Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7] Core Views - The company is a leader in the chronic disease sector, particularly in the hypertension and heart failure markets, with significant growth potential expected [6][17] - The impact of centralized procurement is diminishing, and the company is entering an innovation harvest period with a strong pipeline of new drugs [6][17] - The company has maintained high R&D investment, with over 1 billion RMB spent in 2023, representing 31% of its revenue [6][25] Summary by Sections Financial Performance - As of February 26, 2025, the closing price is 29.38 RMB, with a market capitalization of approximately 32.75 billion RMB [3] - Revenue projections for 2024-2026 are 4.008 billion RMB, 4.483 billion RMB, and 5.520 billion RMB, respectively, with growth rates of 19.09%, 11.86%, and 23.13% [5][7] - The net profit attributable to shareholders for the same period is projected to be 616 million RMB, 674 million RMB, and 849 million RMB, with growth rates of 6.18%, 9.40%, and 26.06% [5][7] Product Pipeline and Market Position - The company has a robust hypertension product portfolio, including the innovative drug Aliskiren and several combination therapies expected to launch soon [6][9] - The heart failure drug JK07, which is under development, shows promising clinical results and has significant market potential [10][17] - The company is also expanding into other chronic disease areas, with a focus on innovative small nucleic acid drugs [6][17] Market Opportunity - The hypertension market in China is vast, with over 200 million people affected, and the company is well-positioned to capture this market due to its innovative products [33][34] - The adherence to combination therapies is improving, with the sales share of combination formulations increasing from approximately 10% in 2019 to about 18% in the first half of 2024 [41][47] - The company’s existing products are largely insulated from centralized procurement risks, allowing for stable revenue growth [30][52]

证券代码：002294 证券简称：信立泰 编号：2025-006 深圳信立泰药业股份有限公司 关于 SAL0140 药品临床试验申请获得受理的公告 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。 近日，深圳信立泰药业股份有限公司（下称"公司"）收到国家药品监督管 理局核准签发的受理通知书，公司自主研发的创新小分子药物 SAL0140 片（项 目代码：SAL0140）临床试验申请获得受理。 现就相关信息公告如下： 药品名称：SAL0140 片 申请事项：境内生产药品注册临床试验 受理号：CXHL2500195、CXHL2500196 一、药品基本情况 醛固酮是人体最重要的盐皮质激素，通过激活盐皮质激素受体（MR）来维 持体液和电解质的平衡，同时直接参与多种心血管和肾脏疾病的靶器官损伤。研 究表明，醛固酮不仅通过激活 MR 介导的基因组信号通路，还可能通过非 MR 介 导的非基因组信号通路引发对终末器官的损伤。醛固酮合酶抑制剂有望通过抑制 醛固酮的合成，在降低血压的同时，减轻基因组和非基因组效应下的终末器官损 伤，具有一定开发潜力。 临床前研究显示，SAL0140 ...

证券代码：002294 证券简称：信立泰 编号：2025-002 深圳信立泰药业股份有限公司 第六届董事会第七次会议决议公告 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"）第六届董事会第七次会议于 2025 年 1 月 23 日，以书面方式召开，会议通知于 2025 年 1 月 20 日以电子邮件 方式送达。应参加董事 9 人，实际通过书面方式参加董事 9 人，出席董事符合法 定人数。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《关于部分募投项 目结项并将节余募集资金永久补充流动资金的议案》。 本事项尚需提交公司股东大会审议。董事会提请股东大会授权公司管理层及 其指派的相关人员负责办理募集资金专用账户的注销等相关事宜的具体实施，授 权期限至相关事宜全部办理完毕止。 该议案已经董事会审计委员会审议通过，董事会审议通过了上述议案。 本事项尚需提交公司股东大会审议，股东大会时间另行通知。 （《关于部分募投项目结项并将节余募集资金 ...

