证券代码：002424 证券简称：贵州百灵 贵州百灵企业集团制药股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | ☑特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 上海庐田资本资产管理有限公司 陆晨辉、冯士炯；苏州昊弘 | | 人员姓名 | 投资管理有限公司 胡金松；天风证券 李臻；方正证券 许睿； | | | 徐朝晖 | | 时间 | 2025 年 9 月 13 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 总经理：牛民 | | 员姓名 | 研发总监：夏文 | | | 证券事务代表：陈智 1、贵州百灵当前核心发展战略是围绕哪些核心平台推进？ | | | 答：核心战略是围绕四大平台建设推进。 第一个是规模化的制造平台，第二个是产业链整合平台， | | | 第三个是全渠道的销售平台，第四个是大品种的研发平台。 | | 投资者关系活动 | 规模化的制造平台主要是依托于公司扩能技改 ...

Group 1 - The core viewpoint of the news highlights the financial performance and stock activity of Guizhou Bailing Pharmaceutical Co., Ltd. as of August 25, 2025, showing a stock price of 6.25 yuan, a 1.79% increase, and a trading volume of 48.40 million shares with a transaction value of 300 million yuan [1] - The company reported total operating revenue of 1.462 billion yuan for the first half of 2025, a year-on-year decrease of 31.77%, and a net profit attributable to shareholders of 51.83 million yuan, down 40.73% year-on-year [1] - The company's liquidity ratios include a current ratio of 1.005 and a quick ratio of 0.746, with a debt-to-asset ratio of 52.26% [1] Group 2 - Guizhou Bailing has made investments in 26 companies and participated in 5,000 bidding projects, indicating active engagement in business expansion [2] - The company holds 371 trademark registrations and 253 patents, reflecting its focus on intellectual property and innovation [2] - Additionally, Guizhou Bailing possesses 397 administrative licenses, showcasing its compliance and operational capabilities [2]

Company Overview - Guizhou BaiLing Pharmaceutical Group Co., Ltd. is located in Anshun City, Guizhou Province, and was established on March 25, 1999. The company was listed on June 3, 2010. Its main business involves the production and sales of traditional Chinese medicine, primarily based on苗药 [1] - The revenue composition of the company includes: Traditional Chinese Medicine 86.97%, Western Medicine 8.44%, Medical Services 2.27%, Others 1.91%, and Chinese Medicinal Materials 0.42% [1] Stock Performance - As of August 25, Guizhou BaiLing's stock price increased by 2.12%, reaching 6.27 CNY per share, with a trading volume of 1.07 billion CNY and a turnover rate of 1.43%. The total market capitalization is 8.763 billion CNY [1] - Year-to-date, the stock price has risen by 62.86%, with a 3.47% increase over the last 5 trading days, 16.98% over the last 20 days, and 55.20% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on August 5, where it recorded a net buy of -23.773 million CNY [1] Financial Performance - For the first half of 2025, Guizhou BaiLing reported a revenue of 1.462 billion CNY, a year-on-year decrease of 31.77%. The net profit attributable to the parent company was 51.8346 million CNY, down 40.73% year-on-year [2] - The company has cumulatively distributed 1.447 billion CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3] Shareholder Information - As of August 8, the number of shareholders for Guizhou BaiLing reached 101,200, an increase of 18.88% from the previous period. The average number of tradable shares per shareholder is 11,985, a decrease of 15.88% [2] Industry Classification - Guizhou BaiLing is classified under the pharmaceutical and biological industry, specifically in the subcategories of Traditional Chinese Medicine II and III. The company is associated with concepts such as hepatitis treatment, anti-influenza, internet healthcare, traditional Chinese medicine, and innovative drugs [2]

