资产总计 2,805.94 2,766.08 2,748.36 3,057.15 2,912.30 营业外收入 0.73 0.35 3.00 3.00 3.00 公司报告 | 公司点评 财务预测摘要 资产负债表(百万元) 2022 2023 2024E 2025E 2026E 利润表(百万元) 2022 2023 2024E 2025E 2026E 货币资金 409.26 576.23 633.46 396.43 505.67 营业收入 2,303.55 1,814.27 1,710.56 2,202.37 2,506.68 应收票据及应收账款 571.04 231.93 499.81 442.32 629.98 营业成本 1,414.58 1,029.33 802.71 1,096.18 1,258.74 预付账款 27.67 3.90 25.98 12.09 30.96 营业税金及附加 17.10 20.40 16.22 20.89 23.78 存货 536.48 602.01 269.82 887.26 441.41 销售费用 421.76 393.86 325.01 418.45 476.27 其他 ...

证券代码：002550 证券简称：千红制药 公告编号：2024-028 常州千红生化制药股份有限公司 关于 2023 年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 常州千红生化制药股份有限公司（以下简称"公司"或"本公司"）2023 年权 益分配方案为以公司现有总股本 1,279,800,000 股扣除回购专用账户中股数 30,000,000 股，按 1,249,800,000 股为基数，向全体股东每 10 股派发现金红利 1.2 元（含税），本次利润分配方案不送红股，不以公积金转增股本，采用分配比例 固定的原则进行。按总股本折算每 10 股现金红利=实际现金分红总额/总股本*10 股=149,976,000 元÷1,279,800,000 股*10 股=1.171870 元（保留六位小数，最后一 位直接截取，不四舍五入）。 公司 2023 年度权益分派方案已获 2024 年 5 月 17 日召开的 2023 年度股东 大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配及资本公积金转增股本方案等情况 1、 ...

北京大成 （南京） 律师事务所关于 常州千红生化制 药 股份有限公司 2 023 年 度 股东大会 的 北京大成 （南京） 律师事务所 南京市鼓楼区集慧路 18 号联创科技大厦 A 座 7-11 楼 联系电话：028-83755000 传真：025-83755111 邮编：210036 法律意见书 北京大成（南京）律师事务所关于常州千红生化制药股份有限 公司 2023 年度股东大会的法律意见书 致：常州千红生化制药股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公 司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法 规和其他有关规范性文件的要求，北京大成（南京）律师事务所（以下简称"本 所"）接受常州千红生化制药股份有限公司（以下简称"公司"）的委托，指派 律师参加公司 2023 年度股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会所审 议的议案、议案 ...

证券代码：002550 证券简称：千红制药 公告编号：2024-027 常州千红生化制药股份有限公司 2023 年度股东大会决议公告 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议的情形。 一、会议召开情况 （一）召集人：常州千红生化制药股份有限公司董事会 （二）召开时间：2024 年 5 月 17 日下午 14:00 （三）召开地点：公司云河路厂区二楼会议室（江苏省常州市新北区云河路 518 号） （四）召开方式：现场与网络会议方式 （五）表决方式：现场表决与网络投票相结合的方式 本公司全体董事、监事、高级管理人员保证公告内容真实、准确和 完整，并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 （六）主持人：王耀方董事长 （七）本次股东大会的召集及召开符合《公司法》等相关法律法规及《公司 章程》、《股东大会议事规则》的规定的要求 二、会议出席情况 （一）公司目前总股本为 1,279,800,000 股，扣除截至股权登记日 2024 年 5 月 10 日已回购股份 30,000,000 股，具有表决权股份共计 1,249,800,000 股。本次 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [20][46]. Core Insights - The company is a leading player in the heparin raw material market, with a strategic partnership with a major domestic pig farming and slaughtering enterprise, which is expected to enhance its profitability and open up new growth opportunities [3][18]. - The company has experienced a significant decline in revenue in 2023 due to weak downstream demand, but there are signs of recovery in the first quarter of 2024, with a notable increase in net profit [12][20]. - The company is focusing on innovative drug development, which is expected to contribute to its growth trajectory in the coming years [19][56]. Financial Data and Valuation - The company's revenue for 2022 was 23 billion, with a year-on-year growth of 22.9%. However, in 2023, revenue dropped to 18.1 billion, a decrease of 21.2% [4][12]. - The net profit for 2022 was 3.2 billion, reflecting a year-on-year increase of 78.6%, while in 2023, it fell to 1.8 billion, down 43.8% [4][12]. - Earnings per share (EPS) for 2023 was 0.14, with a projected EPS of 0.24 for 2024 and 0.30 for 2025 [4][20]. - The company’s price-to-earnings (P/E) ratio is projected to be 23.5 in 2024, decreasing to 19.3 in 2025 and 16.8 in 2026, indicating a potential for valuation improvement [4][20]. Business Overview - The company’s main products include heparin raw materials and enzyme preparations, with a strong market position in both segments [12][20]. - The partnership with the pig farming leader is expected to improve the supply chain for heparin raw materials, enhancing the company's competitive edge [3][34]. - The company is also expanding its innovative drug pipeline, with several candidates in various stages of clinical trials, which could provide additional revenue streams in the future [56][58].

编号： | 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 | | | | 参与单位名称及 | 通过全景网"投资者关系互动平台"参与公司 年 2023 | | | | 人员姓名 | | | | | 时间 | 2024 5 月 9 日下午 15:00-16:00 | 年 | | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | | | 上市公司接待人 | | | | | 员姓名 | | | | | | 秘书兼财务负责人姚毅先生、独立董事宁敖先生 | | | | | 公司于 | | | | | 2023 年度网上业绩说明会。本次业绩说明会采用网络 | | | | 主要内容介绍 | | | | | | 1、对于年报亮点中第 4 | | | | | 董事长王耀方先生、董事兼总经理王轲先生、董事会 | | | | | 2024 年 5 9 日 15:00-16:00 在全 ...

