Core Viewpoint - 易明医药's 2024 annual report indicates a significant increase in net profit despite a decline in revenue, highlighting the company's challenges in market competition and reliance on non-recurring gains [1][5]. Revenue Performance - In 2024, 易明医药 achieved total revenue of 6.52 billion, a decrease of 2.27% year-on-year, marking the second consecutive year of revenue decline [4]. - The revenue in 2023 was 6.67 billion, reflecting a more substantial decline of 22.14% compared to 2022 [4][2]. Profitability Analysis - The net profit attributable to 易明医药 in 2024 was 0.46 billion, representing a substantial increase of 198.50% year-on-year [1][5]. - The non-recurring net profit was 18.45 million, showing a remarkable growth of 1579.33% compared to the previous year's 1.10 million, indicating a reliance on non-operating income for profit growth [5]. Market Challenges - The decline in revenue signals significant pressure from market competition, particularly in the context of frequent policy changes and deepening centralized procurement in the pharmaceutical industry [4]. - The main product, 米格列醇片 (奥恬苹®), performed well in 2024, winning bids in 25 provinces, but other products like 蒙脱石散 (贝易平®) and 多潘立酮片 (维动啉®) did not contribute effectively to revenue growth [4]. Termination of Collaborations - 易明医药 terminated its collaboration with 上海医药 for 瓜蒌皮注射液 (新通®) in December 2024, which was a significant revenue source, leading to uncertainty in future revenue streams [6]. - The company also suspended the market supply of 盐酸纳美芬注射液 (易美芬®), further impacting its market presence [6]. Future Outlook - To address the challenges posed by the termination of collaborations and declining revenue, 易明医药 needs to enhance its investment in product development and market promotion [6]. - The company has made efforts to improve profitability through optimized production and marketing strategies, but ongoing revenue decline and competitive pressures necessitate a stronger focus on core business capabilities [6].

| | 特定对象调研 |  分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 现场参观 姓名 | 其他（ ） 机构名称 | | | 郑薇 林艾灵 | 国联民生证券 国联民生证券 | | | 张超 | 国信证券 | | | 殷澍平 | 宁波三登投资管理合伙企业(有限合伙) | | | 徐智敏 | 君和资本 | | 参与单位名称 | 钱怡 | 大家资产管理有限责任公司 | | 及人员姓名 | 关俊伟 | 华商基金管理有限公司 | | | 杨昌源 | 华泰证券 | | | 高鹏 | 华泰证券 | | | 王震 | 国盛证券 | | | 易来陟 | 深圳华强鼎信投资有限公司 | | | 龚涵清 | 兴业证券 | | | 赖嘉宁 | 中金岭南 | | 时间 | 2025 年 4 月 30 日 | | | 方式 | 电话会议 | | | 上市公司接 | 董事会秘书史炜 | | | 待人员姓名 | 财务总监尹珊 | | | | 销售总监崔文波 1、经营业绩介绍 | | | | 2024 | 年，公 ...

证券研究报告 | 行业周报 2025 年 05 月 06 日 医药 本周医药板块上涨 0.49%，百济神州 BCL-2 抑制剂申报上市 | 股票 | 股票 | 投资 | EPS（元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 002755.SZ | 奥赛康 | 买入 | 0.2 | 0.28 | 93.95 | 67.11 | | 01952.HK | 云顶新耀 | 买入 | -0.94 | 0.58 | - | - | | 600079.SH | 人福医药 | 增持 | 1.59 | 1.86 | 13.13 | 11.22 | | 688192.SH | 迪哲医药 | 增持 | -1.33 | -0.08 | -43.54 | -723.88 | | 688315.SH | 诺禾致源 | 买入 | 0.53 | 0.62 | 26.53 | 22.68 | | 688321.SH | 微芯生物 | 增持 | 0.05 | 0.23 | 3 ...

