| 证券代码:301015 | | --- | | 债券代码:123194 | 证券代码：301015 证券简称：百洋医药 公告编号：2024-096 债券代码：123194 债券简称：百洋转债 青岛百洋医药股份有限公司 关于全资子公司对外投资的公告 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。 一、对外投资概述 为了进一步深化合作，促进资源整合和协同发展，青岛百洋医药股份有限公司 （以下简称"公司"）全资子公司河北百洋诚达医药有限公司（以下简称"百洋诚 达"）、百洋健康产业国际商贸有限公司（以下简称"百洋健康"）拟与 Zap Medical System, Ltd.（以下简称"标的公司"）签订《FIRST SERIES E PREFERENCE SHARES SUBSCRIPTION AGREEMENT》(《首轮 E 系列优先股认购协议》)，参与认购标 的公司发行的 E 系列优先股。 本次交易完成后，百洋诚达和百洋健康投资标的公司的累计金额为 5,000 万美 元，百洋健康持有标的公司 8.22%的股权，百洋诚达持有标的公司 10.92%的股权， 公司间接 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Views - The company reported Q3 2024 revenue of 2.15 billion (up 4.68%) and a net profit of 238 million (up 17.02%), with a year-to-date revenue of 6.14 billion (up 2.65%) and a net profit of 641 million (up 17.42%) [1][3]. - The consolidation of Baiyang Pharmaceutical into the financial statements is expected to provide new growth momentum, with performance commitments of not less than 140 million, 170 million, and 220 million for the years 2024-2026 [1]. - The brand operation business achieved revenue of 4.13 billion (up 15.5%) in the first three quarters, with a gross profit of 2.02 billion (up 19.26%), maintaining steady growth [3]. - The company is focusing on core brand operations while reducing the scale of its wholesale and distribution business, which saw a revenue decline of 19.4% [2][3]. - The company is expected to continue expanding into new product categories, with revenue projections of 8.2 billion, 9.5 billion, and 10.7 billion for 2024-2026, reflecting growth rates of 8%, 16%, and 13% respectively [1][3]. Financial Summary - The company’s net profit for 2024 is projected to be 870 million (up 32%), with earnings per share (EPS) expected to reach 1.65 [5][11]. - The financial data indicates a steady increase in revenue and net profit over the years, with a projected net profit of 1.48 billion in 2026 [5][14]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 23.2 in 2023 to 10.3 in 2026, indicating improved valuation over time [5][14].

本公司及监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、监事会会议召开情况 青岛百洋医药股份有限公司（以下简称"公司"）第三届监事会第二十二次 会议于 2024 年 11 月 8 日以通讯表决的方式召开，会议通知已于 2024 年 11 月 1 日以邮件形式送达全体监事。本次会议由公司监事会主席牟君女士召集并主持， 应出席监事 3 人，实际出席监事 3 人，公司董事会秘书列席会议。本次会议的召 开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，会 议决议合法、有效。 二、监事会会议审议情况 （一）审议通过了《关于全资子公司对外投资的议案》； 为了进一步深化合作，促进资源整合和协同发展，公司全资子公司河北百洋 诚达医药有限公司、百洋健康产业国际商贸有限公司拟与 Zap Medical System, Ltd. 签订协议，参与认购标的公司发行的 E 系列优先股。 | 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-095 | | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | 青岛百洋医药股份有限公 ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号： | 2024-097 | | --- | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | | 青岛百洋医药股份有限公司 关于签订分销协议暨日常关联交易的公告 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： 1、协议的生效条件：经各方签字后生效。 2、协议的风险及不确定性：协议各方均具有较好的履约能力，但在协议履 行过程中，如遇外部市场环境重大变化、国家有关政策调整以及其他不可预见或 不可抗力等因素，可能存在协议无法如期或全面履行的风险。协议已对各方权利 和义务、违约责任、争议的解决方式等作出明确规定，但由于交易对方未提供履 约担保措施，因此存在一定的履约风险。 3、协议履行对公司业绩的影响：本次交易属于公司日常经营行为，若协议 顺利实施，将有利于提升公司的持续盈利能力，对公司业绩产生积极影响。 一、本次拟签订协议暨日常关联交易概述 为拓展青岛百洋医药股份有限公司（以下简称"公司"）在高端医疗器械领 域的产品布局，公司及全资子公司百洋健 ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2024-098 | | --- | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | | 青岛百洋医药股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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、召开会议的基本情况 1. 股东大会届次：2024年第四次临时股东大会 2. 股东大会的召集人：董事会。2024年11月8日召开的青岛百洋医药股份有 限公司（以下简称"公司"）第三届董事会第二十六次会议审议通过了《关于召 开2024年第四次临时股东大会的议案》。 3. 会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法 规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》等的规定。 4. 会议召开的日期、时间： （1）现场会议召开时间：2024年11月25日（星期一）14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2024年11月25日9:15—9:25，9:30—11:30和13:00—15:00 ...

