烟台东诚药业集团股份有限公司投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □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 人员姓名 线上参与公司 2024 年度报告网上业绩说明会的投资者 时间 2025 年 3 月 5 日 15:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人 员姓名 总经理 罗志刚 财务负责人 朱春萍 独立董事 赵大勇 董事会秘书 刘晓杰 投资者关系活动 主要内容介绍 1.为什么心肌灌注的检测药没有起量。已经上市快半年了 4 季度一 点销量都没增加？ 预期和现实差距有点大啊 答:您好！由于核药的生产要通过委托生产方式，在生产许可证新增 核药生产中心，目前已完成 4-5 个核药生产中心的增加，还在继续进行 全国生产站点的布局；同时商保也在继续推进；公司也在进行临床教育、 专家共识等工作，与 GE 一同进行销售推广工作。 2025 年在搭建基础工 作的过程中，也会有销售收入的增加。感谢您的关注！ 2.当前 PET ...

证券代码：002675 证券简称：东诚药业 烟台东诚药业集团股份有限公司投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他 （电话会议） 参与单位名称及 人员姓名 天风证券医药团队、平安证券医药团队、长江证券医药团队、中金证 券医药团队、申万证券医药团队、中信证券医药团队、西部证券医药 团队、国盛证券医药团队、中信建投医药团队、东吴证券医药团队、 华源证券医药团队及多家券商、公募基金、私募基金经理、研究员参 与调研 时间 2025 年 3 月 4 日 15:30-16:40 地点 电话会议 上市公司接待人 员姓名 总经理：罗志刚 副总经理、董事会秘书：刘晓杰 副总经理：吴晓明 证券事务代表：李季 投资者关系活动 主要内容介绍 2024 年年报解读及近期公司经营发展情况交流 会议纪要主要内容： 问题一：2024 年年度基本情况介绍 答： （一）2024 年经营业绩 2024 年公司实现营业收入 28.68 亿元，同比下降 12.42%。主要原因是原料药中肝素 钠类产品的销售价格大幅下降，尽管销量 ...

东诚药业 20250304 摘要 Q&A 请介绍东诚药业 2024 年年报的主要财务数据及其影响因素。 2024 年，东诚药业实现营业收入 28.68 亿元，同比下降 12.42%。这一部分下降 主要由于公司主要业务原料药业务中的甘露醇原料药销售价格大幅下降，尽管 销量有所增长，但销售价格的下滑导致收入减少 36%。归母净利润为 1.8 亿元， 同比下降 12%，主要原因包括：一是原料药业务销售价格下滑导致毛利减少； 二是研发投入较上年大幅增加；三是一级市场融资带来的财务费用增加。此外， • 东诚药业 2024 年收入因原料药价格下滑减少 36%，归母净利润同比下降 12%，主要受原料药毛利减少、研发投入增加及融资财务费用影响。扣非净 利润受政府补贴和研发支出转费用影响显著。 • 核药业务整体收入略降，但 CDMO 和设备相关业务增长 52%。制剂业务收入 下降 18%，毛利率降低 15%，因主打产品纳入集采后降价，但销量突破 1,000 万，激素类产品市场占有率达 60%。 • 公司加大放射性核药研发投入，2024 年国内外共 4 个 IND 申请获批，1 个 产品获美国快速通道认证。氟 18-41 钛注射 ...

医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 03 月 04 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | 年 | | 月 03 日 | 03 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 13.31 | | | | | 年 低 | | | | | | 内 | | | 总市值（百万元） | | | | 10,975.37 | | | | | 流通市值（百万元） | | | | 9,894.44 | | | | | 总股本（百万股） | | | | 824.60 | | | | | 资产负债率（%） | | | | 37.79 | | | | | 每股净资产（元/股） | | | 5.43 | | | | | | 资料来源：聚源数据 | | | | | | | | | ...

