Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7459.13 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 3.80% over the past month, increased by 3.37% over the past three months, and has risen by 0.20% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.67%), WuXi AppTec (16.06%), Pian Zai Huang (6.84%), Yunnan Baiyao (5.71%), Kelun Pharmaceutical (4.69%), New Horizon (3.81%), East China Pharmaceutical (3.6%), Shanghai Raist (3.44%), Fosun Pharma (3.37%), and Changchun High-tech (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.43% from the Shanghai Stock Exchange and 36.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.67%), pharmaceutical and biotechnology services (21.27%), traditional Chinese medicine (19.68%), and biological drugs (16.38%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index [2]

Core Points - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7479.61 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 0.64% in the past month, increased by 3.66% over the last three months, and has risen by 0.48% year-to-date [1] Industry Composition - The CSI 300 Pharmaceutical and Biotechnology Index is composed of 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index is based on the performance of all securities in the CSI 300 Index classified by industry, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: - Heng Rui Medicine (24.75%) - WuXi AppTec (15.82%) - Pian Zai Huang (6.85%) - Yunnan Baiyao (5.7%) - Kelun Pharmaceutical (4.68%) - New Horizon (3.79%) - East China Pharmaceutical (3.64%) - Shanghai Raist (3.44%) - Fosun Pharma (3.38%) - Changchun High-tech (3.17%) [1] Market Distribution - The market distribution of the CSI 300 Pharmaceutical and Biotechnology Index shows that the Shanghai Stock Exchange accounts for 63.33% and the Shenzhen Stock Exchange accounts for 36.67% [2] Sector Breakdown - The sector breakdown of the index holdings indicates that: - Chemical drugs account for 42.69% - Pharmaceutical and biotechnology services account for 21.06% - Traditional Chinese medicine accounts for 19.74% - Biological drugs account for 16.51% [2] Sample Adjustment - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with sample changes, and any special events affecting a sample company's industry classification will lead to corresponding adjustments in the index [2]

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. is set to hold its 2024 annual performance briefing on May 6, 2025, to provide insights into its financial performance and address investor inquiries [1][4]. Group 1: Event Details - The annual performance briefing will take place from 15:00 to 17:00 on May 6, 2025, via a text Q&A format on the Jinmen Finance platform [1]. - Investors can participate in the briefing through a designated online link [2]. Group 2: Participants - Key attendees at the briefing will include Chairman Liu Gexin, Independent Director Ren Shichi, Vice General Manager and CFO Lai Degui, Vice General Manager and Board Secretary Feng Hao, Sales Head Ge Tao, CFO of Kelun Botai and Board Secretary Zhou Zejian, and Deputy General Manager and Board Secretary of Chuaning Bio Gu Xiang [2]. Group 3: Investor Engagement - The company is actively soliciting questions from investors prior to the event to ensure that common concerns are addressed during the briefing [2].

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。 四川科伦药业股份有限公司（以下简称"公司"）将于 2025 年 5 月 6 日（星 期二）下午 15:00-17:00 在进门财经以文字问答的形式举行科伦药业 2024 年度业 绩说明会。 投资者可以通过以下两种方式参与： 1）电脑端参会：https://s.comein.cn/syfe7cqa； 2）登录进门财经 APP/进门财经小程序，搜索"002422"、"科伦药业"或者 扫描二维码，进入"科伦药业（002422.SZ）2024 年度网上业绩说明会"，点击进 入会议。 证券代码：002422 证券简称：科伦药业 公告编号：2025-037 四川科伦药业股份有限公司 关于召开 2024 年度网上业绩说明会的公告 为广泛听取投资者的意见和建议，解答投资者关切的问题，现就公司2024年 度业绩说明会提前向投资者公开征集问题。提问通道自本公告发出之日起开放， 投资者通过上述参与方式进入"科伦药业2024年度网上业绩说明会"页面进行 提问，公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 1 欢迎广大投资者积 ...

Group 1: Pharmaceutical Industry Development - The pharmaceutical industry in Yuechi County has achieved an annual output value exceeding 100 million yuan, with a market share of over 70% for the raw material drug Ampicillin Sodium [1] - The county has established the largest raw material drug production base in the province, with 64 enterprises across six categories, forming a collaborative development pattern [1] - The county aims to reach an industry scale of 40 billion yuan by 2027, 60 billion yuan by 2030, and 100 billion yuan by 2035, with plans to accelerate the establishment of a national-level concentrated production base for raw materials [2] Group 2: Electrical Industry Development - Yuechi County has 30 electrical enterprises and over 1,000 construction teams, undertaking more than 1,300 projects annually, generating approximately 5 billion yuan in labor income [2] - The county is transitioning from labor output to large-scale manufacturing in the electrical industry, which is gaining momentum [2] Group 3: Agricultural and Tourism Integration - Yuechi County has transformed 820,000 acres of high-standard farmland, with a grain planting area exceeding 1.1 million acres, ranking among the top grain-producing counties in the province [2] - The county received nearly 3 million tourists in the first quarter of this year, generating a tourism revenue of 2.2 billion yuan [3]

