@证券代码：002675 证券简称：东诚药业 公告编号：2024-062 烟台东诚药业集团股份有限公司 关于控股股东部分股权补充质押 及实际控制人部分股权解除质押的公告 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。 烟台东诚药业集团股份有限公司（以下简称"公司"或"本公司"）近日收 到公司控股股东烟台东益生物工程有限公司（以下简称"东益生物"）和实际控 制人由守谊的通知，东益生物和由守谊分别将其持有的本公司部分股权进行补充 质押和解除质押，具体情况如下： 根据《通知》所述，截至2024年10月18日东益生物持有东诚药业股票 124,888,049股，累计质押26,100,000股，累计质押股份占所持股份总数的20.90%； 实际控制人由守谊持有东诚药业股票103,305,678股，累计质押51,548,000股， 累计质押股份占所持股份总数的49.90%；股权质押风险总体可控，目前不存在平 仓风险。 | 股东 | 是否为控股 股东或第一 | 本次股份质 | 占其所 | 占公 司总 | 是否为 | 是否为 | 质押起 | 质押到 | | 质押 | | --- ...

Investment Rating - Buy (Maintained) [2] Core Views - Dongcheng Pharmaceutical's revenue for the first half of 2024 was RMB 1.421 billion, a year-on-year decrease of 20.41%, with net profit attributable to the parent company of RMB 112 million, a year-on-year decrease of 39.35% [3] - The nuclear medicine business remained stable, with sales revenue of RMB 499 million in H1 2024, a slight decrease of 0.58% year-on-year [3] - The company has a rich pipeline in nuclear medicine, with 30 operational nuclear medicine production centers and 8 under construction, focusing on oncology, neurodegenerative diseases, and cardiovascular diseases [3] - The company is expected to achieve net profits of RMB 221 million, RMB 306 million, and RMB 419 million in 2024, 2025, and 2026, respectively, with corresponding PE ratios of 46.4x, 33.5x, and 24.5x [3] Financial Performance and Forecast - Revenue for 2024E is projected to be RMB 2.903 billion, a decrease of 11.4% year-on-year, with a recovery to RMB 3.242 billion and RMB 3.740 billion in 2025E and 2026E, respectively [3][4] - Net profit for 2024E is expected to be RMB 221 million, a year-on-year increase of 5.3%, with further growth to RMB 306 million and RMB 419 million in 2025E and 2026E [3][4] - Gross margin is expected to remain stable at 45.0% from 2024E to 2026E [4] - ROE is projected to increase from 4.8% in 2024E to 8.4% in 2026E [4] Business Segments - The nuclear medicine segment generated RMB 499 million in revenue in H1 2024, with key products 18F-FDG and Yunke Injection contributing RMB 195 million and RMB 123 million, respectively [3] - The API segment faced short-term pressure, with revenue declining by 31.03% year-on-year to RMB 657 million in H1 2024, primarily due to a 39.02% drop in heparin API sales [3] Valuation Metrics - The company's P/E ratio is expected to decrease from 46.4x in 2024E to 24.5x in 2026E [3][4] - P/B ratio is projected to decline from 2.22x in 2024E to 2.05x in 2026E [4] - EV/EBITDA is forecasted to decrease from 17.79x in 2024E to 11.49x in 2026E [4] Market Performance - The stock's absolute return over the past 1M, 2M, and 3M was 6.15%, 6.24%, and 1.64%, respectively, underperforming the CSI 300 index by -0.40%, 1.95%, and -0.89% over the same periods [2]

一、 本次担保情况概述 2024年9月20日，烟台东诚药业集团股份有限公司（以下简称"公司"）与 上海浦东发展银行股份有限公司烟台分行（以下简称"上海浦发银行"或"债权 人"）签订了《保证合同》，约定公司为全资子公司烟台东诚核医疗健康产业集 团有限公司（以下简称"东诚核医疗"或"债务人"）向上海浦发银行申请的7,412 万元贷款提供连带责任担保。 证券代码：002675 证券简称：东诚药业 公告编号：2024-061 烟台东诚药业集团股份有限公司 关于为子公司及其下属公司提供担保的进展公告 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。 二、 担保事项审议及额度使用情况 公司于2024年4月26日和2024年5月17日分别召开第六届董事会第四次会议 和2023年度股东大会，审议通过了《关于2024年度为子公司及其下属公司提供担 保额度预计的议案》，同意公司对合并报表范围内的子公司及其下属公司提供担 保，预计2024年度上述担保额度合计不超过人民币9亿元（或等值外币），额度 内可循环滚动操作。授权公司及子公司法定代表人或其授权人员根据实际经营需 要，在前述额度内 ...

