证券代码：002675 证券简称：东诚药业 公告编号：2025-020 烟台东诚药业集团股份有限公司 2024 年度股东大会决议公告 一、会议召开情况 （一）召开时间： 现场会议时间：2025年3月28日（星期五）14:30； 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025年3月28日9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025年3月28日9:15-15:00期间的任意时间。 （二）现场会议地点：烟台经济技术开发区长白山路7号公司会议室； （六）本次股东大会的召集、召开程序符合《公司法》《上市公司股东大会 规则》等法律、法规、规范性文件和《公司章程》的规定。 二、会议出席情况 参加本次会议的股东及股东代理人共133人，代表公司有表决权的股份 237,307,781股，占公司有表决权股份总数的28.7787%。其中：1、出席本次现场 会议的股东及股东代表共3人，代表有表决权的股份数231,250,495股，占公司有 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 ...

北京市中伦律师事务所 关于烟台东诚药业集团股份有限公司 2024 年度股东大会的 法律意见书 致：烟台东诚药业集团股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》及中国证券监督管理委员会发布的《上市公司股东大会规则》等规定， 北京市中伦律师事务所（以下简称本所）接受烟台东诚药业集团股份有限公司（以 下简称公司）的委托，指派本所律师对公司 2024 年度股东大会（以下简称本次 股东大会）进行见证并就相关事项出具本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的相关文件，包括但不限于： 1. 现行《烟台东诚药业集团股份有限公司章程》（以下简称《公司章程》）； 2. 公司于 2025 年 2 月 27 日刊登在深圳证券交易所网站（www.szse.cn）、 巨潮资讯网（www.cninfo.com.cn）的第六届董事会第九次会议决议公告、关于召 开本次股东大会的通知； 3. 公司本次股东大会股权登记日（2025 年 3 月 24 日）的股东名册、出席现 场会议的股东的到会登记记录及凭证资料； 4. 公司本次股东大会的会议文件。 1 法律意见书 在本法律意见书中， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 2.869 billion yuan in 2024, a year-on-year decrease of 12.42%, and a net profit attributable to shareholders of 184 million yuan, also down 12.35% year-on-year. The adjusted net profit decreased significantly by 62.69% to 79 million yuan. However, in the fourth quarter, the company achieved a revenue of 707 million yuan, a year-on-year increase of 2.35%, and a net profit of 17 million yuan, marking a turnaround from losses [5][14] Summary by Sections Business Performance - The company's raw material drug business saw a revenue of 1.255 billion yuan in 2024, down 25.17% year-on-year, primarily due to a decline in the sales price of heparin sodium. The demand for heparin raw materials is improving, although the export price has been affected by raw material costs. The nuclear medicine business remained stable, with revenues from 18F-FDG at 421 million yuan (up 0.25% year-on-year) and from cloud injection solutions at 231 million yuan (down 5.48% year-on-year) [15] Nuclear Medicine Development - The company has a leading position in nuclear medicine facilities and product layout. It has received approval for the launch of technetium-99m labeled drugs and has several products in the III phase of clinical trials. The company operates multiple nuclear medicine centers, covering 93.5% of the domestic population's nuclear medicine needs [16] Future Projections - The company is expected to see revenues of 3.098 billion yuan, 3.361 billion yuan, and 3.661 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.99%, 8.50%, and 8.93%. The net profit attributable to shareholders is projected to be 237 million yuan, 264 million yuan, and 297 million yuan for the same years, with growth rates of 28.97%, 11.54%, and 12.23% respectively. The earnings per share (EPS) are expected to be 0.29 yuan, 0.32 yuan, and 0.36 yuan [17]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's short-term performance is impacted by increased costs, but the innovative nuclear medicine research is progressing steadily [5][7] - In 2024, the company achieved a revenue of 2.869 billion yuan, a decrease of 12.42%, and a net profit attributable to shareholders of 184 million yuan, down 12.35% [7] - The company anticipates marginal improvement in 2025 as the demand for heparin raw materials gradually recovers [7] Financial Summary - The latest closing price is 13.25 yuan, with a one-year high of 16.29 yuan and a low of 11.28 yuan [3] - The current P/E ratio is 59.44, and the P/B ratio is 2.44 [3] - The total share capital is 8.25 billion shares, with a total market value of 10.926 billion yuan [3] Profit Forecast - Revenue projections for 2025 to 2027 are 3.141 billion yuan, 3.433 billion yuan, and 3.737 billion yuan, with growth rates of 9.5%, 9.3%, and 8.9% respectively [6] - Net profit attributable to shareholders is expected to be 235 million yuan, 286 million yuan, and 339 million yuan for the same years, with growth rates of 28.1%, 21.2%, and 18.8% respectively [6] - The estimated P/E ratios for 2025, 2026, and 2027 are 46.4, 38.3, and 32.2 respectively [6]

