调研速递|桂林三金接受华创证券等2家机构调研，聚焦生物药业绩与品种规划

Core Viewpoint - Guilin Sanjin is actively pursuing the development of its biopharmaceutical business despite facing short-term challenges, while maintaining a stable dividend policy to ensure returns for investors [2][4]. Biopharmaceutical Business - The biopharmaceutical sector is a crucial part of Guilin Sanjin's "one body, two wings" strategy, but it is currently experiencing a downturn due to long R&D cycles, high investment costs, and significant risks [2]. - Bai Fan Bio is affected by the investment environment and intense competition, leading to idle capacity in the CDMO supply side [2]. - Despite a substantial increase in business development and customer resource accumulation compared to 2023, the company is still far from achieving large-scale production, which impacts profitability [2]. - Baochuan Bio has several projects in the new drug development stage with no products on the market, resulting in small revenue and underutilized capacity [2]. - To control costs, Guilin Sanjin is optimizing personnel structures and hiring professional consulting firms to reduce losses, while also focusing on promising projects like the BC006 monoclonal antibody injection, which is nearing completion of Phase I clinical trials [2]. Development of Second and Third-Line Products - The development trend for second and third-line products is positive, with the company maintaining its support for these products [3]. - The sales of the Gecko Cough Capsule showed ideal growth last year and are expected to continue this year, although growth may slow as the scale increases [3]. - The sales of the Dizziness Ning series surpassed 100 million yuan in 2021, with future growth prospects better than first-line products [3]. Dividend Policy - Guilin Sanjin is committed to providing stable returns to investors and has consistently implemented a cash dividend policy since its listing [4]. - The company considers its operational and sustainable development capabilities to maintain stable operating cash flow, ensuring daily operations and growth [4]. - Generally, the dividend policy remains unchanged unless there are special funding needs [4].