Core Viewpoint - The company, Guangdong Zhaoqing Xinghuo Biotechnology Co., Ltd. (Xinghuo Technology), has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, particularly focusing on its cash flow from investment activities, which has shown continuous outflows over the past three years [1][2]. Investment Activities - The net cash flow from investment activities for the years 2022 to 2024 was -789 million, -859 million, and -864 million yuan respectively, indicating a consistent cash outflow [1]. - The cash payments for investments during the same period were 1.579 billion, 2.412 billion, and 1.8 billion yuan [1]. Major Investment Projects - The company has detailed its major investment projects, including the acquisition of 99.22% of Ningxia Yipin Biotechnology Co., Ltd. for a total transaction price of 5.376 billion yuan, with 4.585 billion yuan paid through share issuance and 791.6384 million yuan in cash [3][4]. - The decision to use self-owned funds for the cash payment of the acquisition was approved by the board of directors, adhering to the company's investment decision-making procedures [4]. Financial Performance - The company reported operating revenues of 1.601 billion, 1.606 billion, and 1.605 billion yuan for the years 2022 to 2024, with net profits attributable to the parent company of 120.579 million, 75.997 million, and 108.141 million yuan respectively [6]. - The net cash flow from operating activities increased from 211.975 million yuan in 2022 to 239.776 million yuan in 2024, indicating improved operational efficiency [19]. Cash Management and Investment Strategy - As of the end of 2024, the company had a cash balance of 1.759 billion yuan, a year-on-year increase of 23.97%, with interest income of 13 million yuan [9]. - The company has established a risk management system and a comprehensive financial management policy to control investment risks, including a clear approval process for investment products [8]. Debt and Financing - The company’s long-term borrowings stood at 1.721 billion yuan and short-term borrowings at 1.008 billion yuan at the end of 2024, with interest expenses of 110 million yuan [9]. - The company has been reducing its bank loan balance over the years, with a total bank borrowing of 3.391 billion yuan at the end of 2024, down from 4.188 billion yuan in 2022 [19]. Acquisition and Goodwill - The company acquired 100% of Sichuan Jiuling Pharmaceutical Technology Co., Ltd. in 2019, resulting in goodwill of 198 million yuan, which has been subject to impairment testing due to declining profitability in subsequent years [20][23].

本文约 2 5 0 0 字，推荐阅读时长 1 5 分钟，欢迎关注新财富公众号。 1 引言 4月14日，美国商务部宣布启动对进口药品的国家安全调查。这一调查覆盖了所有进口药品，包括成 品仿制药、原研药以及用于生产这些药品的关键药用成分。此举属于特朗普政府根据1962年《贸易扩 展法》第232条对多个行业进行的关税调查的一部分。虽然调查尚未结束，预计结果将在270天内公 布，但业内普遍认为，这将赋予特朗普政府对进口药品和原料药征收关税的权力。特别是对中国等主 要药品出口国的影响，可能会带来严重的供应链中断及成本上升。 事实上，美国每年从中国进口药品总额约60亿美元，其中大量为抗生素、抗病毒及心血管药物等基础 药物。一旦关税进一步扩大实施，这些进口药品的成本预计将明显上升，对美国本土药品生产商带来 直接冲击。为应对这种风险，特朗普政府提出多项措施推动产业本土化。 分析师预计，如果对来自中国的API征收10%的关税，仿制药企业的利润将下跌2%-3%，创新药利润 下跌可能更严重。 2 美国关税筑墙， 中概股 跌宕 自2025年特朗普重新执政以来，美国政府出台了一系列针对生物医药产业的重要政策，核心目标是强 化美国医药产 ...

文 ｜ 联系人：徐广鸿；王一涵 截至2 0 2 5年3月2 4日，整体法计算下标普5 0 0 2 4Q4营收与盈利分别同比增长5 . 1%/ 1 4 . 8%，较上个季度加速且整体表现继续超预期，但超预期的 幅度与动能有所放缓。分板块来看，大金融板块业绩超预期高增，科技与医药继续拉动美股业绩增长，周期与消费内部表现分化，但整体业绩相 对承压。可比口径统计下，当前标普5 0 0的2 5Y盈利增长彭博一致预期为9 . 9%，已低于2 4Y的11 . 2%，一方面是2 4Q4的业绩超预期导致的基数上 行，一方面近期2 5Y业绩预期在美国政策持续落地下持续下修，尤其受关税直接冲击的行业业绩预期下修最为显著，仅金融行业在监管放松预期 下展望向好。 ▍ 标普5 0 0 2 4Q4盈利增长1 4 . 8%，营收增长5 . 1%，业绩超预期但动能放缓。 截至2 0 2 5年3月2 4日，标普5 0 0的成分股中共有4 9 8家企业已披露2 4Q4财年或相近日历年报数据，对具有可比数据的成分股2 4Q4财报做整体法 计算（注：下同），营收同比增速5 . 1%，较上季度下滑0 . 3个百分点，盈利（可比净利润，下同）同比增长1 ...