Investment Rating - The report assigns an initial "Buy" rating for the company [1]. Core Views - The company is entering a harvest period for its nuclear medicine platform, with stable revenue contributions expected from its core heparin business starting in 2025 [7]. - The nuclear medicine industry is experiencing demand expansion, with a stable duopoly supply structure, and the company is well-positioned to benefit from this growth [7]. - The company has a comprehensive supply network in the nuclear medicine sector, which enhances its competitive advantage compared to international peers [7]. - The company’s innovative nuclear medicine pipeline is expected to yield commercial returns in the near future, with several products in advanced clinical stages [7]. - The financial forecast indicates a recovery in revenue and profit from 2025 onwards, driven by the commercialization of new nuclear medicine products [7]. Summary by Sections 1. Company Overview - The company is a leading innovator in nuclear medicine research and production, with a comprehensive business model covering raw materials, formulations, nuclear medicine, and health products [14]. 2. Nuclear Medicine Industry - The nuclear medicine market is characterized by high entry barriers and strong growth potential, primarily used for imaging diagnostics and tumor treatment [31]. - The global nuclear medicine market is projected to grow at a CAGR of 11.5% from 2024 to 2033, with significant opportunities in China, where the market is expected to grow at a CAGR of 32.4% from 2021 to 2025 [7]. 3. Company’s Nuclear Medicine Pipeline - The company has a robust pipeline of nuclear medicine products, with several candidates in late-stage clinical trials, including treatments for prostate cancer and other malignancies [7]. - The company’s nuclear medicine segment achieved revenue of 1.01 billion yuan in 2024, with a gross margin of 69.1%, indicating strong profitability in this area [22]. 4. Financial Projections - Revenue projections for 2025-2027 are 32.2 billion yuan, 37.1 billion yuan, and 41.9 billion yuan, respectively, with corresponding net profits of 2.2 billion yuan, 3.2 billion yuan, and 4.0 billion yuan [7]. - The current P/E ratios for the company are projected to be 50, 34, and 27 for the years 2025, 2026, and 2027, respectively, suggesting potential undervaluation given the expected growth [7].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4]. Core Views - The company reported a revenue of 2.869 billion yuan in 2024, a decrease of 12.42% year-on-year, and a net profit attributable to shareholders of 184 million yuan, also down 12.35% year-on-year [1][2]. - The core business remains stable, with significant progress in nuclear medicine research and development [3]. Financial Performance Summary - In 2024, the nuclear medicine segment generated sales of 1.012 billion yuan, a slight decrease of 0.52% year-on-year, while the raw material drug segment saw a revenue drop of 25.17% to 1.255 billion yuan, primarily due to a 36.32% decline in heparin product sales [2]. - The company experienced an asset impairment loss of 83.87 million yuan in 2024, mainly from goodwill and fixed asset impairments [2]. - The company expects revenues of 3.178 billion yuan, 3.536 billion yuan, and 3.950 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 251 million yuan, 332 million yuan, and 374 million yuan for the same years [3][9]. Research and Development Progress - The company has made significant advancements in its R&D efforts, with several nuclear medicine products in various stages of clinical trials, including fluorine-18 labeled peptides [3]. - New products from external collaborations, such as technetium-99m labeled drugs, are expected to become new profit growth points [3]. Market Position and Outlook - The company is positioned in the pharmaceutical and chemical manufacturing industry, focusing on nuclear medicine, which is expected to drive future growth despite current challenges in raw material pricing and market conditions [4][5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company reported a revenue of 2.869 billion yuan in 2024, a decrease of 12.42% year-on-year, and a net profit attributable to shareholders of 184 million yuan, down 12.35% year-on-year [1][2] - The core business remains stable, with significant progress in nuclear medicine research and development [1][3] - The decline in revenue is primarily attributed to the decrease in the export price