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-094 | | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | 第三届董事会第二十六次会议决议公告 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 青岛百洋医药股份有限公司（以下简称"公司"）第三届董事会第二十六次 会议于 2024 年 11 月 8 日以现场结合通讯的方式召开，会议通知已于 2024 年 11 月 1 日以邮件形式送达全体董事。本次会议由公司董事长付钢先生召集并主持， 应出席董事 9 人，实际出席董事 9 人，公司总经理、董事会秘书列席会议。本次 会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过了《关于全资子公司对外投资的议案》； 为了进一步深化合作，促进资源整合和协同发展，公司全资子公司河北百洋 诚达医药有限公司、百洋健康产业国际商贸有限公司拟与 Zap Medical System, Ltd.签订协议，参与认购标的公司发行的 ...

Investment Rating - The report assigns a "Buy" investment rating for the company Baiyang Pharmaceutical (301015) [1]. Core Insights - The company is expected to achieve dual improvements in performance and valuation through a strategy of "internal growth + external expansion" in brand operations. The brand operation business has shown a compound annual growth rate (CAGR) of approximately 21% from 2018 to 2023, and the acquisition of a 60.2% stake in Baiyang Pharmaceutical is projected to contribute to a similar revenue growth rate of around 21% from 2023 to 2026 [2][4][15]. Summary by Sections Brand Operations - Baiyang Pharmaceutical has established a strong brand operation business, with key products including the Dical series calcium tablets and Hailu eye drops. The revenue from brand operations accounted for about 58% of total revenue in 2023, with a CAGR of approximately 21% from 2018 to 2023 [2][4][18]. - The Dical series generated revenue of 1.897 billion yuan in 2023, reflecting a year-on-year growth of 17%. Hailu eye drops achieved revenue of 640 million yuan, with a significant year-on-year increase of 50% [19][20]. OTX Business Growth - The integration of Baiyang Pharmaceutical is expected to drive rapid growth in the OTX business. The company acquired Baiyang Pharmaceutical for a total transaction price of 880 million yuan, which is anticipated to enhance the product matrix and revenue streams [22][25]. Wholesale and Retail Business - The wholesale business has seen a contraction, with revenue of 2.774 billion yuan in 2023, down 19% year-on-year. However, the pace of contraction is expected to slow down as the company focuses on improving operational quality [5][11]. - The retail business, primarily operated through Baiyang Health Pharmacy, has maintained a stable revenue stream, with a CAGR of approximately 12% from 2018 to 2023 [5][11]. Financial Projections - The company forecasts revenues of 8.331 billion yuan, 9.402 billion yuan, and 10.695 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10%, 13%, and 14%. The projected net profits for the same years are 850 million yuan, 1.057 billion yuan, and 1.309 billion yuan, reflecting growth rates of 30%, 24%, and 24% [3][4][28].