公 司 报 告 2025年02月27日 医药 东诚药业(002675.SZ) 24年研发投入加大，25年或迎多个重要节点 强烈推荐( 维持) 股价:13.76元 行情走势图 相关研究报告 【平安证券】东诚药业（002675.SZ）*季报点评 *24Q3单季度收入降幅收窄，创新核药进展顺利*强烈 推荐20241029 【平安证券】东诚药业（002675.SZ）*半年报点评* 原料药拖累短期业绩，持续看好核医学中长期发展前 景*强烈推荐20240902 【平安证券】东诚药业（002675.SZ）*年报点评*肝 素原料药致业绩短期承压，2024年迎来核药管线落地 期*强烈推荐20240430 事项： 公司发布24年年报，实现收入28.69亿元，同比下降12.42%；实现归母净利润 1.84亿元，同比下降12.35%；实现扣非后归母净利润0.79亿元，同比下降 62.69%；EPS为0.22元/股。公司业绩基本符合预期。 其中24Q4单季度实现收入7.07亿元，同比增长2.35%；实现归母净利润0.17 亿元，同比增长122.29%。 平安观点： 研 究 报 告 证券分析师 | 叶寅 | 投资咨询资格编号 | | - ...

Investment Rating - The investment rating for the company is "Strongly Recommended" [1][9][13] Core Views - The company is expected to increase its R&D investment significantly in 2024, with a focus on nuclear medicine, which may lead to multiple important milestones in 2025 [6][9][7] - Despite a decline in revenue and net profit in 2024, there are signs of marginal improvement, particularly in the fourth quarter [6][9] - The company has a comprehensive layout in the nuclear medicine industry, which is expected to drive a turnaround in performance in 2025 [9] Financial Performance Summary - In 2024, the company achieved revenue of 2.869 billion yuan, a decrease of 12.42% year-on-year, and a net profit of 184 million yuan, also down by 12.35% [6][9] - The fourth quarter of 2024 saw a revenue of 707 million yuan, marking a year-on-year increase of 2.35%, and a net profit of 17 million yuan, up 122.29% [6][9] - The company's gross margin for 2024 was 47.14%, with a net margin of 4.93% [6][9] R&D and Future Outlook - The R&D expenditure for 2024 is projected to be 431 million yuan, representing a 37.67% increase, with 86.62% allocated to nuclear medicine [6][9] - The company has several IND applications and approvals, with key products expected to reach critical development stages in 2025 [7][9] - Forecasted net profits for 2025, 2026, and 2027 are 271 million yuan, 339 million yuan, and 414 million yuan respectively, indicating a recovery trend [9][10]

