[Table_Summary] [Table_Title] 潜力大品种持续放量，业绩有望迎来拐点 [Table_ReportDate] 立方制药(003020)公司简评报告 | 2024.09.14 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.4 -0.2 0 0.2 0.4 13-Sep 25-Nov 6-Feb19-Apr 1-Jul12-Sep 立方制药 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.73 | | 一年内最高 / 最低价（元） | 26.66/13.33 | | 市盈率（当前） | 18.53 | | 市净率（当前） | 1.89 | | 总股 ...

[Table_Summary] [Table_Title] 潜力大品种持续放量，业绩有望迎来拐点 [Table_ReportDate] 立方制药(003020)公司简评报告 | 2024.09.14 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） 资料来源：聚源数据 -0.4 -0.2 0 0.2 0.4 13-Sep 25-Nov 6-Feb19-Apr 1-Jul12-Sep 立方制药 沪深300 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 16.73 | | 一年内最高 / 最低价（元） | 26.66/13.33 | | 市盈率（当前） | 18.53 | | 市净率（当前） | 1.89 | | 总股 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 证券研究报告 化学制剂 投资评级 买入-A 维持评级 6 个月目标价 20.80 元 股价 (2024-08-30) 17.84 元 交易数据 总市值(百万元) 3,417.64 流通市值(百万元) 2,440.29 总股本(百万股) 191.57 流通股本(百万股) 136.79 12 个月价格区间 15.96/31.48 元 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 7.7 -5.4 -20.5 绝对收益 6.3 -13.0 -32.8 马帅 分析师 相关报告 安信证券-点评报告-立方制 药-2023.8.28 2023-08-29 安信证券-点评报告-立方制 药-2023.4.17 2023-04-17 安信证券-点评报告-立方制 药-2023.3.28 2023-03-29 安信证券-点评报告-立方制 药 - 核心品种快速放量， 2022-10-30 公司快报 2024 年 08 月 30 日 立方制药(003020.SZ) 核心品种快速放量，助力公司 2024Q2 业绩环比改善 事件： 2024 年 8 月 30 日公司发布 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a year-on-year increase of 15%[8]. - The net profit attributable to shareholders reached RMB 100 million, up 20% compared to the same period last year[8]. - The company's operating revenue for the first half of 2024 was ¥769,332,113.02, a decrease of 39.32% compared to ¥1,267,790,879.76 in the same period last year[13]. - The net profit attributable to shareholders was ¥77,430,915.09, down 40.95% from ¥131,129,250.10 year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥73,320,579.70, a decline of 33.01% compared to ¥109,455,940.58 in the previous year[13]. - The company reported a basic and diluted earnings per share of ¥0.40, down 41.18% from ¥0.68 year-on-year[13]. - Future guidance estimates a revenue growth of 10-15% for the full year 2024, driven by new product launches and market expansion efforts[8]. - The company reported a net loss from asset impairment of ¥9,553,286.58, which accounted for -10.99% of total profit[40]. - The total profit for the first half of 2024 was CNY 86,943,206.65, a decrease of 40.7% from CNY 146,649,264.28 in the first half of 2023[114]. Research and Development - The company plans to invest RMB 50 million in R&D for new drug development in the next fiscal year, focusing on innovative therapies[8]. - The company actively explores various R&D models, including independent research, technology transfer, and collaborative research, focusing on areas such as transdermal pump technology and anesthetic drugs[24]. - The company is focusing on the development of new drugs based on the permeation pump technology, with several products in various stages of research and development[34]. - The company has a strong R&D team and collaborates with academic institutions to enhance its research capabilities in new drug development[34]. - The company is actively seeking partnerships to enhance its product pipeline in the high-end controlled-release drug segment[34]. Market Expansion - User data indicates a 30% increase in the number of active customers, reaching 1 million by the end of June 2024[8]. - The company has expanded its market presence by entering three new provinces, increasing its distribution network by 25%[8]. - A new generic drug is expected to be launched in Q4 2024, projected to generate an additional RMB 80 million in revenue annually[8]. - The pharmaceutical industry is experiencing a shift towards high-quality development, with ongoing reforms and policies impacting the market dynamics[17]. Financial Position - Total assets at the end of the reporting period were ¥2,483,904,545.93, a slight increase of 0.01% from ¥2,483,679,575.17 at the end of the previous year[13]. - The net assets attributable to shareholders increased by 0.41% to ¥1,692,406,398.87 from ¥1,685,526,341.61 at the end of the previous year[13]. - The company's total assets at the end of the first half of 2024 are CNY 1,692,406,398.87, demonstrating growth in asset base[124]. - The total equity attributable to shareholders of the parent company was ¥1,602,388,411.06, slightly down from ¥1,606,622,040.97 at the beginning of the period[112]. Cash Flow and Investments - The net cash flow from operating activities increased by 30.28% to ¥77,719,291.35 from ¥59,654,374.59 in the same period last year[13]. - The company's cash flow from operating activities was CNY 758,885,441.57, down 25.7% from CNY 1,022,641,949.61 in the first half of 2023[118]. - Cash inflow from investment activities was ¥178,245,654.55, compared to ¥100,054,862.13 in the first half of 2023, marking an increase of 77.9%[120]. - The total investment amount for the reporting period was ¥389,690,178.32, a decrease of 28.26% compared to the same period last year[44]. Risk Management - The management has identified potential risks related to regulatory changes and market competition, with strategies in place to mitigate these risks[2]. - The company faces risks from industry policy changes, including increased regulatory scrutiny and potential price reductions for drugs, which could adversely affect operations[50]. - The company anticipates ongoing drug price declines due to intensified market competition and healthcare reforms, which may impact profitability[51]. - The company is addressing talent shortages and key personnel turnover risks by enhancing recruitment, training, and performance evaluation measures[52]. Environmental Compliance - The company has obtained environmental permits for its production facilities, with the latest permit valid until 2028 for the Wenchang Road plant[67]. - The company adheres to environmental protection laws and standards, ensuring compliance with various regulations during its operations[66]. - The company has implemented strict environmental impact assessments and has received approvals for all completed projects[67]. - The company has achieved zero exceedance in pollutant discharge across its facilities, demonstrating compliance with local environmental standards[69]. Shareholder Information - The company will not distribute cash dividends or issue bonus shares for the half-year period[61]. - The total number of ordinary shareholders at the end of the reporting period is 9,215, with a significant shareholder, Ji Junqiu, holding 27.05% of shares, totaling 51,812,561 shares[100]. - The company’s shareholders included significant holdings by directors and senior management, with specific lock-up periods for their shares[97]. - The company completed the repurchase of restricted shares on January 17, 2024, which accounted for 0.02% of the total shares before the repurchase[94]. Governance and Compliance - The company has established a multi-level governance structure, including a board of directors and several specialized committees, to ensure effective management and oversight[132]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that its financial statements accurately reflect its financial position and operating results[137]. - The financial report covers the period from January 1, 2024, to June 30, 2024, indicating a continuous operation assumption without significant doubts[138][135]. - The company has not engaged in any major related party transactions during the reporting period[84].

