Market Performance - On April 17, 2025, the pharmaceutical sector had a change of +0.04%, outperforming the CSI 300 index by 0.06 percentage points, ranking 16th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (+0.98%), pharmaceutical distribution (+0.40%), and offline pharmacies (+0.35%) performed well, while other bioproducts (-0.57%), vaccines (-0.48%), and blood products (-0.22%) lagged [1] - Top three gainers in individual stocks were Kangpeng Technology (+20.00%), Nuosige (+10.06%), and Yisheng Pharmaceutical (+10.03%); top three losers were Changyao Holdings (-6.33%), Hasanlian (-5.26%), and Shouyao Holdings (-4.81%) [1] Industry News - On April 17, 2025, Eli Lilly announced that its oral GLP-1 receptor agonist Orforglipron achieved statistically significant positive results in a key Phase III clinical trial (ACHIEVE-1) [2] - The study evaluated the safety and efficacy of Orforglipron compared to a placebo in adults with type 2 diabetes who had poor blood sugar control through diet and exercise alone [2] - Orforglipron is a research-based, once-daily oral small molecule (non-peptide) GLP-1 receptor agonist that can be taken at any time of the day without food and drink restrictions [2] Company News - Huayuan Bio (300401) reported Q1 2025 revenue of 326 million yuan, a year-on-year decrease of 1.18%, with net profit attributable to the parent company at 97 million yuan, a year-on-year increase of 5.50%, and a non-recurring net profit of 88 million yuan, up 44.42% year-on-year [3] - Puluo Pharmaceutical (000739) reported Q1 2025 revenue of 2.73 billion yuan, a year-on-year decrease of 14.63%, with net profit attributable to the parent company at 249 million yuan, a year-on-year increase of 1.98%, and a non-recurring net profit of 206 million yuan, down 14.05% year-on-year [3] - Sanbo Brain Science (301293) reported 2024 revenue of 1.43 billion yuan, a year-on-year increase of 8.84%, with net profit attributable to the parent company at 105 million yuan, a year-on-year increase of 34.24%, and a non-recurring net profit of 94 million yuan, up 0.77% year-on-year [3] - Betta Pharmaceuticals (300558) reported 2024 revenue of 2.89 billion yuan, a year-on-year increase of 17.74%, with net profit attributable to the parent company at 403 million yuan, a year-on-year increase of 15.67%, and a non-recurring net profit of 410 million yuan, up 55.92% year-on-year [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥326,391,133.03, a decrease of 1.18% compared to ¥330,273,302.02 in the same period last year[6] - Net profit attributable to shareholders increased by 5.50% to ¥96,511,379.04 from ¥91,483,091.72 year-on-year[6] - The net profit after deducting non-recurring gains and losses surged by 44.42% to ¥88,138,393.32 compared to ¥61,030,303.01 in the previous year[6] - Total operating revenue for the current period was ¥326,391,133.03, a decrease of 1.7% from ¥330,273,302.02 in the previous period[22] - Net profit for the current period was ¥96,509,841.11, up 5.6% from ¥91,483,091.72 in the previous period[23] - Earnings per share increased to ¥0.18 from ¥0.17, indicating a growth of 5.9%[23] Cash Flow and Investments - The net cash flow from operating activities rose by 29.70% to ¥144,056,264.68 from ¥111,071,221.09 year-on-year[6] - Operating cash inflow for the current period was $390,437,025.51, slightly up from $388,596,451.91 in the previous period, indicating a growth of approximately 0.22%[25] - Cash outflow from investing activities decreased to $196,939,714.12 from $705,581,140.41, showing a reduction of approximately 72%[25] - Net cash flow from investing activities improved to -$196,939,714.12 from -$325,625,112.24, reflecting a 39.5% reduction in cash outflow[25] - The company’s cash flow from operating activities remains strong, with a net increase despite challenges in financing activities[25][26] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,536,546,355.58, a decrease of 1.36% from ¥5,612,645,527.96 at the end of the previous year[6] - Total liabilities decreased to ¥2,193,883,495.20 from ¥2,394,249,260.65, representing a reduction of approximately 8.4%[21] - Total equity attributable to shareholders increased to ¥3,342,668,208.44 from ¥3,218,400,077.44, reflecting a growth of about 3.9%[21] - The company's cash and cash equivalents decreased from CNY 1,284,473,292.97 to CNY 1,055,421,957.77, a decline of approximately 17.8%[19] - The company reported a total current asset of CNY 2,263,623,163.71, down from CNY 2,469,407,256.94, indicating a decrease of approximately 8.3%[19] Shareholder Information - Shareholders' equity attributable to the parent company increased by 3.86% to ¥3,342,668,208.44 from ¥3,218,400,077.44 at the end of the previous year[6] - The number of ordinary shareholders at the end of the reporting period was 27,868[15] Operational Efficiency - Total operating costs decreased to ¥225,274,384.48 from ¥260,819,419.20, reflecting a reduction of approximately 13.6%[22] - The company reported a significant reduction in financial expenses, which fell to ¥3,671,625.11 from ¥7,527,764.01, a decrease of about 51.2%[22] - Research and development expenses were ¥16,376,140.28, down from ¥20,557,191.99, a decrease of approximately 20.5%[22] Future Outlook - Future performance guidance remains optimistic, with expectations for improved financial metrics in the upcoming quarters[18] - The company is focusing on new product development and market expansion strategies, although specific details were not provided in the call[18] - The company has not disclosed any significant mergers or acquisitions during this reporting period[18]

