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， | | ...

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 ...

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].

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]