化学制药板块短线走低，华纳药厂跌超9%，天宇股份（300702）、舒泰神（300204）、多瑞医药 （301075）、海创药业等跟跌。 ...

Group 1 - The chemical pharmaceutical sector experienced a short-term surge, with Hainan Haiyao (000566) and Huahai Pharmaceutical (600521) hitting the daily limit up, indicating strong market interest [1] - Tianyu Co., Ltd. (300702) saw an increase of over 10%, reflecting positive investor sentiment in the sector [1] - Other companies such as Jincheng Pharmaceutical (300233), Saito Biological (300583), Weichip Bio, Luyuan Pharmaceutical (600789), and Nawei Technology also experienced gains, suggesting a broader rally in the industry [1]

1、经公司 2024 年度股东大会审议通过的利润分配预案为：公司本次的利润 分配以实施权益分派股权登记日登记的享有利润分配权的股本为基数，向全体股 东每 10 股派发现金股利 0.5 元（含税）,其余未分配利润结转下年。本次利润分 配不送红股、不进行资本公积金转增股本。自本公告披露至利润分配方案实施前， 若公司前述总股数由于股份回购等情形而发生变化,公司将按照"分配比例不变" 的原则,相应调整分配总额。截至本公告日，公司总股本为 347,977,159 股，合 计派发现金红利总金额为 17,398,857.95 元（含税）。 2、自权益分派方案披露至实施期间公司股本总额未发生变化。 3、本次实施的权益分派方案与股东大会审议通过的权益分派方案一致。 4、本次实施权益分派方案距离股东大会审议通过的时间未超过两个月。 证券代码：300702 证券简称：天宇股份 公告编号：2025-038 浙江天宇药业股份有限公司 关于 2024 年年度权益分派实施公告 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 ...

证券代码：300702 证券简称：天宇股份 公告编号：2025-037 浙江天宇药业股份有限公司 关于 2024 年员工持股计划第一个锁定期届满的提示性公告 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）《2024 年员工持股计划》（以 下简称"本次员工持股计划"或"本计划"）第一个锁定期将于 2025 年 5 月 28 日届满。根据《关于上市公司实施员工持股计划试点的指导意见》《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》等相关规定及 本次员工持股计划的相关内容，现将本次员工持股计划第一个锁定期届满及解锁 情况公告如下： 一、本次员工持股计划的基本情况 （一）本次员工持股计划的基本情况 公司于 2024 年 2 月 21 日召开第五届董事会第六次会议和第五届监事会第 六次会议，审议通过《关于<浙江天宇药业股份有限公司 2024 年员工持股计划 （草案）>及其摘要的议案》《关于<浙江天宇药业股份有限公司 2024 年员工持 股计划管理办法>的议案》等相关 ...

Group 1: Financial Performance - The company's CDMO business revenue for 2025 is projected at 136 million yuan, showing a decline of approximately 4% compared to the previous year, indicating stable market demand [2] - The company has invested 105 million yuan in formulation R&D for 2024, with capitalized expenditures amounting to 23.9 million yuan [3] - The formulation business is expected to reduce losses by approximately 40 million yuan in 2024 compared to 2023 [3] Group 2: Market Position and Growth - The company achieved a sales volume of 1,744 tons for sartans in 2024, capturing about 24% of the global market demand of 7,233 tons [7] - Non-sartan revenue reached 559 million yuan in 2024, reflecting a growth of 45.5% compared to 2023, indicating a strong upward trend [7] - The company has obtained 63 formulation approvals, enhancing its product pipeline and market presence [8] Group 3: Customer Concentration - The combined sales from the top five customers accounted for 40.18% of total sales in 2024, a decrease from 44.97% in 2023, with no significant change exceeding 10 percentage points [6] Group 4: Strategic Initiatives - The company has not introduced third-party platform traffic resources for e-commerce channels [4] - Continuous investment in CDMO R&D is planned for 2024, with projected revenue of 366 million yuan primarily serving original drug companies during patent periods [5]