Group 1 - The traditional Chinese medicine sector saw a slight increase of 0.37% on August 21, with Renhe Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] - Key stocks in the traditional Chinese medicine sector included Renhe Pharmaceutical, which rose by 10.03% to a closing price of 7.02, and Guizhou Bailing, which increased by 3.80% to 6.29 [1] Group 2 - On the same day, the traditional Chinese medicine sector experienced a net outflow of 596 million yuan from institutional investors, while retail investors saw a net inflow of 490 million yuan [2] - The stock performance of New Da Pharmaceutical declined by 6.14%, closing at 12.83, while Tianmu Pharmaceutical fell by 5.81% to 17.50 [2] - The overall trading volume and turnover for the sector indicated mixed investor sentiment, with significant outflows from major stocks [2] Group 3 - Major stocks like Jiuzhitang and Pianzai Guang experienced significant net inflows from institutional investors, with Jiuzhitang seeing a net inflow of 83.81 million yuan [3] - Conversely, Renhe Pharmaceutical had a net outflow of 38.75 million yuan from speculative investors, indicating a shift in trading dynamics [3] - The data reflects a complex interaction between institutional, speculative, and retail investors within the traditional Chinese medicine sector [3]

Core Viewpoint - Guizhou Bailing (002424) reported a significant decline in financial performance for the first half of 2025, with net profit down 40.73% and total revenue down 31.77% compared to the previous year [1] Financial Performance Summary - Total revenue for 2025 reached 1.462 billion yuan, a decrease of 31.77% from 2.143 billion yuan in 2024 [1] - Net profit attributable to shareholders was 51.83 million yuan, down 40.73% from 87.46 million yuan in 2024 [1] - Gross margin fell to 52.5%, a decline of 14.41% year-on-year, while net margin decreased to 3.59%, down 8.72% [1] - Total expenses (selling, administrative, and financial) amounted to 633 million yuan, accounting for 43.33% of revenue, a reduction of 17.77% [1] - Earnings per share decreased to 0.04 yuan, down 33.33% from 0.06 yuan in 2024 [1] Cash Flow and Asset Management - Cash flow from operating activities showed a significant increase, with net cash flow rising by 921.03% due to improved collection of receivables [6] - Cash and cash equivalents increased by 259.38%, attributed to enhanced sales collection [6] - The company reported a 52.24% increase in cash funds, reaching 492 million yuan [3] Debt and Receivables - Accounts receivable decreased by 33.99% to 1.396 billion yuan, reflecting improved collection efforts [3] - Interest-bearing liabilities slightly decreased by 2.80% to 1.77 billion yuan [1] - The company’s debt-to-asset ratio for interest-bearing liabilities reached 25.79% [9] Management and Operational Insights - The company’s return on invested capital (ROIC) was reported at 1.96%, indicating weak capital returns historically [7] - The business model relies heavily on research and marketing, necessitating further investigation into these drivers [8] - The chairman's shares are fully pledged, but the company maintains that cash flow is currently sufficient and risks are manageable [10]

Core Viewpoint - The dispute between Huachuang Securities and Guizhou Bailing's major shareholder Jiang Wei has escalated into legal action, highlighting the risks and challenges associated with brokerage firms' rescue operations [3][23]. Group 1: Background of the Dispute - The conflict originated from a rescue plan and stock pledge issues, involving a total amount of 1.761 billion yuan [3]. - In 2019, Huachuang Securities provided 1.4 billion yuan to Jiang Wei through two asset management plans, acquiring 161 million shares of Guizhou Bailing, which accounted for 11.54% of the total share capital [4][6]. - Huachuang Securities also lent 361 million yuan to Jiang Wei, pledging 110 million shares of Guizhou Bailing as collateral [4][12]. Group 2: Current Situation - As the repayment deadlines approach, Jiang Wei and others have failed to fulfill their obligations to repurchase shares and repay debts [9][10]. - Huachuang Securities has initiated lawsuits to recover the principal of 1.4 billion yuan and 361 million yuan, along with associated costs [11]. - The collateral provided by Jiang Wei includes additional shares and properties valued at approximately 1.143 billion yuan, but the effectiveness of these guarantees is uncertain [12][13]. Group 3: Financial Performance of Guizhou Bailing - Guizhou Bailing has faced significant challenges, including a negative internal control audit report, leading to its designation as "ST Bailing" [17]. - The company reported a loss of 414.5 million yuan in 2023, with revenues of 4.263 billion yuan, marking a year-on-year decrease of 399.34% [21]. - In 2024, Guizhou Bailing's revenue was 3.825 billion yuan, with a net profit of 33.62 million yuan, but the core business profitability remains a concern [21]. Group 4: Impact on Huachuang Securities - The ongoing litigation has not yet significantly impacted Huachuang Securities' operations, which expects the lawsuit to encourage Jiang Wei to fulfill his obligations [21]. - Huachuang Securities reported revenues of 2.509 billion yuan, 3.084 billion yuan, and 2.849 billion yuan from 2022 to 2024, with net profits of 438 million yuan, 635 million yuan, and 407 million yuan respectively [22]. - The market value of the shares involved in the dispute is approximately 2.115 billion yuan, exceeding the 1.761 billion yuan principal amount in question, but the outcome remains uncertain due to stock price volatility [22].

