Core Insights - Huadong Medicine (000963) reported a stable growth trend in Q1 2025, achieving operating revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit attributable to shareholders of 915 million yuan, up 6.06% [1] - The company's core pharmaceutical industrial segment continued to perform well, with its subsidiary, China-U.S. Huadong, generating revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [1] - The sales of innovative drugs, particularly the biosimilar drug Ustinumab injection (Sailixin), have shown strong market performance, with over 800 hospitals prescribing it as of March 31, 2025 [1] Business Segments - The pharmaceutical industrial R&D investment reached 880 million yuan in Q1 2025, a 49.60% increase year-on-year, with direct R&D spending of 600 million yuan, up 71.77%, accounting for 16.67% of pharmaceutical industrial revenue [2] - Huadong Medicine is focusing its innovative R&D efforts on three key areas: endocrinology, autoimmune diseases, and oncology, with several important milestones achieved in Q1 2025 [2] - The medical aesthetics segment generated approximately 238 million yuan in revenue in Q1 2025, reflecting a 24.37% increase compared to Q4 2024, with 40 high-end products in the international market [2]

证券代码：000963 证券简称：华东医药 公告编号：2025-035 华东医药股份有限公司 第十届监事会第二十三次会议决议公告 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"）第十届监事会第二十 三次会议的通知于 2025 年 4 月 21 日以书面和电子邮件等方式送达 各位监事，于 2025 年 4 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 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<2025年第一季度报告>的议案》 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn） 的公司《2025 年第一季度报告》。 表决结果：6 票同意，0 票反对，0 票弃权。 三、备查文件 第十届监事会第二十三次会议决议。 特此公告。 华东医药股份有限公司监 ...

证券代码：000963 证券简称：华东医药 公告编号：2025-034 华东医药股份有限公司 第十届董事会第三十三次会议决议公告 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。 一、董事会会议召开情况 华东医药股份有限公司（以下简称"公司"）第十届董事会第三 十三次会议的通知于2025年4月21日通过书面和邮件等方式送达各位 董事，于2025年4月24日（星期四）在公司会议室以现场结合通讯的 方式召开。会议应参加董事9名，实际参加董事9名。会议由董事长主 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 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<2025年第一季度报告>的议案》 经审议，董事会认为《2025年第一季度报告》的内容真实、准确、 完整地反映了公司2025年第一季度经营的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏，报告编制和审核的程序符合法律、 行政法规和中国证监会的相关规定。具体内容详见公司同日披露于巨 潮资讯网（http://www. ...

Core Insights - The company reported a stable growth trend in Q1 2025, with revenue of 10.736 billion yuan, a year-on-year increase of 3.12%, and a net profit of 915 million yuan, up 6.06% [1] - The pharmaceutical industrial sector continues to be a key growth driver, with core subsidiary China East Pharmaceutical achieving revenue of 3.621 billion yuan, a 6.52% increase, and a net profit of 843 million yuan, up 12.20% [2] - The company is focusing on innovation, with over 80 projects in its pipeline, and has significantly increased R&D investment by 49.60% to 880 million yuan in Q1 2025 [4] Business Segments - The innovative drug sales in the pharmaceutical industrial sector are gaining momentum, particularly with the expansion of reimbursement indications for the Bai Ling series products [2] - The CAR-T product, Zewokaiolun, has shown strong sales performance, with over 200 certified medical institutions and 154 effective orders placed by the partner company [3] - The company’s self-developed GLP-1 receptor agonist, HDM1002, has entered the final stages of clinical trials, indicating a robust pipeline in the endocrine field [5][6] Medical Aesthetics - The medical aesthetics segment is showing resilience, with the subsidiary Sinclair achieving approximately 238 million yuan in revenue, a 24.37% increase from the previous quarter [9] - The company has a portfolio of 40 high-end medical aesthetic products, with 26 already launched globally, indicating a strong market presence [9] - New products in the medical aesthetics field, including injectable products, are expected to drive further growth in 2025 [10] Future Outlook - The company aims to leverage its innovative capabilities and product differentiation to expand its market share in the medical aesthetics sector, which is projected to grow steadily [12] - The pharmaceutical industrial sector is expected to maintain a strong growth trajectory, supported by ongoing market expansion and product pipeline development [12] - The overall performance in Q1 2025 reflects the company's commitment to innovation and growth, positioning it for future success in the pharmaceutical and medical aesthetics industries [12]

