Core Viewpoint - The company is focusing on the development of its biopharmaceutical segment while managing costs and optimizing its product pipeline amidst a challenging market environment [2][5]. Group 1: Biopharmaceutical Development - Biopharmaceuticals are a key part of the company's dual strategy, facing high investment and long R&D cycles, with the industry currently experiencing a downturn [2]. - The company is seeing significant growth in business development and customer resource accumulation compared to 2023, but still falls short of scale production requirements [2]. - The company is controlling costs and expenses for its biopharmaceutical segments, with a focus on projects with promising clinical data, such as the BC006 monoclonal antibody injection nearing completion of Phase I clinical trials [2]. Group 2: Product Line Growth - The company’s second and third-tier products are showing a positive development trend, with continued support from the company [3]. - The company expects the sales growth of the Guaifenesin capsule to continue this year, while the Xuanyinning series aims for double-digit growth [3]. - Other products like Shuyuqing spray and Fufang Ganmaoling granules are also expected to maintain high growth rates, despite the absolute volume being lower than first-tier products [3]. Group 3: Sales Strategy and Financial Performance - The company is managing its sales expenses with a more precise allocation, focusing on second and third-tier products while maintaining a low sales expense ratio for first-tier products [4]. - The company reported a main revenue of 467 million yuan in Q1 2025, a decrease of 3.32% year-on-year, while net profit increased by 4.8% to 105 million yuan [5]. - The company’s gross margin stands at 77.76%, with a debt ratio of 27.69% [5]. Group 4: Market Outlook and Analyst Predictions - Analysts have provided various profit forecasts for the company, with net profit predictions for 2025 ranging from 471 million yuan to 512 million yuan [6]. - The company has seen a net outflow of 5.57 million yuan in financing over the past three months, indicating a decrease in financing balance [6].

Group 1: Company Strategy and Development - Biopharmaceuticals are a crucial part of the company's "one body, two wings" strategy, facing high investment and long R&D cycles, with the industry currently experiencing a downturn [1] - The company has seen significant growth in business development and customer resources in 2023, but still falls short of scale production requirements, impacting overall profitability [1] - The company is optimizing costs and expenses for its subsidiaries, focusing on projects with promising clinical data and development prospects, such as the BC006 monoclonal antibody injection project nearing completion of Phase I clinical trials [1] Group 2: Product Performance and Market Trends - The overall development trend for second and third-line products is positive, with specific products like the Gejie Dingchuan capsule expected to maintain growth rates similar to last year [2] - The sales of the Xuanyun Ning series surpassed 100 million yuan in 2021, with a goal of achieving double-digit growth this year [2] - Other products, including Shuyanquing spray and compound cold granules, are also expected to continue breaking through and maintaining high growth rates [2] Group 3: Regulatory and Sales Strategy - The national essential drug list adjustment is led by relevant government departments, and the company has not engaged in any application processes during this period [2] - The company maintains strict control over sales expenses, with a trend towards more targeted spending, particularly on second and third-line products [2] - Overall sales expenses are aligned with sales revenue, and significant changes in the sales expense ratio are not anticipated for the year [2]

| | 保持较高增速。二、三线品种虽然在绝对量上和一线品种 | | --- | --- | | | 还有较大差距，但是总体的增长态势好于一线品种。 | | | 3、三金颗粒在医院端的推广进度怎么样了？ | | | 三金颗粒是三金片产品线同组方新剂型，为 OTC 甲类/RX | | | 品种、国家医保乙类目录品种，对下焦湿热、热淋，小便 | | | 短赤、淋沥涩痛，急、慢性肾盂肾炎，膀胱炎，尿路感染 | | | 具有较好的疗效。该产品属于公司目前重点培育品种，销 | | | 售增幅不错，但是由于基数太小，对整体销量的贡献不大， | | | 上量还需要一定时间。 | | | 4、基药目录目前有什么最新消息吗？ | | | 国家基本药物目录调整工作由国家相关部门主导，通过 | | | 一系列的工作后形成目录。国家基药目录调整工作并无企 | | | 业申报阶段，因此基药目录调整期间我司并未开展申报等 | | | 相关工作，也无法确定公司产品能否进入到目录内。基药 | | | 目录公布时间由国家相关部门根据调整工作开展情况公 | | | 布，目前国家暂未宣布新版基药目录公布时间。 | | 关于本次活动是否涉 | 无 | ...

