公开资料显示，康恩贝主要从事药品、中药饮片及大健康产品的研发、制造及销售业务，重点产品包 括"康恩贝"肠炎宁系列、"金笛"复方鱼腥草系列和"前列康"普乐安系列等。 根据日前披露的三季报，今年康恩贝前三季度累计实现营收49.76亿元，同比增长1.27%，实现归母净利 润5.84亿元，同比增长12.65%。净利润增速高于营收增速的原因，主要系报告期末公司主营业务业绩增 长、所持嘉和生物股份期末市值较上年同期市值增加所致。 姜毅、蒋倩的辞职显得有些突然。按照原定任期，两人本应于2027年8月15日才到董事会任期届满。公 告披露的两人的离任原因为"工作调整"。 12月5日晚间，浙江省知名中药上市企业康恩贝（SH600572，股价4.72元，市值119.25亿元）披露公告 称，公司董事会收到董事长、法定代表人姜毅递交的书面辞职报告，因工作调整原因，姜毅申请辞去董 事、董事长等职务，同时不再担任公司法定代表人。 同日，康恩贝董事会还收到蒋倩递交的申请辞去公司董事、董事会审计委员会委员职务的书面报告。公 告称，姜毅、蒋倩辞去公司董事等相应职务后，将不再担任本公司任何职务。 在两人递交辞职后，康恩贝董事会随后审议通过，增补应 ...

Core Viewpoint - The report from Zheshang Securities indicates that Kang En Bei's revenue growth rates for Q1-Q3 2025 are projected to be -7.64%, +3.04%, and +10.42% year-on-year, showing continuous improvement quarter-on-quarter [1] Group 1: Revenue Performance - The significant drag on the company's performance in the first half of 2025 is primarily due to the high base effect from the flu season in the first half of 2024, particularly affecting the "Jin Di" brand of compound Houttuynia cordata syrup and other respiratory medications [1] - In contrast, digestive and metabolic medications such as Chang Yan Ning achieved a year-on-year growth of 16.51% in the first half of 2025 [1] Group 2: Future Outlook - Looking ahead to Q4 2025 and 2026, it is expected that with the normalization of flu data and the ongoing deepening of the mixed reform process, along with the steady advancement of the brand focus strategy, brand products are likely to see stable growth [1] - National sentinel hospital data indicates an increase in flu-like cases in both northern and southern provinces since late October 2025, surpassing the levels of the same period in 2024, which is expected to benefit the company's core business [1] Group 3: Product Impact and Strategy - The company's core products, including the "Kang En Bei" Chang Yan Ning series and "Jin Di" compound Houttuynia cordata series, are OTC products that are less affected by centralized procurement price reductions [1] - As the proportion of specialty health consumer products continues to rise, the impact of centralized procurement is expected to diminish [1] - The company maintains an "Overweight" rating [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is expected to see a performance turnaround, with a promising start to the "14th Five-Year Plan" [1] - Revenue growth is anticipated to recover gradually, with brand products expected to show stable growth [6] - The company has a good channel inventory, and its core products are less affected by price reductions from centralized procurement [6] Financial Summary - Projected revenue for 2024 is 6,515.16 million, with a slight decrease of 3.23% compared to the previous year, followed by a growth of 2.11% in 2025 and 10.40% in 2026 [2] - The net profit attributable to the parent company is expected to be 622.42 million in 2024, increasing by 5.21% year-on-year, with further growth of 15.39% in 2025 and 14.65% in 2026 [2] - Earnings per share (EPS) is projected to rise from 0.25 in 2024 to 0.37 in 2027 [2] Performance Indicators - The weighted ROE is expected to improve, reaching 8.05% by the end of Q3 2025, up by 0.52 percentage points year-on-year [6] - The company’s gross margin is projected to increase from 53.14% in 2024 to 56.24% in 2027 [7] - The net profit margin is expected to rise from 10.10% in 2024 to 11.88% in 2027 [7] Valuation Metrics - The projected P/E ratios are 18.84 for 2024, decreasing to 12.47 by 2027 [2] - The projected P/B ratios are expected to decline from 1.76 in 2024 to 1.51 in 2027 [7] - The EV/EBITDA ratio is projected to decrease from 10.10 in 2024 to 7.22 in 2027 [7]

Core Insights - The company reported a revenue of 3.358 billion and a net profit of 354 million for the first half of 2025, with a 31% year-on-year increase in operating cash flow [1] - The company maintains a "Traditional Chinese Medicine Health" core strategy and continues to optimize its "one body, two wings" business layout [1] - The company emphasizes shareholder returns, completing a cash dividend for 2024 with a payout ratio of 60.76% and repurchasing 63.579 million shares [2] Financial Performance - Total revenue reached 3.358 billion, with a net profit of 354 million [1] - Operating cash flow increased by 31%, reaching 400 million [1] - Sales expense ratio and debt-to-asset ratio both decreased year-on-year, indicating improved operational quality [1] Business Segments - The traditional Chinese medicine segment generated 583 million in revenue, a 4.6% increase year-on-year [1] - The specialty health consumer products segment saw revenue of 321 million, growing over 10% [1] - Major brand products achieved sales of 2.006 billion, with the "Kang En Bei" intestinal health series exceeding 500 million in sales, a growth of over 15% [1] R&D and Innovation - The company received one approval for a modified traditional Chinese medicine and five approvals for generic drugs, including FDA approval for Entecavir tablets and Acetylcysteine solution [2] - A total of 74 new R&D projects were initiated, focusing on product lifecycle enhancement through formulation improvements and evidence-based research [2] ESG and Governance - The company received an "A" rating and a "AA-" rating from Zhong Chengxin Green Finance, indicating steady improvement in governance [3] - The company plans to continue focusing on its pharmaceutical core business while enhancing innovation and transformation [3]