证券代码：301301 证券简称：川宁生物 公告编号：2024-043 伊犁川宁生物技术股份有限公司 关于审计机构变更签字注册会计师的公告 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。 伊犁川宁生物技术股份有限公司（以下简称"公司"）分别于 2024 年 4 月 19 日、2024 年 5 月 13 日召开了第二届董事会第五次会议和 2023 年年度股东大 会，审议通过了《关于续聘公司 2024 年度审计机构的议案》，同意续聘天健会 计师事务所（特殊普通合伙）（以下简称"天健会计师事务所"）为公司 2024 年 度审计机构。具体内容详见公司于 2024 年 4 月 22 日 在 巨 潮 资讯网 （http://www.cninfo.com.cn）上发布的《关于续聘公司 2024 年度审计机构的公告》 （公告编号：2024-009）。 二、本次变更人员的基本信息、诚信记录和独立性情况 1、基本信息 签字注册会计师：程兰，2009 年 5 月成为中国注册会计师，自 2009 年 5 月 开始在天健会计师事务所执业。2024 年开始为公司提供审计服务，近三年未签 ...

Investment Rating - Maintains "Overweight" rating [4][5] - Target price raised to 17.48 RMB (from 14.56 RMB) [4][5] Core Views - Stable revenue growth with Q1-Q3 2024 revenue of 4.456 billion RMB (+24.43% YoY) and net profit of 1.076 billion RMB (+68.07% YoY) [4] - Q3 2024 revenue of 1.261 billion RMB (+8.31% YoY) and net profit of 310 million RMB (+24.20% YoY) [4] - Gross margin for Q1-Q3 2024 reached 35.82% (+5.89 pct YoY), with Q3 gross margin at 37.11% (+3.98 pct YoY) [4] - Net profit margin for Q1-Q3 2024 was 24.14% (+6.27 pct YoY), with Q3 net profit margin at 24.56% (+3.15 pct YoY) [4] - Synthetic biology business is gradually materializing, with new products entering sales and trial production stages [4] Financial Performance - 2024E revenue forecast adjusted to 5.969 billion RMB (+23.8% YoY), with net profit of 1.405 billion RMB (+49.3% YoY) [9] - 2025E revenue forecast adjusted to 6.862 billion RMB (+15.0% YoY), with net profit of 1.688 billion RMB (+20.2% YoY) [9] - 2026E revenue forecast adjusted to 7.801 billion RMB (+13.7% YoY), with net profit of 1.949 billion RMB (+15.4% YoY) [9] - EPS forecasts for 2024-2026 raised to 0.63/0.76/0.87 RMB (from 0.56/0.69/0.83 RMB) [4] Industry and Market Data - Total market capitalization of 29.911 billion RMB [6] - 52-week stock price range: 7.19-17.75 RMB [6] - Current price: 13.43 RMB [5] - PE ratio (2024E): 21.29x [9] - PB ratio (current): 4.0x [7] Synthetic Biology Development - Established a synthetic biology research institute in Shanghai, with products like RCB112 (squalane), RCB114 (inositol), and RCB108 (melatonin) in development [4] - New production capacity includes 300 tons of bisabolol, 300 tons of 5-HTP, 0.5 tons of ergothioneine, and 10 tons of ectoine [4] - Strategic partnerships with Beijing Microstructure Workshop and Shanghai Jincheng Technology to accelerate PHA industrialization and AI-driven R&D [4] Financial Ratios - ROE (2024E): 17.8% [9] - Gross margin (2024E): 34.9% [9] - Net profit margin (2024E): 23.5% [9] - Asset turnover ratio (2024E): 0.6x [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2]. Core Views - The company has achieved a revenue of 4,456.27 million yuan in the first three quarters of 2024, representing a year-on-year growth of 24.43%. The net profit attributable to shareholders reached 1,075.92 million yuan, a significant increase of 68.07% compared to the same period last year [1][2]. - Continuous optimization of processes and cost reduction efforts are driving improvements in gross margins, with a gross margin of 37.11% in Q3 2024, up 3.98 percentage points year-on-year [1]. - Export demand is robust, with stable supply conditions. The company has seen growth in sales of penicillin intermediates, thiocyanate erythromycin, and cephalosporin intermediates, supported by strong overseas demand for antibiotics [1]. - The company is expanding into synthetic biology, with several products entering production stages, including squalene and inositol, which are expected to contribute to future growth [1]. Summary by Sections Financial Performance - Revenue projections for 2024-2026 are 60.69 billion yuan, 68.38 billion yuan, and 75.62 billion yuan, respectively. Net profits are forecasted at 14.55 billion yuan, 17.20 billion yuan, and 19.75 billion yuan, with EPS expected to be 0.65 yuan, 0.77 yuan, and 0.89 yuan [4][5]. Market Position - The company benefits from a favorable market environment for pharmaceutical intermediates, which provides stable cash returns and supports its expansion into synthetic biology [1][4]. Growth Potential - The report highlights the company's potential in synthetic biology, with ongoing projects and collaborations aimed at enhancing production capabilities and market reach [1][4].

