华强科技（688151.SH）7月11日回复上交所年报问询函的公告，揭开了其表面"盈利"的残酷真相。2024 年公司归母净利润同比激增184.26%至2252.79万元，但扣非净利润实际亏损6495.81万元，连续四年深 陷亏损泥潭。利润"翻身"完全依赖非经常性收益粉饰：投资收益贡献5185.84万元（占净利润230%）， 信用减值损失少计提1200万元，而主业经营利润亏损扩大至7835.91万元。更严峻的是，经营活动现金 流净额-1.38亿元，同比失血加速105.98%，暴露盈利质量持续劣化。 核心业务的结构性危机已无从遮掩： 募投项目停滞？ 募投项目几近停滞：三大IPO募投项目投入进度最高仅32.77%，最低仅0.48%，预计2028年末才能投 产，资金使用效率遭监管重点质疑。研发投入占比虽达9.26%，但十年仅孵化出239一款爆品，产品迭 代断层严重。 政策制裁与流动性危机：因投标文件违规，公司被禁止参加全军物资工程服务采购活动三年，虽声 称"不影响其他军品销售"，但期后新签军品订单仅7项、金额2162万元，需求萎缩风险高悬。叠加一季 度末货币资金较上年末锐减23.12%，现金流衰竭或触发生存危机。 责 ...

华泰联合证券有限责任公司 关于湖北华强科技股份有限公司 上海证券交易所： 根据贵所《关于对湖北华强科技股份有限公司 2024 年年度报告的信息披露 监管问询函》（上证科创公函【2025】0268 号，以下简称"问询函"）的要求， 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"持续督导机构"） 作为湖北华强科技股份有限公司（以下简称"华强科技"或"公司"）的持续督 导机构，会同公司及相关中介机构，对问询函所提及的事项进行了逐项落实，现 将问询函所涉及问题回复如下： 年报显示，公司实现营业收入 6.11 亿元，同比增长 6.74%，实现归母净利 润 2,252.79 万元，同比增长 184.26%。其中，集体防护装备实现营业收入 1.61 亿元，同比增长 68.31%，毛利率为 4.45%，上年为-17.85%；个体防护装备实现 营业收入 2,843.81 万元，同比下滑 59.24%；药用丁基胶塞毛利率 23.07%，连 续三年下滑，较上年减少 2.56 个百分点。此外，2025 年一季度，公司实现营业 收入 6,498.23 万元，同比下滑 46.45%，实现归母净利润 188.31 万元，同比下 滑 ...

国金证券股份有限公司 关于浙江亚光科技股份有限公司 2024 年年度报告的信息披 露监管问询函的核查意见 上海证券交易所： 浙江亚光科技股份有限公司（以下简称"亚光股份"或"公司"）于近期收到上海 证券交易所出具的《关于浙江亚光科技股份有限公司2024年年度报告的信息披露 监管问询函》（上证公函【2025】0719号）（以下简称"问询函"）。国金证券股份 有限公司（以下简称"保荐机构"）作为公司首次公开发行股票的保荐机构及持续 督导机构，会同公司及容诚会计师事务所（特殊普通合伙）（以下简称"年审会计 师"），对问询函所提及的事项进行了逐项落实，现将问询函所涉及问题进行回复， 请予审核。 问题 1、关于经营情况 年报显示，公司主要从事制药机械和节能环保设备业务，2024 年实现营业收 入 8.01 亿元、净利润 1.02 亿元，分别同比下滑 17.80%、36.79%，业绩下滑幅度 较大。同时，公司毛利率为 34.29%，较上年增加 0.72 个百分点，但各业务板块变 化情况不同。其中，制药机械板块毛利率 29.57%，较上年减少 5.97 个百分点；节 能环保板块毛利率 35.60%，较上年增加 2.91 个 ...

最新一期业绩显示，2025年一季报，公司实现营业收入12.42亿元，同比-1.97%；净利润2.24亿元，同比 1.29%，销售毛利率30.21%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)7山东药玻15.5515.601.79147.12亿行业平均 48.8947.044.50104.32亿行业中值35.7936.752.3948.75亿1英科医疗9.6210.370.86152.00亿2九安医疗 10.0410.150.79169.41亿3新华医疗14.1313.101.1590.58亿4康德莱14.8414.851.2331.97亿5奥美医疗 14.8814.581.5353.76亿6振德医疗15.2814.400.9755.48亿8维力医疗15.7216.341.8435.85亿9奥泰生物 15.9216.791.2950.77亿10九强生物16.1114.981.9779.78亿11安杰思17.0117.212.0650.50亿12三鑫医疗 18.1218.132.9841.22亿 6月23日，山东药玻今日收盘22.17元，下跌1.55%，滚动市盈率PE（当前股价与前四季度每股收益总和 ...

