研究报告 2025/01 www.leadleo.com 2025年 中国妇科调经用药行业概览："她经济"消 费升级，聚焦女性健康需求 2025 China Gynecological Menstrual Regulation Medications Industry 2025年中国妇科月経調節薬産業 报告标签：女性月经周期、月经失调 主笔人：钟琪 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。未经头豹研究院事先书面许可，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 研究报告 | 2025/04 中国妇科调经用药行业 摘要 中国妇科调经用药行业近年来呈现稳健增长 的态势，市场需求与政策红利共同推动行业 向多元化、专业化方向发展。受益于女性健 康 ...

研究报告 2025/01 www.leadleo.com 2025年 中国妇科调经用药行业概览："她经济"消 费升级，聚焦女性健康需求 2025 China Gynecological Menstrual Regulation Medications Industry 2025年中国妇科月経調節薬産業 报告标签：女性月经周期、月经失调 主笔人：钟琪 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 研究报告 | 2025/04 中国妇科调经用药行业 摘要 中国妇科调经用药行业近年来呈现稳健增长 的态势，市场需求与政策红利共同推动行业 向多元化、专业化方向发展。受益于女性健 康意识的提升、慢性病管理需 ...

5月16日，梓橦宫（832566）2024年年度报告业绩说明会在全景路演成功举办。 本次活动通过视频直播形式与投资者进行互动交流，公司方面贴心为投资者直播讲演业绩说明PPT，分别从公司概况、经营情况、财务数据、未来展望等多 个方面全方位、多角度呈现公司经营成果和战略规划，提升了投资者对年报核心内容理解的可及性、便捷性和直观性。 梓橦宫2024年度实现营业收入41567.44万元，净利润8564.39万元，基本每股收益0.59元。 在与投资者互动交流环节，就公司当前在流感药产品布局的有关情况，公司方面直言：公司目前有流感治疗药物磷酸奥司他韦胶囊，感冒类药物有氨咖黄敏 胶囊、酚氨咖敏片等。 针对公司研发管线进展有关情况，公司方面介绍称：目前在研品种有马甲子胶囊，为在研一类新药，主要针对消化道肿瘤，现已启动Ia期临床试验。仿制药 品种富马酸伏诺拉生片已申报药品注册批件。2024年度新立项酒石酸西尼必利片、布洛芬缓释胶囊、地屈孕酮片、盐酸利多卡因无菌凝胶等多个研发项目。 公司表示，将以"创新发展"为中心，加快推进企业研发创新、营销创新、管理创新，为公司"十五五"发展战略的顺利开启打下良好基础。（全景网） 了解更多梓橦 ...

Company Announcements - Zhaowei Electromechanical plans to reduce its shareholding by no more than 1.5%, equating to approximately 3.6 million shares [1] - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion yuan, representing about 22.2% of its expected revenue for 2024 [2] - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a temporary suspension of its stock [2] - Sunshine Nuohua intends to acquire 100% of Langyan Life, with its stock set to resume trading [3] - Wolong Materials is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange [3] - Hanyu Pharmaceutical has signed a joint development agreement for a novel peptide drug targeting metabolic diseases [3] - Lijun Co. confirms that its operations are normal and there are no undisclosed significant matters [3] Investments & Acquisitions - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [4] - Shuangyi Technology intends to acquire 100% of Marky Industries for 18 million AUD, along with specific assets [5] Strategic Partnerships - Sileck has signed a strategic cooperation agreement with Lihua Power for the development of large cylindrical batteries [6] - Hongchang Technology plans to invest 15 million yuan in a humanoid robot industry chain company [7] - Macroview Technology is establishing a wholly-owned subsidiary focused on artificial intelligence [8] - Yihua Jiaye has signed a strategic cooperation framework agreement with Hanyu Pharmaceutical and Hanyu Health to develop a sleep health ecosystem [9] - Wanda Film is investing in Lezi Tiancheng and will engage in strategic cooperation in IP toy product development [10] Shareholding Changes - Tiandi Online's controlling shareholder is transferring 6.97% of its shares to introduce a strategic investor [12] - Longjiang Transportation plans to reduce its shareholding by no more than 3% [13] - Boyun New Materials intends to reduce its shareholding by no more than 3% [14] - Tongrun Equipment's major shareholder plans to reduce its stake by no more than 2% [15] Financing & Capital Increase - Tangyuan Electric plans to raise no more than 864 million yuan through a private placement [16] - Shangsheng Electronics intends to issue convertible bonds to raise up to 330 million yuan [17] Other Developments - Xianju Pharmaceutical has obtained a domestic production registration certificate for Dydrogesterone tablets [18] - Rongchang Bio has received a clinical trial application acceptance notice for its antibody-drug conjugate RC278 [19] - Jiangsu Leili's subsidiary Dingzhi Technology is implementing a stock incentive plan [20]

