法律意见书 根据《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国证 券法》（下称《证券法》）、中国证券监督管理委员会（下称"中国证监会"） 《上市公司股东会规则》（下称《股东会规则》）以及《亿帆医药股份有限公司 公司章程》（下称《公司章程》）等有关规定，安徽天禾律师事务所接受亿帆医 药股份有限公司（下称"亿帆医药"或"公司"）委托，指派王炜、罗明伟律师 （下称"天禾律师"）出席公司 2024 年年度股东会（下称"本次股东会"）， 对本次股东会相关事项进行见证，并出具法律意见。 本法律意见书是天禾律师根据对有关本次股东会事实的了解及对我国现行 法律、法规和规范性文件的理解而做出的。 天禾律师同意将本法律意见书作为本次股东会的必备文件予以公告并依法 对所出具的法律意见书承担责任。 天禾律师根据有关法律、法规的要求，按照律师行业公认的业务标准、道德 规范和勤勉尽责的精神，对本次股东会的召集和召开程序、出席会议人员的资格、 表决程序及其他相关法律问题发表法律意见如下： 一、本次股东会的召集与召开程序 （一）2025 年 4 月 24 日，公司召开第八届董事会第十六次会议，通过了《关 于召开 2024 年年 ...

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]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 亿帆医药（002019.SZ） 2024 业绩符合预期，2025Q1 经营稳健，后续有望逐季向好 公司发布 2024年报及 2025一季报。公司 2024 全年实现营业收入 51.60 亿元（同比+26.84%），实现归母净利润 3.86 亿元（同比+170.04%），扣 非归母净利润 2.48 亿元（同比+146.58%）。 单独看 Q4，2024Q4 公司实现营业收入 13.02 亿元（同比+14.39%）；实 现归母净利润 0.20 亿元（同比+102.81%）；实现扣非归母净利润-0.04 亿 元。 2025Q1 公司实现营业收入实现营业收入 13.27 亿元（同比+0.05%）；实 现归母净利润 1.53 亿元（同比+4.83%）；实现扣非归母净利润 0.95 亿 元。 2024 年公司收入利润快速增长，符合预期。公司收入整体符合预期，收 入结构持续优化。公司药品有关的营业收入为 42.60 亿元（同比 +37.51%），占公司整体营业收入的 82.56%（（2023 年占比 76.15%）。产 品分类中医药 ...

2025 年 04 月 30 日 公司点评 买入/维持 亿帆医药(002019) 目标价: 15 昨收盘:11.69 Q1 业绩基本符合市场预期，创新药产品收入实现高速增长 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 12.16/8.41 | | --- | --- | | 总市值/流通(亿元) | 142.2/98.37 | | 12 个月内最高/最低价 | 14.4/9.94 | | (元) | | 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 事件： 4 月 29 日晚，公司发布 2025 年一季度报告，2025 年第一季度公司实 现营业收入 13.27 亿元，同比增长 0.05%，归母净利润为 1.53 亿元，同 比增长 4.83%，扣非后归母净利润为 0.95 亿元，同比下滑 13.55%。 点评： Q1 髙基数下，收入和利润端均实现同比正增长。2025 年第一季度公 司实现营 ...

事件： 单季度收入和利润端均实现正增长，在公司感冒类和部分集采医药产品、维生素业务同比营收出现较大 波动背景下，公司核心产品实现了快速增长，其中创新药产品实现收入同比增长327.73%。 毛利率略有下降，净利率同比提升1.55pct。2025 年Q1 公司整体毛利6.16 亿元，毛利率达46.39%，比去 年同期下降0.98pct；因政府补助增加，Q1 净利率为10.42%，比去年同期提升1.55pct。公司期间费用率 基本保持稳定，其中销售费用率为23.64%，比去年同期下降0.10%；管理费用率为6.56%，比去年同期 下降0.19%；研发费用率为4.79%，比去年同期增长0.27%。 在研创新药产品有序进行，亿立舒商业化有望加速。去年底公司已实现亿立舒在中国、美国、欧盟和巴 西等34 个国家获准上市销售，今年商业化有望加速。同时，公司在F-652 治疗慢加急性肝衰竭 （ACLF）IIb 临床试验设计及AH 适应症II 期临床方案与中国监管机构达成了共识或得到认可；AH 适 应症II 期临床方案获得FDA 默示许可和境外资助用于开展二期临床试验。另外，公司也在不断推进创 新药N-3C01 和EY-SF-0 ...