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]

浙江天宇药业股份有限公司（以下简称"公司"）控股股东林洁女士持有公 司股份 122,028,474 股，占公司股份总数 347,977,159 股的 35.07%。近日，公 司获悉林洁女士其所持有的部分公司股份办理了股份质押展期及补充质押业务， 截至目前，其累计质押股份 3,363.6 万股，占其持有公司股份总数的 27.56%。 证券代码：300702 证券简称：天宇股份 公告编号：2024-082 浙江天宇药业股份有限公司 关于控股股东部分股份质押展期及补充质押的公告 信息披露义务人林洁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。 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。 重要内容提醒： 三、其他说明 林洁女士资信状况良好，具备良好的资金偿还能力，累计质押股份不存在 平仓风险或被强制平仓以及实际控制权发生变更的情形。若公司股价波动到预 警线时，林洁女士将积极采取应对措施，包括但不限于补充质押、提前还款等。 公司将持续关注林洁女士的股份质押风险，并根据实际情况履行信息披露义务。 特此公告 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥666,805,568.78, representing a 28.59% increase compared to the same period last year[6]. - Net profit attributable to shareholders was ¥31,898,907.94, a significant increase of 4,570.27% year-on-year[6]. - The net profit after deducting non-recurring gains and losses was ¥28,534,642.93, up 51.32% from the previous year[6]. - The basic earnings per share for Q3 2024 was ¥0.09, marking a 4,400.00% increase year-on-year[6]. - Net profit for the current period was ¥85,114,143.58, representing a 23.7% increase from ¥68,795,386.01 in the previous period[30]. - Basic and diluted earnings per share were both ¥0.24, compared to ¥0.20 in the prior period[30]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,429,929,053.95, reflecting a 1.45% increase from the end of the previous year[6]. - Total assets increased to ¥6,429,929,053.95 from ¥6,338,123,767.04, reflecting a growth of about 1.4%[21]. - Total liabilities decreased to ¥4,000,000,000 from ¥4,100,000,000, indicating a reduction of approximately 2.4%[21]. - Total liabilities amounted to ¥2,895,013,729.56, an increase from ¥2,850,352,416.09 in the previous period[28]. - The company reported a non-current asset total of ¥3,431,217,227.83, up from ¥3,386,824,297.33, an increase of about 1.3%[21]. Cash Flow - The cash flow from operating activities for the year-to-date reached ¥331,963,901.34, a substantial increase of 342.16%[6]. - Operating cash inflow for the current period reached CNY 2,096,236,217.41, an increase from CNY 1,928,021,676.11 in the previous period, reflecting a growth of approximately 8.8%[36]. - Net cash flow from operating activities was CNY 331,963,901.34, a significant recovery from a negative cash flow of CNY -137,082,389.77 in the same period last year[36]. - Cash outflow for purchasing goods and services decreased to CNY 949,823,426.48 from CNY 1,323,987,192.32, indicating a reduction of about 28.3%[36]. - Cash inflow from investment activities totaled CNY 6,571,014.76, down from CNY 10,887,558.07, representing a decline of approximately 39.5%[36]. - Cash outflow for investment activities was CNY 173,921,122.51, reduced from CNY 278,918,483.05, showing a decrease of about 37.7%[36]. - Net cash flow from financing activities was CNY -88,184,554.04, contrasting with a positive cash flow of CNY 428,592,285.67 in the previous year[36]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,624[17]. - The company has a total of 91,521,355 shares of preferred stock with restored voting rights[17]. - The top shareholder, Lin Jie, holds 35.07% of the shares, totaling 122,028,474 shares[17]. Expenses - The company reported a 46.77% increase in selling expenses, totaling ¥89,831,781.02, primarily due to increased employee compensation[11]. - Total operating costs amounted to ¥1,786,884,254.65, up 10.9% from ¥1,611,484,485.35 in the prior period[28]. - Research and development expenses were ¥180,400,201.13, slightly down from ¥181,136,048.96 year-over-year[28]. - Sales expenses increased to ¥89,831,781.02, up 47% from ¥61,207,100.49 in the previous period[28]. - Management expenses rose to ¥233,407,845.37, compared to ¥210,463,904.14 in the previous period[28]. Investment Activities - The company plans to increase investments, as indicated by a 254.00% rise in cash paid for investments, totaling ¥26,550,000.00[11].