Meeting Overview - The annual general meeting of Aurite Pharmaceutical Co., Ltd. is scheduled for May 16, 2025, at 14:30 [1] - The meeting will be held at the company's administrative building in Taizhou, Zhejiang Province [1] - Shareholders can participate through both on-site and online voting [1][4] Agenda Items - The meeting will discuss the remuneration plans for the board of directors and senior management for 2025, as well as confirm the execution of 2024 remuneration [2][3] - The meeting will also address the remuneration plan for the supervisors for 2025 and confirm the execution of 2024 remuneration [2] Company Performance - In 2024, the company achieved a net profit of 355 million yuan, a year-on-year increase of 22.59% [9] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, was 351 million yuan, reflecting a growth of 34.25% compared to the previous year [9] - The total assets of the company reached 3.877 billion yuan, an increase of 50.60% from the beginning of the year [10] - The total liabilities amounted to 1.546 billion yuan, up 154.67% from the beginning of the year [10] Business Development - The company continues to focus on the research, production, and sales of specialty complex APIs and pharmaceutical intermediates, maintaining a competitive edge in the market [10] - Revenue from the API and intermediate business grew by 7.73% year-on-year, with improved gross margins [10] - The company has made significant progress in expanding its online sales channels, with notable growth in sales of its products [10][11] Research and Development - The company invested 146 million yuan in R&D during the reporting period, a 6.91% increase year-on-year [11] - A total of 45 projects are currently under research, covering small molecule APIs, peptides, and oligonucleotides [11] - The company has submitted 29 invention patent applications and received 13 new patent grants during the reporting period [12][13] Financial Management - The company successfully issued convertible bonds, which will support its development projects and enhance its product matrix [14] - The total planned investment for the projects funded by the convertible bonds is approximately 1.020 billion yuan [14] Governance and Compliance - The board of directors held seven meetings during the year, ensuring compliance with legal and regulatory requirements [16][21] - The supervisory board conducted six meetings, focusing on financial oversight and compliance with corporate governance standards [25][29] Future Plans - The company aims to enhance its product offerings and expand its market presence, particularly in the fields of oligonucleotide and peptide drugs [24] - Plans include the construction of new production lines and the continuous improvement of its governance and management systems [24][25]

Investment Rating - The report indicates a positive outlook for the pharmaceutical raw materials sector, highlighting a significant profit growth in Q1 and an expected improvement in industry supply and demand dynamics [3][4]. Core Insights - The pharmaceutical raw materials sector experienced a revenue of CNY 1176.77 billion in 2024, a year-on-year increase of 6.74%, with a net profit of CNY 150.46 billion, reflecting a growth of 27.89% [3][4][21]. - In Q1 2025, the sector's revenue was CNY 295.46 billion, a slight decline of 0.48% year-on-year, but net profit increased by 20.87% to CNY 45.62 billion [3][4][21]. - The report emphasizes that the rapid profit growth is attributed to several factors, including a low base in H2 2023, the end of inventory destocking by global downstream manufacturers, and improved product pricing stability [3][4][21][23]. Summary by Sections Q1 Performance - The raw materials sector's revenue was stable year-on-year, with a slight decline in Q1 2025 compared to the previous year, while profits showed significant growth [3][4][21]. - The sector's gross margin improved to 38.14% in Q1 2025, up 1.76 percentage points year-on-year, and the net margin reached 15.41%, an increase of 2.63 percentage points [4][25]. Industry Concentration - The top 10 companies in the raw materials sector contributed over 73% of total revenue in 2024, with significant contributions from companies like New and Cheng and Pro Pharmaceutical [31][33]. - In Q1 2025, the top 10 companies accounted for 73.19% of total revenue, indicating a slight decrease in concentration compared to the previous year [33][34]. Valuation and Construction Projects - The report notes that the valuation of the raw materials sector remains at historical lows, with a PE ratio of 30.26x at the end of 2024 and 33.97x at the end of Q1 2025 [5][42]. - The total construction projects in the sector decreased to CNY 163.57 billion by Q1 2025, reflecting a decline of 4.31% year-on-year, indicating a slowdown in capacity expansion [9][44]. Investment Recommendations - The report suggests focusing on companies with strong performance certainty in the formulation and CDMO sectors, such as Aorite and Pro Pharmaceutical, as well as those with significant new product contributions [10][38]. - It highlights the potential for increased demand for raw materials due to the expiration of patents for top-selling small molecule drugs in the coming years [6][42].

