中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于桂林三金药业股份有限公司 2023 年度股东大会的法律意见书 致：桂林三金药业股份有限公司 受桂林三金药业股份有限公司(以下简称"公司")聘请，北京市通商律师事 务所指派律师(以下简称"本所律师")出席了公司 2023 年度股东大会(以下简称 "本次股东大会")，并依据《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》、《深圳证券交易所上市公司股东大会网络投票实施 细则》等法律、法规、规章、规范性文件及《桂林三金药业股份有限公司章程》 (以下简称"《公司章程》")的规定，对公司本次股东大会召集及召 ...

一季度增长迅速，中药业务持续放量，三金品牌 | --- | --- | --- | --- | |--------------------------------------------------------------------------|-------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Q1 业绩回归正常节奏，高股息政策有望延续 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 1,960 | 2,172 | 2,356 | 2,545 | 2,774 | 股票信息 | | | 增长率 yoy （ % ） | 12.5 | 10.8 | 8.5 | 8.0 | 9.0 | | | | 归母净利润（百万元） | 330 | 421 | 471 | 525 | 599 | 行业 | 医药 | | 增长率 yoy （ % ） | -4.1 | 27.8 | 11.8 | 11.5 | 14.0 | 2024 年 4 月 3 ...

欢迎参加本次华安医药桂林三金年报及一级报交流会目前所有参会者均处于静音状态现在开始播报免责声明声明播报完毕后直接开始发言谢谢 根据证券期货投资者适当性管理办法本次电话会议仅服务于华安证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险华安证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经华安证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利好的 谢谢会议秘书也感谢各位同志来参加我们 这一次桂林三军的联报及疫情报的一个解读会议我是华安证券的医药分析师李昌信 跟我一起主持的还有我们的首席谈货商唐老师 并且这次跟我们一起主持的还有以下券商 西叶 华西 浙商 中信 周氏箭头 中泰 民生 东财 中游 天丰 长城 信达 方正以及华复的各位老师一起主持这一次的一个电话交流会而这次我们也是非常荣幸的邀请到了公司的领导董立 李董证券代表朱总以及财务负责人曾总来跟我们一起交流我们也可以看到贵宾先生也是在发布了年报和一级报的一个 一个纪录的年报和 ...

欢迎参加本次华安医药桂林三金年报及一级报交流会目前所有参会者均处于静音状态现在开始播报免责声明声明播报完毕后直接开始发言谢谢 根据证券期货投资者适当性管理办法本次电话会议仅服务于华安证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险华安证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经华安证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究及法律责任的权利好的 谢谢会议秘书也感谢各位同志来参加我们 这一次桂林三军的联报及疫情报的一个解读会议我是华安证券的医药分析师李昌信 跟我一起主持的还有我们的首席谈货商唐老师 并且这次跟我们一起主持的还有以下券商 西叶 华西 浙商 中信 周氏箭头 中泰 民生 东财 中游 天丰 长城 信达 方正以及华复的各位老师一起主持这一次的一个电话交流会而这次我们也是非常荣幸的邀请到了公司的领导董立 李董证券代表朱总以及财务负责人曾总来跟我们一起交流我们也可以看到贵宾先生也是在发布了年报和一级报的一个 一个纪录的年报和 ...

[Table_Title] 桂林三金（002275）2023年年报&2024Q1点评 [【投资要点】 Table_Summary] 2022.08.24 [Table_PicQuote] 相对指数表现 公 司 研 究/ 医 药 生 物/ 证 券 研 究 报 告 全年业绩稳定增长，新季度受高基数影 响 [Table_yemei]桂林三金（002275）2023 年年报&2024Q1 点评 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2023A 2024E 2025E 2026E | | | 营业收入（百万元） | 2171.60 | 2397.88 | 2636.18 | 2888.01 | | 增长率 (%) | 10.81% | 10.42% | 9.94% | 9.55% | | EBITDA （百万元） | 623.73 | 63 ...