桂林三金药业股份有限公司投资者关系活动记录表 编号：2025018 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 ☑路演活动 | | | □现场参观 | | | □其他 | | 活动参与人员 | 东方财富证券 易方达基金 天厚基金 深圳抱朴容易资产 5 人 桂林三金董秘 李春 | | | 桂林三金证代 朱烨 | | 时间 | 2025 年 06 月 25 日 | | | 会议室 | | 地点 形式 | 线下交流 | | | 1、目前西瓜霜系列和三金片系列的库存情况怎么样？ | | | 近年来，公司围绕库存管理体系升级持续发力，依托 BI | | | 智能分析系统，组建专业数据分析团队，通过构建科学的 | | | "成品库存标准模型"，精准锚定市场需求动态与成本控 | | | 制的平衡点。借助精细化的库存管理策略，实现库存周转 | | | 效率的有效提升。同时，公司创新推出多元化促销活动， | | | 有效激活终端消费市场，推动全渠道库存结构优化。目前， | | | 公司不仅实现自身库存的高效管控，更带动渠道 ...

Financial Performance - In 2024, the company achieved total revenue of CNY 2,193.99 million, a growth of 1.03% compared to CNY 2,171.60 million in the previous year [1] - The total profit reached CNY 643.94 million, marking a 24.24% increase from CNY 518.28 million year-on-year [1] - Net profit attributable to shareholders was CNY 521.53 million, up 23.79% from CNY 421.30 million in the previous year [1] - In Q1 2025, the net profit after deducting non-recurring gains and losses was CNY 97.67 million, an increase of 11.61% from CNY 87.52 million in the same period last year [1] Business Strategy and Market Conditions - The biopharmaceutical sector is a key component of the company's dual-wing strategy, facing a challenging environment with high investment and long R&D cycles [1] - The industry is currently experiencing a downturn, with increased competition and diverse customer choices impacting business operations [1] - The company is focusing on cost control and optimizing employee structure to mitigate losses while continuing to invest in R&D [1] - Key projects, such as the BC006 monoclonal antibody injection, are progressing, with Phase I clinical trials nearing completion [1] Sales and Marketing Strategy - The company maintains strict control over sales expenses, with a focus on precision and targeted investment [2] - Sales expenses are being directed more towards second and third-tier products, with adjustments based on market performance [2] - The growth potential for second and third-tier products remains strong, with specific products like the Hagei Ding Chuan capsule expected to continue their growth trajectory [2] - The company aims to maintain a stable sales expense ratio in line with sales revenue [2] Dividend Policy - The company is committed to providing stable returns to investors, maintaining a consistent cash dividend policy since its listing [2] - For the 2024 fiscal year, the proposed dividend is CNY 3.5 per 10 shares, totaling CNY 206 million in cash dividends [2] - The company plans to continue its cash dividend strategy for the mid-2025 period, barring any special funding needs [2]

Group 1 - Xiangyu Medical has been focusing on the rehabilitation market for over 20 years, developing clinical rehabilitation equipment and integrated solutions based on specific clinical needs [1] - The company plans to launch more products and solutions in rehabilitation robotics, brain-computer interfaces, AI healthcare, mental health, and cardiopulmonary rehabilitation [1] Group 2 - Hualan Biological is evaluating various production expression systems for recombinant human albumin, including yeast, plant cell, and bacterial expression systems [2] - Currently, no domestic companies have obtained drug registration certificates for recombinant human albumin, which could alleviate the high reliance on imports if approved [2] Group 3 - Sanxin Medical identifies the ASEAN market as one of the most promising growth markets for blood dialysis globally, with significant sales achievements in countries like Indonesia, Malaysia, Thailand, and Vietnam [3] - The company aims to leverage multilateral economic cooperation mechanisms between China and ASEAN countries for further overseas market expansion [3] Group 4 - Renhe Pharmaceutical's outsourcing production aims to enrich the variety of products on the market, focusing on complementary products that the company does not have registration for or lacks production capacity [4] - All revenue and profits from outsourced products are reflected in the company's financial statements [4] Group 5 - Jinbo Biological has established partnerships with L'Oréal Group for raw material products, generating certain revenue [5] - The company is prioritizing market expansion in Southeast Asia while focusing on the speed of registration for medical devices [5] Group 6 - Guilin Sanjin's "Dizziness Ning" series sales surpassed 100 million yuan in 2021, with a target for double-digit growth this year [6] - The company is supporting second and third-tier products, which are showing better growth trends compared to first-tier products [6]