Core Viewpoint - The company has achieved significant growth in revenue and net profit, demonstrating resilience and adaptability in a competitive pharmaceutical market, while focusing on innovation and high-quality development across its four main business segments [21][24][28]. Company Overview - Founded in 1993 and headquartered in Hangzhou, Zhejiang, the company has developed into a large-scale comprehensive pharmaceutical listed company covering the entire pharmaceutical industry chain, including pharmaceutical manufacturing, commercial distribution, medical aesthetics, and industrial microbiology [5][6]. Business Segments Pharmaceutical Manufacturing - The pharmaceutical manufacturing segment achieved a sales revenue of 138.11 billion yuan, a year-on-year increase of 13.05%, and a net profit of 28.76 billion yuan, up 29.04% [24][25]. - The company focuses on high-quality, efficient development, optimizing organizational structure, and enhancing capability construction [24]. Pharmaceutical Commercial - The pharmaceutical commercial segment reported a revenue of 270.92 billion yuan, a slight increase of 0.41%, and a net profit of 4.56 billion yuan, up 5.58% [28]. - The company emphasizes maintaining existing market share while expanding into new markets, enhancing service quality, and leveraging digital transformation [29][30]. Medical Aesthetics - The medical aesthetics segment generated revenue of 23.26 billion yuan, a decrease of 4.94%, but is expected to recover with new product launches [31][32]. - The company has a global operational platform through its subsidiary Sinclair, focusing on expanding its product offerings and market presence [31][32]. Industrial Microbiology - The industrial microbiology segment achieved a sales revenue of 7.11 billion yuan, a significant increase of 43.12% [39]. - The company is actively expanding its international market presence and enhancing its product development capabilities in this segment [40][41]. Financial Performance - In 2024, the company reported total revenue of 419.06 billion yuan, a year-on-year growth of 3.16%, and a net profit of 35.12 billion yuan, up 23.72% [21][22]. - The company maintains a comprehensive gross profit margin of 33.21%, reflecting improved operational quality [21]. Innovation and R&D - The company has established a global new drug R&D center, focusing on innovative drug development in oncology, endocrinology, and autoimmune diseases, with over 80 innovative drug pipelines [9][10]. - Continuous investment in R&D has led to the development of a diverse product pipeline, ensuring a steady flow of innovative products to the market [9][10]. Market Strategy - The company is adapting to the evolving pharmaceutical market landscape by enhancing its marketing strategies, focusing on digital transformation, and improving service delivery across its business segments [28][30]. - The company aims to strengthen its competitive position by leveraging its established relationships with healthcare providers and expanding its product offerings [30].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9] Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5] - The pharmaceutical industrial segment showed steady growth, with a core subsidiary generating revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7] - The company is actively advancing new innovative drugs and medical aesthetics products, with a research and development investment of RMB 2.7 billion in 2024, reflecting a year-over-year increase of 16.8% [7] Financial Performance - The company reported a gross margin of 33.2% in 2024, an increase of 0.8 percentage points year-over-year, while the expense ratio decreased to 22.1%, down 1 percentage point [7] - The projected net profits for 2025, 2026, and 2027 are RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8] - The earnings per share (EPS) for the same years are expected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8] Shareholder Information - The major shareholder is China Yuanda Group Co., Ltd., holding 41.67% of the shares [5] - The company has a total market capitalization of RMB 645.24 billion [5] Market Position - The company operates in the pharmaceutical and medical aesthetics sectors, with a product mix that includes 52.1% from commercial operations and 15.3% from manufacturing [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [9]. Core Insights - The company achieved a revenue of RMB 