西藏奇正藏药股份有限公司 投资者关系活动记录表 证券代码：002287 证券简称：奇正藏药 债券代码：128133 债券简称：奇正转债 | 10、问：请问公司的创新药是什么药？ | | --- | | 答：您好，公司小儿热立清颗粒属于中药分类一类创新 | | 药，已于今年获得中药 1.1 类新药临床批准通知书。谢 | | 谢。 | | 11、问：公司推出的持股计划仅以营业收入增长作为考 | | 核指标，未设置利润考核门槛，这是否会导致激励与经 | | 营质量脱节？今年的收入目标能达到吗？ | | 答：您好，公司推出的员工持股计划是既考虑了营业收 | | 入的增长、又考虑到公司净利润增长要求。通过员工持 | | 股计划和长期激励基金提取的有机结合，兼顾经营规模 | | 和经营质量。公司员工持股计划的考核围绕营业收入指 | | 标，是配合本战略周期的核心策略而制定，营业收入是 | | 衡量公司经营状况和市场占有能力、预测公司经营业务 | | 拓展趋势的重要财务指标，能够直观反映公司的成长能 | | 力和行业竞争力，具体考核的设定需要考虑行业发展及 | | 市场竞争情况、公司经营状况及发展规划等相关因素， | | ...

财务报表中对有大幅变动的财务项目的原因说明如下：应收款项变动幅度为408.33%,原因:根据信用政 策，账期未到回收期。经营活动产生的现金流量净额变动幅度为993.71%,原因:公司银行承兑汇票贴现 同比增加。投资活动产生的现金流量净额变动幅度为-188.2%,原因:赎回理财产品减少。筹资活动产生的 现金流量净额变动幅度为-183.88%,原因:偿还贷款支付的现金增加以及支付特别分红款。现金及现金等 价物净增加额变动幅度为-76.42%,原因:筹资、投资活动产生的现金流量净额减少。信用减值损失变动幅 度为96.19%,原因:按照会计制度计提的减值损失减少。资产减值损失变动幅度为971.48%,原因:计提的存 货跌价准备转回。投资收益变动幅度为-178.88%,原因:公司赎回理财产品减少,进而确认收益减少；同时 票据贴现增加，支付贴现息增加。营业外收入变动幅度为-48.25%,原因:债权人原因无法偿付的应付款项 减少。营业外支出变动幅度为1062.16%,原因:公司捐赠及罚款支出增加。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为11.42%，资本回报率一般。去年的 净利率为24.87%，算上 ...

中报显示，公司在核心能力建设上多点突破：营销体系及渠道效能持续优化，深化藏药现代化，探索理 论转化路径，开展高质量循证医学研究，支撑临床价值验证与推广；智能制造体系建设按计划稳步推 进；资源保障体系、数字化共享平台建设及组织激活等重点工作有序开展，为公司高质量发展筑基。 奇正藏药（002287）披露中报显示，公司经营业绩稳步增长：上半年公司实现营业收入11.75亿元，同 比增长16.36%；实现营业利润4.19亿元，同比增长14.42%；实现归属于上市公司股东的净利润3.58亿 元，同比增长10.04%；实现归属于上市公司股东的扣除非经常性损益的净利润2.89亿元，较上年同期增 长27.36%；公司中报拟向全体股东每10股派发现金红利2.20元(含税)。 上半年，公司在"双轮驱动、双翼领先、双基保障"战略指引下，多产品全域营销成效显著：骨骼肌肉系 统核心产品消痛贴膏市场份额持续巩固，白脉软膏、如意珍宝片、青鹏软膏等产品贡献了新的增长点， 妇科产品红花如意丸增长较快。 在公司治理层面，奇正藏药以长期价值创造、规范治理与职业化运作为核心，打造价值引领型的董事 会。董事会锚定"百亿藏药"战略目标，以可持续发展理念为 ...

证券日报网讯奇正藏药8月5日在互动平台回答投资者提问时表示，公司的消痛贴膏功能主治为活血化 瘀，消肿止痛，用于急慢性扭挫伤、跌打瘀痛、骨质增生、风湿及类风湿疼痛、落枕、肩周炎、腰肌劳 损和陈旧性伤痛；消痛贴膏可以缓解关节痛。 （文章来源：证券日报） ...

Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Insights - The market for traditional Chinese medicine (TCM) in musculoskeletal diseases is expected to grow significantly due to an aging population and increasing prevalence of related conditions [2][18] - The oral medication segment presents structural opportunities, while external patches are anticipated to continue expanding [3][32] Summary by Sections 1. Demand Growth in Musculoskeletal TCM Market - The aging population in China reached 202 million people aged 65 and above in 2023, leading to a rise in musculoskeletal disorders [2][18] - The penetration rate of musculoskeletal pain among the population aged 56 and above is 60.8%, while it is 42.2% among those aged 35 and below, indicating a younger demographic is increasingly affected [2][23] - The global pain management drug market is projected to reach $110.4 billion by 2030, with significant growth potential in China compared to markets in the US and Japan [2][28] 2. Structural Opportunities in Oral Medications - The oral TCM market is stable, with the top 10 products each generating sales below 1 billion yuan, indicating a lack of large-scale products [3][47] - Three innovative TCM products in the musculoskeletal field are expected to be approved and enter the national medical insurance directory from 2020 to 2024, which may lead to rapid market growth [3][53] - The basic drug policy aims to increase the usage of essential medicines, providing a competitive advantage for unique insurance products [3][69] 3. Expansion of External Patches - Compared to mature markets like Japan and South Korea, China's external patch market has significant room for growth, with external patches likely to gradually replace oral medications [3][30] - The concentration of external patches in public medical institutions and retail pharmacies is high, allowing leading companies to increase their market share [3][30] - Price increases are expected to continue driving growth in the external patch industry [3][32] 4. Investment Recommendations - Companies to watch include Fangsheng Pharmaceutical, Panlong Pharmaceutical, Lingrui Pharmaceutical, and Qizheng Tibetan Medicine, which have significant advantages in musculoskeletal TCM products [4]

Group 1: Company Overview - Xizang Qizheng Tibetan Medicine Co., Ltd. is a leading enterprise in the Tibetan medicine sector, focusing on the research, production, and sales of innovative Tibetan medicines, with 25 exclusive varieties and 141 drug approval numbers covering various medical fields [2][3]. - Tibetan medicine has a history of over 3,800 years, integrating elements from Indian, Arabic, Chinese, and Bon medicine, and is recognized for its comprehensive medical system and unique treatment methods [3][4]. Group 2: Product and Market Strategy - The company emphasizes patient care by providing a diverse product line, including 60 OTC varieties and 3 state-secret technology products, targeting multiple therapeutic areas such as orthopedics, neurology, and pediatrics [3][4]. - The market for external pain relief patches is expected to grow significantly due to aging populations and the increasing prevalence of chronic diseases, with the company confident in expanding its main product, the pain relief patch [5][6]. Group 3: Innovation and Development - The company is committed to modernizing Tibetan medicine through technological innovation, including the establishment of an intelligent manufacturing system and the integration of traditional medicine with modern technology [4][5]. - As of the end of 2024, the company holds 141 drug approval numbers and 156 patent technologies, including 129 invention patents, showcasing its commitment to research and development [4][5]. Group 4: Marketing and Sales Strategy - The company is enhancing its marketing capabilities across various channels, including hospitals, retail, and e-commerce, to strengthen its brand presence and expand market reach [6][7]. - A focus on academic and brand marketing is aimed at increasing the influence of the "Qizheng" brand and achieving comprehensive growth across all product lines [6][7]. Group 5: Future Development Goals - The company's mission is to promote health wisdom and create life value, with strategic goals to become the leader in external pain relief and the Tibetan medicine market [5][6]. - The employee stock ownership plan is designed to align with revenue growth and net profit targets, reflecting the company's commitment to sustainable development [6][7].

