北京市立方律师事务所 关于江苏恩华药业股份有限公司 北京市立方律师事务所 关于江苏恩华药业股份有限公司 2023 年度股东大会的 法律意见书 致：江苏恩华药业股份有限公司 根据《中华人民共和国证券法》 、《中华人民共和国公司法》(以下简称"《公司 法》")、《上市公司股东大会规则》(以下简称"《股东大会规则》")、《律师事务 所从事证券法律业务管理办法》(以下简称"《证券法律业务管理办法》") 等 相关法律、法规和规范性文件以及《江苏恩华药业股份有限公司公司章程》(以 下简称"《公司章程》") 的规定，北京市立方律师事务所 (以下简称"本所") 指 派律师出席江苏恩华药业股份有限公司 (以下简称"恩华药业")2023 年度股东 大会 (以下简称"本次股东大会")， 并出具本法律意见书。 2023 年度股东大会的 法律意见书 2024 年 4 月 对本法律意见书的出具，本所律师特作如下声明： 1、本所律师已经按照《股东大会规则》的要求对本次股东大会的真实性、 合 法性进行了核查和验证 (以下简称"查验") 并发表法律意见，本法律意见书中 不存在虚假记载、误导性陈述及重大遗漏。 2、本所律师仅对恩华药业本次股东大 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.53 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's performance is in line with expectations, showing a steady growth trend. Operational efficiency has improved, and the impact of centralized procurement is gradually diminishing. Increased investment in research and development is noted, with new products entering a volume growth phase [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 1.358 billion CNY, a year-on-year increase of 15.16%, and a net profit of 265 million CNY, reflecting a growth of 16.64% [1]. - The gross profit margin and net profit margin were 70.78% and 19.54%, respectively, with the gross profit margin showing a decline due to centralized procurement and price reductions [1][2]. Operational Efficiency - The company has optimized its sales expense ratio, management expense ratio, and financial expense ratio, which were 32.19%, 3.49%, and -0.47%, respectively, indicating improved operational efficiency [1]. - The company expects the marginal impact of centralized procurement to gradually diminish, with ongoing optimization of period expenses likely to enhance operational efficiency [1]. Research and Development - R&D expenses increased significantly, amounting to 143 million CNY, which is 10.56% of operating revenue, marking a year-on-year growth of 30.77% [1][2]. - The company is advancing its R&D pipeline, with new products expected to enter the market, including a drug that will be included in the national medical insurance directory starting April 2024 [1]. Financial Projections - The company forecasts operating revenue of 6.110 billion CNY for 2024, with a projected net profit of 1.292 billion CNY, reflecting growth rates of 21% and 33%, respectively [2]. - The earnings per share (EPS) are projected to be 1.28 CNY for 2024, with further increases expected in subsequent years [1][2].

