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：2024-35 | --- | --- | --- | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------|------------------------------------------------------|-------|-------|-------|-------| | 投资者关系活动 \n类别 | 特定对象调研 □分析师会议 \n □媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 | □路演活动 \n 其他 | | | | | | 参与单位名称及 人员姓名 | 华泰证券、富国基金等机构投资者代表共 | 5 人 | | | | | | 时间 2024 | 年 12 月 10 日下午 | 1:30-3:00 | | | | | | | ...

Investment Rating - The report gives a "Buy" rating for Jiudian Pharmaceutical with a target price of 26.53 CNY per share [5] Core Views - Jiudian Pharmaceutical's core product, Loxoprofen Sodium Gel Patch, is a first-to-market generic in China with strong competitive advantages due to clinical approval barriers [1] - The company is expanding its market presence both in-hospital and out-of-hospital, with steady sales growth in centralized procurement regions and new growth drivers from online and offline channels [1] - Jiudian Pharmaceutical is deepening its focus on transdermal drug delivery systems, with multiple products in the pipeline expected to further enhance its market position [2] - The company's profitability is expected to grow significantly, with projected net profits of 525 million CNY, 692 million CNY, and 896 million CNY for 2024-2026, respectively [2] Financial Projections - Revenue is expected to grow from 2.693 billion CNY in 2023 to 4.677 billion CNY in 2026, with a CAGR of 18.6% [3] - EBITDA is projected to increase from 471 million CNY in 2023 to 1.068 billion CNY in 2026 [3] - EPS is forecasted to rise from 1.07 CNY in 2023 to 1.81 CNY in 2026, with a P/E ratio decreasing from 31.06x to 14.23x over the same period [3] Market and Product Analysis - Jiudian Pharmaceutical's Loxoprofen Sodium Gel Patch dominates the market with a 100% market share in 2022 and 2023 [32] - The company's Ketoprofen Gel Patch, approved in 2023, is expected to further expand its market share in the transdermal drug delivery sector [10] - Jiudian Pharmaceutical has a robust pipeline of transdermal drug delivery products, including Indomethacin Gel Patch and Lidocaine Gel Patch, which are expected to contribute to future growth [12][34] Industry Trends - The global transdermal drug delivery market is projected to reach 9.6 billion USD by 2027, driven by the advantages of transdermal patches such as ease of use and patient compliance [48] - Chronic pain, a growing issue due to aging populations, is expected to drive demand for transdermal pain relief products, with over 280 million chronic pain patients in China alone [58] Strategic Initiatives - Jiudian Pharmaceutical is actively building a nationwide marketing network, with a focus on both in-hospital and out-of-hospital markets [43] - The company has successfully developed a national commercial team and expanded its online presence, which is expected to drive further growth [45]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-080 | | --- | --- | --- | | 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 关于股东减持股份实施完毕的公告 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。 股东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。 湖南九典制药股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日披露 《关于股东减持股份的预披露公告》（公告编号：2024-052），公司监事梁胜华女 士，计划以集中竞价方式减持公司股份 36,354 股（占本公司总股本比例 0.007%）。 近日，公司收到梁胜华女士出具的《股份减持计划实施进展告知函》，其减 持股份计划已实施完毕。现将相关情况公告如下： 1、股东减持股份情况 2、股东本次减持前后持股情况 | 股东 | 股份性质 | 本次减持前持有股份 | 占总股本 | 本次减持后持有股份 | 占总股本 | | --- | --- | --- | --- | --- | --- | | 名称 ...

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-079 | | --- | --- | --- | | 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 关于股东减持股份实施完毕的公告 股东段斌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。 二、其他相关说明 1、本次减持计划符合《上市公司股东减持股份管理暂行办法》《上市公司董 事、监事和高级管理人员所持本公司股份及其变动管理规则》《深圳证券交易所 上市公司自律监管指引第 18 号——股东及董事、监事、高级管理人员减持股份》 等法律法规及规范性文件的规定。 2、本次实际减持情况与此前披露的减持计划一致，不存在差异减持情况。 3、本次减持的实施不会导致公司控制权发生变更，不会对公司的持续性经 营产生影响。 湖南九典制药股份有限公司（以下简称"公司"）于 2024 年 8 月 15 日披露 《关于股东减持股份的预披露公告》（公告编号：2024-052），公司监事段斌女士， 计划以集中竞价方式减持公司股 ...

Group 1: Sales Performance - The total sales revenue of the transdermal patch for the first three quarters reached 1.169 billion CNY, an increase of 6.46% year-on-year, with sales volume growing by 60.63% [2] - The sales revenue for the third quarter was 462 million CNY, representing a year-on-year growth of 15.57%, with sales volume increasing by 80.13% [2] - The hospital sales revenue for the third quarter increased by 8.47% year-on-year, while the sales volume grew by 73.02% [2] Group 2: Future Outlook - The company expects a revenue growth of 10-20% for the fiscal year 2024, with a non-net profit growth of 30-40% [3] - The company anticipates that the transdermal patch will maintain a stable growth trajectory over the next 2-3 years, driven by the increasing demand from chronic pain patients [3] - The introduction of new products, such as the flurbiprofen and indomethacin transdermal patches, is expected to enhance the product line and support future profit growth [4] Group 3: Market Strategy - The company is focusing on expanding its market presence in regions where provincial centralized procurement has been implemented, with over 20 administrative regions already executing procurement [3] - The impact of local centralized procurement on the sales price of the transdermal patch is acknowledged, but the overall net profit is expected to be minimally affected due to reduced sales expenses and increased OTC channel sales [4] - As of October 30, 2024, the company has developed over 900 secondary and tertiary hospitals and more than 900 primary hospitals for the ketoprofen transdermal patch [4]

