江中药业股份有限公司监事会 关于公司第二期限制性股票激励计划首次授予激励对 象名单的公示情况说明及核查意见 1、本次拟被授予限制性股票的激励对象均具备《公司法》《证券法》等法律、 法规和规范性文件以及《公司章程》规定的任职资格，符合《工作指引》《管理 办法》《上海证券交易所股票上市规则》等法律、法规和规范性文件及公司《激 励计划》规定的激励对象条件，不存在《管理办法》第八条规定的不得成为激励 对象的情形；激励对象中无独立董事、监事、单独或合计持有上市公司 5%以上 股份的股东或实际控制人及其配偶、父母、子女。本次被授予限制性股票的激励 对象主体资格合法、有效，满足获授限制性股票的条件。 2、本次首次授予激励对象的基本情况属实，不存在虚假、故意隐瞒或引起 重大误解之处。 综上所述，公司监事会认为：列入本次首次授予的激励对象符合《工作指引》 《管理办法》等法律法规、规范性文件以及公司《激励计划》中规定的激励对象 范围和条件，不存在不得成为激励对象的情形，其作为公司第二期限制性股票激 励计划首次授予激励对象的主体资格合法、有效。 特此公告。 根据国务院国有资产监督管理委员会《中央企业控股上市公司实施股权激励 工作指 ...

江中药业股份有限公司 2024 年年度股东大会会议材料 江中药业股份有限公司 2024 年年度股东大会会议材料 江中药业股份有限公司 2024 年年度股东大会会议材料 江中药业股份有限公司 股东大会会议须知 为了维护全体股东的合法权益、依法行使股东职权，确保股东大会的 正常秩序和议事效率，根据《中华人民共和国公司法》《中华人民共和国 证券法》《公司章程》及《公司股东大会议事规则》，特制订本须知。 2 南 昌 二〇二五年五月 江中药业股份有限公司 2024 年年度股东大会会议材料 议案目录 | 议案一：公司 年度董事会工作报告 6 | 2024 | | --- | --- | | 议案二：公司 年度监事会工作报告 15 | 2024 | | 议案三：公司 年年度报告全文及摘要 21 | 2024 | | 议案四：公司 年度财务决算报告 22 | 2024 | | 议案五：公司 年年度利润分配方案 27 | 2024 | | 议案六：公司 年预计日常关联交易的议案 30 | 2025 | | 议案七：关于使用闲置自有资金购买理财产品的议案 37 | | | 议案八：关于公司第二期限制性股票激励计划（草案二次修订稿 ...

Group 1 - Heng Rui Medicine has officially passed the Hong Kong Stock Exchange hearing, marking a key progress in its listing process, with potential listing as early as May [1] - The listing will be Heng Rui Medicine's first external equity financing after its A-share IPO, representing a significant step in its internationalization strategy [1] Group 2 - Jiang Zhong Pharmaceutical reported stable overall development in core OTC categories such as gastrointestinal and digestive health, despite a decline in revenue due to market demand changes [2] - The company is focusing on consolidating its major products and categories while implementing various marketing initiatives [2] Group 3 - BeiGene's Q1 revenue increased by 50.2% to 8.048 billion yuan, with product revenue rising by 49.9% to 7.985 billion yuan, driven by self-developed products [3] - The global sales of its product Baiyueze® reached 5.692 billion yuan, marking a 63.7% year-on-year growth, solidifying its leadership in the hematology field [3] Group 4 - Haohai Biological Technology announced that its controlling shareholder, Jiang Wei, is under investigation for insider trading, but this matter is unrelated to the company's stock [4] - The investigation pertains to Jiang Wei personally and will not significantly impact the company's daily operations [4] Group 5 - Novo Nordisk reported a 19% increase in Q1 sales to 78.1 billion Danish kroner, with operating profit growing by 22% to 38.8 billion Danish kroner [5] - The company is actively working to combat illegal drug compounding and expand the accessibility of its products in the U.S. market [5] - Novo Nordisk continues to advance the global launch plan for its obesity treatment, Wegovy® [5] Group 6 - Furuida's cosmetics segment generated 526 million yuan in revenue in Q1 2025, with a gross margin of 61.06% [6] - The Yilian brand achieved 250 million yuan in revenue, while the Yair Doctor brand generated 236 million yuan [6] - The Yilian spray line announced a new spokesperson, resulting in a 69% year-on-year sales increase, while the Yair Doctor brand is undergoing strategic adjustments [6]

