Group 1: Financial Performance and Market Outlook - The company expects to achieve its annual budget targets for 2024 and 2025, focusing on closed-system products to support infusion revenue [1] - The infusion market is projected to remain stable, with a gradual increase in market concentration among leading companies, despite ongoing competition [1] - By the end of 2024, it is anticipated that half of the provinces will complete the price collection and linkage work for basic infusion products [1] Group 2: Cost Management and Production Efficiency - The company plans to reduce sales expenses in the hospital sector to maintain stable gross profit margins for high-margin products [3] - The introduction of high-speed production lines is expected to reduce production costs by 10-20%, with two lines starting production in Q4 2024 [3] - The company aims to optimize its product structure by replacing traditional plastic bottles with closed-system bags [3] Group 3: Product Development and Market Strategy - The sales proportion of closed-system infusion products has increased by 3% in the first half of the year, with a goal to lead the market in three-chamber bags [3] - The company is actively pursuing market opportunities in response to the exit of competitors from the Chinese market [3] - Future growth in generic drugs is anticipated, particularly if the results of the tenth batch of centralized procurement meet expectations [4] Group 4: Research and Development Focus - The company is focusing on areas with competitive advantages in drug development, including perioperative care, respiratory, anesthesia, and complex formulations [4] - The R&D expenditure for generic drugs is expected to stabilize in 2024, with a focus on optimizing project management and enhancing output ratios [4] - The company is exploring diverse development directions for ADCs (Antibody-Drug Conjugates), aiming to replace traditional chemotherapy with more targeted therapies [5]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 16.789 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.64% [1] - The net profit attributable to shareholders reached 2.471 billion yuan, up 25.85% year-on-year, with a non-recurring net profit of 2.447 billion yuan, reflecting a growth of 27.32% [1] - The third quarter revenue was 4.962 billion yuan, showing a slight increase of 0.35% year-on-year, while the net profit attributable to shareholders was 671 million yuan, up 19.88% year-on-year [1] - The company has seen a significant reduction in sales expense ratio to 15.57%, down 5.07 percentage points year-on-year, and a decrease in R&D expense ratio to 9.44%, down 1.14 percentage points year-on-year [1] - The gross profit margin for Q3 2024 was 49.35%, down 2.84 percentage points year-on-year, while the net profit margin increased to 14.21%, up 2.92 percentage points year-on-year [1] - The company is expected to launch four products in China by the end of 2024 or early 2025, indicating a strong pipeline for innovation [1] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 22.867 billion yuan, 24.786 billion yuan, and 27.428 billion yuan respectively, with growth rates of 6.59%, 8.39%, and 10.66% [2] - The net profit attributable to shareholders is forecasted to be 3.039 billion yuan in 2024, 3.505 billion yuan in 2025, and 4.056 billion yuan in 2026, with growth rates of 23.72%, 15.34%, and 15.72% respectively [2] - The diluted EPS is expected to be 1.90 yuan in 2024, 2.19 yuan in 2025, and 2.53 yuan in 2026, with corresponding PE ratios of 17.51, 15.18, and 13.12 [2] Financial Statements - The total assets are projected to grow from 36.455 billion yuan in 2023 to 51.558 billion yuan in 2026 [3] - The total liabilities are expected to decrease slightly from 13.439 billion yuan in 2023 to 15.432 billion yuan in 2026 [3] - The net profit for 2024 is forecasted at 3.285 billion yuan, with a net