炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年6月，济川药业实控人曹龙祥将其持有的济川控股10.10%股权以1010万元价格转让给儿子曹飞， 曹飞通过济川控股、西藏济川企业管理有限公司间接控制上市公司56.07%股权，触发全面要约收购义 务。然而，在预存18.95亿元保证金（相当于最高收购总额94.48亿元的20%）后，最终仅0.1%的流通股 份接受要约。 耗资不菲的交班仪式背后，济川药业正面临核心产品全线失速、研发投入失衡、高额分红侵蚀未来竞争 力的三重困局。此前，曹飞曾个人出资5亿元溢价54%收购万鸿集团，展现出其资本运作手腕，接班济 川药业后，其能否带领企业穿越寒冬？ 近19亿元巨额保证金仅换来34户股东响应，这戏剧性一幕发生在儿科中药龙头济川药业的控制权交接现 场。 核心产品集体"熄火" 从财务数据看，2024年济川药业实现营收80.17亿元，同比下降16.96%；归母净利润为25.32亿元，同比 下滑10.32%。2025年一季度，公司业绩进一步下滑，当期营收15.25亿元，同比下降36.51%；归母净利 润4.4亿元，同比下降47.91%，几近腰斩。 结合产品 ...

7月22日，济川药业（600566）(600566.SH)发布公告，宣布完成股份回购计划，累计回购91.42万股，总 金额约2500万元，将用于员工持股或股权激励。 除了资本运作层面的持续发力，济川药业近期在新药布局和研发投入方面也动作频频。继获得复方聚乙 二醇电解质散注册批文后，公司与合作方开发的1类新药玛硒洛沙韦片也成功获批，进一步丰富产品 线。长江商报记者梳理发现，济川药业近年来研发投入持续处于高位，2021年至2024年累计投入近20亿 元。高研发强度不仅推动产品创新，更支撑其毛利率长期稳定在77%以上，展现出强劲的竞争壁垒。 股份回购激励核心团队 在资本运作稳步推进的同时，济川药业创新药布局亦取得突破。7月21日，公司与南京征祥医药合作开 发的1类新药玛硒洛沙韦片获得国家药监局核发的《药品注册证书》。该药具备广谱抗流感病毒特性， 适用于既往健康的成人单纯性甲型和乙型流感患者。 济川药业子公司济川有限自主研发的复方聚乙二醇(3350)电解质散也于近期获得药品注册批准，用于慢 性便秘与粪便嵌塞治疗，目标市场规模不小，其"巧克力口味"新品也有望在同类产品中形成差异化竞争 力。据米内网数据显示，2024年中 ...

云南白药集团股份有限公司 2、药品事业群 2024 年经营情况如何？ 答：2024 年药品事业群主营业务收入 69.24 亿元，同比增长 11.8%， 单品销售过亿产品达 10 个。核心系列产品中，云南白药气雾剂销售 收入突破 21 亿元，同比增长超 26%；云南白药膏、云南白药胶囊、 云南白药创可贴、云南白药（散剂）均在上年销售收入基础上，实现 显著增长。其他品牌中药类产品增长亮眼，蒲地蓝消炎片销售收入近 2 亿元，同比大幅增长超 22%，血塞通胶囊、小儿宝泰康颗粒、参苓 健脾胃颗粒产品收入均破亿。植物补益类产品，气血康口服液销售收 入继续保持增长态势，同口径下同比增长约 14%。 投资者调研会议记录 时间：2025 年 7 月 9 日 地点：集团总部办公大楼 召开方式：现场调研 投资者：平安基金-王华、丁琳，信达证券-章钟涛、王留阳 参加人员：投资者关系管理-张昱、杨可欣 会议内容 1、请问公司 2025 年一季度业绩情况如何？ 答：2025 年第一季度，公司实现营业收入 108.41 亿元，同比增 长 0.62%；归母净利润 19.35 亿元，同比增长 13.67%；扣非归母净利 润 18.87 亿元， ...

