亿帆医药股份有限公司 2024 年年度股东会决议公告 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。 特别提示 1、本次股东会无否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 证券代码：002019 证券简称：亿帆医药 公告编号：2025-034 （一）会议召开情况 一、会议召开和出席情况 1、会议召开的日期、时间 现场会议召开的时间：2025 年 5 月 20 日下午 1:30 起 网络投票的时间：2025 年 5 月 20 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 20 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00； 通过深圳证券交易所互联网投票系统进行网络投票，开始时间为 2025 年 5 月 20 日上午 9:15 至下午 15:00。 2、现场会议召开地点：安徽省合肥市肥西县桃花镇繁华大道与文山路交口， 合肥亿帆生物制药有限公司会议室 3、召集人：公司董事会 4、会议方式：本次会议采取现场投票和网络投票相结合的方式 5、会议主持人：董事长程先锋 ...

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the annual line, indicating a slight increase of 0.23% and a total trading volume of 1,076.285 billion yuan [1]. Group 1: Market Performance - As of 13:59 today, the Shanghai Composite Index stands at 3,377.11 points, reflecting a year-to-date performance above the annual line [1]. - A total of 49 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1]. Group 2: Notable Stocks - The stocks with the largest deviation rates include: - Baoxin Technology (002514) with a deviation rate of 5.49% and a daily increase of 9.93% [1]. - ST Zhongzhu (600568) with a deviation rate of 4.76% and a daily increase of 5.22% [1]. - King Med (603882) with a deviation rate of 4.28% and a daily increase of 4.42% [1]. - Other stocks that have just crossed the annual line include: - Duofu Du (002506) with a deviation rate of 4.02% and a daily increase of 9.95% [1]. - Shapais (300791) with a deviation rate of 4.16% and a daily increase of 4.67% [1]. Group 3: Trading Data - The total trading volume for A-shares today reached 1,076.285 billion yuan, indicating active market participation [1]. - The stocks listed show varying turnover rates, with some stocks like Baoxin Technology and ST Zhongzhu having turnover rates of 9.92% and 1.36% respectively [1].

Group 1: Company Performance and Market Outlook - The company has no current plans for share reduction despite market fluctuations [2] - The domestic market for G-CSF reached nearly 10 billion RMB in 2022, indicating significant demand [9] - The company expects to ship approximately 40,000 units of overseas orders in 2025, including shipments to the U.S. market [3] Group 2: Product Development and Clinical Trials - F-652 is undergoing clinical trials with a focus on alcohol-related liver disease, with ongoing internal strategy discussions to mitigate risks [22] - The F-627 product is expected to launch in the U.S. around June 2025, with a projected shipment of 270,000 units [17] - The company anticipates that the new cell toxic production line in Hefei will be completed as scheduled [2] Group 3: Investor Relations and Communication - Investors expressed concerns about the company's communication effectiveness, particularly regarding the management's responsiveness to shareholder inquiries [5] - The company acknowledges the need for improved investor relations and plans to enhance communication strategies [21] - The management is committed to ensuring that the stock price reflects the company's true value and will work on investor engagement [21] Group 4: Financial Management and Market Strategy - The company reported a 13.55% decrease in net profit due to lower gross margins from synthetic biological products and the impact of centralized procurement [20] - The company is focusing on maintaining competitive pricing and expanding market share in the vitamin B5 sector despite current price pressures [20] - The company plans to leverage its strengths in quality and production capacity to sustain its market leadership in the vitamin sector [20]

