证券代码：002294 证券简称：信立泰 编号：2024-048 深圳信立泰药业股份有限公司 关于增资子公司 一、对外投资概述 Salubris Biotherapeutics, Inc.的公告 （一） 基本情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 Salubris Biotherapeutics, Inc.（下称"Salubris Bio"）为深圳信立泰药业股份 有限公司（下称"信立泰"或"公司"）位于美国的创新生物制药研发中心，由 公司通过全资子公司诺泰国际有限公司（下称"香港诺泰"）等公司实现逐级控 股。为进一步支持创新生物制药发展，加快生物药海外研发进程，公司拟以自筹 资金 5,000 万美元（或等值其他币种，约合人民币 35,037 万元，以实际投资时汇 率折算额为准）向 Salubris Bio 增资。 增资完成后，公司对 Salubris Bio 的投资总额将由人民币 97,154.32 万元增至 人民币 132,191.32 万元（最终以实际投资时汇率折算额为准），Salubris Bio 仍为 公司控股子公司。 （二） 董事会审议 ...

证券代码：002294 证券简称：信立泰 编号：2024-046 深圳信立泰药业股份有限公司 第六届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳信立泰药业股份有限公司（下称"公司"）第六届董事会第五次会议于 2024 年 10 月 18 日上午 10 时，在公司会议室以现场、通讯及书面方式召开，会 议通知于 2024 年 10 月 15 日以电子邮件方式送达。应参加董事 9 人，实际参加 董事 9 人，其中，叶宇翔、叶澄海、沈清、陈茜渝、朱厚佳、王学恭以通讯方式 出席会议，刘来平以书面方式出席会议，出席董事符合法定人数。全体监事、部 分高级管理人员列席会议，其中监事会主席李爱珍、监事李扬兵、财务负责人孔 芸以通讯方式列席会议。会议由公司董事长叶宇翔先生主持，本次会议召开符合 法律法规和《公司章程》等有关规定。 与会董事审议并形成如下决议： 一、会议以 9 人同意，0 人反对，0 人弃权，审议通过了《深圳信立泰药业 股份有限公司 2024 年第三季度报告》。 该报告已经董事会审计委员会审议通过，董事会审议通过了上述报告。 （《深 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥958.43 million, representing a 24.15% increase compared to ¥772.02 million in the same period last year[3]. - Net profit attributable to shareholders was ¥165.62 million, up 17.01% from ¥141.55 million year-on-year[3]. - The net profit after deducting non-recurring gains and losses was ¥163.60 million, a 30.87% increase from ¥122.50 million in the previous year[4]. - The company achieved a net cash flow from operating activities of ¥853.91 million, a significant increase of 59.63% compared to ¥534.95 million last year[4]. - Basic earnings per share rose to ¥0.1500, reflecting a 15.38% increase from ¥0.1300 in the same period last year[4]. - The company reported a net profit margin improvement, with net profit increasing due to higher revenue and controlled costs[26]. - The net profit for Q3 2024 was CNY 512,089,093.42, an increase of 7.3% compared to CNY 477,193,190.66 in Q3 2023[27]. - The total profit for Q3 2024 was CNY 574,289,522.43, an increase from CNY 549,960,968.69 in Q3 2023, marking a growth of 4.4%[27]. Revenue Growth - The company reported a 22.18% year-on-year increase in revenue for the first three quarters of 2024, totaling ¥3.00 billion[8]. - Total operating revenue for Q3 2024 reached CNY 3,001,062,877.67, an increase of 22.2% compared to CNY 2,456,303,071.76 in Q3 2023[26]. - The total revenue from operating activities reached CNY 3,215,244,492.35, up from CNY 2,679,650,386.06 in the same period last year, representing a growth of 20%[29]. Investment and R&D - The company is actively promoting and expanding the market for its innovative product Ennarro, which has shown good progress in hospital access and clinical application[8]. - Research and development projects are progressing smoothly, with several Phase III clinical trials underway for new drugs[9]. - The company has increased its investment in product promotion and innovation, contributing to revenue and profit growth[8]. - R&D expenses increased to CNY 306,484,951.33, representing a rise of 19.6% compared to CNY 256,275,653.77 in Q3 2023[26]. - Future outlook includes continued investment in R&D and potential market expansion strategies to enhance growth[26]. Cash Flow and Assets - The total assets at the end of the reporting period were ¥10.23 billion, an 8.90% increase from ¥9.40 billion at the end of the previous year[4]. - The cash flow from operating activities generated a net amount of CNY 853,910,406.63, compared to CNY 534,945,874.41 in Q3 2023, indicating a significant increase of 59.7%[29]. - Cash received from investment recoveries increased by CNY 424.3586 million, a growth of 56.95%, mainly due to increased recoveries from financial product investments[10]. - The total