Group 1 - The core viewpoint is that vitamin concept stocks are experiencing significant activity, with Erkang Pharmaceutical hitting a 20% limit up [1] - Other companies such as Yong'an Pharmaceutical and Hehua Co. also reached their daily limit up, while Brother Technology, Xin Ganjiang, and Huayuan Biological increased by over 5% [1] - The price of feed-grade vitamin D3 in Taizhou Haisheng has been raised to 600 yuan per kilogram, indicating a price increase in the market [1] Group 2 - Major domestic manufacturers have collectively stopped reporting prices as of April, suggesting a tightening supply situation [1] - The European market is facing a stock shortage, which may further impact pricing and availability [1]

Core Viewpoint - The overall performance of Erkang Pharmaceutical in 2024 was poor, with significant declines in revenue and profit, despite efforts to diversify into various sectors including excipients, APIs, finished drugs, and new energy materials [1][4]. Group 1: Financial Performance - The company's operating revenue for 2024 was 1.14 billion yuan, a year-on-year decrease of 36.09% [1]. - The net profit attributable to shareholders was -373 million yuan, a substantial decline of 91.16% year-on-year [1]. - The non-recurring net profit was -369 million yuan, down 59.24% compared to the previous year [1]. Group 2: Business Segments - In the excipients sector, the main products included medicinal ethanol, glycerin, modified starch, and starch capsule series, with modified starch and starch capsules generating 56.41 million yuan in revenue, an increase of 81.89% year-on-year; however, this was insufficient to reverse the overall revenue decline [4]. - The API segment saw the successful application for QYHN raw material drugs, enriching the product structure, but growth in this area did not compensate for declines in other segments [4]. - Finished drug sales included products like sulfanilamide sodium injection and aminohexanoic acid injection, with traditional Chinese medicine products achieving 99.98 million yuan in revenue, a significant increase of 461.40% year-on-year, yet overall finished drug growth could not offset losses in other areas [4]. Group 3: New Energy Materials - The company has made progress in the new energy materials sector, particularly with lithium carbonate, and has invested in a beneficiation plant project in Nigeria, which has begun production and is seen as a new growth point; however, its contribution to overall performance remains limited [4][5]. Group 4: Operational Challenges - The company's "sales-driven production" model has not been effective, as changes in market supply and demand for composite excipients and intermediates led to reduced sales volumes and prices, negatively impacting revenue and profits [6]. - Despite efforts to manage procurement and adjust strategies in response to rising raw material prices, the company faced significant cost pressures that were not alleviated [6]. - Overall sales performance was poor, failing to enhance market share despite attempts to optimize product structure and focus on competitive products [6].

Policy Developments - The 2025 National Drug Adverse Reaction Monitoring and Evaluation Work Conference was held in Kunming, emphasizing the steady growth in the quantity and quality of reports in 2024, effective risk prevention, and enhanced monitoring capabilities [1] Drug Approvals - The PD-1 inhibitor Opdivo® (Nivolumab injection) received approval from the NMPA for a new indication as neoadjuvant therapy in combination with platinum-based chemotherapy for resectable non-small cell lung cancer (NSCLC) patients [2] - DuRui Pharmaceutical announced that its sodium acetate compound injection received a drug registration certificate from the NMPA, indicated for extracellular fluid supplementation and correction of metabolic acidosis [3] - Ultomiris® (Ravulizumab injection) was approved in China for the treatment of adult generalized myasthenia gravis (gMG) patients, with approximately 113,000 diagnosed cases in China [4] Financial Reports - Erkang Pharmaceutical reported a 28.19% year-on-year increase in Q1 2025 revenue to 354 million yuan, with a net profit of 28.11 million yuan, up 868.91% [5] - Teva Biopharmaceuticals announced a 23.48% increase in Q1 2025 revenue to 673.35 million yuan, with a net profit of 18.21 million yuan, reflecting a 41.40% growth due to increased sales of its key product [6] Capital Markets - Aladdin plans to invest in Shanghai Yamei Biotechnology Co., acquiring a total of 25% equity through a two-step investment process [8] - United InnoMed completed over 100 million yuan in financing, aimed at developing and registering multiple core products [9] Industry Events - Hualan Biological and Ganli Pharmaceutical signed a strategic cooperation agreement for the supply of syringe components, with a commitment to purchase 200 million units over three years [10] - Peking University Pharmaceutical announced the termination of a long-term service contract with Peking University International Hospital, which is expected to reduce revenue by approximately 600 million yuan [11] - Shanghai Changzheng Hospital successfully cured multiple type 1 diabetes patients through islet transplantation, marking a significant advancement in regenerative medicine [12] Public Sentiment Alerts - Sanbo Brain Science announced that its chairman is under investigation, which may create uncertainty in the market regarding the company's future performance [13]