证券代码：002262 证券简称：恩华药业 公告编号：2024-017 江苏恩华药业股份有限公司 第六届董事会第十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，对公告的虚假记载、误导性 陈述或重大遗漏负连带责任。 一、董事会会议召开情况 江苏恩华药业股份有限公司（以下简称"公司"）第六届董事会第十次会议于 2024 年 4 月 19 日在徐州市经济技术开发区龙湖西路 31 号恩华科技大厦 20 楼会议室召开，会议通知已于 2024 年 4 月 8 日以专人送达、传真、电子邮件等方式送达给全体董事、监事和高级管理人员。 本次会议应到董事 9 名，实到董事 9 名。公司监事和高级管理人员亦列席本次会议。本次会 议由董事长孙彭生先生召集并主持。本次会议的召集、召开程序符合有关法律法规和公司章 程的规定。 二、董事会会议审议情况 1、会议以9票赞成、0票反对、0票弃权的表决结果审议通过了《2024年第一季度报告》。 董事会全体董事保证公司《2024年第一季度报告》内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 《2024年第一季度报告》（公告编号：2 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥1,357,565,651.12, representing a 15.16% increase compared to ¥1,178,806,488.43 in the same period last year[3] - Net profit attributable to shareholders was ¥265,282,248.03, up 16.64% from ¥227,429,413.46 year-on-year[3] - Net profit for Q1 2024 was ¥264,638,776.41, up 17.5% from ¥225,173,396.19 in Q1 2023[15] - Operating profit for the quarter was ¥304,871,280.84, a rise of 16.6% from ¥261,579,559.01 in the same quarter last year[15] - The total comprehensive income for Q1 2024 was ¥264,638,776.41, compared to ¥225,173,396.19 in Q1 2023, reflecting a growth of 17.5%[15] Cash Flow - The net cash flow from operating activities decreased by 35.90%, amounting to ¥233,582,275.30 compared to ¥364,395,839.44 in the previous year[3] - The cash outflow from operating activities totaled CNY 1,232,818,489.41, an increase of 20.9% from CNY 1,019,601,827.61 in the previous period[17] - The cash inflow from sales of goods and services is CNY 1,437,966,302.56, an increase of 5.4% from CNY 1,364,465,949.94 in the previous period[17] - The cash outflow for purchasing goods and services is CNY 343,920,750.51, an increase of 15.2% compared to CNY 298,419,576.07 in the previous period[17] - The cash outflow for taxes paid is CNY 208,319,468.23, an increase of 32.6% from CNY 157,069,102.72 in the previous period[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,603,954,816.16, a 3.76% increase from ¥7,328,195,368.67 at the end of the previous year[3] - The total assets of Jiangsu Enhua Pharmaceutical Co., Ltd. reached CNY 7,603,954,816.16 at the end of the first quarter, an increase from CNY 7,328,195,368.67 at the beginning of the period[11] - The total liabilities of the company were CNY 929,208,374.37, a slight increase from CNY 918,087,703.29, reflecting a growth of approximately 1.2%[12] - The total current liabilities amounted to CNY 823,477,079.03, slightly up from CNY 814,027,830.97, showing an increase of approximately 1.8%[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 24,628, with the largest shareholder holding 31.77% of the shares[8] - The equity attributable to shareholders of the parent company increased to ¥6,699,423,735.51, up from ¥6,434,141,487.48, marking a growth of 4.1%[13] - The total equity attributable to shareholders increased by 4.12%, reaching ¥6,699,423,735.51 compared to ¥6,434,141,487.48 at the end of the previous year[3] Research and Development - R&D expenses increased by 30.77%, indicating a significant rise in investment in research and development activities[7] - Research and development expenses increased to ¥143,419,925.68, representing a 30.8% rise from ¥109,676,566.12 in the previous year[14] Investment Income - The company recorded a total of ¥6,725,654.77 in investment income from financial products, reflecting effective cash management strategies[5] - The cash inflow from investment income is CNY 6,725,654.77, a decrease of 40.5% from CNY 11,360,194.34 in the previous period[18] Inventory and Receivables - Trade receivables increased to CNY 1,117,797,379.75, up from CNY 1,034,736,344.97, indicating a growth of about 8%[11] - The inventory decreased to CNY 578,955,190.48 from CNY 628,637,457.97, representing a decline of approximately 7.9%[11]

本公司及监事会全体成员保证公告内容的真实、准确和完整，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 江苏恩华药业股份有限公司（以下简称：公司）监事会于2024年4月8日以电子邮件 及专人送达的方式向全体监事发出召开第六届监事会第九次会议的通知及相关会议资料。 2024年4月19日下午1：00至3：00，第六届监事会第九次会议在徐州市经济技术开发区龙 湖西路31号恩华科技大厦20楼会议室以现场表决的方式召开，公司3名监事全部参加了会 议。本次会议由监事会主席王丰收先生主持。本次会议的召集、召开程序符合有关法律 法规和公司章程的规定。 二、监事会会议审议情况 1、会议以3票赞成、0票反对、0票弃权的表决结果审议通过了《2024年第一季度报 告》。 证券代码：002262 证券简称：恩华药业 公告编号：2024-018 江苏恩华药业股份有限公司 第六届监事会第九次会议决议公告 经审核，监事会认为：董事会编制和审核江苏恩华药业股份有限公司2024年第一季 度报告的程序符合法律、行政法规和中国证监会的有关规定，报告内容真实、准确、完 整地反映了报告期内公司的财务状况、经营成果和现金流量，不存在任何虚假 ...

董事会专门委员会实施细则（修订稿） （经 2024 年 4 月 19 日公司第六届董事会第十次会议修订） 董事会战略委员会实施细则 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规划，健全投资 决策程序，加强决策科学性，提高重大投资决策的效益和决策的质量，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办法》《公 司章程》及其他有关规定，公司设立董事会战略委员会，并制定本实施细则。 第二条 董事会战略委员会是公司董事会下设的专门工作机构，主要负责对公司长期发展 战略和重大投资决策进行研究并提出建议，向董事会报告工作。 第二章 人员组成 第三条 战略委员会成员由五名董事组成，其中独立董事不少于二分之 一。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之一提 名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由公司董事长担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选可以连任。期间如有委 员不再担任公司董事职务，自动失去委员资格，并由委员会根据上述第三至第五条规定补足 委员人数 ...

证券代码：002262 证券简称：恩华药业 公告编号：2024-016 江苏恩华药业股份有限公司 关于召开2023年度股东大会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏恩华药业股份有限公司（ 以下简称"公司"） 第六届董事会第九次会议于2024 年3月28日在徐州市经济技术开发区龙湖西路31号恩华科技大厦20楼会议室召开，会议决 定于2024年4月24日（星期三）召开2023年度股东大会。公司于2024年3月30日在《证券 时报》和巨潮资讯网站 www.cninfo.com.cn上刊登了《江苏恩华药业股份有限公司关于召 开2023年度股东大会的通知》（公告编号：2024-012），根据《上市公司股东大会规 则》的规定，现发布关于召开2023年度股东大会的提示性公告，具体内容如下： 一、会议召开的基本情况 1、股东大会届次：2023年度股东大会。 2、会议召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合《中华人民共和国公 司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》《公司章程》等法 律、法规和相关 ...