Financial Performance - The company's revenue for Q1 2025 was ¥10,735,787,899.82, representing a 3.12% increase compared to ¥10,410,809,128.72 in the same period last year[5]. - Net profit attributable to shareholders was ¥914,708,484.70, up 6.06% from ¥862,411,560.96 year-on-year[5]. - Basic earnings per share increased by 5.98% to ¥0.5224 from ¥0.4929 in the same period last year[5]. - The company achieved a revenue of 10.736 billion RMB, representing a year-on-year growth of 3.12% and a quarter-on-quarter increase of 2.95%[15]. - The net profit attributable to shareholders reached 915 million RMB, up 6.06% year-on-year, with a historical high of 897 million RMB in net profit after deducting non-recurring items, reflecting a 7.04% increase[15]. - The total comprehensive income for the current period is CNY 996,029,155.89, compared to CNY 900,835,055.99 in the previous period, reflecting an increase of approximately 10.6%[36]. - Operating profit for the current period is CNY 1,132,257,266.34, up from CNY 1,072,095,809.87, indicating a growth of about 5.6%[35]. Cash Flow and Assets - The net cash flow from operating activities decreased by 71.87%, amounting to -¥832,728,693.88, compared to -¥484,522,666.13 in the previous year[5]. - The company’s cash and cash equivalents decreased to ¥3,711,981,117.29 from ¥5,276,440,245.36, representing a decline of 29.66%[31]. - Accounts receivable increased significantly to ¥11,558,233,812.68 from ¥8,425,358,862.23, marking a growth of 37.80%[31]. - The company’s total assets reached ¥39,447,159,682.31, up from ¥37,879,046,367.15, indicating a growth of 4.15%[33]. - Cash flow from operating activities shows a net outflow of CNY -832,728,693.88, worsening from CNY -484,522,666.13 in the previous period[38]. - Cash and cash equivalents at the end of the period stand at CNY 3,421,628,769.05, an increase from CNY 3,105,149,941.54 in the previous period[38]. Research and Development - Research and development expenses rose by 82.99% to ¥51,537.69 million, compared to ¥28,163.98 million in the previous year[10]. - The company invested 880 million yuan in pharmaceutical R&D, a year-on-year increase of 49.60%, with direct R&D expenses of 600 million yuan, up 71.77%[20]. - Research and development expenses increased significantly to CNY 515,376,918.47 from CNY 281,639,751.64, marking an increase of about 83.1%[35]. Market Performance and Product Development - The core subsidiary, China Medical East, reported a revenue of 3.621 billion RMB, a year-on-year increase of 6.52%, and a net profit of 843 million RMB, up 12.20%[16]. - The CAR-T product, Zewokizumab, has been rapidly adopted in over 70 commercial insurance plans, significantly reducing patient costs and is expected to maintain high growth[16]. - The biosimilar drug, Selumetinib, has been prescribed in over 800 hospitals since its launch, indicating strong market performance and expected continued growth throughout the year[17]. - The new drug, Proglumetacin, has been included in the national medical insurance directory, with increasing hospital admissions, enhancing the company's competitive edge in the diabetes SGLT-2 segment[17]. - The acquisition of Guizhou Hengba Pharmaceutical has resulted in a revenue of 24.26 million RMB, with a net profit of 6.67 million RMB, marking over 100% growth year-on-year[17]. - The pharmaceutical commercial segment achieved a revenue of 6.934 billion RMB, reflecting a year-on-year growth of 3.23% and a net profit of 115 million RMB, up 7.33%[18]. - The aesthetic medicine segment faced growth pressure with a consolidated revenue of approximately 238 million yuan, a year-on-year decrease of 12.29%, but a quarter-on-quarter increase of 24.37%[19]. - The domestic aesthetic medicine subsidiary achieved a revenue of 254 million yuan, a year-on-year decline of 1.36%, and a quarter-on-quarter growth of 10.64%[19]. - The high-end hyaluronic acid product MaiLi®Extreme is set for commercialization in May 2025, featuring the innovative OxiFree™ technology[19]. - The company is advancing the registration and market launch of several new medical aesthetic products, including the V30 platform expected to receive approval by March 2025[29]. - The new filler MaiLi®Extreme received NMPA approval in January 2025, expanding the product line[29]. - The company is currently conducting safety follow-ups for the new hyaluronic acid filler MaiLi®Precise, which completed clinical trials in September 2024[29]. Equity and Shareholder Information - The company’s total equity attributable to shareholders increased by 4.33% to ¥24,059,686,522.62 from ¥23,060,051,397.36 at the end of the previous year[5]. - The number of ordinary shareholders at the end of the reporting period was 75,847, with no preferred shareholders having restored voting rights[11].