2025Q1强势复苏：集采放量与产品结构优化共振 2025年一季度，公司实现营业收入6.52亿元，同比增长10.17%，环比增长15.97%，已大致恢复至2023年 同期水平，基本实现了通过产品销量的增长来抵消价格下降的影响。通化东宝业绩迎来拐点主要基于以 下几个方面： - 集采续标"以价换量"成功：4月国家胰岛素集采续标中，公司全系列产品以A/A1类中标，签约量达 4500万支，较首次集采增长约73%；甘精及门冬胰岛素系列产品新增准入医院近10,000家，渠道覆盖大 幅提升，为通化东宝未来3年胰岛素销售构筑稳定根基。 财报显示，2024年通化东宝净利润下滑主要受三方面因素影响：胰岛素集采价格调整：公司核心胰岛素 产品中标价下降，叠加渠道库存差价冲销，导致收入阶段性收缩；研发项目战略性终止：可溶性双胰岛 素注射液(THDB0207)研发终止，直接减少净利润约2.15亿元；诉讼赔偿支出：商标纠纷赔偿约6131万 元。 尽管上述因素拖累短期业绩，但通化东宝基本盘未受动摇。根据医药魔方销量数据，2024年公司胰岛素 市占率持续攀升至43.7%，稳居国内第一，甘精胰岛素市占率突破10%，门冬系列快速放量且市占率正 快 ...

Core Viewpoint - In 2024, the company achieved revenue of 4 billion yuan, a slight year-on-year decline, while net profit attributable to shareholders was significantly impacted by a fine related to sodium dexamethasone sales, with a stable growth in non-recurring net profit [1][2][3] - The impact of centralized procurement on the formulation segment has been largely digested, and new products are continuously being introduced, with expectations for accelerated growth in 2025 [1][4] - Revenue from the raw materials segment declined due to inventory destocking by overseas clients and price decreases, but sales volume remains stable, with a positive outlook for gradual recovery [1][5] Financial Performance - In 2024, the company reported operating revenue of 4.001 billion yuan, a year-on-year decrease of 2.98%, and a net profit attributable to shareholders of 397 million yuan, down 29.46% [2][3] - The non-recurring net profit for 2024 was 549 million yuan, reflecting a year-on-year increase of 2.15% [2][3] - For Q1 2025, the company achieved operating revenue of 1.01 billion yuan, a year-on-year decline of 2.9%, with a net profit of 140 million yuan, down 4.7% [2][3] Formulation Segment - In 2024, the formulation sales revenue reached 2.276 billion yuan, an increase of 8% year-on-year [4] - Key therapeutic areas showed varied performance, with gynecology and family planning sales at 450 million yuan, stable year-on-year; anesthetic muscle relaxants at 160 million yuan, up 55%; respiratory products at 880 million yuan, up 31%; and dermatology products at 230 million yuan, up 19% [4] - The company’s new products are expected to accelerate growth, with significant sales increases in new offerings such as sodium glucosamine injection [4][6] Raw Materials Segment - In 2024, revenue from raw materials and intermediates was 1.55 billion yuan, a year-on-year decline of 13% [5] - The decline was attributed to inventory destocking in the international market and increased competition leading to price drops [5][6] - The company is expected to see a recovery in the raw materials segment as prices stabilize and market share increases [5][6] Expense Analysis - In 2024, the company's sales, management, and R&D expense ratios were 25.84%, 7.74%, and 6.63%, respectively, with slight increases year-on-year [7] - The gross margin improved to 57.49%, up 4.61 percentage points, attributed to the clearing of centralized procurement impacts and operational efficiency [7] - The net profit margin was 10%, significantly impacted by a fine provision of 195 million yuan [7] Future Outlook - The company is expected to achieve stable growth in revenue and profit in 2025, with non-centralized procurement products anticipated to grow steadily [8] - Revenue projections for 2025-2027 are 4.35 billion, 4.81 billion, and 5.48 billion yuan, with year-on-year growth rates of 8.6%, 10.7%, and 13.8% respectively [8]

4月29日，海翔药业发布年报，2024年实现营业收入19.38亿元，同比下降10.75%；实现归母净亏损3.3亿元，同比收窄21.38%；实现扣非归母净亏损3.4亿 元，同比收窄0.11%；基本每股收益为-0.21元/股。 2024年末，海翔药业总资产为74.56亿元，同比下降0.85%；负债总计23.24亿元，同比增长21.2%，资产负债率上升至31.2%；现金流方面，经营活动产生的 现金流量净额为1.75亿元，同比下降27.31%，主要系计提资产减值损失、资产折旧等不影响现金流量的项目增加所致；筹资活动产生的现金流量净额同比大 降96.51%；投资活动产生的现金流量净额由-1.28亿元大幅下降至-5.27亿元。 分业务看，2024年海翔药业医药板块收入为13.68亿元，同比下降11.77%，占总营收的70.59%。其中培南类产品全球供应链优势持续巩固，与多家国际知名 药企合作深化；伏格列波糖片等制剂产品通过一致性评价并中标国家集采。 2024年海翔药业染料板块收入为5.51亿元，同比下滑8.80%，占总营收的28.47%。其中活性艳蓝KN-R等拳头产品在细分市场保持较高占有率，销量实现双位 数增长。 20 ...

