Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's core product, Loxoprofen Sodium Gel Patch, continues to see significant growth, particularly in the outpatient market, which is developing rapidly. The report expresses optimism about the company's future development [3]. - The company's profit performance remains strong, with a notable increase in net profit and continuous optimization of expense ratios, leading to a steady improvement in profitability [1][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 2.146 billion yuan, a year-on-year increase of 13.36%. The net profit attributable to the parent company was 450 million yuan, up 45.08% year-on-year, while the net profit excluding non-recurring items was 418 million yuan, reflecting a growth of 44.82% [1]. - In Q3 2024, the company reported operating revenue of 780 million yuan, a year-on-year increase of 15.47%, and a net profit attributable to the parent company of 47.37%, indicating sustained high growth in profits [1]. - The gross profit margin for the first three quarters was 73.76%, a decrease of 4.23 percentage points year-on-year, while the net profit margin increased by 4.58 percentage points to 20.96% [1]. - The company’s sales expense ratio decreased by 6.73 percentage points to 39.85%, attributed to multiple factors including the gradual stabilization of prices in the hospital market and the ongoing transformation of marketing models [1]. Future Projections - The report projects revenues for 2024, 2025, and 2026 to be 3.106 billion yuan, 3.615 billion yuan, and 4.243 billion yuan, respectively, with year-on-year growth rates of 15%, 16%, and 17% [3]. - The net profit attributable to the parent company is expected to reach 515 million yuan, 682 million yuan, and 906 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 40%, 32%, and 33% [3].

Group 1: Product Performance and Market Position - The current status of the Loxoprofen Sodium Gel Patch in local procurement shows that it has been executed in 20 administrative regions, with provincial procurement completed in all areas except Beijing, Shanghai, and Shandong [1] - The company expects stable growth for the Loxoprofen Sodium Gel Patch over the next 2-3 years, with minimal impact on performance due to competition [2] - The market for external patches was approximately ¥203.64 billion in 2023, showing a growth rate of around 10% compared to ¥184 billion in 2022 [3] Group 2: Financial Outlook - The company anticipates a revenue growth of 10-20% for the year 2024, with a non-net profit growth of 30-40% [2] - The financial forecasts are subject to market conditions and other uncertainties, emphasizing the need for investors to remain aware of risks [2] Group 3: Production Capacity and Planning - Current production capacity meets existing demand, with plans for additional production lines to accommodate future sales needs [2] - The company has reserved workshop space for potential capacity expansion based on operational development needs [2] Group 4: Competitive Analysis - The Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch differ in active ingredients and mechanisms, with Loxoprofen Sodium being more effective for a broader range of conditions [3] - As of September 30, 2024, the Ketoprofen Gel Patch has been developed in over 800 secondary and tertiary hospitals, and more than 800 primary hospitals, totaling nearly 2,000 development endpoints [3] Group 5: Market Trends - The market share of chemical drug patches is steadily increasing, with a compound annual growth rate of approximately 9.67% in hospitals over the past three years, compared to 0.56% for traditional Chinese medicine patches [3] - The company has successfully developed the Loxoprofen Sodium Gel Patch in 450 chain stores, covering nearly 120,000 outlets as of September 2024 [3]

一、可转换公司债券基本情况 经中国证券监督管理委员会证监许可〔2023〕526 号文同意注册，公司于 2023 年 9 月 15 日向不特定对象发行了 360.00 万张可转换公司债券（以下简称"可转 债"），每张面值 100 元，发行总额为 36,000.00 万元。 经深圳证券交易所（以下简称"深交所"）同意，公司可转债于 2023 年 10 月 13 日起在深交所挂牌交易，债券简称：九典转 02，债券代码：123223。 根据《深圳证券交易所创业板股票上市规则》的规定和《湖南九典制药股份 有限公司创业板向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）的约定，公司可转债的转股期限自 2024 年 3 月 21 日起至 2029 年 9 月 14 日止。 二、可转换公司债券有条件赎回条款与触发情况 （一）有条件赎回条款 西部证券股份有限公司 关于湖南九典制药股份有限公司 不提前赎回九典转 02 的核查意见 西部证券股份有限公司（以下简称"西部证券"或"保荐人"）作为湖南九 典制药股份有限公司（以下简称"九典制药"、"公司"）向不特定对象发行可转 换公司债券的保荐人，根据《证券发行上 ...

