Core Viewpoint - Huangshan Capsule's stock closed at 6.91 yuan on May 6, with a PE ratio of 39.17, marking a new low in 91 days, and a total market value of 2.067 billion yuan [1] Company Overview - Anhui Huangshan Capsule Co., Ltd. specializes in the research, production, and sales of gelatin hollow capsules and enteric-coated gelatin hollow capsules [1] - The company is one of the earliest manufacturers of pharmaceutical hollow capsules in China, with over 30 years of high-quality production history [1] - Huangshan Capsule has a high reputation in the pharmaceutical hollow capsule industry and is a member of the China Pharmaceutical Packaging Association [1] Financial Performance - In Q1 2025, the company achieved an operating income of 119 million yuan, a year-on-year increase of 0.53%, and a net profit of 18.837 million yuan, a year-on-year increase of 22.90% [2] - The sales gross margin for the same period was 29.26% [2] Market Position - Huangshan Capsule ranks 79th in the industry based on its PE ratio of 39.17, while the industry average is 48.90 and the median is 36.41 [2] - The company's market value is 2.067 billion yuan, compared to the industry average market value of 10.378 billion yuan [2] Product Recognition - The company's trademark is recognized as a famous trademark in Anhui Province, and its "Jingchuan" brand hollow capsules have received the "Anhui Famous Product" title [1] - The "Jingchuan" brand gelatin hollow capsules and enteric-coated gelatin hollow capsules have been awarded as "Excellent Product Brands" in the pharmaceutical excipients sector of the Chinese chemical pharmaceutical industry [1]

Core Viewpoint - Huangshan Capsule's stock closed at 6.77 yuan, up 1.50%, with a rolling PE ratio of 38.38, marking a new low in 18 days, and a total market value of 2.025 billion yuan [1] Company Overview - Anhui Huangshan Capsule Co., Ltd. specializes in the research, production, and sales of gelatin hollow capsules and enteric-coated gelatin hollow capsules, being one of the earliest manufacturers in China with over 30 years of high-quality production history [1] - The company has a strong reputation in the pharmaceutical hollow capsule industry and is a member of the China Pharmaceutical Packaging Association, recognized for its contributions [1] - The company's trademark is rated as a famous trademark in Anhui Province, and its "Jingchuan" brand products have received various accolades, including "Anhui Famous Brand Product" [1] Financial Performance - For Q1 2025, the company reported revenue of 119 million yuan, a year-on-year increase of 0.53%, and a net profit of 18.837 million yuan, reflecting a year-on-year growth of 22.90% [2] - The sales gross margin stood at 29.26% [2] Market Position - Huangshan Capsule's PE ratio of 38.38 is below the industry average of 47.74 and the industry median of 36.15, ranking 80th in the industry [2] - The company has two institutional investors holding a total of 91.2068 million shares, with a combined market value of 594 million yuan [1]

Core Viewpoint - Huangshan Capsule achieved unexpected growth in Q1 2025, with revenue of 119.04 million yuan, a slight increase of 0.53% year-on-year, and a net profit of 18.84 million yuan, up 22.90% year-on-year, reflecting the effectiveness of its high-end transformation strategy and changes in the competitive landscape of the industry [1] Group 1: Financial Performance - In Q1 2025, the company reported a net profit of 18.84 million yuan, a year-on-year increase of 22.90%, and a non-net profit of 18.20 million yuan, up 27.65% year-on-year [1] - The overall gross margin increased by 4.5 percentage points to 29.26% year-on-year, indicating successful structural transformation of its product lines [2] - The net profit margin rose to 15.94%, higher than the industry average, supported by effective cost control, with the ratio of expenses to revenue decreasing to 8.75% [2] Group 2: Product Development and Market Strategy - The demand for traditional gelatin capsules is slowing, while high-end products like enteric capsules and plant-based capsules are experiencing significant growth, with the latter achieving a revenue increase of 64.37% [2] - The company has developed a full product matrix including gelatin capsules, enteric capsules, and HPMC capsules, enhancing its competitive edge [1] - The "technology-driven" strategy has entered a harvest phase, with digital transformation improving operational efficiency and new product technologies being developed [3] Group 3: Operational Efficiency and Global Expansion - The asset-liability ratio decreased to 15.09%, significantly lower than the industry average of 28%, providing a safety net for R&D investments [3] - The company is actively pursuing global expansion, with overseas revenue contributing 16.82%, an increase of 3.2 percentage points from 2023, indicating the initial success of its international strategy [3] - The dual strategy of "high-end and globalization" has proven effective, allowing the company to navigate challenges in the industry and providing a replicable model for transformation [3]

证券代码：002817 证券简称：黄山胶囊 公告编号：2025-011 安徽黄山胶囊股份有限公司 2024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的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1. 本次股东大会不存在出现否决议案的情形。 2. 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1. 召开时间： （1）现场会议召开时间：2025 年 4 月 25 日（星期五）下午 14:30 （2）网络投票时间：2025 年 4 月 25 日（星期五） 2. 召开地点：安徽省旌德县篁嘉桥经济开发区篁嘉大道 7 号本公司一楼会 议室。 3. 召开方式：本次会议以现场投票与网络投票相结合的方式召开。 4. 召集人：安徽黄山胶囊股份有限公司（以下简称"公司"）第五届董事会。 5. 主持人：董事长李合军先生。 6. 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文 件和《公司章程》的规定。 （二）会议出席情况 1. 出席会议的总体情况 股东出席的总体情况： 通过现场和网络投票的股东 92 人，代表股份 111,618, ...