证券代码：002294 证券简称：信立泰 编号：2025-003 监事会认为，本次部分募投项目结项并将节余募集资金永久补充流动资金， 系根据募投项目的实际进展情况做出的审慎决策，不影响其他募集资金项目的实 施，符合公司实际经营情况，并有利于提高资金使用效率。相关审议程序符合有 关法律法规的规定，不存在损害公司及股东、特别是中小股东合法权益的情形。 监事会同意公司部分募投项目结项，将节余募集资金永久补充流动资金，并 将该事项提交公司股东大会审议。 深圳信立泰药业股份有限公司 第六届监事会第六次会议决议公告 （《关于部分募投项目结项并将节余募集资金永久补充流动资金的公告》详 见信息披露媒体：《中国证券报》、《证券时报》和巨潮资讯网 www.cninfo.com.cn； 本公司及监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。 《华英证券有限责任公司关于深圳信立泰药业股份有限公司部分募投项目 结项并将节余募集资金永久补充流动资金的核查意见》详见信息披露媒体：巨潮 资讯网 www.cninfo.com.cn。） 深圳信立泰药业股份有限公司（下称"公司"）第六届监事会第六次会议于 ...

证券代码：002294 证券简称：信立泰 编号：2025-004 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"或"信立泰"）于 2025 年 1 月 23 日召开第六届董事会第七次会议、第六届监事会第六次会议，审议通过了《关 于部分募投项目结项并将节余募集资金永久补充流动资金的议案》，同意公司将 2020 年非公开发行募集资金投资项目"心脑血管及相关领域创新药研发项目— —SAL0107 阿利沙坦酯氨氯地平复方制剂中国 I/III 期临床研究及上市注册项目、 SAL0108 阿利沙坦酯吲达帕胺复方制剂中国 I/III 期临床研究及上市注册项目" 结项，并将节余募集资金永久补充流动资金。 上述节余募集资金划转完毕后，公司将对相关募集资金专户进行销户处理。 对应募投项目所需支付的少量尾款，后续将全部由自有资金支付。专户注销后， 公司与保荐机构、开户银行签署的相关监管协议随之终止。 本事项尚需提交公司股东大会审议。董事会提请股东大会授权公司管理层及 其指派的相关人员负责办理募集资金专用账户的注销等相关事宜的具体实施，授 权 ...

证券代码：002294 证券简称：信立泰 编号：2025-005 深圳信立泰药业股份有限公司 关于计提资产减值准备的公告 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。 为了更加真实、客观反映公司的财务状况、资产价值及经营状况，根据《企 业会计准则》、《深圳证券交易所股票上市规则》等相关规定和要求，本着谨慎 性原则，深圳信立泰药业股份有限公司（下称"公司"）对可能发生资产减值损 失的相关资产计提减值准备。现就相关情况公告如下： 一、 计提资产减值准备概述 为了更加真实、客观反映公司的财务状况、资产价值及经营状况，根据《企 业会计准则》及公司会计政策的相关规定，公司对截至 2024 年 12 月 31 日的资 产进行了减值测试，对其可回收价值进行评估，对其中存在减值迹象的资产相应 计提了减值准备，2024 年度，公司确认的资产减值损失总额为 20,363.66 万元， 具体情况如下： | 项目 | 期末计提（万元） | | | --- | --- | --- | | 资产减值损失 | | 19,722.23 | | 其中：存货 | | 3,973.44 | | ...

华英证券有限责任公司 关于深圳信立泰药业股份有限公司部分募投项目结项 并将节余募集资金永久补充流动资金的核查意见 华英证券有限责任公司（以下简称"华英证券"、"保荐机构"）作为深圳信 立泰药业股份有限公司（以下简称"信立泰"或者"公司"）2020 年非公开发行 A 股股票的保荐机构，根据《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求》《深圳证券交易所股票上市规则》及《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，对信立泰 部分募投项目结项并将节余募集资金永久补充流动资金的事项进行了审慎核查。 核查的具体情况及核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可[2021]663 号文核准《关于核准深圳信 立泰药业股份有限公司非公开发行股票的批复》，公司向特定投资者发行人民币 普通股 68,800,535 股，每股面值 1 元，每股发行价人民币 28.37 元。募集资金共 计人民币 195,187.12 万元，扣除不含税发行费用人民币 1,980.55 万元，实际募集 资金净额为人民币 193, ...

