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]

Investment Rating - The report maintains a rating of "Buy" for the industry, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][50]. Core Viewpoints - The report emphasizes that the industry is expected to see a bottoming out and gradual improvement, with a continued focus on innovation and AI as key growth drivers. The performance of the pharmaceutical sector has shown resilience, with a year-to-date return of 1.2%, outperforming the Shanghai Composite Index by 3.4% [7][12]. - The report suggests that the innovation trend in pharmaceuticals is likely to persist, with specific recommendations for companies such as Changchun High-tech, Sanofi, and Betta Pharmaceuticals, among others [7][12]. - The report highlights the potential of AI in pharmaceuticals and healthcare, indicating that this sector is just beginning to unfold, with opportunities in drug development, diagnostic assistance, and chronic disease management [8][13]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 498 listed companies with a total market capitalization of 62,240.01 billion yuan and a circulating market value of 55,873.42 billion yuan [2][5]. Market Performance - The report notes that the Shanghai Composite Index rose by 2.00% while the pharmaceutical sector increased by 1.01%, ranking 26th among 31 sub-industries. Various sub-sectors, including medical devices and traditional Chinese medicine, also experienced gains [7][12]. Investment Opportunities - The report identifies several key areas for investment: 1. **Innovation Growth**: Focus on innovative drugs with strong technological attributes and ongoing policy support [7][12]. 2. **AI in Healthcare**: Emphasizing the emerging opportunities driven by AI in diagnostics and drug research [8][13]. 3. **Recovery in Distressed Sectors**: Highlighting potential recovery in CRO&CDMO and specialty raw materials due to improved industry policies and global order recovery [8][13]. Key Company Recommendations - The report recommends a focus on companies such as: - Changchun High-tech - Sanofi - Betta Pharmaceuticals - WuXi AppTec - Daan Diagnostics - Others in the AI and healthcare sectors [7][8][12][13].

Group 1: Industry Overview - The overall revenue growth rate for the pharmaceutical and biotechnology sector in Q1 2025 was -4.8%, with a net profit growth rate of -12.2%[3] - The raw material drug sector showed resilience with a revenue growth rate of -3.6% and a net profit growth rate of 10.5% in Q1 2025, benefiting from demand recovery and price stabilization[3] Group 2: Profitability and Financial Performance - In 2024, major raw material drug companies saw an increase in gross margin and net margin by 0.78 percentage points and 0.39 percentage points respectively, while Q1 2025 saw a decline in average gross margin and net margin by 0.64 percentage points and 1.87 percentage points respectively[5] - The average operating cash flow for major raw material drug companies reached 10.04 billion yuan in 2024, a 14.65% increase from 2023, indicating a positive trend[31] Group 3: Capital Expenditure Trends - Capital expenditure for major raw material drug companies in 2024 totaled 7.242 billion yuan, reflecting a year-over-year decrease of 4.12%[36] - The capital expenditure to depreciation ratio for the raw material drug sector decreased from 1.79 in 2023 to 1.27 in 2024, indicating ongoing capacity reduction and structural adjustments[36] Group 4: Investment Strategy - Investment recommendations focus on selecting raw material drug companies with strong growth attributes and stable competitive landscapes, particularly in bulk and specialty raw materials[44] - Companies like Guobang Pharmaceutical and Tianyu Co., Ltd. are highlighted for their favorable supply dynamics and demand recovery[44] Group 5: Risk Factors - Risks include intensified competition leading to suboptimal recovery in product prices and volumes, production safety incidents, and exchange rate fluctuations impacting profitability[47]

