证券代码：002422 证券简称：科伦药业 公告编号：2025-066 | 股东姓 | 是否为控 股股东或 第一大股 | 本次质押 | 占其所 持股份 | 占公 司总 | 是否为限 售股（如 是，注明 | 是否 为补 | 质押起始日 | 质押到期日 | 质权人 | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一 | （股） | 比例 | 股本 | 限售类 | 充质 押 | | | | 途 | | | 致行动人 | | | 比例 | 型） | | | | | | | 刘革新 | 是 | 15,000,000 | 3.96% | 0.94% | 是（高管 锁定股） | 否 | 2025/9/9 | 2026/9/1 | 华泰证券 （上海）资 产管理有限 公司 | 其他： 个人资 金需求 | | 刘革新 | 是 | 12,500,000 | 3.30% | 0.78% | 是（高管 锁定股 | 否 | 2025/9/10 | 2026/9/10 | 华泰证券 （上海）资 产管理有限 | 其他： ...

Core Viewpoint - Sichuan Kelun Pharmaceutical recently announced the pledge and release of shares by its controlling shareholder Liu Gexin, indicating ongoing financial management and stability within the company [1] Share Pledge and Release Summary - Liu Gexin released a total of 36.52 million shares, accounting for 9.63% of his holdings and 2.29% of the company's total share capital [1] - Liu Gexin pledged a total of 27.50 million shares, representing 7.26% of his holdings and 1.72% of the company's total share capital, for personal funding needs [1] - As of the announcement date, Liu Gexin and his concerted parties have cumulatively pledged 94.347 million shares, which is 24.34% of his holdings and 5.9% of the company's total share capital [1] Financial Stability and Governance Impact - Liu Gexin has a good credit standing, and the pledged shares do not pose a risk of forced liquidation [1] - The current share pledge does not affect the change of the company's actual controller and has no adverse impact on the company's operational governance [1]

Core Viewpoint - Kolun Pharmaceutical reported a significant decline in financial performance for the first half of 2025, with revenue dropping to 9.083 billion yuan, a year-on-year decrease of 23.2%, marking the first time in three years that revenue fell below 10 billion yuan. The net profit attributable to shareholders was 1.001 billion yuan, down 44.41%, the largest decline in nearly a decade [1][2]. Financial Performance Summary - The company's gross margin decreased to 49.76%, down 4.07 percentage points year-on-year, while the net margin fell to 12.26%, a reduction of 6.47 percentage points. Earnings per share were 0.63 yuan, down 45.22% [2]. - Operating cash flow for the period was 1.19 billion yuan, a decline of 53.0% year-on-year [2]. - In Q2 2025, revenue was 4.69 billion yuan, down 16.3% year-on-year, and net profit was 416 million yuan, a decrease of 46.2% [2]. Business Segment Performance - The infusion and non-infusion segments contributed 8.144 billion yuan in revenue, accounting for 89.66% of total revenue. Both segments experienced significant declines, with the infusion segment revenue falling to 3.75 billion yuan, down 19.65%, and the non-infusion segment revenue at 4.394 billion yuan, down 18.77% [2][3]. - Key products in the infusion segment, such as glucose injection and potassium chloride injection, saw sales declines of 11.96% and loss of market share due to competitive pressures from national procurement policies [3]. Subsidiary Performance - Two subsidiaries, Chuaning Bio and Kolun Botai Bio, underperformed, turning from profit contributors to profit burdens. Chuaning Bio's net profit dropped from 766 million yuan to 455 million yuan, a decline of over 40% due to decreased demand and increased costs [4]. - Kolun Botai Bio reported a net loss of 145 million yuan, a decline of 146.8% year-on-year, highlighting its reliance on milestone income for revenue generation [5]. Strategic Initiatives - Kolun Pharmaceutical is attempting to address its performance issues by expanding AI systems to enhance production efficiency and continuing research and development in innovative drugs [5][6]. - The company is also exploring the health supplement market, with new product launches aimed at improving performance, although initial results have not shown significant impact [6].

Group 1 - The pharmaceutical sector showed volatility with the Medical Innovation ETF (516820.SH) initially dropping but later rising over 2.7%, narrowing its decline to 0.97% [1] - Among the constituent stocks, Haikang (002653) led with a gain of 2.42%, while Hengrui Medicine (600276) experienced the largest decline at 3.30% [1] - According to Founder Securities, the strong mainline attribute of innovative drugs remains unchanged, with September potentially marking a new wave for innovative drugs due to several factors including the clearing of mid-year reports and upcoming key academic conferences [1] Group 2 - The Medical Innovation ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 12.87 million yuan, totaling 25.11 million yuan [1] - Leverage funds are actively positioning themselves, with the latest financing buy amounting to 5.53 million yuan and a financing balance of 45.45 million yuan [1] - Institutions remain confident in quality innovation and the innovation industry chain, viewing any external disturbances as buying opportunities [2]