Industry Overview - The cholesterol-lowering drug industry is crucial for preventing and treating cardiovascular diseases, with a growing patient population due to aging and increasing rates of dyslipidemia [1][8] - The prevalence of dyslipidemia among the elderly is high, with 47% of individuals over 60 affected, while the rate among those aged 18 and above has risen from 18.6% in 2002 to 35.6% in 2023 [8][10] Market Development - The cholesterol-lowering drug market in China is projected to grow from CNY 252.94 billion in 2023 to CNY 265.95 billion in 2024, despite a slowdown due to national procurement policies [10][20] - Sales distribution shows that 57% of sales come from hospitals, while 43% are from retail markets [10] Drug Categories - Cholesterol-lowering drugs are categorized into statins, fibrates, niacin, bile acid sequestrants, PCSK9 inhibitors, and monoclonal antibodies targeting angiopoietin-like protein 3 [3][12] - Statins dominate the market with a 76.58% share, but innovative drugs like PCSK9 inhibitors are gaining traction [12][22] Competitive Landscape - The market is experiencing significant changes, with foreign companies like Pfizer and Sanofi leading the high-end market, while local firms like Yuyuan Health and Jingxin Pharmaceutical focus on mid to low-end markets [14][16] - Competition is shifting from price to efficacy, safety, and brand service, with an expected increase in market concentration through mergers and international collaborations [14][22] Company Highlights - Jingxin Pharmaceutical focuses on the development and sales of statins and is expanding into combination therapies and new drug targets [16] - Yuyuan Health has developed a PCSK9-targeting siRNA drug, YKYY015, which is in clinical trials and has received IND approval in the U.S. [18] - The revenue of Yuyuan Health is projected to decline by 9.9% in 2024, with cardiovascular drug sales down by 20.73% [18] Future Trends - The market for cholesterol-lowering drugs is expected to continue expanding due to an increasing patient population and unmet treatment needs, with projections indicating a compound annual growth rate above a certain percentage [20][21] - Innovation in drug development is on the rise, with companies investing in new targets like Lp(a) and PCSK9 inhibitors, enhancing treatment options for patients [21][22]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 2.631 billion yuan in 2024, representing a year-on-year growth of 4.10%, and a net profit attributable to shareholders of 56 million yuan, reflecting a significant increase of 104.45% [1][4]. - The growth is primarily driven by breakthroughs in the formulation business and a rapid increase in non-sartan raw materials [1][2]. - The company is expected to diversify its business further, with stable cash flow from sartan products and accelerated growth from non-sartan, CDMO, and formulation segments [4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 759 million yuan, a year-on-year increase of 10.13%, and a net profit of 86 million yuan, up 112.71% [1]. - The sales volume of sartan raw materials reached 1,744 tons in 2024, a growth of approximately 13%, while non-sartan raw materials saw a remarkable increase of 169%, reaching 124 tons [2]. - The formulation business generated sales of 255 million yuan in 2024, marking a 143% increase compared to the previous year [3]. Business Segments - The company has a rich reserve of non-sartan raw materials, including key products like sitagliptin and montelukast, with 20 new projects initiated and 12 products completing process validation in 2024 [2]. - The formulation segment has expanded its presence in national procurement, with two products winning bids and 18 products selected for provincial renewals [3]. Future Outlook - Revenue projections for 2025-2027 are set at 2.965 billion yuan, 3.413 billion yuan, and 3.704 billion yuan, respectively, with net profits expected to reach 284 million yuan, 418 million yuan, and 484 million yuan [4][10]. - The company is enhancing its international registration efforts and advancing its global expansion strategy, anticipating continued demand growth as patents for non-sartan products expire [2][4].

法律意见书 浙江天册律师事务所 关于 浙江天宇药业股份有限公司 2024 年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江天宇药业股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0625 号 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意见书仅供天宇股份 2024 年度股东大会之目的使用。本所律师同意将 本法律意见书随天宇股份本次股东大会其他信息披露资料一并公告，并依法对本 所在其中发表的法律意见承担法律责任。 本所律师根据相关法律、法规的要求，按照律师行业公认的业务标准、道德 规范和勤勉尽责的精神，对天宇股份本次股东大会所涉及的有关事项和相关文件 进行了必要的核查和验证，同时听取了公司就有关事实的陈述和说明。现出具法 律意见如下： 一、本次股东大会召集、召开的程序 （一）经本所律师核查，公司本 ...

