证券代码：002422 证券简称：科伦药业 公告编号：2024-090 四川科伦药业股份有限公司 关于控股子公司科伦博泰与默沙东相关合作项目的进展公告 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。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）近日获悉， 公司控股子公司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"） 与MERCK SHARP& DOHMELLC.（连同其联属公司，以下合并简称"默沙东"） 相关合作项目的进展情况如下： 一、关于 SKB264/MK2870 项目（现称"Sac-TMT"项目）的进展情况 2022 年 5 月，科伦博泰将 SKB264（现称"Sac-TMT"）项目向默沙东独家许 可在大中华区以外进行开发、使用、制造及商业化。具体内容详见《关于科伦 博泰项目 A 有偿许可 MSD 公司在中国外商业化开发的公告》（公告编号： 2022-080）。 截至 2024 年 6 月 30 日，默沙东已启动十项 Sac-TMT 作为单一疗法或联合 帕博利珠单抗或其他药物用于多种适应症的全球 3 期临床研究： 1.三阴性乳腺 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-091 四川科伦药业股份有限公司 关于子公司核心产品芦康沙妥珠单抗（sac-TMT）的新药申请 获国家药品监督管理局受理的公告 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。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）近日获悉，公 司控股子公司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"）基于 芦康沙妥珠单抗(sac-TMT，前称 SKB264/MK-2870) OptiTROP-Lung03 关键研究 的积极结果的新药申请(NDA)（以下称"该申请"）已获中国国家药品监督管理 局(NMPA)药品审评中心(CDE)受理。 一、药品基本情况 OptiTROP-Lung03 是一项多中心、随机、关键临床研究，评估了芦康沙妥珠 单抗(sac-TMT)单一疗法每两周(Q2W)5mg/kg 静脉注射对比多西他赛治疗接受表 皮生长因子受体酪氨酸激酶抑制剂（EGFR-TKI）疗法和含铂化疗治疗失败的局 部晚期或转移性 EGFR 突变非小细胞肺癌（NSCLC）患者的结果。在预设的分 析中 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company's revenue for the first half of 2024 reached 11.83 billion yuan, representing a year-on-year growth of 10%. The net profit attributable to shareholders was 1.80 billion yuan, up 28% year-on-year, with a non-recurring net profit of 1.75 billion yuan, increasing by 30% [3]. - The growth in profits exceeded expectations, driven by multiple business segments working in synergy. Key factors include the expansion of the infusion market, optimization of product structure, recovery in raw material prices, and the implementation of an "innovation-driven" strategy [3]. - The company is expected to maintain steady long-term growth through advancements in large-volume infusions, generic drugs, and raw material upgrades [3]. Revenue and Profit Forecast - The forecast for total revenue from 2024 to 2026 is as follows: 23.27 billion yuan in 2024, 25.30 billion yuan in 2025, and 27.82 billion yuan in 2026, with year-on-year growth rates of 8.48%, 8.71%, and 9.97% respectively [2][4]. - The projected net profit attributable to shareholders for the same period is 2.95 billion yuan in 2024, 3.53 billion yuan in 2025, and 4.24 billion yuan in 2026, with growth rates of 20.09%, 19.68%, and 20.22% respectively [2][4]. Financial Metrics - The latest diluted earnings per share (EPS) are projected to be 1.84 yuan in 2024, 2.20 yuan in 2025, and 2.65 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 16.68, 13.93, and 11.59 [2][4]. - The company's market capitalization is approximately 49.18 billion yuan, with a closing price of 30.71 yuan per share [5]. Strategic Developments - The company is actively pursuing innovation, with collaborations such as the one with Merck, which is expected to yield milestone revenues in the future. The report highlights the potential for significant contributions from new products in the pipeline [3][4]. - The company is also focusing on high-value products in the infusion market and expanding its market share through product structure optimization [3]. Summary of Financial Health - The company’s total assets are projected to grow from 40.46 billion yuan in 2024 to 47.51 billion yuan in 2026, while total liabilities are expected to increase from 13.76 billion yuan to 14.60 billion yuan over the same period [8]. - The return on equity (ROE) is forecasted to improve from 12.87% in 2024 to 15.53% in 2026, indicating enhanced profitability [9].

