江苏恩华药业股份有限公司 关于会计师事务所 2024 年度履职情况评估报告 根据《国有企业、上市公司选聘会计师事务所管理办法》（财会[2023]4 号）有关要求，江 苏恩华药业股份有公司（以下简称"公司"）对立信会计师事务所（特殊普通合伙）（以下简称 "立信所"）2024 年审计过程中的履职情况进行了评估，具体情况如下： 一、2024 年年审会计师事务所基本情况 （一）资质条件 立信会计师事务所（特殊普通合伙）成立于 1927 年，复办于 1986 年，注册地址为上海市， 首席合伙人为朱建弟先生。立信所是国际会计网络 BDO 的成员所，长期从事证券服务业务，新 证券法实施前具有证券、期货业务许可证，具有 H 股审计资格，并已向美国公众公司会计监督 委员会（PCAOB）注册登记。截至 2024 年末，立信所拥有合伙人 296 名、注册会计师 2,498 名、 从业人员总数 10,021 名，签署过证券服务业务审计报告的注册会计师人数 743 名。 （二）会计师事务所执业记录 | 1、基本信息 | | --- | | 项目 | 姓名 | 注册会计师执业时 | 开始从事上市 | 开始在本所 | 开始为本公司提供审 ...

Financial Performance - The company reported a basic earnings per share of 1.13 yuan for 2024, an increase of 9.71% compared to 1.03 yuan in 2023 [1] - The net profit for 2024 was 11.44 billion yuan, reflecting a growth of 10.32% from 10.37 billion yuan in 2023 [1] - The total operating revenue reached 56.98 billion yuan, marking a 13.01% increase from 50.42 billion yuan in the previous year [1] - The return on equity (ROE) decreased slightly to 16.79% from 17.28% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 43,236.73 million shares, accounting for 49.01% of the circulating shares, with a decrease of 1,033.76 million shares compared to the previous period [1] - Xu Zhou Enhua Investment Co., Ltd. remains the largest shareholder with 32,009.63 million shares, representing 36.30% of the total share capital [2] - Other notable shareholders include Zhang Xu with 2,181.78 million shares and Hong Kong Central Clearing Limited with 1,404.66 million shares, both showing a decrease in holdings [2] Dividend Distribution - The company announced a dividend distribution plan of 3.6 yuan per share (including tax) [3]

