证券代码：000623 证券简称：吉林敖东 吉林敖东药业集团股份有限公司 投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 | | | --- | --- | --- | | 投资者关系活 | | | | 动类别 | □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 | 通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 及人员姓名 | 参与本次 2024 年度业绩说明会的投资者 | | | 时间 | 2025 年 4 28 日（星期一）15:00—17:00 | 月 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待 | 副董事长、总经理：郭淑芹 | | | | 独立董事：肖维维 | | | 人员姓名 | 董事、副总经理、财务总监：张淑媛 | | | | 董事、副总经理、董事会秘书：王振宇 | | | | 1、行业以后 ...

Economic Overview - The economy of Nanjing showed a stable recovery in the first quarter, with a GDP of 471.87 billion yuan, a year-on-year increase of 5.3% [1] - The primary industry added value was 4.67 billion yuan, growing by 3.7%; the secondary industry added value was 141.80 billion yuan, increasing by 4.2%; and the tertiary industry added value was 325.41 billion yuan, rising by 5.8% [1] Industrial Production - The industrial production in Nanjing saw a year-on-year increase of 6.4%, with the manufacturing sector growing by 7.1% [2] - Among 37 major industrial categories, 30 experienced growth, resulting in an overall growth rate of 81.1% [2] - High-tech manufacturing increased by 10%, with significant growth in electric machinery (12.5%), medical manufacturing (13.7%), and other key sectors [2] Service Sector - The service sector's added value grew by 5.8%, with notable increases in information transmission (7.4%) and wholesale and retail (7.9%) [3] - The revenue of large-scale service enterprises rose by 5.6%, with the information technology services sector seeing a 13.8% increase [3] - Cultural, sports, and entertainment sectors experienced a significant growth of 16.9%, particularly in cultural and sports activities [3] Consumer Market - The total retail sales of consumer goods reached 232.31 billion yuan, a year-on-year increase of 7.5% [4] - Sales of essential and upgraded goods showed strong growth, with food and beverage sales increasing by 21.7% and automotive sales rising by 22.9% [4] - Online retail sales surged by 46.4%, accounting for 30.1% of total retail sales [4] Investment Trends - Fixed asset investment decreased by 7.2%, but the decline was less than in previous months, with industrial investment growing by 12.5% [5] - High-tech industry investment rose by 13.2%, with significant growth in new manufacturing sectors such as electronics (41.7%) and new materials (146.1%) [6] Price Trends - Consumer prices remained stable, with a slight year-on-year decrease of 0.4% in the first quarter [6] - The producer price index for industrial producers fell by 1.7%, indicating a decrease in production costs [6] Income Growth - The per capita disposable income for residents reached 24,411 yuan, a year-on-year increase of 4.5% [7] - Rural residents' income growth (5.0%) outpaced that of urban residents (4.3%), reflecting a narrowing income gap [7]

Economic Overview - Nanjing's GDP grew by 5.3% year-on-year in Q1, reaching 471.87 billion yuan, indicating a stable economic start with positive momentum [1] - The city's industrial output value increased by 6.4% year-on-year, showing a 0.4 percentage point improvement compared to January-February [13] Manufacturing Sector - The added value of large-scale manufacturing increased by 7.1% year-on-year, with significant growth in key industries such as electrical machinery (12.5%), instrumentation (21.2%), specialized equipment (12.2%), and pharmaceuticals (13.7%) [2] - High-tech manufacturing saw a 10% increase in added value year-on-year, marking a substantial rise compared to previous periods [2] Service Sector - The added value of the service sector grew by 5.8% year-on-year, with large-scale service enterprises' revenue increasing by 5.6%, a 4.0 percentage point acceleration from the previous year [4] - Notable growth in the information transmission, software, and IT services sector, with revenues rising by 13.8%, and internet-related services growing by 25.7% [4] Consumer Market - The total retail sales of consumer goods reached 232.31 billion yuan, growing by 7.5% year-on-year, with a 3.2 percentage point increase from the previous year [8] - Significant growth in specific categories, including communication equipment (44.9%), cultural and office supplies (33.9%), and home appliances (21.7%) [8] - The automotive sector showed a robust performance, with retail sales of automobiles increasing by 22.9%, and new energy vehicles surging by 128.7% [8] Company Performance - Nanjing Steel's special steel exports grew by 3.7% year-on-year, achieving a production and sales rate of 100.82% and a profit of 625 million yuan, a 7.7% increase [3] - Nanjing Hexin Automation secured over 60 million yuan in new contracts in Q1, reflecting strong demand from major heavy machinery companies [3] Future Outlook - Experts express confidence in Nanjing's economic resilience and ability to achieve high-quality development, emphasizing the importance of innovation and industrial upgrading [12] - The city is expected to maintain a steady growth trajectory, supported by a stable economic foundation and favorable policy environment [12][14]

Group 1 - Renowned private equity firm Zhengyuan Investment recently conducted research on five listed companies [1][2][3] - Kuaihua Pharmaceutical signed a cooperation intention letter with Peking University Medical Department to establish a joint laboratory for enzyme sources and innovative drugs in 2024 [1] - Qingda Environmental Protection provides energy-saving and environmental protection solutions for various industries including power, chemicals, and waste treatment [1] - Zhongjian Technology invested in 1X Holding AS, entering the artificial intelligence robotics sector [2] - Jinyang Co., Ltd. reported a main revenue of 324 million yuan in Q1 2025, a year-on-year increase of 26.59%, but a net profit decline of 14.49% [2] - Dongsheng Technology holds a 2.54% stake in Bluestar Wisdom, involved in battery recycling and utilization, and is a leader in lithium battery cathode materials [3] Group 2 - Zhengyuan Investment was established in 2015 in Shenzhen Qianhai Free Trade Zone and has a private securities investment fund license [4] - The firm focuses on China's economic transformation and aims to connect social capital with quality industries, enhancing asset value for clients [4]

Operating Overview - The total operating revenue of ST Longjin (002750) for 2024 was 66.48 million yuan, a year-on-year decrease of 23.25% [2] - The net profit attributable to shareholders was -41.44 million yuan, an increase of 41.58% year-on-year; the net profit after deducting non-recurring gains and losses was -50.46 million yuan, up 37.78% year-on-year [2] - Despite poor annual performance, the fourth quarter showed improvement with total operating revenue of 19.87 million yuan, a year-on-year increase of 27.65% [2] Profitability Analysis - The company's profitability improved in 2024, with a gross margin of 64.25%, an increase of 5.53% year-on-year [3] - The net profit margin was -70.66%, an increase of 27.36% year-on-year, indicating that the company remains in a loss position [3] Cost and Expense Analysis - Total sales, management, and financial expenses amounted to 66.58 million yuan, accounting for 100.15% of revenue, a decrease of 7.73% year-on-year [4] - The reduction in sales expenses was primarily due to the implementation of centralized procurement price linkage policies in non-centralized procurement provinces [4] Cash Flow Situation - The operating cash flow per share was -0.09 yuan, an increase of 12.8% year-on-year, indicating some improvement [5] - However, the average operating cash flow over the past three years relative to current liabilities was -78.8%, suggesting ongoing concerns regarding cash flow [5] Asset and Liability Situation - The company's cash and cash equivalents amounted to 262 million yuan, a year-on-year increase of 24.2%, indicating a healthy cash position [6] - Accounts receivable decreased by 27.86% year-on-year to 8.75 million yuan, reflecting improved collection [6] Development Prospects and Risks - The company has been deeply involved in the pharmaceutical manufacturing industry for many years, holding nearly 40 domestic and foreign invention patents [7] - However, the product structure remains single, with revenues from other chemical generic drugs being relatively small [7] - The company faces multiple risks, including industry policy changes, research and development innovation, management, and safety and environmental protection [7] Summary - Overall, ST Longjin showed some recovery in profitability in 2024, but the overall operating condition remains under significant pressure [8] - The company needs to further optimize its product structure, enhance market competitiveness, and strengthen cash flow management and risk prevention for sustainable development [8]

Core Viewpoint - Iwubio has demonstrated steady growth in its financial performance, with a focus on innovation in the desensitization treatment sector, positioning itself as a leader in a competitive market [1] Group 1: Financial Performance - For the year 2024, Iwubio reported a revenue of 925 million yuan, representing a year-on-year growth of 9.10% [1] - The net profit attributable to shareholders was 318 million yuan, an increase of 2.46% year-on-year [1] - In Q1 2025, the company achieved a revenue of 228 million yuan, up 5.7% year-on-year, with a net profit of 74 million yuan, reflecting a growth of 1.5% [1] - Operating cash flow for Q1 2025 reached 85.88 million yuan, marking a significant increase of 96.2% [1] - Cumulatively, the company has distributed over 850 million yuan in cash dividends since its listing, which is approximately four times the amount raised during its IPO [1] Group 2: Competitive Advantages - Iwubio has established three competitive barriers: technological innovation, product scarcity, and industry leadership [2][3][4] - The company invested 125 million yuan in R&D in 2024, accounting for 13.48% of its revenue, which is above the industry average [2] - Iwubio's product "Dust Mite Drops" is the only sublingual desensitization treatment available in China, providing a significant advantage in terms of safety and convenience compared to subcutaneous alternatives [3] - The market share of Iwubio's "Dust Mite Drops" has consistently remained above 81.72%, confirming its leading position in the domestic desensitization treatment market [4] Group 3: Growth Potential - The allergy treatment market is expected to grow due to the increasing prevalence of allergic diseases, with reports indicating that around 40% of the Chinese population suffers from such conditions [5] - Iwubio's "Dust Mite Drops" and "Artemisia Pollen Sublingual Drops" have shown significant growth, with the latter achieving a 76.43% increase in 2024 [5] - The company is expanding its product offerings in the allergy testing market, with new products like "Pollen Skin Prick Test Solutions" receiving market approval [5] - Iwubio is also venturing into stem cell therapies and natural medicines, aiming to create a second growth curve [6] - The company has identified a drug molecule for antibiotic-resistant tuberculosis and is advancing its clinical research [6] Group 4: Strategic Outlook - Iwubio's strategic positioning in the allergy treatment sector, combined with its innovative approaches in stem cell and natural medicine, suggests a robust growth trajectory [7] - The company is well-positioned to navigate the evolving pharmaceutical landscape, focusing on both maintaining its core allergy treatment business and exploring new therapeutic areas [7]

Company Overview - The company is an innovative drug development enterprise focused on the research and commercialization of new drugs, with all products being independently developed and holding global intellectual property rights [8] - The company has established a comprehensive research and development system covering the entire drug development process, including drug chemistry, pharmacology, clinical research, and regulatory affairs [22] Financial Performance - In 2024, the company reported a net loss attributable to shareholders of 240.20 million yuan, with a cumulative unremedied loss of 2.54492 billion yuan [7] - The company does not plan to distribute cash dividends or issue bonus shares for the 2024 fiscal year [7] Product Pipeline - The company has two authorized products, Beifu Tini and Gesorese, which have been approved for market entry, while other products are still in clinical development [6][9] - Beifu Tini is a third-generation EGFR tyrosine kinase inhibitor for treating EGFR mutation-positive non-small cell lung cancer, with its second-line indication approved in 2023 and included in the National Medical Insurance Directory [9][10] - Gesorese is a KRAS G12C inhibitor for treating various cancers, with its NDA accepted in December 2023 and approved in November 2024 [11][12] Market Overview - The global pharmaceutical market has shown stable growth, increasing from $1,266.7 billion in 2018 to $1,495 billion in 2022, with a compound annual growth rate (CAGR) of 4.2% [33] - The Chinese pharmaceutical market is expected to grow at a CAGR of 8.1% from 2022 to 2025, reaching 196.27 billion yuan by 2025 [33] - The global oncology drug market has grown from $110.6 billion in 2017 to $181.7 billion in 2021, with a CAGR of 13.2%, and is projected to reach $484.5 billion by 2030 [36] Clinical Trials and Research - The company is conducting multiple clinical trials for its products, including ongoing phase III trials for Taragarestrant and D-0120, which are aimed at treating breast cancer and hyperuricemia, respectively [17][19] - D-2570, a selective TYK2 inhibitor for treating psoriasis, has shown promising results in clinical trials and is expected to provide a new treatment option for autoimmune diseases [20] Competitive Landscape - The company faces competition from established pharmaceutical firms with stronger financial resources and market experience, which may impact its ability to commercialize its products effectively [5] - The innovative drug development industry is characterized by high investment, long cycles, and significant risks, with many products facing uncertainty in their development and market acceptance [4][5]

Company Performance - Guangyuyuan achieved an operating income of 1.22 billion yuan and a net profit attributable to shareholders of 74.45 million yuan for the year 2024 [1] - In Q1 2025, the company reported an operating income of 417 million yuan, a year-on-year increase of 21.48%, and a net profit of 63.58 million yuan, up 53.94% year-on-year [1] Industry Overview - The pharmaceutical manufacturing industry in China has shown signs of transformation driven by policy changes and market demand, with total operating income for 2024 at 25,298.5 billion yuan, remaining stable compared to 2023 [2] - The total profit for the pharmaceutical manufacturing industry in 2024 was 342.07 billion yuan, reflecting a year-on-year decline of 1.1%, although the rate of decline has slowed [2] - The traditional Chinese medicine sector is recovering growth due to government support and external factors such as an aging population and increased health demands [2] R&D and Innovation - Guangyuyuan has a history of 484 years and is recognized as a "Chinese Time-honored Brand," with key products included in national and provincial intangible cultural heritage lists [3] - The company increased its R&D expenditure to 38.59 million yuan in 2024, a 22.98% increase from the previous year, focusing on key products to enhance competitiveness [3] - Guangyuyuan is committed to a dual-driven development model of inheritance and innovation, collaborating with research institutions to create profitable research outcomes [3] Marketing Strategy - There is a growing demand for traditional Chinese medicine for health maintenance, with Guangyuyuan's products targeting specific consumer groups, indicating potential growth in the outpatient market [4] - The company has deepened strategic partnerships with top-tier chains and expanded its marketing channels, leading to significant growth in sales revenue [4] - Guangyuyuan has established a digital economy division to enhance online sales channels, adapting to new consumer trends and creating a strong competitive advantage [4]

Group 1: Company Performance and Market Position - The company's stock price has been affected by macroeconomic conditions, industry cycles, and market sentiment, leading to volatility [1] - The current market capitalization is approximately 20 billion, despite being backed by a trillion-dollar ginseng market [1] - The company aims to improve its market value through operational improvements, brand building, market expansion, and enhanced governance [1] Group 2: Research and Development Focus - The company's R&D is currently focused on ginseng health foods and the secondary development of pharmaceuticals [2] - New competitive products are expected to be launched based on R&D plans and market demand [2] Group 3: Financial Performance - The pharmaceutical manufacturing industry saw a revenue of 2.53 trillion yuan in 2024, with a profit of 342.07 billion yuan, reflecting a 1.1% decline [2] - The company reported a significant increase in financial expenses by 428.31 million and a sharp decrease in investment income by 108.04 million in Q1 2025 [3] Group 4: Future Outlook and Strategy - The pharmaceutical industry has a broad future outlook but faces various challenges and opportunities [2] - The company plans to strengthen its marketing efforts across its three main business segments: pharmaceuticals, cosmetics, and ginseng health products [2]

Market Performance - On April 23, A-shares showed mixed performance, with the Shanghai Composite Index down by 0.1% to 3296.36 points, while the Shenzhen Component Index rose by 0.67% to 9935.8 points, and the ChiNext Index increased by 1.07% to 1949.16 points [1] Fund Manager Changes - In the past 30 days (March 24 to April 23), a total of 594 fund managers have left their positions, with 32 announcements made on April 23 alone. The reasons for these changes include work transitions for 4 managers across 7 funds and 3 managers across 25 funds [3][4] Fund Manager Profiles - Fund manager Yan Yifan from Chuangjin Hexin has managed funds totaling 28.676 billion yuan, with the highest return of 47.27% on the Chuangjin Hexin Xinqi Mixed A fund over 5 years and 35 days [4] - Zhao Jianzhong from Zhongyin Fund has managed funds totaling 3.976 billion yuan, achieving a return of 92.05% on the Zhongyin Shanghai Gold ETF over 4 years and 239 days [5] Fund Company Research Activity - In the last month, Boshi Fund conducted the most company research, engaging with 116 listed companies, followed by Jiashi Fund with 96, and Fuguo Fund with 90 [7][8] - The most researched industry was consumer electronics, with 429 instances, followed by chemical products with 392 [8] Recent Fund Research Focus - The most focused stock in the last month was Luxshare Precision, with 141 fund management companies participating in its research, followed by Lanke Technology and Lens Technology with 98 and 93 respectively [8][10] - In the past week (April 16 to April 23), the most researched company was Baiya Co., Ltd., with 70 fund institutions involved [9][10]