1）普洛药业 （上海呈瑞投资参与公司投资者电话交流会） 调研纪要：普洛药业在2025年推出第三次股份回购方案，正在办理相关手续，股权激励计划待定。头孢 类产品价格下降约15%，青霉素类产品价格稳定，氟苯尼考价格预计三季度回升。预计CDMO业务增长 20%-30%，毛利率40%-45%，研发力量增强，客户信任度提高。原料药业务面临压力，预计销售量略有 下降，毛利贡献下降控制在10%以内，拓展新市场。老产品如左乙拉西坦和琥珀酸美托洛尔放量，新产 品如富马酸亚铁咀嚼片等带来增长。司美格鲁肽减重项目三期临床入组完成，降糖适应症入组进度 40%，多肽原料药采用发酵法。泰乐和泰万生产线产能较大，强力霉素短期内仍采购土霉素原料，与内 蒙联邦合作生产经营。一季度新增项目国内占6成，国外占4成，国外大公司订单金额仍占主导。公司成 立数字创新团队，利用AI优化发酵工艺，发酵效价显著提升，自建数据平台。 机构简介： 根据市场公开信息及4月21日披露的机构调研信息，知名私募呈瑞投资近期对1家上市公司进行了调研， 相关名单如下： 上海呈瑞管理有限公司2010年5月成立于上海，注册资金1100万。公司于2014年4月登记为私募投资基金 ...

Summary of Guoyao Modern's Conference Call Company Overview - **Company**: Guoyao Modern - **Industry**: Pharmaceutical, specifically focusing on generic drugs and active pharmaceutical ingredients (APIs) Key Financial Performance - **Revenue**: 10.9 billion CNY, a decrease of 9.38% year-on-year [3] - **Net Profit**: 1.084 billion CNY, an increase of 56.6% year-on-year, with a five-year compound annual growth rate (CAGR) of 13.68% [3] - **Gross Margin**: Increased by 0.92 percentage points to 39.2% [3] - **Weighted ROE**: Reached 8.45%, an increase of 2.43 percentage points [3] - **Earnings per Share**: 0.81 CNY [3] - **Cash Flow**: Operating cash flow accounted for 20.63% of revenue, an increase of 6.38 percentage points [3] - **Debt Ratio**: Decreased to 23.22%, down 2.69 percentage points [4] Business Segment Performance Intermediate and API Business - **Revenue**: 5.198 billion CNY, an increase of 8.54% year-on-year [5] - **Core Products**: 85% of revenue from anti-infection products, with penicillin products growing by 20% and clavulanic acid series by 33%, while cephalosporin products declined by 32% [5] - **Export**: Nearly 80% of anti-infection products are for export [5] Formulation Business - **Revenue**: Decreased by over 20% [5] - **Profitability**: Maintained through cost control and changes in business model [5] - **Product Composition**: Anti-infection formulations account for 38%, cardiovascular and neurological formulations each account for 12% [5] Research and Development - **R&D Investment**: 600 million CNY, representing 6% of revenue [6] - **Projects**: 210 projects in progress, with 70% focused on new products [6] - **Focus Areas**: Emphasis on narcotics, anti-infection, cardiovascular, and oncology fields [6] Future Outlook - **2025 Revenue Projection**: Expected to reach 11.3 billion CNY, a growth of approximately 3% [7] - **Strategic Focus**: Digital empowerment, marketing reform, and optimization of industrial layout to enhance competitiveness [7] - **Chronic Disease Focus**: Concentration on cardiovascular, metabolic, and endocrine diseases under the backdrop of centralized procurement [10] Market Trends and Risks - **Raw Material Market**: Subject to global demand fluctuations, with potential price volatility due to supply-demand dynamics [8] - **Antibiotic Product Pricing**: Stable decline in prices observed in Q1, with expected demand reduction in summer months [9] - **Cost Management**: Strategies include capacity optimization, product structure adjustment, and strategic partnerships to mitigate cost impacts [11] Strategic Initiatives - **New Product Development**: Focus on high-value, technically challenging products, including first generic drugs and improved new drugs [10] - **Acquisition Plans**: Over 80 products under review, focusing on infection, cardiovascular, and neurological areas [12] - **Sales Strategy**: Emphasis on maintaining a stable sales expense ratio, currently around 10% [22] Conclusion Guoyao Modern is navigating a challenging pharmaceutical landscape with a strategic focus on enhancing profitability through R&D, cost management, and market adaptation. The company is poised for moderate growth in 2025 while addressing potential market risks and leveraging its strengths in high-demand therapeutic areas.