Core Insights - The company has undergone a change in its auditing firm to Tianjian Accounting Firm (Special General Partnership) for the current reporting period [1] - The company plans not to distribute cash dividends or issue bonus shares [2] - The main business for 2024 includes the production and sales of excipients, active pharmaceutical ingredients (APIs), and finished drugs [3] Business Overview - The company is a key player in the pharmaceutical excipients sector, focusing on the continuous R&D of existing and new excipient varieties, meeting diverse procurement needs of downstream formulation clients [4] - The primary excipient products for 2024 include pharmaceutical ethanol, glycerin, modified starch, and composite excipients [4] - The company’s API production for 2024 will feature products such as sulfanilamide and hydroquinone [5][6] - Finished drug products for 2024 will include injections for hemostasis, cough relief, asthma treatment, and various traditional Chinese medicines [6] - The company is also involved in the lithium carbonate sector, which has applications in both the pharmaceutical and industrial fields, with ongoing projects in Nigeria for lithium ore exploration and processing [7] Financial Data and Shareholder Information - The company does not require retrospective adjustments or restatements of previous accounting data [8] - There are no significant discrepancies between the disclosed financial indicators and the quarterly or semi-annual reports [8] - The company has no preferred shareholders or significant changes in the top ten shareholders due to share lending activities [9]

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕2-297 号 湖南尔康制药股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了湖南尔康制药股份有限公司（以下简称尔康制药公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是尔康 制药公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 中国·杭州 中国注册会计师： 二〇二五年四月二十二日 第 2 页 共 2 页 我们认为，尔康制药公司于 2024 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 内部控制具有固有局限性，存在不能 ...

| | | | 第 页 一、审计报告……………………………………………………… 1—6 | | --- | | 第 页 二、财务报表……………………………………………………… 7—14 | | （一）合并资产负债表…………………………………………… 第 7 页 | | （二）母公司资产负债表………………………………………… 第 8 页 | | 第 页 （三）合并利润表………………………………………………… 9 | | （四）母公司利润表………………………………………………第 10 页 | | （五）合并现金流量表……………………………………………第 11 页 | | 页 （六）母公司现金流量表…………………………………………第 12 | | （七）合并所有者权益变动表……………………………………第 13 页 | | （八）母公司所有者权益变动表…………………………………第 14 页 | | 三、财务报表附注……………………………………………… 第 15—107 页 | | 四、附件…………………………………………………………第 108—111 页 | | (一) 本所营业执照复印件…………………………………… ...

目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—4 页 关于营业收入扣除情况的专项核查意见 天健审〔2025〕2-299 号 湖南尔康制药股份有限公司全体股东： 我们接受委托，审计了湖南尔康制药股份有限公司（以下简称尔康制药公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们核查了后 附的尔康制药公司管理层编制的《2024 年度营业收入扣除情况表》（以下简称 扣除情况表）。 一、对报告使用者和使用目的的限定 本报告仅供尔康制药公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为尔康制药公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解尔康制药公司 2024 年度营业收入扣除情况，扣除情况表应 当与已审的财务报表一并阅读。 二、管理层的责任 尔康制药公司管理层的责任是提供真实、合法、完整 ...