profit margin of 13.29% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 16.789 billion yuan for the third quarter of 2024, representing a year-on-year increase of 6.64%, while the net profit attributable to the parent company was 2.471 billion yuan, up 25.85% year-on-year [1] - The company has shown a significant improvement in its asset structure, with a notable increase in capital reserves by 45.55% year-on-year, surpassing the previous year's total [1] - The company’s core product, Lukanasatuzumab (Jiatelai), has received acceptance for a new indication NDA application, which is expected to accelerate its market entry [1] Financial Performance Summary - For the first three quarters of 2024, the overall gross margin was 52.51%, a decrease of 0.43 percentage points year-on-year, while the expense ratio was 31.17%, down 5.85 percentage points year-on-year [1] - The company’s operating cash flow for the period was 3.275 billion yuan, a decrease of 22.97% year-on-year [1] - The company expects revenues of 23 billion yuan, 25.475 billion yuan, and 27.597 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.2%, 10.8%, and 8.3% [3][4] Financial Indicators - The net profit attributable to the parent company is projected to be 3.094 billion yuan, 3.663 billion yuan, and 4.109 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.0%, 18.4%, and 12.2% [3][4] - The company’s gross margin is expected to improve slightly from 52.9% in 2024 to 54.2% in 2026 [3][4] - The projected P/E ratios for the next three years are 17X, 15X, and 13X respectively [1][3]

Financial Performance - The company's revenue for Q3 2024 reached ¥4,961,672,916, representing a 0.35% increase year-over-year, while the year-to-date revenue totaled ¥16,788,775,173, up 6.64% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥670,816,034, a 19.88% increase year-over-year, with a year-to-date net profit of ¥2,470,927,259, reflecting a 25.85% increase[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥693,377,264, up 21.49% year-over-year, while the year-to-date figure was ¥2,446,592,329, an increase of 27.32%[2]. - The total profit for the current period was ¥3,705,661,963, up from ¥2,545,795,288, indicating an increase of about 45.3%[26]. - Comprehensive income totalled ¥2,903,385,363, compared to ¥2,216,439,909 in the previous period, reflecting an increase of around 30.9%[26]. - Basic earnings per share improved to ¥1.57 from ¥1.35, indicating a growth of approximately 16.3%[26]. Assets and Liabilities - The company's total assets at the end of Q3 2024 amounted to ¥38,392,363,975, a 5.31% increase from the end of the previous year[2]. - Total liabilities decreased to CNY 12.16 billion from CNY 13.44 billion, a reduction of about 9.5%[23]. - The equity attributable to shareholders of the parent company rose to CNY 22.56 billion, up from CNY 19.67 billion, marking an increase of approximately 14.7%[24]. - Current assets rose to CNY 19.07 billion from CNY 18.29 billion, an increase of about 4.3%[22]. - The company's retained earnings increased to CNY 11.34 billion from CNY 10.55 billion, an increase of about 7.5%[24]. Cash Flow - The company's cash flow from operating activities for the year-to-date period was ¥3,275,424,580, which represents a decrease of 22.97% compared to the same period last year[2]. - The total cash inflow from operating activities for the current period was ¥19,166,712,485, a decrease of 4.78% compared to ¥20,125,729,327 in the previous period[27]. - The net cash flow from operating activities decreased to ¥3,275,424,580, down 22.87% from ¥4,252,150,839 in the same period last year[27]. - Cash inflow from investment activities was ¥9,555,768,110, significantly higher than ¥5,010,691,332 in the previous period, indicating a strong increase of 90.56%[27]. - The ending balance of cash and cash equivalents was ¥5,095,056,907, down from ¥5,430,336,946 in the