Financial Performance - The company's operating revenue for 2024 was ¥2,868,936,537.72, a decrease of 12.42% compared to ¥3,275,647,886.63 in 2023[20]. - The net profit attributable to shareholders for 2024 was ¥183,825,711.34, down 12.35% from ¥209,735,777.71 in 2023[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥79,274,001.79, a significant decline of 62.69% from ¥212,479,028.80 in 2023[20]. - The basic earnings per share for 2024 was ¥0.2229, reflecting a decrease of 12.35% compared to ¥0.2543 in 2023[20]. - The total assets at the end of 2024 were ¥8,634,677,996.44, an increase of 6.83% from ¥8,082,354,406.42 at the end of 2023[20]. - The net assets attributable to shareholders at the end of 2024 were ¥4,480,444,647.93, a decrease of 6.18% from ¥4,775,401,465.97 at the end of 2023[20]. - The cash flow from operating activities for 2024 was ¥287,150,779.53, an increase of 3.69% compared to ¥276,944,524.35 in 2023[20]. - The weighted average return on equity for 2024 was 4.04%, down from 4.53% in 2023[20]. - The company reported a total revenue of $1.392 billion for the radioactive ligand therapy Pluvicto, marking a 42% year-on-year growth[37]. - The total revenue for Pluvicto and Lutathera reached $2.116 billion in 2024, showcasing the significant market potential of radioactive ligand therapies[37]. Dividend Distribution - The company plans to distribute a cash dividend of 0.3 RMB per 10 shares to all shareholders, based on a total of 824,595,705 shares[4]. - The cash dividend amount for the reporting period is ¥24,737,871.15, which represents 100% of the total profit distribution[194]. - The company achieved a net profit attributable to shareholders of RMB 183,825,711.34 for the fiscal year 2024, with a profit distribution of RMB 144,304,248.38 in cash dividends[195]. - The company plans to distribute cash dividends of RMB 0.3 per 10 shares, totaling RMB 24,737,871.15, based on a total share capital of 824,595,705 shares as of December 31, 2024[195]. - The remaining undistributed profit (consolidated) to be carried forward to the next year is RMB 1,338,768,971.39[195]. Risks and Challenges - The company acknowledges potential risks including raw material procurement, product quality, price fluctuations, and talent shortages, which may impact future performance[3]. - The pharmaceutical market is becoming increasingly competitive, with rising R&D and production costs posing new challenges for the company[31]. - The company faces risks related to raw material procurement and price fluctuations, particularly for heparin sodium, which is affected by pig supply chain dynamics[148]. - Increased depreciation from recent fixed asset investments may lead to potential declines in operating performance if new projects do not generate expected revenues[148]. - The company is committed to complying with stricter environmental regulations, which may increase operational costs related to pollution control[148]. - Rapid expansion poses management risks, necessitating adjustments in organizational structure and management systems to cope with increased complexity[149]. Research and Development - The company has a rich R&D pipeline targeting prostate cancer, lung cancer, gastric cancer, neuroendocrine tumors, and Alzheimer's disease[42]. - The company is focusing on expanding its market presence and enhancing its R&D capabilities in response to the evolving industry landscape[31]. - R&D investment reached ¥43.11 million, representing a year-on-year increase of 37.67%, with 86.62% allocated to radiopharmaceuticals[95]. - The company is conducting multiple clinical trials for new products, including 18F-labeled drugs for cancer diagnosis and treatment[111]. - The company has established a drug research and development platform targeting neurodegenerative diseases[143]. - The company plans to increase R&D investment in innovative drugs targeting malignant tumors, neurodegenerative diseases, and cardiovascular conditions[147]. Market Position and Strategy - The company is positioned in a rapidly changing pharmaceutical industry, facing both challenges and opportunities due to increasing healthcare demands and policy adjustments[31]. - The company is focusing on nuclear medicine, which is gaining national attention for its role in integrated diagnosis and treatment of tumors and neurodegenerative diseases[57]. - The company is expanding its international market presence, with sales networks established in nearly 40 countries and regions[53]. - The company aims to increase its market share in the biopharmaceutical sector by 5% over the next two years[169]. - The company is actively involved in various subsidiaries and partnerships, enhancing its market presence and operational capabilities[176]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, with no unresolved governance issues[154]. - The company has a total of five directors, including two independent directors, meeting legal requirements for board composition[155]. - The internal audit department consists of seven dedicated personnel, ensuring effective internal supervision of daily operations[158]. - The company has a fully independent financial accounting department, with its own accounting system and financial management policies[162]. - The board of directors held a total of 7 meetings during the reporting period, with all members attending at least 3 meetings in person[181]. Employee and Talent Management - The company has a total of 274 employees with a master's degree or above, reflecting a commitment to a highly educated workforce[188]. - The company has established a competitive salary and benefits system to attract and retain talent, based on market research and industry standards[189]. - The company emphasizes employee training and development, with a focus on creating a "learning organization" to support sustainable growth[191]. - The number of R&D personnel rose by 22.45% to 480, with the proportion of R&D staff increasing from 16.80% to 19.44%[112]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[169]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[173]. - The company plans to invest 200 million RMB in new technology development over the next year[173]. - The company is focusing on expanding its anticoagulant product line and enhancing collaboration with other companies and research institutions to diversify its product offerings[146].

