 15.14% increase year-on-year[2]. - For the first nine months of 2024, the company achieved total revenue of 31.478 billion RMB, a year-on-year increase of 3.56%[9]. - The net profit attributable to shareholders for the same period was 2.562 billion RMB, up 17.05% year-on-year[9]. - Total operating revenue for Q3 2024 reached ¥31.48 billion, an increase of 3.57% compared to ¥30.39 billion in Q3 2023[29]. - Total operating costs for Q3 2024 were ¥28.29 billion, up from ¥27.54 billion in Q3 2023, reflecting a year-on-year increase of 2.71%[29]. - The net profit for Q3 2024 was CNY 2,562,604,257.61, an increase from CNY 2,193,548,822.36 in Q3 2023, representing a growth of approximately 16.8%[30]. - The total comprehensive income for Q3 2024 was CNY 2,580,280,153.91, compared to CNY 2,189,659,851.75 in Q3 2023, indicating a growth of about 17.8%[31]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥37,495,253,725.60, an increase of 11.89% from the end of the previous year[2]. - Shareholders' equity attributable to the parent company was ¥22,041,377,799.42, up 4.72% from the previous year[2]. - Current assets totaled ¥21.25 billion, an increase of 15.06% from ¥18.50 billion in the previous year[28]. - Total liabilities rose to ¥14.92 billion, an increase of 25.09% compared to ¥11.93 billion in Q3 2023[29]. - The company's total assets reached ¥37.50 billion, up 12.00% from ¥33.51 billion in the previous year[29]. Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥250,640,280.00, an increase of 11.43% year-on-year[5]. - The company reported a cash balance of CNY 4.74 billion as of September 30, 2024, compared to CNY 4.66 billion at the beginning of the period[27]. - The accounts receivable increased to CNY 9.96 billion as of September 30, 2024, up from CNY 7.46 billion at the beginning of the period[27]. - The total cash and cash equivalents at the end of Q3 2024 stood at CNY 3,970,054,131.59, compared to CNY 3,479,464,534.19 at the end of Q3 2023[33]. - The net increase in cash and cash equivalents for Q3 2024 was -CNY 238,105,879.32, contrasting with an increase of CNY 62,553,831.86 in Q3 2023[33]. Segment Performance - The pharmaceutical industrial segment generated revenue of 9.941 billion RMB in the first nine months, a 10.53% increase year-on-year[9]. - The net profit from the pharmaceutical industrial segment for the same period was 2.140 billion RMB, up 14.49% year-on-year[9]. - The company’s pharmaceutical commercial segment reported total revenue of 20.571 billion RMB for the first nine months, a 1.38% increase year-on-year[9]. - The net profit from the pharmaceutical commercial segment was 323 million RMB, reflecting a 2.09% increase year-on-year[9]. - The medical aesthetics segment achieved a total revenue of 1.909 billion RMB from January to September 2024, a year-on-year increase of 1.90%[10]. - The industrial microbiology segment generated sales revenue of 443 million RMB from January to September 2024, marking a significant year-on-year growth of 30.17%[11]. Research and Development - R&D investment in the pharmaceutical industry reached 1.607 billion RMB from January to September 2024, an increase of 0.60% year-on-year, with direct R&D expenses accounting for 11.69% of pharmaceutical revenue[12]. - The company has over 70 innovative product pipelines focusing on endocrine, autoimmune, and oncology fields, with a diverse range of drug types being developed[13]. - The ADC new drug ELAHERE® for platinum-resistant ovarian cancer is currently under comprehensive review for market approval in China[15]. - The company’s innovative GLP-1 receptor agonist HDM1002 has completed all patient enrollments for its Phase II clinical study, with top-line results expected in Q4 2024[16]. - The company is advancing its ADC project HDM2005 for treating advanced malignancies, with the first patient enrolled in August 2024[15]. Regulatory and Market Expansion - The renal dynamic monitoring system developed in collaboration with MediBeacon is currently in the registration review stage, with all necessary documentation submitted to the FDA[19]. - The company aims to enhance its global market presence by accelerating the registration of core products in overseas markets, particularly in the Middle East[11]. - The company received FDA approval for its anticoagulant drug, Sulodexide Injection, in August 2024, with specifications of 2.5 mg/0.5 mL, 5 mg/0.4 mL, 7.5 mg/0.6 mL, and 10 mg/0.8 mL[20]. - The company is preparing for the registration of KIO015 in Europe, with expectations to obtain CE certification by 2025[23]. - The company has initiated the registration process for its hyaluronic acid fillers in the United States, alongside other injection products like KIO015[23]. Acquisitions and Agreements - The company signed an exclusive licensing agreement for the TTYP01 tablets with Suzhou Aozong Biotechnology Co., covering all indications in mainland China, Hong Kong, Macau, and Taiwan[24]. - The company acquired 100% equity of Guizhou Hengba Pharmaceutical Co., Ltd. for a base price of CNY 528.47 million, aiming to enhance its competitiveness in traditional Chinese medicine[24].