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-069 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 第四届董事会第八次会议决议公告 本公司及董事会全体成员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。 一、董事会会议召开情况 湖南九典制药股份有限公司（以下简称"公司"）第四届董事会第八次会议 于 2024 年 11 月 1 日以通讯方式召开，经全体董事一致同意豁免会议通知时间要 求，会议通知已于 2024 年 11 月 1 日以邮件方式送达。本次会议应出席的董事 7 人，实际出席的董事 7 人，全体监事、高级管理人员及保荐代表人列席了会议， 本次会议由董事长朱志宏先生主持。本次会议的召开符合有关法律、法规和《公 司章程》的规定，形成的决议合法有效。 二、董事会会议审议情况 审议通过了《关于不提前赎回九典转 02 的议案》。 经审议，董事会认为：2024 年 10 月 14 日至 2024 年 11 月 1 日期间，公司 股票已满足在任何连续30个交易日中至少15个交易 ...

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-070 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 关于不提前赎回九典转 02 的公告 本公司及董事会全体成员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。 特别提示： 2024 年 10 月 14 日至 2024 年 11 月 1 日期间，湖南九典制药股份有限公司 （以下简称"公司"）股票已满足在任何连续 30 个交易日中至少 15 个交易日 的收盘价格不低于当期转股价格的 130%（含 130%），已触发九典转 02 的有条 件赎回条款。 公司于 2024 年 11 月 1 日召开第四届董事会第八次会议，审议通过了《关 于不提前赎回九典转 02 的议案》，公司董事会决定本次不行使九典转 02 的有 条件赎回权，且在未来六个月内（自 2024 年 11 月 2 日至 2025 年 5 月 1 日）， 如九典转 02 再次触发有条件赎回条款，公司均不行使有条件赎回权。自 2025 年 5 月 1 日后首个交易日重新计算， ...

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the performance and growth of a pharmaceutical company, focusing on its various product lines, including oral medications and topical patches. The company operates in the healthcare and pharmaceutical industry, specifically in the development and sales of innovative and generic drugs. Key Points and Arguments Financial Performance - Oral medication sales for Q3 reached 187 million, showing a high single-digit growth year-over-year. Total sales for the first three quarters amounted to 506 million, reflecting a nearly 15% increase year-over-year [1] - Sales of a specific product, "原普尼亚" (Yuan Puniya), reached 124 million in Q3, marking a 49.62% year-over-year growth, attributed to a rich product variety and continuous customer development [1] - The overall expense ratio for the first three quarters was well-controlled, with R&D expenses at 7.8%, slightly down from the first half of the year due to minor deviations in R&D progress [1] Product Development and Market Expansion - The company has developed over 800 secondary and tertiary hospitals, with plans to expand to nearly 2,000 hospitals next year. Q3 sales growth was reported at 70%, with monthly growth exceeding 25% [3] - The company plans to focus on hospital development and pricing strategies in the fourth quarter, particularly for key hospitals [3] - The "洛索" (Luo Suo) product line generated 462 million in revenue for Q3, with a year-over-year growth of 15.57%, driven by increased hospital usage and chain sales [5] Market Trends and Future Outlook - The company anticipates significant growth in the outpatient market, with the potential for the external patch market to exceed 20 billion by 2023, maintaining double-digit growth rates [6] - The outpatient sales of the "万用贴高" (Wan Yong Tie Gao) product reached 105 million in the first three quarters, with a staggering 220% year-over-year growth [6] - The company expects to maintain a stable growth trajectory in oral medications, with a target of 10-20% growth for 2024 [22] Competitive Landscape - The company acknowledges increasing competition in the market, particularly from other manufacturers developing similar products. However, it believes that its established market presence and product pipeline will help maintain its competitive edge [29] - The company is actively expanding its sales channels, including hospitals, clinics, and e-commerce, to enhance market penetration [30] Strategic Initiatives - The company plans to accelerate the development of self-owned products, focusing on both generic and innovative drugs, to strengthen its market position [34] - There is an emphasis on enhancing R&D efficiency and expanding the product portfolio through acquisitions and partnerships [34] Additional Important Information - The company is preparing for the launch of new products, including "消炎解冻八步膏" (Xiao Yan Jie Dong Ba Bu Gao), expected to contribute to revenue growth in the upcoming year [10] - The management expressed confidence in achieving sales targets despite potential adjustments due to market conditions [24] - The company is also focusing on maintaining a stable gross margin while managing sales expenses effectively [25] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, product development strategies, market outlook, competitive landscape, and strategic initiatives.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][12]. Core Insights - The company reported a revenue of 2.146 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 13.4%. The net profit attributable to shareholders reached 450 million RMB, up 45.1% year-on-year [1]. - The sales of the company's main product, the Loxoprofen Sodium Gel Patch, have shown significant growth, with a 40.81% increase in sales volume in the first half of 2024. The trend of increasing sales through price adjustments is expected to continue into the third quarter [2]. - The company is expanding its product line in the external analgesic field, with several new products in development and expected to launch soon, which is anticipated to drive future growth [2]. Summary by Sections Performance Review - In Q3 2024, the company achieved a revenue of 780 million RMB, a 15.5% increase year-on-year, and a net profit of 166 million RMB, reflecting a 47.4% increase [1]. Operational Analysis - The company is benefiting from the implementation of centralized procurement, which is optimizing sales expenses. The sales expense ratio decreased by 3.1 percentage points year-on-year to 39.61% in Q3 2024 [2]. - The product pipeline is being enriched with several new external analgesic formulations, which are expected to meet the growing market demand [2]. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 514 million RMB, 661 million RMB, and 817 million RMB, respectively, with year-on-year growth rates of 40%, 29%, and 24% [3]. - The earnings per share (EPS) are projected to be 1.05 RMB, 1.35 RMB, and 1.67 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23, 18, and 15 [3].

