招商证券股份有限公司 关于江西同和药业股份有限公司 三、公司及股东承诺事项履行情况 | 公司及股东承诺事项 | 是否履行承诺 | 未履行承诺的原因及解决 | | --- | --- | --- | | | | 措施 | | 1、关于股份流通限制及锁定的承诺 | 是 | 不适用 | | 2、关于不存在虚假记载、误导性陈 述或者重大遗漏方面的承诺 | 是 | 不适用 | | 3、关于避免同业竞争、规范和减少 关联交易的承诺 | 是 | 不适用 | | 4、关于填补被摊薄即期回报的承诺 | 是 | 不适用 | 四、其他事项 2025年半年度持续督导跟踪报告 | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：同和药业 | | --- | --- | | 保荐代表人姓名：刘海燕 | 联系电话：0755-82943666 | | 保荐代表人姓名：鄢坚 | 联系电话：0755-82943666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 不适用 ...

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Tonghe Pharmaceutical, including stock price movements and trading volumes [1][2] - As of September 9, Tonghe Pharmaceutical's stock price was 9.11 yuan per share, with a market capitalization of 3.826 billion yuan [1] - The company has seen a year-to-date stock price increase of 14.88%, with a slight decline of 0.98% over the last five trading days [1] Group 2 - For the first half of 2025, Tonghe Pharmaceutical reported a revenue of 427 million yuan, reflecting a year-on-year growth of 11.88% [2] - The net profit attributable to shareholders for the same period was approximately 58.49 million yuan, showing a decrease of 15.91% compared to the previous year [2] - The company has distributed a total of 96.55 million yuan in dividends since its A-share listing, with 49.42 million yuan distributed over the last three years [2]

Group 1 - The core viewpoint is that Tonghe Pharmaceutical (300636.SZ) has seen growth in its CMO/CDMO business in the second quarter and has positive prospects for the future [1] - The company has increased the number of new projects in the CMO/CDMO sector in recent years, while gradually phasing out some older projects [1] - The company aims to actively serve existing projects and vigorously explore new projects to compensate for the decline in orders from older projects [1] Group 2 - The CMO/CDMO business is expected to achieve rapid growth in 2027 and 2028 [1]

Core Viewpoint - The company has a low proportion of direct exports to the United States, indicating that the recent tariff increases on this segment will have minimal impact on its operations [1] Group 1: Impact of Tariffs - The company's direct exports to the U.S. are limited, thus the impact of U.S. tariffs on this business segment is considered minor [1] - Indirect business may be affected by U.S. tariffs, as domestic and Indian manufacturers exporting to the U.S. are adopting a wait-and-see approach due to tariff uncertainties [1] - Further assessment is needed to evaluate the overall impact of these tariff changes on the company's operations [1]

Core Viewpoint - The company, Tonghe Pharmaceutical, has indicated significant growth potential for its second-tier product lineup over the next 3-5 years, alongside ongoing registration of eight other products that will contribute to revenue [1] Group 1 - The company has 17 new products in its second-tier lineup that are expected to have substantial growth opportunities in the next 3-5 years [1] - The eight products currently in the registration process will gradually contribute to the company's revenue [1] - The total production capacity of the company is projected to reach 2 billion in the next 3-5 years [1]

Core Viewpoint - The company has reported growth in its CMO/CDMO business in the second quarter and anticipates further growth in the future [1] Group 1: Business Performance - The CMO/CDMO business has seen an increase in new projects in recent years, despite some older projects gradually exiting the market [1] - The company aims to actively serve existing projects while aggressively exploring new projects to compensate for the decline in orders from older projects [1] Group 2: Future Outlook - The CMO/CDMO business is expected to achieve rapid growth in 2027 and 2028 [1]

Group 1 - The core viewpoint of the article highlights that Tonghe Pharmaceutical (300636.SZ) anticipates rapid growth in new products in the first half of 2025, reaching 195 million yuan [1] - The high-end regulatory market is expected to contribute 160 million yuan, while emerging markets are projected to add 35 million yuan to the growth [1] - The company expects a positive growth trend in the future as a result of a concentration of new product patents expiring over the past three years [1]

