专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，统计数据显示，A股共有494家上市医药生物公司，CFO聘任总体情况如下（部分统计口 径剔除无效数据）。 从CFO的年龄分布来看，介于40-50岁的CFO是市场的中坚力量，占比达到51%；50岁以上的CFO占比 为33%；30-40岁的CFO群体占比为15%；年龄小于或等于30岁的CFO数量最少，仅3人，分别为博迅生 物的金曼（29岁）、天益医疗的邵科杰（30岁）、*ST四环（维权）的赵洁（30岁）。其中，赵洁于 2024年4月担任*ST四环CFO，后于今年6月离职。数据显示，赵洁2024年年薪仅23.1万元，显著低于行 业平均水平。 从CFO的学历分布看，拥有高中、中职、专科、本科、硕士、博士的CFO数量分别为1人、2人、37人、 271人、178人和8人。其中，本科、硕士学历CFO占比最高， ...

Core Viewpoint - Panlong Pharmaceutical has been awarded the "Corporate Governance Pioneer Award" for its effective performance in corporate governance, highlighting its commitment to ESG (Environmental, Social, and Governance) practices [1] Group 1: Corporate Governance - The company implements a responsibility governance system that exceeds compliance requirements, enhancing internal risk management to create sustainable value for shareholders and society [3] - Panlong Pharmaceutical integrates ESG strategies into its top-level design, establishing a management system that ensures the long-term development strategy is forward-looking and effectively implemented [3] - The governance structure is built around a clear division of responsibilities among the shareholders' meeting, board of directors, and supervisory board, ensuring efficient and stable operations [3] Group 2: Risk Management - The company has developed a comprehensive risk management system that identifies potential risks in R&D, production, marketing, and compliance, with targeted prevention strategies in place [4] - A risk warning mechanism and regular risk assessments are employed to achieve dynamic monitoring and closed-loop management of risks [4] Group 3: Environmental Responsibility - In response to national "dual carbon" policies, the company is actively developing a climate change governance system and implementing energy-saving measures across its operations [5] - Panlong Pharmaceutical is focused on researching green pharmaceutical technologies to drive energy efficiency and reduce emissions [6] Group 4: Social Responsibility - The company prioritizes employee rights and fosters a diverse and safe working environment, achieving a 100% training coverage rate for employees [6] - Panlong Pharmaceutical engages in various charitable activities, donating 1.32 million yuan in 2024 to support education, disaster relief, and rural revitalization efforts [6] Group 5: Future Outlook - The company aims to deepen its ESG practices by leveraging party leadership, governance foundations, and innovation to contribute to the development of the health industry and the construction of a healthy China [6]

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Insights - The market for traditional Chinese medicine (TCM) in musculoskeletal diseases is expected to grow significantly due to an aging population and increasing prevalence of related conditions [2][18] - The oral medication segment presents structural opportunities, while external patches are anticipated to continue expanding [3][32] Summary by Sections 1. Demand Growth in Musculoskeletal TCM Market - The aging population in China reached 202 million people aged 65 and above in 2023, leading to a rise in musculoskeletal disorders [2][18] - The penetration rate of musculoskeletal pain among the population aged 56 and above is 60.8%, while it is 42.2% among those aged 35 and below, indicating a younger demographic is increasingly affected [2][23] - The global pain management drug market is projected to reach $110.4 billion by 2030, with significant growth potential in China compared to markets in the US and Japan [2][28] 2. Structural Opportunities in Oral Medications - The oral TCM market is stable, with the top 10 products each generating sales below 1 billion yuan, indicating a lack of large-scale products [3][47] - Three innovative TCM products in the musculoskeletal field are expected to be approved and enter the national medical insurance directory from 2020 to 2024, which may lead to rapid market growth [3][53] - The basic drug policy aims to increase the usage of essential medicines, providing a competitive advantage for unique insurance products [3][69] 3. Expansion of External Patches - Compared to mature markets like Japan and South Korea, China's external patch market has significant room for growth, with external patches likely to gradually replace oral medications [3][30] - The concentration of external patches in public medical institutions and retail pharmacies is high, allowing leading companies to increase their market share [3][30] - Price increases are expected to continue driving growth in the external patch industry [3][32] 4. Investment Recommendations - Companies to watch include Fangsheng Pharmaceutical, Panlong Pharmaceutical, Lingrui Pharmaceutical, and Qizheng Tibetan Medicine, which have significant advantages in musculoskeletal TCM products [4]

陕西盘龙药业集团股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活动 | 特定对象调研 分析师会议 □ □ | | --- | --- | | 类别 | 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 | 信达澳亚基金 李点典 | | 人员姓名 | 深圳量度资本 罗涛 | | | 上海宝弘资产管理 赵鹏 | | | 华创证券 高初蕾 | | | 华创证券 赵建韬 | | | 恒越基金 薛良辰 | | | 沙特 Apex（制造业公司） 孙烨 | | | 国盛证券 张玉 | | | 通乾投资 朱灵 | | 时间 | 2025 年 7 月 15 日-16 日 | | 地点 | 上海浦东新区、深圳福田区 | | 上市公司接待人 | 董事会秘书吴杰，证券事务代表赵晓妮，投资者关系管理专员梁 | | 员姓名 | 馨方 | | 投资者关系活动 | 投资者提出的问题及公司回复情况 | | | Q1：公司目前盘龙七片占据了一定市场份额，公司未来业绩 | | | 新增长突破点有哪些？ ...

