Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 29, 2024 [2][11]. Core Insights - The company has shown steady growth in operating performance, with a revenue of 61.44 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 17.42%. The net profit attributable to the parent company reached 6.41 billion yuan, up 17.02% year-on-year [2][3]. - The core brand operation business achieved a revenue of 41.33 billion yuan, reflecting a growth of 15.48%. The gross profit from this segment was 20.17 billion yuan, marking a 19.26% increase [3]. - The company has completed the acquisition of 60.199% of Baiyang Pharmaceutical for approximately 880 million yuan, which is expected to enhance its product structure and extend its industry chain layout [4]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 8.05 billion yuan, with earnings per share (EPS) expected to be 1.53 yuan. The price-to-earnings (P/E) ratio is forecasted at 18.2 times [2][5]. - The company's revenue is expected to grow from 75.64 billion yuan in 2023 to 97.77 billion yuan by 2026, with a compound annual growth rate (CAGR) of 13.6% [5][7]. - The gross margin is anticipated to improve from 30.0% in 2023 to 34.5% in 2026, indicating enhanced profitability [5][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, with steady brand operation development. The revenue for the third quarter reached 6.144 billion yuan, a year-on-year increase of 2.65%. The net profit attributable to the parent company was 641 million yuan, up 17.42% year-on-year [1][2] - The report indicates that the company has maintained robust organic growth, with a focus on brand operation while further reducing non-core wholesale and distribution business [1][2] - The forecast for revenue growth is optimistic, with expected revenues of 7.882 billion yuan in 2024, representing a 4% year-on-year increase, and projected net profit of 813 million yuan, a 24% increase [1][2] Summary by Sections Financial Performance - Revenue (in million yuan): 2022A: 7,510; 2023A: 7,564; 2024E: 7,882; 2025E: 8,816; 2026E: 9,869 [1] - Year-on-year growth rates: 2022: 6%; 2023: 1%; 2024: 4%; 2025: 12%; 2026: 12% [1] - Net profit attributable to the parent company (in million yuan): 2022A: 502; 2023A: 656; 2024E: 813; 2025E: 959; 2026E: 1,126 [1] - Year-on-year growth rates for net profit: 2022: 19%; 2023: 31%; 2024: 24%; 2025: 18%; 2026: 17% [1] Valuation Metrics - Earnings per share (in yuan): 2022A: 0.96; 2023A: 1.25; 2024E: 1.55; 2025E: 1.82; 2026E: 2.14 [1] - Price-to-earnings (P/E) ratio: 2022A: 22%; 2023A: 25%; 2024E: 24%; 2025E: 23%; 2026E: 22% [1] - Price-to-book (P/B) ratio: 2024: 5.6; 2025: 4.5; 2026: 3.6 [1] Market Position and Strategy - The company is focusing on enhancing its brand operation business, which has shown significant growth, while reducing the scale of its wholesale and distribution operations [1][2] - The report highlights that the brand operation business has become the main profit source, with a gross profit margin of 91.93% [1][2]

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-092 | | --- | --- | | 债券代码：123194 | 债券简称：百洋转债 | 1、基金名称：阿斯利康中金（青岛）创业投资基金合伙企业（有限合伙） 公司将持续关注投资基金运作情况，并根据《深圳证券交易所上市公司自律 监管指引第 7 号——交易与关联交易》等要求及时履行信息披露义务。敬请广大 投资者注意投资风险。 2、备案编码：SAPP24 3、管理人名称：中金资本运营有限公司 4、托管人名称：中国银行股份有限公司 5、备案日期：2024 年 10 月 24 日 特此公告。 关于与专业投资机构共同投资的进展公告 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。 一、与专业投资机构共同投资概述 为实现产业布局，把握合作机会，充分借助合作伙伴的投资经验、优质资源 和专业能力，促进公司产业延展升级，青岛百洋医药股份有限公司（以下简称"公 司"）与阿斯利康商务咨询（无锡）有限公司、中金资本运营有限公司等共同出 资设立阿斯利康中金（青岛）创业投资基金合伙企业（有限合伙）（以下简称"投 资 ...