Group 1: Financial Performance Overview - The company achieved a sales revenue of 427.42 million CNY, a year-on-year increase of 11.88% [2] - Foreign sales amounted to 348.34 million CNY, growing by 6.66%, while domestic sales reached 79.09 million CNY, up by 42.59% [2] - New products generated sales of 195.19 million CNY, reflecting a growth of 7.16%, whereas mature products contributed 232.24 million CNY, increasing by 16.17% [2] - CMO/CDMO business saw a revenue decline of 19.05%, totaling 32.30 million CNY [2] - Net profit was reported at 58.49 million CNY, a decrease of 15.91%, with a net profit margin of 13.68%, down by 4.52 percentage points [2] Group 2: Cost and Profitability Analysis - Gross margin stood at 31.45%, down by 3.08 percentage points [2] - Sales expenses decreased by 8.92%, while management expenses increased by 1.04% [2] - R&D expenses rose by 20.14% due to an increase in R&D personnel [2] - The decline in gross margin was attributed to low prices of mature products and increased depreciation costs [3] Group 3: Market and Product Insights - Non-contract custom business revenue increased by 15.48%, while contract custom project revenue fell by 19.05% [2] - Sales of pharmaceutical raw materials rose by 20.06%, despite a gross margin decline of 3.70 percentage points [3] - Domestic sales saw a significant increase of 42.59%, with a gross margin improvement of 9.30 percentage points [3] - The company plans to enhance its domestic raw material market presence and increase the number of API registrations [4] Group 4: Future Growth Strategies - The company aims to continue launching new products, with a focus on becoming a leading supplier of generic drugs [4] - CMO/CDMO business is expected to grow significantly by 2027-2028, with new projects being actively pursued [6] - The second-phase construction of the second plant is ongoing, expected to contribute to production capacity by 2026 [6] - The company anticipates a total production capacity of 2 billion CNY in the next 3-5 years [10] Group 5: Investor Q&A Highlights - New products are projected to generate 195 million CNY in the first half of 2025, with 160 million CNY from high-end regulated markets [7] - The company is focusing on high-difficulty specialty formulations and will not pursue general solid oral formulations [10] - Future R&D investments will prioritize raw materials, CMO/CDMO, and specialty formulations [11]

Financial Performance - The company reported a total revenue of 427 million yuan for the first half of 2025, an increase of 11.88% year-on-year [1] - The net profit attributable to shareholders was 58.49 million yuan, a decrease of 15.91% compared to the previous year [1] - The gross margin was 31.45%, down 8.91% year-on-year, while the net margin was 13.68%, a decline of 24.84% [1] - In Q2 2025, the total revenue reached 241 million yuan, up 36.98% year-on-year, and the net profit attributable to shareholders was 37.71 million yuan, an increase of 45.08% [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 3.15%, indicating weak capital returns [3] - The historical median ROIC since the company went public is 6.78%, suggesting average investment returns [3] - The company's net profit margin last year was 14.04%, indicating high added value in products or services [3] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 18.22 million yuan, accounting for 4.26% of revenue, a decrease of 16.3% year-on-year [1] - The company’s cash flow from operations per share was 0.30 yuan, an increase of 50.94% year-on-year [1] Market and Investment Insights - The company has a significant amount of accounts receivable, with accounts receivable to profit ratio reaching 105.7% [3] - Analysts expect the company's performance in 2025 to reach 131 million yuan, with an average earnings per share of 0.31 yuan [3] Fund Holdings - The largest fund holding shares in the company is the Xiangcai Medical Health Mixed A Fund, with 235,000 shares held [4] - The fund's current scale is 0.13 billion yuan, with a recent net value of 1.711, reflecting a 2.11% increase from the previous trading day [5] External Factors - The company has a low direct export ratio to the U.S., suggesting minimal impact from U.S. tariffs on raw material exports [6] - Indirect business may be affected by U.S. tariffs, with domestic and Indian manufacturers cautious about exporting to the U.S. due to tariff uncertainties [6]

Group 1 - The core viewpoint of the report is that Tonghua Pharmaceutical (300636.SZ) is rated as a "buy" due to strong recovery in revenue and profit in Q2, with significant improvement in profitability on a quarter-on-quarter basis [1] - The company has seen continuous growth in new product sales, and regulatory approvals for market registration are ongoing [1] - The first phase of production capacity in the second factory is being released, with two workshops in the second phase expected to begin trial production within the year [1] Group 2 - The report highlights potential risks including intensified industry competition, risk of product price decline, underperformance in capacity deployment, environmental risks, and exchange rate risks [1]