419.1 billion in 2024, representing a year-over-year growth of 3.2%, with a net profit of RMB 35.1 billion, up 23.7% year-over-year [5]. - The pharmaceutical industrial segment showed steady growth, with the core subsidiary achieving a revenue of RMB 138.1 billion, a year-over-year increase of 13.1% [7]. - The company is actively advancing new innovative drugs and medical aesthetic products, with a total of 94 projects in research and development [7]. Summary by Sections Company Performance - The company reported a net profit of RMB 35.1 billion for 2024, with a quarterly revenue of RMB 104.3 billion in Q4, marking a year-over-year increase of 1.9% [5]. - The company plans to distribute a cash dividend of RMB 5.80 per 10 shares [5]. Revenue Breakdown - The pharmaceutical commercial segment generated revenue of RMB 270.9 billion, with a net profit of RMB 4.6 billion, reflecting a year-over-year growth of 0.4% [7]. - The overseas medical aesthetic business faced challenges, with revenue declining by 25.8%, while domestic medical aesthetics grew by 8.3% [7]. Profitability Metrics - The overall gross margin for 2024 was 33.2%, an increase of 0.8 percentage points year-over-year, driven by improved margins in the pharmaceutical commercial segment [7]. - The company’s expense ratio decreased to 22.1%, down 1 percentage point from the previous year [7]. Future Outlook - The company forecasts net profits of RMB 40.7 billion, RMB 47.8 billion, and RMB 55.7 billion for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 15.9%, 17.6%, and 16.5% [8]. - The expected earnings per share (EPS) for the same years are projected to be RMB 2.32, RMB 2.73, and RMB 3.18, with corresponding price-to-earnings (P/E) ratios of 16X, 13X, and 12X [8].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 52.27 [7][8]. Core Views - The company's 2024 net profit attributable to shareholders exceeded expectations, driven by a strong recovery in the high-margin industrial sector, with a year-on-year increase of 23.7% to RMB 3.51 billion [1][5]. - The report highlights that the risks associated with industrial procurement are manageable, and the domestic innovative drug sector is entering a period of significant approvals [2][3]. - The company is poised for growth with its self-developed GLP-1 series innovative drugs expected to enter international markets soon [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of RMB 41.91 billion, a year-on-year increase of 3.2%, and a net profit of RMB 3.51 billion, up 23.7% year-on-year [1][6]. - The fourth quarter of 2024 saw revenue of RMB 10.43 billion, with a net profit of RMB 0.95 billion, reflecting a significant year-on-year increase of 46.2% [1]. Industrial Sector Insights - The industrial sector's revenue reached RMB 13.81 billion in 2024, growing by 13.1% year-on-year, with a non-deductible net profit increase of 29.0% year-on-year [2]. - The impact of generic drug procurement is expected to be limited, with a minor price reduction of 0.15% for the company's products [2]. Innovative Drug Development - The company has a comprehensive GLP-1 innovative drug portfolio, including HDM1002, which is in phase 3 clinical trials in China and is expected to enter international markets [3]. - Several innovative drugs are anticipated to be approved in 2025, including a PARP inhibitor and an EGFR-TKI for lung cancer [2]. Business Segments - The commercial segment generated revenue of RMB 27.09 billion in 2024, showing a slight year-on-year increase of 0.4% [4]. - The medical aesthetics segment reported revenue of RMB 2.33 billion, down 5.0% year-on-year, with expectations for stabilization in overseas revenue [4]. Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been adjusted to RMB 4.05 billion, RMB 4.64 billion, and RMB 5.23 billion, respectively, reflecting an upward revision [5][12]. - The company's overall valuation is estimated at RMB 91.69 billion using the SOTP valuation method, with a target price of RMB 52.27 [5][12].

