石家庄以岭药业股份有限公司 证券代码：002603 证券简称：以岭药业 公告编号：2024-012 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况： 1、会议召开时间： （1）现场会议时间：2024 年 5 月 22 日下午 14:30 2023 年年度股东大会决议公告 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。 （2）网络投票时间：2024 年 5 月 22 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2024 年 5 月 22 日上午 9:15—9:25，9:30—11:30，下 午 13:00—15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2024 年 5 月 22 日 9:15 至 15:00 的任意时间 2、会议地点：石家庄高新区天山大街 238 号以岭健康城会议室 3、会议召开方式：现场投票、网络投票相结合 4、会议召集人和主持人：公司董事会。董事长吴相君先生主持会议。 本次会议的召集、召开程序及表决方式符合有关法律、 ...

欢迎各位投资者参加华恩医药联合露营中举办的现场策略会本场会议的主持人是华恩医药团队首席潘国超老师本场是上市公司怡里药业的一个交流我们也非常荣幸的邀请到了公司领导张总来和我们进行一个交流今天我们交流主要分为两个部分公司介绍和QA的问答团结 首先有请公司领导张总用大概十分钟左右的时间对公司的经营情况和最新的进展做一个讲解有请张总好的秦老师然后也是感谢华安医药感谢陆远中提供这次机会吧然后跟大家去做一个交流和汇报那其实我们年报一季报都已经披露了大家也都看到了那去年的话呢 当然因为有这些新冠这些疫情的这种因素影响但是如果剔除吊走呼吸的话呢大概可能我们收入还是有不错的增长大概20%以上增长如果大概心脏血管的话大家也能看到大概有12.7%的减13%的增长其实整体表现还是比较稳健的 那呼吸这边的话,最终训练的收入大概是33个亿,大概其中量化心科是两个亿多一点,大概是这样一个数据。 那今年一一做来看的话呢整体来说也是因为确认这种高基数包括这种呼吸类的产品的这种产业库存对于这种销售的这种影响这样一个因素所以有优势下滑我觉得整体来说这两年还是因为因为疫情之后的这种调整包括可能一些整个的这种行业的状态的变化做一些调整 当然我们对于整 ...

Summary of the Conference Call Company and Industry Involved - The conference call involved Huazhong Medicine and its subsidiary Yili Pharmaceutical, focusing on the pharmaceutical industry [1] Core Points and Arguments - The meeting was hosted by the chief of the Huazhong Medicine team, Mr. Tan Guochao, and included a presentation from the leadership of Yili Pharmaceutical, represented by Mr. Zhang [1] - The discussion was structured into two main parts: a company introduction and a Q&A session [1] Other Important but Possibly Overlooked Content - The event was characterized as a summer on-site strategy meeting, indicating a focus on strategic planning and investor engagement [1]

Group 1: Financial Performance - The company's revenue and net profit for 2023 decreased by 7.67% and 42.76% respectively, primarily due to a significant decline in sales of the Lianhua Qingwen product and increased costs of traditional Chinese medicine materials [6][8]. - The company reported other income of 1.8 billion with a growth rate of 69% in the previous year [2]. - The company plans to maintain a stable gross profit margin through cost reduction and efficiency improvement measures [2][6]. Group 2: Market Strategy - The company aims to enhance its retail channel strategy by establishing a dedicated sales team for retail terminals and implementing a combination marketing strategy [2][3]. - The market share of the company's innovative patent Chinese medicines, including Tongxinluo Capsule, Shenmai Injection, and Qiliqiangxin Capsule, increased from 13.64% in 2015 to 16.39% in the first half of 2023 [10]. - The company is focusing on expanding its product line and entering new treatment areas to seize long-term development opportunities in the industry [9]. Group 3: Research and Development - The company has established a national key laboratory for the innovation and transformation of the Luo disease theory, which has led to the development of 14 innovative patent Chinese medicines [3][9]. - The company has completed the filing of 246 national standard Chinese medicine formula granules and 333 provincial standard formula granules, with a high rate of compliance in various provinces [12]. - The company is actively pursuing internationalization by enhancing the brand influence of traditional Chinese medicine and establishing over 130 professional committees abroad [3]. Group 4: Investor Relations - The company has no current plans for stock repurchase, citing various market factors affecting stock prices [4][9]. - The actual controller's stock pledge is low and poses no risk to the company's control or operations [9][11]. - The company emphasizes the importance of cash dividends as a way to return value to shareholders, aligning with long-term sustainable development [13].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 10.318 billion yuan in 2023, a decrease of 17.67% year-on-year, and a net profit of 1.352 billion yuan, down 42.76% [4][6] - The decline in revenue is attributed to decreased market demand for respiratory products due to high inventory levels and a high base from the previous year [4] - Despite the decline in respiratory products, other patented products, particularly in cardiovascular and other categories, showed stable growth [5][6] - The company has invested 935 million yuan in R&D, focusing on new drug development and secondary development of existing products [5][6] Financial Summary - Revenue for 2023 was 10.318 billion yuan, with a projected increase to 10.923 billion yuan in 2024, representing a year-on-year growth of 5.9% [6][9] - Net profit is expected to recover to 1.512 billion yuan in 2024, reflecting an 11.8% increase from 2023 [6][9] - The company’s gross margin for 2023 was 57.3%, with a slight decrease projected to 56.9% in 2024 [6][9] Product Performance - Revenue from respiratory products in 2023 was 3.305 billion yuan, a significant decline of 51.90% [5][6] - Cardiovascular products generated 4.709 billion yuan in revenue, marking a growth of 12.71% [5][6] - Other patented products saw a revenue increase of 69.72%, totaling 1.869 billion yuan [5][6] R&D and Future Prospects - The company has multiple new drugs in various stages of clinical trials, with significant focus on traditional Chinese medicine [5][6] - The forecast for net profit from 2024 to 2026 is 1.512 billion yuan, 1.796 billion yuan, and 2.130 billion yuan, respectively, indicating a positive growth trajectory [6][9] - The company is expected to maintain a unique product layout in the cardiovascular and respiratory fields, supported by ongoing R&D efforts [5][6]

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 ...

Investment Rating - The investment rating for the company is to maintain attention due to its position as a leader in traditional Chinese medicine innovation [4]. Core Views - The company reported a revenue of 10.318 billion yuan in 2023, a year-over-year decrease of 17.67%, and a net profit attributable to shareholders of 1.352 billion yuan, down 42.76% year-over-year [2]. - The respiratory product line faced significant declines due to high inventory levels and a high base effect from 2022, while non-respiratory products showed steady growth [2][3]. - The company continues to invest in innovative traditional Chinese medicine research, with a total R&D expenditure of 935 million yuan in 2023, representing 9.06% of revenue [3]. Financial Summary - Revenue projections for 2024-2026 are 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [4]. - Net profit forecasts for the same period are 1.532 billion yuan, 1.759 billion yuan, and 1.990 billion yuan, with growth rates of 13.27%, 14.83%, and 13.10% [4]. - The company’s earnings per share (EPS) are projected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan, with price-to-earnings (P/E) ratios of 21, 18, and 16 respectively [4][5].

[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]