证券代码：002817 证券简称：黄山胶囊 公告编号：2025-013 安徽黄山胶囊股份有限公司 第五届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 安徽黄山胶囊股份有限公司（以下简称"公司"）第五届监事会第十二次会 议（以下简称"本次会议"）通知于 2025 年 4 月 15 日以电话、电子邮件等方式 发出，并于 2025 年 4 月 25 日在公司一楼会议室以现场结合通讯的方式召开。本 次会议由监事会主席张新华先生主持，部分高级管理人员列席了会议，本次会议 应到监事 3 名，实到监事 3 名。本次会议的通知、召集、召开、审议、表决程序 均符合有关法律、行政法规、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 1. 审议通过《公司 2025 年第一季度报告》 经审核，监事会认为董事会编制 2025 年第一季度报告的程序符合法律、行 政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的财务状 况和经营成果，不存在任何虚假记载、误导性陈述或者重大遗漏。 《公司 2025 年第一季度报告 ...

证券代码：002817 证券简称：黄山胶囊 公告编号：2025-012 安徽黄山胶囊股份有限公司 第五届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 1. 审议通过《公司 2025 年第一季度报告》 《公司 2025 年第一季度报告》详见公司指定信息披露媒体《证券时报》《上 海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：同意 7 票，反对 0 票，弃权 0 票。本议案提交董事会审议前，已 经董事会审计委员会审议通过。 2. 审议通过《关于公司聘任审计部经理的议案》 具体内容详见公司指定信息披露媒体《证券时报》《上海证券报》《中国证券 报》和巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：同意 7 票，反对 0 票，弃权 0 票。本议案提交董事会审议前，已 经董事会提名委员会和董事会审计委员会审议通过。 3. 审议通过《关于公司聘任副总经理的议案》 具体内容详见公司指定信息披露媒体《证券时报》《上海证券报》《中国证券 报》和 ...

北京市中伦律师事务所 关于安徽黄山胶囊股份有限公司 2024 年度股东大会的 法律意见书 2025 年 4 月 法律意见书 北京市中伦律师事务所 关于安徽黄山胶囊股份有限公司 法律意见书 议审议的议案内容以及这些议案所表述的事实或数据的真实性及准确性发表意 见。 2024 年度股东大会的法律意见书 本所及本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 致：安徽黄山胶囊股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受安徽黄山胶囊股份有限公 司（以下简称"公司"）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"）的合法性进行见证并出具法律意见。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 中国证券监督管理委员会（以下简称 ...

