Group 1 - The innovative drug sector continues to surge, with significant price increases in "white gold" (Vitamin D3), leading to sharp gains for companies like Brothers Technology and Erkang Pharmaceutical [4][8] - The A-share market shows a mixed performance with major indices fluctuating, while over 2,500 stocks are rising, indicating a broad market interest [3][4] - Key companies in the innovative drug sector, such as Kailaiying and Rongchang Bio, reported strong earnings growth, with Kailaiying's revenue increasing by 10.1% year-on-year [5][8] Group 2 - The price of feed-grade Vitamin D3 has surged from 450 RMB/kg to 600 RMB/kg domestically, with export prices reaching 75 USD/kg, marking a significant increase [8] - Erkang Pharmaceutical reported a revenue of 354 million RMB for Q1 2025, reflecting a year-on-year growth of 28.19%, with net profit soaring by 868.91% [8] - The market for innovative drugs is largely unaffected by recent tariff policies, as companies primarily engage in collaborative R&D with overseas firms, which allows them to avoid tariffs on licensing fees [5][8]

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]

化学制药板块震荡走强，河化股份（000953）、灵康药业（603669）涨停，尔康制药（300267）涨近 10%，罗欣药业（002793）、益方生物纷纷冲高。 暗盘资金正涌入这些股票，点击速看>>> ...

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].

Focus Events - The International Monetary Fund (IMF) has revised the global economic growth forecast for 2025 down to 2.8% from an earlier estimate of 3.3%, primarily due to the abrupt changes in U.S. tariff policies and the resulting high policy uncertainty [1] - The Shanghai Stock Exchange held a special training session on market value management for nearly 50 state-owned enterprises, focusing on guidelines from the China Securities Regulatory Commission [1] Macro News - The State Administration of Foreign Exchange emphasized the need to correct market pro-cyclical behaviors to prevent excessive exchange rate fluctuations, highlighting the recent volatility in the international financial market due to U.S. unilateralism and protectionism [2] Industry Dynamics - In the first quarter, China's equipment manufacturing industry saw a year-on-year increase in added value of 10.9%, contributing 3.5 percentage points to overall industrial production growth, with nearly 70% of key products experiencing production growth [3] - High-tech manufacturing added value grew by 9.7% year-on-year, with significant growth in sectors such as fiber optics, aerospace equipment, and integrated circuit manufacturing, all exceeding 20% [4] - A medium-sized gold mine was discovered in Hami, Xinjiang, with proven reserves of 5.8 tons, meeting the criteria for a medium-sized mine [5] Company Focus - BYD announced a profit distribution plan for 2024, proposing a cash dividend of RMB 39.74 per 10 shares and a stock bonus of 8 shares plus a capital reserve conversion of 12 shares for every 10 shares held, totaling approximately RMB 120.77 billion in cash dividends [10] - Huawei launched the industry's first all-liquid-cooled megawatt-level supercharger, which can output 2400A continuously and charge approximately 20 kWh in one minute [7] - China Mobile reported a 3.5% year-on-year increase in net profit for the first quarter, with total revenue of RMB 263.8 billion, remaining stable compared to the previous year [19] - ZTE Corporation's net profit for the first quarter decreased by 11% year-on-year, with revenue of RMB 32.968 billion, reflecting a 7.82% increase [20] - Pop Mart announced a revenue growth of 165% to 170% year-on-year for the first quarter, with domestic revenue increasing by 95% to 100% and overseas revenue soaring by 475% to 480% [21] - Xinlei Co. reported a staggering 3015% year-on-year increase in net profit for the first quarter, attributed to the recognition of relocation gains [23] - Zhonghong Medical's first-quarter net profit surged by 1370% year-on-year, with revenue of RMB 629 million, marking a 15.45% increase [24]

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 ...