Investment Rating - The report maintains a "Buy-A" investment rating with a 6-month target price of 15.91 CNY, which corresponds to a dynamic price-to-earnings ratio of 25 times for 2024 [3][4][8]. Core Views - The company has shown significant growth in the first three quarters of 2024, with revenue reaching 4.456 billion CNY, a year-on-year increase of 24.43%, and net profit of 1.076 billion CNY, up 68.07% year-on-year. The gross margin improved to 35.82%, reflecting effective cost control and operational efficiency [1][2]. - The prices of key pharmaceutical intermediates are on an upward trend, driven by increased demand and market shortages. The report highlights three main intermediates: cephalosporin intermediates are recovering, penicillin intermediates are expected to maintain good momentum, and the demand for thiocyanate erythromycin remains stable [2][8]. - The company is expected to achieve revenue growth rates of 24.31%, 12.99%, and 7.94% for 2024, 2025, and 2026, respectively, with net profit growth rates of 50.37%, 20.33%, and 13.05% for the same years [3][9]. Financial Performance Summary - For Q3 2024, the company reported revenue of 1.261 billion CNY, an increase of 8.31% year-on-year and 24.60% quarter-on-quarter. The net profit for the same period was 310 million CNY, up 24.20% year-on-year [1][2]. - The gross margin for Q3 2024 was 37.11%, reflecting a year-on-year increase of 3.98 percentage points, indicating a positive trend in the pricing of pharmaceutical intermediates [1][2]. - The report projects the company's total revenue to reach 5.996 billion CNY in 2024, with net profit expected to be 1.414 billion CNY, reflecting a robust growth trajectory [9][10].

Core Insights - The company reported a revenue of 4.456 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 24.43% [1] - The net profit attributable to shareholders reached 1.076 billion yuan, with a year-on-year increase of 68.07% [1] - The growth in performance is attributed to increased sales and prices of cephalosporin products, along with improved production processes that reduced costs [1] Company Overview - The company specializes in the research and industrialization of bio-fermentation technology, establishing a large-scale production system in the antibiotic intermediate sector [1] - It is a leading enterprise in the domestic and global antibiotic intermediate market, with significant production of erythromycin thiocyanate, cephalosporin intermediates, and penicillin intermediates [1] - The company maintains a strong competitive edge through continuous innovation and a focus on technological advancements [1] Innovation and Recognition - As of June 30, 2024, the company has applied for 165 patents, with 77 patents granted [1] - The company received the first prize in the Xinjiang Uygur Autonomous Region Science and Technology Progress Award for its technology in the harmless disposal and resource utilization of antibiotic residues [1] - The company achieved an A-level rating in information disclosure from the Shenzhen Stock Exchange, marking its first time receiving this top assessment since its listing [1]

伊犁川宁生物技术股份有限公司 募集资金使用管理制度 第一章 总则 第一条 为规范伊犁川宁生物技术股份有限公司（以下简称"公司"）募集 资金的管理和使用，提高募集资金使用效率，根据《中华人民共和国公司法》《华 人民共和国证券法》《首次公开发行股票注册管理办法》《深圳证券交易所创业 板股票上市规则》《上市公司监管指引第2号——上市公司募集资金管理和使用 的监管要求》《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》等有关法律法规和规章规则的规定，结合公司的实际情况，特制定 本制度。 第二条 本制度所称募集资金是指公司通过向不特定对象发行证券或者向 特定对象发行证券（包括股票、可转换公司债券等）募集并用于特定用途的资金， 不包括公司实施股权激励计划募集的资金。 第三条 公司董事会应当负责建立健全募集资金存储、使用、变更、监督 和责任追究的内部控制制度，明确募集资金使用的分级审批权限、决策程序、 风险控制措施及信息披露要求，保证募集资金项目的正常进行。 第四条 公司的董事、监事和高级管理人员应当勤勉尽责，督促公司规范 使用募集资金，自觉维护公司募集资金安全，不得参与、协助或纵容公司擅自 或变相改 ...

