Investment Rating - The investment rating for the company is "Buy" (maintained) due to relatively stable performance and good cost control [4]. Core Views - The company is expected to maintain steady growth in its core business, particularly in the distribution of narcotic and psychotropic drugs, benefiting from the increasing concentration in the pharmaceutical distribution industry [6]. - The company's revenue for Q1 2025 was 12.71 billion yuan, a year-on-year increase of 4.9%, while the net profit attributable to the parent company was 460 million yuan, a slight decrease of 0.1% year-on-year [6]. - The report highlights that the company's gross margin and expense ratios have remained stable, with a gross margin of 7% in Q1 2025, down 0.1 percentage points year-on-year [6]. Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 49.696 billion yuan - 2024: 50.597 billion yuan (1.81% growth) - 2025E: 54.668 billion yuan (8.04% growth) - 2026E: 58.472 billion yuan (6.96% growth) - 2027E: 62.448 billion yuan (6.80% growth) [5]. - Net profit attributable to the parent company is projected as follows: - 2023: 2.146 billion yuan - 2024: 2.000 billion yuan (-6.80% growth) - 2025E: 2.203 billion yuan (10.14% growth) - 2026E: 2.381 billion yuan (8.08% growth) - 2027E: 2.545 billion yuan (6.91% growth) [5]. - The company's earnings per share (EPS) is expected to be: - 2023: 2.84 yuan - 2024: 2.65 yuan - 2025E: 2.92 yuan - 2026E: 3.16 yuan - 2027E: 3.37 yuan [5]. Market Performance - The company's market capitalization is approximately 21.798 billion yuan, with a circulating market value of about 15.986 billion yuan [2]. - The stock price closed at 28.89 yuan, with a one-year high of 38.00 yuan and a low of 27.12 yuan [2].

Core Viewpoint - The company reported its Q1 2025 performance, showing stable revenue growth but a slight decline in net profit, indicating a mixed financial outlook for the period [1]. Financial Performance - In Q1 2025, the company achieved revenue of 12.713 billion yuan, a year-on-year increase of 4.87%, while the net profit attributable to shareholders was 459 million yuan, a slight decline of 0.10% [1]. - The company's net profit excluding non-recurring items was 446 million yuan, down 2.57% year-on-year, aligning with expectations [1]. - The parent company reported a revenue of 5.94 billion yuan in Q1 2025, representing a year-on-year growth of 16.3%, and a net profit of 340 million yuan, up 6.8% year-on-year [2]. Cost Management - The sales expense ratio decreased to 1.2%, down 0.5 percentage points year-on-year, attributed to cost optimization, while the management expense ratio remained stable at 0.8% [2]. - Industrial investment income for Q1 2025 was 103 million yuan, reflecting a year-on-year increase of 0.9% [2]. Research and Development - The company is accelerating its R&D efforts, particularly in the field of narcotic drugs, and has optimized its product structure for 2024 [2]. - The company has received registration approvals for several new products, including a first-class psychotropic raw material, and is collaborating with research institutions to enhance its research capabilities [2]. Marketing Strategy - The company is transforming its marketing approach to empower its national pharmaceutical distribution business, focusing on enhancing bidding, channel development, and data services [3]. - A diverse marketing model has been established, covering various fields such as oral products, blood products, and second-class psychotropic drugs [3]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 2.131 billion yuan and 2.270 billion yuan, respectively, both reflecting a year-on-year growth of 6.5% [4]. - The current stock price corresponds to a price-to-earnings ratio of 10.4 times for 2025 and 9.8 times for 2026, with a target price of 38.0 yuan, indicating a potential upside of 29.3% [4].