桂林三金药业股份有限公司 关于召开2023年度业绩说明会并征集问题的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 桂林三金药业股份有限公司（以下简称"公司"）2023年年度报告已于2024 年4月26日披露。为了更好地与广大投资者进行交流，使投资者能够更加全面、 深入地了解公司经营情况，公司将于2024年5月13日召开2023年度业绩说明会。 现将有关事项公告如下： 一、业绩说明会相关安排 证券代码：002275 证券简称：桂林三金 公告编号：2024-017 欢迎广大投资者积极参与本次网上业绩说明会。 1 特此公告。 1.召开时间：2024年5月13日（星期一）15:00-17:00。 2.召开方式：网络远程文字交流的方式。 3. 参 与 方 式 ： 投 资 者 可 登 录 深 圳 证 券 交 易 所 "互动 易 " 平 台 （http://irm.cninfo.com.cn）进入"云访谈"栏目参与本次年度业绩说明会。 4.公司出席人员：董事长、总裁邹洵先生，董事、副总裁兼财务负责人谢元 钢先生，副总裁兼董事会秘书李春先生，独立董事何里文先生。 二、 ...

证券研究报告：医药生物 | 公司点评报告 总股本/流通股本（亿股）5.88 / 5.59 公司基本情况 总市值/流通市值（亿元）81 / 77 资产负债率(%) 28.4% 第一大股东桂林三金集团股份有限 公司 买入|维持 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 桂林三金 医药生物 研究所 桂林三金(002275) 业绩符合预期，一季度基于高基数业绩短期承压 公司发布 2023 年年报及 2024 年一季报：2023 年公司实现营收 21.72 亿元（+10.81%），归母净利润 4.21 亿元（+27.85%），扣非净利 润 3.82 亿元（+71.92%）。公司利润端实现高速增长，主要原因为： 1.公司持续推进营销创新，抢抓市场机遇，加大销售力度，公司业绩 实现稳定增长；2.公司积极开展精益管理、节能降耗项目，提高管理 效率，有效控制成本；3.公司第一期员工持股计划确认的管理费用在 当期摊销数较去年同期的减少；4.对生物制药板块进行梳理优化，实 现一定程度的减亏。 ...

