证券代码：002603 证券简称：以岭药业 公告编号：2024-011 公司2023年度已按照15%的企业所得税税率进行纳税申报及预缴，因此本 次取得高新技术企业证书不影响公司2023年度的相关财务数据。 石家庄以岭药业股份有限公司 关于通过高新技术企业重新认定的公告 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。 石家庄以岭药业股份有限公司（以下简称"公司"） 于近日收到由河北省科 学技术厅、河北省财政厅、国家税务总局河北省税务局联合颁发的《高新技术 企业证书》（证书编号GR202313003850，发证时间为2023年12月4日，有效期 三年）。 根据相关规定，公司自获得高新技术企业认定后将连续三年享受国家关于 高新技术企业的相关优惠政策，按15%税率缴纳企业所得税。 特此公告。 石家庄以岭药业股份有限公司 董事会 2024 年 5 月 11 日 ...

证券研究报告 公 2024年04月30日 司 报 告 以岭药业(002603) │ 行 业： 医药生物/中药Ⅱ 公 投资评级： 司 当前价格： 19.05元 年 业绩短期承压，非呼吸类产品稳健增长 目标价格： 报 点 事件： 评 基本数据 公司发布2023年年度报告，2023全年实现收入103.18亿元（yoy-17.67%）， 总股本/流通股本(百万股) 1,670.71/1,376.78 归母净利润13.52亿元（yoy-42.76%），扣非归母净利润12.65亿元（yoy- 流通A股市值(百万元) 26,227.61 45.58%）。2024年一季度公司实现收入25.23亿元（yoy-35.89%），归母净 每股净资产(元) 7.04 利润3.04亿元（yoy-74.73%），扣非归母净利润2.92亿元（yoy-75.18%）。 资产负债率(%) 31.46 ➢ 高基数影响逐步消化，非呼吸业务保持增长 一年内最高/最低(元) 33.29/17.80 2022年受新冠疫情影响，呼吸系统药物需求提升，促使公司的连花清瘟等 产品快速放量。受 2022 年高基数及社会库存高企影响，2023 年公司呼吸 股价相对 ...

[Table_Title] 证券研究报告 高基数下业绩短期承压，推动新药研发 公司研究 [Table_ReportDate] 2024年04月30日 [Table_ReportType] 公司点评报告 [T事ab件le：_以Su岭mm药ar业y]发布2024年一季度报告，实现营业收入25.23亿元，同比 [以Ta岭bl药e_业Sto（ck0A0n2dR6a0n3k）] 下降35.89%；实现归母净利润3.04亿元，同比下降74.73%；实现扣非归 投资评级 增持 母净利润2.92亿元，同比下降75.18%。 点评： 上次评级 增持 无  高基数下业绩下滑，2024年发力实现稳健发展。据公司公告，受呼吸 [唐Ta爱b金le医_A药ut行ho业r]首席分析师 类产品因2022年高基数及社会库存高企导致的市场需求下降等因素影 执业编号：S1500523080002 响，2023年公司实现营业收入103.18亿元，同比下滑17.67%；实现 联系电话：19328759065 归母净利润13.52亿元，同比下滑42.76%。2024年一季度，公司呼吸 邮箱：tangaijin@cindasc.com 类产品受到去年同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's short-term operating performance is under pressure, but its innovative attributes support long-term development [3] - The company achieved a revenue of 10.318 billion yuan in 2023, a year-on-year decrease of 17.67%, and a net profit attributable to shareholders of 1.352 billion yuan, down 42.76% [3] - The company is expected to see a gradual recovery in net profit, with projections of 1.450 billion yuan in 2024, 1.563 billion yuan in 2025, and 1.730 billion yuan in 2026 [3] Financial Performance Summary - In Q1 2024, the company reported a revenue of 2.523 billion yuan, a decrease of 35.89%, and a net profit of 304 million yuan, down 74.73% [3] - The gross margin for 2023 was 57.28%, a decline of 6.49 percentage points, while the net margin was 13.03%, down 5.78 percentage points [3] - The company’s R&D expense ratio was 8.27% in 2023, reflecting its commitment to innovation [3] Product Performance - Cardiovascular products generated revenue of 4.709 billion yuan in 2023, an increase of 12.71%, while respiratory products saw a significant decline in revenue by 51.90% to 3.305 billion yuan [4] - The gross margin for cardiovascular products was 58.36%, down 6.53 percentage points, while respiratory products maintained a gross margin of 69.19% [4] Innovation and Development - The company is advancing its innovative traditional Chinese medicine (TCM) products, focusing on key disease areas such as cardiovascular, respiratory, and endocrine disorders [5] - The company has successfully launched a new TCM product for diabetic retinopathy and has several products in various stages of clinical trials [5] - The company’s strategy includes a dual approach of developing generic drugs and innovative patented drugs, with a strong pipeline for future growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced significant pressure on its performance in 2023 and Q1 2024, with revenues and profits declining sharply. However, there is an expectation for gradual improvement in Q2 2024 [2] - The company is focusing on innovative research and development in traditional Chinese medicine, particularly in cardiovascular and respiratory health products, which positions it to benefit from policy incentives in the sector [2][4] Summary by Sections Financial Performance - In 2023, the company reported revenues of 10.318 billion yuan, a decrease of 18% year-on-year, with net profit down 43% to 1.352 billion yuan. The cash flow from operations fell by 96% to 155 million yuan [2] - For Q1 2024, revenues were 2.523 billion yuan, down 36% year-on-year, with net profit declining 75% to 304 million yuan [2] - The company proposed a cash dividend of 3.0 yuan per 10 shares, resulting in a payout ratio of 37% [2] Product Performance - Revenue breakdown for 2023 shows cardiovascular products at 4.709 billion yuan (+13%), respiratory products at 3.305 billion yuan (-52%), and other proprietary products at 435 million yuan (+14%) [2] - The respiratory product segment faced significant challenges, while cardiovascular and other proprietary products showed stable growth [2] Research and Development - The company invested 935 million yuan in R&D in 2023, accounting for 9.06% of revenue, an increase of 1.91 percentage points year-on-year [2] - Key R&D achievements include the approval of Tongluomingmu capsules for diabetic retinopathy and the completion of phase III clinical trials for several other products [2] Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been revised down to 1.500 billion yuan and 1.931 billion yuan, respectively, reflecting a 49% and 45% reduction from previous estimates. A new forecast for 2026 is set at 2.380 billion yuan [2] - The current price corresponds to a P/E ratio of 22, 17, and 14 for 2024, 2025, and 2026, respectively [2]

