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 ...

四川科伦药业股份有限公司 关于开展套期保值业务的可行性分析报告 一、公司开展套期保值业务的目的 为降低汇率、利率波动对公司经营造成的影响，在保障日常资金运营需求 和资金安全的情况下，公司计划开展汇率及利率套期保值业务。 二、公司拟开展的套期保值业务概述 公司及子公司本次拟开展的套期保值业务交易的品种包括但不限于远期结 售汇、外汇互换、外汇掉期、外汇期货、外汇期权、利率互换、利率掉期、利 率期权及其他金融衍生产品等业务或业务的组合。 三、公司开展套期保值业务的必要性和可行性 在人民币汇率双向波动及利率市场化的环境下，为了有效防范市场风险， 公司有必要根据具体情况，适度开展汇率及利率套期保值业务。 公司开展的套期保值业务与公司业务紧密相关，基于公司外汇资产和负债 状况、外汇收支业务及有息负债情况，能进一步提高公司应对汇率、利率波动 风险的能力，更好地规避和防范公司所面临的外汇汇率、利率波动风险，增强 公司财务稳健性。 四、公司开展套期保值业务的基本情况 1.业务规模 根据公司业务规模及实际需求情况，公司及子公司在授权期限内开展合计 金额不超过人民币20亿元或等值外币的套期保值业务。在上述额度内，资金可 以在12个 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-030 四川科伦药业股份有限公司 关于2021年员工持股计划提前终止的公告 本公司及董事会全体成员保证信息披露的内容真实、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"）2021 年员工持股计划（以 下简称"本员工持股计划"）持有的公司股票已全部出售完毕，且已完成清算、 分配。根据《关于上市公司实施员工持股计划试点的指导意见》《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》及《四川科伦药业 股份有限公司 2021 年员工持股计划》的相关规定，公司于 2025 年 4 月 22 日召 开第八届董事会第六次会议及第八届监事会第五次会议，审议通过了《关于 2021 年员工持股计划提前终止的议案》，现将相关情况公告如下： 一、本员工持股计划的基本情况 公司于 2021 年 11 月 29 日、2021 年 12 月 7 日、2022 年 5 月 5 日分别召开 第七届董事会第六次会议、第七届董事会第七次会议、2021 年度股东大会，审 议通过公司 2021 年员工持股计划。 本员工 ...

四川科伦药业股份有限公司2024年度内部控制自我评价报告 四川科伦药业股份有限公司 2024年度内部控制自我评价报告 四川科伦药业股份有限公司全体股东： 根据《企业内部控制基本规范》的规定及其他内部控制监管要求（以下简称"企业内部控制规范 体系"），结合本公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行 了自我评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实 披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经 理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证 本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性 承担个别及连带法律责任。 公司内部控制的目标是合理保证经营合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-031 四川科伦药业股份有限公司 关于2022年员工持股计划提前终止的公告 本公司及董事会全体成员保证信息披露的内容真实、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"）2022 年员工持股计划（以 下简称"本员工持股计划"）持有的公司股票已全部非交易过户至持有人证券账 户名下或出售完毕，且已完成清算、分配。根据《关于上市公司实施员工持股计 划试点的指导意见》《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》及《四川科伦药业股份有限公司 2022 年员工持股计划（草案）》 的相关规定，公司于 2025 年 4 月 22 日召开第八届董事会第六次会议及第八届监 事会第五次会议，审议通过了《关于 2022 年员工持股计划提前终止的议案》， 现将相关情况公告如下： 二、本员工持股计划的锁定及过户、出售情况 1 本员工持股计划的存续期为36个月，所获标的股票的锁定期分别为12个月、 24 个月，在满足相关条件的前提下，分 2 期解锁，解锁比例为 50%、50%，均 自公司公告最后一笔 ...