Core Insights - The company reported a total revenue of approximately 41.91 billion yuan in 2024, representing a year-on-year increase of 3.16% compared to 40.62 billion yuan in 2023 [1] - The pharmaceutical industry is experiencing significant growth driven by the introduction of new products into the medical insurance catalog, with notable sales increases in innovative drugs and biosimilars [3] - The company has established a strong market presence in specialized chronic disease treatment areas, maintaining a leading market share in various therapeutic fields [3] Revenue Breakdown - Total revenue for 2024 was 41.91 billion yuan, with the commercial sector contributing 28.47 billion yuan (67.94% of total revenue), and the manufacturing sector contributing 15.78 billion yuan (37.65% of total revenue) [1] - The medical beauty business generated 2.33 billion yuan, showing a decline of 4.94% from the previous year [1][8] - Internal sales accounted for 97.39% of total revenue, while external sales made up 2.61%, with external sales decreasing by 23.29% year-on-year [1] Product and Market Development - The company has a comprehensive pipeline of over 20 products in the diabetes treatment sector, covering various clinical mainstream targets [4] - In the field of autoimmune diseases, the company has over 20 products in development, with a focus on a wide range of conditions [4] - The medical beauty segment is expected to stabilize and grow, with the company actively expanding its global market presence through subsidiaries [8] Financial Performance - The core subsidiary, China Medical East, achieved sales revenue of 13.81 billion yuan, a year-on-year increase of 13.05%, and a net profit of 2.88 billion yuan, up 29.04% [5] - The pharmaceutical commercial segment reported revenue of 27.09 billion yuan, a slight increase of 0.41%, with a net profit of 456 million yuan, up 5.58% [7] - The industrial microbiology segment saw a significant revenue increase of 43.12%, with various sub-segments experiencing substantial growth [8]

Group 1 - The actual controller, chairman, and CEO of Juran Smart Home, Wang Linpeng, has been detained, but the company's operations remain normal and unaffected [1] - Juran Smart Home reported a total revenue of 12.966 billion yuan in 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% year-on-year, primarily due to economic fluctuations and increased competition in the home furnishing market [3][4] Group 2 - China Bank plans to raise up to 165 billion yuan through a private placement of A-shares, with the funds aimed at increasing its core tier one capital [4] - The issuance price for China Bank's shares is set at 6.05 yuan per share, which is 80% of the average trading price over the previous 20 trading days [4] - The Bank of Communications also plans to raise up to 120 billion yuan through a private placement, with the funds also designated for core tier one capital [5] Group 3 - SANY Heavy Industry reported a total revenue of 78.383 billion yuan in 2024, an increase of 5.9% year-on-year, and a net profit of 5.975 billion yuan, up 31.98% year-on-year [6][7] - The company's international main business revenue reached 48.513 billion yuan, accounting for 63.98% of total revenue, with significant growth in various regions [6][8] - SANY Heavy Industry has established 37 lighthouse factories and is recognized for its advanced smart manufacturing capabilities [8] Group 4 - East China Pharmaceutical achieved a total revenue of 41.906 billion yuan in 2024, a growth of 3.16%, and a net profit of 3.512 billion yuan, up 23.72% year-on-year [10][11] - The company has a robust pipeline of over 80 innovative drugs, focusing on diabetes and oncology [11][12] Group 5 - EVE Energy reported a total revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35%, with a net profit of 4.076 billion yuan, an increase of 0.63% [13][14] - The company has seen significant growth in its energy storage business, with a shipment volume of 50.45 GWh, a year-on-year increase of 91.90% [15] Group 6 - China Unicom reported a revenue of 103.35 billion yuan in Q1 2025, a growth of 3.9%, and a net profit of 2.61 billion yuan, up 6.5% year-on-year [19] - Lens Technology achieved a revenue of 17.063 billion yuan in Q1 2025, a growth of 10.10%, with a net profit of 429 million yuan, up 38.71% year-on-year [20] Group 7 - Fuyao Glass reported a revenue of 9.910 billion yuan in Q1 2025, a growth of 12.16%, with a net profit of 2.030 billion yuan, up 46.25% year-on-year [21] - Zhuye Group reported a revenue of 4.803 billion yuan in Q1 2025, a growth of 8.50%, with a net profit of 277 million yuan, up 74.07% year-on-year [23] Group 8 - Cailong Technology reported a net profit growth of 87.55% in 2024, with total revenue of 11.664 billion yuan [32] - Ziyan Food reported a revenue of 3.363 billion yuan in 2024, with a net profit growth of 4.5% [33] Group 9 - Shunyi