西部证券股份有限公司 关于湖南九典制药股份有限公司 2024 年半年度跟踪报告 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.收购、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括 | | | | 对外投资、风险投资、委托理 | 无 | 不适用 | | 财、财务资助、套期保值等） | | | | 10．发行人或者其聘请的中介机 | 无 | 不适用 | | 构配合保荐工作的情况 | | | | 11.其他（包括经营环境、业务发 | | | | 展、财务状况、管理状况、核心 | 无 | 不适用 | | 技术等方面的重大变化情况） | | | 三、公司及股东承诺事项履行情况 | 公司及股东承诺事项 | 是否履 | ...

股东段斌、梁胜华保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： | 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-052 | | --- | --- | --- | | 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 关于股东减持股份的预披露公告 注：若计划减持期间公司有送股、资本公积转增股本等变动事项，应对上述 减持数量做相应调整。 截止本公告日，本次拟减持事项与相关股东此前已披露的承诺一致。 持有本公司股份 629,569 股（占本公司总股本比例 0.129%）的监事段斌女 士，计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式减持本 公司股份不超过 157,392 股（占本公司总股本比例 0.032%）。 持有本公司股份 145,418 股（占本公司总股本比例 0.030%）的监事梁胜华 女士，计划在本公告披露之日起 15 个交易日后的 3 个月内以集中竞价方式减持 本公司股份不超过 36,354 股（占本公司 ...

| | | 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。 湖南九典制药股份有限公司（以下简称"公司"）于近日收到国家药品监督 管理局下发的《药品注册证书》。现将相关情况公告如下： 湖南九典制药股份有限公司 关于公司获得药品注册证书的公告 一、 证书的主要内容 4、注册分类：化学药品 3 类 5、申请事项：药品注册（境内生产） 6、证书编号：2024S01897 院（全终端）销售额分别为 3.98 亿元、3.81 亿元及 4.63 亿元，全国药店零售 销售额分别为 2.21 亿元、3.54 亿元及 3.73 亿元，综合以上数据，盐酸氨溴索 口服溶液 2023 年全国销售额超过 8 亿元。 1、药品名称：盐酸氨溴索口服溶液 2、剂型：口服溶液剂 3、规格：100 毫升:0.3 克 7、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 本品符合药品注册的有关要求，批准注册，发给药品注册证书。 二、药品的相关情况 盐酸氨溴索口服溶液由 Boehringer Ingelheim 公司研发，最早于 1978 年 8 月在德国批准上市。目前有片剂、注射剂、口 ...

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-050 | | --- | --- | --- | | 债券代码：123223 | 债券简称：九典转02 | | 年 11 月取得第二次Ⅲ期临床试验总结报告，2023 年 12 月公司向国家药品监督 管理局递交了上市许可申请并获得受理。 一、药品的基本信息 药品名称：椒七麝凝胶贴膏 注册分类：中药 1.1 类 剂型：贴膏剂 功能主治：温经散寒，活血止痛 申请事项：境内生产药品注册上市许可申请 受理号：CXZS2300028 申请人：湖南九典制药股份有限公司 二、药品的相关情况 椒七麝凝胶贴膏是公司基于临床经验方开发的局部经皮给药制剂，具有温经 散寒、活血止痛的作用，用于寒凝血瘀所致的痹病，症见关节疼痛、压痛、局部 畏寒、得温痛减、关节活动不利、僵硬重滞；骨性关节炎等见上述证候者。 椒七麝凝胶贴膏于2006年4月获得国家药品监督管理局药物临床试验批件， 2008 年 8 月取得Ⅱ期临床试验总结报告,2010 年 5 月取得Ⅲ期临床试验总结报告。 2016 年 2 月国家药品监督管理局发布《关于开展药物临床实验数据自查核查工 作的公告》， ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 26.40 RMB, based on a 25x PE for 2024, corresponding to a market value of 128.5 billion RMB [27]. Core Insights - The company has experienced rapid growth, with a compound annual growth rate (CAGR) of approximately 32% in net profit from 2017 to 2023, reaching 368 million RMB in 2023, a year-on-year increase of 36.5% [25][109]. - The company's main product, the Loxoprofen Sodium Gel Patch, has become a significant revenue generator, exceeding 1.5 billion RMB in annual sales, and is expected to maintain a favorable competitive landscape in the short term [27][73]. - The company is expanding its product pipeline, with multiple products submitted for production approval, including innovative traditional Chinese medicine products, which are anticipated to contribute to future growth [27][126]. Summary by Sections Company Overview - The company has developed an integrated business model encompassing high-end raw materials, formulations, and medicinal excipients, achieving significant revenue growth [25][105]. Financial Performance - The company's revenue has grown from 535 million RMB in 2017 to 2.693 billion RMB in 2023, with a CAGR of 31% [109]. - The net profit for 2024 Q1 was 126 million RMB, reflecting a year-on-year increase of 63.4% [109]. Product Analysis - The Loxoprofen Sodium Gel Patch is positioned as a first-line treatment for osteoarthritis pain, with a substantial potential patient population due to the high prevalence of osteoarthritis among individuals over 40 years old in China [20]. - The company has successfully entered the national medical insurance directory with its Ketoprofen Gel Patch, which is expected to drive additional revenue growth [27][73]. Market Dynamics - The company has been included in various national procurement programs, which have led to price reductions but are expected to optimize sales expenses and enhance product volume in hospitals [26][73]. - The company is actively expanding its presence in the outpatient market, with a notable increase in outpatient sales from 5.84% in 2023 to 17.66% in Q1 2024 [26][73]. Future Outlook - The company anticipates continued growth in net profit, projecting figures of 514 million RMB, 661 million RMB, and 817 million RMB for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 39.5%, 28.6%, and 23.6% [27][49].