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：0014 | --- | --- | --- | --- | |-----------------------------|-------------------------------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------| | | ☐ 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 | | | | | | | 国盛证券、东吴证券、银河证券、申万宏源、民生证券、 | | 参与单位名称 及人员姓名 | 中融汇信投资有限公司、红杉 凯 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 4.46 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 24.4%, and a net profit of 1.08 billion yuan, up 68.1% year-on-year [1]. - The company's gross margin improved to 35.8% in the first three quarters of 2024, an increase of 5.9 percentage points year-on-year, with a single-quarter gross margin of 37.1% in Q3 2024, up 4.0 percentage points year-on-year [1]. - The demand for the company's main products continues to rise, with significant sales growth in antibiotic products due to increasing respiratory diseases and an aging population in China [1]. - The synthetic biology business is progressing as planned, with expectations for a significant ramp-up in production capacity in 2025 [1]. - Revenue forecasts for 2024-2026 are projected at 5.81 billion, 6.55 billion, and 7.02 billion yuan, with corresponding net profits of 1.40 billion, 1.64 billion, and 1.82 billion yuan, indicating growth rates of 20.5%, 12.6%, and 7.3% respectively [1]. Financial Summary - For Q3 2024, the company reported a revenue of 1.26 billion yuan, a year-on-year increase of 8.3%, and a net profit of 310 million yuan, up 24.2% year-on-year [1]. - The average prices for key products in Q3 2024 were 556.7 yuan/kg for Sulfadiazine, 350.0 yuan/kg for 6-APA, and 490.0 yuan/kg for 7-ACA, showing slight increases from the previous quarter [1]. - The company is expected to achieve a PE ratio of 23, 20, and 18 for the years 2024, 2025, and 2026 respectively [2].

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].

10月21日晚间，川宁生物(301301)披露2024年三季度报告，2024年1—9月公司实现营业收入44.56亿元， 同比增长24.43%，实现归属于上市公司股东净利润10.76亿元，同比增长68.07%，归属于上市公司股东 的扣除非经常性损益的净利润10.75亿元，同比增长68.15%。 对于今年前三季度的业绩增长，川宁生物表示主要由于公司头孢产品销量、价格同比均有提升，另外， 公司工艺技术不断提升，有效降低生产成本，最终本期净利润同比上升。 资料显示，川宁生物主要从事生物发酵技术的研发及产业化，在抗生素中间体领域已经建立起规模化的 工业生产体系，产品涵盖了大环内酯类抗生素及广谱类抗生素的主要中间体，目前是国内乃至全球抗生 素中间体市场的领军型企业，其中硫氰酸红霉素、头孢类中间体、青霉素类中间体产量均达到国内行业 龙头，并形成了稳固的规模优势。 事实上，领先的市场地位离不开自主创新的支撑。 公司始终坚持以"科技创新"带动业务发展为思路，以"研发创新"为公司发展的核心驱动力，密切注视国 际生物发酵和环保处理等前沿领域的发展，力求始终保持公司技术和环保领先的优势。 数据显示，截至2024年6月30日，公司共申 ...

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 ...