Financial Performance - The company's revenue for Q1 2025 was ¥119,039,034.77, representing a slight increase of 0.53% compared to ¥118,410,927.98 in the same period last year[5] - Net profit attributable to shareholders increased by 22.90% to ¥18,837,042.65 from ¥15,327,124.06 year-on-year[5] - Basic and diluted earnings per share rose by 20.00% to ¥0.06, up from ¥0.05 in the same period last year[5] - Total operating revenue for the current period reached ¥119,039,034.77, a slight increase of 0.53% compared to ¥118,410,927.98 in the previous period[23] - Net profit for the current period was ¥18,973,875.62, representing a 22.93% increase from ¥15,501,012.90 in the previous period[24] - Operating profit rose to ¥21,911,258.36, an increase of 24.00% compared to ¥17,534,852.53 in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, reaching ¥7,500,281.96, a 140.57% increase from a negative cash flow of ¥18,488,513.56 in the previous year[5] - Cash flow from operating activities generated a net amount of ¥7,500,281.96, a significant recovery from a negative cash flow of ¥18,488,513.56 in the previous period[25] - The company's cash and cash equivalents at the end of the reporting period amount to ¥318,248,590.34, down from ¥341,642,031.24 at the beginning of the period[20] - Cash and cash equivalents at the end of the period totaled ¥58,280,918.52, down from ¥187,885,133.95 at the end of the previous period[26] - The company reported a significant decrease in investment activities cash flow, down by 1116.22% to a negative ¥38,850,400 due to large certificate purchases[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,103,184,328.00, reflecting a 1.53% increase from ¥1,086,534,605.98 at the end of the previous year[5] - Total assets amount to ¥1,103,184,328.00, compared to ¥1,086,534,605.98 at the beginning of the period, indicating an increase of about 1.5%[21] - Total liabilities decreased to ¥166,458,068.60 from ¥168,773,049.88, a reduction of approximately 1.4%[21] - Non-current assets total ¥512,132,076.06, up from ¥496,521,973.13, representing an increase of approximately 3.2%[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 18,378[19] - The largest shareholder, Shandong Lutai Holding Group Co., Ltd., holds 29.99% of shares, totaling 89,699,541 shares[19] - The number of shares held by the top ten unrestricted shareholders includes significant holdings by Shandong Lutai Holding Group and Yu Chunming, indicating concentrated ownership[19] Cost Management and Efficiency - The company plans to continue focusing on cost reduction and efficiency improvements to enhance profitability in the upcoming quarters[27] - Total operating costs decreased to ¥98,353,399.04, down 3.66% from ¥102,310,914.53 in the previous period[23] - The company experienced a 44.89% increase in income tax expenses, amounting to an increase of ¥914,800 due to higher profits[17] Other Financial Metrics - The company's weighted average return on equity improved to 2.05%, up from 1.69% in the previous year[5] - The company's retained earnings increased to ¥481,530,246.47 from ¥462,693,203.82, showing a growth of about 4.0%[22] - Accounts receivable increased to ¥124,284,985.41 from ¥110,369,995.29, reflecting a growth of approximately 12.9%[20] - The company incurred a credit impairment loss of ¥802,849.42, an improvement from a loss of ¥914,664.88 in the previous period[24] - The increase in receivables financing at the end of the period was ¥13,670,400, representing a growth of 48.72%[7] - The company reported a decrease in short-term borrowings, reflecting improved liquidity management[21]

证券之星消息，2025年4月16日黄山胶囊（002817）发布公告称公司于2025年4月16日召开业绩说明会。 具体内容如下： 问：公司的明胶空心胶囊DMF备案号已在FDA与制剂关联。请这是否意味着公司有机会拓展国际市 场？目前在国际市场上的布局和进展如何？ 答：尊敬的投资者您好，我司明胶空心胶囊DMF备案号在FD与制剂关联后，公司明胶空心胶囊已供给 多家国内制药企业用于出口美国市场的药品。公司积极开拓国际市场，2024年度先后参加了泰国亚洲保 健品、欧洲米兰CPHI等海外知名展会，获得了海外客户的认可，并与某东南亚客户签订5年战略合作协 议。感谢您的关注！ 问：你好，请在行业竞争加剧的情况下，公司如何保持和升自身的管理效率和运营成本控制能力？ 答：尊敬的投资者您好,在行业竞争加剧的情况下，公司采取了以下措施提升管理效率与运营成本控制 能力 在管理效率方面，持续推进制度改革赋能，优化决策流程；完善采购、生产、销售、财务等管理制度和 审批控制流程，通过信息化系统进行控制监督；强化风险管理和内部控制体系建设，搭建内部审计监督 体系，防范经营风险。 在运营成本控制方面，牢固树立"过紧日子、苦日子"思想，加强对供应商 ...

Group 1: Market Expansion and International Presence - The company has obtained DMF registration for its gelatin capsules with the FDA, enabling it to supply domestic pharmaceutical companies for export to the U.S. market [2] - In 2024, the company participated in major international exhibitions, such as the Asia Health Products in Thailand and CPHI in Milan, securing recognition from overseas clients and signing a 5-year strategic cooperation agreement with a Southeast Asian client [3] Group 2: Management Efficiency and Cost Control - To enhance management efficiency, the company is implementing institutional reforms, optimizing decision-making processes, and strengthening risk management and internal control systems [3] - The company emphasizes a "tight budget" approach, conducting supplier comparisons and utilizing diversified procurement methods to reduce costs [3] Group 3: Product Structure and Market Demand - The demand for hollow capsules is expected to grow due to aging populations and increased health awareness, with the company producing over 40 billion capsules annually across various types [4] - The company has established long-term partnerships with pharmaceutical and health product companies to quickly secure orders during market surges [4] Group 4: Future Development Strategy - The company focuses on becoming a customized service expert in capsule production, enhancing production efficiency and product quality through innovation and smart manufacturing [4] - Plans for mergers and acquisitions will be disclosed in accordance with relevant regulations if they arise [4] Group 5: Financial Performance - In 2024, the company achieved a revenue of 473.48 million yuan and a net profit of 49.25 million yuan, distributing cash dividends of 19.44 million yuan to investors [5] - The company has maintained a stable governance structure and has not experienced annual losses since its listing, with no current risk of ST or mandatory delisting [6] Group 6: Industry Outlook - The hollow capsule market is projected to grow due to favorable national policies and increasing health consciousness, although challenges such as industry competition and trade protectionism may introduce uncertainties [6]