东兴证券股份有限公司关于 青岛百洋医药股份有限公司 部分募投项目暂缓实施的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为青岛 百洋医药股份有限公司（以下简称"百洋医药"、"发行人"或"公司"）2021 年 度首次公开发行股票和 2023 年度向不特定对象发行可转换公司债券持续督导的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等相关法律法规、规范性文件要求，对百洋医药部分募投项目暂缓 实施的事项进行了核查，具体核查情况如下： 一、募集资金基本情况 2、募投项目募集资金投资额的调整情况 由于公司首次公开发行股票募集资金净额少于《青岛百洋医药股份有限公司 首次公开发行股票并在创业板上市招股说明书》中募投项目拟投入的募集资金金 额，公司于 2021 年 7 月 14 日召开第二届董事会第十九次会议及第二届监事会第 1 十二次会议，审议通过了《关于调整募集资金投资项目拟投入募集资金金额的议 案》，同意公司根据实际募集资金净额并结合各募投项目情况，对募投项目拟投 入募集资金金额进 ...

| 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-088 | | --- | --- | | 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 第三届监事会第二十一次会议决议公告 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。 二、监事会会议审议情况 （一）审议通过了《关于<2024 年第三季度报告>的议案》； 监事会认为：董事会编制和审核《2024 年第三季度报告》的程序符合法律、 行政法规和中国证监会的规定。公司《2024 年第三季度报告》包含的信息公允、 全面、真实地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《青岛百 洋医药股份有限公司 2024 年第三季度报告》。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 （二）审议通过了《关于部分募投项目延期的议案》； 监事会认为：公司本次部分募投项目延期是公司根据项目的实际进展情况作 出的谨慎决定，符合公司实 ...

一、董事会会议召开情况 | 证券代码：301015 | 证券简称：百洋医药 公告编号：2024-087 | | --- | --- | | 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 第三届董事会第二十五次会议决议公告 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。 青岛百洋医药股份有限公司（以下简称"公司"）第三届董事会第二十五次 会议于 2024 年 10 月 25 日以现场结合通讯的方式召开，会议通知已于 2024 年 10 月 18 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<2024 年第三季度报告>的议案》； 董事会认为：公司《2024 年第三季度报告》包含的信息公允、全面、真实 地反映了本报告期的财务状况和经营成果等事项，所披露的信息真实、准确、完 整，不存在虚假记 ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2024-091 | | --- | --- | --- | | 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 关于部分募投项目暂缓实施的公告 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。 青岛百洋医药股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召开 第三届董事会第二十五次会议及第三届监事会第二十一次会议，审议通过了《关 于部分募投项目暂缓实施的议案》，决定暂缓实施"百洋品牌运营中心建设项目"。 本次部分募投项目暂缓实施在董事会审批权限内，无需提交股东大会审议。具体 情况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金 1、募集资金到位情况 经中国证券监督管理委员会《关于同意青岛百洋医药股份有限公司首次公开 发行股票注册的批复》（证监许可[2021]1809号）同意注册，公司首次公开发行人 民币普通股（A股）5,260万股，每股发行价格为人民币7.64元，募集资金总额为 人民币40,186.40万元，扣除发行费用5,924 ...