previous year[28]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 33,751[9]. - Liu Gexin holds 23.67% of shares, totaling 379,128,280 shares, with 106,624,000 shares pledged[9]. - The state-owned enterprise Yaan State-owned Assets Management Co., Ltd. holds 5.86% of shares, totaling 93,801,074 shares, with 32,700,800 shares pledged[9]. - The foreign entity Hong Kong Central Clearing Limited holds 5.17% of shares, totaling 82,873,371 shares[9]. - The top ten shareholders do not have any significant changes in their shareholding status compared to the previous period[10]. Expenses - Management expenses increased by 38.62% year-over-year to ¥979,692,555 due to business scale growth[7]. - Financial expenses decreased by 73.51% year-over-year to ¥54,504,775, attributed to a reduction in financing scale and interest rates[7]. - Research and development expenses decreased to ¥1,584,138,271 from ¥1,665,659,341, a reduction of about 4.87%[25]. - The company reported a decrease in sales expenses to ¥2,614,400,264 from ¥3,249,237,667, a reduction of approximately 19.5%[25]. Investments and Structured Deposits - The company has invested in structured deposits with Chengdu Bank, totaling 30,000,000 RMB across three deposits, with an expected annual return rate of 3.10%[11]. - The actual profit from the structured deposits during the reporting period is 236.46 million RMB[11]. - The company has structured deposits totaling 20,000 million CNY with a floating interest rate of 2.75% maturing on June 28, 2024[13]. - A significant investment of 30,000 million CNY in structured deposits was made with a floating interest rate of 2.65% maturing on July 31, 2024[13]. - The company has made a structured deposit of 30,000 million CNY with a floating interest rate of 2.80% maturing on July 22, 2024[12]. Product Development and Approvals - The company announced the approval of the drug Aiqupuobai Ethanolamine Tablets, enhancing its product portfolio[18]. - The company announced the approval of its subsidiary's drug, Olaparib, for registration on January 20, 2024[6]. - The company achieved a breakthrough therapy designation for its core product SKB264 (MK-2870) for treating PD-L1 negative TNBC[11]. - The company received FDA fast track designation for its product A400 (EP0031) on March 12, 2024[10]. - The company is expanding its market presence through new product registrations and clinical trials[28]. Strategic Partnerships - The company is expected to engage in routine related transactions with Chenshin Pharmaceutical Group in 2024, indicating ongoing partnerships[18]. - The company is collaborating with MSD on the SKB264/MK2870 project, indicating ongoing strategic partnerships[7]. - The company is actively expanding its market presence through strategic partnerships and product approvals[18].

四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）第八届监 事会第四次会议通知于 2024 年 10 月 24 日以电话和电子邮件方式送达全体监事。 第八届监事会第四次会议于 2024 年 10 月 28 日在科伦药业总部以现场及通讯的 方式召开，会议应到监事 3 人，实到监事 3 人，其中监事万鹏先生以现场方式出 席，其他监事均以通讯方式出席。会议的召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）等法律、行政法规、部门规章、规范性文件和《公司章 程》的规定，作出的决议合法有效。 本次会议由公司监事会主席万鹏先生主持，与会监事就以下议案进行了审议、 表决，形成决议如下： 一、以 3 票同意、0 票反对、0 票弃权，审议通过了《关于公司 2024 年第三 季度报告的议案》 经审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 证券代码：002422 证券简称：科伦药业 公告编号：2024-119 特此公告。 四川科伦药业股份有限公司 第 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误 导性陈述或者重大遗漏负连带责任。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）第八届董 事会第四次会议通知于 2024 年 10 月 24 日以电话和电子邮件方式送达全体董事、 监事和高级管理人员。第八届董事会第四次会议于 2024 年 10 月 28 日以现场及 通讯的方式召开，会议应到董事 9 人，实到董事 9 人，其中董事刘思川先生以现 场方式出席，其他董事均以通讯方式出席，公司监事和高级管理人员列席了会议。 会议的召开符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、 行政法规、部门规章、规范性文件和《公司章程》的规定，作出的决议合法有效。 本次会议由公司董事长刘革新先生主持，与会董事就以下议案进行了审议与 表决，形成了如下决议： 证券代码：002422 证券简称：科伦药业 公告编号：2024-118 四川科伦药业股份有限公司 第八届董事会第四次会议决议公告 四川科伦药业股份有限公司董事会 2024 年 10 月 29 日 1 备查文件： 经公司董事签字确认的公司第八届董事会第四次会议决议。 一、以 ...