2024年，千金药业研发投入为2.35亿元，占营收6.46%。中药方面，经典名方桃红四物颗粒提交注册，妇科千金胶囊启动巴基斯坦等国际市场申报；化药方 面，14个仿制药提交注册，碳酸锂片通过一致性评价，地屈孕酮片10个月完成申报；拟每10股派发现金红利3.6元（含税）。 财报披露，2024年千金药业业绩变动原因主要为主动收缩低毛利药品批发零售业务，其次为研发投入大幅增加及中药材成本上涨导致毛利率承压，其中中药 生产毛利率下降3.11个百分点至64.12%。 2024年，千金药业货币资金从19.98亿元降至13.44亿元，主要因增加一年期以上定期存款；短期借款同比减少79%至0.12亿元，长期借款清零；期末净资产 达24.62亿元，同比增长3.04%。 | 营业收入 | 3, 629, 804, 4 | 3, 798, 485, | -4. 44 | 4, 026, 278, 59 | 4, 026, 2 | | --- | --- | --- | --- | --- | --- | | | 92. 14 | 330. 31 | | 3.25 | 25 | | 归属于上市公司股 | 230, 756, 619 | ...

核心观点 25Q1 公司营业收入4.02 亿元，同比增加19.78%；归母净利润1.19 亿元，同比增加45.30%；扣非归母净 利润1.13 亿元，同比增加37.51%。 公司拟每10 股送现金2.90 元（含税），合计派发现金红利1.18 亿元。 简评 年度业绩符合预期，25Q1 略超预期，关注原料药产能释放 公司2024 年营收14.76 亿，同比+16.89%；归母净利润3.55 亿，同比+22.59%；扣非归母净利润3.51 亿，同比+34.25%。24Q4 单季度营收3.87 亿，同比+13.95%；归母净利润0.71 亿，同比+24.84%；扣非 归母净利润0.69 亿，同比+4.26%。25Q1 单季度营业收入4.02 亿元，同比增加19.78%，环比增加 3.76%；归母净利润1 .1 9亿元，同比增加45.30%，环比增加68.20%；扣非归母净利润1.13 亿元，同比增 加37.51%，环比增加62.8 2% 。 公司24 年营收及利润增长良好，业绩整体符合预期。25Q1 利润水平增长良好，业绩略超此前预期。原 料药保持稳健增长，心血管类、呼吸系统类及抗感染类表现良好。制剂业务放量， 积 ...

证券研究报告 | 公司点评 | 化学制药 制剂驱动高增长，新兴业务蓄势待发 ——奥锐特 2024&2025Q1 业绩点评 投资要点 ❑ 2024 年公司营收和利润均实现较快增长，扣非净利润增速更快，主要得益于核 心原料药业务的稳健发展以及制剂业务的快速放量。我们持续看好公司高竞争 壁垒、丰富产品梯队以及第二增长曲线共振的稀缺性。 ❑ 业绩表现：2024&2025Q1 利润实现较快增长 2024 年公司实现营业收入 14.76 亿元（YOY 16.89%），归母净利润 3.55 亿元 （YOY 22.59%）。扣非后归母净利润 3.51 亿元（YOY 34.25%）。 2025Q1 营收 4.02 亿元（YOY19.78%），归母净利润 1.19 亿元（YOY45.30%）， 扣非后归母净利润 1.13 亿元（YOY37.51%）。 ❑ 成长性分析：原料药业务稳健，制剂高增长 拆分看， 2024 年公司原料药及中间体业务实现收入 11.41 亿元（YOY 7.73%）， 其中心血管类收入 4.32 亿元（YOY 43.81%），主要因为依普利酮和贝派度酸销 售带动；抗肿瘤类收入 2.12 亿元（YOY -13. ...

医药生物/化学制药 奥锐特（605116.SH） 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 21.30 | | 一年最高最低(元) | 26.99/18.70 | | 总市值(亿元) | 86.52 | | 流通市值(亿元) | 84.67 | | 总股本(亿股) | 4.06 | | 流通股本(亿股) | 3.98 | | 近 3 个月换手率(%) | 33.16 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 奥锐特 沪深300 数据来源：聚源 相关研究报告 《2024 前三季度业绩高速增长，制剂 业务快速放量—公司信息更新报告》 -2024.10.25 《2024 上半年业绩高速增长，制剂业 务快速放量—公司信息更新报告》 -2024.8.29 《难仿原料药持续拓展，制剂业务有 望成为新增长极—公司首次覆盖报 告》-2024.6.25 2025Q1 业绩高速增长，制剂业务快速放量 ——公司信息更新报告 | 余汝意（分析师） | 阮帅 ...