Financial Performance - The company's operating revenue for 2024 reached ¥5,697,633,044.59, representing a 13.01% increase compared to ¥5,041,504,467.27 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥1,143,564,427.44, up 10.28% from ¥1,036,918,058.61 in 2023[6]. - The basic earnings per share for 2024 increased to ¥1.13, a rise of 9.71% from ¥1.03 in 2023[6]. - Total assets at the end of 2024 amounted to ¥8,440,005,655.95, reflecting a 15.17% growth from ¥7,328,195,368.67 at the end of 2023[6]. - Operating profit reached ¥1,336,573,612.01, while total profit amounted to ¥1,296,688,433.42, reflecting increases of 13.04% and 10.96% respectively compared to the previous year[49]. - The company achieved a total revenue of ¥5,697,633,044.59 for the fiscal year 2024, representing a year-on-year growth of 13.01%[49]. - The industrial segment contributed ¥4,823,256,135.4, accounting for 84.65% of total revenue, with a year-on-year growth of 14.29%[81]. - Domestic sales amounted to ¥5,614,741,828.0, which is 98.55% of total sales, reflecting a 13.04% increase from the previous year[82]. - International sales surged by 162.53% to ¥23,285,928.63, up from ¥8,869,818.05 in 2023[82]. - The gross profit margin for the industrial segment was 82.77%, with a year-on-year increase of 0.68%[82]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 3.60 CNY per 10 shares to all shareholders, based on a total of 1,016,176,792 shares[3]. - The cash dividend amount for the reporting period is 365,823,645.12 CNY, with a per-share dividend of 3.60 CNY[167]. - The total distributable profit for the parent company is 5,629,861,031.98 CNY, with the cash dividend accounting for 100% of the profit distribution[167]. - The company has not made any adjustments to its cash dividend policy during the reporting period, adhering strictly to the established policy[167]. - The company plans to distribute a cash dividend of 3.60 CNY per 10 shares, totaling approximately 365,823,645.12 CNY, which represents 31.99% of the net profit attributable to shareholders for the year 2024[169]. Research and Development - The company is expected to continue focusing on innovation and R&D in response to the pressures from volume-based procurement policies[30]. - The company increased its R&D investment in innovative drugs, with a total expenditure of 721 million yuan, representing a 17.48% increase compared to the previous year[42]. - There are currently over 70 ongoing research projects, including 14 innovative drug projects, with 1 project having completed Phase III clinical trials[42]. - The company applied for 50 invention patents and received 19 authorized patents, including 10 overseas patents[43]. - The company has established a leading R&D platform for high-end drug delivery systems, addressing issues such as patient compliance and addiction[54]. - The company is actively promoting product sales and enhancing business development collaborations in the CNS therapeutic area[43]. Market Position and Strategy - The company is positioned in the pharmaceutical industry, which is experiencing rapid growth due to increasing health demands and an aging population[29]. - The company is a key producer and seller of central nervous system drugs in China, with a unique focus on R&D and production in this field[35]. - The company is the only listed enterprise in China dedicated to the R&D and production of central nervous system drugs, providing a competitive edge[35]. - The company aims to become a leading manufacturer and supplier of central nervous system drugs in China and a significant global production base by 2025[114]. - The company is focusing on unmet clinical needs in the central nervous system field, aligning with national health strategies and policies[51]. Challenges and Risks - The company faces challenges from ongoing healthcare reforms and policies aimed at controlling medical costs, which may impact profitability[30]. - The company must invest substantial funds annually in drug research and development, with the risk of extended development cycles due to stricter national regulations[125]. - Environmental risks are present due to potential pollution from wastewater and waste gas during production, which could affect surrounding communities[125]. - The company faces risks from industry policy changes, including drug approval, quality supervision, and medical insurance cost control, which could significantly impact future development[125]. Corporate Governance and Management - The company has established a long-term mechanism to prevent major shareholders from occupying company funds, ensuring the protection of shareholder rights[132]. - The board of directors consists of four independent directors, exceeding one-third of the total board, ensuring compliance with governance standards[132]. - The company has a complete and independent financial management system, ensuring no interference from controlling shareholders in financial decisions[138]. - The company actively engages in charitable activities, enhancing its social image and fulfilling corporate social responsibilities[135]. - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and managers, ensuring compliance with legal regulations[136]. Environmental Management - The company has established a comprehensive environmental management system and has passed ISO 14001 certification, complying with various environmental standards[187]. - The company invested approximately 5.6 million yuan in 2022 to upgrade its wastewater pre-treatment system, resulting in improved operational stability and reduced use of hazardous chemicals[192]. - The company’s wastewater treatment system has a capacity of 600t/d, with all monitoring results indicating compliance with discharge standards[192]. - The company’s air pollution control system was upgraded in 2021, adding four new systems to improve overall efficiency[193]. - The company allocated approximately 12.34 million yuan for environmental protection and equipment upgrades during the reporting period[198].

Group 1: Company Performance - BYD reported a net profit of 40.254 billion yuan for 2024, representing a year-on-year increase of 34% [1] - The company's operating revenue reached 777.102 billion yuan, up 29.02% compared to the previous year [1] - Satellite Chemical achieved a net profit of 6.072 billion yuan in 2024, marking a 26.77% increase year-on-year [2] Group 2: Dividend Proposals - BYD plans to distribute a cash dividend of 39.74 yuan per 10 shares (tax included) [1] - Satellite Chemical intends to distribute a cash dividend of 5 yuan per 10 shares (tax included) [2] Group 3: Stock Market Activity - Junshen Co. is in the preparatory stage for an overseas transshipment project, which has not yet commenced operations [2] - Zhenhua Heavy Industry's stock price increased by 33.58% over a short period, despite no significant changes in its fundamentals [3] - Yuxing Anchor Chain's stock also experienced a significant price increase, with its main business remaining stable [4] Group 4: Strategic Moves - Taihao Technology plans to acquire a 13.87% stake in Jiangxi Taihao Military Group through a share issuance [7] - Dafeng Industrial signed a strategic cooperation agreement with Shanghai Zhiyuan New Technology Co., aiming to explore innovative applications in entertainment and sports [8]