华东医药（000963）公告，2025年第一季度营收为107.36亿元，同比增长3.12%；净利润为9.15亿元， 同比增长6.06%。 ...

医药生物 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.5 18.5 16.2 25.7 相对深圳成指 22.6 26.1 19.7 18.8 发行股数 (百万) 1,754.08 流通股 (百万) 1,751.94 总市值 (人民币 百万) 70,145.54 3 个月日均交易额 (人民币 百万) 430.60 主要股东持股比例（%） 中国远大集团有限责任公司 41.67 (19%) (10%) (1%) 8% 16% 25% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 华东医药 深圳成指 000963.SZ 买入 原评级：买入 市场价格:人民币 39.99 板块评级:强于大市 股价表现 相关研究报告 《华东医药》20241028 《华东医药》20240816 《华东医药》20240430 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物：化学制药 资料来源：公司公告， Wind ，中银证 ...

Core Viewpoint - The company achieved its best-ever performance in 2024, with significant growth in net profit and revenue, marking a recovery from previous years' stagnation due to market pressures [2][4]. Financial Performance - In 2024, the company reported total revenue of 41.91 billion yuan, a year-on-year increase of 3.16% [4]. - The net profit attributable to shareholders reached 3.51 billion yuan, reflecting a growth of 23.72% compared to the previous year [4]. - The basic earnings per share increased by 23.60% to 2.0046 yuan [4]. - Total assets at the end of 2024 amounted to 37.88 billion yuan, up 13.04% from the previous year [4]. Business Segments - The company focuses on three core therapeutic areas: oncology, endocrinology, and autoimmune diseases, with its subsidiary, Sino-American East China, being a key revenue driver [2]. - Sales from the pharmaceutical commercial segment reached 27.09 billion yuan, a slight increase of 0.41% [2]. - The medical aesthetics segment reported a revenue of 2.33 billion yuan, down 4.94% due to macroeconomic factors [2]. Innovation and R&D - The company has made significant strides in its innovation pipeline, particularly in the endocrinology sector, with promising results from clinical trials for its GLP-1 receptor agonist [5][8]. - R&D investment increased by 12.2% to 1.43 billion yuan, with over 80 innovative drug projects currently in development [8]. - The company has introduced new products, including CAR-T therapies and ADC drugs, which are expected to contribute significantly to future revenues [7][8]. Market Challenges and Opportunities - The company faced challenges from market competition and regulatory pressures, particularly affecting its older products [6]. - The entry into the pet pharmaceutical market is seen as a growth opportunity, with significant sales potential from newly acquired products [3][7].