Group 1 - The company's formulation business showed significant year-on-year improvement, with 2024 revenue reaching 2.631 billion yuan, up 4.1%, and net profit attributable to shareholders at 55.9351 million yuan, up 104.45% [1] - The formulation business revenue was 255 million yuan, a year-on-year increase of 142.56%, with a gross profit increase of approximately 75 million yuan [1] - The company achieved a stable approval rhythm for formulation products, with 15-20 approvals annually, totaling 52 approvals by the end of the reporting period [1] Group 2 - The raw material business is expected to experience rapid growth, with raw material drug exports totaling 42.98 billion USD in 2024, up 5.1% year-on-year [1] - Sales volume of sartan raw materials reached 1,744 tons, a year-on-year increase of approximately 13%, while non-sartan raw materials saw sales of 124 tons, up 169% [1] Group 3 - The company has established a long-term stable international supply chain, with products certified in major markets including the EU, North America, Japan, and South Korea [2] - The company has submitted 25 varieties and 33 new documents to six official bodies, with 14 varieties approved 18 times by seven officials [2] Group 4 - The company has improved its cost control, with sales gross margin and net margin for 2024 at 34.66% and 2.13%, respectively [3] - In Q1 2025, the sales gross margin and net margin increased to 37.39% and 11.35%, respectively [3] Group 5 - The company is transitioning from a raw material leader to a comprehensive pharmaceutical enterprise, with a focus on sartan antihypertensive drugs and a diversified product portfolio [4] - Revenue projections for 2025-2027 are 3.124 billion, 3.666 billion, and 4.283 billion yuan, with net profits of 115 million, 190 million, and 256 million yuan, respectively [4]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4] Core Insights - The innovative drug sector is expected to continue its growth, supported by strong technological attributes and favorable policies, with commercial insurance and Class B medical insurance providing further catalysts [6][11] - The AI-driven medical and pharmaceutical industry is just beginning, with potential investment opportunities emerging in drug development, assisted diagnosis, and chronic disease care [6][11] - The report highlights a recovery in performance for certain segments, including CRO&CDMO and specialty APIs, driven by improved industry policies and global order recovery [6][11] Summary by Sections May Industry Investment Outlook - The innovative growth of drugs is supported by strong technology and ongoing policy support, with recommendations for companies like Changchun High-tech and Three Life Pharmaceuticals [11] - AI in medicine is expected to create numerous investment opportunities, particularly in diagnostics and medical services [11] - Recovery is anticipated in segments like CRO&CDMO, with companies such as WuXi AppTec and Tianyu Co. being highlighted for their potential [11] April Review and Analysis - The pharmaceutical sector saw a decline of 2.1% in April, outperforming the Shanghai Composite Index, which fell by 3.0% [12] - The report notes that innovative drugs are leading the market, with a positive outlook for the remainder of the year [12] - The report anticipates a gradual improvement in performance across various sub-sectors, with some beginning to show signs of recovery [12] Key Recommendations - The report recommends focusing on companies such as WuXi AppTec, Changchun High-tech, and Three Life Pharmaceuticals for potential growth [13] - It emphasizes the importance of monitoring the performance of companies in the AI and medical sectors, including Dian Diagnostics and Meinian Health [11][13] Financial Performance Overview - In 2024, the pharmaceutical sector is projected to see a revenue decline of 0.8% and a profit drop of 9.9%, with a further decline in Q1 2025 [16] - The report indicates that while some segments are under pressure, the innovative drug industry is thriving, with significant growth in exports and BD opportunities [16] - The overall cash flow for the pharmaceutical sector is expected to decline, with notable variations across different segments [24][25]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [4][23]. Core Views - The company has shown a strong performance in Q1 2025, with revenue reaching 759 million yuan, a year-on-year increase of 10.13% and a quarter-on-quarter increase of 8.69%. The net profit attributable to the parent company was 86.18 million yuan, up 112.70% year-on-year and 395.35% quarter-on-quarter [6]. - The report highlights that the company is approaching a performance inflection point, driven by robust growth in new business segments and significant improvements in profitability [3][6]. - The company is positioned as a leader in the raw material drug market, particularly in the low-price range of sartans, while non-sartan raw materials are identified as a core growth driver for the future [6]. Summary by Sections Financial Performance - For 2023, the company reported a revenue of 2,527.27 million yuan, with a year-on-year decline of 5.23%. However, projections for 2024 and beyond show a recovery with revenues expected to grow to 2,630.81 million yuan in 2024 and reaching 4,279.35 million yuan by 2027 [4][22]. - The net profit attributable to the parent company is forecasted to increase significantly from 27.36 million yuan in 2023 to 461 million yuan in 2027, reflecting a compound annual growth rate of 29.71% [4][22]. Business Segments - The report details that the non-sartan raw material segment achieved revenue of 189 million yuan in Q1 2025, marking a 57% year-on-year increase, indicating strong growth potential [6]. - The formulation business generated 80.77 million yuan in revenue, a 97% increase, with the number of approved formulations rising to 63, suggesting ongoing contributions to revenue growth [6]. Profitability Metrics - The gross margin for Q1 2025 was reported at 37.39%, an increase of 2.06 percentage points year-on-year, while the net margin reached 11.35%, up 5.47 percentage points year-on-year [6]. - The report anticipates that the company's gross margin will continue to improve, reaching 41.0% by 2027 [22]. Research and Development - R&D expenses for Q1 2025 were 53.45 million yuan, accounting for 7.04% of revenue, indicating a stable investment in innovation [6][22]. - The company plans to complete the process validation for 12 new raw material drug varieties by 2024, which is expected to drive future growth [6].