证券代码：002262 证券简称：恩华药业 公告编号：2024-015 江苏恩华药业股份有限公司 关于实际控制人续签一致行动协议的公告 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。 江苏恩华药业股份有限公司（以下简称"公司"）实际控制人（一致行动人）孙彭生先生、 付卿先生、陈增良先生、杨自亮先生（以下简称"四人"）为保障公司的持续、稳健发展及对公 司未来发展的信心，四人于 2024 年 4 月 15 日续签了《一致行动协议》，继续作为一致行动人， 具体情况如下： 一、本次续签一致行动协议的背景情况 上述四人于 2021 年 4 月 15 日续签的《一致行动协议》已于 2024 年 4 月 14 日到期，为了 保持四人对公司的共同控制权和保障公司的经营管理在一定时期内具有稳定性，四人于 2024 年 4 月 15 日续签了《一致行动协议》。 二、本次续签一致行动协议的主要内容 2024年4月15日，上述四人经过充分协商并统一意见后决定同意续签《一致行动协议》， 该协议自签署之日起生效，有效期为三年。此次四人签署的《一致行动协议》的主要条款如 下： 4、本协议的 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 5.04 billion yuan in 2023, representing a year-on-year increase of 17.3%. The net profit attributable to shareholders was 1.04 billion yuan, up 15.1% year-on-year, with a net profit excluding non-recurring items of 1.01 billion yuan, reflecting a 16.1% increase [2][3] - The company's cash flow from operating activities was 1.01 billion yuan, an increase of 17.1% year-on-year, with a gross margin of 72.8%, down 3.43 percentage points year-on-year [2] - In Q4 2023, the company reported a revenue of 1.39 billion yuan, a year-on-year increase of 17.58%, but the net profit attributable to shareholders decreased by 4.89% to 151 million yuan [3] - The company has over 70 research projects underway, with R&D expenses of 614 million yuan in 2023, a growth of 23.92% compared to the previous year [3] - The company is focused on central nervous system drugs, with significant growth expected from its pain relief product line and new product launches [4] Financial Summary - For 2023, the company reported a revenue of 5.04 billion yuan and a net profit of 1.04 billion yuan, with projected revenues of 5.96 billion yuan in 2024, 7.12 billion yuan in 2025, and 8.54 billion yuan in 2026, reflecting growth rates of 18.3%, 19.5%, and 19.8% respectively [5] - The gross margin is expected to be 71.3% in 2024, 71.6% in 2025, and 70.8% in 2026, while the return on equity (ROE) is projected to increase from 16.1% in 2023 to 18.0% in 2026 [5][6] - The earnings per share (EPS) are forecasted to be 1.21 yuan in 2024, 1.46 yuan in 2025, and 1.76 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18X, 15X, and 12X [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 29.53 yuan, up from the previous target of 29.50 yuan [1][2]. Core Views - The company's performance is in line with expectations, showing steady revenue growth, particularly in the anesthesia business, which is expected to maintain a high growth trend. New products are entering a volume growth phase [1][2]. - The report highlights that the company achieved a revenue of 5.042 billion yuan and a net profit attributable to shareholders of 1.037 billion yuan in 2023, representing a year-on-year increase of 17.28% and 15.09%, respectively [1][2]. - The anesthesia business generated revenue of 2.702 billion yuan, accounting for 50.58% of total revenue, with a year-on-year growth of 24.29% [1][2]. Summary by Sections Financial Performance - The company reported total revenue of 5,042 million yuan in 2023, with a cost of sales of 1,370 million yuan and operating profit (EBIT) of 1,112 million yuan [2]. - The net profit attributable to shareholders was 1,037 million yuan, reflecting a growth rate of 15% compared to the previous year [2]. - Earnings per share (EPS) for 2023 was 1.03 yuan, projected to increase to 1.28 yuan in 2024 [1][2]. Business Segments - The anesthesia segment continues to show robust growth, with expectations for new products like remifentanil and sufentanil to contribute significantly to revenue [1][2]. - The report notes that the company's R&D investment reached 614 million yuan in 2023, a year-on-year increase of 23.92%, indicating a commitment to innovation and product development [1][2]. Market Position - The company is positioned as a key player in the central nervous system drug market, focusing on anesthesia, psychiatric, and neurological products [2]. - The report emphasizes the company's established marketing network and product series, which are crucial for maintaining its competitive edge in the industry [2].