Group 1 - Weicai Technology achieved a net profit of 101 million yuan in the first half of 2025, a year-on-year increase of 831.03% [1] - The company reported an operating income of 634 million yuan, up 47.53% year-on-year, with a basic earnings per share of 0.68 yuan [1] - Weicai Technology specializes in wafer testing, chip finished product testing, and related integrated circuit testing services [1] Group 2 - Changhua Group received a project development notification from a domestic automotive company, with an expected total sales amount of approximately 190 million yuan over an 8-year lifecycle [2] - The project is set to begin mass production in the third quarter of 2026 [2] - Changhua Group focuses on the research, production, and sales of automotive metal components [2][3] Group 3 - Junhe Co. reported a net profit of 30.99 million yuan in the first half of 2025, a year-on-year decrease of 19.53% [3] - The company achieved an operating income of 578 million yuan, up 5.53% year-on-year, with a basic earnings per share of 0.08 yuan [3][4] - Junhe Co. specializes in the research, design, manufacturing, and sales of household water pumps and their accessories [4] Group 4 - Tonghua Jinma reported a net profit of 16.80 million yuan in the first half of 2025, a year-on-year increase of 34.77% [5] - The company achieved an operating income of 650 million yuan, a slight increase of 0.12% year-on-year, with a basic earnings per share of 0.0174 yuan [5] - Tonghua Jinma focuses on the research, production, and sales of pharmaceutical products [5][6] Group 5 - Xing Shuai reported a net profit of 122 million yuan in the first half of 2025, a year-on-year increase of 31.79% [8] - The company achieved an operating income of 1.132 billion yuan, up 8.59% year-on-year, with a basic earnings per share of 0.37 yuan [8] - Xing Shuai specializes in the research, production, and sales of various types of refrigeration compressor thermal protectors, starters, and temperature controllers [8] Group 6 - Ice Wheel Environment reported a net profit of 266 million yuan in the first half of 2025, a year-on-year decrease of 19.71% [9] - The company achieved an operating income of 3.118 billion yuan, down 6.92% year-on-year, with a basic earnings per share of 0.27 yuan [9] - Ice Wheel Environment focuses on the research, design, and sales of artificial environment control technology and energy comprehensive utilization technology [9][10] Group 7 - Jiangsu Huachen reported a net profit of 47.27 million yuan in the first half of 2025, a year-on-year increase of 18.37% [18] - The company achieved an operating income of 938 million yuan, up 40.46% year-on-year, with a basic earnings per share of 0.2901 yuan [18] - Jiangsu Huachen specializes in the research, production, and sales of energy-saving transformers and smart electrical equipment [18] Group 8 - Hanma Technology reported a net profit of 27.73 million yuan in the first half of 2025, reversing from a loss of 153 million yuan in the same period last year [18] - The company achieved an operating income of 2.847 billion yuan, a year-on-year increase of 50.03% [18] - Hanma Technology focuses on the production, research, and sales of heavy trucks, special vehicles, and automotive components [18] Group 9 - Tianyue Advanced announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 1.938 billion HKD [19] - The global offering consisted of 47.7457 million shares, with a price of 42.80 HKD per share [19] - Tianyue Advanced specializes in the research, production, and sales of silicon carbide semiconductor materials [19][20] Group 10 - Kesi Technology signed a sales framework contract worth up to 401 million yuan with Beijing Tianyuan Innovation Technology Co., Ltd. [21] - The contract is valid for two years and involves a comprehensive information integration service project [21] - Kesi Technology focuses on the research, development, manufacturing, and sales of electronic information equipment [21][22]