Group 1: Hydropower Station - The Shaanxi Zhen'an Pumped Storage Power Station is designed with an annual power generation capacity of 2.34 billion kWh and an annual water pumping capacity of 3.121 billion kWh, contributing significantly to renewable energy consumption and power supply in Shaanxi and the Northwest region [2] - The power station operates like a "large charging treasure," utilizing surplus green electricity from photovoltaic and wind power to pump water to the upper reservoir, generating electricity during peak demand by releasing water from the upper reservoir [2] - The construction of the power station emphasizes environmental improvement, with a focus on green and low-carbon principles throughout the planning, design, construction, and operation phases [3] Group 2: Environmental Impact - The power station's construction has implemented high standards for ecological protection, including the use of natural river channels for the lower reservoir and the establishment of an environmental monitoring system [3] - The project has contributed to biodiversity protection by transplanting 76 national second-class protected wild plants and breeding over 200 giant salamanders and 1,000 multi-scaled fish annually [3] - The power station is expected to save approximately 117,000 tons of standard coal annually, reducing carbon dioxide emissions by about 305,000 tons and sulfur dioxide emissions by approximately 2,800 tons, supporting carbon peak and carbon neutrality goals [3] Group 3: Traditional Chinese Medicine Industry - The Panlong Pharmaceutical Group is rooted in Zhashui County, leveraging local high-quality medicinal materials for the production of over 100 types of traditional Chinese medicine [4] - The company employs a digital tracking system for its medicinal materials, ensuring strict quality control from soil testing to harvesting and processing, achieving a zero-pollution standard [4] - Panlong Pharmaceutical has established a circular economy model by converting 527 tons of medicinal waste into organic fertilizer, promoting a zero-waste cycle from planting to production [4][5] Group 4: Commitment to Sustainability - Panlong Pharmaceutical is committed to green development, continuously optimizing its management system for medicinal material cultivation and enhancing environmental measures such as soil improvement and water-saving irrigation [5] - The company adheres to zero-pollution harvesting standards for local medicinal materials, aiming to advance the high-quality development of traditional Chinese medicine [5]

Core Viewpoint - Panlong Pharmaceutical is actively engaging with institutional investors to showcase its strategic layout, core product competitiveness, and future development plans, focusing on a "one body, two wings, three depths" strategy to strengthen its main business while expanding into new areas like traditional Chinese medicine formula granules and health products [1] Group 1: Growth Drivers - The main product, Panlong Seven Tablets, is a key driver of revenue growth, holding an 8.05% market share in the traditional Chinese medicine market for musculoskeletal and rheumatic diseases in public hospitals as of the first half of 2024, ranking first [2] - The company has developed a diverse product cluster around rheumatology and bone injuries, including Panlong Seven Medicinal Wine and Bone Health Tablets, creating a differentiated competitive advantage [2] - In 2024, the traditional Chinese medicine decoction pieces business achieved a historical breakthrough with a revenue increase of 292.84%, while the formula granules business made significant progress with 211 varieties registered for market entry [2] Group 2: Health Sector Expansion - In the health sector, the company leverages its traditional Chinese medicine advantages to develop "food and medicine homology" products, establishing a comprehensive product system covering treatment, conditioning, and prevention [5] - The company plans to enhance brand influence through online and offline collaboration, scenario-based marketing, and e-commerce partnerships to explore new growth opportunities [5] Group 3: R&D and M&A Strategy - Despite a slight revenue decline of 0.71% in 2024 due to the divestment of low-margin pharmaceutical distribution, the self-produced traditional Chinese medicine revenue grew by 10.2%, highlighting the profitability of the main business [6] - R&D investment increased by 85.31% in 2024, reaching 0.38 billion, with 65 valid patents held, including 31 invention patents [6] - The company is focusing on M&A within the traditional Chinese medicine industry chain, seeking synergistic targets to enhance core competitiveness through a "first participate, then control" model [9] Group 4: Market Recognition and Shareholder Returns - To address investor concerns regarding market capitalization management, the company aims to enhance market recognition through three measures: strengthening main business profitability, maintaining steady growth, and implementing a cash dividend policy with a 2024 payout ratio of 26.42% [9] - The company has established a three-year dividend plan to balance short-term returns with long-term development needs [9]