Group 1 - The core viewpoint of the articles highlights the performance and market position of Shandong Pharmaceutical Glass Co., Ltd. (山东药玻), noting its recent stock price increase and low rolling PE ratio compared to the industry average [1][2] - As of June 18, the company's stock closed at 22.42 yuan, up 3.51%, with a rolling PE ratio of 15.73, marking a 50-day low, and a total market capitalization of 14.878 billion yuan [1] - In the medical device industry, the average PE ratio is 49.10, with a median of 36.43, placing Shandong Pharmaceutical Glass at the 37th position in the industry ranking [1][2] Group 2 - The company has 70,488 shareholders as of March 31, 2025, an increase of 6,223 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - Shandong Pharmaceutical Glass specializes in the research, production, and sales of various pharmaceutical glass packaging products, including glass bottles, rubber stoppers, and bottle caps [1] - The company has been recognized with a new provincial engineering research center and has received the title of "National Manufacturing Single Champion Enterprise," reflecting its leading position in the field [1] Group 3 - The latest quarterly report for Q1 2025 shows the company achieved a revenue of 1.242 billion yuan, a year-on-year decrease of 1.97%, while net profit was 224 million yuan, a year-on-year increase of 1.29%, with a gross profit margin of 30.21% [1]

6月3日，华兰股份今日收盘29.9元，下跌1.25%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到65.94倍，总市值37.77亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均50.80倍，行业中值36.71倍，华兰股份排 名第97位。 资金流向方面，6月3日，华兰股份主力资金净流出2574.19万元，近5日总体呈流出状态，5日共流出 6616.67万元。 江苏华兰药用新材料股份有限公司的主营业务是直接接触注射剂类药品包装材料的研发、生产和销售。 公司的主要产品是覆膜胶塞、常规胶塞。2012年公司技术中心被认定为"江苏省企业技术中心"；2014 年，公司参与了国家2015年新版药典注射剂类内包材的各种标准制定，并牵头组织《药用胶塞GMP》 协会标准起草工作；2020年，公司获得江苏省科学技术厅、江苏省财政厅、国家税务总局江苏省税务局 颁发的《高新技术企业证书》。此外，公司主要产品覆膜胶塞亦获得美国FDA的DMF备案。2022年， 公司参与了国家药监局《药包材生产质量管理规范（征求意见稿）》的编写工作；公司"疫苗抗体类药 用弹性体及密封组合件的研发及产业化项目"获得2022年度江苏 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024, but faced challenges in Q1 2025 with a decline in revenue compared to the previous year, indicating a potential slowdown in growth due to external factors [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.13 billion, a year-on-year increase of 2.9%, and a net profit attributable to shareholders of 0.94 billion, up 21.6% year-on-year [1] - For Q4 2024, revenue was 1.30 billion, a slight decrease of 0.6% year-on-year, while net profit rose by 37.8% to 0.22 billion [1] - In Q1 2025, revenue was 1.24 billion, down 2.0% year-on-year, with net profit increasing by 1.3% to 0.22 billion [1] Product Performance - Revenue growth for key products in 2024 included molded bottles (+3.9%), brown bottles (+3.5%), and controlled bottles (+5.0%), while some products like ampoules (-6.0%) and aluminum-plastic bottles (-0.6%) faced declines [2] - The company’s main product, molded bottles, maintained growth due to the upgrade of first-class bottles, and overseas markets showed good expansion [2] Profitability - The gross profit margins for various products in 2024 were as follows: molded bottles (43.3%), brown bottles (28.4%), controlled bottles (-4.9%), ampoules (10.5%), butyl rubber stoppers (35.5%), and aluminum-plastic bottles (36.5%) [3] - The overall gross margin for the company in Q1 2025 was 30.2%, indicating a slight decline due to seasonal factors and energy costs [3] Cash Flow and Dividends - The company maintained a good level of cash flow, with net cash from operating activities of 1.05 billion in 2024 and 0.09 billion in Q1 2025 [4] - The dividend payout for 2024 reached 0.41 billion, with a payout ratio of 43.6%, marking a historical high for the company [4] Future Outlook - The company slightly adjusted its revenue forecasts for 2025-2027, now expecting revenues of 5.45 billion, 5.67 billion, and 5.88 billion respectively, reflecting a cautious outlook due to slowing demand growth [4] - The company remains a leader in molded bottles and is expected to benefit from product upgrades and cost reductions, indicating potential for stable growth in the medium to long term [4]