Core Viewpoint - The fentanyl concept sector has seen a 1.47% increase, ranking fourth among concept sectors, with notable stock performances from companies like Dongfang Biology, Yirui Biology, and Botuo Biology [1] Market Performance - As of March 19, the fentanyl concept sector had six stocks rising, with Dongfang Biology up by 7.15%, Yirui Biology by 4.67%, and Botuo Biology by 1.20% [1] - Conversely, Wanfu Biology, Lingrui Pharmaceutical, and Enhua Pharmaceutical experienced declines of 0.50%, 0.29%, and 0.22% respectively [1] Capital Flow - The fentanyl concept sector attracted a net inflow of 0.65 billion yuan from major funds, with six stocks receiving net inflows [1] - Renfu Pharmaceutical led the net inflow with 35.36 million yuan, followed by Dongfang Biology with 25.74 million yuan, Yirui Biology with 16.10 million yuan, and Guoyao Co. with 2.24 million yuan [1] Inflow Ratios - The net inflow ratios were highest for Renfu Pharmaceutical at 6.47%, Yirui Biology at 6.23%, and Dongfang Biology at 5.59% [1]

Investment Rating - The report does not explicitly state an investment rating for the industry [5] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.06%, underperforming compared to the Wind All A index (2.43%) and the CSI 300 index (1.39%). The AI + healthcare sector experienced a significant rebound [10][11] - Key sectors that performed well include in vitro diagnostics (4.45%), active pharmaceutical ingredients (2.08%), and hospitals (1.85%). Conversely, offline pharmacies (-0.59%) and medical devices (-0.08%) saw declines [10][11] - The government work report emphasized strengthening basic medical and health services, implementing a health-first development strategy, and promoting the coordinated development of healthcare, medical insurance, and pharmaceuticals [12][14] - On March 8, Huawei announced the establishment of a healthcare division, aiming to integrate its expertise in 5G, cloud computing, and edge computing to develop AI-assisted diagnostic solutions [12][14] Weekly Market Review - The pharmaceutical and biotechnology sector increased by 1.06%, lagging behind the Wind All A index (2.43%) and the CSI 300 index (1.39%). The AI + healthcare direction showed a notable rebound [10] - The top-performing sub-sectors included in vitro diagnostics (4.45%), active pharmaceutical ingredients (2.08%), and hospitals (1.85%), while offline pharmacies (-0.59%) and medical devices (-0.08%) were the worst performers [10][11] - The top three gaining stocks were Hotgen Biotech (38.63%), Berry Genomics (34.39%), and Anbiping (25.72%), while the top three losing stocks were Jiangsu Wuzhong (-14.34%), ST Sansheng (-9.83%), and Baile Tianheng-U (-9.44%) [12][14] Industry News and Key Company Announcements - The government work report highlighted the need to enhance basic medical services and improve the healthcare system, including reforms in public hospitals and drug procurement policies [12][14] - Huawei's new healthcare division aims to leverage its technological strengths to accelerate the development of medical AI models for clinical applications [12][14] - On March 8, Ausgen announced that the FDA accepted its new drug application for AUKONTALS, a treatment for amyotrophic lateral sclerosis, with a decision expected by October 23, 2025 [12][14] - CloudTop announced the successful administration of its mRNA personalized cancer vaccine EVM16 in a clinical trial, marking a significant milestone in its development [12][14]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