合肥立方制药股份有限公司 第五届监事会第十三次会议决议公告 本公司及监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。 一、监事会会议召开情况 合肥立方制药股份有限公司（以下简称"公司"）第五届监事会第十三次会 议于 2024 年 8 月 19 日以电子邮件、电话、短信等方式通知公司全体监事。会议 于 2024 年 8 月 29 日在公司四楼会议室以现场表决的方式召开，会议应到监事 3 人，实到监事 3 人，公司部分高级管理人员列席会议。会议由监事会主席汪琴女 士主持。 会议召集及召开程序符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、监事会会议审议情况 与会监事经过认真审议和表决，审议通过了如下议案： 1、《2024 年半年度报告全文及摘要》 证券代码：003020 证券简称：立方制药 公告编号：2024-032 具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露的 《2024 年半年度报告》及同日在《证券时报》《中国证券报》和巨潮资讯网 （http://www.cninfo.com.cn）上披露的《20 ...

证券代码：003020 证券简称：立方制药 公告编号：2024-033 合肥立方制药股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 合肥立方制药股份有限公司（以下简称"立方制药"或"公司"）经中国证券 监督管理委员会证监许可[2020]2815号文核准，由主承销商民生证券股份有限公司 （以下简称"民生证券"或"保荐机构"）通过深圳证券交易所系统采用网下向网 下投资者询价配售和网上向社会公众投资者定价发行相结合的方式发行，向社会公 开发行了人民币普通股（A股）股票23,160,000股，发行价为每股人民币为23.13元， 共计募集资金总额为人民币535,690,800.00元。根据公司与主承销商、上市保荐人 民生证券签订的承销暨保荐协议，本公司支付民生证券承销保荐费用42,980,346.20 元（不含税），其中前期已预付承销保荐费用人民币950,000.00元（不含税）；公司 募集资金扣除剩余应支付的承销保荐费用人民币42,030,346 ...

