证券简称：江中药业 证券代码：600750 上海荣正企业咨询服务（集团）股份有限公司 关于 江中药业股份有限公司 第二期限制性股票激励计划 （草案二次修订稿） 之 独立财务顾问报告 2025 年 4 月 | 目录 2 | | --- | | 一、释义 3 | | 二、声明 5 | | 三、基本假设 6 | | 四、本激励计划的主要内容 7 | | （一）激励对象的范围及分配情况 7 | | （二）本激励计划的股票来源和数量 7 | | （三）本激励计划的有效期、授予日及授予后相关时间安排 8 | | （四）本激励计划的授予价格及授予价格的确定方法 9 | | （五）本激励计划的授予与解除限售业绩条件 9 | | （六）本激励计划的其他内容 11 | | 五、独立财务顾问意见 12 | | （一）对本激励计划是否符合政策法规规定的核查意见 12 | | （二）对公司实行本激励计划可行性的核查意见 12 | | （三）对激励对象范围和资格的核查意见 12 | | （四）对本激励计划权益授出额度的核查意见 13 | | （五）对本激励激励授予价格的核查意见 13 | | （六）对上市公司是否为激励对象提供任何形式的 ...

国浩律师（上海）事务所 关 于 江中药业股份有限公司 2021 年限制性股票激励计划预留授予部分 第二个解锁期解锁条件成就 的 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2025 年 4 月 | 释 义 | | | 2 | | --- | --- | --- | --- | | 第一节 | | 律师声明事项 | 4 | | 第二节 | 正文 | | 5 | | | | 一、本次解除限售的批准与授权 | 5 | | | | 二、本次解除限售条件成就情况 | 9 | | 三、结论意见 | | 12 | | 国浩律师（上海）事务所 法律意见书 释 义 以下词语如无特殊说明，在本文中具有如下含义： | 江中药业、本公司、公司 | 指 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,184,099,207.93, a decrease of 7.03% compared to ¥1,227,404,483.82 in the same period last year[5] - Net profit attributable to shareholders was ¥284,914,263.90, representing an increase of 5.91% from ¥266,779,517.36 year-on-year[5] - Basic and diluted earnings per share were both ¥0.45, up 4.65% from ¥0.43 in the same period last year[6] - Net profit for Q1 2025 reached approximately ¥306.70 million, an increase of 6% from ¥288.94 million in Q1 2024[22] - Total operating revenue for Q1 2025 was approximately ¥1.18 billion, a decrease of 7% compared to ¥1.27 billion in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 126.35%, reaching ¥176,743,360.23 compared to ¥82,585,412.66 in the previous year[5] - Cash flow from operating activities for Q1 2025 was approximately ¥176.74 million, significantly up from ¥78.08 million in Q1 2024[23] - Cash and cash equivalents rose to ¥1,620,163,496.21 from ¥1,007,379,500.74, an increase of about 60.8%[16] - Cash and cash equivalents at the end of Q1 2025 totaled approximately ¥699.03 million, an increase from ¥656.91 million at the end of Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,684,470,897.63, reflecting a 2.71% increase from ¥6,527,119,870.40 at the end of the previous year[6] - Total current assets increased to ¥3,214,156,416.55 from ¥2,487,609,574.79, representing a growth of approximately 29.3%[17] - Total liabilities decreased to ¥1,905,663,636.33 from ¥2,036,298,092.84, a reduction of approximately 6.4%[18] - The company’s total liabilities and equity amounted to approximately ¥6.68 billion as of the end of Q1 2025, compared to ¥6.51 billion at the end of Q1 2024[19] Revenue Breakdown - Revenue from prescription drugs increased by 23.68% to ¥187,301,915.91, with a gross profit margin of 49.29%[12] - Revenue from non-prescription drugs decreased by 12.12% to ¥885,359,526.13, with a gross profit margin of 76.14%[12] - The gross profit margin for the pharmaceutical industry segment was 68.24%, an increase of 1.12 percentage points compared to the previous year[12] Shareholder Information - Total number of common shareholders at the end of the reporting period is 38,567[14] - The largest shareholder, China Resources Jiangzhong Pharmaceutical Group Co., Ltd., holds 272,010,336 shares, accounting for 43.24% of total shares[14] Other Financial Metrics - The company reported a total of ¥23,738,165.88 in non-recurring gains and losses for the period[9] - The company reported a significant increase in other income, totaling approximately ¥33.07 million in Q1 2025, compared to ¥4.20 million in Q1 2024[20] - The company experienced a decrease in sales expenses, which were approximately ¥400.26 million in Q1 2025, down from ¥453.36 million in Q1 2024[20] Changes and Developments - The company acquired 51% of Jiangxi Jiangzhong Traditional Chinese Medicine Co., Ltd. in December 2024, leading to retrospective adjustments in financial data[7] - The company has no significant changes in the shareholding structure or participation in margin trading activities[15] - The company reported no new strategies or significant developments in product or technology during the reporting period[15] - The new accounting standards or interpretations will be first implemented starting from 2025, affecting the financial statements at the beginning of the year[25]