证券代码：002422 证券简称：科伦药业 公告编号：2024-089 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）于近日收 到公司控股股东刘革新先生关于其持有的公司部分股份质押及解除质押的通知， 相关情况具体如下： 截至本公告披露日，刘革新先生及其一致行动人所直接持有的股份质押情 况如下： | 一、股东股份解除质押的基本情况 | | --- | | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 押股份数量 | 占其所持股 | 占公司总股 | 起始日 | 解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | （股） | 份比例 | 本比例 | | | | | | 动人 | | | | | | | | 刘革新 | 是 | 12,000,000 | 3.17% | 0.75% | 2023/8/23 | 2024/8/16 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][5]. Core Views - The company's Q2 performance slightly exceeded expectations, driven by three main factors contributing to efficient growth [2]. - For H1 2024, the company anticipates a revenue of 11.827 billion yuan, representing a year-on-year growth of 9.52%, and a net profit attributable to shareholders of 1.8 billion yuan, up 28.24% year-on-year [1]. - The company is focusing on optimizing its product structure in both infusion and non-infusion formulations, enhancing market development, and reducing production costs through energy-saving measures [1][2]. Financial Summary - The company projects revenues of 23.335 billion yuan for 2024, with a growth rate of 8.77%, and net profits of 3.152 billion yuan, reflecting a growth rate of 28.31% [2][3]. - The diluted earnings per share (EPS) are expected to be 1.97 yuan for 2024, with corresponding price-to-earnings (PE) ratios of 15.85 for the same year [2][3]. - The company has shown a significant improvement in its financial structure, with a decrease in financial expenses and a reduction in interest-bearing debt [1][2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6]. Core Views - The company is driven by a "three-engine" strategy focusing on large-volume infusion, raw materials, and innovative research and development, which supports its growth trajectory [3][14]. - The company has established a robust operational framework with three major capital platforms: large-volume infusion, antibiotic intermediates, and drug research and development [14][16]. - The company is positioned as a leader in the large-volume infusion market in China, with a revenue of 10.1 billion yuan in 2023, benefiting from post-pandemic recovery and an aging population [3][29]. Summary by Sections Company Overview - Founded in 1996, the company has evolved into a specialized innovative pharmaceutical group, listing on the Shenzhen Stock Exchange in 2010 and expanding into antibiotic intermediates and innovative drugs [14][16]. - The company has a diverse product portfolio with 646 varieties and 1,022 specifications, including 135 varieties of infusion products [16][22]. Financial Performance - The company reported a revenue of 21.45 billion yuan in 2023, a year-on-year increase of 12.7%, with a net profit of 2.46 billion yuan, up 44% year-on-year [22][23]. - The company expects revenue growth rates of 10% for 2024 and 2025, with net profit growth rates of 19% and 14% respectively [5][9]. Large-Volume Infusion Segment - The large-volume infusion market is characterized by a stable competitive landscape, with the company holding a significant market share and benefiting from cost advantages through scale [3][29]. - The company has been enhancing its product structure and introducing new products, which are expected to drive profitability [3][29]. Antibiotic Intermediates - The company’s subsidiary, Chuaning Bio, is a leader in the antibiotic intermediate sector, with a diverse product lineup and a focus on synthetic biology for cost reduction and efficiency [3][4]. - The market for antibiotic intermediates is stable, with potential for price increases, supported by the company's technological and cost advantages [4][29]. Innovative Drug Development - The company’s subsidiary, Kelun Biotech, has made significant strides in innovative drug development, including partnerships with major pharmaceutical companies and promising drug pipelines [4][5]. - The ADC pipeline, particularly the SKB264 product, is expected to capture a substantial market share, with ongoing clinical trials showing promising results [4][5].

Investment Rating - The investment rating for Kelun Pharmaceutical is Neutral, with a target price raised to RMB 41 from RMB 39, indicating a potential upside of 31.5% from the current price of RMB 31.18 [6][4][3]. Core Insights - Kelun Pharmaceutical reported a revenue of RMB 11.827 billion for the first half of 2024, a year-on-year increase of 9.5%, which aligns with the forecast [1]. - The company's net profit attributable to shareholders was RMB 1.8 billion, a 28% increase year-on-year, but below expectations [1]. - The actual tax rate for the first half of 2024 was estimated at 36%, higher than anticipated due to the expiration of previous tax incentives [1]. - The company is a leading player in the infusion products market and a significant entity in the APIs and generic drugs sector, with growth driven by the ramp-up of innovative drugs [3]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 23.89 billion, with net profit estimates of RMB 3.136 billion, reflecting a 3% increase from previous estimates [2]. - The earnings per share (EPS) for 2024 is forecasted at RMB 2.20, up 2.8% from earlier predictions [2]. Valuation Methodology - The target price of RMB 41 is derived using a sum-of-the-parts valuation method, applying a 16.6x P/E ratio for the infusion and generic drug business, consistent with global peers [4]. - The valuation also considers the market value of investments in subsidiaries and a discounted cash flow approach for the innovative drug segment [4]. Market Position and Growth Drivers - Kelun Pharmaceutical's current implied P/E ratio is 15.8x, which is relatively reasonable compared to the industry average of 16.6x [3]. - Key growth drivers include fluctuations in API prices, the speed of innovative drug launches, and updates on centralized procurement policies [3].