行业评级 推荐（维持） 行业周报 | 医药生物 证券研究报告 报告日期 2025 年 02 月 17 日 相关研究 【兴证医药】AI 有望赋能医疗领域，继 续看好创新药+创新药产业链——医药行 业周报（2025.2.3-2025.2.7）- 2025.02.11 【兴证医药】医药板块持仓降至历史低 位、继续看好创新药+创新药产业链—— 兴证医药 2025 年 2 月投资月报- 2025.02.05 【兴证医药】医保丙类目录推进中，有 望进一步提升创新药可及性——医药行 业周报（2025.1.13-2025.1.17）- 2025.01.20 分析师：孙媛媛 S0190515090001 sunyuanyuan@xyzq.com.cn 分析师：黄翰漾 S0190519020002 huanghanyang@xyzq.com.cn | 年 2 | 表 1、2025 年 2 | 月 10 | 日-2025 | | 月 14 | | 日医药板块个股涨幅前 5 | 和跌幅前 5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,382,065,005.72, representing a 10.07% increase compared to the same period last year[2] - Net profit attributable to shareholders for the same period was ¥391,186,854.75, up 14.74% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥396,488,640.45, reflecting a 16.47% increase compared to the previous year[2] - Total operating revenue for the period reached ¥4,145,463,113.62, an increase of 13.4% compared to ¥3,655,985,179.26 in the previous period[13] - Net profit for the period was ¥1,016,537,195.81, up 15.1% from ¥883,414,665.34 in the same period last year[14] - The company reported a total profit of ¥1,152,398,257.88, an increase of 15.1% compared to ¥1,000,774,839.69 in the previous period[14] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥8,128,908,758.13, which is a 10.93% increase from the end of the previous year[2] - The company's equity attributable to shareholders reached ¥7,131,820,421.11, marking a 10.84% increase year-on-year[2] - Total liabilities increased to ¥1,024,692,086.38, up 11.6% from ¥918,087,703.29 in the previous period[12] - The total current liabilities increased to CNY 929,286,535.48 from CNY 814,027,830.97, indicating a growth of about 14.2%[11] Cash Flow - Cash flow from operating activities for the year-to-date was ¥911,192,693.56, showing an 11.30% increase compared to the previous year[2] - Operating cash inflow for the period reached CNY 4,548,674,103.67, an increase of 12.2% compared to CNY 4,055,730,072.31 in the previous period[16] - Net cash flow from operating activities was CNY 911,192,693.56, up from CNY 818,648,779.67, reflecting a growth of 11.0%[17] - Cash flow from financing activities showed a net outflow of CNY 265,697,908.99, worsening from a net outflow of CNY 226,555,716.90 in the previous period[17] - The net cash increase for the period was negative at CNY -560,937,755.92, contrasting with a positive increase of CNY 524,293,544.01 in the previous period[17] Investments and Expenditures - The company reported a significant increase of 34.61% in development expenditures due to increased R&D investments[5] - Research and development expenses for the period were ¥435,669,866.92, representing an increase of 13.2% from ¥384,712,055.91 in the previous period[13] - The company’s development expenditure increased to CNY 115,355,689.36 from CNY 85,696,303.65, reflecting a growth of around 34.6%[11] Shareholder Returns - The basic earnings per share for Q3 2024 was ¥0.39, an increase of 13.89% compared to the same period last year[2] - The company experienced a cash outflow of CNY 324,226,576.71 for dividend distribution, compared to CNY 204,385,678.60 in the previous period, an increase of 58.5%[17]

证券代码：002262 证券简称：恩华药业 公告编号：2024-052 江苏恩华药业股份有限公司 第六届董事会第十四次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确、完整，对公告的虚假记载、误导性 陈述或重大遗漏负连带责任。 一、董事会会议召开情况 江苏恩华药业股份有限公司（以下简称"公司"）第六届董事会第十四次会议于 2024 年 10 月 25 日在徐州市经济技术开发区龙湖西路 31 号恩华科技大厦 20 楼会议室召开，会议通知已 于 2024 年 10 月 14 日以专人送达、传真、电子邮件等方式送达给全体董事、监事和高级管理 人员。本次会议应到董事 9 名，实到董事 9 名。公司监事和高级管理人员亦列席本次会议。 本次会议由董事长孙彭生先生召集并主持。本次会议的召集、召开程序符合有关法律法规和 公司章程的规定。 该议案在提交董事会审议前，已经公司董事会战略委员会审议通过。 3、会议以 9 票赞成、0 票反对、0 票弃权的表决结果审议通过了《关于向中国银行申请 流动资金贷款的议案》。 二、董事会会议审议情况 1、会议以9票赞成、0票反对、0票弃权的表决结果审议通过了《2024年第三季度报告》 ...