证券代码：002940 证券简称： 昂利康 浙江昂利康制药股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活 | 特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 浙江凛冬资产管理有限公司吴真军 | | 及人员姓名 | | | 时间 | 2025 年 4 月 30 日上午 8 点 30 分 | | 地点 | 公司二楼小会议室 | | 上市公司接待 | 董事会秘书、副总经理：孙黎明 | | 人员姓名 | 证券事务代表：王燕红 | | | 问答与交流 | | | 年一季度营收较 1、2024 年营收较上年度有所下降，2025 | | | 上年同期有所下降，主要原因 | | | 答：2024 年度营业收入较 年度同比下降 5.41%，主要 2023 | | 投资者关系活 | 原因是左益受集采影响退出医院市场及 2024 年第二季度开始 | | 动主要内容介 | 实施"四同"政策，导致该产品 年度在销量和销售 ...

Core Viewpoint - The company announces a price adjustment for its anti-tumor drug, Doxorubicin Liposome Injection, due to its inclusion in the national centralized procurement directory, which will lead to a significant reduction in sales revenue for 2025 [4][6]. Group 1: Drug Overview - The drug, Doxorubicin Liposome Injection, was launched in August 2009 and is the first domestic generic version of Doxil/Caelyx, utilizing advanced liposome technology for passive targeting [2]. - In 2024, the drug generated approximately RMB 210 million in sales, accounting for 29% of the company's total revenue [2]. - The drug is primarily used for treating Kaposi's sarcoma related to AIDS, as well as multiple myeloma, breast cancer, and ovarian cancer [2][3]. Group 2: Reasons for Price Adjustment - The drug has been included in the national centralized procurement list for the first time in 2024, with the execution period lasting until December 31, 2027 [4]. - The company plans to gradually reduce the market retail price by no less than 35% starting from May 1, 2025, in response to the new procurement rules and market competition [4]. Group 3: Company Measures - The company will maintain long-term cooperation with existing suppliers and ensure stability in its production and quality control processes [5]. - It will optimize its marketing network and focus on developing new markets, particularly in private and profit-oriented medical institutions [5]. - The company aims to increase R&D investment to ensure continuous revenue contributions from other products while accelerating the commercialization of new products in advantageous areas [5]. Group 4: Impact of Price Adjustment - The price adjustment is expected to adversely affect the sales revenue of Doxorubicin Liposome Injection in the second quarter of 2025 and beyond, with an anticipated decline of over 50% in annual sales revenue [6]. - This decline may lead to a risk of single-product losses for the drug in 2025 [6].

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 04 日 [Table_Title] 海外恢复高增，新品持续优化产品结构 [Table_Title2] 维力医疗(603309) [Table_Summary] 事件概述 公司发布 2024 年报和 2025 年一季报，2024 年实现营收 15.09 亿元，同比增长 8.76%；归母净利润为 2.19 亿元，同比增长 13.98%；扣非后归母净利润 2.1 亿元，同比增长 16.94%。 2025Q1 公司营收 3.48 亿元，同比增长 12.6%；归母净利润为 5892.38 万元，同比增长 17.25%；扣非归母净利润为 5664.55 万元，同比增长 20.49%。 ► 护理和导尿收入快速增长 分业务看，2024 年公司麻醉产品收入 4.77 亿元（+2.02%），导尿 产品收入 4.38 亿元（+14.66%），泌尿外科产品收入 2.16 亿元 （+6.22%），护理产品收入 1.73 亿元（+27.89%），呼吸产品收入 8393.39 万元（-4.32%），血透产品收入 7563.73 万元 （+10.49%）。护理产 ...

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...