江中药业股份有限公司 第二期限制性股票激励计划管理办法（修订稿） 为贯彻落实江中药业股份有限公司（以下简称"公司"）第二期限制性股票 激励计划，明确第二期限制性股票激励计划的管理机构及其职责、实施流程、授 予及解除限售程序、发生异动的处理、信息披露、财务会计与税收处理、监督管 理等各项内容，特制定本办法。 本办法根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股权激励管理办法》《国有控股上市公司（境内）实施股权激励试行办法》《关于 规范国有控股上市公司实施股权激励制度有关问题的通知》《中央企业控股上市 公司实施股权激励工作指引》等其他有关法律、行政法规、规范性文件以及《江 中药业股份有限公司章程》《江中药业股份有限公司第二期限制性股票激励计划 （草案二次修订稿）》（以下简称"本激励计划""激励计划"）的规定制订而 成，经公司股东大会审议通过后生效。除特别指明，本办法中涉及用语的含义与 激励计划中该等名词的含义相同。 5、授权董事会处理激励计划实施的具体事宜。 6、其他由相关法律法规、《公司章程》、激励计划规定的职责。 （二）董事会 1、审议激励计划与本办法，依据相关法规提请股东大会表决。 2、 ...

一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证本激 励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发展 战略和经营目标的实现。 第二期限制性股票激励计划实施考核管理办法 （二次修订稿） 为保证江中药业股份有限公司（以下简称"公司"）第二期限制性股票激 励计划（草案二次修订稿）的顺利进行，进一步完善公司法人治理结构，形成 良好均衡的价值分配体系，激励公司董事、高级管理人员、中层管理人员、科 研骨干人员及业务骨干人员诚信勤勉地开展工作，保证公司业绩稳步提升，确 保公司发展战略和经营目标的实现，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股权激励管理办法》《国有控股上市公司（境内） 实施股权激励试行办法》《关于规范国有控股上市公司实施股权激励制度有关 问题的通知》《中央企业控股上市公司实施股权激励工作指引》等其他有关法 律、行政法规、规范性文件以及《江中药业股份有限公司章程》《江中药业股 份有限公司第二期限制性股票激励计划（草案二次修订稿）》（以下简称"本 激励计划"）的规定，特制定《江中药业股份有限公司第二期限制性股票激励 计划实施考核管理办法（二 ...

证券代码：600750 证券简称：江中药业 公告编号：2025-023 根据《公司法》和《公司章程》相关规定，经公司董事会审计委员会、提名 委员会事前审议通过，董事会聘任周违莉女士（简历附后）为公司财务总监，任 期与公司第十届董事会任期一致。 特此公告。 江中药业股份有限公司董事会 2025 年 4 月 26 日 附件： 周违莉：女，汉族，1982 年出生，中共党员，硕士，高级会计师。曾任江 中药业财务部会计、会计主管、财务经理、会计总监，江西江中制药（集团）有 限责任公司财务部高级财务经理、审计部审计总监，江西江中医药投资发展有限 公司财务管理中心总监。现任江中药业财务部负责人。 江中药业股份有限公司 关于财务总监辞职暨聘任财务总监的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 江中药业股份有限公司（以下简称"公司"）董事会于近日收到公司财务总 监李小俊先生的书面辞职报告。因工作变动原因，李小俊先生申请辞去公司财务 总监职务。辞职报告自送达董事会之日起生效。辞职后，李小俊先生不再担任公 司任何职务，继续担任公司 ...

江中药业股份有限公司 2025 年度"提质增效重回报"行动方案 为深入贯彻落实党的二十大、二十届二中、三中全会精神和中央 经济工作会议精神，持续落实国务院国资委提高央企控股上市公司质 量工作有关部署，积极响应上海证券交易所《关于开展沪市公司"提 质增效重回报"专项行动的倡议》，江中药业股份有限公司（以下简 称"公司"）于 2024 年 4 月披露了《江中药业 2024 年度"提质增效 重回报"行动方案》，并分别于 2024 年 7 月及 12 月对行动方案的执 行效果进行了评估。为进一步提升公司经营发展质量、创新效能、公 司治理质效、市值管理水平，公司结合自身发展和经营情况，制定了 《2025 年度"提质增效重回报"行动方案》，具体措施如下： 一、聚焦主营业务，提升经营质量 公司践行"让人类充分享受健康的快乐"的企业使命，以"中医 药传承与创新的引领者"为愿景，坚持战略引领，聚力打造 OTC、健 康消费品、处方药三大核心业务，将内生发展和外延拓展相结合，以 品牌驱动和创新驱动引领公司高质量发展，巩固核心竞争力。2024 年，公司努力克服行业政策及业务调整的影响，实现营业收入443,545 万元，同比下降 2. ...

