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 ...

Investment Rating - The report assigns a "Buy" rating to the company [1] Core Views - The company is a leading domestic pharmaceutical commercialization platform, focusing on providing comprehensive marketing services for pharmaceutical manufacturers, with brand operation as its core business [4][12] - The company has shown strong revenue growth, with a compound annual growth rate (CAGR) of 15.67% over the past five years, and a profit CAGR of 20.52% [4][26] - The brand operation business has significantly contributed to revenue and gross profit, accounting for 58.17% of total revenue in 2023 [4][5] Summary by Sections Company Overview - The company specializes in marketing services for pharmaceutical products, including brand operation, wholesale distribution, and retail [12] - The brand operation business is the core segment, contributing over 80% of gross profit [4][12] Brand Operation - The brand operation revenue grew from 1.994 billion to 4.400 billion yuan from 2019 to 2023, with a CAGR of 21.37% [5][36] - Key brands include Dikao, Pite, and Hailu, with Dikao becoming a leading brand in the maternal and infant calcium supplement market [5][36] - The company successfully acquired Baiyang Pharmaceutical in July 2024, enhancing its product offerings and upstream supply chain [5][36] Wholesale and Retail - The wholesale distribution business has been optimized, focusing on advantageous regions, leading to a decline in revenue [5][12] - Retail business revenue remains stable, contributing a small percentage to total revenue [12][26] Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 8.48 billion, 10.87 billion, and 13.32 billion yuan from 2024 to 2026, with corresponding earnings per share (EPS) of 1.61, 2.07, and 2.53 yuan [5][26] - The current price corresponds to a price-to-earnings (PE) ratio of 18.55, 14.46, and 11.81 for the next three years [5][26] - The report suggests a target price range of 31.05 to 41.40 yuan per share based on a PE ratio of 15-20 for 2025 [5][26]