Investment Rating - The report assigns a target price of RMB 26.40 for the company's stock, with the current market price at RMB 22.85, indicating a potential upside [4]. Core Insights - The company has achieved rapid growth in its performance, with revenue increasing from RMB 5.35 billion in 2017 to RMB 26.93 billion in 2023, representing a CAGR of 31%. The net profit rose from RMB 0.69 billion to RMB 3.68 billion during the same period, with a CAGR of 32% [58]. - The company's core product, the Loxoprofen Sodium Gel Patch, is expected to maintain a favorable competitive landscape in the next 2-3 years due to regulatory challenges for competitors [52]. - The company is expanding its market presence by increasing sales in outpatient settings, with outpatient sales rising from 5.84% in 2023 to 17.66% in Q1 2024 [68]. Summary by Sections Company Overview - Established in 2001, the company has developed a comprehensive industrial chain from high-end raw materials to formulations, covering various pharmaceutical sectors [23]. Performance Growth - The company reported a revenue of RMB 26.93 billion in 2023, a year-on-year increase of 15.8%, and a net profit of RMB 3.68 billion, up 36.5% year-on-year [58]. Product Development - The Loxoprofen Sodium Gel Patch generated revenue of RMB 15.47 billion in 2023, with expected revenues of RMB 15.84 billion, RMB 18.23 billion, and RMB 21.51 billion for 2024-2026, reflecting growth rates of 2.4%, 15.0%, and 18.0% respectively [49]. - The Ketoprofen Gel Patch, which entered the national medical insurance directory in 2023, is projected to achieve revenues of RMB 2.0 billion, RMB 4.0 billion, and RMB 5.4 billion from 2024 to 2026 [50]. Market Dynamics - The company has been included in multiple centralized procurement programs, leading to a price reduction of approximately 25% for its products, which is expected to optimize sales expenses and enhance hospital admissions [35][49]. - The outpatient market is anticipated to become a new growth point, with significant expansion efforts already showing results [68]. Financial Projections - The company forecasts total revenue of RMB 30.94 billion for 2024, with a year-on-year growth of 14.9% [78].

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：2024-21 | --- | --- | |----------------|------------------------| | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 | | | □现场参观 □其他 | | 参与单位名称及 | | | 人员姓名 | | | | 2024 年 7 月 25 日上午 | | 时间 | | | | 2024 年 7 月 25 日下午 | | | 地点 公司会议室 | 上市公司接待人 副总经理兼董事会秘书：曾蕾 员姓名 证券事务代表：甘荣 主要采用解答投资者提问的方式进行，问题回复如下： 1、公司 2024 年半年度经营情况如何？ 回复：公司目前生产经营按年度计划正常推进，经营趋势 较好，请届时关注公司披露的 2024 年半年度报告。 投资者关系活动 2、近期医保药品比价政策对公司是否有影响？ 主要内容介绍 回复：尽管国家医保政策的深入推进在行业内掀起了不 小的波澜，但对公司而言，目前其影响尚未 ...

Group 1: Sales Performance - The sales ratio of Loxoprofen Sodium Gel Patch in hospitals was 94.16% in 2023, while the sales ratio outside hospitals was 5.84%. In Q1 2024, the hospital sales ratio was 82.34%, and the outside sales ratio was 17.66% [2] Group 2: Product Pricing - The price of Ketoprofen Gel Patch is 8.68 CNY/patch, while the winning bid prices for Loxoprofen Sodium Gel Patch in various regions are 18.19 CNY/patch in Guangdong and 17.37 CNY/patch in Zhejiang and Yunnan. The price of Flurbiprofen Gel Patch is around 9.24 CNY/patch [3] Group 3: Product Development and Market Positioning - The company is progressing smoothly with the development of Ketoprofen Gel Patch and has plans for future products including Lidocaine Gel Patch and others that have completed production applications [3] - The marketing channels for Loxoprofen Sodium Gel Patch and Ketoprofen Gel Patch are similar, but their sales models and price ranges differ significantly [3] Group 4: Sales Expense Management - The sales expense ratio is expected to decrease due to the implementation of national and provincial centralized procurement, as well as the transition to a semi-self-operated model and increased promotion in the OTC market [3] Group 5: M&A Plans - The company is considering external mergers and acquisitions and is currently looking for targets that align with its development strategy [4]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-049 | | --- | --- | --- | | 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 2024 年第二季度可转换公司债券转股情况的公告 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： 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》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》的规定，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。 1、九典转02转股期限为2024年3月21日 ...

湖南九典制药股份有限公司 向不特定对象发行可转换公司债券 临时受托管理事务报告 债券受托管理人 （陕西省西安市新城区东新街319号8幢10000室） 二零二四年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）《可 转换公司债券管理办法》《湖南九典制药股份有限公司创业板向不特定对象发行 可转换公司债券之债券受托管理协议》（以下简称"《受托管理协议》"）《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》"）等相关公开信息披露文件、第三方中介机构出具的专 业意见等，由本次债券受托管理人西部证券股份有限公司（以下简称"西部证券"） 编制。西部证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验 证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担 任何责任。 证券代码：300705 证券名称：九典制药 转债代码：123223 转债名称：九典转 02 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为西部证券所作的承诺 或声明。在任何情 ...