current assets as of September 30, 2024, amounted to ¥3,760,737,600.91, an increase from ¥3,313,221,923.67 at the beginning of the period[23]. - Cash and cash equivalents decreased to ¥1,027,509,567.02 from ¥1,321,975,062.75[23]. Financial Management - The company raised a total of RMB 195,187.12 million by issuing 68,800,535 shares at RMB 28.37 per share, with a net amount of RMB 193,206.57 million after deducting issuance costs[16]. - The balance of the raised funds account as of September 30, 2024, is RMB 95,413.32 million, with interest income of RMB 585.06 million accrued during the year[16]. - The company has entrusted RMB 157,978.00 million in financial management products, with a remaining balance of RMB 133,619.01 million[18]. - The company has no overdue amounts in its entrusted financial management, and all amounts have been fully recovered[19]. - The expected annualized return rates for various financial products range from 1.0% to 3.7%[20]. Liabilities and Equity - Total liabilities increased to CNY 1,587,942,524.39, a rise of 18.4% from CNY 1,341,246,394.27 in the previous year[25]. - The company's equity attributable to shareholders was CNY 8,606,631,778.95, up 7.3% from CNY 8,018,993,837.21 in Q3 2023[25]. Other Financial Metrics - Deferred revenue increased by CNY 37.107 million, a growth of 44.12%, mainly due to an increase in government subsidy receipts[10]. - Sales expenses increased by CNY 383.989 million, a growth of 53.65%, primarily due to increased promotional expenses for newly launched products and enhanced promotion of existing products[10]. - Financial expenses increased by CNY 25.2801 million, a growth of 52.47%, mainly due to reduced deposits and lower interest income[10]. - The company experienced a foreign exchange loss of CNY 6,071,046.19 in Q3 2024, compared to a gain of CNY 15,397,241.22 in Q3 2023[27]. - The company reported a decrease in credit impairment losses to CNY -7,052,363.56 from CNY -11,059,771.61 in the previous year, indicating improved asset quality[27].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 37.62 CNY based on a projected P/E ratio of 66 times for 2024 [3][6]. Core Insights - The company is a leading player in the cardiovascular field in China, focusing on innovative drug development and expanding its product pipeline, particularly in chronic disease management [2][11]. - The impact of centralized procurement on the company's performance has largely dissipated, allowing for a return to high growth driven by innovative drugs [2][20]. - The company has successfully renewed its medical insurance contracts with minimal price reductions, indicating a stable revenue outlook [2][23]. Summary by Sections Section 1: Expansion and Innovation - The company has been actively transforming and increasing R&D investments, leading to a rich pipeline of innovative products that have recently received approvals [2][14]. - The impact of centralized procurement on the company's major products has been significantly reduced, with a shift in revenue focus towards innovative drugs expected to drive growth [2][20]. Section 2: Cardiovascular Product Strategy - The flagship product, Alisartan (信立坦), is the first domestic ARB with high clinical recognition, and its sales have shown strong recovery post-medical insurance negotiations [2][29]. - The company is developing new combination formulations and has promising candidates like S086 and JK07, which are expected to enhance its market position in hypertension and heart failure treatments [2][2][29]. Section 3: Diversification into New Fields - The company is expanding into nephrology, oncology, and other therapeutic areas, aiming to create a second growth curve [2][3]. - The recent approval of innovative drugs like Enadustat and the upcoming launch of long-acting formulations indicate a strategic move to address unmet medical needs [2][18]. Section 4: Financial Projections - The company is projected to achieve earnings per share of 0.57 CNY, 0.62 CNY, and 0.71 CNY for 2024, 2025, and 2026 respectively, reflecting a strong growth trajectory [3][5]. - Revenue is expected to grow significantly, with forecasts of 4,011 million CNY in 2024, 4,517 million CNY in 2025, and 5,421 million CNY in 2026 [5].