花园生物：2025年第一季度净利润9651.14万元，同比增长5.50%。 ...

特别提示： 1、本次股东会无否决议案的情形； | 证券代码：300401 | 证券简称：花园生物 公告编号：2025-015 | | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | 浙江花园生物医药股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 2、本次股东会不涉及变更前次股东会决议。 3、会议召开方式：采取现场投票与网络投票相结合的方式 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： 现场会议召开时间：2025年4月15日（星期二）下午14:30。 网络投票时间：2025年4月15日。其中，通过深圳证券交易所交易系统进行网络投 票的时间为2025年4月15日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳 证券交易所互联网投票系统进行投票的具体时间为2025年4月15日9:15-15:00的任意时 间。 2、现场会议地点：浙江省东阳市南马镇花园村花园大厦1号会议室。 4、会议召集人：公司董事会 5、现场会议主持人：公司董事长邵徐君先生 6 ...

北京浩天律师事务所 关于浙江花园生物医药股份有限公司 2024 年年度股东会 法律意见书 二〇二五年四月十五日 北京浩天律师事务所 浙江花园生物医药股份有限公司 2024 年年度股东会法律意见书 北 京 浩 天 律 师 事 务 所 Hylands Law Firm 北京市朝阳区东三环中路 5 号财富金融中心 12 层 12F Fortune Financial Center, No.5 Dongsanhuan Zhong Road, Chaoyang District, Beijing 100020, China 电话Tel：（86-10）65028888，传真Fax：（86-10）65028866 北京浩天律师事务所 关于浙江花园生物医药股份有限公司 2024 年年度股东会 法律意见书 致：浙江花园生物医药股份有限公司 北京浩天律师事务所接受浙江花园生物医药股份有限公司（以下简称"公司"） 委托，指派本所律师对公司 2024 年年度股东会（以下简称"本次股东会"）进 行法律见证，并依据《中华人民共和国证券法（2019 年修订）》(以下简称《证 券法》)、《中华人民共和国公司法（2023 年修订）》（以下简称 ...

