Financial Performance - The company expects a net profit attributable to shareholders of 75 million RMB for 2024, an increase of 82.75% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses is projected to be 85 million RMB, a decrease of 4.88% year-on-year[2] - The company anticipates non-recurring gains and losses to impact net profit by approximately 10 million RMB, mainly from foreign exchange investment gains and government subsidies[4] Revenue and Sales Growth - The sales volume of the main business, raw materials and intermediates, continues to grow, contributing to a slight increase in overall revenue compared to the previous year[4] - The company is actively participating in national and provincial procurement projects, which has led to an increase in the number of successful bids and expanded market coverage[4] Operational Efficiency - The company has focused on optimizing processes and enhancing green synthesis technology, resulting in reduced production costs and improved efficiency[4] - The inventory impairment provision has significantly decreased compared to the previous year, indicating better inventory management[4] Reporting and Auditing - The financial data presented is preliminary and has not been audited, with detailed figures to be disclosed in the 2024 annual report[6]

证券代码：300702 证券简称：天宇股份 公告编号：2025-005 浙江天宇药业股份有限公司 关于为全资子公司申请增加银行综合授信并提供担保的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 主要财务数据如下： 一、本次担保情况概述 浙江天宇药业股份有限公司（以下简称"公司"）2025 年 1 月 23 日召开 的第五届董事会第十一次会议，审议通过了《关于为全资子公司申请增加银行 综合授信并提供担保的议案》，公司全资子公司浙江诺得药业有限公司（以下 简称"诺得药业"）为增加制剂业务产能，新建年产 60 亿片固体制剂建设项 目，为了满足该项目建设工程资金需要，诺得药业拟向兴业银行申请项目贷款 4 亿元的借款授信额度，有效期限为 10 年，具体借款金额将按照诺得药业建设 项目的实际建设进度需要分期发放，公司拟为本次借款提供连带责任保证担保, 同时，诺得药业以本项目在建工程以及土地使用权，为该项目贷款提供抵押担 保，并提请董事会授权公司董事长在授信额度范围内负责协议签署（包括但不 限于授信、贷款）等相关事项。 根据《深圳证 ...

证券代码：300702 证券简称：天宇股份 公告编号：2024-085 浙江天宇药业股份有限公司 第五届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 2、审议通过了《关于制定<市值管理制度>的议案》 为加强上市公司市值管理工作,进一步规范公司的市值管理行为,维护公司 及广大投资者合法权益, 根据《中华人民共和国公司法》《中华人民共和国证券 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》《上市公司监管指引第 10 号—— 1 / 2 市值管理》等法律法规、行政法规和《公司章程》的相关规定，董事会同意制定 《市值管理制度》。 表决结果：同意：7 票；反对：0 票；弃权：0 票获得通过。 浙江天宇药业股份有限公司（以下简称"公司"）第五届董事会第十次会议 于 2024 年 12 月 30 日 14:00 在公司四楼会议室以现场结合通讯表决的方式召开， 本次会议通知于 2024 年 12 月 28 日以书面、电话 ...

浙江天宇药业股份有限公司 内部审计制度 二〇二四年十二月 浙江天宇药业股份有限公司 内部审计制度 浙江天宇药业股份有限公司 内部审计制度 第一章 总 则 第一条 为了规范浙江天宇药业股份有限公司(以下简称"公司")内部审 计工作,提升企业内部审计工作质量, 促进公司规范运作，根据《中华人民共和 国公司法》《中华人民共和国证券法》《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》等有关法律、行政法规和《公司章 程》的相关规定，特制定本制度。 第二条 本制度所称内部审计，是指依法对全公司的财务收支及其经济活 动的真实性、合法性和效益性进行的系统审计和监督，以严肃财经纪律，促进 廉政建设，维护单位合法权益，改善经营管理，降低生产经营成本，提高经济 效益为目的。 第三条 本制度所称内部控制，是指公司董事会、监事会、高级管理人员 及其他有关人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （二）提高公司经营的效率和效果； （三）保障公司资产的安全； （四）确保公司信息披露的真实、准确、完整和公平。 第四条 公司董事会应对内部控制制度的建立健全和有效实施负 ...

一、药品情况 1、药品基本情况 药品名称：二甲双胍恩格列净片（Ⅴ）、二甲双胍恩格列净片（Ⅵ） 英文名：Metformin Hydrochloride and Empagliflozin Tablets （Ⅴ）、Metformin Hydrochloride and Empagliflozin Tablets（Ⅵ） 证券代码：300702 证券简称：天宇股份 公告编号：2024-084 浙江天宇药业股份有限公司 关于全资子公司药品获得批准的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江天宇药业股份有限公司（以下简称"公司"）全资子公司浙江诺得药业 有限公司（以下简称"诺得药业"）于近日收到国家药品监督管理局（以下简称 "国家药监局"）核准签发的关于二甲双胍恩格列净片（Ⅴ）、二甲双胍恩格列 净片（Ⅵ）的《药品注册证书》。现将相关情况公告如下： 药品批准文号有效期：至 2029 年 12 月 16 日 2、药物的其他情况 二甲双胍恩格列净片是降血糖药，本品配合饮食控制和运动，适用于正在接 受恩格列净和盐酸二甲双胍治疗的 ...

