公[Ta司ble点_H评ead●er] 化学制药 2024 年 04 月21 日 [Table_Title] 业绩符合预期，医美快速增长&创新逐 [Table_StockCode] 华东医药(000963) 步兑现 [Tabl推e_In荐ves tRank] (维持) 核心观点： 分析师 [⚫T able事_S件um：m2a0r2y4]. 4.18，公司发布 2023 年业绩，全年实现营业收入 406.24 亿元， [程 Ta培 b le_Authors] yoy+7.71%；归母净利润 28.39亿元，yoy+13.59%；扣非 27.37亿元，yoy+13.55%。 ：021-20257805 如扣除股权激励费用及参控股研发机构等损益影响，净利润 31.54 亿元， ：chengpei_yj@chinastock.com.cn yoy+30.87%。2023Q4 收入 102.29 亿元，yoy+3.79%，归母净利润 6.50 亿元， 分析师登记编码：S0130522100001 yoy+25.51%。 ⚫ 医药工业稳定增长，创新药品种稳步推进。2023 年公司医药工业实现收入 孙怡 126.64 ...

2024年4月19日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 华东医药 000963 业绩稳健增长，创新产品步入收获期 基础数据： 事件：公司发布2023年年报：2023年公司实现营收406.24亿元，同比增 截至2024年4月18日 长7.71%；归母净利润28.39亿元，同比增长13.59%；扣非归母净利润 当前股价 31.52元 投资评级 买入 27.37亿元，同比增长13.55%；如除股权激励费用及参控股研发机构等 评级变动 维持 损益影响，实现归属于上市公司股东的扣除非经常性损益净利润31.54 总股本 17.54亿股 亿元，相比2022年度扣非归母净利润增长30.87%。 流通股本 17.50亿股 总市值 552.86亿元 事件点评： 流动市值 551.88亿元 ◆业绩稳健增长，整体盈利能力提升。2023年公司实现营收406.24亿元， 相对市场表现： 同比增长7.71%，实现扣非归母净利润27.37亿元，同比增长13.55%，综 合毛利率32.40%，同比增加0.5Pct，经营活动产生的现金流量净额为 39.29亿元，全年经营运行保持高水平。分板块看，医药商业、医药工 业、医美、工 ...

证券研究报告·公司点评报告·化学制药 华东医药（000963） 2023 年年报点评：业绩符合预期，创新品种 将陆续上市助推业绩增长 2024 年 04 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 37,715 | 40,624 | 44,566 | 48,889 | 53,416 | | 同比（ % ） | 9.12 | 7.71 | 9.70 | 9.70 | 9.26 | | 归母净利润（百万元） | 2,499 | 2,839 | 3,414 | 4,036 | 4,721 | | 同比（ % ） | 8.58 | 13.59 | 20.24 | 18.22 | 16.98 | | EPS- 最新摊薄（元 / 股） | 1.42 | ...

医药生物 | 证券研究报告 — 调整盈利预测 2024年4月18日 000963.SZ 华东医药 买入 医美保持高速增长，医药工业创新成果逐步兑现 原评级：买入 市场价格:人民币 30.05 华东医药2023年实现营业收入406.24亿元，同比增长7.71%，实现归母净利润28.39亿元，同 板块评级:强于大市 比增长13.59%。公司医美业务保持快速增长，医药工业业务多项创新成果逐步兑现。维持买入 评级。 支撑评级的要点 股价表现 ◼ 业绩保持稳健增长，坚持研发投入。华东医药2023年实现营业收入406.24亿元，同比增长 2% 7.71%，实现归母净利润28.39亿元，同比增长13.59%，实现扣非归母净利润27.37亿元， 同比增长13.55%。公司2023年毛利率为32.40%，同比提高0.50pct。其中，公司2023Q4 (5%) 单季度实现营业收入102.30亿元，同比增长3.79%，实现归母净利润6.50亿元，同比增长 (13%) 25.51%。公司2023年研发费用为12.71亿元，在营业收入中占比为3.13%，同比提高0.44pct。 截至公司2023年年报发布，公司医药在研项目合计111 ...

\\\\\\\\\\\ 业绩简评 2024 年 4月 17 日，公司发布2023 年年度报告。2023年公司全年 实现营业收入406.24 亿元，同比增长7.71%；实现归属于上市公 司股东的净利润28.39 亿元，同比增长13.59%；实现扣非归母净 利润 27.37 亿元，同比增长13.55%。分季度看，2023 年第四季度 公司实现营业收入102.29 亿元，同比增长3.79%，实现归属于上 市公司股东的净利润6.50 亿元，同比增长 25.51%；实现扣非归母 净利润5.77 亿元，同比增长13.29%。 经营分析 四大业务板块多点发力，医美板块快速增长。公司医药工业、医药 商业、医美、工业微生物四大业务板块多点发力，合力推动业绩增 长。公司医美业务实现营业收入 24.47 亿元（剔除内部抵消因 素），同比增长 27.79%；其中全资子公司英国Sinclair 实现销售 人民币(元) 成交金额(百万元) 收入 14958 万英镑（约 13.04 亿元人民币），同比增长 14.49%； 48.00 1,400 国内医美全资子公司欣可丽美学报告期内累计实现收入 10.51 亿 1,200 44.00 1, ...

