2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无变更、否决议案的情况； 2、本次股东大会未涉及变更以往股东大会决议的情形； 证券代码：300723 证券简称：一品红 公告编号：2025-031 一品红药业集团股份有限公司 3、本次股东大会采取现场投票与网络投票表决相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 16 日（星期五）下午 14：30 开始。 （2）网络投票时间：2025 年 5 月 16 日。 ①通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 16 日交 易日上午 9：15—9：25，9：30-11：30，下午 13：00-15：00。 ②通过深圳证券交易所互联网系统投票的时间为 2025 年 5 月 16 日上午 9:15 至下午 15:00。 2、现场会议召开地点：广州市黄埔区广州国际生物岛寰宇一路 27 号云润大厦 22 层会议室。 3、会议的召开方式：本次股东大会采取现场投 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见书 所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、 准确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席本 次股东大会人员和召集人的资格、会议表决程序及表决结果是否符合《公司法》 《上市公司股东会规则》等法律、法规、规范性文件及《公司章程》的相关规定发 表意见，不对会议 ...

Core Insights - The company Yipinhong has accelerated the development of its innovative gout drug AR882, which has entered global multi-center Phase III clinical trials, potentially filling a gap in the oral medication market for gout stone treatment [1][2][3] R&D Progress - AR882 has shown significant clinical progress, with the first patient enrolled in domestic Phase III trials on March 4 and completion of patient enrollment in the global REDUCE2 trial by March 6 [2][3] - The drug is designed to target URAT1, aiming to lower blood uric acid levels, dissolve gout stones, and treat chronic kidney disease, showcasing its potential to address unmet medical needs [2][3] Innovation Strategy - Yipinhong has established a robust R&D team of over 400 scientists and is committed to high investment in innovation, with a total of 71 ongoing projects [1][4][5] - The company is advancing 15 innovative drug projects, with AR882 and another drug, APH01727, currently in clinical trials, while others are in preclinical stages [5][6] Manufacturing Capabilities - The company has developed advanced manufacturing capabilities, including a digital production base compliant with EU and FDA standards, enhancing operational efficiency and safety [7][8] - The establishment of the Lianrui Intelligent Manufacturing Base in Nansha, which operates with minimal human intervention, reflects the company's commitment to modernizing its production processes [7] Market Positioning - Yipinhong focuses on the pediatric and chronic disease medication sectors, aiming to leverage its innovative capabilities to capture market opportunities in a competitive landscape [2][4] - The company is optimistic about the market potential for AR882, given the limited number of existing products for hyperuricemia and gout [3][4]

Group 1 - The overall market view indicates that the impact of overseas tariffs is weakening, and the A-share market is expected to experience fluctuations upward, with a focus on growth rebounds [3][11][15] - The banking sector's quarterly reports fell short of expectations, raising concerns about the sustainability of dividends, leading to a rapid disbanding of bank stock groups [3][15] - The report highlights the active performance of technology growth themes, particularly in sectors like AI, robotics, and autonomous driving, while emphasizing the importance of self-controllable industries such as semiconductors and military technology [3][15] Group 2 - The report lists the top ten stocks for May, including companies from various sectors such as electronics, AI, media, and automotive, with no specific ranking [4][10] - The electronic sector includes Zhishang Technology and Xingchen Technology, both showing significant revenue growth driven by market demand and technological advancements [17][20] - The computer & AI & internet sector features Mai Xinlin, which has seen rapid revenue growth due to its comprehensive computing services and strategic partnerships in the AI field [24][27] Group 3 - The media and new consumption sector includes Yaoji Technology, which is focusing on revitalizing its core businesses and leveraging AI to enhance its gaming and marketing services [34][36] - The small and mid-cap sector features Weike Technology, which reported robust revenue growth and is expanding its overseas production capacity [38][39] - The automotive sector highlights Rongtai Co., which is solidifying its position as a leader in steering systems and expanding into the humanoid robotics market [42][45] Group 4 - The electric power equipment sector includes Landai Technology, which has turned profitable with significant growth in its new energy transmission business [47][50] - The pharmaceutical sector features Yipin Hong, which is facing challenges with declining revenues and profits, indicating a need for strategic adjustments [51]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see significant growth in its innovative segment, particularly with the upcoming realization of a major product for gout treatment [5][6] - The projected net profit for the company from 2025 to 2027 is estimated to be 200 million, 270 million, and 330 million RMB respectively, with year-on-year growth rates of 136.2%, 37.2%, and 22.4% [6] Financial Performance Summary - The company reported a revenue of 1.45 billion RMB in 2024, a decrease of 42.07% year-on-year, and a net loss of 540 million RMB, a decline of 392.52% year-on-year [8] - For Q1 2025, the