Core Viewpoint - The company has demonstrated resilience and adaptability in its strategic planning and execution, leading to a robust performance despite external uncertainties [3]. Financial Performance - In 2024, the company achieved a total revenue of 1.14 billion yuan, facing challenges but showing growth in specific segments [1]. - In Q1 2025, the company reported a revenue of 353 million yuan, representing a year-on-year increase of 28.19%, with a net profit of 28.11 million yuan, up 868.91% [1]. Business Segments - The modified starch and starch capsule series products generated a revenue of 56.41 million yuan, an increase of 81.89% year-on-year [1]. - The traditional Chinese medicine segment capitalized on market opportunities, achieving a revenue of 99.98 million yuan, a significant increase of 461.40% [1]. - The lithium carbonate upstream layout is being actively pursued, with the first beneficiation plant in Nigeria contributing an additional revenue of 77.27 million yuan in Q1 2025 [1]. Research and Development - The company obtained 13 patents and collaborated with an AI technology firm on a synthetic biology-driven project for liver and gallbladder drugs, which has entered the pilot scale-up phase [2]. - Progress has been made on a bronchodilator and cough suppressant injection, as well as an injection for heart failure treatment [2]. International Expansion - The company is implementing a market development plan in Africa, focusing on Nigeria and Tanzania, aligning with the Belt and Road Initiative [2]. - The Nigerian beneficiation plant project ensures the security of the upstream supply chain for new energy and supports global market expansion [2]. - The planned local pharmaceutical production in Tanzania aims to meet local healthcare needs while enhancing Sino-African cooperation [2]. Future Outlook - The company plans to strengthen its pharmaceutical excipients business and accelerate the industrialization of specialty products in 2025 [2]. - There is an intention to leverage capital operations to identify strategic acquisition targets and enhance the industrial chain layout [2].

湖南尔康制药股份有限公司 独立董事谭雪 2024 年度述职报告 二、2024年度履职情况 （一）出席董事会会议、股东大会情况 各位股东及股东代表： 根据《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》 等法律法规、规范性文件，本人作为湖南尔康制药股份有限公司（以下简称"公 司"）独立董事、审计委员会主任委员、薪酬与考核委员会委员，2024年度认真 审议会议各项议案，重点关注公司财务报告、资产减值事项、自有资金现金管理、 套期保值业务等事项，积极履行独立董事、审计委员会主任委员、薪酬与考核委 员会委员职责。本人现就2024年度履职情况汇报如下： 一、基本情况 （一）工作履历、专业背景 本人谭雪，1988年生，中国国籍，无境外永久居留权，毕业于湖南大学、厦 门大学，博士学历，副教授、注册会计师。现任湖南师范大学会计系主任，任华 光源海国际物流集团股份有限公司以及公司独立董事。 （二）独立性说明 本人就独立性情况进行了自查，满足相关监管规定中对出任独立董事应具备 的独立性要求，公司董事会已就本人独立性自查情况出具专项意见。 本人 ...

湖南尔康制药股份有限公司 本人满足相关监管规定中对出任独立董事应具备的独立性要求，并向公司出 具了独立性自查情况报告，公司董事会已就本人独立性自查情况出具专项意见。 本人在担任公司独立董事期间，未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在妨碍本 人进行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公 司独立董事管理办法》等法律、法规及《公司章程》中关于独立董事独立性的相 关要求。 二、2024年度履职情况 独立董事王军文 2024 年度述职报告 各位股东及股东代表： 本人作为湖南尔康制药股份有限公司（以下简称"公司"）独立董事，任职 期间严格按照《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运 作》等法律法规、规范性文件的要求，忠实、勤勉履职，积极出席相关会议，认 真审议各项议案，重点关注公司行业发展情况、财务报告、投资项目等事项，现 本人就2024年度履职情况汇报如下： 一、基本情况 （一）工作履历、专业背景 本人王军文，1963年生，中国国籍，无境 ...