Investment Rating - Buy (首次覆盖) [4] Core Views - The company's performance is under short-term pressure with a 16 4% YoY decline in revenue to 2 16 billion yuan and a 41 6% YoY decline in net profit to 170 million yuan in the first three quarters of 2024 [1] - In Q3 2024, revenue decreased by 7 3% YoY to 740 million yuan, and net profit dropped by 45 7% YoY to 55 million yuan [1] - The company's nuclear medicine product pipeline is continuously expanding, opening up long-term growth potential [4] Business Performance - API segment revenue decreased by 28 73% YoY to 960 million yuan due to a decline in heparin sodium prices [4] - Nuclear medicine segment: FDG injection revenue decreased by 1 33% YoY to 312 million yuan, while technetium-labeled drug revenue increased by 4 26% YoY to 81 79 million yuan due to market expansion [4] - Formulation segment: Nadroparin injection revenue surged by 130 76% YoY to 110 million yuan [4] - Yunke injection revenue decreased by 3 65% YoY to 185 million yuan, mainly due to reduced hospital admissions influenced by DRG and DIP policies [4] Nuclear Medicine Pipeline - The company has a rich portfolio of nuclear medicine products, including diagnostic PET drugs (18F-FDG), SPECT drugs (technetium-labeled drugs), and other drugs like urea [14C] capsules [4] - The company is developing a radioactive theranostic drug innovation platform, Yantai Lannacheng, which focuses on advanced nanodelivery technologies and targets cancers such as prostate, gastric, colorectal, and nasopharyngeal cancers [4] - Key products in development: Fluorine [18F] Sireptide Injection (Phase III), Fluorine [18F] Fibrostatin Injection (completed Phase I), 177Lu-LNC1004 Injection (Phase I in China and Singapore), and others with clinical trial approvals in China and the US [4] Financial Forecasts - Expected net profit for 2024-2026: 220 million yuan, 290 million yuan, and 360 million yuan, with YoY growth rates of 4 2%, 31 6%, and 26 2%, respectively [5] - Current P/E ratios: 51x (2024), 39x (2025), and 31x (2026) [5] - Revenue growth rates: -10 54% (2024), 12 35% (2025), and 12 78% (2026) [5] - ROE: 4 49% (2024), 5 75% (2025), and 7 04% (2026) [5] Valuation Metrics - P/E: 50 69x (2024), 38 51x (2025), 30 52x (2026) [5] - P/S: 3 78x (2024), 3 36x (2025), 2 98x (2026) [5] - P/B: 2 27x (2024), 2 22x (2025), 2 15x (2026) [5] - Dividend yield: 1 11% (2024), 1 46% (2025), 1 84% (2026) [5]

Investment Rating - The investment rating for the company is "Strongly Recommended" [1][4][6] Core Views - The company reported a narrowing decline in revenue for Q3 2024, with a single-quarter revenue of 7.42 billion yuan, down 7.32% year-on-year, and a net profit of 0.55 billion yuan, down 45.74% [2][3] - The company is expected to see a rebound in its heparin raw material business, while its nuclear medicine business remains stable [3][4] - The progress of innovative nuclear drug development is on track, with new clinical approvals for several products [4][6] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 21.62 billion yuan, a decrease of 16.36% year-on-year, and a net profit of 1.67 billion yuan, down 41.62% [2][3] - The gross margin for the first three quarters was 45.55%, an increase of 1.74 percentage points, while the net margin was 7.01%, a decrease of 6.17 percentage points [3] - The revenue from raw materials was 9.60 billion yuan, down 28.73%, primarily due to a decline in heparin sodium sales prices [3][4] Future Projections - Revenue projections for 2024 are estimated at 29.13 billion yuan, with a year-on-year decline of 11.1%, followed by a recovery in 2025 with a projected increase of 12.5% [5][9] - Net profit is expected to recover to 2.37 billion yuan in 2024, with further growth anticipated in subsequent years [5][9] - The company’s P/E ratio is projected to decrease from 52.5 in 2023 to 27.6 by 2026, indicating improved valuation over time [5][9]