revenue was 377 million RMB, down 39.48% year-on-year, with a net profit of 57 million RMB, a decrease of 43.70% year-on-year [8] - The company has a total market capitalization of approximately 17.7 billion RMB and a circulating market capitalization of about 16.36 billion RMB [3] Business Segments - In 2024, the children's medicine segment generated revenue of 936 million RMB, while the chronic disease medicine segment brought in 370 million RMB [8] - The company has 26 registered children's medicine products covering over 70% of childhood diseases [8] Research and Development - The company is advancing its AR882 product, which has shown promising results in reducing uric acid levels and dissolving gout stones, indicating a potential competitive edge in the market [8] - The company has received several new product registrations in the chronic disease segment, enhancing its product portfolio [8] Financial Projections - The projected revenue for 2025 is 1.82 billion RMB, with a year-on-year growth rate of 25.31% [9] - The estimated net profit for 2025 is 195 million RMB, with a significant recovery from the previous year's loss [9]

Core Viewpoint - The focus of institutional investors on Yipinhong's innovative drug AR882 highlights its potential in the gout treatment market, with significant clinical trial progress and FDA fast track designation [1][2][3]. Group 1: Clinical Trial Progress - Yipinhong's AR882 has received FDA fast track designation for treating visible tophi in gout patients, indicating a potential gap in the oral medication market for this condition [2]. - The Phase III clinical trials for AR882 have commenced, with the first patient enrolled on March 4, 2025, and the global REDUCE2 trial completing patient enrollment shortly thereafter [2]. - The REDUCE1 trial, parallel to REDUCE2, also began patient enrollment on March 17, 2025, focusing on the drug's efficacy in lowering serum uric acid levels [2]. Group 2: Competitive Landscape - Current treatments for hyperuricemia and gout are limited, with existing drugs primarily focused on disease prevention and pain management, while AR882 aims to provide a more effective solution [3]. - Yipinhong asserts that AR882's clinical data shows it can not only lower serum uric acid but also dissolve gout tophi, setting it apart from competitors that only demonstrate uric acid reduction [3]. Group 3: Drug Development and Safety - AR882's molecular design aims to reduce liver toxicity and enhance efficacy, with a prolonged action time of up to 24 hours, addressing safety concerns associated with existing treatments [4]. - The company is optimistic about AR882's market potential, given its unique clinical data and the significant demand in the gout treatment market [4]. Group 4: Research and Development Pipeline - Yipinhong has a total of 71 projects in development, including 15 innovative drug projects, with AR882 and another drug, APH01727, currently in clinical trials [5]. - The company is building a smart manufacturing base compliant with FDA and EU standards, integrating advanced automation and information management systems to support global drug manufacturing needs [5]. Group 5: Subsidiary Developments - Yipinhong's subsidiary, Fendi Pharmaceutical, is focused on developing targeted protein degradation agents for cancer and viral infections, utilizing advanced technologies to enhance drug discovery [6]. - Another subsidiary, Alpha Molecular, is leveraging AI and original biocomputing for drug research targeting GPCRs, with several self-developed pipelines nearing clinical application [6].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Views - The company is undergoing a transformation towards innovation, with significant investments in research and development expected to yield results soon [7][10]. - Despite a decline in revenue and profit due to changes in procurement and sales models, a gradual recovery in income is anticipated starting from Q2 2025 [6][10]. - The new drug AR882 is highlighted as a key product in the company's transition to an innovative pharmaceutical enterprise, with promising clinical trial results [8][10]. Summary by Sections Market Performance - The company reported a revenue of 1.45 billion yuan in 2024, a year-on-year decrease of 42.07%, and a net profit attributable to shareholders of -540 million yuan [5]. Investment Highlights - The adjustment in marketing strategies has led to significant changes in revenue and profit, with an expected recovery in sales starting Q2 2025 [6]. - R&D investment increased to approximately 324.79 million yuan in 2024, representing a 7.77% year-on-year growth and accounting for 22.40% of total revenue [7]. - The company has participated in four rounds of national drug procurement, with nine products successfully shortlisted, leading to an expected reduction in the impact of procurement on revenue [6]. Profit Forecast - Revenue projections for 2025-2027 are 1.565 billion, 1.939 billion, and 2.313 billion yuan respectively, with corresponding EPS of 0.36, 0.54, and 0.79 yuan [9][12]. - The company is expected to achieve a net profit of 163 million yuan in 2025, marking a significant turnaround from previous losses [12].