Financial Performance - The company's revenue for Q1 2024 was ¥482,586,774.29, a decrease of 32.59% compared to ¥715,925,262.60 in the same period last year[5] - Net profit attributable to shareholders was ¥100,017,772.21, down 40.90% from ¥169,225,122.04 year-on-year[5] - Basic and diluted earnings per share were both ¥0.17, a decline of 41.38% compared to ¥0.29 in the same period last year[5] - The company experienced a 40.73% decline in operating profit, which was ¥127,229,268.83 compared to ¥214,661,670.74 in the previous year[8] - The total operating profit for Q1 2024 was CNY 127,229,268.83, down from CNY 214,661,670.74 in Q1 2023, indicating a decrease of about 41%[21] - The company reported a total comprehensive income of CNY 90,746,847.26 for Q1 2024, down from CNY 167,284,723.54 in Q1 2023, reflecting a decline of approximately 46%[22] Cash Flow and Assets - The net cash flow from operating activities decreased by 53.81% to ¥25,053,971.39 from ¥54,238,486.87 in the previous year[5] - Cash and cash equivalents at the end of Q1 2024 were ¥932,852,847.46, down 12.0% from ¥1,058,103,450.21 at the beginning of the period[17] - Cash received from investment recoveries increased by 577.47% to CNY 98,233,132, attributed to the redemption of financial products[9] - The net cash flow from investing activities was negative at CNY -116,407,282.55, compared to CNY -68,739,822.89 in the previous year, indicating a worsening of cash outflow[23] Expenses and Liabilities - Total operating costs for Q1 2024 were ¥354,632,534.26, down 29.1% from ¥500,559,789.53 in Q1 2023[19] - Income tax expenses fell by 40.36% to CNY 27,176,510, reflecting a year-on-year decline in revenue and profit[9] - The company's operating expenses decreased by 35.41% to CNY 74,949,690 compared to the previous period, mainly due to higher donation expenses last year[9] - Total liabilities decreased to ¥898,601,729.13, down 19.7% from ¥1,119,082,599.87 at the beginning of the year[18] Accounts Receivable and Impairment - Accounts receivable increased by 163.91% to ¥208,759,775.18, primarily due to annual credit granted to distributors[8] - The company incurred a credit impairment loss of CNY 13,516,871.34 during the quarter, compared to CNY 7,285,965.25 in the same period last year, reflecting an increase of approximately 85%[21] Shareholder Information and Future Plans - The total number of ordinary shareholders at the end of the reporting period was 20,015, with the largest shareholder holding 62.07%[11] - The company plans to unlock 6,147,976 shares from the first employee stock ownership plan, representing 1.05% of the total share capital[13] - The actual controller and chairman, Zou Xun, announced a plan to increase his shareholding by at least CNY 5 million within six months, reflecting confidence in the company's future[14] - The company plans to focus on market expansion and new product development in the upcoming quarters[19] Research and Development - Research and development expenses decreased by 54.78% to ¥33,086,145.88 from ¥73,161,443.46 in the previous year[8] - Research and development expenses decreased to ¥33,086,145.88, a reduction of 54.8% from ¥73,161,443.46 in the previous year[19] Other Financial Metrics - The weighted average return on equity was 3.44%, down from 5.84% in the same period last year[5] - The company reported a significant increase in asset disposal gains, amounting to ¥4,553,284.87, compared to a loss of ¥1,490,061.62 in the previous year[8] - The company reported a foreign exchange gain of CNY 98,307.26, compared to a loss of CNY -1,940,398.50 in the previous year, showing a significant improvement[23] - The company reported a significant increase in accounts receivable, which rose to ¥208,759,775.18 from ¥79,102,613.44, indicating a potential increase in sales or credit terms[17]