Core Viewpoint - Jichuan Pharmaceutical is facing significant challenges with declining sales and profits from its core products, leading to a search for new growth opportunities through innovative drug development [2][10]. Group 1: Company Performance - Jichuan Pharmaceutical's revenue and net profit are projected to decline in 2024, with a revenue drop of 16.96% to 8.017 billion yuan and a net profit decrease of 10.32% to 2.532 billion yuan [6][7]. - The company's flagship product, Pudilan Anti-inflammatory Oral Liquid, has seen a significant decline in sales due to regulatory changes and removal from various medical insurance lists, contributing to the overall revenue drop [4][6]. - The sales volume of Pudilan Anti-inflammatory Oral Liquid fell by 24% in 2019 compared to the previous year, marking the first decline in revenue and net profit since its listing [4]. Group 2: Product Challenges - The core product, Rebeprazole Sodium Enteric-coated Capsules, has been impacted by price reductions due to national procurement policies, leading to a significant drop in market share and sales [8][10]. - Pediatric product, Xiaer Chiqiao Qingre Granules, is also experiencing sluggish growth, further straining the company's revenue [8][10]. Group 3: Innovation and Future Prospects - Jichuan Pharmaceutical is pinning hopes on the innovative drug Xiaer Biantong Granules, which has received a notice of acceptance for market application, potentially filling a gap in the pediatric constipation treatment market [2][10]. - The company has invested approximately 51.42 million yuan in the development of Xiaer Biantong Granules, which is based on a patented formula aimed at treating pediatric constipation [10][12]. - Other innovative drugs in development include a flu treatment and a long-acting growth hormone, both of which have received regulatory acceptance [12]. Group 4: R&D Investment - Jichuan Pharmaceutical has been criticized for its historically low R&D investment, which was only 5.55% of total revenue in 2024, compared to over 8% for some competitors [12][13]. - The company’s sales expenses were significantly higher at 36.85% of total revenue, indicating a need for a more balanced approach between marketing and research and development [12].

Core Viewpoint - The report outlines the offer to acquire shares of Hubei Jichuan Pharmaceutical Co., Ltd. by Cao Fei, which triggers a mandatory tender offer due to the increase in shareholding above 30% [19][24]. Group 1: Company Overview - Hubei Jichuan Pharmaceutical Co., Ltd. focuses on the research, production, and sales of pharmaceuticals, particularly in pediatrics, respiratory, digestive, and gynecological fields [7][8]. - The company has developed a core product matrix that includes pediatric medications and treatments for upper respiratory infections [8]. Group 2: Financial Data - The company's recent financial performance shows total revenue of 965,453.72 million yuan in 2023, with a net profit of 282,706.30 million yuan [9]. - The financial indicators for the first quarter of 2025 indicate a net profit of 44,129.27 million yuan, with a gross margin of 77.25% [10][11]. Group 3: Shareholding Structure - As of the report date, the total issued shares of the company are 921,704,160, with 99.35% being freely tradable [11]. - The report indicates that the acquirer, Cao Fei, does not currently hold shares in the company, while his associated parties hold significant stakes [18]. Group 4: Acquisition Details - The offer price for the tender is set at 24.85 yuan per share, which is based on the average price over the last 30 trading days prior to the announcement [20][21]. - The acquisition is structured to comply with legal requirements, ensuring that the company remains publicly listed post-acquisition [24]. Group 5: Independent Financial Advisor - Guojin Securities has been appointed as the independent financial advisor for the acquisition, confirming that the offer complies with relevant laws and regulations [24][23]. - The independent advisor's report supports the board's recommendation for shareholders to consider the offer based on the company's future prospects and market conditions [23][24].

[Table_Title] 儿科中药龙头，BD 赋能长期发展 公司研究丨深度报告丨济川药业（600566.SH） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司专注于儿科、呼吸、消化、妇产及其它领域药品的生产和销售，主要产品为蒲地蓝消炎 口服液、小儿豉翘清热颗粒等。除药品业务外，公司子公司蒲地蓝日化主要从事蒲地蓝牙膏 等日化产品业务，康煦源主要从事保健品业务。同时公司加快推进产业转型升级，2021 年起 公司持续推进优质产品 BD 引入，以商业拓展赋能外延式扩张，为公司长期发展奠定基础。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 济川药业（600566.SH） cjzqdt11111 [Table_Title2] 儿科中药龙头，BD 赋能长期发展 [Table_Summary2] 儿科中药龙头，长期稳健发 ...

Group 1 - The core point of the news is the announcement of a family internal equity structure adjustment at Jichuan Pharmaceutical, which triggers a mandatory general offer for the company's shares by Cao Fei, the son of the actual controller, Cao Longxiang [1][2] - On June 11, Cao Longxiang transferred 10.10% of his shares in Jichuan Holdings to Cao Fei for 10.1 million yuan, resulting in Cao Fei holding 60% of Jichuan Holdings and indirectly controlling 5.17 billion shares of Jichuan Pharmaceutical, which is 56.07% of the total share capital [1] - The general offer price is set at 26.93 yuan per share, requiring a maximum total funding of 9.448 billion yuan, with the offer period lasting from June 18, 2025, to July 17, 2025 [2] Group 2 - Jichuan Pharmaceutical's major shareholder structure remains unchanged after the transfer, with Jichuan Holdings holding 4.17 billion shares, accounting for 45.22% of the total share capital, and the combined holdings of the controlling shareholder and concerted parties reaching 61.15% [1] - The company reported a revenue of 1.525 billion yuan in the first quarter of 2025, a year-on-year decrease of 36.51%, and a net profit attributable to shareholders of 440 million yuan, down 47.91% year-on-year [3] - The decline in revenue is attributed to two main factors: a high base in the first quarter of 2024 and the impact of centralized procurement on the main product, Rabeprazole Sodium Enteric-coated Capsules [3]