（二）手机端投资者 可登录公司官方微信平台（公众号名称："千红制药"）中"互动 交流"栏目，点击"投资者互动"即可参与本次说明会。千红制药微 信公众号见下图： 出席本次说明会的人员有：董事长王耀方先生；董事、总经理王 证券代码：002550 证券简称：千红制药 公告编号：2024-026 常州千红生化制药股份有限公司 关于举行 2023 年度报告网上说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 常州千红生化制药股份有限公司（以下简称"公司"）将于 2024 年 5 月 9 日（星期四）下午 15:00-16:00 在全景网提供的网上平台举 行 2023 年度报告网上说明会，本次说明会将采用网络远程方式举行： （一）PC 端投资者 可登陆投资者互动平台：http://rs.p5w.net/c/002550.shtml 参与本次 说明会； 欢迎广大投资者积极参与本次网上说明会。 （问题征集专题页面二维码） 特此公告。 常州千红生化制药股份有限公司 董事会 2024 年 5 月 7 日 轲先生；独立董事宁敖先生；董事会秘书、财务负责人姚毅 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected price rebound of heparin raw materials and the rapid growth potential of low molecular weight heparin sodium [4]. Core Views - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 2.05 billion, 2.42 billion, and 2.73 billion yuan respectively, and net profits of 322 million, 395 million, and 463 million yuan respectively [4][20]. - The heparin raw material market is anticipated to enter a price upcycle, with significant improvements in gross margins due to reduced upstream material costs and no inventory pressure [21]. - The company is actively expanding its product lines, including the successful launch of enoxaparin sodium injection, which is expected to increase market share through national procurement [22]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.81 billion yuan, a decrease of 21.24% year-on-year, and a net profit of 182 million yuan, down 43.77% year-on-year [20]. - The gross margin for heparin raw materials was reported at 13.37%, reflecting a decline due to significant price drops in the heparin market [20]. Revenue and Profit Forecast - The forecast for 2024-2026 includes revenues of 2.05 billion, 2.42 billion, and 2.73 billion yuan, with corresponding net profits of 322 million, 395 million, and 463 million yuan [4][9]. - The earnings per share (EPS) are projected to be 0.25, 0.31, and 0.36 yuan for the years 2024, 2025, and 2026 respectively [4][10]. Market Dynamics - The heparin raw material prices are expected to rebound as they have reached a cyclical low, with exports increasing by 18.67% in Q1 2024 [21]. - The company has established a partnership to enhance the production of high-end heparin raw materials, which is expected to improve quality and profitability [21]. Product Development - The company is increasing its R&D investment, with a focus on innovative drugs such as QHRD107 and QHRD110, which are progressing well in clinical trials [19]. - The enoxaparin sodium injection is anticipated to become a new growth driver due to its competitive pricing and market potential [22].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [16]. Core Views - The company's cash flow situation has significantly improved, and its innovative transformation is expected to yield positive results in the future [1][14]. - The impact of the heparin cycle has affected current performance, but the company has shown a notable recovery in cash flow [2][3]. Summary by Relevant Sections Financial Performance - For Q1 2024, the company reported revenue of 461 million yuan, a year-on-year decrease of 24.19%. However, the net profit attributable to shareholders was 104 million yuan, an increase of 21.13% year-on-year [1]. - The operating cash flow turned positive at 171 million yuan, a significant improvement compared to the previous year [1][2]. - The company’s annual revenue for 2023 was 1.814 billion yuan, down 21.24% year-on-year, with a net profit of 182 million yuan, down 43.77% year-on-year [12]. Business Segments - In 2023, the revenue from formulations was 1.115 billion yuan, a decrease of 5.67% year-on-year, while the revenue from raw materials was 692 million yuan, down 38.03% year-on-year [2]. - The gross margin for formulations was 61.52%, showing a slight increase, while the gross margin for raw materials was 13.37%, reflecting a decline [2]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2024 and 2025 to 308 million yuan and 368 million yuan, respectively, with a new estimate for 2026 at 421 million yuan, representing a growth of 69.09% year-on-year [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 21 for 2024, 17 for 2025, and 15 for 2026 [3]. Research and Development - The company invested 137 million yuan in R&D in 2023, accounting for 7.57% of its revenue, with ongoing clinical trials for several innovative drug candidates [14].

2023 年度 常州千红生化制药股份有限公司 Changzhou Qianhong Biopharma Co.,LTD. Changzhou Qianhong Biopharma Co.,LTD. 公司官网：www.qhsh.com.cn 联系电话：0519-86020688 公司地址：常州新北区生命健康产业园云河路518号 环境、社会和治理（ESG）报告 股票代码：002550 常州千红生化制药股份有限公司 目录 | 关于本报告 | | --- | | 董事长致辞 | | 专题聚焦 | | 传承千红精神，锐意进取谱写千红华章 | | 坚持守正创新，踔厉奋进推进新药研发 | 公司简介 组织架构 企业文化 公司战略 业务布局和主要产品 企业荣誉 17 18 18 19 21 24 走进千红制药 | ESG管理 | | --- | | ESG治理 | 27 | | --- | --- | | 利益相关方沟通 | 28 | | 实质性议题分析 | 29 | | 环保护航，守望净土 | | | --- | --- | | 环境管理 | 53 | | 资源管理 | 59 | | 污染防治 | 62 | | 绿色办公 | ...