证券代码：300705 证券简称：九典制药 债券代码：123223 债券简称：九典转 02 湖南九典制药股份有限公司 投资者关系活动记录表 编号：2024-30 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------|----------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|---------------------------------- ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [6][12][13]. Core Insights - The company reported Q3 2024 earnings that exceeded expectations, with revenue of 2.146 billion yuan (+13.36%) and a net profit of 450 million yuan (+45.08%) [5][7]. - The company is expanding its pipeline of external drug delivery products, with several innovative products expected to be approved in the next 1-2 years, enhancing its competitive position [6][7]. - The report anticipates an increase in net profit forecasts for 2024-2026, with projected figures of 5.52 billion yuan, 7.26 billion yuan, and 9.10 billion yuan respectively [6][7]. Financial Performance Summary - For Q3 2024, the company achieved a single-quarter revenue of 780 million yuan (+15.47%) and a net profit of 166 million yuan (+47.38%) [5][7]. - The gross margin for the first three quarters of 2024 was reported at 73.76%, a decrease of 4.23 percentage points, while the net profit margin improved to 20.96%, an increase of 4.58 percentage points [7]. - The company’s revenue projections for the upcoming years are as follows: 3.186 billion yuan in 2024, 3.791 billion yuan in 2025, and 4.449 billion yuan in 2026, reflecting a growth rate of 18.3%, 19.0%, and 17.4% respectively [4][11]. Valuation Metrics - The report indicates a projected EPS of 1.13 yuan for 2024, with a P/E ratio of 22 times based on the current stock price [6][11]. - The company's return on equity (ROE) is expected to increase to 23.4% in 2024, reaching 26.0% by 2026 [4][11].

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-067 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 湖南九典制药股份有限公司 第四届董事会第七次会议决议公告 本公司及董事会全体成员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。 表决结果：7 票同意，0 票反对，0 票弃权。 2、审议通过了《关于调整公司组织结构的议案》。 经审议，董事会认为：为适应公司未来发展，进一步完善公司治理结构， 优化管理流程，提升公司运营效率和管理水平，结合公司战略发展需要，同意 对公司现有组织结构进行调整。 调整后的组织结构图详见附件一。 表决结果：7 票同意，0 票反对，0 票弃权。 一、董事会会议召开情况 湖南九典制药股份有限公司（以下简称"公司"）第四届董事会第七次会议 于 2024 年 10 月 28 日在公司 921 会议室以现场结合通讯会议的方式召开，会议 通知已于 2024 年 10 月 25 日以邮件方式送达。本次会议应出席的董事 7 人，实 际出席的董事 7 人（其中以通讯方式出席会议的董事有：杨洋 ...