| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于 2025 年半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》（第 十四号—食品制造）相关规定，现将浙江华康药业股份有限公司（以下简称"公司"） 2025 年半年度主要经营数据公告如下： 一、2025 年半年度主要经营数据 1、按照产品类别分类情况 | | 单位：万元 币种：人民币 | | --- | --- | | 产品类别 | 2025 年半年度营业收入 | | 晶体糖醇产品 | 101,422.10 | | 液体糖、醇及其他产品 | 60,548.00 | | 其他 | 24,588.68 | | 合计 | 186,558.78 | 2、按照地区分类情况 | | 单位：万元 币种：人民币 | | --- | - ...

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to clarify issues related to its construction projects and investment performance, particularly concerning the erythritol production project which has underperformed financially due to market conditions [1][2]. Summary by Sections Construction Projects and Investment - In 2024, the company invested 1.43 billion yuan in fixed assets, intangible assets, and other long-term assets, marking a 106.99% increase year-on-year. The fixed assets reached 2.25 billion yuan, up 45.13%, while construction in progress surged by 357.58% to 1.33 billion yuan, primarily due to the Zhoushan Huakang project [1]. - The erythritol production project generated revenue of 72.44 million yuan in 2024 but incurred a gross loss of 1.72 million yuan, continuing to fall short of initial projections since its trial operation began in May 2022 [1][2]. Erythritol Project Details - The total investment for the erythritol project is estimated at 350.41 million yuan, with cumulative investment reaching 362.68 million yuan by the end of 2024. The project aims to produce 30,000 tons of high-purity erythritol annually [5][6]. - In 2024, the company produced 6,834.50 tons of erythritol, achieving a sales rate of 97.96%. The market price for erythritol was approximately 13,000 yuan per ton by December 2024 [6][11]. Market Conditions and Competition - The erythritol market has faced significant challenges, including declining prices and increased competition, leading to a supply-demand imbalance. The price of erythritol has been under pressure since 2023, with some manufacturers exiting the market [7][11]. - The company noted that the market for erythritol was initially promising, but the influx of new competitors and expanded capacities led to a significant drop in prices, affecting profitability [7][11]. Inventory and Trade Business - By the end of 2024, the company's inventory reached 697 million yuan, a 147.26% increase year-on-year, primarily due to increased raw material reserves for the Zhoushan project. The raw materials accounted for 448 million yuan, up 385.15% [15][16]. - The cash flow from trade business payments was 1.15 billion yuan, reflecting a 198.58% increase, driven by the anticipated demand for corn from the Zhoushan project [15][16].

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》（第 十四号—食品制造）相关规定，现将浙江华康药业股份有限公司（以下简称"公 司"）2025 年第一季度主要经营数据公告如下： 3、按照销售渠道分类情况 | | 单位：万元 币种：人民币 | | --- | --- | | 销售模式 | 2025 年第一季度营业收入 | | 直销客户 | 69,464.04 | | 贸易客户 | 12,190.72 | | 合计 | 81,654.76 | 二、2025 年第一季度贸易商情况 一、2025 年第一季度主要经营数据 1、按照产品类别分类情况 | | 单位：万元 币种：人民币 | | --- | --- | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company has shown steady growth in sales despite short-term profit pressure, with a revenue increase of 0.93% year-on-year to 2.808 billion yuan in 2024, while net profit decreased by 27.72% to 268 million yuan [2][3]. - The company is actively expanding its production capacity with the ongoing construction of a 1 million-ton corn deep processing project, which is expected to enhance its long-term growth potential [4]. - A planned acquisition of Henan Yuxin Sorbitol Co., a leading player in the functional sugar alcohol industry, is anticipated to reshape the market landscape and improve the company's competitive position [4]. Financial Summary - In 2024, the company achieved a revenue of 2.808 billion yuan, with a slight increase of 0.93% compared to the previous year. The net profit attributable to the parent company was 268 million yuan, reflecting a significant decline of 27.72% [2][6]. - The company forecasts net profits of 380 million yuan, 473 million yuan, and 573 million yuan for 2025, 2026, and 2027, respectively, indicating a recovery trend with corresponding EPS of 1.24, 1.55, and 1.87 yuan [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 12.09, 9.71, and 8.01 times, respectively, suggesting an attractive valuation as the company’s growth potential is gradually realized [5][6].

我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则，我们独立于华康股份公司，并履行了职业道 德方面的其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审 计意见提供了基础。 目 录 | 一、审计报告……………………………………………………… 第 | 1—6 | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 | 页 | | （一）合并资产负债表…………………………………………… | 第 7 | 页 | | （二）母公司资产负债表………………………………………… | 第 8 | 页 | | （三）合并利润表………………………………………………… | 第 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | ...