为构建公平、透明的资本市场环境，帮助投资者深入了解上市公司的经营模式、行业前景、 风险特征，保护投资者合法权益，并推动资本市场长期健康发展，申万宏源证券联合深圳交 易所开展了"理性投资伴我行"投资者走进上市公司系列活动。 2025年5月27日下午，在广西证监局、广西证券期货基金业协会、广西上市公司协会的监督 指导下，申万宏源证券联合深圳交易所组织开展了"理性投资伴我行"投资者走进上市公司系 列 活 动 ， 共 邀 请 30 余 名 投 资 者 实 地 探 访 国 内 燕 麦 行 业 龙 头 上 市 公 司 —— 西 麦 食 品 （002956），走进其子公司广西贺州西麦生物食品有限公司参观调研，此次活动通过参观 展厅、生产线、研发中心及交流座谈等形式，帮助投资者深入了解公司经营现状与未来战 略，深化价值投资理念。 在工作人员的引导下，投资者首先参观了公司展厅，全面了解西麦食品20多年发展历 程。公司从燕麦育种、研发生产、销售的全产业链布局给投资者留下深刻印象。例如， 西麦在张北坝上、呼伦贝尔等地建立了绿色有机燕麦原料基地，并通过"产学研"模式与 科研机构合作培育专属品种，从源头保障产品质量。 在参观完展厅之后 ...

Group 1: Business Strategy and Market Position - The company plans to enhance its generic drug business by developing a multi-product matrix through rapid product development and cost reduction strategies [1][2][3] - The 11th batch of drug procurement is expected to favor companies with high R&D efficiency and strong market access capabilities [1][2] - The company aims to maintain a stable market share in the intravenous infusion market despite overall market decline [1][2][3] Group 2: Financial Performance and Projections - The company's R&D investment increased by 11.2% to CNY 2.171 billion, supporting future growth [1][2][3] - The revenue from the antibiotic intermediate business is projected to reach CNY 280 million in 2025, up from CNY 196 million in 2024 [20] - The company reported a 43% decline in Q1 performance, attributed to the impact of national procurement and reduced market demand [30][31] Group 3: Product Development and Innovation - The company has three innovative drugs approved for five indications in China, with ongoing commercialization efforts [10][11] - The ADC (Antibody-Drug Conjugate) development strategy focuses on optimizing payload-linker designs to achieve competitive advantages [15][17] - The company is actively exploring new therapeutic areas, including autoimmune diseases, with ongoing collaborations [18][19] Group 4: Market Expansion and International Strategy - The company plans to expand into Southeast Asia, starting with Singapore, and is exploring partnerships in the Middle East [27][28] - The company is preparing to enter the health supplement market, targeting the aging population, which is projected to grow significantly [24][25] - The company aims to leverage its strong R&D capabilities and resource advantages to enhance its international competitiveness [26][27] Group 5: Corporate Governance and Shareholder Relations - The company maintains a stable asset-liability ratio of 28% and plans to optimize its capital structure [31][32] - The board is committed to shareholder returns, with a focus on maintaining a dividend payout ratio of around 52% [32] - The company emphasizes transparency and fairness in information disclosure to ensure market integrity [34]