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-078 | | --- | --- | --- | | 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 关于持股 5%以上股东股份质押的公告 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。 湖南九典制药股份有限公司（以下简称"公司"）于近日收到持股5%以上股 东朱志宏先生的通知，获悉朱志宏先生将所持有的公司部分股份进行了质押，具 体情况如下： 一、股东股份质押的基本情况 | 股东 | 是否为第一 | 本次质押股 | 占其所 | 占公司 | 是否为 | 是否为 | 质押 | 质押 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及一 致行动人 | 份数量（股） | 持股份 比例 | 总股本 比例 | 限售股 | 补充质 押 | 开始日期 | 到期日 | 质权人 | 用途 | | | | | | | | | | 办理解 | 国泰君 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][5]. Core Views - The company is positioned to become a leader in the transdermal drug delivery sector, with a rich product matrix and significant growth potential driven by its flagship product, Loxoprofen Sodium Gel Patch, which achieved sales of 1.547 billion yuan in 2023, reflecting a year-on-year growth of 19% [2][4]. - The company is expanding its product offerings, including the recently approved Ketoprofen Gel Patch, which is expected to contribute to revenue growth as it enters the national medical insurance directory [3][4]. - The company has a strong focus on R&D, maintaining a research and development expense ratio of 8-9% over the past four years, which supports its innovation and transformation efforts [3][4]. Summary by Sections 1. Company Overview - Established for over 20 years, the company has a comprehensive layout in chemical pharmaceuticals, raw materials, and health products, with a focus on self-developed products [20][31]. - The company has a stable shareholding structure, with the founder having a solid medical background, which supports its long-term development [26][31]. 2. Market Potential - The pain management market is promising, with a high prevalence of chronic pain in China, indicating significant growth opportunities for topical transdermal products [3][20]. - The company has a competitive advantage in the transdermal patch market, with its leading product, Loxoprofen Sodium Gel Patch, holding a 100% market share [32][36]. 3. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate of 27.43% from 2018 to 2023, and is expected to continue this trend with projected net profits of 519 million yuan, 691 million yuan, and 876 million yuan for 2024, 2025, and 2026, respectively [4][8][36]. - The company’s revenue from drug formulations accounted for over 80% of total revenue in 2023, highlighting its focus on this segment [21][36]. 4. Profitability Forecast - The report forecasts a significant increase in net profit for the company, with expected growth rates of 41%, 33%, and 26.7% for the years 2024, 2025, and 2026, respectively [4][8]. - The company is optimizing its sales strategies and cost structures, which is anticipated to enhance profitability further [3][4].

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-077 | | --- | --- | --- | | 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 关于为全资子公司提供担保的进展公告 近日，公司全资子公司九典宏阳因生产经营需要，向招商银行股份有限公司 长沙分行（以下简称"招商银行"）申请授信。公司与招商银行签订了《最高额 不可撤销担保书》，为全资子公司九典宏阳提供最高限额人民币 5,000 万元的保 证担保。 以上担保金额在公司已履行审议程序的担保额度以内，无需履行其他审议程 序。本次担保生效后，公司为全资子公司九典宏阳提供担保的剩余总额度为人民 币 37,700 万元整。 三、被担保人情况 公司名称：湖南九典宏阳制药有限公司 统一社会信用代码：91430122344723202P 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、担保情况概述 湖南九典制药股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日、2024 年 5 月 15 日分别召开的第四届董事会第四次会议及 2 ...

| 证券代码：300705 | 证券简称：九典制药 | 公告编号：2024-076 | | --- | --- | --- | | 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 关于与专业投资机构共同投资暨关联交易的进展公告 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。 湖南九典制药股份有限公司（以下简称"公司"）于 2024 年 8 月 23 日召开 的第四届董事会第六次会议审议通过了《关于与专业投资机构共同投资暨关联交 易的议案》，同意公司使用自有资金，上限不超过 9,000 万元，与深圳前海上善 金石私募股权投资基金管理有限公司、湖南湘江新区引导四号股权投资合伙企业 （有限合伙）、朱志宏先生及其他有限合伙人（待定）共同投资设立长沙湘江善 具体内容详见公司于 2024 年 8 月 24 日在巨潮资讯网披露的《关于与专业投 资机构共同投资暨关联交易的公告》（公告编号：2024-058）。 一、交易标的的进展情况 近日，公司收到执行事务合伙人通知，湘江善诺已完成工商注册登记，并取 得湖南湘江新区管理委员会颁发的《营业执照 ...

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：2024-33 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|---------------------------------------------------|---------------------------------------------------------------------------------------------------------|-------|-------|--------------------|--------| | 投资者关系活动 \n类别 | □媒体采访 □业绩说明会 \n□新闻发布会 \n□现场参观 | 特定对象调研 □分析师会议 \n□路演活动 \n 其他 | | | | | | 参与单位名称及 | | 平安养老、东吴证券、申万菱信基金、汇丰晋信基金机构投 | | | | | | 人员姓名 | 资者代表共 4 人 ...