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 37.62 yuan based on a projected 66 times price-to-earnings ratio for 2024 [4][7]. Core Views - The company is a leading player in the cardiovascular field in China, focusing on innovative drug development and expanding its product pipeline. The impact of centralized procurement has largely cleared, allowing for a return to high growth in revenue [3][12]. - The company has a strong product lineup, with its flagship product, "Xinglitai" (Aliskiren), showing significant clinical recognition and sales recovery post-medical insurance negotiations [3][31]. - The company is actively exploring new fields, including nephrology, orthopedics, oncology, and small nucleic acid drugs, aiming to establish a second growth curve [3][4]. Summary by Sections Section 1: Expansion and Innovation - The company has been steadily expanding its presence in chronic disease management, particularly in cardiovascular treatments, with a rich pipeline of innovative products [3][12]. - The impact of centralized procurement on the company's performance has diminished, and it is expected to enter a phase of significant growth driven by innovative drugs [3][23]. Section 2: Deep Layout in Cardiovascular Diseases - "Xinglitai" is recognized as the first domestic ARB (Angiotensin Receptor Blocker) with strong clinical performance, and its sales are recovering following successful medical insurance negotiations [3][38]. - The company has developed additional products like S086 and other combination formulations to strengthen its market position in hypertension treatment [3][21]. Section 3: New Field Exploration - The company is diversifying into new therapeutic areas, including nephrology and oncology, with promising products like Enadustat and long-acting Teriparatide [3][4]. - Plans to spin off its medical device subsidiary for a separate listing are underway, which is expected to enhance operational efficiency [3][4]. Section 4: Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 0.57, 0.62, and 0.71 yuan for 2024, 2025, and 2026, respectively, indicating substantial growth potential [4][6]. - The report highlights that the company’s revenue is expected to recover and grow significantly in the coming years, driven by innovative drug launches and a strong market position [4][6].

深圳信立泰药业股份有限公司（下称"公司"）于近日接到公司控股股东信 立泰药业有限公司（下称"香港信立泰"）的通知，获悉其将所持有的本公司部 分股份质押及解除部分股份质押。具体情况如下： | 一、本次股东股份质押及解除质押基本情况 | | --- | | | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 第一大股 | 押数量 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | 质押到期日 | 质权人 | 质押 | | 称 | | | （万 | | | | 充质 | 始日 | | | 用途 | | | | 东及其一 | 股） | 比例 | 比例 | 售股 | 押 | | | | | | | | 致行动人 | | | | | | | | | | | 信立泰 | | 控股股 | | | | | | | 至质押双方向中国 | 集友银 | 自身 | | 药业有 | | 东、第一 | | | | ...

证券研究报告 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 李强 S1350524040001 Liqiang01@huayuanstock.com 市场表现： -17.00% 3.00% 23.00% 信立泰 沪深300 相关研究 首次覆盖报告 2024 年 09 月 13 日 信立泰 (002294.SZ ) 买入（首次覆盖） ——创新药商业化渐入佳境，在研管线持续丰富 投资要点： ➢ 公司事件：公司发布 2024 年半年报，2024 上半年实现营业收入 20.4 亿元，同比增长 21.3%，实现归母 净利润 3.4 亿元（同比增长 1.9%）；24Q2，实现营业收入 9.5 亿元，同比增长 19.4%，实现归母净利润 1.4 亿元（同比增长 13.5%），符合市场预期。 ➢ 创新药商业化推广加大，销售费用率有所增长。毛利率方面，24H1 公司整体毛利率为 71.1%，23 年同 期为 68.9%，预计主要系高毛利率创新药占比提升所致；费用率方面，2024 上半年，公司销售、管理和 研发费用率分别为 36.3%、6.6%和 9.9%，23 ...