Product Development and Innovation - The company has established a pipeline of over 100 pharmaceutical products, including more than 60 innovative products, forming a complete industrial chain for innovative drug development[4]. - The company has submitted multiple applications for innovative products, including the world's first ADC drug, which has already benefited over 30 patients, and received acceptance for domestic listing in October 2023[5]. - The CAR-T product introduced at the beginning of 2023 is set to launch successfully in 2024, indicating the company's commitment to expanding its cell therapy portfolio[6]. - The company has strengthened its product pipeline in the dermatology field by introducing several innovative topical formulations from international partners[6]. - The company has over 60 innovative products in its pipeline, with 9 products in Phase III clinical trials or awaiting market approval[71]. - The company has developed a comprehensive pharmaceutical production and quality research system, focusing on chronic kidney disease, transplant immunity, endocrinology, and digestive system as core product lines[46]. - The company has a robust product pipeline in diabetes treatment, with over 20 commercialized and in-development products targeting mainstream clinical treatment points[52]. - The company has established a leading global diabetes innovation drug R&D platform centered on GLP-1, with 6 products in the pipeline, including both innovative drugs and biosimilars[124]. - The company has initiated over 10 early exploratory projects focusing on endocrine, autoimmune, and oncology fields, showcasing significant potential in innovative drug development[134]. - The company has established advanced technology platforms, including a new target discovery platform and an AIDD platform, which have led to the accumulation of over 2,000 compounds and 34 patent applications[136]. Financial Performance - Huadong Medicine reported a revenue of 1.2 billion CNY for the fiscal year 2023, representing a year-over-year increase of 15%[25]. - The company achieved a net profit of 300 million CNY, which is a 20% increase compared to the previous year[25]. - The company's operating revenue for 2023 reached ¥40.62 billion, an increase of 7.71% compared to ¥37.71 billion in 2022[31]. - Net profit attributable to shareholders was ¥2.84 billion, reflecting a growth of 13.59% from ¥2.50 billion in the previous year[31]. - The net cash flow from operating activities surged by 64.96% to ¥3.93 billion, up from ¥2.38 billion in 2022[31]. - The company reported a total cash and cash equivalents increase of CNY 791.25 million, a remarkable turnaround from a decrease of CNY 163.23 million in the previous year, reflecting a 584.75% improvement[154]. - The total amount of cash inflow from investment activities was CNY 243.48 million, a 100.17% increase from CNY 121.64 million in the previous year[154]. - The company’s long-term borrowings decreased significantly from CNY 1.05 billion to CNY 520.76 million, primarily due to debt repayment during the reporting period[158]. - The company reported a cumulative investment of ¥124,730,763.68 in various projects, with ongoing funding and development[168]. Research and Development - The company is focusing on enhancing its R&D capabilities, with an annual growth rate of over 20% in R&D investment since the 14th Five-Year Plan[43]. - Huadong Medicine is investing 200 million CNY in R&D for new drug development, focusing on GLP-1 analogs and antibody-drug conjugates[25]. - The company reported a 23.67% year-on-year increase in pharmaceutical R&D investment, totaling CNY 2.293 billion, with direct R&D expenses reaching CNY 1.6 billion, up 33.74%[70]. - Research and development (R&D) investment amounted to approximately CNY 1.6 billion in 2023, representing a 33.74% increase from CNY 1.2 billion in 2022, with R&D expenses accounting for 13.10% of operating revenue[152]. - The number of R&D personnel increased by 15.17% year-on-year, reaching 1,777, with a notable 50% increase in the number of PhD holders[151]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[25]. - The company emphasizes a "global operation layout" in its medical aesthetics strategy, focusing on high-end natural products and enhancing brand education in the domestic market[7]. - The company is actively pursuing internationalization, achieving significant progress in overseas registration and commercialization of new drugs[43]. - The company is committed to optimizing its business structure and increasing the proportion of innovative business to improve operational efficiency[7]. - The company aims to maintain R&D expenses at over 10% of pharmaceutical sales revenue annually, targeting at least 15 innovative projects each year, including drugs and medical devices[192]. Shareholder Returns - The company plans to distribute a cash dividend of 5.8 yuan per 10 shares, totaling 1 billion yuan for the year, marking a significant increase in shareholder returns[12]. - The company has distributed a total of CNY 5.610 billion in dividends since its IPO, providing stable returns to shareholders[63]. Partnerships and Collaborations - The company has established partnerships with three international pharmaceutical firms to enhance its global reach and product offerings[25]. - The company has formed strategic partnerships with advanced domestic and international R&D firms to enhance its innovation capabilities[72]. - The company signed cooperation agreements with ATGC and Chongqing Yuyan to introduce two innovative botulinum toxin products, ATGC-110 and YY001, enhancing its injection product pipeline[88]. - The company entered into a licensing agreement with BioNTech SE for the development of innovative biotherapeutics, which includes upfront and milestone payments[99]. Regulatory Approvals and Product Launches - The company received FDA approval for its tacrolimus capsules, marking it as the first tacrolimus formulation approved for sale in the U.S. from a domestic manufacturer[78]. - The company has obtained market approval for 16 products in 37 countries and regions, with the V20 optical radiofrequency therapy device's registration application accepted in September 2023, expected to be approved in 2024[89]. - The company received NMPA approval for the following key products: Canagliflozin tablets (0.1g, 0.3g) in January 2023, and Metformin and Pioglitazone tablets (15/850mg) in September 2023[143]. Industry Trends and Economic Outlook - The global pharmaceutical spending is expected to reach $1.6 trillion in 2023 and grow to $2.3 trillion by 2028, with an annual growth rate of 5-8%[181]. - The Chinese pharmaceutical market is expected to grow by approximately $30 billion over the next five years, reaching over $197 billion by 2028[183]. - The domestic medical beauty market is projected to reach 638.2 billion yuan by 2030, with a compound annual growth rate of 14.5% from 2021 to 2030[187].