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 5.16 billion yuan, a year-on-year growth of 26.84%, and a net profit of 386 million yuan, up 170.04% [1] - The company continues to optimize its product structure and has effectively controlled expenses, with a notable improvement in expense ratios [1] Financial Performance - In 2024, the company achieved a total revenue of 5.16 billion yuan, with pharmaceutical-related revenue accounting for 4.26 billion yuan, representing over 80% of total revenue [1] - The proprietary pharmaceutical products generated 3.664 billion yuan, a year-on-year increase of 50.64%, and accounted for 71.02% of total revenue, an increase of 11.23 percentage points from the previous year [1] - For Q1 2025, the company reported revenue of 1.327 billion yuan, a slight increase of 0.05%, and a net profit of 153 million yuan, up 4.83% [1] Product Development and Innovation - The innovative drug Yilishu has received approvals from multiple regulatory bodies and has been launched in 34 countries, with over 270,000 units shipped [2] - In Q1 2025, revenue from innovative drug products increased by 327.73%, with Yilishu shipments growing by 293.64% [2] - The company is advancing several clinical trials, including F-652 for alcohol-related liver disease and a pediatric flu treatment [2] Investment Outlook - The company is expected to continue its growth trajectory, with projected revenues of 6.183 billion yuan, 7.108 billion yuan, and 7.683 billion yuan for 2025-2027, representing year-on-year growth rates of 19.83%, 14.96%, and 8.08% respectively [3] - Net profits for the same period are forecasted to be 614 million yuan, 712 million yuan, and 853 million yuan, with corresponding EPS of 0.50, 0.59, and 0.70 yuan [3] - The current stock price corresponds to PE ratios of 22.81, 19.68, and 16.43 for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][6][16] Core Views - The company demonstrated strong performance in Q1 2025, with revenue of 1.327 billion yuan, remaining stable year-on-year, and a net profit of 153 million yuan, reflecting a 5% increase [1] - The company's proprietary products are experiencing significant growth, with proprietary product revenue reaching 3.664 billion yuan in 2024, a 50.64% increase year-on-year [2] - The company is focusing on innovation, with two new globally promising products in development, N-3C01 and EY-SF-001, alongside progress in other products [3] Financial Performance - Projected revenues for 2025-2027 are 6.413 billion, 7.201 billion, and 8.305 billion yuan respectively, with net profits expected to be 731 million, 927 million, and 1.103 billion yuan [4][10] - The company is expected to achieve a net profit margin of 11.40% in 2025, increasing to 13.28% by 2027 [11] Market Position - The company has a total market capitalization of approximately 13.794 billion yuan, with a circulating market value of about 9.542 billion yuan [7] - The stock price is currently at 11.34 yuan, with a target price indicating potential upside [6]

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 5.16 billion yuan, a year-on-year growth of 26.8%, and a net profit attributable to shareholders of 390 million yuan, up 170.0% [1] - In Q1 2025, the company maintained stable revenue at 1.33 billion yuan, with a slight increase in net profit of 4.8% year-on-year [1] Revenue Breakdown - The company's proprietary pharmaceutical products saw substantial growth, generating 3.66 billion yuan in revenue for 2024, a 50.6% increase, with domestic sales reaching 3.15 billion yuan, up 56.7% [1] - Products generating over 10 million yuan in revenue totaled 3 billion yuan, reflecting a 67.2% increase [1] - In Q1 2025, innovative drug product revenue surged by 327.7%, with significant increases in shipments of Yilishu and Yinikang, showing growth rates of 293.6% and 1158.2% respectively [1] Product Commercialization - The company is advancing the commercialization of its key products, with its first self-developed Class I macromolecule innovative drug, Yilishu, starting shipments to markets including Germany, Greece, and Cyprus by the end of October 2024 [2] - Yilishu has been approved for sale in 34 countries, including China, the US, the EU, Brazil, Oman, and Norway, with over 270,000 units shipped [2] - Revenue from vitamin products decreased by 10.2% to 720 million yuan