Company Overview - Sichuan Kelun Pharmaceutical Co., Ltd. is located at 36 Baihua West Road, Qingyang District, Chengdu, Sichuan Province, established on May 29, 2002, and listed on June 3, 2010. The company primarily engages in the development, production, and sales of large-volume parenteral solutions [1][2]. Financial Performance - For the first half of 2025, Kelun Pharmaceutical reported operating revenue of 9.083 billion yuan, a year-on-year decrease of 23.20%, and a net profit attributable to shareholders of 1.001 billion yuan, down 44.41% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 6.697 billion yuan in dividends, with 3.386 billion yuan distributed over the past three years [3]. Stock Performance - As of September 2, the stock price of Kelun Pharmaceutical increased by 2.04%, reaching 40.93 yuan per share, with a trading volume of 229 million yuan and a turnover rate of 0.43%, resulting in a total market capitalization of 65.408 billion yuan [1]. - Year-to-date, the stock price has risen by 39.08%, with a 7.15% increase over the last five trading days, a 9.00% increase over the last 20 days, and a 6.59% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 34,200, up by 2.55%, with an average of 38,138 circulating shares per person, a decrease of 2.49% [2]. - The top ten circulating shareholders include notable funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Company Overview - Sichuan Kelun Pharmaceutical Co., Ltd. is located in Chengdu, Sichuan Province, and was established on May 29, 2002. It was listed on June 3, 2010. The company primarily engages in the development, production, and sales of large-volume intravenous solutions. The revenue composition is as follows: non-intravenous solutions 48.37%, intravenous solutions 41.28%, research projects 7.01%, and others 3.33% [1][2]. Financial Performance - For the first half of 2025, Kelun Pharmaceutical achieved operating revenue of 9.083 billion yuan, a year-on-year decrease of 23.20%. The net profit attributable to shareholders was 1.001 billion yuan, down 44.41% year-on-year [2]. - Since its A-share listing, Kelun Pharmaceutical has distributed a total of 6.697 billion yuan in dividends, with 3.386 billion yuan distributed over the past three years [3]. Stock Market Activity - On September 9, Kelun Pharmaceutical's stock price fell by 2.03%, closing at 39.19 yuan per share, with a trading volume of 412 million yuan and a turnover rate of 0.79%. The total market capitalization is 62.628 billion yuan [1]. - Year-to-date, the stock price has increased by 33.17%, with a decline of 1.88% over the last five trading days, a rise of 7.61% over the last 20 days, and an increase of 11.49% over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Kelun Pharmaceutical was 34,200, an increase of 2.55% from the previous period. The average number of circulating shares per shareholder was 38,138, a decrease of 2.49% [2]. - The top ten circulating shareholders include notable funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical sector is experiencing a transformation, with traditional Big Pharma companies accelerating their innovation and research investments, leading to a potential revaluation of their market value [3][8] - The report emphasizes the importance of innovative drugs as a key growth driver, with a focus on companies that have shown significant improvements in their operational trends and clinical pipelines [5][35] Summary by Sections Industry Performance - From September 1 to September 5, the pharmaceutical index rose by 1.40%, outperforming the CSI 300 index by 2.21% [5] - Notable stock performances included Haichen Pharmaceutical (+29%), Changchun High-tech (+24%), and Baihua Pharmaceutical (+21%) [5] Traditional Pharma Revaluation - Since the implementation of drug procurement policies in 2018, traditional Big Pharma has faced revenue and profit pressures, prompting a shift towards innovation and increased R&D spending [8] - Key factors for the improvement in Big Pharma include rapid revenue/profit growth, increased R&D investment, and a decline in sales/administrative expenses [9][16] Innovation as a Growth Engine - The transition from generic to innovative drugs is becoming the core internal growth driver for Big Pharma, with significant increases in innovative revenue and its proportion of total income [22][27] - For instance, Heng Rui Medicine reported innovative drug sales of 95.61 billion RMB in the first half of 2025, accounting for 60.66% of total revenue [22] Clinical Pipeline and Global Competitiveness - The long-term R&D investments have resulted in a robust clinical pipeline for Big Pharma, with many products in advanced stages of development, enhancing their global competitiveness [29] - The report highlights the potential for business development (BD) opportunities abroad, which could serve as a second growth curve for these companies [29] Investment Recommendations - The report suggests focusing on innovative drugs, manufacturing, and companies with low valuations that are positioned to benefit from aging populations and increased healthcare consumption [35] - Specific companies to watch include Heng Rui Medicine, Xinlitai, and China National Pharmaceutical Group [35]

Fundraising Overview - The company has issued 30 million convertible bonds at a price of 100 RMB each, raising a total of 300 million RMB, with a net amount of 298,005.40 million RMB after deducting fees [1] - The funds have been verified by KPMG, ensuring the accuracy of the fundraising process [1] Changes in Fund Usage - The company has terminated the original investment projects and adjusted the use of raised funds to focus on new projects related to the construction of intelligent infusion production lines and facility upgrades [2] - The investment allocation has been expanded, with the addition of five new sub-projects [2] Temporary Fund Usage - The company plans to use up to 1.25 billion RMB of idle funds to temporarily supplement working capital, with a repayment period not exceeding 12 months [3] Fund Management and Supervision - The company has established special accounts for the management of raised funds and signed regulatory agreements with banks and its sponsor to ensure proper fund usage [4][5] - The agreements stipulate that the sponsor will supervise the fund usage and conduct semi-annual checks [6] - The banks are required to provide monthly account statements and notify the sponsor of any significant withdrawals [7] Agreement Validity - The agreements will remain effective until all funds are fully utilized and the accounts are closed [8]

Fundraising Overview - The company issued 30 million convertible bonds at a price of 100 RMB each, raising a total of 3 billion RMB, with a net amount of 2.980054 billion RMB after deducting fees [1][2] - The funds raised are subject to verification by KPMG, which issued a report confirming the amount [1] Fund Usage Changes - The company has terminated the original fundraising projects and redirected the funds towards new projects, including the construction of an intelligent infusion production line and upgrades to existing production lines [1][2] - The company plans to use up to 1.25 billion RMB of idle funds to temporarily supplement working capital, with a repayment period not exceeding 12 months [2] Fund Management and Supervision - The company has established special accounts for the management of the raised funds and signed regulatory agreements with banks and underwriters to ensure proper oversight [2][4] - The supervisory agreements involve multiple parties, including the company, its subsidiaries, and the underwriting institution, ensuring compliance with regulations [4][5] Account Opening and Balance - As of September 4, 2025, the company has opened several special accounts with Bank of China for the management of the raised funds [3][4]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].