中信建投证券股份有限公司 关于山东科源制药股份有限公司 2024 年度跟踪报告 | 保荐人名称：中信建投证券股份有限公司 | 被保荐公司简称：科源制药 | | --- | --- | | 保荐代表人姓名：杨慧泽 | 联系电话：010-56051417 | | 保荐代表人姓名：王辉 | 联系电话：010-56052337 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2、监督公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、募 | 是 | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 463.72 million CNY, a year-on-year increase of 3.60% [6] - The net profit attributable to shareholders was 60.45 million CNY, a decrease of 21.54% compared to the previous year [6] - The gross profit was 211.49 million CNY, with a decline of 2.94% [6] Group 2: R&D Investment - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue [4] - R&D personnel increased by 24.56% in 2024 due to the need for more resources to advance ongoing projects [8] Group 3: Strategic Acquisitions - The acquisition of 99.42% of Hongjitang is expected to enhance the company's market competitiveness and product portfolio [3] - Hongjitang's integration will allow the company to extend its business into traditional Chinese medicine and health products [3] Group 4: Market Position and Product Portfolio - The company has a strong market position in the production of chemical raw materials and formulations, with key products including Glimepiride, Metformin, and Ropivacaine [4] - All products have passed national GMP certification and several international certifications, enhancing their market competitiveness [5] Group 5: Future Growth Strategies - The company aims to strengthen its existing products while rapidly introducing new varieties to create a second growth curve [10] - Plans to expand CDMO (Contract Development and Manufacturing Organization) business and enhance the production of high-end raw materials and formulations [10] Group 6: Industry Outlook - The global API (Active Pharmaceutical Ingredient) market is projected to reach 236.7 billion USD in 2024, with a CAGR of 6.78% from 2021 to 2026 [13] - The company is well-positioned to capitalize on the growing demand for APIs, particularly in the Asia-Pacific region [13]

证券代码：301281 证券简称：科源制药 公告编号：2025-036 | 序号 | 开户银行 | 银行账号 | 账户性质 | 已解除冻结金额（元） 未解除冻结金额（元） | | --- | --- | --- | --- | --- | | 1 | 中国邮政储蓄银 行股份有限公司 | 937*****8909 | 一般户 | 29,172,193.00 57,000,000.00 | | | 济南市历城区支 | | | | | | 行 | | | | 一、银行账户部分金额解除冻结情况 二、银行账户部分金额尚未解除冻结的原因 山东科源制药股份有限公司 关于全资子公司银行账户部分金额解除冻结的公告 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。 山东科源制药股份有限公司（以下简称"公司"）于2024年11月1日披露了 全资子公司山东力诺制药有限公司（以下简称"力诺制药"）银行账户被冻结的 情况，具体内容详见在巨潮资讯网披露的《关于全资子公司银行账户被冻结的公 告》（公告编号：2024-089）。截止2024年11月18日，力诺制药通过银行查询获 悉，力诺制药部分 ...

筹划半年之久的"力诺系"资产整合迈出关键一步。4月21日，科源制药（301281.SZ）公告称，拟以 35.81亿元收购兄弟公司宏济堂99.42%股权，同时定增募资不超过7亿元。交易完成后，宏济堂将借壳科 源制药实现曲线上市，二者实控人均为"济南前首富"高元坤。此次并购被视作"力诺系"内部资源整合的 关键一役，但高溢价收购、增发价偏低等问题亦引发市场质疑。 交易细节：左手倒右手的资本腾挪 根据公告，科源制药将以16.73元/股的发行价，向力诺投资、力诺集团等38名股东收购宏济堂股权。截 至评估基准日，宏济堂净资产账面价值22.43亿元，评估值36.02亿元，增值率高达60.54%，主要因存货 及无形资产估值提升。然而，科源制药当前市值仅33.32亿元，收购标的估值却超36亿元，投资者直 指"高买低卖或存利益输送风险"。 值得关注的是，交易双方均为高元坤掌控的"力诺系"企业。力诺投资既是科源制药控股股东（持股 34.39%），亦是宏济堂控股股东（持股39.68%）。此次交易本质上是同一实控人下的资产重组，宏济 堂借此绕过独立IPO的波折，快速登陆资本市场。 宏济堂的上市长跑与业绩隐忧 作为百年中药老字号，宏济堂 ...