in 2024, while other pharmaceutical products and services showed mixed results [2] Financial Performance - The company achieved a gross margin of 47.4% in 2024, a slight decrease of 0.4 percentage points year-on-year [3] - The expense ratios for sales, management, finance, and R&D were 23.7%, 7.9%, 1.4%, and 5.7% respectively, with all showing a decrease compared to the previous year [3] - The company reported asset impairment losses of 110 million yuan in 2024, significantly reduced from 890 million yuan in 2023, contributing to a net profit margin of 7.5% [3] Future Goals - For 2025, the company aims to launch Yilishu in the US, Brazil, and Middle Eastern markets, targeting 35 products with sales exceeding 10 million yuan, 10 products over 50 million yuan, and 8 products exceeding 100 million yuan in domestic markets [3] - The R&D plan includes completing three biosimilar IND applications in China and progressing with the Pre-IND application for the innovative drug N-3C01 [3] Profit Forecast - The company projects net profits of 620 million yuan, 870 million yuan, and 1.03 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.51 yuan, 0.72 yuan, and 0.85 yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a significant revenue growth of 26.84% year-on-year in 2024, reaching 5.16 billion yuan, and a net profit of 386 million yuan, marking a 170.04% increase [1][2] - The revenue structure continues to optimize, with pharmaceutical-related revenue accounting for 82.56% of total revenue in 2024, up from 76.15% in 2023 [2] - The company has shown strong performance in its innovative drug pipeline, with Q1 2025 seeing a remarkable growth of 327.73% in innovative drug products [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 1.30 billion yuan, a year-on-year increase of 14.39%, and a net profit of 20 million yuan, up 102.81% [1] - For Q1 2025, the company achieved a revenue of 1.33 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 153 million yuan, reflecting a 4.83% growth [1] - The overall gross margin for 2024 was 47.42%, slightly down from 47.84% in 2023, attributed to lower margins from newly introduced products and price adjustments [3] Revenue and Profit Forecast - The company is expected to continue its growth trajectory, with projected net profits of 704 million yuan, 888 million yuan, and 1.09 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 82.5%, 26.1%, and 22.9% [4][5] - The estimated P/E ratios for 2025, 2026, and 2027 are 20X, 16X, and 13X respectively, indicating a favorable valuation outlook [4] R&D Progress - The company is advancing its R&D efforts, including ongoing clinical trials for various products and achieving consensus with regulatory bodies on clinical trial designs [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15, compared to the last closing price of 11.69 [1][6]. Core Insights - The company's Q1 performance is in line with market expectations, with a significant revenue increase from innovative drug products, achieving a year-on-year growth of 327.73% [4][5]. - The overall revenue for Q1 2025 reached 1.327 billion, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders was 153 million, up 4.83% year-on-year [4][5]. - The gross profit margin slightly decreased to 46.39%, down 0.98 percentage points from the previous year, but the net profit margin improved by 1.55 percentage points to 10.42% due to increased government subsidies [5]. Financial Performance Summary - The company is projected to achieve revenues of 6.417 billion, 7.423 billion, and 8.520 billion for the years 2025, 2026, and 2027, respectively, with growth rates of 24.40%, 15.70%, and 14.80% [6][7]. - The net profit attributable to shareholders is expected to be 721 million, 912 million, and 1.133 billion for the same years, reflecting growth rates of 86.80%, 26.50%, and 24.30% [6][7]. - The current price-to-earnings (PE) ratios are projected to be 20, 16, and 13 for the years 2025, 2026, and 2027, respectively [6][7].