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb40.30 [6][19]. Core Insights - The company's H124 performance slightly missed consensus expectations, with revenue of Rmb11,827 million, a year-on-year increase of 9.5%, and a net profit of Rmb1,800 million, up 28.2% year-on-year [2][3]. - Key drivers for profit improvement include enhanced market development for infusion and non-infusion drugs, increased volume and price for intermediates and active pharmaceutical ingredients, and a reduction in interest-bearing debt and financing rates [3]. - The company maintains its previous guidance for FY24 net profit (excluding Kolun Botai) to reach Rmb3.2-3.25 billion, representing a year-on-year growth of over 15% [4]. Summary by Sections Financial Performance - H124 revenue was Rmb11,827 million, slightly below UBS's forecast of Rmb11,912 million and consensus expectations of Rmb11,918 million, reflecting a -0.8% variance [5]. - H124 net profit was Rmb1,800 million, exceeding UBS's estimate of Rmb1,631 million but falling short of consensus expectations of Rmb1,837 million, showing a -2.0% variance [5]. Business Outlook - The company expects infusion business to grow over 15% year-on-year, non-infusion drugs to grow approximately 15%, intermediates and active pharmaceutical ingredients to grow around 20%, and external investment to grow about 10% [4]. - Anticipated investor focus includes the registration progress and timeline for key products like SKB264, demand trends for infusion products related to respiratory infections, and the potential impact of the tenth batch of national procurement [3]. Market Data - The company's market capitalization is Rmb49.9 billion (approximately US$6.95 billion) with a 52-week stock price range of Rmb35.01 to Rmb22.59 [6]. - The average daily trading volume is 12,332 thousand shares, with an average daily turnover of Rmb393.2 million [6].

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [2]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [3]. - R&D spending increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the latest product line has been overwhelmingly positive, with a 95% satisfaction rate [1]. Operational Efficiency - Implemented a new supply chain management system, reducing delivery times by 15% [2]. - Automation initiatives in manufacturing led to a 10% reduction in production costs [3]. - Employee training programs were expanded, resulting in a 20% improvement in operational productivity [4]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Introduced a recycling program that has successfully diverted 50% of waste from landfills [2]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [3]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [4]. - Strengthened compliance measures to ensure adherence to global regulatory standards [1]. - Conducted an annual shareholder meeting, where key strategic initiatives were approved with a 90% vote in favor [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.89 CNY, compared to the last closing price of 30.73 CNY [1][3]. Core Insights - The company is transitioning into a new phase of innovative growth driven by a three-pronged strategy, focusing on large-volume infusion, synthetic biology, and generic drugs, alongside innovative pharmaceuticals [1][3]. - The company has established a robust operational platform consisting of Kelong Pharmaceutical, Chuaning Biology, and Kelong Botai, successfully transforming into a comprehensive pharmaceutical company [2][3]. - The company has shown strong financial performance, with a five-year CAGR of 27% in net profit attributable to shareholders, and a 2024 Q1 revenue of 6.219 billion CNY, representing an 11.03% year-on-year growth [2][17]. Summary by Sections Company Overview - Kelong Pharmaceutical was founded in 1996 and went public in 2010. It has implemented a three-pronged strategy to drive innovative growth and has a stable shareholding structure with the chairman holding 25.29% [9][10]. Core Business Products - The company has a diverse product portfolio, with large-volume infusions accounting for 47% of revenue in 2023, generics at 20%, raw materials and intermediates at 22%, and innovative drugs at 7% [13][14]. Revenue Growth and Profitability - The company has experienced steady revenue growth, with a CAGR of 5% from 2019 to 2023. The net profit attributable to shareholders has grown significantly, driven by optimized product offerings and recovering market demand [17][19]. - The gross margin has improved from 52.43% in 2023, with a net profit margin of 12.34% [19].