Company Overview - Tibet Qizheng Tibetan Medicine Co., Ltd. focuses on the research, production, and sales of Tibetan medicine, with a strong competitive edge in the external pain relief patch market [3][4][12] - The company reported a revenue of 23.38 billion yuan in 2024, a year-on-year increase of 14.32%, and a total profit of 6.46 billion yuan, up 0.28% from the previous year [4][5][10] - The company maintains a high gross profit margin of 82.11% and has a strong cash flow, with net cash inflow from operating activities amounting to 4.57 billion yuan [4][5][10] Financial Health - As of the end of 2024, the company had cash and cash equivalents totaling 38.45 billion yuan, with total debt at 17.56 billion yuan, indicating a low debt burden [5][10] - The company's debt-to-asset ratio stands at 39.42%, and the cash-to-short-term debt ratio is 4.02 times, reflecting strong solvency [5][10] - The company has a stable credit rating of AA, with a stable outlook for its convertible bonds [3][4] Market Position - The company is recognized as a leading Tibetan medicine enterprise, with a high market share and brand recognition in the external pain relief patch segment [4][12] - The main product, the pain relief patch, accounts for a significant portion of the company's revenue, indicating a high dependency on a single product [4][5][12] - The company faces competition from similar products in the domestic market, which may impact its market position [5][12] Research and Development - The company invests in R&D, with 1.05 billion yuan allocated in 2024, representing 4.48% of its total revenue [12][15] - It has established a systematic R&D framework for Tibetan medicine, collaborating with top academic institutions [12][15] - The company is focused on developing innovative products and improving existing ones, with several products undergoing clinical trials [12][15] Industry Environment - The pharmaceutical industry in China is undergoing significant policy changes, which may impact pricing and market dynamics [11][12] - The demand for pharmaceuticals is expected to continue growing, supported by sustainable healthcare funding [11][12] - The company is positioned to benefit from the ongoing reforms aimed at promoting high-quality traditional medicine [12]

Group 1: Financial Performance - In 2024, the company achieved a net profit of 425.81 million yuan, an increase of 15.09% compared to the previous year [4] - Revenue growth in Q1 2025 was 10.39%, but net profit decreased by 22.35% due to a decline in non-recurring gains [4] - The total cash dividend for 2024 is expected to be 318 million yuan, accounting for 54.66% of the net profit attributable to shareholders [6] Group 2: Product and Market Strategy - In 2024, revenue from patch products reached 1.65 billion yuan, accounting for over 70% of total revenue [2] - The company plans to expand its product matrix by developing new products in the external pain relief market, including ointments with a sales scale of 311 million yuan [2] - The company is focusing on digital marketing and channel optimization to enhance brand presence and reach target customers [3] Group 3: Research and Development - R&D expenses are only 1/16 of sales expenses, prompting the need for increased investment in innovation to enhance long-term competitiveness [3] - The company is pursuing a "modernization of Tibetan medicine" strategy, focusing on unmet clinical needs and leveraging traditional Tibetan medicine [3] - Collaboration with domestic and international research institutions is ongoing to explore new technologies and improve product development efficiency [3] Group 4: Marketing and Sales Channels - The company emphasizes precision marketing and indirect sales to reduce customer acquisition costs and improve marketing efficiency [3] - Digital channels are identified as the fastest-growing and most efficient segment, positively impacting revenue and gross margin [4] - The company is enhancing its brand through sponsorships and social media campaigns targeting basketball enthusiasts [5] Group 5: Industry Outlook - The Chinese medicine industry is expected to grow due to government support and increasing health awareness among the aging population [7] - The market for external patches is anticipated to expand, driven by rising demand for traditional medicine [7] - Companies with strong R&D capabilities and brand barriers are likely to lead the market in the future [7]

Core Viewpoint - Qizheng Tibetan Medicine (002287) reported a revenue increase but a decline in net profit for Q1 2025, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for Q1 2025 reached 403 million yuan, a year-on-year increase of 10.39% compared to 365 million yuan in Q1 2024 [1] - Net profit attributable to shareholders was 75.68 million yuan, down 22.35% from 97.46 million yuan in the same quarter last year [1] - Gross margin stood at 81.53%, a slight increase of 0.19% year-on-year, while net margin decreased by 31.07% to 18.63% [1] - Total operating expenses (selling, administrative, and financial) amounted to 232 million yuan, accounting for 57.51% of revenue, a decrease of 1.93% year-on-year [1] - Earnings per share (EPS) decreased by 22.47% to 0.14 yuan, while operating cash flow per share increased significantly by 233.48% to 0.48 yuan [1] Business Model and Strategy - The company relies heavily on marketing-driven performance, with a return on invested capital (ROIC) of 11.42% and a net profit margin of 24.87% last year, indicating a high added value of products or services [3] - Future plans include enhancing market penetration for key products like pain relief patches, focusing on grassroots medical institutions and expanding B2C and O2O channels [4] - The company aims to develop exclusive products and innovate in traditional Tibetan medicine, with over 50% of strategic varieties having established medicinal material bases [4][5] Debt and Financial Health - The company has a debt ratio of 26.91% for interest-bearing liabilities, suggesting a need for monitoring its debt situation [4]