Core Viewpoint - The company reported a slight increase in revenue and profit for Q1 2025, with a focus on the growth of its core products, particularly innovative drugs, despite some fluctuations in other segments [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.327 billion yuan, a year-on-year increase of 0.05% [1][2]. - The net profit attributable to shareholders was 153 million yuan, reflecting a year-on-year growth of 4.83% [1][2]. - The net profit after deducting non-recurring items was 95 million yuan, showing a decline of 13.55% year-on-year [1][2]. - The overall gross profit was 616 million yuan, with a gross margin of 46.39%, down by 0.98 percentage points from the previous year [2]. - The net profit margin for Q1 was 10.42%, an increase of 1.55 percentage points compared to the same period last year [2]. Product Performance - The company experienced significant growth in its core products, particularly innovative drugs, which saw a revenue increase of 327.73% year-on-year [2]. - The company’s sales expenses ratio was 23.64%, a decrease of 0.10 percentage points year-on-year, while the management expenses ratio was 6.56%, down by 0.19 percentage points [2]. R&D and Future Prospects - The commercialization of Yilishu is expected to accelerate, with approvals obtained in 34 countries including China, the US, the EU, and Brazil [3]. - The company has reached consensus with Chinese regulatory authorities on the clinical trial design for F-652, aimed at treating acute-on-chronic liver failure (ACLF) [3]. - The company is advancing the development of innovative drugs N-3C01 and EY-SF-001, as well as a traditional Chinese medicine product [3]. Revenue and Profit Forecast - The company forecasts revenues of 6.417 billion yuan, 7.423 billion yuan, and 8.520 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.40%, 15.70%, and 14.80% [3]. - The projected net profit attributable to shareholders for the same years is 721 million yuan, 912 million yuan, and 1.133 billion yuan, with growth rates of 86.80%, 26.50%, and 24.30% [3]. - The corresponding price-to-earnings ratios are expected to be 20, 16, and 13 for the years 2025, 2026, and 2027 [3].

Market Performance - The pharmaceutical sector increased by 0.45% on April 29, 2025, outperforming the CSI 300 index by 0.62 percentage points, ranking 15th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical research outsourcing (+2.91%), pharmaceutical distribution (+1.62%), and offline pharmacies (+1.61%) showed the best performance, while other biopharmaceuticals (-0.46%), vaccines (-0.39%), and in vitro diagnostics (+1.10%) lagged behind [1] - Top three gainers in individual stocks were Xingqi Eye Medicine (+14.14%), Saily Medical (+10.05%), and Lanfang Medical (+10.02%), while the top three losers were Jiangsu Wuzhong (-10.11%), Weiming Pharmaceutical (-10.03%), and Rongchang Biopharmaceutical (-9.38%) [1] Industry News - Johnson & Johnson announced positive results from the Phase 2 SunRISe-1 study's fourth cohort, evaluating the efficacy of its innovative bladder drug delivery system TAR-200 in specific bladder cancer patients [2] - Preliminary results indicated that TAR-200 achieved a disease-free survival rate (DFS) exceeding 80% in high-risk non-muscle invasive bladder cancer (HR-NMIBC) patients who did not respond to Bacillus Calmette-Guérin (BCG), with 94% of patients able to retain their bladders without needing further induction therapy [2] - TAR-200 is designed for sustained local release of gemcitabine in the bladder, maintaining local drug exposure for several weeks [2] Company News - Haoyuan Pharmaceutical (688131) reported Q1 2025 revenue of 606 million yuan, a year-on-year increase of 20.05%, with a net profit attributable to shareholders of 62 million yuan, up 272.28%, and a non-recurring net profit of 59 million yuan, up 323.19% [3] - Yifan Pharmaceutical (002019) announced Q1 2025 revenue of 1.327 billion yuan, a slight increase of 0.05%, with a net profit attributable to shareholders of 153 million yuan, up 4.83%, and a non-recurring net profit of 95 million yuan, down 13.55% [3] - Dabo Medical (002901) reported Q1 2025 revenue of 550 million yuan, a year-on-year increase of 28.80%, with a net profit attributable to shareholders of 103 million yuan, up 67.04%, and a non-recurring net profit of 97 million yuan, up 96.76% [3] - Aoxiang Pharmaceutical (603229) disclosed Q1 2025 revenue of 307 million yuan, a 1.90% increase, with a net profit attributable to shareholders of 119 million yuan, up 5.97%, and a non-recurring net profit of 112 million yuan, up 2.81% [3]