证券代码：002422 证券简称：科伦药业 公告编码：2024-116 四川科伦药业股份有限公司 关于 2022 年员工持股计划第二个解锁期符合解锁条件的 股份非交易过户完成的公告 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"）于 2024 年 10 月 25 日办理 完成了 2022 年员工持股计划第二个解锁期符合解锁条件的股份非交易过户事 宜，本次非交易过户共涉及 110 名员工持股计划持有人，非交易过户股份数量为 150.2 万股，现将本次员工持股计划非交易过户相关情况公告如下： 一、员工持股计划基本情况 公司于 2022 年 8 月 25 日召开第七届董事会第十六次会议和第七届监事会第 十一次会议，审议通过了《关于<四川科伦药业股份有限公司 2022 年员工持股计 划（草案）>及其摘要的议案》等相关议案，上述相关议案公司已于 2022 年 9 月 13 日召开的 2022 年第一次临时股东大会审议通过。 2024 年 10 月 9 日，公司 2022 年员工持股计划第五次管理委员会决定就其 1 中 110 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-117 四川科伦药业股份有限公司 （以下合称"开户银行"）开设募集资金专项账户（以下简称"专户"），并 按照相关规定与开户银行、保荐机构长江证券承销保荐有限公司签订募集资金 监管协议。 序 号 账户名称 开户行 银行账号 募集资金用途 账户状态 1 四川科伦药业 股份有限公司 兴业银行成都 人民北路支行 431350100100146656 集约化智能输液产线及配 套产线、设施建设项目； 大输液和小水针产业结构 升级建设项目；输液、包 材及小水针产线改造、扩 正常 截至本公告披露日，公司募集资金专户的开立及存续情况如下： 关于注销部分公开发行可转换公司债券募集资金专户的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准四川科伦药业股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]255号）核准，公司于2022年3月18日 发行了人民币300,000.00万元可转债，每张面值为人民币100元，募集资金总额为 人民币300,0 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-115 四川科伦药业股份有限公司 2024 年度中期分红派息实施公告 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。 特别提示： 1.因四川科伦药业股份有限公司（以下简称"公司"）回购专用证券账户中 的股份不参与 2024 年度中期权益分派，公司本次实际现金分红的总金额=实际 参与分配的总股本×分配比例，即 413,627,762.08 元=1,590,876,008 股×0.26 元/ 股。 2.本次权益分派实施后，根据股票市值不变原则，实施权益分派前后公司总 股本保持不变，现金分红总额分摊到每一股的比例将减小。因此，本次权益分派 实施后除权除息价格计算时，按股权登记日的总股本折算的每 10 股现金红利= 实际现金分红总金额÷股权登记日的总股本 *10=413,627,762.08 元 ÷ 1,601,592,173 股*10=2.582603 元/股，即：本次权益分派实施后的除权除息价格= 股权登记日收盘价-0.2582603 元/股。 一、 股东大会审议通过利润分配方案情况 公司2023年年 ...

证券代码：002422 证券简称：科伦药业 公告编号：2024-114 四川科伦药业股份有限公司 关于变更持续督导独立财务顾问主办人的公告 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。 姜睿霖先生因职务变动原因拟不再担任本项目独立财务顾问主办人，为保证 本项目持续督导工作的有序进行，长江保荐决定委派刘冠男女士（简历详见附件） 接替姜睿霖先生担任本项目独立财务顾问主办人，继续履行持续督导职责。 本次变更后，分拆上市的独立财务顾问主办人为张栩先生和刘冠男女士，持 续督导期至2024年12月31日止。 公司董事会对原独立财务顾问主办人姜睿霖先生在分拆上市及持续督导期 间所做的工作表示衷心的感谢！ 特此公告。 四川科伦药业股份有限公司（以下简称"公司"）于近日收到长江证券承销保 荐有限公司（以下简称"长江保荐"）出具的《关于更换四川科伦药业股份有限公 司分拆所属子公司四川科伦博泰生物医药股份有限公司至香港联交所主板上市 持续督导独立财务顾问主办人的函》。长江保荐系公司分拆所属子公司四川科伦 博泰生物医药股份有限公司至香港联交所主板上市（以下简称"分拆上市"）的独 立 ...