Investment Rating - The report initiates coverage with an "Outperform" rating, projecting a target price of 46.27 RMB based on a 2024 PE of 83x [9][30]. Core Insights - The company is expected to enter a high growth phase for new products, with successful innovation transitions and centralized procurement risks nearly cleared. Innovative drug sales are projected to exceed 1.5 billion RMB in 2024, accounting for nearly 50% of total drug revenue [8][28]. - Two innovative drugs, Rulitan (Aliskiren Amlodipine Tablets) and Xinlitin (Benzoic Acid Faglitin Tablets), have successfully passed the first round of negotiations for inclusion in the 2024 medical insurance catalog, indicating strong market potential [2][8]. Summary by Sections Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 40.38 billion RMB, 44.08 billion RMB, and 56.94 billion RMB, respectively, with year-on-year growth rates of 20.0%, 9.1%, and 29.2%. Net profit is expected to be 6.20 billion RMB, 6.45 billion RMB, and 8.32 billion RMB for the same years [9][30][26]. Product Pipeline - The company is advancing its product pipeline with 6-7 innovative drugs expected to launch between 2024 and 2026, contributing to sustained growth in the innovative drug segment [8][28]. Clinical Development - JK07, an NRG1 fusion antibody, is anticipated to show promising results in chronic heart failure treatment, with global Phase II trials initiated in early 2024 and data expected soon [29][39].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, assigning a target price of 46.27 CNY based on a 2024 PE of 83x [2]. Core Insights - The company is expected to clear its procurement risks, with only a few generic drug products remaining outside of the procurement system, accounting for a mere 1-2% of sales. The only product with significant decline risk, Cefuroxime Sodium, has recently won a bid in the Jiangsu province procurement, which may lead to a slight decrease in sales next year [1][14]. - The company is successfully transitioning towards innovation and is poised to enter a high-growth phase for new products. The sales revenue from innovative drugs is projected to exceed 1.5 billion CNY in 2024, nearing 50% of the company's total drug revenue. Additionally, 6-7 innovative drugs are expected to be launched from 2024 to 2026, providing continuous growth for the innovative drug business [1][17][63]. Summary by Sections Section 1: Procurement and Innovation Transition - The company is nearing the end of its procurement risks, with only a few generic drugs left outside the procurement system, which represent a low sales volume [1][14]. - The company has a strong pipeline of innovative drugs, with significant growth expected in the coming years, particularly from products like Aliskiren and Teriparatide [1][17]. Section 2: Financial Forecast - Revenue projections for 2024-2026 are 40.38 billion CNY, 44.08 billion CNY, and 56.94 billion CNY, reflecting year-on-year growth rates of 20.0%, 9.1%, and 29.2% respectively. Net profits are forecasted at 6.20 billion CNY, 6.45 billion CNY, and 8.32 billion CNY for the same period [2][63]. - The innovative drug business is expected to generate revenues of 15.10 billion CNY, 23.30 billion CNY, and 35.79 billion CNY from 2024 to 2026, driven by strong performances from key products [63]. Section 3: Clinical Development and Pipeline - The company is focusing on cardiovascular treatments, with several promising candidates in the pipeline, including SAL0120 for resistant hypertension and JK07 for heart failure [18][47]. - JK07, a potential best-in-class NRG1 drug, is currently in global II phase clinical trials, with data expected to be released soon [7][47]. Section 4: Market Position and Competitive Advantage - The company has successfully negotiated to include its innovative drugs in the 2024 medical insurance directory, which is expected to facilitate rapid market penetration and sales growth for products like Aliskiren and Fozagliflozin [25][41]. - The innovative drugs are anticipated to outperform competitors in terms of efficacy and safety, enhancing the company's market position [41][43].

深圳信立泰药业股份有限公司 关于控股股东部分股份解除质押的公告 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。 证券代码：002294 证券简称：信立泰 编号：2024-055 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 分股份解除质押。具体情况如下： 一、本次股东股份解除质押基本情况 | | | 是否为控股 | 本次解除质 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 称 | | 股东或第一 大股东及其 | 押股份数量 | 持股份 | 总股本 | 起始日 | 解除日期 | 质权人 | | | | 一致行动人 | （万股） | 比例 | 比例 | | | | | 信立泰 药业有 | | 控股股东、 第一大股东 | 750.00 | 1.18% | 0.67% | 2022-11-23 | 2024-12-19 | 杭州银行股份 有限公司上海 | | ...