Environmental reported a revenue of 12.678 billion yuan in 2024, with a net profit growth of 41.58% [35] - Shougang Group turned a profit in Q1 2025, reporting a revenue of 26.533 billion yuan, down 10.18%, with a net profit of 328 million yuan [36] Group 10 - Keda Li reported a revenue of 12.030 billion yuan in 2024, with a net profit growth of 22.55% [38] - Betta Pharmaceuticals reported a revenue of 2.892 billion yuan in 2024, with a net profit growth of 15.67% [40] Group 11 - New Australia reported a revenue of 4.841 billion yuan in 2024, with a net profit growth of 5.96% [41] - Fawer reported a revenue of 16.468 billion yuan in 2024, with a net profit growth of 11.93% [42] Group 12 - Zhongwei Company reported a revenue of 9.065 billion yuan in 2024, with a net profit decrease of 9.53% [43] - Changying Precision reported a revenue of 16.934 billion yuan in 2024, with a net profit growth of 800% [44] Group 13 - Stanley reported a revenue of 10.263 billion yuan in 2024, with a net profit growth of 17.89% [45] - Puyang reported a revenue of 5.192 billion yuan in 2024, with a net profit decrease of 45.48% [46] Group 14 - Huangshi Group received a notice of administrative penalty for failing to disclose significant contracts, with potential fines for the company and responsible individuals [47] - Baosteel announced plans to acquire a 49% stake in Maanshan Steel through a combination of cash purchases and capital increases, with an estimated total investment of 9 billion yuan [48][49] Group 15 - Shengquan Group reported a revenue of 2.459 billion yuan in Q1 2025, with a net profit growth of 50.46% [50]

Core Insights - Huadong Medicine achieved record performance in 2024, with total revenue of 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% [1] - The company announced a cash dividend plan for 2024, expecting to distribute 1.017 billion yuan [1] - The pharmaceutical industrial segment showed robust growth, with 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% [1] Research and Development - Huadong Medicine increased its R&D investment in the pharmaceutical industrial sector to 2.678 billion yuan, a year-on-year growth of 16.77%, with direct R&D expenses of 1.770 billion yuan, up 10.63% [2] - Direct R&D expenses accounted for 12.91% of pharmaceutical industrial revenue [2] - The company is actively integrating AI technology to enhance drug development and production efficiency [2] Aesthetic Medicine and Microbiology - The aesthetic medicine segment performed steadily, with subsidiary Xinkeli Aesthetics achieving revenue of 1.139 billion yuan, a year-on-year increase of 8.32% [2] - Huadong Medicine has developed 40 high-end aesthetic products, with 26 already launched internationally, enhancing its global market presence [2] - The industrial microbiology segment reported sales revenue of 0.711 billion yuan, a year-on-year growth of 43.12% [2]

证券代码：000963 证券简称：华东医药 公告编号：2025-025 华东医药股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 1、拟续聘的会计师事务所名称：天健会计师事务所（特殊普通 合伙）。 2、本次拟续聘会计师事务所符合财政部、国务院国资委、证监 会印发的《国有企业、上市公司选聘会计师事务所管理办法》（财 会〔2023〕4号）的规定。 2025年4月16日，华东医药股份有限公司（以下简称"公司"） 召开第十届董事会第三十二次会议、第十届监事会第二十二次会议 审议通过《关于续聘会计师事务所的议案》，拟续聘天健会计师事 务所（特殊普通合伙）（以下简称"天健"或"天健事务所"）为 公司2025年度审计机构，并将该事项提交公司2024年度股东大会审 议。现将具体情况公告如下： 一、续聘会计师事务所的情况说明 天健会计师事务所（特殊普通合伙）具备从事证券、期货相关业 务资格，具有丰富的上市公司审计工作经验，自本公司上市以来，一 直为公司提供审计服务。在过去的审计服务中，天健事务所严格遵循 相关法律、法规和政策， ...

证券代码：000963 证券简称：华东医药 公告编号：2025-027 华东医药股份有限公司 关于2025年度日常关联交易预计的公告 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。 华东医药股份有限公司（以下简称"本公司"、"公司"）于 2025 年 4 月 16 日召开的第十届董事会第三十二次会议审议通过了《关于 2025 年度日常关联交易预计的议案》，具体情况如下： 一、日常关联交易基本情况 （一）关联交易概述 本公司业务覆盖医药全产业链，拥有医药工业、医药商业、医美、 工业微生物四大业务板块，已发展成为集医药创新研发、生产、经销 为一体的大型综合性医药上市公司，在生产经营过程中与本公司关联 方，发生药品及其他产品采购、药品及其他产品销售、药品研发及生 产相关技术服务、市场推广服务等日常关联交易。 2024 年公司与各关联企业间发生的日常采购商品交易额为 40,103.10 万元；日常销售货物交易额为 1,644.17 万元；接受劳务（含 产品研发及生产等相关技术服务、会务服务等）交易额为 9,098.02 万 元；提供劳务（含产品研发及生产等相关技术服务 ...

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。 证券代码：000963 证券简称：华东医药 公告编号：2025-028 华东医药股份有限公司 董事会关于独立董事独立性自查情况的专项报告 根据中国证监会《上市公司独立董事管理办法》《深圳证券交易 所上市公司自律监管指引第1号——主板上市公司规范运作》《深圳 证券交易所股票上市规则》等要求，华东医药股份有限公司（以下简 称"公司"）董事会，就公司在任独立董事黄简、王如伟、高向东的 独立性情况进行评估并出具如下专项意见： 经核查独立董事黄简、王如伟、高向东的任职经历以及签署的相 关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存 在利害关系或其他可能妨碍其进行独立客观判断的关系，不存在影响 独立董事独立性的情况，因此，公司独立董事符合《上市公司独立董 事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主 板上市公司规范运作》《深圳证券交易所股票上市规则》中对独立董 事独立性的相关要求。 特此公告。 华东医药股份有限公司董事会 2025 年 ...