Core Points - FBIF Food Innovation Expo (FBIF Super Selection Conference) will be held from May 8-10, 2025, at the National Exhibition and Convention Center (Shanghai) with over 600 exhibitors and 47,000+ attendees expected [1][95] - The expo will feature 2,000+ innovative products and host the FBIF 2025 Food and Beverage Innovation Forum with over 200 speakers and judges [1][95] Group 1: Exhibition Highlights - The expo will include a "Best Booth" selection process with various awards such as Best Visual Impact, Best Experience, and Best Creativity [3][4][6] - Voting for the best booths will take place from May 8 to May 10, allowing attendees to participate in the selection process [4][5] - The exhibition will cover a wide range of sectors including dairy, beverages, snacks, alcohol, convenience foods, functional foods, and seasonings [95] Group 2: Exhibitor Highlights - Notable exhibitors include "Yikeda" with a giant tomato entrance and free product tastings, and "Lemon Republic" showcasing the journey from high-quality lemons to juice [9][11] - "Mars M&M's" will present a playful and colorful booth, while "Innova" will host presentations on global food and beverage trends [19][20] - "Kirin" will offer promotional drinks and "Yili" will feature an AI-integrated booth showcasing quality experiences [40][27] Group 3: Event Structure - The expo will span over 62,000 square meters and include a dedicated area for channel negotiations and product showcases [95] - The event aims to provide a professional platform for food companies to display innovations and foster industry development [95] - Attendees can register for free consumer tickets on May 10, while professional tickets require approval [89][91]

Core Viewpoint - Kewflower Pharmaceutical is facing significant challenges in revenue growth, with a reported revenue of 3.377 billion yuan in 2024, a substantial decline of 40.76% year-on-year, marking the lowest performance in nearly eight years [1][2] Revenue Performance - The company's revenue has fluctuated from 3.855 billion yuan in 2017 to a peak of 5.7 billion yuan in 2023, but the 2024 revenue is lower than the 3.462 billion yuan recorded in 2020 [1] - The pharmaceutical manufacturing segment saw a revenue drop of 40.87%, with traditional Chinese medicine and chemical drugs declining by 40.55% and 47.59% respectively [3] Profitability and Cash Flow - The net profit attributable to shareholders plummeted by 56.03% to 492 million yuan in 2024, reverting to levels seen seven years ago [3] - Operating cash flow for the first three quarters of 2024 was -399 million yuan, a decline of 203.01%, with a net operating cash flow of -307 million yuan for the year, down 134.56% from the previous year [4] Cost Management - In response to performance pressures, Kewflower Pharmaceutical significantly reduced sales expenses from 1.367 billion yuan to 431 million yuan, a decrease of 68.46% [3] - Despite cost-cutting measures, the gross margin continued to decline, with traditional Chinese medicine and chemical drugs' gross margins dropping by 9.75 and 8.69 percentage points respectively [3] R&D Investment - The company's R&D investment as a percentage of revenue increased from 1.86% to 3.68% in 2024, although it remains below the industry average [4] - Kewflower has around 40 drug candidates in development, focusing on pediatrics, digestion, and gynecology, while also advancing traditional Chinese medicine and health products [4] Market Strategy - Kewflower is shifting from a category-based strategy to a focus on major products, aiming to optimize its marketing and distribution channels [5] - The company has established an online platform to enhance its market reach, although the effectiveness of these strategies remains uncertain [5] Competitive Landscape - Key products like liver protection tablets and pediatric cough syrup are included in the procurement list for centralized purchasing in Anhui province, which may impact Kewflower's market position [6][7] - The company has not made it to the final procurement list, raising concerns about its competitive edge in the market [7] Pricing Pressure - The national healthcare authority is emphasizing drug price governance, which could compress profit margins in both hospital and outpatient markets [8] - A price comparison system has been implemented in various provinces, leading to significant price reductions in retail pharmacies, further squeezing profit margins [8] Channel Dependency - Kewflower's revenue heavily relies on OTC channels, which accounted for 83.23% of total revenue, with the top five customers contributing 60.41% of sales [8] - This over-reliance on traditional channels and a limited customer base poses risks during industry transitions [8]

Core Viewpoint - The company reported its 1Q25 performance, showing a decline in revenue and net profit due to a drop in OTC sales, but a significant improvement in gross margin. The company is viewed positively as a leader in the domestic OTC market, with stable growth prospects and a strong dividend foundation, maintaining a "Buy" rating [1]. Group 1: Financial Performance - 1Q25 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 1.18 billion, 280 million, and 260 million respectively, reflecting a year-over-year change of -7.0%, +5.9%, and -1.1% [1]. - OTC segment revenue in 1Q25 was 890 million, down 12.1% year-over-year, with a gross margin of 76.1%, up 2.1 percentage points year-over-year [2]. - Prescription drug revenue in 1Q25 was 190 million, up 23.7% year-over-year, with a gross margin of 23.7%, up 9.2 percentage points year-over-year [2]. - Health consumer products revenue in 1Q25 was 110 million, up 0.6% year-over-year, with a gross margin of 37.0%, down 3.6 percentage points year-over-year [2]. - The company's gross margin improved to 68.2% in 1Q25, up 13.1 percentage points quarter-over-quarter, mainly due to adjustments in the beverage business [3]. Group 2: Cost Management and Efficiency - The company's selling, general, and administrative expense ratios were 33.8%, 4.5%, and 2.3% respectively, showing an overall decrease in expense ratios [3]. - As of 1Q25, accounts receivable, inventory, and cash were 640 million, 430 million, and 1.62 billion respectively, indicating good inventory and cash turnover [3]. Group 3: Shareholder Returns and Incentives - The company's stock incentive plan was approved in 4M25, with enhanced unlocking conditions for 2025-27, reflecting confidence in operational goals [4]. - In 2024, the company's cash dividends accounted for 95.77% of the net profit attributable to shareholders, highlighting a strong commitment to shareholder returns [4]. - The company emphasized its focus on investor returns in its 2025 action plan, aiming to share the benefits of its growth with shareholders [4]. Group 4: Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders for 2025-27 to be 897 million, 1.015 billion, and 1.145 billion respectively, reflecting year-over-year growth of 14%, 13%, and 13% [5]. - The company is assigned a target price of 29.96, based on a 21x PE ratio for 2025, maintaining a "Buy" rating [5].