内容概况：近年来，我国医药包装行业市场规模持续增长。随着国内医药市场的不断扩大和医药行业的 快速发展，医药包装作为医药产业链的重要环节，其市场规模也随之水涨船高。据相关数据显示，2024 年，我国医药包装行业市场规模已达到1439.6亿元，且呈现出稳步增长的态势。从长期来看，我国医药 包装市场规模有望持续增长。首先，我国医药产业的持续发展是医药包装市场增长的基础。随着人口老 龄化加剧、人们健康意识的提高以及医疗保障体系的不断完善，药品的需求量将不断增加，从而带动医 药包装的需求增长。 相关上市企业：山东药玻（600529）、正川股份（603976）、华兰股份（301093）、海顺新材 （300501）、华强科技（688151）、春光股份（832056） 相关企业：爱索尔（广州）包装有限公司、石家庄第一橡胶股份有限公司、无锡市华泰医药包装有限公 司、浙江天成医药包装有限公司、杭州中达医药包装有限公司 关键词：医药包装行业产业链、医药包装行业发展现状、医药包装行业发展趋势 一、医药包装行业定义及分类 医药包装是指用于保护药品、方便储存与运输、促进销售、提供药品信息以及确保用药安全的一系列包 装材料和容器的总称。它 ...

Core Insights - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 5.13 billion, 940 million, and 900 million yuan respectively in 2024, with year-on-year growth of +2.9%, +21.6%, and +21.9% [1] - In Q4 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.30 billion, 220 million, and 210 million yuan respectively, with year-on-year changes of -0.6%, +37.8%, and +41.9% [1] - For Q1 2025, the company recorded revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.24 billion, 220 million, and 210 million yuan respectively, with year-on-year changes of -2.0%, +1.3%, and +1.8%, meeting market expectations [1] Product Performance - The main products, including molded bottles, brown bottles, and butyl rubber stoppers, demonstrated resilience in both volume and price, leading to improved overall profitability [2] - Molded bottles sold 375,000 tons (down 0.4%) with revenue of 2.35 billion yuan (up 3.9%) and a gross margin increase of 4.1 percentage points to 43.3% [2] - Brown bottles sold 286,000 tons (up 4.8%) with revenue of 1.16 billion yuan (up 3.5%) and a gross margin increase of 4.6 percentage points to 28.4% [2] - Butyl rubber stoppers sold 6.22 billion pieces (up 15.4%) with revenue of 290 million yuan (up 11.9%) and a gross margin increase of 10.9 percentage points to 35.5% [2] - The company's overseas revenue reached 1.47 billion yuan (up 8.5%) with a gross margin of 31.5% [2] Profitability and Financial Health - The company's sales gross margin was 31.7%, an increase of 3.7 percentage points year-on-year, while the net profit margin was 18.4%, up 2.8 percentage points [3] - The company maintained a healthy cash flow with a cash collection ratio of 99.1% (up 4.6 percentage points) and a net cash ratio of 123.5% [3] - The proposed cash dividend for the year is 411 million yuan, with a dividend payout ratio of 43.63%, reflecting a 9.41 percentage point increase [3] Market Outlook - The company is expected to benefit from the upcoming tenth batch of national procurement, which will accelerate the penetration of borosilicate packaging materials in the market [4] - The company is positioned as an industry leader, leveraging its scale, cost advantages, and established customer relationships to capitalize on market growth [4] - Revenue projections for 2025-2027 are 5.575 billion, 6.168 billion, and 6.725 billion yuan respectively, with corresponding net profits of 1.042 billion, 1.186 billion, and 1.315 billion yuan [4]

收入增长动能偏弱，存货延续增加 2024 年以来公司收入增速有所放缓，预计源于偏疲弱的宏观消费需求，同时在医疗反腐/医保控费持续 深化的背景下，部分药品需求阶段承压。分业务看，2024 年公司模制瓶/棕瓶/管制瓶/安瓿瓶/胶塞/塑料 瓶及商贸业务收入yoy 分别+4%/+3%/+5%/-6%/+12%/-1%/+9%至23.5/11.6/2.1/0.7/2.9/0.6/4.2 亿。2025Q1 末公司存货14.3 亿，yoy、qoq 分别+3.9 亿/+38%、+1.5 亿/+12%。2024 年及2025Q1 公司经营活动净现 金流分别yoy+1.2/-2.1 亿至净流入11.7/0.9 亿。 盈利能力明显改善，预计还有提升空间 投资事件 公司公告2024 年及2025Q1 业绩，2024 年公司收入、归母净利、扣非归母净利分别为51.3、9.4、9.0 亿，yoy 分别+3%、+22%、+22%。2024Q4/2025Q1 公司收入、归母净利、扣非归母净利分别为 13.0/12.4、2.2/2.2、2.1/2.1 亿，yoy 分别为-1%/-2%、+38%/+1%、+42%/+2%。2024 年全年公司拟 ...