证券代码：300702 证券简称：天宇股份 公告编号：2025-036 一、会议召开和出席情况 1、会议届次：2024 年度股东大会 2、会议召集人：公司董事会 3、会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 12 日（星期一）下午 15:30 浙江天宇药业股份有限公司 特别提示： 2024 年度股东大会决议公告 1.本次股东大会无新增、变更、否决提案的情况。 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。 2.本次股东大会不涉及变更以往股东大会决议的情形。 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的时间为 2025 年 5 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票系统进行投 票的具体时间为 2025 年 5 月 12 日 9:15-15:00。 4、会议的召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 5、会议地点：台州市黄岩江口化工开发区鑫源路 8 号公司总部大楼一楼会 议室。 6、本次会议由公司第五届董事会召集，董 ...

Core Viewpoint - The company is experiencing a recovery in profitability due to product structure adjustments, transition between old and new growth drivers, and the gradual realization of scale effects, despite the pressure on the raw material drug cycle for sartans [1] Performance Summary - In 2024, the company achieved a revenue of 2.631 billion yuan (YOY +4.10%) and a net profit attributable to shareholders of 56 million yuan (YOY +104.45%), with a non-recurring net profit of 67 million yuan (YOY +6.94%). The company also made a total asset impairment provision of 54 million yuan, significantly impacting profit growth [1] - In Q1 2025, revenue reached 759 million yuan (YOY +10.13%) and net profit attributable to shareholders was 86 million yuan (YOY +112.71%), with a non-recurring net profit of 82 million yuan (YOY +56.79%) [1] Growth Analysis - The company’s generic drug raw materials and intermediates saw stable sales growth, with a revenue of 1.994 billion yuan in 2024, a slight decline of 0.53% YOY. Sales volume increased by 9.10% YOY, while average prices decreased. Sartans raw material sales volume grew by approximately 13% YOY. The company maintains a strong competitive advantage in sartans raw materials [2] - Non-sartan raw materials experienced a significant sales volume increase of 169% in 2024, indicating a rapid expansion. The company expects continued high growth rates as downstream formulation patents expire [2] - The CDMO raw materials and intermediates business generated 366 million yuan in revenue in 2024, a decline of 9.83% YOY, primarily due to reduced demand from expiring product patents [2] Formulation Business - The formulation business achieved a revenue of 255 million yuan in 2024, a substantial increase of 142.56% YOY. The company has received approval for 52 products and expanded its partnerships with over 14,000 hospitals and 20,000 retail outlets [3] - The gross profit of the formulation business increased by approximately 75 million yuan, while R&D investment decreased by about 20 million yuan YOY. The subsidiary Zhejiang Node reported a loss of 7.56 million yuan, significantly reduced from 2023 [3] Profitability - In 2024, the company’s net profit margin was 2.13%, an increase of 1.05 percentage points YOY, while the gross profit margin was 34.66%, a decrease of 4.51 percentage points YOY. The gross profit margin for generic drug raw materials was 29.29%, down 5.12 percentage points YOY [4] - In Q1 2025, the net profit margin improved to 11.35%, an increase of 5.47 percentage points YOY, with a gross profit margin of 37.39%, up 2.06 percentage points YOY [4] Outlook for 2025 - Assuming a stable competitive landscape and no further decline in core product prices, the company expects an improvement in gross profit margins. The sales expense ratio may increase due to intensified formulation promotion efforts [5] - Overall, the net profit margin is anticipated to gradually improve, indicating a recovery in profitability [6] Earnings Forecast and Valuation - The company’s EPS is projected to be 0.74, 1.00, and 1.29 yuan per share for 2025-2027, with a PE ratio of 29 times based on the closing price on May 10, 2025. The company is expected to continue benefiting from the expansion of new businesses, new products, and new customers, with non-sartan raw materials and formulation businesses likely to maintain high growth trends [7]