Core Insights - Guizhou Bailing reported a significant decline in both revenue and net profit for the first half of 2025, with revenue at 1.46 billion yuan, down 31.77% year-on-year, and net profit at 52 million yuan, down 40.73% [1][2]. Financial Performance - Total revenue for the reporting period was 1,461,977,449.93 yuan, compared to 2,142,835,969.60 yuan in the same period last year, reflecting a decrease of 31.77% [2][3]. - Net profit attributable to shareholders was 51,834,649.77 yuan, down from 87,461,409.09 yuan, marking a decline of 40.73% [2][3]. - The net profit after deducting non-recurring gains and losses was 13,845,766.20 yuan, a decrease of 57.48% from 32,563,183.46 yuan [2]. - Basic and diluted earnings per share both decreased by 33.33% to 0.04 yuan [2]. - The weighted average return on equity was 1.62%, down from 2.50% [2]. Cash Flow and Assets - The net cash flow from operating activities was 249,349,377.36 yuan, a significant increase of 921.03% compared to -30,370,447.37 yuan in the previous year [2]. - Total assets at the end of the reporting period were 6,863,503,681.25 yuan, down 3.80% from the previous year [2]. Revenue Breakdown by Segment - The pharmaceutical industry remained a crucial support for Guizhou Bailing's performance, contributing over half of the total revenue [1]. - Revenue from the industrial segment was 823,121,873.13 yuan, down 27.82% year-on-year [3]. - Revenue from the commercial segment was 595,118,100.12 yuan, down 37.84% [3]. - Revenue from medical institutions increased slightly to 33,130,122.43 yuan, up 2.21% [3]. - Other segments generated 10,607,354.25 yuan, down 15.89% [3]. Product Revenue Analysis - Revenue from traditional Chinese medicine was 1,271,416,424.40 yuan, a decrease of 37.07% [3]. - Revenue from Chinese medicinal materials increased significantly by 299.47% to 6,100,820.82 yuan [3]. - Revenue from other products rose by 121.55% to 27,939,307.54 yuan [3].

Core Viewpoint - Guizhou Bailing reported a significant decline in both revenue and net profit for the reporting period, indicating potential challenges in its financial performance [2] Financial Performance - The company achieved operating revenue of 1,461,977,449.93 yuan, representing a year-on-year decrease of 31.77% [2] - The net profit attributable to shareholders of the listed company was 51,834,649.77 yuan, reflecting a year-on-year decline of 40.73% [2]

Group 1 - The company reported a revenue of 1.462 billion yuan and a net profit attributable to shareholders of 51.83 million yuan for the first half of 2025, indicating a recovery in operations [1] - As a leading player in the domestic苗药 (苗药 refers to traditional Chinese medicine), the company has demonstrated strong profitability resilience despite industry headwinds, supported by its solid fundamentals and a "product + capacity + channel" moat [1] - The core product, Yindan Xinnaotong soft capsules, achieved over 100 million yuan in sales in the first quarter of 2025 across major markets, with potential for further market release due to trends in aging population and chronic diseases [1] Group 2 - The company has made substantial progress in capacity expansion projects, increasing the extraction capacity of traditional Chinese medicine materials by 140% to 60,000 tons per year [2] - The company is actively expanding its innovation boundaries through external investments and has strategically positioned itself in several quality innovative enterprises [2] - The company has begun exploring overseas opportunities, signing sales agreements with distributors in Malaysia, Singapore, and Vietnam, and has completed the first batch of drug shipments [2]