华东医药股份有限公司 独立董事高向东 2023 年度述职报告 各位股东及股东代表： 作为华东医药股份有限公司（以下简称"本公司"或"公司"或"华 东医药"）第十届董事会独立董事，在 2023 年度的工作中，本人严格 按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司独立董事管理办法》《深圳证券交易所股票上市规则》等有关法律、 法规及《公司章程》《公司独立董事工作制度》等公司规章制度的相 关规定和要求，本着对公司及全体股东负责的态度，勤勉、忠诚地履 行独立董事的职责和义务，从全体股东利益的角度出发，对公司的发 展和风险控制等重大问题提出有益的意见和建议，积极推动董事会规 范运作和公司治理水平的提升，切实维护公司、全体股东特别是中小 股东的合法权益。现将本人 2023 年度的履职情况汇报如下： 一、独立董事的基本情况 接利害关系，或者其他可能影响其进行独立客观判断关系；独立履行 职责，不受华东医药及其主要股东等单位或者个人的影响。 本人对 2023 年独立性情况进行了自查，确认已满足适用的各项 监管规定中对于出任华东医药独立董事所应具备的独立性要求，并将 自查情况提交董事会；董事会对本人的独立性情况 ...

| 走进华东医药 | 05 | | --- | --- | | | 05 | | 企业文化 | 06 | | 数说 2023 | 07 | | 2023 大事记 | 09 | | 2023 主要荣誉 | 11 | | ESG 管理 | 13 | | --- | --- | | ESG 管理体系 | 13 | | ESG 评级 | 13 | | ESG 目标 | 14 | | ESG 荣誉 | 14 | | 利益相关方沟通 | 15 | | 实质性议题识别 | 16 | | 绿水青山，守生态家园 | 33 | | --- | --- | | 1. 环境管理 | 35 | | 2. 应对气候变化 | 39 | | 3. 能源管理 | 41 | | 4. 水资源管理 | 42 | | 5. 物料管理 | 43 | | 6. 污染防治 | 44 | 华东医药股份有限公司 环境、社会和治理(ESG)报告 2023 Environmental, Social and Governance Report HUADONG MEDICINE 股票代码 000963 CONTENTS 目录 | 关于本报告 | 01 | | | ...

证券代码：000963 证券简称：华东医药 公告编号：2024-034 华东医药股份有限公司 关于召开2023年度股东大会的通知 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。 一、召开会议的基本情况 1、股东大会届次：2023 年度股东大会。 2、股东大会的召集人：公司董事会 公司于 2024 年 4 月 16 日召开的第十届董事会第二十二次会议 审议通过了《关于召开 2023 年度股东大会的议案》，决定召开 2023 年度股东大会。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法 律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则及 《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 5 月 8 日（星期三）下午 14:00-15:00。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的时间为 2024 年 5 月 8 日 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票 时间 ...

二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—5 页 三、本所营业执照复印件……………………………………………… 第 6 页 非经营性资金占用及其他关联资金往来情况的 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 专项审计说明 天健审〔2024〕2119 号 华东医药股份有限公司全体股东： 我们接受委托，审计了华东医药股份有限公司（以下简称华东医药公司）2023 年度财务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后附的 华东医药公司管理层编制的 2023 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供华东医药公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为华东医药公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解华东医药 ...