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 29.59 yuan and a target price range of 30.60 to 40.80 yuan per share based on a projected P/E ratio of 15-20 times for 2025 [1][7]. Core Insights - The company has shown strong growth in its brand operation business, leading to a significant increase in profits. For the first three quarters of 2024, the company achieved a revenue of 6.144 billion yuan, up 2.65% year-on-year, and a net profit attributable to shareholders of 641 million yuan, up 17.42% year-on-year [5][6]. - The company completed the acquisition of a 60.199% stake in Baiyang Pharmaceutical, enhancing its product portfolio and growth potential in the future [6][7]. - The report forecasts a steady increase in revenue and net profit over the next three years, with expected net profits of 8.51 billion yuan, 10.70 billion yuan, and 13.25 billion yuan for 2024, 2025, and 2026 respectively [6][7]. Financial Summary - The company's main revenue sources and financial metrics are as follows: - Main revenue (billion yuan): 75.10 (2022), 75.64 (2023), 84.64 (2024E), 93.43 (2025E), 105.18 (2026E) [4]. - Net profit attributable to shareholders (billion yuan): 5.02 (2022), 6.56 (2023), 8.51 (2024E), 10.70 (2025E), 13.25 (2026E) [4]. - Earnings per share (EPS): 0.96 (2022), 1.25 (2023), 1.62 (2024E), 2.04 (2025E), 2.52 (2026E) [4]. - The company’s P/E ratio is projected to decrease from 30.98 in 2022 to 11.74 in 2026, indicating improving valuation [4][8].

证券代码：301015 证券简称：百洋医药 公告编号：2024-093 债券代码：123194 债券简称：百洋转债 青岛百洋医药股份有限公司 关于为子公司提供担保的进展公告 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。 近日，为满足子公司业务发展的资金需求，青岛百洋医药股份有限公司（以下 简称"公司"）为全资子公司青岛百洋健康药房连锁有限公司（以下简称"健康药 房"）、控股子公司青岛典众文化传播有限公司（以下简称"青岛典众"）的授信 额度提供连带责任保证担保。具体情况如下： | 证券代码:301015 | | --- | | 债券代码:123194 | 一、担保情况概述 公司分别于 2024 年 4 月 19 日召开第三届董事会第十七次会议及第三届监事会 第十四次会议、2024 年 5 月 13 日召开 2023 年年度股东大会，审议通过了《关于 2024 年度对外担保额度预计的议案》，同意公司为健康药房提供不超过 21,000 万元的担 保额度，为青岛典众提供不超过 1,200 万元的担保额度，担保额度的有效期为自 2023 年年度股东大会决议通过之日起 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's brand operation business continues to enhance profitability, with a revenue of 41.3 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 15.5% [3] - The overall revenue for the first three quarters of 2024 reached 61.4 billion yuan, a 2.7% increase year-on-year, with a net profit attributable to shareholders of 6.4 billion yuan, up 17.4% year-on-year [1][3] - The company is recognized as a leading pharmaceutical commercialization platform in China, with strong brand-building and multi-channel operational capabilities [4] Revenue Breakdown - The brand operation business achieved a revenue of 44.8 billion yuan after adjusting for the two-invoice system, while the wholesale distribution business saw a revenue decline of 19.4% to 17.0 billion yuan [3] - Retail business revenue grew by 8.6% to 2.9 billion yuan in the same period [3] Profitability Metrics - The gross margin for Q1-Q3 2024 was 35.7%, an increase of 3.0 percentage points year-on-year, with the gross profit from the brand operation business amounting to 20.2 billion yuan, a 19.3% increase year-on-year [3] - The company expects net profits attributable to shareholders to reach 8.5 billion yuan, 10.8 billion yuan, and 13.5 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 30.1%, 26.0%, and 25.4% [4] Market Performance - The company's stock closed at 29.59 yuan, with a market capitalization of 15,552.90 million yuan [2] - The price-to-earnings (P/E) ratios for the next three years are projected to be 18X, 14X, and 12X [4]