证券代码：603707 证券简称：健友股份 公告编号：2026-003 债券代码：113579 债券简称：健友转债 南京健友生化制药股份有限公司 2025年度拟转回存货跌价准备的提示性公告 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。 重要内容提示： 南京健友生化制药股份有限公司（以下简称"公司"）根据《企业会计准则第1号一一存货》及公司会计 政策等相关规定，对截至2025年12月31日存货进行了初步减值测试，公司2025年度拟转回存货跌价准备 13,700.00万元到20,500.00万元，预计导致归属于上市公司股东的净利润增加11,600.00万元到17,400.00万 元。 本次拟转回存货跌价准备金额未经审计，最终会计处理及对公司2025年度利润的影响以公司披露的2025 年度报告为准。具体情况如下： 一、本次拟转回存货跌价准备概况 （一）公司存货储备的说明 2023年-2025年各年末，公司存货账面余额分别为540,550.11万元、442,983.76万元、352,641.72万元，存 货具体明细情况如下： ...

Summary of Qianhong Pharmaceutical Conference Call Company Overview - Qianhong Pharmaceutical was established in 2003 and listed on the Shenzhen Stock Exchange in 2011. The company primarily engages in the production of active pharmaceutical ingredients (APIs) and formulations, including enzyme preparations and heparin products. The company has recently partnered with Muyuan to establish Henan Qianmu, aiming to build a leading global processing and biopharmaceutical base for pig intestinal by-products [4][5]. Key Points Business Performance - In 2024, the revenue from the formulation business is expected to increase to 71%, while the revenue from heparin raw materials is projected to decrease to 29%. This shift is primarily due to a significant drop in heparin raw material prices, which fell from over 50,000 yuan per unit in 2023 to over 20,000 yuan in 2024. However, the gross margin for heparin raw materials improved from 13.37% to 38% [2][7]. - The overall revenue of Qianhong Pharmaceutical grew from 1.3 billion yuan in 2018 to 2.3 billion yuan in 2022. However, due to weak international market demand, revenue is expected to decline in 2023 and 2024. The net profit for 2024 is estimated at approximately 360 million yuan, nearly doubling year-on-year, mainly due to the significant increase in heparin raw material gross margins [6][3]. Future Projections - The "Qianmu" project is set to commence production in July 2025, with a mid-term capacity expected to reach 20 to 30 trillion units, significantly increasing the supply of heparin raw materials and potentially creating a new growth point for the heparin raw material business [2][9]. - The company anticipates a profit of around 400 million yuan in 2025, with a non-GAAP net profit expected to grow by 20% year-on-year. Overall revenue is projected to increase by approximately 10% [3][13]. Acquisitions and Product Development - Qianhong Pharmaceutical acquired 100% of Fangyuan Pharmaceutical for 390 million yuan, gaining access to the antibiotic product, Sulfate Ertapenem, which has a favorable competitive landscape and significant market potential. The sales of this product are expected to recover to peak levels within three to four years, potentially adding 160 million yuan to the company's profits [10][11]. - The in-development product 107 (CDK9 inhibitor) has shown promising results in Phase II clinical trials for acute myeloid leukemia (AML), with a projected domestic sales peak of 1 billion yuan and even larger potential in international markets [12]. Industry Context - The heparin industry is significantly influenced by the inventory levels of pigs and the impact of epidemics, leading to price volatility. It is expected that heparin prices and export volumes will recover and show an upward trend in the future [8]. Management and Ownership Structure - The ownership structure of Qianhong Pharmaceutical is relatively stable, with the chairman, Wang Yaofang, holding approximately 20% of the shares. The management team is primarily composed of professionals with relevant backgrounds, including Wang Yaofang, who is a senior engineer and has received special government allowances since 1992 [5]. Additional Insights - The company’s gross margin for the formulation segment remains stable at around 62%, while the heparin raw material segment has seen a significant increase in gross margin [7]. - The competitive landscape for the antibiotic market is favorable due to limited new approvals, which could enhance market opportunities for Qianhong Pharmaceutical [10].