本公司及监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。 一、监事会会议召开情况 华东医药股份有限公司（以下简称"公司"）第十届监事会第十九 次会议的通知于 2024 年 10 月 21 日以书面和电子邮件等方式送达各 位监事，于 2024 年 10 月 24 日（星期四）在公司会议室以现场并结 合通讯方式召开。会议应参加监事 6 人，实际参加监事 6 人。会议由 公司监事会主席主持，会议的召开和表决程序符合《公司法》、《公 司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 证券代码：000963 证券简称：华东医药 公告编号：2024-086 华东医药股份有限公司 第十届监事会第十九次会议决议公告 三、备查文件 公司第十届监事会第十九次会议决议。 特此公告。 华东医药股份有限公司监事会 2024年10月25日 监事会就以下议案进行了审议，经书面和通讯方式表决，通过决 议如下： 审议通过《关于公司<2024 年第三季度报告>的议案》 经审核，监事会认为公司《2024 年第三季度报告》的编制和审议 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确、 ...

证券代码：000963 证券简称：华东医药 公告编号：2024-084 华东医药股份有限公司 关于2022年限制性股票激励计划预留授予限制性股票第一 个解除限售期解除限售股份上市流通的提示性公告 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： 1、公司 2022 年限制性股票激励计划预留授予限制性股票第一个 解除限售条件成就，本次符合解除限售条件的激励对象共计 18 人， 解除限售的限制性股票数量为 19.25 万股，占目前公司总股本的 0.01%。 2、本次解除限售的限制性股票上市流通日为 2024 年 10 月 28 日。 华东医药股份有限公司（以下简称"华东医药"、"公司"）于 2024 年 10 月 10 日召开第十届董事会第二十八次会议和第十届监事会第 十八次会议，审议通过了《关于 2022 年限制性股票激励计划预留授 予限制性股票第一个解除限售期解除限售条件成就的议案》。根据《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、公司《2022 年限制性股票激励计划》（以下简称"《激励计划》"）的相关规定及公 司 2022 年第一次 ...

关于全资子公司获得药物临床试验批准通知书的公告 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。 近日，华东医药股份有限公司（以下简称"公司"）全资子公司 杭州中美华东制药有限公司（以下简称"中美华东"）收到国家药品监 督管理局（NMPA）核准签发的《药物临床试验批准通知书》（通知 书编号：2024LP02360、2024LP02361、2024LP02362），由中美华东 申报的HDM2006 片临床试验申请获得批准，现将有关详情公告如下： 一、该药物基本信息 证券代码：000963 证券简称：华东医药 公告编号：2024-083 华东医药股份有限公司 结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 2024 年 8 月 8 日受理的 HDM2006 片临床试验申请符合药品注册的 有关要求，同意本品开展晚期实体瘤的临床试验。 二、该药物研发及注册情况 HDM2006 片是由中美华东自主研发的靶向 HPK1（造血祖激酶 1）的新型、强效、高选择性、可口服吸收的蛋白降解靶向嵌合体 （PROTAC）1 类化学药品，中美华东拥有全球知识产权。临床前研 究结 ...

证券代码：000963 证券简称：华东医药 公告编号：2024-082 华东医药股份有限公司 关于全资子公司获得药物临床试验批准通知书的公告 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。 近日，华东医药股份有限公司（以下简称"公司"）全资子公司 杭州中美华东制药有限公司（以下简称"中美华东"）收到国家药品监 督管理局（NMPA）核准签发的《药物临床试验批准通知书》（通知 书编号：2024LP02317），由中美华东与公司德国参股公司 Heidelberg Pharma AG（以下简称"Heidelberg Pharma"）合作开发的 HDP-101 （HDM2027）临床试验申请获得批准，现将有关详情公告如下： 一、该药物基本信息 药物名称：HDP-101 注册分类：治疗用生物制品 1 类 受理号：JXSL2400144 适应症：B 细胞成熟抗原（BCMA）阳性克隆性血液学疾病（如 复发/难治性多发性骨髓瘤[r/r MM]） 申请事项：临床试验 申请人：Heidelberg Pharma AG 注册代理机构：杭州中美华东制药有限公司 结论：根据《中华人民共和 ...

综上所述，监事会认为公司2022年限制性股票激励计划预留授予 限制性股票第一个解除限售期解除限售条件已经成就，本次可解除限 售的激励对象18名，其作为解除限售激励对象的主体资格合法、有效， 对各激励对象解除限售安排未违反有关法律、法规的规定，不存在损 害公司及全体股东利益的情形。 华东医药股份有限公司监事会 关于公司 2022 年限制性股票激励计划预留授予限制性股票第一 个解除限售期解除限售条件成就的核查意见 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 司股权激励管理办法》（以下简称"《管理办法》"）等法律法规、 规范性文件以及《华东医药股份有限公司章程》（以下简称"《公司 章程》"）的规定，华东医药股份有限公司（以下简称"公司"）监 事会于2024年10月10日召开了第十届监事会第十八次会议，审议通过 了《关于2022年限制性股票激励计划预留授予限制性股票第一个解除 限售期解除限售条件成就的议案》，对公司2022年限制性股票激励计 划预留授予限制性股票第一个解除限售期解除限售条件成就的事宜 进行了核查，现发表核查意见如下： 一、监事 ...