Group 1 - The actual controller of Jichuan Pharmaceutical, Cao Longxiang, is transferring shares to his son, Cao Fei, which triggers a mandatory tender offer for the company [1][2] - Cao Fei will acquire 351 million shares, representing 38.06% of the total issued shares, with a maximum transaction value of 9.448 billion yuan [1][2] - Following the share transfer, Cao Fei's stake in Jichuan Holdings will increase to 60%, allowing him to indirectly control 517 million shares of Jichuan Pharmaceutical, exceeding the 30% threshold for a mandatory tender offer [2] Group 2 - Jichuan Pharmaceutical is facing significant pressure, with revenue and net profit declining for four consecutive quarters due to price cuts from centralized procurement [4] - In 2024, the company expects to achieve revenue of 8.017 billion yuan, a year-on-year decrease of 16.96%, and a net profit of 2.532 billion yuan, down 10.32% [4] - The company's sales expenses are high at 2.954 billion yuan, accounting for 36.85% of total revenue, while R&D expenses are only 445 million yuan, representing 5.55% of total revenue [4]

Core Viewpoint - The Chinese traditional medicine industry is experiencing collective anxiety due to insufficient effective demand, accelerated industry transformation, policy changes, and intense market competition [1] Industry Performance Overview - The performance of traditional Chinese medicine companies in 2024 and the first quarter of 2025 shows a diverging trend, with some companies achieving stable growth through brand advantages and product innovation, while others face revenue declines and profit pressures [1][3] - In 2024, Baiyunshan led the industry with a revenue of 749.93 billion yuan, but experienced a slight decline of 0.69% year-on-year, indicating growth challenges for traditional giants [3][6] - Yunnan Baiyao and China Resources Sanjiu followed with revenues of 400.33 billion yuan and 276.17 billion yuan, reflecting year-on-year growth rates of 2.36% and 11.63%, respectively [3][6] - In the first quarter of 2025, leading companies continued to show growth, while trailing companies remained under pressure [1][6] Profitability Insights - Yunnan Baiyao reported a net profit of 47.67 billion yuan in 2024, maintaining a growth rate of 15.63%, while Pizhou's net profit reached 29.96 billion yuan, aligning with its revenue growth [6] - Daren Tang emerged as a "profit dark horse" with a net profit increase of 128.68% year-on-year, while Dong'e Ejiao's net profit grew by 25.57% due to product price increases and channel optimization [6][1] R&D and Sales Expenses - In 2024, the highest R&D investment was from Tianshili, amounting to 1.039 billion yuan, representing 12.23% of its revenue [6][7] - Sales expenses were highest for China Resources Sanjiu at 72.20 billion yuan, followed by Baiyunshan at 56.20 billion yuan [7] - The overall R&D investment among the top 20 companies indicates a need for improvement, especially in innovative drug development and modern Chinese medicine technology applications [7] Market Challenges and Strategic Responses - The unique product strategy, once a cash cow for many companies, is now facing challenges due to adjustments in medical insurance directories and expanded centralized procurement [9][10] - Companies like Step Long Pharmaceutical have reported significant losses due to high sales expenses and declining core product revenues [1][6] - The industry is witnessing a trend where companies are either "slimming down" by divesting non-core assets or "bulking up" through mergers and acquisitions to strengthen their market position [14][15] Future Outlook - The ongoing centralized procurement and market dynamics necessitate that companies balance pricing and market share while building brand moats [12][14] - Companies with unique proprietary formulas, such as Pizhou and Yunnan Baiyao, are better positioned to withstand market fluctuations compared to those reliant on single products without strong patent protection [11][12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 8.017 billion RMB in 2024, a decrease of 17% year-on-year, and a net profit attributable to shareholders of 2.532 billion RMB, down 10% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 1.525 billion RMB, reflecting a 37% decline year-on-year, with a net profit of 440 million RMB, down 48% year-on-year [2]. - The company's core products faced pressure due to high base effects and centralized procurement policies, particularly impacting key products like Pudilan and pediatric medications [3]. - The company has made progress in product introductions, securing four new product agreements, which are expected to support long-term growth [3]. - The company has a strong cash position with over 12.5 billion RMB in cash and financial assets, and it plans to distribute a cash dividend of 2.09 RMB per share, totaling approximately 1.922 billion RMB, which is 75.93% of the net profit for 2024 [4]. Financial Forecasts - Revenue forecasts for 2025 and 2026 have been revised down to 7.421 billion RMB and 8.139 billion RMB, respectively, with net profit estimates adjusted to 2.263 billion RMB and 2.557 billion RMB [5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.456 RMB, 2.774 RMB, and 3.126 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 times [5].