证券代码：300702 证券简称：天宇股份 公告编号：2025-035 浙江天宇药业股份有限公司 关于参加 2025 年浙江辖区上市公司投资者 网上集体接待日暨 2024 年度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，浙江天宇药业股份有限公司（以下简称 "公司"）将参加由浙江证监局、浙江上市公司协会与深圳市全景网络有限公司 联合举办的"2025 年浙江辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 13 日（星期二）15:00-17:00。届时 公司董事长屠勇军先生、副总经理兼董事会秘书王艳女士、财务总监王秀娟女士、 独立董事张国昀先生（如遇特殊情况，参会人员会有调整）将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况等投资者关心的 ...

Group 1: Financial Performance Overview - In 2024, the company achieved a revenue of 263,081 million yuan, a 4.1% increase from 252,772 million yuan in 2023 [3] - Net profit attributable to shareholders reached 5,594 million yuan, a significant growth of 104.6% compared to the previous year [3] - In Q1 2025, revenue was 75,932 million yuan, up 10% from 68,945 million yuan in Q1 2024, with net profit increasing by 113% to 8,618 million yuan [4][5] Group 2: Business Segment Performance - Non-sartan raw materials and intermediates saw a revenue increase of 57% in Q1 2025, reaching 1.89 billion yuan [5] - The formulation business generated 80.77 million yuan in Q1 2025, a 97% increase year-on-year, driven by product structure changes and effective cost control [5] - CDMO business revenue in 2024 was 36,580 million yuan, a decrease of 9.8% from the previous year, but overall business scale remained stable [3][5] Group 3: Market Position and Strategy - The company has established partnerships with over 14,000 hospitals and 20,000 terminal markets, enhancing its market presence [3] - In 2024, the company received production approvals for 23 formulation specifications, expanding its product pipeline to 63 specifications [6] - The company is focusing on diversifying its product offerings, with a strong emphasis on non-sartan products, which are expected to continue their rapid growth [8] Group 4: Future Outlook and Challenges - The sartan product prices are expected to decline in 2025, impacting revenue despite stable sales volume [7] - The company aims to improve the operational efficiency of its Changyi Tianyu base, which is currently operating at a loss, with plans to narrow losses in 2025 [13] - R&D expenses are projected to remain stable in 2025, with a focus on efficient resource utilization to support long-term product pipeline development [15]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company achieved a revenue of 2.63 billion yuan in 2024, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 60 million yuan, up 104.5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 760 million yuan, a 10.1% year-on-year growth, and a net profit attributable to shareholders of 90 million yuan, reflecting a 112.7% increase year-on-year [1]. - The report highlights a recovery in performance driven by stabilized prices in the raw material drug sector and growth in the formulation business [2][3]. Summary by Sections Revenue and Profitability - In 2024, the company's revenue from raw material drugs and intermediates was 1.99 billion yuan, a slight decline of 0.5% year-on-year, with a gross margin of 29.3%, down 5.1 percentage points [2]. - The CDMO business generated 370 million yuan in revenue, down 9.8% year-on-year, with a gross margin of 49.5%, a decrease of 7.2 percentage points [2]. - The formulation business saw significant growth, achieving revenue of 250 million yuan, up 142.6% year-on-year, with a gross margin of 55.5%, down 7.3 percentage points [2]. Business Segments - The report indicates that the revenue from the antihypertensive drug category (sartan) was 1.44 billion yuan in 2024, a decline of 11.7%, while non-sartan revenue reached 560 million yuan, a growth of 47.6% [3]. - The CDMO segment is expected to recover as new customized raw material drug projects are set to launch, particularly in collaboration with major pharmaceutical companies [3]. Future Projections - The company is projected to achieve net profits of 226 million yuan, 304 million yuan, and 386 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 304.8%, 34.3%, and 27.0% [4][5]. - The report anticipates a revenue growth rate of 13.1% in 2025, 13.7% in 2026, and 13.8% in 2027 [5]. Valuation Metrics - The projected price-to-earnings (PE) ratios for the company are 33, 25, and 19 for the years 2025, 2026, and 2027 respectively [5].