of heparin raw materials, while nuclear medicine revenue remained relatively stable [2][3] Financial Performance Summary - In 2024, the nuclear medicine segment generated sales of 1.012 billion yuan, a slight decrease of 0.52% year-on-year, while the raw material drug segment saw a revenue drop of 25.17% to 1.255 billion yuan [2] - The company experienced an asset impairment loss of 83.87 million yuan, mainly due to goodwill and fixed asset impairment [2] - The company expects revenues for 2025-2027 to be 3.178 billion, 3.536 billion, and 3.950 billion yuan respectively, with net profits projected at 251 million, 332 million, and 374 million yuan [3][9] Financial Data and Valuation - The company's revenue for 2023 was 3.276 billion yuan, with a projected growth rate of 10.79% in 2025 [9][10] - The EBITDA for 2024 is estimated at 814.33 million yuan, with a net profit margin of 6.41% [9][10] - The company has a current price-to-earnings ratio (P/E) of 59.44 and a price-to-book ratio (P/B) of 2.44 for 2024 [9][10]

Group 1: Financial Performance - The company reported a revenue of 2.868 billion yuan in 2024, a year-on-year decrease of 12.42% due to a significant drop in the sales price of heparin sodium, despite an increase in sales volume [4] - The net profit attributable to the parent company was 180 million yuan in 2024, down 12% year-on-year, impacted by declining raw material prices, increased R&D investment, and rising financial costs [4] Group 2: Product Development and Market Strategy - The company has invested 86.62% of its total R&D expenses in radiopharmaceuticals, with ongoing efforts to expedite the development of in-progress products [3] - The product 18F-APN-1607 is in the process of further impurity studies before its market launch, following successful communication with CDE regarding safety and efficacy [2] - The company is actively pursuing the approval of the sodium fluoride injection for bone scanning and is in various stages of clinical trials for other products [3] Group 3: Market Conditions and Pricing - The pricing of 18F-FDG products is determined through negotiation with hospitals, and there has been no significant price drop due to competition in recent years [2] - The future trend of raw material prices will be dictated by supply and demand dynamics, with the company focusing on expanding its customer base and controlling procurement costs [4] Group 4: Corporate Governance and Shareholder Relations - The company is committed to adhering to the guidelines for market value management to protect shareholder interests [4] - There are ongoing discussions regarding the company's plans for its U.S. listing, with future announcements to be made as developments occur [4]

Financial Performance - In 2024, the company achieved revenue of CNY 2.868 billion, a year-on-year decrease of 12.42% due to a significant drop in the sales price of heparin sodium products, despite an increase in sales volume [2] - The net profit attributable to shareholders was CNY 180 million, down 12% year-on-year, impacted by declining sales prices, increased R&D investment, and rising financial expenses [2] - The nuclear medicine business generated revenue of CNY 1.012 billion, a slight decrease of 0.52%, with key product 18F-FDG revenue at CNY 421 million, up 0.25% [2] R&D Progress - The company made significant breakthroughs in multiple innovative drugs, with 4 IND applications approved domestically and internationally, and 1 Fast Track certification [4] - The company increased its R&D personnel by nearly 100 in 2024 to support ongoing projects, focusing on clinical operations and preclinical experiments [8] - A total of CNY 680 million was raised in primary market financing in 2024, reflecting strong capital recognition of the company and its projects [4] Nuclear Medicine Development - The company is collaborating with well-known entities to build a specialized isotope reactor project in Jiangxi [5] - By the end of 2024, the company had operationalized 30 nuclear medicine production centers, covering 93.5% of the domestic nuclear medicine demand [6] - The company is exploring new therapeutic nuclear drugs, including those targeting prostate cancer and Alzheimer's disease, with ongoing clinical trials [10][17] Market Outlook - The future nuclear medicine market is expected to grow as foreign