Financial Performance - The company reported a total revenue of RMB 1.5 billion for the year 2023, representing a year-on-year increase of 12%[6]. - The net profit attributable to shareholders was RMB 300 million, reflecting a growth of 15% compared to the previous year[6]. - The company's operating revenue for 2023 was ¥10,318,312,851.48, a decrease of 17.67% compared to ¥12,532,841,028.58 in 2022[12]. - Net profit attributable to shareholders for 2023 was ¥1,352,379,242.86, down 42.76% from ¥2,361,804,714.55 in 2022[12]. - The net profit after deducting non-recurring gains and losses was ¥1,264,730,860.67, a decline of 45.58% from ¥2,323,145,344.72 in 2022[12]. - The net cash flow from operating activities was ¥155,457,433.79, a significant drop of 95.54% compared to ¥3,487,736,416.11 in 2022[12]. - Basic earnings per share for 2023 were ¥0.8095, down 42.76% from ¥1.4137 in 2022[12]. - The overall gross margin improved to 45%, up from 42% in the previous year, indicating better cost management[6]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion yuan, representing a year-over-year growth of 15%[89]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[89]. Market Expansion and Strategy - The company is focusing on expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2025[6]. - The company plans to enhance its online sales platform, aiming for a 25% increase in e-commerce sales[89]. - A strategic acquisition of a smaller pharmaceutical company was completed, which is anticipated to enhance the company's product portfolio and increase market share[89]. - The company is expanding its market presence, targeting an increase in distribution channels by 30% in the next year[89]. - The company has established a comprehensive sales network covering over 100,000 medical terminals and 300,000 pharmacies nationwide, enhancing its competitive edge[91]. Research and Development - The company has invested RMB 100 million in R&D for new technologies aimed at enhancing production efficiency[6]. - The company is actively pursuing research and development of new products based on traditional Chinese medicine principles, aiming to address various health issues[54]. - The company has developed a comprehensive drug development technology system guided by the theory of traditional Chinese medicine, positioning it as a leader in the industry[91]. - The company has established a robust R&D framework with various innovation platforms, including a national enterprise technology center and key laboratories for the innovation of traditional Chinese medicine[92]. - The company has completed multiple post-marketing clinical studies for its products, providing a solid evidence base for clinical promotion[91]. - The company has initiated clinical trials for 1 new drug and completed phase III clinical trials for another, indicating progress in its innovative drug development[161]. Product Development and Innovation - New product launches are expected to contribute an additional RMB 200 million in revenue in 2024, driven by innovative drug formulations[6]. - The company has developed 14 patented new drugs, establishing a diverse product portfolio that leads in the treatment of cerebrovascular and respiratory diseases[26]. - The company has received 12 ANDA approvals for the U.S. market, with all products successfully launched, and has submitted registration applications in over 50 countries globally[27]. - The company has developed a comprehensive health product line, including cardiovascular health products, anti-aging immune boosters, fatigue relief, and sleep improvement products[29]. - The company is actively expanding its health industry platform, integrating traditional health concepts with modern technology[29]. Clinical Research and Efficacy - Clinical studies confirm that Tongxinluo capsule significantly reduces the risk of cardiovascular events by 36% and heart-related deaths by 30%[32]. - The randomized, double-blind, international multi-center clinical study on Lianhua Qingwen capsules for treating mild to moderate COVID-19 patients has been successfully completed, demonstrating significant improvement in clinical symptoms and reduced recovery time without adverse reactions[109]. - The study on Tongxinluo capsules for acute myocardial infarction showed a 36% reduction in major adverse cardiovascular events and a 30% reduction in cardiogenic death risk within 30 days, published in JAMA with an impact factor of 120.7[112][113]. - The clinical study on Bazi Bujin capsules for anti-aging has shown significant improvements in kidney deficiency-related symptoms and overall quality of life after 12 weeks of treatment in 530 participants[115]. Regulatory and Compliance - The company has obtained several international patents, including a method for separating eight components in a traditional Chinese medicine composition, valid until 2039[144]. - The company has secured 12 ANDA products approved by the FDA, with 2 additional products under review, and is actively expanding its product pipeline in the U.S. market[124]. - The company has established a comprehensive quality assurance system for its Chinese medicine formula granules, ensuring product safety and effectiveness[118]. Financial Management and Investment - The company achieved a net cash flow from operating activities of ¥155,457,433.79 in 2023, a decrease of 95.54% compared to ¥3,487,736,416.11 in 2022, primarily due to reduced sales receipts[162]. - The total R&D investment for 2023 was ¥934,929,492.52, representing a 4.41% increase from ¥895,472,221.11 in 2022, with R&D expenses accounting for 9.06% of operating revenue, up from 7.15%[161]. - The company plans to invest 30 million CNY in the chemical preparation international industrialization project in 2024 and 2025, with each year's investment expected to be 30 million CNY[172]. Corporate Recognition and Awards - The company was recognized as one of the "Top 100 Chinese Traditional Medicine Enterprises" in 2022, ranking fifth[146]. - The company has received multiple national awards, including one first-class and four second-class National Science and Technology Progress Awards[85].