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

Financial Performance - The company reported a basic earnings per share of 0.2132 yuan for Q1 2025, representing a 7.24% increase compared to 0.1988 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 0.23 billion yuan, a 4.55% increase from 0.22 billion yuan in Q1 2024 [1] - Operating revenue decreased by 23.97% to 1.11 billion yuan in Q1 2025 from 1.46 billion yuan in Q1 2024 [1] - The return on equity was 1.68% in Q1 2025, slightly up from 1.60% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 34.886 million shares, accounting for 50.67% of the circulating shares, with a decrease of 186,200 shares compared to the previous period [2] - The largest shareholder, Wenze Hong, holds 8.4 million shares, representing 12.20% of the total share capital, with no change [2] - New entrants to the top ten shareholders include Ding Guiying with 299,400 shares (0.43%) and Ding Weifeng with 273,300 shares (0.40%) [2] Dividend Policy - The company has decided not to distribute dividends or allocate shares this time [3]

证券代码：301281 证券简称：科源制药 公告编号：2025-034 山东科源制药股份有限公司 关于举办 2024 年度业绩说明会的公告 会议召开方式：网络互动方式 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。 重要内容提示： 山东科源制药股份有限公司（以下简称"公司"）已于 2025 年 4 月 11 日在 巨潮资讯网上披露了《2024 年年度报告》及《2024 年年度报告摘要》。为便于 广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2025 年 04 月 30 日（星期三）15:00-16:00 在"价值在线"（www.ir-online.cn）举办 会议召开时间：2025 年 04 月 30 日（星期三）15:00-16:00 会议召开方式：网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会议问题征集： 投 资 者 可 于 2025 年 04 月 30 日 前 访 问 网 址 https://eseb.cn/1nJdk5wJu4o 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信 ...

证券代码：301281 证券简称：科源制药 公告编号：2025-035 山东科源制药股份有限公司 关于《收购报告书摘要》的更正公告 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。 山东科源制药股份有限公司于 2025 年 4 月 21 日披露了力诺投资控股集团有 限公司（以下简称"力诺投资"）及其一致行动人力诺集团股份有限公司（以下 简称"力诺集团"）出具的《山东科源制药股份有限公司收购报告书摘要》（以下 简称"原《收购报告书摘要》"），现相关信息披露义务人对原《收购报告书摘要》 的部分内容进行了更正，具体如下： 原《收购报告书摘要》"第一节 收购人及一致行动人介绍"之"四、收购人 及一致行动人从事的主要业务及最近三年的简要财务状况"之"（一）收购人" 之"2、最近三年的简要财务状况"相关内容： 力诺投资最近三年经审计的主要财务数据如下： 单位：万元 | 项目 | 2024 年末 | 2023 年末 | 2022 年末 | | --- | --- | --- | --- | | 总资产 | 1,137,430.15 | 1,106,984.15 | 952,9 ...

山东科源制药股份有限公司 收购报告书摘要（修订稿） 上市公司名称：山东科源制药股份有限公司 股票上市地点：深圳证券交易所 股票简称：科源制药 股票代码：301281 收购人名称：力诺投资控股集团有限公司 住所：中国（山东）自由贸易试验区济南片区经十东路 30766 号力诺科技 园 通讯地址：中国（山东）自由贸易试验区济南片区经十东路 30766 号 一致行动人名称：力诺集团股份有限公司 住所：中国（山东）自由贸易试验区济南片区经十东路 30766 号 通讯地址：中国（山东）自由贸易试验区济南片区经十东路 30766 号 签署日期：二〇二五年四月 收购人及一致行动人声明 本声明所述的词语或简称与本报告书摘要"释义"部分所定义的词语或简称 具有相同的含义。 一、本报告书摘要依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等相关法律、法规和规范性文件编制。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证 券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》的规定， 本报告书 ...

