编号：2025-003 | 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（投资者接待日） | | | | 参与单位名称及人员姓名 | 华创医药 | 王宏雨 | 慎知资产 | 高岳 | 湘财基金 | 张泉 | | | 大成基金 | 陈泉龙 | 兴全基金 | 张艺君 | 东方红 | 徐宏 | | | 博时基金 | 张之瑞 | 天风证券 | 刘一伯 | 中泰证券 | 祝嘉琪 | | | 招商证券 | 侯彪 | 开源医药 | 阮帅 | 华泰医药 | 李奕玮 | | | 华鲁投资 | 马宁科 | 中信建投 | 王云鹏 | 中信建投 | 赖俊勇 | | | 国盛医药 | 陶宸冉 | 杭银理财 | 王哲 | 天襄资本 | 杨一 | | | 东吴证券 | 俞昊岚 | 兴证医药 | 乔波耀 | 惠升基金 | 张政 | | | 华源证券 | 陶晨冉 | 西部 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue of 4.0 billion yuan, down 3.0% year-on-year, and a net profit of 0.4 billion yuan, down 29.5% year-on-year. However, the adjusted net profit increased by 2.2% year-on-year to 0.55 billion yuan [3]. - The company's formulation business showed steady growth, with revenue of 2.42 billion yuan, up 6.0% year-on-year, while the raw material drug segment faced a decline in revenue of 1.55 billion yuan, down 13.4% year-on-year [4]. - The report highlights the potential for growth in the company's unique and innovative products, which are expected to drive the formulation business to new heights [5]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.0 billion yuan, with a net profit of 0.4 billion yuan. The first quarter of 2025 saw revenue of 1.01 billion yuan, down 2.9% year-on-year, and a net profit of 0.14 billion yuan, down 4.7% year-on-year [3]. - The company forecasts a recovery in net profit from 0.64 billion yuan in 2025 to 0.77 billion yuan in 2027, with corresponding growth rates of 61.2%, 7.0%, and 11.7% [6][7]. Business Segments - The formulation business is the main growth driver, with significant contributions from respiratory and dermatological products, while the raw material drug segment is under pressure due to price declines [4][5]. - The report notes that the company is focusing on upgrading its product offerings and increasing its share in high-end markets, which is expected to stabilize the raw material drug business in the long term [6]. Future Outlook - The company is expected to benefit from the launch of innovative products and the growth of unique products, which will likely enhance its market position and drive revenue growth [5][6].