3046 20%6 10% 096 -10% -20% 2024年08月27日 证券研究报告|公司研究|公司点评 信立泰(002294): 主营业务全面增长, 创新项目顺利推进 2024 年中期: 报告期内,公司实现营业收入 20.43亿元,同比增长 21.28%;归属于 上市公司股东的净利润 3.44 亿元，同比增长 1.92%；归属于上市公司股东 的扣除非经常性损益的净利润 3.34亿元. 同比增长 8.46%;基本每股收益 0.31 元，同比增长 3.33%。 ◆ 三项主营业务全面增长 2024 上半年,公司主营产品原料的营业收入 2.34 亿元,同比增长 15.73%;制剂的营业收入 16.31 亿元,同比增长 19.54%;器械的营业收 入 1.37 亿元,同比增长 49.62%;其他的营业收入 0.40 亿元,同比增长 55.31%总体来看,公司制剂、原料和器械三项主营业务收入均实现快速增 长，支撑公司业绩稳中有增。 创新管线稳步推进，多个创新项目处于临床Ⅲ期 研发方面,公司 2024 上半年研发投入达 4.60 亿元,占营收比重 22.51%。公司 2 个产品（复立坦、信立汀）获批上市，4 个产 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in H1 2024 met expectations, with a revenue of 2.043 billion yuan, a year-on-year increase of 21.28%, and a net profit of 344 million yuan, up 1.92% year-on-year. The second quarter saw a revenue of 952 million yuan, growing 19.44% year-on-year, and a net profit of 144 million yuan, increasing 13.54% year-on-year [1] - The report highlights the gradual formation of a commercialization ladder for chronic disease products, with significant growth in both innovative and generic drug segments [1] Financial Performance - In H1 2024, R&D investment reached 460 million yuan, accounting for 22.51% of revenue, while sales expenses increased by 44.24% year-on-year to 741 million yuan, representing a sales expense ratio of 36.27% [1] - The company reported a net cash flow from operating activities of 533 million yuan, a year-on-year increase of 50.81% [1] Segment Analysis 1. **Innovative Drugs**: The market share of the innovative drug "Xinlitai" increased by over 20% year-on-year. New approvals include a compound formulation for hypertension and a DPP-4 inhibitor for type 2 diabetes [1] 2. **Generic Drugs**: The impact of the "Taijia" renewal gradually diminished, with a quarter-on-quarter sales increase in H1 2024. The penetration rate of Cefuroxime Sodium improved post-collection, and revenue from Teriparatide exceeded a 50% year-on-year growth [1] 3. **Other Businesses**: Revenue from APIs grew over 15%, and medical device income increased by 49.62% year-on-year, beginning to turn profitable [1] R&D Progress - The company has submitted applications for several new drugs, including S086 for hypertension and various treatments for chronic kidney disease. The overseas pipeline is progressing well, with ongoing clinical trials for multiple candidates [1] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been raised, with expected net profits of 631 million yuan, 734 million yuan, and 907 million yuan, representing year-on-year growth rates of 8.8%, 16.2%, and 23.6% respectively. The corresponding P/E ratios are projected to be 54x, 47x, and 38x [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a leader in the cardiovascular chronic disease sector, with a promising pipeline of innovative products expected to contribute to revenue growth [6] - The company reported a revenue of 2.04 billion yuan for H1 2024, representing a year-on-year increase of 21.3%, and a net profit of 330 million yuan, up 8.5% [6] - The impact of price declines on existing products is gradually being released, stabilizing revenue, while new products are expected to drive future income growth [6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.04 billion yuan, with Q2 revenue at 950 million yuan, reflecting a growth of 19.4% [6] - The net profit for H1 2024 was 330 million yuan, with Q2 net profit at 130 million yuan, showing an increase of 17.7% [6] - The company forecasts net profits of 616 million yuan, 691 million yuan, and 811 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 54.6, 48.6, and 41.4 [6][8] Product Pipeline and Innovation - The company has a rich pipeline of innovative drugs, with several products expected to be approved and launched in the near future, including SAL0107 and benzoic acid for treating hypertension and heart failure [6] - The new product, Ennadustat, was launched in June 2023 and is expected to significantly contribute to revenue after being included in the national medical insurance catalog [6] Market Position and Growth Potential - The company is experiencing a gradual decrease in the impact of price reductions from existing generic drugs, while the proportion of innovative drugs is continuously increasing [6] - The company is well-positioned for future growth with a strong focus on innovative drug development and a strategic approach to market entry [6]