证券代码：300702 证券简称：天宇股份 公告编号：2024-080 浙江天宇药业股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 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"）于 2024 年 10 月 28 日召 开第五届董事会第九次会议和第五届监事会第九次会议，审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在不影响募集资金项目 建设的情况下，使用不超过人民币 8,000.00 万元闲置募集资金暂时补充流动资 金，使用期限自本次董事会审议通过之日起不超过 12 个月，公司承诺到期及时 归还至募集资金专用账户，保荐机构出具了无异议的核查意见。现将有关情况公 告如下： 一、募集资金的基本情况 经中国证券监督管理委员会证监许可〔2020〕2842 号文核准，并经深圳证券 交易所同意，由主承销商中信建投证券股份有限公司向特定对象发行人民币普通 股（A 股）股票 11,117,974 股，发行价为每股人民币 80.95 元，共计募集资金 899, ...

证券代码：300702 证券简称：天宇股份 公告编号：2024-079 浙江天宇药业股份有限公司 与会监事就各项议案进行了审议、表决，形成决议如下： 第五届监事会第九次会议决议公告 本公司及监事会全体成员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、监事会会议召开情况 浙江天宇药业股份有限公司（以下简称"公司"）第五届监事会第九次会议 于2024年10月28日10:30在公司二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 10 月 23 日以电子邮件等方式送达。本次会议应出席监 事 3 人，实际出席人数 3 人。本次监事会会议由公司监事会主席马成先生主持， 公司董事会秘书列席了本次会议。本次监事会会议的召开符合《公司法》和《公 司章程》的有关规定。 1、审议通过《关于 2024 年第三季度报告的议案》； 二、监事会会议审议情况 表决结果：同意：3 票；反对：0 票；弃权：0 票。 三、备查文件 1、第五届监事会第九次会议决议。 特此公告。 浙江天宇药业股份有限公司监事会 二〇二四年十月二十九日 监事会认为，董事会编制 ...

一、董事会会议召开情况 浙江天宇药业股份有限公司（以下简称"公司"）第五届董事会第九次会议 于2024年10月28日10:00在公司二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 10 月 23 日以电子邮件等方式送达。会议应出席董事 7 人，实际出席人数 7 人，董事屠勇军、林洁、朱国荣，独立董事石锦娟、张国昀、 丁寒锋以通讯表决方式参加会议。会议由公司董事长屠勇军先生主持，公司监事、 高级管理人员列席了本次会议。本次董事会会议的召开符合《公司法》和《公司 章程》的有关规定。 二、董事会会议审议情况 证券代码：300702 证券简称：天宇股份 公告编号：2024-078 浙江天宇药业股份有限公司 第五届董事会第九次会议决议公告 与会董事就各项议案进行了审议、表决，形成决议如下： 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。 本议案已经公司董事会审计委员会会议审议通过。 2、审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》 在保证募集资金投资项目建设资金需求和项目正常进行的前提下，公司拟使 ...

二、募集资金投资项目及闲置情况 中信建投证券股份有限公司 关于浙江天宇药业股份有限公司 使用部分闲置募集资金暂时补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"本保荐机构"）作 为浙江天宇药业股份有限公司（以下简称"天宇股份"或"公司"）2020 年度向特定 对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《深圳证券交易所上市公司自律监管指引第 13 号 ——保荐业务》等法律法规和规范性文件的要求，对天宇股份使用部分闲置募集 资金暂时补充流动资金的事项进行了核查，并发表如下核查意见： 一、募集资金的基本情况 经中国证券监督管理委员会证监许可〔2020〕2842 号文核准，并经深圳证券 交易所同意，天宇股份向特定对象发行人民币普通股（A 股）股票 11,117,974 股， 发行价为每股人民币 80.95 元，共计募集资金 899,999,995.30 元，坐扣承销和保 荐费用 4,245,283.02 元后的募集资金为 895,754,712.28 元，已 ...

证券代码：300702 证券简称：天宇股份 公告编号：2024-076 浙江天宇药业股份有限公司（以下简称"公司"）奥特康唑原料药于近日通 过国家药品监督管理局药品审评中心（以下简称"CDE"）审评。现将相关情况 公告如下： 一、药品基本情况 药品名称：奥特康唑 剂型：原料药 注册分类：化学药品 4 类 原料药登记号：Y20230000624 有效期：24 个月 与制剂共同审评审批结果：A 二、药品的其他相关情况 奥特康唑可用于重度外阴阴道假丝酵母菌病的治疗。 公司于 2023 年 7 月向 CDE 递交了奥特康唑原料药的药品注册申请并获得 受理。奥特康唑原料药现已通过CDE审评，尚须取得浙江省药品监督管理局GMP 符合性检查结果为"符合要求"的公示后，方可在国内上市销售。 浙江天宇药业股份有限公司 关于公司原料药通过 CDE 审评的公告 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。 三、对公司的影响及风险提示 根据 CDE 网站公示，截止公告日，该原料药除公司外，国内无获得 CDE 技 术审评通过的厂家。公司奥特康唑原料 ...