证券代码：003020 证券简称：立方制药 公告编号：2024-031 合肥立方制药股份有限公司 第五届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 合肥立方制药股份有限公司（以下简称"公司"）第五届董事会第十五次会 议于 2024 年 8 月 19 日以电子邮件、电话、短信等方式通知公司全体董事，会议 于 2024 年 8 月 29 日在公司会议室以现场结合通讯表决的方式召开，会议应出席 董事 7 人，实际出席董事 7 人，其中以通讯方式出席会议董事 2 人，董事陈军先 生、独立董事史静先生以通讯方式出席会议并表决。公司部分监事、高级管理人 员列席了会议。会议由公司董事长季俊虬先生主持。 本次董事会会议的召集、召开程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、董事会会议审议情况 与会董事经过认真审议并投票表决，审议通过了如下议案： 1、《2024 年半年度报告全文及摘要》 经审核，董事会认为公司《2024 年半年度报告全文及摘要》编制和审议的程 序符合法律、行政法规和中国证 ...

—2— —1— | | 资金往来方名 | 往来方与上 | 上市公司核算 | 2024年期初往 | 2024年半年度 往来累计发生 | 2024年半年度 | 2024年半年度 | 2024年半年末 | 往来形成 | 往来性质（经 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金往来 | 称 | 市公司的关 联关系 | 的会计科目 | 来资金余额 | 金额（不含利 | 往来资金的利 息（如有） | 偿还累计发生 金额 | 往来资金余 额 | 原因 | 营性往来、非经 营性往来） | | | | | | | 息） | | | | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | 安徽立方连 | | | | | | | | | | | 上市公司的子公司及 | 锁药房有限 合肥大禹制 | 子公司 | 其他应收款 | 301.34 | 229.38 | | 362.21 | 168.51 | 往来款 | 非经营性 | | | 公司 | | | | | | | | | ...

证券代码：003020 证券简称：立方制药 公告编号：2024-029 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品符 合药品注册的有关要求，批准注册。质量标准、标签及生产工艺照所附执行。 登记号：Y20230000075（受理号：CYHS2360***） 合肥立方制药股份有限公司 关于收到原料药上市申请批准通知书的公告 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。 近日，合肥立方制药股份有限公司（以下简称"公司"或"立方制药"）收到 国家药品监督管理局下发的帕利哌酮《化学原料药上市申请批准通知书》。现将相 关情况公告如下： 一、《化学原料药上市申请批准通知书》主要内容 申请事项：境内生产化学原料药上市申请 化学原料药名称：帕利哌酮 通知书有效期：至2029年8月14日 二、帕利哌酮的相关情况 帕利哌酮是利培酮的主要代谢产物，为一新型抗精神病药物，其制剂原研为美 国强生，临床上适用于成人及12-17岁青少年（体重≥29Kg）精神分裂症的治疗。 帕利哌酮治疗首发精神分裂症患者时，起效较快、疗效较好、锥体外系反应较少、 安全性较高、患者依从 ...

二、 股东股份累计质押情况 证券代码：003020 证券简称：立方制药 公告编号：2024-028 合肥立方制药股份有限公司 关于持股 5%以上股东部分股份解除质押的公告 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。 合肥立方制药股份有限公司（以下简称"公司"或"立方制药"）于近日接 到持股5%以上股东邓晓娟女士的通知，获悉其所持有本公司的部分股份解除了 质押，具体事项如下： | 股东名 称 | 是否为控股股 东或第一大股 东及其一致行 | 本次解除 质押数量 | 占其所 持股份 | 占公司 总股本 | 起始日 解除日 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 动人 | （股） | 比例 | 比例 | | | | | 邓晓娟 | 否 | 960,000 | 7.17% | 0.50% | 2023/7/ | 2024/7/ | 合肥科技农村商业 银行股份有限公司 | | | | | | | 14 | 18 | 庐阳支行 | | 合计 | - | 960,000 | 7.17 ...