nuclear drugs enter the domestic market, increasing market recognition [11] - The treatment drug 177Lu-LNC1004 has completed Phase I clinical trials and shows promise for various solid tumors, with a broad market potential [12] - The company is actively pursuing international business development opportunities for its differentiated products [19] Financial Guidance and Challenges - The company did not provide specific revenue and net profit guidance for 2024, citing disclosure principles [27] - The slow growth of 18F-FDG sales is attributed to limited customer growth and the product not being included in medical insurance, relying mainly on out-of-pocket payments [27] - The company is addressing increased tariffs on exports to the U.S. by adjusting pricing strategies in collaboration with clients [26]

Summary of Dongcheng Pharmaceutical Conference Call Company Overview - **Company**: Dongcheng Pharmaceutical - **Year**: 2024 - **Industry**: Pharmaceutical, specifically focusing on raw materials and nuclear medicine Key Financial Data - **Revenue**: 2.868 billion yuan, a decrease of 12.42% year-on-year due to a significant drop in the sales price of mannitol raw materials, which led to a 36% revenue reduction despite increased sales volume [3][5] - **Net Profit**: 180 million yuan, a decrease of 12% year-on-year, attributed to reduced gross profit from raw materials, increased R&D investment, and higher financial expenses from primary market financing [3][4] - **Non-recurring Net Profit**: Significantly affected by government subsidies and the transfer of R&D expenses [4] Business Segment Performance - **Raw Material Business**: Sales price drop of mannitol significantly impacted revenue [5] - **Nuclear Medicine Business**: Overall revenue slightly decreased, but CDMO and equipment-related businesses grew by 52%. The formulation business revenue decreased by 18%, with a 15% drop in gross margin due to price reductions from national procurement policies, although sales volume exceeded 10 million units, achieving a 60% market share in hormone products [3][5] - **R&D Progress**: Increased investment in radioactive nuclear medicine, with 4 IND applications approved domestically and internationally, and one product received fast track designation in the U.S. [6] Strategic Collaborations and Projects - **Collaborations**: Partnerships with China National Nuclear Corporation, China Academy of Engineering Physics, and German EZ Company to develop nuclear reactors and accelerators, enhancing the nuclear industry chain layout [7] - **FAP Target Drugs**: Two integrated therapeutic drugs, 1,004 and 1,005, are in advanced clinical stages, with 1,004 having completed FDA data organization and received fast track status [18] Future Development Directions - **R&D Focus**: Continuous investment in new business areas and R&D, with plans to establish a logistics platform for radioactive material transportation [8] - **Commercial Insurance Negotiations**: Active discussions to ensure future sales expectations are met, with plans for a new round of financing before the 2026 listing of Nanjing University [19] Market Trends and Opportunities - **Nuclear Medicine Market**: Significant growth potential due to clinical value and supportive policies from U.S. and Chinese healthcare systems [16][17] - **AI Technology Impact**: AI advancements are expected to enhance diagnostic accuracy, driving demand for nuclear diagnostic drugs [29] Production and Capacity Expansion - **Production Network**: Ongoing expansion of production sites to support nationwide operations, with a focus on meeting increasing market demand [20][30] - **Capacity Utilization**: Good utilization rates in nuclear medicine production facilities, with plans for gradual increases to meet market needs [26] Risks and Challenges - **Financial Risks**: Increased financial expenses due to financing activities and potential impacts from pricing adjustments in the raw material sector [13] - **Regulatory Challenges**: Ongoing discussions with regulatory bodies regarding new drug approvals and market entry strategies [11] Conclusion - **Outlook**: Despite challenges, the company is positioned for growth through strategic investments in R&D, production capacity, and market expansion, with a focus on nuclear medicine and innovative therapeutic solutions [42]