江中药业（600750）公告，2025年第一季度营收为11.84亿元，同比下降7.03%；净利润为2.85亿元，同 比增长5.91%。 ...

Company and Industry Summary Company Overview - The company operates in the pharmaceutical industry, focusing on various segments including prescription drugs and health consumer products. The overall market is experiencing pressure, with a decline in hospital markets and a shift towards online sales growth [1][2]. Key Financial Performance - In 2024, the company reported a revenue of 4.435 billion yuan, a decrease of 2.59% year-on-year. However, net profit increased by 9.67% to 788 million yuan [2]. - The weighted average return on equity was 19.58%, up by 1.9 percentage points year-on-year, indicating improved profitability [2]. - Research and development (R&D) investment intensity reached 10.82%, an increase of 0.53 percentage points year-on-year, reflecting a commitment to innovation [2]. Industry Dynamics - The pharmaceutical industry is facing overall pressure with localized breakdowns. The consumer market is growing cautiously, while the hospital market is expected to decline [1]. - The online market is maintaining rapid growth, presenting both opportunities and challenges for the company [1]. Product Performance - The pharmaceutical industrial revenue decreased by 2.79%, but the gross margin remained stable. Key products in the gastrointestinal and respiratory categories contributed over 60% of total revenue [2]. - The company’s health consumer products segment is undergoing restructuring, with a focus on high-end and functional products. However, this segment has seen a decline in revenue due to increased competition [6]. Cost Management - Sales expenses decreased by approximately 8.89% to 1.495 billion yuan, with a sales expense ratio of 33.7% [3]. - Management expenses remained stable at 229 million yuan, with a management expense ratio of 5.16% [3]. Strategic Initiatives - The company is enhancing R&D capabilities, with a 9.31% increase in R&D investment and a focus on building strategic partnerships with research institutions [8]. - A digital transformation strategy is being implemented to improve operational efficiency and enhance marketing capabilities [10]. - The company is committed to sustainable practices, aiming for carbon neutrality and increasing the use of green energy [9]. Future Outlook - For 2025, the company aims to achieve double-digit growth in both revenue and profit, focusing on strengthening core competitiveness and optimizing business operations [11]. - The company plans to accelerate investment and acquisition opportunities to enhance external growth capabilities [11]. Additional Insights - The company maintains a robust dividend policy, with a cumulative cash dividend payout exceeding 60% since its listing [3]. - The health consumer products segment is adopting a strategic model to enhance brand positioning and operational capabilities [6]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, industry challenges, strategic initiatives, and future outlook.

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the A-share market and various sectors within the Chinese economy, including pharmaceuticals, real estate, and technology. Core Points and Arguments 1. **April as a Critical Month for A-shares**: April is highlighted as a month where the A-share market focuses on fundamental performance, suggesting that investors should look for opportunities based on economic indicators and sector performance [12][18][14]. 2. **Market Trends and Economic Indicators**: The manufacturing PMI for March is reported at 50.5%, indicating a slight increase, which suggests ongoing economic recovery. However, there are concerns about the breadth of this recovery across different sectors [14][56]. 3. **Sector Performance Expectations**: - High growth is expected in sectors such as consumer services, midstream manufacturing, and specific industries like non-ferrous metals, automotive, electronics, and agriculture [13]. - Areas with price increases (e.g., industrial metals, certain chemicals) and improved sales (e.g., construction machinery, medical devices) are anticipated to perform well [13]. 4. **Impact of Policy on Economic Recovery**: The recovery is largely attributed to supportive government policies, including consumption incentives and fiscal measures. Investors are advised to be patient as the effects of these policies unfold [14][15]. 5. **Pharmaceutical Sector Growth**: The innovative pharmaceutical companies are accelerating their international expansion, with licensing deals becoming a mainstream model for rapid capital recovery and clinical trial advancement [26]. 6. **Real Estate Sector Recovery**: Signs of stabilization in real estate sales are noted, with property stocks expected to benefit from high cash flow and dividend yields, indicating a potential investment opportunity [26]. 7. **Investment Strategies for April**: Investors are encouraged to focus on sectors that show resilience and potential for improvement in earnings, particularly those benefiting from recent policy changes [14][15]. Other Important but Possibly Overlooked Content 1. **Global Economic Uncertainty**: The call mentions increasing global economic and political uncertainties, which could impact market sentiment and foreign investment flows into A-shares [12][19]. 2. **Increased New A-share Accounts**: There has been a significant increase in new A-share accounts, with March 2025 seeing 3.07 million new accounts, reflecting growing investor interest [58]. 3. **Potential Risks from U.S. Tariff Policies**: The U.S. has announced new tariffs, which could lead to retaliatory measures from other countries, adding to market uncertainties [54][59]. 4. **Long-term Gold Market Trends**: The discussion touches on the ongoing bull market for gold, driven by central bank purchases and geopolitical tensions, which may influence investment strategies [62][69]. This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and potential investment opportunities.