Revenue and Profit Performance - Revenue for the first quarter of 2024 was RMB 482.59 million, a decrease of 32.59% compared to the same period last year[6] - Net profit attributable to shareholders of the listed company was RMB 100.02 million, down 40.90% year-on-year[6] - Total operating income for the first quarter of 2024 was RMB 482.59 million, a decrease from RMB 715.93 million in the same period last year[37] - Net profit decreased to 100,017,772.21 from 169,225,122.04, a 40.9% drop[50] - Comprehensive income attributable to parent company owners was RMB 90,746,847.26, compared to RMB 167,284,723.54 in the previous period[51] - Basic and diluted earnings per share were both RMB 0.17, down from RMB 0.29 in the previous period[51] Cash Flow and Financial Activities - Net cash flow from operating activities was RMB 25.05 million, a decrease of 53.81% compared to the same period last year[6] - Cash paid for goods and services increased by 187.23% to 253,209,242.38, primarily due to higher payments for raw materials[10] - Cash received from investment returns decreased by 93.13% to 1,501,852.82, mainly because investment income from financial products was not received in this period[10] - Cash received from other investment activities increased by 762,905.05% to 171,737,403.51, mainly due to the maturity of equity instruments and fixed deposits[10] - Cash paid for investments increased by 661.64% to 141,357,716.09, primarily due to the renewal of matured financial products[10] - Cash received from borrowing decreased by 60.25% to 57,200,000.00, mainly because loans were not fully renewed upon maturity[10] - Cash paid for debt repayment increased by 422.43% to 142,824,401.28, mainly due to a higher number of loans maturing[10] - Cash received from sales of goods and services was RMB 505,614,745.70, a decrease from RMB 570,932,590.75 in the previous period[51] - Net cash flow from operating activities was RMB 25,053,971.39, compared to RMB 54,238,486.87 in the previous period[51] - Net cash flow from investing activities was negative RMB 116,407,282.55, compared to negative RMB 68,739,822.89 in the previous period[52] - Net cash flow from financing activities was negative RMB 101,543,337.74, compared to positive RMB 115,975,857.88 in the previous period[52] - The net increase in cash and cash equivalents was negative RMB 192,798,341.64, compared to positive RMB 99,534,123.36 in the previous period[52] - The ending balance of cash and cash equivalents was RMB 657,486,886.22, down from RMB 871,787,078.06 in the previous period[52] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3.81 billion, a decrease of 3.29% compared to the end of the previous year[6] - Accounts receivable increased by 163.91% to RMB 208.76 million, mainly due to annual credit granted to distributors[9] - Short-term borrowings decreased by 40.30% to RMB 163.70 million, as some loans were not renewed upon maturity[9] - Long-term borrowings increased by 33.42% to RMB 98.63 million, mainly due to the renewal of long-term loans for the Shanghai subsidiary[9] - Total current assets decreased to 2,113,520,329.69 from 2,196,046,491.93, with a notable decrease in monetary funds to 932,852,847.46[17] - Total owner's equity increased to 2,907,757,658.99 from 2,816,961,724.60, with undistributed profits rising to 1,357,439,151.55[19] - Fixed assets increased to 1,046,123,748.81 from 1,062,985,929.61, showing a slight decrease[47] - Construction in progress rose to 27,654,865.48 from 21,238,492.38, indicating a 30.2% increase[47] - Intangible assets decreased to 147,105,049.71 from 153,556,485.57, a 4.2% drop[47] - Total non-current assets increased to 1,692,839,058.43 from 1,739,997,832.54, a 2.7% increase[47] - Total assets grew to 3,806,359,388.12 from 3,936,044,324.47, a 3.3% increase[47] - Short-term borrowings decreased to 163,700,332.36 from 274,200,540.00, a 40.3% drop[47] - Accounts payable increased to 102,445,016.15 from 200,190,074.02, a 48.8% increase[47] - Contract liabilities rose to 14,702,491.78 from 75,990,998.94, a 80.7% increase[47] Expenses and Costs - R&D expenses decreased by 54.78% to RMB 33.09 million, primarily due to reduced research collaboration and testing fees for Shanghai Baochuan projects[9] - Operating expenses decreased by 35.41% to 74,949.69, mainly due to higher donation expenses in the previous period[10] - Income tax expenses decreased by 40.36% to 27,176,509.91, in line with the decline in revenue and profit[10] - Operating costs for the first quarter of 2024 were RMB 354.63 million, down from RMB 500.56 million in the previous year[37] - Sales expenses for the first quarter of 2024 were RMB 155.07 million, compared to RMB 181.90 million in the same period last year[37] - R&D expenses for the first quarter of 2024 were RMB 33.09 million, a significant decrease from RMB 73.16 million in the previous year[37] - The company's financial expenses for the first quarter of 2024 were negative RMB 1.50 million, compared to RMB 5.24 million in the same period last year[37] Shareholder and Ownership Information - The company's largest shareholder, Guilin Sanjin Group, holds 62.07% of the shares, totaling 364,679,300 shares[29] - Weng Yuling, a domestic natural person, holds 4.99% of the shares, totaling 29,300,061 shares[29] - Zou Zhun, a domestic natural person, holds 3.87% of the shares, totaling 22,764,878 shares[29] - The company's first employee stock ownership plan unlocked 6,147,976 shares, representing 1.05% of the total shares[32] - Zou Xun, the company's actual controller, chairman, and president, plans to increase his shareholding by at least RMB 5 million within six months starting from March 2, 2024[33] Other Financial Metrics - Financial expenses turned negative to RMB -1.50 million, a decrease of 128.52%, mainly due to reduced loan interest[9] - Other comprehensive income decreased by 40.81% to RMB -31.99 million, primarily due to foreign currency investment losses[9] - Other comprehensive income decreased to -9,270,924.95 from -1,940,398.50, a 377.8% drop[50] - The company's first quarter report was unaudited[52]