浙江天宇药业股份有限公司 二、证书获批的情况 诺得药业西格列汀二甲双胍片（Ⅱ）于 2024 年 9 月获得国家药品监督管理 局核准签发的《药品注册证书》（详见公司公告：2024-072）。 诺得药业磷酸西格列汀片于 2023 年 1 月获得国家药品监督管理局核准签发 的《药品注册证书》（详见公司公告：2023-005）。 三、对公司的影响及风险提示 证券代码：300702 证券简称：天宇股份 公告编号：2024-083 关于子公司产品拟中选第十批全国药品集中采购的公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江天宇药业股份有限公司（以下简称"公司"）全资子公司浙江诺得药业 有限公司（以下简称"诺得药业"）于 2024 年 12 月 12 日参加了国家组织药品 联合采购办公室（以下简称"联采办"）组织的第十批全国药品集中采购的投标 工作，诺得药业产品西格列汀二甲双胍片（Ⅱ）、磷酸西格列汀片拟中选本次集 中采购，现将相关情况公告如下： 上述产品的拟中选价格及拟中选数量均以联采办发布的最终数据为准。根据相关规则， 本次拟 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Tianyu Co., Ltd. with a target price of 22.83 CNY, representing a potential upside from the current price of 18.33 CNY [6][107]. Core Insights - Tianyu Co., Ltd. is a leading global manufacturer of cardiovascular APIs and a key supplier of intermediates for Merck's oral COVID-19 drug, Molnupiravir. The company is also one of the largest suppliers of Valsartan globally [1][16]. - The report highlights the company's strong growth potential in non-sartan APIs, with 39 products already commercialized and 13 in development, which could serve as a second growth curve for the company [2][65]. - The CDMO business is expected to maintain stable growth due to established long-term partnerships with major formulation manufacturers and a robust project pipeline [3][88]. - The integration of API and formulation businesses is becoming increasingly evident, with a significant increase in approved formulation products, which is expected to drive high growth in the coming years [4][91]. Summary by Sections 1. Company Overview - Tianyu Co., Ltd. was established in 2003 and specializes in the research, manufacturing, and sales of APIs and advanced pharmaceutical intermediates. The company has a strong focus on cardiovascular drugs and has achieved various international certifications [1][16]. 2. API and Intermediates - The demand for sartan APIs is steadily increasing, while competition remains fierce. The price of Valsartan has stabilized between 600-700 CNY per kilogram. The company is expanding its non-sartan product offerings, which are expected to contribute significantly to revenue growth [2][37]. 3. CDMO Business - The company has built stable relationships with several large formulation manufacturers. Following the successful completion of an urgent project for Merck in 2021, Tianyu has accelerated the expansion of its R&D and business teams, positioning itself for continued growth in the CDMO sector [3][88]. 4. Formulation Business - The company has accumulated a rich reserve of approved formulation products, with 46 approved formulations across 30 varieties as of the first half of 2024. This segment is expected to experience rapid growth due to the integration of API and formulation strategies [4][93]. 5. Financial Forecast and Valuation - The report forecasts total revenues for 2024-2026 to be 27.08 billion CNY, 32.40 billion CNY, and 39.48 billion CNY, respectively, with corresponding net profits of 0.83 billion CNY, 2.54 billion CNY, and 3.51 billion CNY. The valuation is based on a PB multiple of 2.1x for 2025 [5][106][107].

Company and Industry Summary Company Overview - The company is recognized as the largest and most integrated producer of antihypertensive raw materials globally, focusing on the production of API (Active Pharmaceutical Ingredients) for hypertension treatment [1][2][4] - The company has a significant market share in the regulatory market, exceeding 80% for its raw materials [1] Core Business Insights - The company’s primary business includes the production of antihypertensive drugs, with a current pricing level at a relative low point, indicating potential for future demand recovery [1][2] - The company is diversifying its product offerings beyond antihypertensive drugs, including a rich portfolio of non-sartan raw materials, which is expected to grow as patents expire [1][2][5] - The CDMO (Contract Development and Manufacturing Organization) and generic drug sectors are also highlighted as areas of growth, with CDMO revenues projected at 2-3 billion [6][13] Financial Performance - The company’s EPS (Earnings Per Share) projections for 2024 are estimated at 0.75, 0.90, and 1.25 billion, with a target market capitalization of approximately 78 billion [2] - Revenue growth has been steady, although profit margins have experienced fluctuations, particularly in 2022 due to external market pressures [5][7] - The company’s revenue from generic raw materials is projected to decline by 7% in 2023, but high-margin products are expected to enhance profitability moving forward [6][7] Market Dynamics - The demand for antihypertensive drugs is anticipated to accelerate due to the increasing prevalence of hypertension in China, with a noted improvement in treatment control being limited [8][9] - Global consumption of antihypertensive raw materials is growing at an average rate of 10% annually, with specific products like Aliskiren showing a growth rate of nearly 200% [9] - The company is positioned to benefit from a favorable supply-demand dynamic, with expectations of price recovery in the raw materials market [10][11] Competitive Landscape - The company is competing in a market where many original patents are expiring, allowing for increased market share of generic products [9][12] - The company’s production capacity is expanding, with significant contributions from subsidiaries focused on both sartan and non-sartan raw materials [11][12] Strategic Initiatives - The company is actively engaging in R&D to prepare for patent expirations, ensuring readiness to capture market opportunities [5][12] - The CDMO segment has seen rapid growth, particularly during the COVID-19 pandemic, and the company is now looking to expand its offerings in other therapeutic areas [13][14] Conclusion - The company is well-positioned in the antihypertensive market with a strong product portfolio and growth potential in both the CDMO and non-sartan segments. Future profitability is expected to improve as market conditions stabilize and product offerings diversify [6][7][15]