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2025年4月28日星期一 ➢ 特朗普支持率下滑；Shein美国大涨价。 A 股窄幅震荡 。 上 证 指 数 跌 0.07% 报 3295.06点，深证成指涨0.39%，创业板 指涨0.59%。电力股持续领涨行业，假期 前夕旅游酒店板块拉升。港股高开，午 后转弱。恒生指数收涨0.32%报21980.74 点，恒生科技指数涨0.14%，中国企业指 数上涨0.29%。资讯科技行业涨幅居前， 博彩股活跃。大市成交2080亿港元。外 盘方面，欧洲三大股指收盘全线上涨。 美国三大股指全线收涨，道指涨0.05%， 标普500指数涨0.74%报5525.21点，纳指 涨1.26%。特朗普强调除非北京做出实质 性让步，否则不会降低对华关税。民调 显示越来越多的美国选民不满关税政策。 跨境电商Shein大幅上调美国商品售价， 应对关税冲击。 资料来源：彭博 ➢ 最新民调显示，越来越多的选民不满特 朗普的经济政策。特朗普周日试图安抚 民众，他暗示全面关税政策将有助于为 年收入低于20万美元的群体减税。 ➢ 跨境电商Shein上调美国商品售价以应 对关税冲击，部分品类涨幅高达377%。 ➢ 中国央行行长潘功胜在华盛顿参加会议 时表 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The Chinese traditional medicine sector is expected to experience a relative recovery in 2025, with opportunities in key lines and individual stocks [4][12] - The overall market demand is gradually recovering due to the end of the pandemic and the impact of influenza, leading to a high base and inventory digestion pressure in 2024 [4][12] - The State Council's March 2025 document supports the quality improvement of traditional Chinese medicine, which is expected to stimulate innovation and commercialization of high-quality products [5][13] Summary by Sections Industry Trends - In April 2025, the pharmaceutical and biotechnology sector rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points [6][15] - The medical research outsourcing sector saw the largest increase of 6.34%, while the vaccine sector experienced the largest decline of 3.78% [20][21] Investment Opportunities - Four main investment lines are identified: 1. Innovative R&D-focused companies with strong capabilities, benefiting from accelerated approvals and optimized procurement, recommended stocks include Fangsheng Pharmaceutical, Yuyuan Pharmaceutical, Tianshili, and Yiling Pharmaceutical [5][14] 2. State-owned enterprises undergoing operational efficiency improvements, recommended stocks include Dong'e Ejiao, Jiangzhong Pharmaceutical, and Kunming Pharmaceutical [5][14] 3. Companies with strong brand power and relatively scarce products, recommended stocks include Zoli Pharmaceutical and Lingrui Pharmaceutical [5][14] 4. Companies experiencing turnaround and valuation recovery, recommended stock includes Jichuan Pharmaceutical [5][14] Market Performance - The traditional Chinese medicine sector has faced pressure since the pandemic, but the situation is expected to improve in 2025 as macro disturbances ease [4][12] - The price index of traditional Chinese medicine materials has been declining since mid-July 2024, which is expected to alleviate the gross margin pressure on companies in 2025 [5][12]

2025年，乳品、饮料、零食和功能性配料四大品类将迎来哪些新趋势？FBIF2025不仅将为您揭示前沿 动态，还将深入探讨AI数字化转型、巧克力创新革命、全球便利零售、线上内容电商及风味趋势的深刻 变革。敬请期待！ 全体大会 【趋势报告一】AI 新质零售：重构实体零售的韧性与生长力 【分享嘉宾】张文中 ，创始人， 物美集团 ；创始人， 多点Dmall 【时间】 5月10日 11:30-11:50 【场次】 全体大会 在消费降级与技术跃迁的双重张力下，实体零售迎来结构性重塑的新周期。张文中董事长将从零售经营 与AI创新的协同实践出发，系统阐述如何以AI为引擎，构建"零售经营+全面数字化+AI"的AI新质零售， 他将聚焦以下三大核心议题： 1. 成长力：AI新质零售坚持以数据为关键要素，以人工智能为核心驱动力，全面革新快消品从生产端 到消费端的流通环节，重构人、货、场关系，形成高效、可持续、包容性增长的新模式。 2. 生态力：AI新质零售需要以"生态协同"取代"单点竞争"，流通企业、AI第三方服务商、云服务商、 算力服务商等实现资源互补与创新加速，生态内共享最佳实践、降低技术风险、共同应对AI技术复杂 性。 3. ...