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Views - The company is undergoing a transformation towards innovation, with significant investments in research and development expected to yield results soon [7][10]. - Despite a decline in revenue and profit due to changes in procurement and sales models, a gradual recovery in income is anticipated starting from Q2 2025 [6]. - The new drug AR882 is highlighted as a key product in the company's transition to an innovative pharmaceutical enterprise, with promising clinical trial results [8][10]. Summary by Sections Market Performance - The company reported a revenue of 1.45 billion yuan in 2024, a year-on-year decrease of 42.07%, and a net profit attributable to shareholders of -540 million yuan [5]. Investment Highlights - The adjustment in marketing strategy has led to significant changes in revenue and profit, with an expected recovery in sales starting Q2 2025 [6]. - R&D investment increased to approximately 324.79 million yuan in 2024, representing a 7.77% year-on-year growth and accounting for 22.40% of total revenue [7]. - The company has participated in four rounds of national drug procurement, with nine products successfully shortlisted, leading to an expected reduction in the impact of procurement on revenue [6]. Profit Forecast - Revenue projections for 2025-2027 are 1.565 billion, 1.939 billion, and 2.313 billion yuan respectively, with corresponding EPS of 0.36, 0.54, and 0.79 yuan [9][12]. - The company is expected to achieve a net profit of 163 million yuan in 2025, with a significant recovery in profitability anticipated in subsequent years [12].

Core Viewpoint - The company is undergoing a transformation towards innovation with sustained R&D investment, despite facing significant revenue and profit declines in recent reports [1][2]. Financial Performance - In 2024, the company reported revenue of 1.45 billion, a year-on-year decrease of 42.07%, and a net loss attributable to shareholders of 540 million. For Q1 2025, revenue was 377 million, down 39.48%, with a net profit of 57 million, a decline of 43.70% [2]. - The company adjusted its marketing model in 2023, which continues to impact revenue through Q1 2025. However, it is expected that revenue growth will gradually recover starting Q2 2025, with an overall sales volume increase of 8.16% when excluding price effects [3]. R&D Investment - The company increased its R&D investment to approximately 324.79 million in 2024, a 7.77% increase year-on-year, representing 22.40% of total revenue [4]. - The company has registered 11 new product approvals and has 2 new drugs in clinical stages as of 2024 [4]. Key Product Development - The new drug AR882 is a critical product for the company's transition to an innovative pharmaceutical company, showing potential as a Best-in-Class treatment for gout and high uric acid levels. Clinical trial results were presented at the 2024 EULAR conference [5]. - As of March 2025, AR882 has completed patient enrollment for its global pivotal Phase III trials, with expectations for continued data readouts to support external licensing [5]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 1.565 billion, 1.939 billion, and 2.313 billion respectively, with EPS forecasts of 0.36, 0.54, and 0.79. The current stock price corresponds to P/E ratios of 104.9, 69.6, and 48.1 for these years [6].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a long-term focus on domestic innovative drugs in the oncology field and AI medical investment opportunities [3][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.16%, outperforming the Wind All A index (1.15%) and the CSI 300 index (0.38%) [3][8]. - The upcoming ASCO conference is highlighted as a significant event for domestic innovative drug companies, with over 70 oral presentations and more than 10 major studies expected [3][4]. - The Ministry of Industry and Information Technology and six other departments issued a plan for the digital transformation of the pharmaceutical industry, aiming for significant advancements by 2027 and full coverage by 2030 [3][4]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.16% from April 21 to April 25, outperforming the Wind All A index and the CSI 300 index [3][8]. - Notable performers included medical research outsourcing (6.34%) and raw materials (4.72%), while blood products (-3.26%) and vaccines (-6.38%) continued to decline [3][9]. - Individual stock performances showed significant gains for Yong'an Pharmaceutical (31.4%), Shuyou Shen (28.4%), and Erkang Pharmaceutical (27.7%), while *ST Jiyuan (-43.2%), Nanhua Biological (-35.3%), and Shuangcheng Pharmaceutical (-27.7%) faced substantial losses [3][11]. Industry News and Key Company Announcements - On April 25, Kangfang Bio announced FDA approval for its drug Anike for the treatment of recurrent or metastatic nasopharyngeal carcinoma [12]. - The same day, Kangfang Bio also reported the approval of its PD-1/VEGF bispecific antibody for first-line treatment of specific lung cancer types [13]. - The digital transformation plan for the pharmaceutical industry aims to enhance competitiveness and quality management through AI and data integration by 2030 [3][4].