Core Viewpoint - The company, Panlong Pharmaceutical, has transformed from a near-bankrupt small factory into a nearly 10 billion yuan traditional Chinese medicine listed enterprise over 27 years, focusing on high-quality development and a comprehensive health strategy [1] Group 1: Corporate Governance and Development Strategy - The company integrates party building into its governance structure, with all board members being party committee members, ensuring that the party organization has real power in strategic decision-making [2] - The unique "12345" party building model has led to significant operational improvements, including a 40% efficiency increase in tablet production lines and over 10 million yuan in annual cost savings [2] - The company has achieved a 45.28% growth in main business revenue and a 47.89% increase in net profit over the past five years, with R&D investment consistently exceeding 6% [2] Group 2: Product and Market Development - In 2024, the company's self-produced traditional Chinese medicine generated revenue of 645 million yuan, a year-on-year increase of 10.20%, with its revenue share rising from 59.67% to 66.22% [4] - The company aims to become a leading player in the Chinese herbal formula granules market, targeting over 400 products for production and sales [4] Group 3: Social Responsibility and Community Engagement - The company has implemented a "Five Guarantees Poverty Alleviation Model," resulting in an average annual income increase of 24,000 yuan for 7,520 households [5][6] - Panlong Pharmaceutical has established a 100 million yuan charitable fund and has been recognized as a national green factory, contributing to local economic development and social welfare [6] Group 4: Future Outlook - The company plans to deepen its "one body, two wings, three depths" development strategy by focusing on orthopedic chronic diseases and enhancing its product matrix across various therapeutic areas by 2025 [7]

Group 1: Strategic Development - The company will continue to deepen its "One Body, Two Wings, Three Depths" development strategy, focusing on orthopedic chronic diseases and integrating brand-oriented business models [2] - A "1+N" open R&D system will be accelerated to enhance innovation and optimize the "Six Forces Project" (market, product, innovation, brand, guarantee, and value) [3] Group 2: Financial Performance - In 2024, the company achieved an annual revenue of ¥973,864,163.02, a slight decrease of 0.71% year-on-year, with a net profit of ¥120,271,592.81, an increase of 8.91% [3] - For Q1 2025, the company reported a main revenue of ¥250,212,341.68, a year-on-year increase of 19.08%, and a net profit of ¥31,249,274.14, up by 0.33% [3] Group 3: Product Development and Market Position - The company has completed the construction of an intelligent production line for traditional Chinese medicine formula granules, achieving a breakthrough with 211 varieties registered by the end of 2024 [5] - The leading product, Panlong Qipian, ranked first in market share at 8.05% in the traditional Chinese medicine market for musculoskeletal diseases in urban and county-level public hospitals in H1 2024 [6] Group 4: Marketing and Sales Strategy - The company has established a comprehensive marketing network covering over 4,800 hospitals, 7,000 retail terminals, and 6,000 grassroots medical institutions across 30 provinces [7] - Emphasizing "Internet + Medicine," the company is enhancing digital marketing strategies and collaborating with major e-commerce platforms to improve brand competitiveness [4]

Group 1: R&D Strategy and Product Layout - The company focuses on innovative management in the field of orthopedic chronic diseases, establishing a dual-driven R&D system of "independent innovation + industrial collaboration" [2] - Key areas of R&D include traditional Chinese medicine innovative drugs, hospital preparations, and Chinese medicine formula granules, alongside chemical generic drugs [2] - The company aims to form a differentiated product matrix and strengthen industrial collaboration through a dual layout of industry funds [2] Group 2: Cost Advantages and Supply Chain - The company has established significant industrial chain synergy in the Chinese medicine formula granules sector, leading to unique cost competitiveness [3] - It is actively promoting deep integration of the raw material supply system through scale procurement and vertical integration [3] - The company is constructing a complete industrial chain closed loop from raw material planting, production processing to terminal sales, maximizing efficiency across all stages [3] Group 3: Marketing and Product Development - The company emphasizes innovation in the health industry and is actively implementing scenario-based marketing strategies to enhance brand influence and product competitiveness [3] - Multiple new products have been independently developed in the health supplement sector, with some entering the production preparation stage [3] - The company is exploring diversified marketing models to improve product visibility and brand impact, targeting specific consumer groups [3]

Core Points - Panlong Pharmaceutical (002864) has successfully passed the rigorous evaluation by the China National Accreditation Service for Conformity Assessment (CNAS) and obtained the laboratory accreditation certificate, effective from June 9, 2025, to June 8, 2031, marking a new benchmark for high-quality development in the traditional Chinese medicine industry [2][3] - The CNAS accreditation signifies that the company's quality control system meets the highest international standards, allowing for mutual recognition of testing data across over 100 economies globally, enhancing the legal authority and international credibility of its testing results [2][3] Company Upgrades - The accreditation will drive upgrades in three key areas: - Research and Development: Accelerating the validation of the effectiveness of new traditional Chinese medicines through a high-standard testing platform [3] - Production: Ensuring a lean production process that guarantees a comprehensive traceability system from raw materials to finished products [3] - Market: Strengthening customer trust and providing international recognition to the "Panlong" brand [3] Strategic Validation - The CNAS recognition is seen as validation of the company's strategy to build its brand on quality, with plans to integrate modern testing technologies with traditional Chinese medicine wisdom, ensuring that every medicinal material and product meets global standards [3]