Core Viewpoint - Haizheng Pharmaceutical reported a significant financial turnaround in 2024, achieving a record net profit of 601 million yuan, driven by increased sales in both formulation products and active pharmaceutical ingredients, alongside improved management efficiency [1][2]. Financial Performance - The company achieved an operating revenue of 9.787 billion yuan in 2024, with a net profit attributable to shareholders reaching 601 million yuan, marking a return to profitability [1]. - The net cash flow from operating activities increased by 40.72% to 2.115 billion yuan, while the debt-to-asset ratio decreased by 12% to 46.29% [2]. Shareholder Returns - Haizheng Pharmaceutical plans to distribute a cash dividend of 2.10 yuan per 10 shares (tax included) and has repurchased shares worth approximately 96.4589 million yuan, totaling 342 million yuan in cash returns, which is 56.87% of the net profit attributable to shareholders [1]. Business Development - The company focused on key product sales, with the sales volume of its main product, Saismei, reaching 6.2569 million boxes, a 31% increase year-on-year [2]. - The active pharmaceutical ingredient business showed robust growth, with significant revenue increases from products like Invermectin and Orlistat [2]. Animal Health Sector - The animal health business expanded, launching four new significant products, including the cloud vaccine and the pet vaccine, with nine products achieving sales over 10 million yuan [2]. - The company reported that its pet deworming product, Haile Miao, has consistently exceeded 100 million yuan in annual sales [2]. E-commerce Growth - In 2024, the company's e-commerce business saw significant upgrades, with key pharmaceutical products experiencing substantial growth through online channels, and the pet business surpassing 100 million yuan in sales, achieving an 11-fold increase over five years [3]. Innovation and R&D - Haizheng Pharmaceutical emphasized innovation and R&D, restructuring resources to enhance research efficiency, particularly in cardiovascular and metabolic treatment areas [4]. - The company established a new drug research center in Shanghai and formed strategic partnerships with leading research institutions, resulting in 62 patent applications and 30 granted patents in 2024 [4]. Production and Quality - The company made significant advancements in its industrial system, completing ten technology transfers and successfully passing FDA audits at its three major production bases [5]. - Haizheng Pharmaceutical received several accolades, including recognition as a "National Champion Enterprise" and "National Excellent Intelligent Factory" [5]. Future Outlook - Looking ahead to 2025, Haizheng Pharmaceutical aims to focus on strengthening its core business while exploring new growth areas, positioning itself for significant development and transformation [5].

Core Viewpoint - Haizheng Pharmaceutical reported a revenue decline of 5.65% in 2024, while achieving a net profit of 601 million yuan, indicating a mixed performance with concerns over market competitiveness [1][4][5]. Revenue Decline: Core Business Struggles - The company's revenue for 2024 was 9.787 billion yuan, marking a second consecutive year of decline, highlighting weak growth in core business areas despite efforts in traditional pharmaceutical sectors [4]. - In the pharmaceutical formulation sector, Haizheng ranked 26th among Chinese pharmaceutical companies according to IQVIA, but this did not translate into significant revenue growth [4]. - The e-commerce segment saw substantial growth in key products like Yisuo Jia and Mei Man, yet overall contributions to revenue remained limited [4]. - New product launches in the export formulation business had minimal impact on overall revenue due to small initial profit margins [4]. Net Profit Growth: Reliance on Non-Recurring Gains - The net profit of 601 million yuan represented a turnaround from losses, with a non-recurring profit of 423 million yuan indicating reliance on short-term measures rather than sustainable growth [5][6]. - Profit growth was attributed to improved resource allocation and management efficiency, but these effects are more short-term in nature [5]. Emerging Business: Slow Development, Untapped Potential - Haizheng's expansion into emerging sectors like health, medical aesthetics, and synthetic biology has been slow, with limited immediate revenue impact [7]. - The company has developed over ten products in areas such as orthopedic calcium supplements and liver protection, but their market performance remains to be validated [7]. - In the medical aesthetics sector, while strategic planning is in place, only two products have been initiated, and twelve are in preliminary research, indicating a need for time to assess market viability [7].

易静薇承诺将根据《上市公司独立董事管理办法》等相关规定， 尽快参加上海证券交易所独立董事履职学习平台的专题培训。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定 （如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； 独立董事提名人声明与承诺 提名人浙江海正药业股份有限公司董事会，现提名易静薇为浙江 海正药业股份有限公司第十届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大 失信等不良记录等情况。被提名人已同意出任浙江海正药业股份有限 公司第十届董事会独立董事候选人（参见该独立董事候选人声明）。 提名人认为，被提名人具备独立董事任职资格，与浙江海正药业股份 有限公司之间不存在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管 ...

公司代码：600267 公司简称：海正药业 浙江海正药业股份有限公司 2024 年度内部控制评价报告 浙江海正药业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简 称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内 部控制日常监督和专项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准 日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并 如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行 监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、 高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容 的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真 实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅 能为实现上述目标提供合理保证。此外，由于情况的变化可 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.5200 | -0.0800 | 750 | 0.4200 | | 每股净资产（元） | 6.96 | 6.43 | 8.24 | 6.39 | | 每股公积金(元) | 3.58 | 3.6 | -0.56 | 3.47 | | 每股未分配利润(元) | 2.12 | 1.64 | 29.27 | 1.93 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 97.87 | 103.73 | -5.65 | 120.37 | | 净利润(亿元) | 6.01 | -0.93 | 746.24 | 4.89 | | 净资产收益率(%) | 7.43 | -1.15 | 746.09 | 6.38 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 51690.89万股，累计占流通股比： 43.1 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the significant potential for the glutathione market, driven by increasing health and beauty demands, product innovation, and supportive policies [10][11] - The recent suspension of imports from KYOWA HAKKO BIO CO., LTD. is expected to create a supply shortage, leading to price increases and potential shifts in the global glutathione industry landscape [10][11] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -15.34% compared to the CSI 300 index, with an absolute return of -3.11% [3] Market Demand and Growth - The glutathione market is experiencing steady growth, with the market size increasing from approximately 930 million RMB in 2021 to 1.121 billion RMB in 2023, and is expected to continue growing [10] - The Asia-Pacific region holds the largest share of the global glutathione market at 60%, with North America and Europe following at 28% and 11% respectively [10] Key Market Players - Major suppliers in the glutathione market include Kyowa Hakko Bio Co. Ltd., Wuhan Grand Hoyo Co. Ltd., and Ningbo Honor Chemtech Co. Ltd., with Kyowa Hakko Bio being one of the largest producers [10][11] Future Outlook - The Chinese glutathione market is projected to expand from 19.43 million USD in 2023 to 23.09 million USD by 2030, increasing its global market share [10] - The report suggests that domestic companies may increase R&D investments and enhance production technologies to meet market demands, particularly in light of the recent import suspension [11]

根据《公司法》《上海证券交易所股票上市规则》及《公司章程》等有关规 定，张祯颖女士的辞职报告自送达公司董事会之日起生效。张祯颖女士的辞职不 会影响公司正常运作，公司董事会将按照相关规定尽快完成新任财务总监的选聘 工作。 公司董事会对张祯颖女士在任职期间为公司发展所做出的贡献表示衷心感 谢！ 特此公告。 股票简称：海正药业 股票代码：600267 公告编号：临 2023-111 号 债券简称：海正定转 债券代码：110813 浙江海正药业股份有限公司 关于财务总监辞职的公告 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、准确性和完整性依法承担法律责任。 浙江海正药业股份有限公司（以下简称"公司"）董事会于 2023 年 11 月 29 日收到公司财务总监张祯颖女士提交的书面辞职报告。张祯颖女士因个人发展原 因，申请辞去公司财务总监职务，辞职后不再担任公司及下属子公司任何职务。 浙江海正药业股份有限公司董事会 二〇二三年十一月三十日 ...

| 股票简称：海正药业 | 股票代码：600267 | 公告编号：临 | 2023-109 | 号 | | --- | --- | --- | --- | --- | | 债券简称：海正定转 | 债券代码：110813 | | | | 近日，浙江海正药业股份有限公司（以下简称"公司"）控股子公司浙江海 正动物保健品有限公司（以下简称"海正动保公司"）收到中华人民共和国农业 农村部核准签发的卡洛芬咀嚼片（犬用）兽药产品批准文号批件。现就相关情况 公告如下： 一、批件基本信息 通用名称：卡洛芬咀嚼片（犬用） 兽药产品批准文号：兽药字 110807205 批准文号有效期：2023-11-17 至 2028-11-16 商品名称：宠力泰 含量规格：按 C15H12ClNO2 计 25mg 企业名称：浙江海正动物保健品有限公司 生产地址：浙江省杭州市富阳区东洲街道高尔夫路 208 号 二、产品基本情况 卡洛芬咀嚼片（犬用）为二类新兽药，适用于缓解犬骨关节炎引起的疼痛和 炎症，用于软组织和骨外科手术的术后镇痛。卡洛芬是一种非甾体类抗炎药，具 有解热、镇痛、抗炎作用，其作用机制与抑制环氧酶活性有关。卡洛芬可选择性 地抑制 ...

（二）商标名：美卓乐® （三）剂型：片剂 （四）规格：4mg （五）注册分类：化学药品 （六）受理号：CYHB2102132 股票简称：海正药业 股票代码：600267 公告编号：临 2023-110 号 债券简称：海正定转 债券代码：110813 浙江海正药业股份有限公司 关于全资子公司获得甲泼尼龙片补充申请批件暨成 为药品上市许可持有人的公告 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法律责任。 近日，浙江海正药业股份有限公司（以下简称"公司"或"海正药业"）全 资子公司瀚晖制药有限公司（以下简称"瀚晖制药"）收到国家药品监督管理局 （以下简称"国家药监局"）核准签发的关于甲泼尼龙片的《药品补充申请批准 通知书》。现就相关情况公告如下： 一、药品基本情况 （一）药品名称：甲泼尼龙片 （七）申请内容：根据国食药监注[2009]518 号《药品技术转让注册管理规 定》第九条：（三）已获得《进口药品注册证》品种，其生产技术可以由原进口 药品注册申请人转让给境内药品生产企业。转让方 Pfizer Italia s.r.l 公司将进口药 ...

| 证券代码：600267 | 证券简称：海正药业 | 公告编号：2023-108 | 号 | | --- | --- | --- | --- | | 债券代码：110813 | 债券简称：海正定转 | | | 浙江海正药业股份有限公司关于持股 5%以上股东集 中竞价减持股份结果公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，浙江海正药业股份有限公司（以下简称"公司"）持 股 5%以上股东浙江省国际贸易集团有限公司（以下简称"国贸集团"）持有公 司无限售条件流通股 74,647,907 股，占当时公司总股本的 6.32%。 由于首次及预留授予激励对象 29 人不再具备股权激励资格及 1 人因个人业 绩考核要求未达标，公司于 2023 年 7 月 6 日办理完毕上述激励对象持有的全部 或部分限制性股票共计 1,639,400 股的回购注销手续；另因公司可转换公司债券 发生转股，截至本公告披露日，累计转股股数为 29,122,774 股。由于公司总股本 发生变 ...