| 证券代码：301015 | 证券简称：百洋医药 | 公告编号：2024-090 | | --- | --- | --- | | 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 关于部分募投项目延期的公告 | 序号 | 项目名称 | 募集资金承诺 | 累计投入募集资 | 投资进度 | | --- | --- | --- | --- | --- | | | | 投资总额 | 金金额 | | | 3 | 补充流动资金 | 24,721.15 | 24,723.92 | 100.01% | | | | | （含节余利息） | | | | 合计 | 85,221.15 | 30,331.18 | - | 二、本次募投项目延期的具体情况、原因及影响 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。 青岛百洋医药股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日召 开第三届董事会第二十五次会议及第三届监事会第二十一次会议，审议通过了 《关于部分募投项目延期的议案》，同意公司在募投项目实施主体、投资用途及 投资规模不变的情 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥2,152,363,696.50, representing a 4.68% increase compared to ¥2,056,169,962.39 in the same period last year[2]. - Net profit attributable to shareholders was ¥238,367,803.44, a 17.02% increase from ¥203,700,403.17 year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥239,550,061.24, up 24.76% from ¥192,012,357.18 in the previous year[2]. - The company reported a basic earnings per share of ¥0.45, up 15.38% from ¥0.39 in the same period last year[2]. - The net profit for Q3 2024 reached CNY 690,576,353.68, an increase of 20% compared to CNY 575,117,905.89 in Q3 2023[17]. - Basic earnings per share increased to CNY 1.22 from CNY 1.04 year-over-year[18]. - Operating profit for the quarter was CNY 911,469,828.60, up from CNY 756,906,332.63 in the same period last year, reflecting a growth of approximately 20%[17]. - The total comprehensive income for the quarter was CNY 688,979,437.14, an increase from CNY 575,405,662.89 in the same quarter last year[17]. - The company recorded a total profit of CNY 907,916,950.83 for the quarter, up from CNY 756,828,854.82 in Q3 2023[17]. Cash Flow and Assets - The company's cash flow from operating activities for the year-to-date was ¥562,424,238.63, an increase of 24.91% compared to ¥450,256,050.68 last year[2]. - Cash and cash equivalents at the end of the period totaled CNY 1,037,953,705.98, compared to CNY 872,466,509.71 at the end of Q3 2023[20]. - The net cash flow from operating activities was CNY 562,424,238.63, up from CNY 450,256,050.68 in Q3 2023, representing a growth of about 25%[19]. - The company reported a net cash outflow from investing activities of CNY 510,436,795.07, worsening from a net outflow of CNY 314,484,417.89 in the previous year[20]. - The company's total assets at the end of the reporting period were ¥6,896,388,160.04, reflecting a 7.46% increase from the previous year[2]. - Current liabilities rose significantly to ¥3,135,223,401.29 from ¥2,391,555,195.75, marking an increase of approximately 31.0%[14]. - The company's total equity decreased to ¥2,515,198,587.64 from ¥3,119,452,619.76, a decline of about 19.4%[15]. - The cash and cash equivalents decreased to ¥1,270,692,224.30 from ¥1,344,444,507.80, a decline of about 5.5%[14]. - The company reported a significant increase in trading financial assets to ¥183,384,125.78 from ¥27,617,099.81, reflecting a growth of approximately 563.5%[14]. - Long-term equity investments rose to ¥323,496,875.76 from ¥239,446,916.45, indicating an increase of about 35.1%[14]. Business Segments - The core brand operation business generated revenue of ¥4,133,000,000, a 15.48% increase year-on-year, with a gross profit margin of 91.93%[6]. - Wholesale and distribution business revenue decreased by 19.38% to ¥1,703,000,000 due to a focus on core brand operations[6]. - Retail business revenue increased by 8.56% to ¥289,000,000 compared to the previous year[7]. - Total revenue for the period reached ¥6,143,923,658.27, an increase of 2.66% compared to ¥5,985,061,086.98 in the previous period[16]. - Operating costs amounted to ¥5,252,717,606.61, slightly up from ¥5,251,722,166.22, indicating a marginal increase in operational expenses[16]. - Research and development expenses decreased to ¥19,683,970.50 from ¥29,726,109.92, reflecting a reduction of approximately 33.9%[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,138[8]. - Baiyang Pharmaceutical Group Co., Ltd. holds 70.22% of the shares, amounting to 369,077,400 shares[8]. - The company’s major shareholders include Beijing Baiyang Chengchuang Pharmaceutical Investment Co., Ltd. with a 3.81% stake, equating to 20,000,000 shares[8]. - Tianjin Huitong Asset Management Partnership holds 1.09% of the shares, which is 5,730,750 shares[8]. - The top ten shareholders did not participate in margin trading or securities lending activities[9]. Acquisitions and Future Outlook - The company completed the acquisition of a 60.199% stake in Shanghai Baiyang Pharmaceutical Co., Ltd. for a total transaction price of 880.036073 million RMB[11]. - The first batch of restricted shares totaling 406,725,000 shares has been released from restrictions as of July 3, 2024[10]. - The company has expanded its product structure and industry chain layout in line with national traditional Chinese medicine development strategies[11]. - The company has a total of 88,003.6073 million RMB in completed transactions related to acquisitions[11]. - The company’s future outlook includes further market expansion and product development initiatives[12].

截至 2024 年 9 月 30 日，公司向不特定对象发行可转债募集资金使用情况如 下： 单位：万元 东兴证券股份有限公司关于 青岛百洋医药股份有限公司 部分募投项目延期的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为青岛 百洋医药股份有限公司（以下简称"百洋医药"、"发行人"或"公司"）2021 年 度首次公开发行股票和 2023 年度向不特定对象发行可转换公司债券持续督导的 保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 司规范运作》等相关法律法规、规范性文件要求，对百洋医药部分募投项目延期 的事项进行了核查，具体核查情况如下： 一、向不特定对象发行可转债募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于同意青岛百洋医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2023]613 号）同意注册，公司 向不特定对象发行可转债 860 万张，每张面值为人民币 100 元，募集资金总额为 人民币 86,000.00 万元，扣除发行费用 778 ...