证券代码：002675 证券简称：东诚药业 公告编号：2024-060 烟台东诚药业集团股份有限公司 关于控股子公司获得药物临床试验批准通知书的公告 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。 2024 年 9 月 20 日，烟台东诚药业集团股份有限公司（以下简称"公司"） 控股子公司烟台蓝纳成生物技术有限公司（以下简称"蓝纳成"）收到中国国家 药品监督管理局（以下简称"国家药监局"）核准签发的关于 18F-LNC1007 注射 液的药品临床试验批准通知书，将于近期开展临床试验。 2、FAP 为 II 型跨膜丝氨酸蛋白酶，高表达于许多上皮肿瘤相关成纤维细胞 (Cancer-Associated Fibroblasts，简称"CAF")中，包括胃癌、食管癌、肺癌、结直 肠癌、卵巢癌等，而在正常组织、良性肿瘤间质中无表达或表达较低。αvβ3 是位 现将 18F-LNC1007 注射液相关情况公告如下： 于细胞表面的异源二聚体受体，在正常血管内皮和上皮细胞很少表达，但在肺癌、 骨肉瘤、成神经细胞瘤、乳腺癌、前列腺癌、膀胱癌、胶质母细胞瘤及浸润性黑 色素瘤等多种实 ...

证券代码：002675 证券简称：东诚药业 公告编号：2024-059 烟台东诚药业集团股份有限公司 关于控股股东部分股权解除质押的公告 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。 二、股东所持股份累计被质押的情况 股东 名称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质 押股份数量 （股） 占其所 持股份 比例 占公司 总股本 比例 质押起 始日 质押解 除日 质权人 东益 生物 是 8,925,000 7.15% 1.08% 2021 年 10 月 28 日 2024 年 9 月 13 日 海通证券 股份有限 公司 合计 - 8,925,000 7.15% 1.08% - - - 一、股东股份解除质押的情况 截至公告披露日，控股股东东益生物及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 （股） 持股比 例 累计质押数 量（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股 份限售和 冻结数量 （股） 占已质 押股份 比例 未质押股 份限售和 冻结数量 （股） 占未质 押股份 比例 烟台 东 ...

证券代码：002675 证券简称：东诚药业 公告编号：2024-058 烟台东诚药业集团股份有限公司 关于控股股东部分股权质押、展期及补充质押的公告 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。 截至公告披露日，控股股东东益生物及其一致行动人所持质押股份情况如下： 股东名 称 持股数量 （股） 持股比 例 累计质押 数量（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股 份限售和 冻结数量 （股） 占已质 押股份 比例 未质押股 份限售和 冻结数量 （股） 占未质 押股份 比例 烟台东 益生物 工程有 限公司 124,888,049 15.15% 34,025,000 27.24% 4.13% 0 0 0 0 由守谊 103,305,678 12.53% 52,548,000 50.87% 6.37% 41,518,000 79.01% 35,961,258 70.85% 厦门鲁 鼎志诚 股权投 资管理 合伙企 业（有 限合 伙） 3,056,768 0.37% 0 0 0 0 0 0 0 合计 231,250,49 ...

