Group 1: Financial Performance - In 2024, the company achieved a revenue of 463.72 million CNY, a year-on-year increase of 3.60% [6] - The net profit attributable to shareholders was 60.45 million CNY, a decrease of 21.54% compared to the previous year [6] - The gross profit was 211.49 million CNY, with a decline of 2.94% [6] Group 2: R&D Investment - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue [4] - R&D personnel increased by 24.56% in 2024 due to the need for more resources to advance ongoing projects [8] Group 3: Strategic Acquisitions - The acquisition of 99.42% of Hongjitang is expected to enhance the company's market competitiveness and product portfolio [3] - Hongjitang's integration will allow the company to extend its business into traditional Chinese medicine and health products [3] Group 4: Market Position and Product Portfolio - The company has a strong market position in the production of chemical raw materials and formulations, with key products including Glimepiride, Metformin, and Ropivacaine [4] - All products have passed national GMP certification and several international certifications, enhancing their market competitiveness [5] Group 5: Future Growth Strategies - The company aims to strengthen its existing products while rapidly introducing new varieties to create a second growth curve [10] - Plans to expand CDMO (Contract Development and Manufacturing Organization) business and enhance the production of high-end raw materials and formulations [10] Group 6: Industry Outlook - The global API (Active Pharmaceutical Ingredient) market is projected to reach 236.7 billion USD in 2024, with a CAGR of 6.78% from 2021 to 2026 [13] - The company is well-positioned to capitalize on the growing demand for APIs, particularly in the Asia-Pacific region [13]

Investment Rating - The investment rating for the company is maintained at "Accumulate" [5] Core Views - The company reported a 2024 revenue of 5.805 billion yuan, a decrease of 25.82% year-on-year, primarily due to the absence of large orders that were delivered in 2023. Excluding the impact of these large orders, revenue increased by 7.40% year-on-year [1] - The net profit attributable to the parent company for 2024 was 949 million yuan, down 58.17% year-on-year, affected by the decline in revenue and the low gross margin of emerging businesses [1] - The small molecule CDMO business achieved a revenue of 4.571 billion yuan in 2024, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95% [2] - Emerging business segments, including chemical and biological macromolecules, showed positive growth, with revenues of 1.226 billion yuan in 2024, a 2.25% increase year-on-year [3] - The company is expanding its overseas capacity, with total overseas revenue of 4.285 billion yuan in 2024, and a gross margin of 50.32% [4] Summary by Sections Financial Performance - 2024 revenue was 5.805 billion yuan, down 25.82% year-on-year, but up 7.40% when excluding large orders [1] - 2024 net profit attributable to the parent company was 949 million yuan, a decrease of 58.17% year-on-year [1] - The small molecule CDMO business generated 4.571 billion yuan in revenue, with a gross margin of 47.95% [2] - Emerging business revenue was 1.226 billion yuan, with a gross margin of 21.67% [3] Business Segments - Small molecule commercialized projects delivered 48 projects, with 8 new projects added [2] - The chemical macromolecule CDMO business saw a revenue increase of 13.26% year-on-year, with 227 projects completed [3] - The biological macromolecule CDMO business focused on antibody-drug conjugates, with 15 new ADC IND projects [3] Market Expansion - New orders signed in 2024 increased by approximately 20%, with significant growth in orders from European and American markets [4] - The Sandwich Site in the UK commenced operations in August 2024, enhancing the company's global footprint [4]

证券简称： 峆一药业 证券代码： 430478 安徽峆一药业股份有限公司 安徽省天长市杨村工业区 安徽峆一药业股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 保荐机构（主承销商） （安徽省合肥市梅山路 18 号） 联席主承销商 （中国（四川）自由贸易试验区成都市高新区交子大道 177 号中 1-1-0 海国际中心 B 座 17 楼） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票 ...