Financial Performance - Revenue for Q3 2024 reached ¥1,260,838,882.99, an increase of 8.31% compared to the same period last year, and a year-to-date revenue of ¥4,456,265,553.38, up 24.43% year-on-year[5]. - Net profit attributable to shareholders for Q3 2024 was ¥309,614,433.32, representing a 24.20% increase year-on-year, with a year-to-date net profit of ¥1,075,918,531.82, up 68.07%[5]. - Basic earnings per share for Q3 2024 was ¥0.14, an increase of 27.27% compared to the same period last year, with a year-to-date EPS of ¥0.48, up 65.52%[5]. - Total operating revenue for Q3 2024 reached ¥4,456,265,553.38, an increase of 24.4% compared to ¥3,581,333,354.27 in the same period last year[19]. - Net profit for Q3 2024 was ¥1,075,957,079.13, representing a significant increase of 68% from ¥640,149,589.72 in Q3 2023[20]. - The net profit for the third quarter of 2024 was CNY 1,075,957,079.13, an increase from CNY 640,149,589.72 in the same period last year, representing a growth of approximately 68%[21]. - The net profit attributable to shareholders of the parent company was CNY 1,075,918,531.82, compared to CNY 640,149,778.46 in the previous year, reflecting a year-over-year increase of about 68%[21]. - The basic and diluted earnings per share for the third quarter were both CNY 0.48, up from CNY 0.29 in the same quarter last year, indicating a growth of approximately 65%[21]. Assets and Liabilities - Total assets as of the end of Q3 2024 were ¥10,551,376,493.93, reflecting a 4.07% increase from the end of the previous year[5]. - Shareholders' equity attributable to the parent company was ¥7,570,369,941.77, an increase of 8.76% compared to the end of the previous year[5]. - Current liabilities decreased to ¥1,996,994,497.66 from ¥2,535,717,317.94, a reduction of 21.2%[18]. - Long-term borrowings increased to ¥392,999,999.99 from ¥357,333,333.00, reflecting a rise of 10%[18]. - Total current assets included cash and cash equivalents of ¥624,172,142.98, down from ¥760,935,778.29 at the beginning of the period[16]. - Cash and cash equivalents at the end of the period were CNY 618,915,346.89, down from CNY 1,029,201,761.89 at the end of the same period last year, a decline of about 39.9%[25]. Cash Flow - The company reported a net cash flow from operating activities of ¥875,259,669.44, which is a decrease of 20.62% year-on-year[5]. - Net cash flow from operating activities decreased by 20.62% to ¥875,259,669.44, primarily due to a reduction in discounts and an increase in accounts receivable by ¥512 million[12]. - Net cash flow from investing activities improved by 45.61% to -¥111,482,634.10, reflecting a decrease in cash payments for fixed assets and project costs[12]. - Net cash flow from financing activities decreased by 39.93% to -¥904,130,391.82, as repayments of due loans decreased during the period[12]. - Cash inflows from operating activities totaled CNY 3,165,660,715.72, compared to CNY 2,913,652,957.60 in the previous year, marking an increase of about 8.7%[23]. - The net cash flow from operating activities was CNY 875,259,669.44, down from CNY 1,102,683,880.83 in the same period last year, a decrease of approximately 20.6%[24]. - The company reported cash outflows from financing activities of CNY 1,620,322,311.82, compared to CNY 1,991,855,874.57 in the previous year, a decrease of approximately 18.7%[24]. - The company received CNY 690,000,000.00 in borrowings during the quarter, an increase from CNY 481,800,000.00 in the same period last year, representing a growth of about 43.3%[24]. - The company reported cash inflows from investment activities of CNY 201,145,426.03, compared to CNY 0.00 in the previous year, indicating new investment activity[24]. Operational Metrics - Accounts receivable increased by 37.72% to ¥1,030,260,734.68 due to revenue growth, while inventory decreased by 46.50% to ¥896,831,183.83[9]. - The company recorded a significant increase in prepayments by 637.90% to ¥331,334,519.69, attributed to seasonal procurement[9]. - The company has increased its long-term equity investments by 139.08% to ¥16,218,376.88, indicating a strategic focus on joint ventures[9]. - The company plans to expand its agricultural land leasing, resulting in a 164.98% increase in right-of-use assets to ¥507,499,991.03[10]. - Sales expenses increased by 33.78% to ¥19,570,247.05 due to higher personnel costs and marketing activities[11]. - Research and development expenses for Q3 2024 were ¥44,066,130.04, up from ¥39,057,245.56, marking an increase of 12.9%[20]. - Inventory decreased significantly to ¥896,831,183.83 from ¥1,676,440,163.24, indicating improved inventory management[16]. Other Financial Metrics - Investment income improved by 38.19% to -¥7,158,473.66 as forward exchange loss decreased during the reporting period[11]. - Fair value changes resulted in a gain of ¥644,500.00, a 135.44% increase compared to the previous year, due to reduced losses from undelivered forward foreign exchange contracts[11]. - Credit impairment losses decreased significantly by 1,182.16% to ¥2,330,553.05, attributed to the recovery of previously written-off debts[11]. - Deferred tax assets increased to ¥28,264,505.59 from ¥21,653,051.13, showing a growth of 30.5%[17]. Shareholder Information - The company’s major shareholder, Sichuan Kelun Pharmaceutical Co., Ltd., holds 70.49% of the shares, indicating strong control over the company[13]. Audit Status - The company has not undergone an audit for the third quarter report[25].