浙江花园生物医药股份有限公司 1.公司 25-羟基维生素 D3 结晶设计产能 15.6 吨/年，25-羟基维生素 D3 原设计产能 26 吨/年，25-羟基维生素 D3 粉设计产能 1200 吨/年。2.25- 羟基维生素 D3 又名骨化二醇，是维生素 D3 的活性代谢物，具有更高的生 物学活性，并且不需要经过肝脏的代谢，25-羟基维生素 D3 不仅具有普通 维生素 D3 所有的功能，还具有一些独特功能，25-羟基维生素 D3 具有替代 普通维生素 D3 的趋势。3.下游主要用于饲料添加剂、食品添加剂等。 66、公司近年来通过非公开发行股票和可转换公司债券等方式进行了 多次募投项目的进展如何？特别是"花园生物研发中心项目"和"年 产 4000 吨胆钙化醇（维生素 D3）环保杀鼠剂项目"的当前状态及未 来规划？ 投资者关系活动记录表 | 证券代码：300401 | 证券简称：花园生物 编号：2025-001 | | --- | --- | | | □特定对象调研 □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 √ 业绩说明会 | | 类别 | 新闻发布会 路演活动 □ □ | | | □ 现场参观 □ ...

| 证券代码：300401 | 证券简称：花园生物 公告编号：2025-014 | | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | 浙江花园生物医药股份有限公司 关于 2025 年第一季度可转换公司债券转股情况公告 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。 重要内容提示： 1、"花园转债"（债券代码：123178）转股期限为2023年9月11日至2029年3月5日； 最新的转股价格为人民币13.56元/股。 2、2025年第一季度，共有20张"花园转债"完成转股（票面金额共计人民币2,000.00 元），合计转成146股"花园生物"股票（证券代码：300401）。 3、截至2025年第一季度末，"花园转债"剩余债券张数为11,760,261张，剩余票面 总额为人民币1,176,026,100.00元。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司自律监 管指引第15号——可转换公司债券》的有关规定，浙江花园生物医药股份有限公司（以 下简称"公司"）现将2025年第一季度可转换公司债券（以下简称"可 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown a recovery in performance and is actively expanding into new business areas [1] - The vitamin product segment is expected to recover, while the pharmaceutical segment remains under pressure [9] - The company is implementing a "vertical and horizontal" strategy to expand its business and new product offerings [9] Financial Performance Summary - The company's revenue for 2023 was 1,095 million, with a projected increase to 1,243 million in 2024, representing a year-on-year growth of 13.6% [5] - Operating profit is expected to rise from 207 million in 2023 to 355 million in 2024, reflecting a significant growth of 71.6% [5] - Net profit attributable to the parent company is forecasted to increase from 192 million in 2023 to 309 million in 2024, a growth of 60.8% [5] - Earnings per share are projected to grow from 0.35 in 2023 to 0.57 in 2024 [5] - The gross margin is expected to be 58.4% in 2024, with a net margin of 24.9% [5] Earnings Forecast and Investment Recommendations - The report adjusts revenue forecasts for vitamin products and pharmaceuticals while increasing the gross margin for vitamin products [3] - The projected earnings per share for 2025-2027 are 0.88, 1.05, and 1.36 respectively [3] - Based on comparable companies, a target price of 14.96 is set for 2025, corresponding to a 17 times price-to-earnings ratio [3]

花园生物表示，公司2024年经营业绩稳中有升，主要系受维生素D3产品售价上升以及维生素A系列 新产品上市销售等因素影响，2024年度营业收入及产品毛利率同比上升以及2024年公司医药产品推广服 务费用支出同比下降所致。此外，公司杭州子公司完成搬迁工作，确认了相关资产处置收益对公司净利 润亦有正面贡献。 在维生素业务板块，花园生物维生素产品实现收入5.81亿元，同比增长57.66%，毛利率提升12.83 个百分点至60.52%。围绕"打造完整的维生素D3上下游产业链"的发展战略，花园生物已基本完成了维 生素D3全产业链的布局，成为全球唯一的维生素D3全产业链生产企业。目前，公司四大类产品羊毛脂 胆固醇、VD3、25-羟基VD3、精制羊毛脂的产能规模全球领先。 花园生物2024年营收利润双增 维生素D3全产业链优 势构建增长飞轮 3月24日晚，花园生物（300401）（300401.SZ）发布了2024年年度报告，公司凭借纵向一体化的全 产业链优势与持续强化的研发创新，交出了营收利润双增的成绩单。2024年度，花园生物实现营业收入 12.43亿元，同比增长13.58%；实现归母净利润3.09亿元，同比增长60.7 ...