Financial Performance - The company's revenue for Q3 2024 was CNY 741.72 million, a decrease of 7.32% year-over-year, and year-to-date revenue was CNY 2.16 billion, down 16.36% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was CNY 55.08 million, a decline of 45.74% year-over-year, with a year-to-date net profit of CNY 166.87 million, down 41.62%[3]. - The basic earnings per share for Q3 2024 was CNY 0.0668, reflecting a decrease of 45.74% year-over-year[3]. - Total operating revenue for Q3 2024 was approximately CNY 2.16 billion, a decrease of 16.4% compared to CNY 2.59 billion in Q3 2023[20]. - Net profit for Q3 2024 was approximately CNY 151.66 million, a decline of 55.6% compared to CNY 340.70 million in Q3 2023[21]. - The company reported a net profit attributable to shareholders of the parent company of approximately CNY 166.87 million, down 41.7% from CNY 285.81 million in Q3 2023[21]. - The total profit for Q3 2024 was approximately CNY 214.42 million, a decrease of 48.0% compared to CNY 412.90 million in Q3 2023[20]. Assets and Liabilities - The total assets at the end of Q3 2024 were CNY 8.64 billion, an increase of 6.95% from the end of the previous year[3]. - Current assets increased to CNY 2,633,124,956.35 from CNY 2,477,686,071.80, representing a growth of approximately 6.3% year-over-year[17]. - Total liabilities increased to CNY 3,174,699,887.72 from CNY 2,686,730,493.74, reflecting a rise of about 18.1%[18]. - The company's total equity increased to CNY 5,469,210,263.29 from CNY 5,395,623,912.68, reflecting a growth of about 1.4%[18]. - The equity attributable to shareholders decreased to CNY 4,501,500,012.54 from CNY 4,775,401,465.97, a decline of about 5.7%[18]. Cash Flow - Cash flow from operating activities increased by 85.28% year-over-year, mainly due to reduced cash payments related to operating activities[9]. - The net cash flow from operating activities for Q3 2024 was ¥184,946,599.13, an increase from ¥99,819,623.10 in Q3 2023, reflecting a significant improvement[22]. - Total cash inflow from investment activities was ¥551,762,741.79, compared to ¥250,049,005.61 in the same period last year, indicating a strong recovery in investment returns[22]. - The net cash flow from financing activities reached ¥630,785,654.16, up from ¥156,226,305.69 in Q3 2023, showcasing enhanced capital raising efforts[23]. - The cash flow from operating activities showed a positive trend with a net increase of 185% compared to the previous year, indicating operational efficiency improvements[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 23,385[10]. - The largest shareholder, Yantai Dongyi Biotechnology Co., Ltd., holds 15.15% of shares, totaling 124,888,049 shares[10]. - The second-largest shareholder, You Shuyi, holds 12.53% of shares, totaling 103,305,678 shares[10]. - The top ten shareholders do not participate in margin trading[12]. - The company has no changes in the shareholding structure of the top ten shareholders due to margin trading[12]. Research and Development - The company’s development expenditures grew by 48.24%, reflecting increased investment in R&D projects[7]. - Research and development expenses increased to approximately CNY 153.89 million, up 23.3% from CNY 124.76 million in the previous year[20]. - The company received clinical trial approval for the drug 68 Ga-LNC1007 from the U.S. FDA[13]. - The company and its wholly-owned subsidiary were re-certified as high-tech enterprises[13]. - The company’s subsidiary LNC PHARMA PTE. LTD. received FDA approval for the clinical trial of the drug 18 FLNC1007 injection, with Phase I trials to be conducted in Australia[14]. Investments and Acquisitions - The company’s long-term equity investments increased by 115.62% due to increased external investments during the reporting period[7]. - The subsidiary Lanacheng acquired the rights to the product [18F] alpha peptide injection for RMB 63 million[13]. - The subsidiary Yitai Pharmaceutical purchased the rights to 99m TcGSA injection for RMB 85 million[13]. - The company completed a capital increase of RMB 380 million by introducing seven investors into its subsidiary Yantai Midu, increasing its registered capital to RMB 602.99 million[14]. - The company subscribed to convertible bonds issued by XING2DIAGNOSTICS, INC. for USD 4 million, accounting for 61.54% of the total issuance[14].