证券代码：301301 证券简称：川宁生物 公告编号：2024-040 伊犁川宁生物技术股份有限公司 第二届董事会第七次会议决议公告 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 1 （二）以 7 票同意，0 票反对，0 票弃权，审议通过了《关于修订<伊犁川宁 生物技术股份有限公司募集资金使用管理制度>的议案》 具体内容详见 2024 年 10 月 22 日披露在《证券时报》《上海证券报》《中 国证券报》《证券日报》《经济参考报》及公司指定信息披露网站巨潮资讯网 （www.cninfo.com.cn）上的《伊犁川宁生物技术股份有限公司募集资金使用管理 制度》。 （三）以 7 票同意，0 票反对，0 票弃权，审议通过了《关于审议公司 2024 年第三季度报告的议案》 董事会认真审阅了《伊犁川宁生物技术股份有限公司 2024 年第三季度报告》， 认为公司 2024 年第三季度报告的编制要求和审批程序均符合法律、行政法规以 及中国证监会的有关规定，公允反映了公司 2024 年 9 月 30 日的财务状况以及 2024 年 1 月至 9 月的 ...

证券代码：301301 证券简称：川宁生物 公告编号：2024-041 伊犁川宁生物技术股份有限公司 1 第二届监事会第六次会议决议公告 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。 一、监事会会议召开情况 伊犁川宁生物技术股份有限公司（以下简称"公司"）第二届监事会第六次 会议通知于 2024 年 10 月 8 日以专人送达、电子邮件和电话通知的方式发出，会 议于 2024 年 10 月 18 日上午 11 点在公司会议室以现场表决方式召开。公司应出 席监事 3 人，实际出席监事 3 人，会议由监事会主席杨帆先生主持。本次会议的 召集和召开程序符合《中华人民共和国公司法》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 经与会监事认真审议，以书面记名投票表决方式通过以下决议： （一）以 3 票同意，0 票反对，0 票弃权，审议通过了《关于审议公司 2024 年第三季度报告的议案》 监事会对公司 2024 年第三季度报告进行了认真严格的审核，认为公司 2024 年第三季度报告的编制和审议 ...

证券代码：301301 证券简称：川宁生物 公告编号：2024-039 伊犁川宁生物技术股份有限公司 关于全资子公司参与投资产业基金的公告 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。 重要内容提示： 1、投资标的：上海临港大零号湾启创生科私募投资基金合伙企业（有限合 伙）（以下简称"合伙企业"）。 2、投资金额：伊犁川宁生物技术股份有限公司（以下简称"公司"）全资 子公司伊犁川宁投资发展有限公司（以下简称"川宁投资"）拟作为有限合伙人 （LP）使用自有资金认缴出资人民币 6,000 万元参与投资合伙企业。 3、风险提示：合伙企业设立后需按照有关监管要求完成基金备案等必要手 续，存在不能满足设立条件而无法登记备案成功的风险；因投资标的具有周期长、 流动性较低的特点，本次投资存在回收期较长，在投资过程中可能受到宏观经济、 行业周期、监管政策、被投企业自身经营管理等多种因素影响，可能存在投资后 无法实现预期收益的风险；公司作为有限合伙人参与设立合伙企业，但不参与合 伙企业合伙事务的具体管理，对合伙企业的日常经营不具有控制权或可施加重大 影响。 一、对外投资概述 ...

