云南也是类似的情况。8月20日公布的第二批中成药价格治理通知中，云南已经不再公布细节，相关企 业需要登录查看。8月21日，内蒙古发布的《第二批医药价格风险线索处置工作的通知》，明确提出要 求整治部分"10~100元，且日均治疗费用价差较大的中成药"，要求企业通过内蒙古招采中心官网去了 解。 8月25日，宁夏发布《医药价格核查线索通报（第九批）》，其中的风险价格药品目录只能登录后在站 内查看。 各地针对中成药价格的轰轰烈烈价格整治行动，突然低调了。 健识局发现，近期各地还在发布中成药价格治理的内容，但基本都不再公布价格细节。如8月25日，安 徽省医药价格招采中心发布《价差较大且挂网价格较高的中成药风险线索汇总表》，其中公布大量"超 过省内最小每日费用"10倍以上的品种，要求在8月25日～27日完成降价。但是，具体内容只能"登录系 统"才能看到。 七月份一轮疾风暴雨般的中成药价格治理公布后，舆论哗然。此前不少患者到医院求诊，发现处方单里 中成药的价格远高于西药，曾经引起很多议论。这次价格整治的确暴露出部分中成药价格畸高的问题， 也曝光了一些知名企业的品种。然而很奇怪的是，很多省份在第二批中成药价格整治中，纷纷选择 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26]. Core Viewpoints - The company achieved double-digit growth in both revenue and profit for the year 2024, with total revenue of 27.617 billion yuan (+11.63%) and net profit attributable to shareholders of 3.368 billion yuan (+18.05%) [1][7]. - The company is actively pursuing strategic mergers and acquisitions, including the acquisition of a 28% stake in Tian Shi Li, which enhances its capabilities in innovative Chinese medicine [3][26]. - The company is expected to maintain steady growth in performance due to the ongoing implementation of its "innovation + brand" strategy, alongside the integration of resources from Kun Yao and Tian Shi Li [26]. Revenue and Profit Summary - In 2024, the company reported total revenue of 27.617 billion yuan, with a net profit of 3.368 billion yuan and a non-recurring net profit of 3.118 billion yuan [1][7]. - The fourth quarter of 2024 saw revenue of 7.876 billion yuan (+28.47%), but net profit decreased by 9.39% to 408 million yuan [1][7]. Segment Performance - The CHC (Consumer Health Care) business generated revenue of 12.482 billion yuan (+14.13%) with a gross margin of 60.86% [2][19]. - The prescription drug business reported revenue of 6.005 billion yuan (+15.04%) but faced a gross margin decline to 47.51% due to centralized procurement impacts [2][19]. - Kun Yao Group achieved revenue of 5.213 billion yuan (+27.55%) with a gross margin of 64.02% [2][19]. R&D Investment and Product Development - R&D investment increased by 63.97% to 0.953 billion yuan in 2024, supporting product development and enhancement [2][20]. - The company initiated 131 new product research projects in 2024, including various categories of both chemical and traditional Chinese medicines [20][25]. Financial Forecasts - The company expects net profit attributable to shareholders to reach 3.737 billion yuan in 2025, 4.082 billion yuan in 2026, and 4.856 billion yuan in 2027, with respective growth rates of 11.0%, 9.3%, and 18.9% [26][29]. - The projected P/E ratios for 2025, 2026, and 2027 are 14.1, 12.9, and 10.9 respectively [26][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 84.01 billion yuan in 2024, a slight decline of 0.34% year-on-year, while the net profit attributable to shareholders was 6.48 billion yuan, reflecting a growth of 19.86% year-on-year [8] - The company is focusing on key products such as "Kang Zhong Yao 1381" and "777," which have shown significant sales growth, particularly in the anti-malarial and gynecological product lines [8] - The company is actively expanding its market presence both domestically and internationally, with overseas sales revenue reaching 1.4 billion yuan, an increase of 21.52% [8] Financial Performance Summary - Total revenue for 2023 was 84.30 billion yuan, with a projected increase to 92.49 billion yuan in 2025, representing a growth rate of 10.09% [1] - The net profit attributable to shareholders is expected to grow from 648.08 million yuan in 2024 to 744.95 million yuan in 2025, reflecting a growth rate of 14.95% [1] - The earnings per share (EPS) is projected to increase from 0.86 yuan in 2024 to 0.98 yuan in 2025 [1] Market Data Summary - The closing price of the company's stock is 17.20 yuan, with a market capitalization of approximately 13,020 million yuan [5] - The price-to-earnings (P/E) ratio is currently at 20.09, projected to decrease to 17.48 in 2025 [1][5] Future Outlook - The company anticipates a net profit of 11.03 billion yuan by 2027, with a corresponding P/E ratio of 11.81 [1] - The company is expected to maintain a strong brand presence and expand its distribution channels, enhancing its market competitiveness [8]