Financial Performance - The company's revenue for Q1 2025 was ¥111,204,722.41, a decrease of 23.98% compared to ¥146,276,963.82 in the same period last year[5]. - Net profit attributable to shareholders increased by 7.25% to ¥23,084,866.50 from ¥21,523,763.06 year-on-year[5]. - Basic and diluted earnings per share rose by 7.24% to ¥0.2132 from ¥0.1988 in the previous year[5]. - Total operating revenue for Q1 2025 was CNY 111,204,722.41, a decrease of 24% compared to CNY 146,276,963.82 in the previous period[22]. - The net profit for the current period is 23,067,656.48, an increase of 7.2% compared to 21,523,763.06 in the previous period[23]. - The basic and diluted earnings per share for the current period are both 0.2132, up from 0.1988 in the previous period, reflecting a growth of 2.2%[23]. - The company reported a total profit of 23,647,716.46, slightly up from 23,229,047.36 in the previous period[23]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 66.35%, reaching -¥552,148.66 compared to -¥1,640,883.14 in Q1 2024[5]. - Cash and cash equivalents decreased by 110.28% to -¥21,484,583.39, primarily due to the maturity of financial products[10]. - The cash and cash equivalents at the end of the period stand at 70,257,798.52, down from 568,547,454.88 at the end of the previous period[27]. - Total cash inflow from investment activities is 179,091,865.86, significantly down from 3,527,905,218.34 in the previous period[27]. - The net cash flow from investment activities is -36,794,402.27, compared to a positive flow of 209,416,222.37 in the previous period[27]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥1,576,012,493.61, reflecting a 1.52% increase from ¥1,552,474,271.14 at the end of the previous year[5]. - Non-current assets totaled CNY 895,845,377.25, up from CNY 861,739,402.58, marking an increase of about 4%[19]. - The total number of common shareholders at the end of the reporting period is 12,047[12]. - The company reported a decrease in total liabilities to CNY 192,768,042.27 from CNY 192,870,734.45, a reduction of about 0.05%[20]. - Short-term borrowings increased to ¥3,478,384.98, marking a 100% rise as a result of additional bank loans[9]. Shareholder Information - The largest shareholder, Linuo Investment Holding Group Co., Ltd., holds 34.39% of shares, totaling 37,240,000 shares, with 27,290,000 shares pledged[12]. - The second-largest shareholder, Wenze Hong, owns 7.76% of shares, amounting to 8,400,000 shares[12]. - The company has a total of 39,438,000 restricted shares, with no shares released during the reporting period[15]. - The company’s major shareholders include several state-owned and non-state-owned entities, indicating a diverse ownership structure[12]. - The company plans to maintain its current shareholder structure until the scheduled release of restricted shares in 2026[15]. - The total number of preferred shareholders at the end of the reporting period is zero, indicating no preferred shares issued[14]. Operational Performance - The company experienced a 36.74% decrease in operating costs, amounting to ¥54,145,854.92, attributed to a reduction in the quantity of products sold[9]. - Total operating costs for the same period were CNY 93,014,492.94, down 25% from CNY 124,459,548.73[22]. - The total operating expenses amount to 81,083,486.09, down from 89,961,054.86 in the previous period, indicating a reduction in costs[26]. - The company reported a significant increase in prepayments by 140.78%, totaling ¥6,795,685.39 due to increased procurement payments[9]. - Non-operating income surged to ¥4,000,321.41, a 100% increase due to additional non-recurring government subsidies received[9]. Market and Strategy - The company has not disclosed any new strategies or market expansions during this reporting period[16]. - The company has not reported any changes in the participation of major shareholders in margin trading activities[13]. - The company’s financial report indicates a stable shareholder base with no significant changes in the top 10 shareholders[12].