证券代码：301301 证券简称：川宁生物 伊犁川宁生物技术股份有限公司投资者关系活动记录表 编号：0013 | --- | --- | --- | |-------------------------|------------------------------|------------------------------------------------------| | | | | | | ☐ 特定对象调研 | ☐ 分析师会议 | | | ☐ 媒体采访 | ☐ 业绩说明会 | | 投资者关系 | ☐ 新闻发布会 | 路演活动 | | 活动类别 | ☐ 现场参观 | ☐业绩交流会 | | | ☐ 其他：电话调研 | | | 参与单位名称 及人员姓名 | 机构、媒体及公众投资者 | 中信证券、中信建投、山西证券、东方证券、华安证券等 | | 时间 | 年 月 | 日（周五）下午 | | 地点 | 2024 9 20 深圳证券交易所 8 | 14:00~17:00 楼上市大厅 | | | | | | 上市公司接待 人员姓名 | 副总经理、董事会秘书顾祥先生 | | | | | | | | 1. 略总体是什么 ...

一、路演活动安排 4、参会人员：公司副总经理、董事会秘书顾祥先生 证券代码：301301 证券简称：川宁生物 公告编号：2024-038 伊犁川宁生物技术股份有限公司 关于参加医药生物行业上市公司 2024年度集中路演活动的公告 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。 为进一步展现公司经营发展情况，加强与广大投资者的互动交流，促进提升 公司质量和投资价值，伊犁川宁生物技术股份有限公司（以下简称"公司"）将 参加在深圳证券交易所上市大厅举办的医药生物行业上市公司 2024 年度集中路 演活动，现将相关事项公告如下： 伊犁川宁生物技术股份有限公司董事会 2024 年 9 月 17 日 二、投资者参与方式 1、本次路演活动将通过深圳证券交易所提供的"互动易"平台举行，投资 者 可 于 2024 年 9 月 20 日 下 午 14:00-17:00 登录" 互 动 易 "网站 （http://irm.cninfo.com.cn），进入"云访谈"栏目，在线参与本次路演活动，也 可扫描下方二维码观看直播及参与交流。 1、活动主题：医药生物新机遇 2、活动时间：20 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 12.73 CNY for the next six months [6][9]. Core Views - The company has demonstrated sustained high growth in its performance, with a significant increase in revenue and net profit driven by strong market demand for antibiotics and ongoing process optimization [2][4]. - The company is actively advancing its synthetic biology projects, with several products already in various stages of production and commercialization [5]. Financial Performance - In H1 2024, the company achieved a revenue of 3.195 billion CNY, representing a year-on-year growth of 32.20%. The net profit attributable to shareholders was 766 million CNY, up 96.05% year-on-year [2]. - The Q2 2024 gross margin was 36.13%, an increase of 5.25 percentage points year-on-year, while the net profit margin reached 24.74%, up 5.97 percentage points year-on-year [3]. Product Segmentation - The revenue breakdown for H1 2024 shows that the main products include thiocyanate red mycin (29.15%), cephalosporin intermediates (23.48%), and penicillin intermediates (40.72%) [2]. Cost Management - The company has effectively optimized its production processes, leading to increased output and reduced costs, which has positively impacted profit margins [4]. Synthetic Biology Projects - The company has a rich pipeline of synthetic biology projects, with products like red myrtenol and 5-hydroxytryptophan already in production stages, indicating a strong potential for future revenue growth [5]. Future Projections - Revenue growth is projected at 24.3%, 13.0%, and 7.9% for 2024 to 2026, respectively, with net profit growth expected at 50.4%, 20.3%, and 13.1% during the same period [9][10].