证券代码：002675 证券简称：东诚药业 公告编号：2024-057 烟台东诚药业集团股份有限公司 关于实际控制人部分股权质押展期及补充质押的公告 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。 烟台东诚药业集团股份有限公司（以下简称"公司"或"本公司"）于近日 收到公司实际控制人由守谊先生的通知，由守谊先生将其持有的本公司部分股权 进行质押展期及补充质押，具体情况如下： 根据《通知》所述，截至2024年9月5日由守谊先生持有东诚药业股票 103,305,678股，累计质押52,548,000股，累计质押股份占所持股份总数的50.87%， 股权质押风险总体可控，目前不存在平仓风险。 注：质押股份均为高管锁定股。 二、股东股份补充质押的情况 三、股东所持股份累计被质押的情况 截至公告披露日，实际控制人由守谊先生及其一致行动人所持质押股份情况 如下： | | | | | 占其所 | 占公 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for Dongcheng Pharmaceutical is maintained as "Buy" [4][7]. Core Insights - Dongcheng Pharmaceutical reported a revenue of 1.421 billion yuan for the first half of 2024, a year-on-year decrease of 20.41%, and a net profit attributable to shareholders of 112 million yuan, down 39.35% year-on-year [2][6]. - The nuclear medicine business remains stable, while revenue from heparin raw materials has declined significantly [6]. - The company has a robust product pipeline and production layout in the nuclear medicine sector, with multiple production centers operational and under construction [6]. Financial Performance - For the first half of 2024, the nuclear medicine segment generated revenue of 499 million yuan, a slight decrease of 0.58% year-on-year, while the heparin raw materials segment saw a revenue drop of 31.03% to 657 million yuan [6]. - The gross margin for the nuclear medicine business improved by 1.99 percentage points, while the heparin raw materials segment's gross margin increased by 1.23 percentage points despite the revenue decline [6]. - The forecasted revenues for 2024-2026 are 3.376 billion yuan, 3.628 billion yuan, and 3.869 billion yuan, with respective year-on-year growth rates of 3.08%, 7.46%, and 6.63% [7]. Business Outlook - The company is expected to maintain a leading position in the nuclear medicine market, with ongoing investments in production centers and a diverse range of products under development [6][7]. - The projected net profits for 2024-2026 are 314 million yuan, 366 million yuan, and 424 million yuan, with significant growth anticipated in 2024 at 49.69% year-on-year [7].

Group 1: Financial Performance - In the first half of 2024, the company achieved operating revenue of 1.421 billion yuan, a year-on-year decrease of 20.41% [2] - The net profit attributable to shareholders was 112 million yuan, down 39.35% year-on-year [2] - The sales revenue of the nuclear medicine segment was 499 million yuan, a decline of 0.58% [2] - Key product 18 F-FDG generated revenue of 195 million yuan, down 4.30% [2] - The iodine raw material drug segment reported sales of 657 million yuan, a decrease of 31.03% [2] - The sales revenue of the formulation segment was 179 million yuan, down 32.01% [2] Group 2: Product Development and Clinical Trials - The company is conducting Phase III clinical trials for 18 F-LNC1001 injection [2] - 18 F-LNC1005 injection has completed Phase I clinical trials [2] - 177 Lu-LNC1004 injection is undergoing clinical trials in China and Singapore [2] - 8 nuclear medicine production centers are currently under construction, with a total of 30 operational centers covering 93.5% of the domestic nuclear medicine demand [2]

Investment Rating - The investment rating for the company is "Strongly Recommended" [1][9] Core Views - The company's short-term performance is impacted by the decline in raw material drug sales, particularly heparin, but there is a strong long-term outlook for its nuclear medicine segment [4][5] - The company reported a revenue of 1.421 billion yuan for the first half of 2024, a decrease of 20.41%, and a net profit of 112 million yuan, down 39.35% [3][4] - The nuclear medicine segment maintained stability with a revenue of 499 million yuan, while the raw material drug segment saw a significant decline in revenue [4][5] Financial Performance Summary - The company achieved a revenue of 1.421 billion yuan in H1 2024, down 20.41%, with a net profit of 112 million yuan, down 39.35% [3] - In Q2 2024, the company reported a revenue of 773 million yuan, a decrease of 17.23%, and a net profit of 47 million yuan, down 64.63% [3] - The raw material drug segment's revenue was 657 million yuan, down 31.03%, with heparin revenue specifically declining by 39.02% [4] Research and Development - The company increased its R&D investment to 165 million yuan in H1 2024, with a R&D expense ratio of 6.40% [4] - The company has multiple promising products in its pipeline, including the recently approved technetium-99m injection [4][5] Market Outlook - The nuclear medicine industry is expected to continue its upward trend, with the company positioned to benefit from its expanding pipeline and operational nuclear pharmacies [5][6] - The average export price of heparin has stabilized, suggesting limited downside risk and potential for price recovery [4][5]