Core Insights - East China Pharmaceutical achieved a record annual performance in 2024 with revenue of 41.906 billion yuan, a growth rate of 3.16%, and a net profit of 3.512 billion yuan, reflecting a double-digit growth of 23.72% [1] - The company successfully met the performance targets set in the 2022 restricted stock incentive plan for 2024 [1] Revenue Structure - The core subsidiary, Sinopharm East China, contributed sales revenue of 13.811 billion yuan, a year-on-year increase of 13.05%, and a net profit of 2.876 billion yuan, up 29.04% [2] - The pharmaceutical commercial segment generated revenue of 27.092 billion yuan, a slight increase of 0.41%, with a net profit of 456 million yuan, up 5.58% [2] - The medical aesthetics segment saw revenue of 2.326 billion yuan, a decline of 4.94% due to slowing consumer demand [2] - The industrial microbiology segment achieved sales revenue of 711 million yuan, a significant growth of 43.12% [2] Dividend Announcement - East China Pharmaceutical announced a cash dividend of 1.017 billion yuan for 2024, along with an interim dividend of 614 million yuan, totaling an expected cash dividend of 1.631 billion yuan for the year [2] Innovation Pipeline - The company’s innovative product pipeline has entered the acceptance phase, with over 80 projects currently in development [4][5] - The ADC new drug for treating platinum-resistant ovarian cancer received conditional approval from the NMPA in November 2024 [5] - The company has established a robust ADC pipeline with over 12 projects through a combination of in-house development and external partnerships [5] Product Approvals - The ovarian cancer drug Senapali capsules received NMPA approval in January 2025 [6] - The CAR-T product Zevokioran injection has completed certification for over 200 domestic medical institutions since its approval in March 2024 [6] - The innovative self-immune product Arcalyst for rare diseases received approval in 2024 [6] Medical Aesthetics Performance - The medical aesthetics segment generated revenue of 2.326 billion yuan, reflecting a decline amid economic challenges [10] - The subsidiary Sinclair in the UK reported a revenue drop of 25.81% to approximately 967 million yuan [10] - The domestic subsidiary Xinkeli achieved revenue of 1.139 billion yuan, a growth of 8.32% [11] Product Development in Medical Aesthetics - The company has launched 40 high-end medical aesthetic products, with 26 already on the market [11] - New products such as Ellansé have been introduced, with significant uptake in high-end medical institutions [11] - The energy source device V20 received NMPA approval in September 2024, with over 200 institutions adopting the technology [12]

Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [1][3][8] Core Views - The company achieved a historical high in performance, with 2024 revenue reaching 41.906 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [3][8] - The pharmaceutical industry is identified as the core growth engine, with the pharmaceutical manufacturing segment showing a net profit of 2.876 billion yuan, a 29.04% increase year-on-year [3][4] - The company has accelerated the launch of innovative products, with 133 ongoing research projects, including 94 innovative products and biosimilars [3][4] Financial Performance Summary - For 2024, the company reported a comprehensive gross margin of 33.21%, an increase of 0.81 percentage points year-on-year, and a net profit margin of 8.34%, up 1.33 percentage points year-on-year [3][4] - The revenue breakdown by segment includes: pharmaceutical commerce at 27.092 billion yuan (0.41% growth), pharmaceutical manufacturing at 13.811 billion yuan (13.05% growth), medical aesthetics at 2.326 billion yuan (-4.94% decline), and industrial microbiology at 711 million yuan (43.12% growth) [3][4] - The company expects net profits for 2025-2027 to be 4.028 billion, 4.559 billion, and 5.120 billion yuan respectively, with corresponding EPS of 2.30, 2.60, and 2.92 yuan [8][10] Research and Development - The company invested 2.678 billion yuan in R&D for the pharmaceutical manufacturing segment in 2024, a 16.77% increase year-on-year, with direct R&D expenses accounting for 12.91% of the segment's revenue [3][4] - Several innovative products have been approved for market launch, including CAR-T product and biosimilars, indicating a strong pipeline and ongoing commitment to innovation [3][4][5] Market Performance - The total market capitalization of the company is 68.985 billion yuan, with a circulating market value of 68.904 billion yuan [1][3] - The company is positioned to benefit from the recovery of domestic and international consumer markets, particularly in the medical aesthetics segment, which is expected to stabilize and grow with new product approvals [5][6]