石家庄以岭药业股份有限公司 2023 年度独立董事述职报告 （陈刚） 本人作为石家庄以岭药业股份有限公司（以下简称"公司"或"以岭药业"） 的独立董事，严格按照《公司法》《上市公司治理准则》《上市公司自律监管指引 第 1 号——主板上市公司规范运作》等法律法规以及《公司章程》、公司《独立 董事制度》的规定，本着客观、公正、独立的原则，勤勉尽责，积极发挥独立董 事作用，维护公司整体利益和全体股东尤其是中小股东的合法权益。 根据《上市公司独立董事管理办法》《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》等相关规定，本人作为公司独立董事，对 自身独立性情况进行了自查。2023 年度，本人未在公司担任除独立董事以外的 任何职务，也未在公司主要股东公司担任任何职务，与公司以及主要股东之间 不存在利害关系或其他可能妨碍其进行独立客观判断的关系，本人任职符合 《上市公司独立董事管理办法》等规定的独立性要求，不存在影响独立性的情 形。 二、2023 年度履职概况 本人积极参加公司召开的董事会和股东大会，认真审阅会议相关材料，积极 参与各项议案的讨论并提出合理建议，为董事会的正确、科学决策发挥积极作用。 ...

石家庄以岭药业股份有限公司 内部控制评价报告 石家庄以岭药业股份有限公司全体股东： 为加强石家庄以岭药业股份有限公司（以下简称"公司"）的内部控制， 防范和控制公司面临的各种风险，根据财政部、证监会等部门联合发布的《企 业内部控制基本规范》及其配套指引，结合公司内部控制制度和评价办法，在 企业内部控制日常监督和专项监督的基础上，我们对公司 2023 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。管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管理合法合规、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，促进实现公司发展战略。由于内 部控制存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于 ...

目录 CONTENTS | 04 | 报告说明 | 16 | 责任聚焦 一 | 78 | 展望 2024 | | --- | --- | --- | --- | --- | --- | | 06 | 高管致辞 | | 药香飘满致富路，乡村振兴有"良方" | 80 | 附录 | | 08 | 关于以岭 | 20 | 责任聚焦 二 | | | | | | | 点亮"红色引擎"，凝聚党建合力 | | | | "以"药为引 | | | --- | --- | | "岭"航健康明天 | | | 50 | 坚守传承创新 | | 54 | 加强品质管控 | | 56 | 升级服务体验 | "以"治为基 "岭"承经营风采 完善公司治理 强化责任管理 守牢合规底线 24 27 30 22 58 34 68 | "以"绿为卷 "岭"会自然之美 | | | --- | --- | | 36 | 强化环境管理 | | 40 | 节能减排降耗 | | 46 | 绿色低碳运营 | | "以"心为始 "岭"路和谐社会 | | | --- | --- | | 70 | 携手伙伴共赢 | | 74 | 共享健康生活 | | 75 | 温情回馈 ...

石家庄以岭药业股份有限公司董事会 关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《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》 等要求，就石家庄以岭药业股份有限公司（以下简称"公司"）第八届董事会在 任独立董事刘骁悍先生、陈刚先生的独立性情况进行评估并出具如下专项意 见： 经核查独立董事刘骁悍先生、陈刚先生的任职经历及其签署的独立性自查 文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股 东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨 碍其进行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上 市公司独立董事管理办法》《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》及公司《独立董事制度》中对独立董事独立性的相 关要求。 石家庄以岭药业股份有限公司 董事会 2024 年 4 月 27 日 ...