Revenue and Profit - The total operating revenue for the year reached 21.812 billion yuan, a year-on-year increase of 1.67% [2] - The net profit attributable to shareholders was 2.936 billion yuan, up 19.53% year-on-year, while the net profit after deducting non-recurring items was 2.902 billion yuan, an increase of 22.66% [2] - In the fourth quarter, operating revenue was 5.024 billion yuan, a decrease of 12.03% year-on-year, and the net profit attributable to shareholders was 465 million yuan, down 5.65% year-on-year, indicating quarterly fluctuations [2] Profitability - The gross profit margin was 51.69%, a decrease of 1.41 percentage points compared to the same period last year, while the net profit margin increased by 24.94% to 15.41% [3] - The ratio of selling, administrative, and financial expenses to revenue was 22.31%, a decrease of 17.82% year-on-year, reflecting optimization in expense control [3] Cash Flow and Debt - The company's cash and cash equivalents amounted to 3.974 billion yuan, a decrease of 15.01% year-on-year [4] - Accounts receivable stood at 4.795 billion yuan, an increase of 2.40% year-on-year, with a notable ratio of accounts receivable to profit at 163.32% [4] - Interest-bearing debt was 3.67 billion yuan, significantly reduced by 46.77% year-on-year, indicating an optimized financing structure [4] Main Business Composition - Revenue from non-infusion products was 10.3 billion yuan, accounting for 47.22% of total revenue, with a gross profit margin of 43.91% [5] - Revenue from infusion products was 8.912 billion yuan, making up 40.86% of total revenue, with a gross profit margin of 60.16% [5] - Revenue from R&D projects was 1.895 billion yuan, representing 8.69% of total revenue, with a gross profit margin of 65.50% [5] - International business revenue reached 2.886 billion yuan, a year-on-year increase of 11.49%, indicating growth potential in overseas markets [5] R&D and Innovation - The company invested significantly in R&D, with 34 generic and improved new drugs approved for production and 50 applications submitted [6] - Progress in innovative drug development is on track, with multiple products entering clinical research stages [6] - The company holds 2,860 valid patent applications, with 1,997 already authorized, and has two innovative drugs, Lukanosatuzumab and Tagolisumab, approved for market [6]

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42, compared to the last closing price of 34.82 [1][8]. Core Insights - The company has demonstrated strong profit growth, with a 19.53% year-on-year increase in net profit to 2.936 billion yuan for 2024, and a 22.66% increase in net profit after deducting non-recurring items [4][5]. - Revenue for 2024 reached 21.812 billion yuan, reflecting a 1.67% year-on-year growth, despite a decline in sales from large-volume infusions [5][6]. - The sales expense ratio has decreased significantly, contributing to improved overall profitability [6][8]. Financial Performance Summary - In 2024, the company achieved a total revenue of 21.812 billion yuan, with a net profit of 2.936 billion yuan, and a net profit margin of 13.46% [10][14]. - The gross profit margin was 51.70%, slightly down by 0.73 percentage points from the previous year [6][14]. - The company forecasts revenue growth of 9.25%, 9.74%, and 9.37% for 2025, 2026, and 2027, respectively, with net profit growth rates of 17.99%, 16.92%, and 13.97% for the same years [8][10]. Product and Innovation Pipeline - The company’s innovative drug pipeline is entering a commercialization phase, with key products like SKB264 contributing to revenue [7][8]. - The company has submitted three New Drug Applications (NDAs) expected to be approved within the year, indicating a strong future revenue stream from innovative products [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42, compared to the last closing price of 34.82 [1][8]. Core Insights - The company has demonstrated strong profit growth, with a 19.53% year-on-year increase in net profit to 2.936 billion yuan for 2024, and a 22.66% increase in net profit after deducting non-recurring items [4][5]. - Revenue for 2024 reached 21.812 billion yuan, reflecting a 1.67% year-on-year growth, despite a decline in sales from large-volume infusions [5][10]. - The company is entering a commercialization phase for its innovative drugs, with significant contributions expected from its ADC drug pipeline [7][8]. Financial Performance - The company achieved a gross profit of 11.276 billion yuan in 2024, with a gross margin of 51.70%, slightly down by 0.73 percentage points from the previous year [6]. - The sales expense ratio decreased to 16.01%, down 4.73 percentage points year-on-year, while R&D expenses grew by 11.2% [6][8]. - The company forecasts revenues of 23.830 billion yuan, 26.150 billion yuan, and 28.600 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.464 billion yuan, 4.050 billion yuan, and 4.616 billion yuan [10][14]. Product Pipeline and Market Position - The innovative drug pipeline is expected to yield significant commercial value, with the core product, SKB264, contributing 5.169 million yuan in revenue in 2024 [7]. - The company has submitted three NDAs and anticipates further approvals in 2025, which could enhance its market position [7][8].

2025年4月24日，科伦药业(002422.SZ)发布2024年年度报告。截至2025年4月23日，共有716个机构投资 者披露持有科伦药业A股股份，合计持股量达5.58亿股，占科伦药业总股本的34.83%。其中，前十大机 构投资者包括雅安市国有资产经营有限责任公司、香港中央结算有限公司、广发多因子混合、中国建设 银行股份有限公司-易方达沪深300医药卫生交易型开放式指数证券投资基金、中国工商银行股份有限公 司-中欧医疗健康混合型证券投资基金、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指 数证券投资基金、中国建设银行股份有限公司-工银瑞信前沿医疗股票型证券投资基金、中国建设银行 股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、上海银行股份有限公司-银华中 证创新药产业交易型开放式指数证券投资基金、广发医疗保健股票A，前十大机构投资者合计持股比例 达18.65%。相较于上一季度，前十大机构持股比例合计下跌了1.21个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达1.96%。 公募基金方面，本期较上一期持股增加的公募基金 ...