Group 1 - The company's revenue for Q1 2025 was 12.713 billion yuan, with a year-on-year growth of 4.9%, while net profit attributable to the parent company was 459 million yuan, showing a slight decline of 0.1% [1] - Investment income from joint ventures was stable, amounting to 103 million yuan, reflecting a year-on-year increase of 0.9%, while the parent company's revenue reached 5.938 billion yuan, up 16.3% year-on-year [1] - The company maintained a buy rating despite short-term fluctuations in net profit, indicating a solid long-term growth logic [1][3] Group 2 - The sales expense ratio decreased year-on-year to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points, primarily due to a decline in the proportion of high-margin industrial product revenue [2] - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.1 billion, 2.21 billion, and 2.31 billion yuan, respectively, with corresponding EPS of 2.78, 2.92, and 3.07 yuan [3] - The company is valued at a 15x PE for 2025, compared to the industry average of 11x, with a target price set at 41.76 yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance in Q1 2025 shows stable growth with revenue of 12.713 billion RMB, a year-on-year increase of 4.9%, while net profit attributable to the parent company is 459 million RMB, showing a slight decline of 0.1% [1] - Despite short-term fluctuations in net profit due to market conditions, the long-term growth logic remains intact, supported by the company's leading market share in the distribution of controlled drugs and stable operations in Beijing's pharmaceutical distribution [4][1] - The report forecasts net profits for the parent company to grow steadily from 2.101 billion RMB in 2025 to 2.313 billion RMB in 2027, with corresponding EPS of 2.78 RMB, 2.92 RMB, and 3.07 RMB respectively [4][10] Summary by Sections Financial Performance - In Q1 2025, the company's revenue reached 5.938 billion RMB, a year-on-year increase of 16.3%, with net profit of 337 million RMB, up 6.8% [2] - The investment income from joint ventures was 103 million RMB, reflecting a stable growth of 0.9% year-on-year [2] Cost Management - The sales expense ratio decreased to 1.20%, while the gross profit margin fell to 6.31%, down 0.71 percentage points year-on-year, primarily due to a lower proportion of high-margin industrial product revenue [3] Valuation and Forecast - The target price is set at 41.76 RMB, with a PE ratio of 15x for 2025, compared to the industry average of 11x [4][7] - The company is projected to maintain a steady revenue growth rate of approximately 5% annually from 2025 to 2027 [10]

2024年年度股东大会决议公告 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法律责任。 证券代码：600511 证券简称：国药股份 公告编号：临 2025-014 国药集团药业股份有限公司 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 24 日 (二)股东大会召开的地点：北京市东城区永定门西滨河路 8 号院 7 楼中海地产广 场西塔 8 层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 402 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 464,765,952 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.5989 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司党委书记、董事蒋昕女士（代行董事长）主持， 会议采用现场投票和网络投票的方式进行 ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-013 国药集团药业股份有限公司 第八届监事会第十九次会议决议公告 本公司监事会及全体监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法律责任。 一、监事会会议召开情况 国药集团药业股份有限公司（以下简称"国药股份"或"公 司"）第八届监事会第十九次会议通知及资料于 2025 年 4 月 14 日以书面、电子邮件等形式发出，会议于 2025 年 4 月 24 日以现 场和通讯方式在北京召开，公司三位监事全部出席会议，会议由 监事会主席主持，符合《公司法》和《公司章程》关于召开监事 会会议的有关规定。 二、监事会会议审议情况 本次会议审议并通过了如下决议： （一）以 3 票同意、0 票反对和 0 票弃权的结果审议通过《国 药股份 2025 年第一季度报告》。 经核查，监事会认为：公司 2025 年第一季度报告的编制和 审议程序符合相关法律、法规及《公司章程》等内部规章制度的 规定；公司 2025 年第一季度报告的内容与格式符合相关规定， 1 公允地反映了公司 2025 年第一季度的财务状况 ...

证券代码：600511 证券简称：国药股份 公告编号：临 2025-012 国药集团药业股份有限公司 第八届董事会第二十四次会议决议公告 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法律责任。 1 全体委员一致同意提交董事会审议。 内容详见上海证券交易所网站 www.sse.com.cn 同日披露的 国药股份 2025 年第一季度报告。 （二）以 8 票同意、0 票反对和 0 票弃权的结果审议通过《国 药股份 2024 年度环境、社会及治理（ESG）报告》。 一、董事会会议召开情况 国药集团药业股份有限公司（以下简称"公司"或"国药股 份"）第八届董事会第二十四次会议通知及资料于 2025 年 4 月 14 日以书面、电子邮件等形式发出，会议于 2025 年 4 月 24 日 以现场和通讯方式在北京召开。本次会议应到董事八名，实到董 事八名，其中四名独立董事参加了会议，公司党委书记、董事蒋 昕女士（代董事长）主持本次会议，监事和部分高管列席会议， 符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 本次会议审议并通过了 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于国药集团药业股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字[2025]A0133 号 致：国药集团药业股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券 法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证 券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《国药集团药业 股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、 召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 12,713,002,292.38, representing a 4.87% increase compared to CNY 12,122,142,562.33 in the same period last year[4]. - The net profit attributable to shareholders was CNY 459,015,386.52, showing a slight decrease of 0.10% from CNY 459,454,518.02 year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 446,230,701.31, down 2.57% from CNY 457,982,149.39 in the previous year[4]. - The basic earnings per share for the period was CNY 0.6084, a decrease of 0.08% from CNY 0.6089 in the same period last year[4]. - The diluted earnings per share also stood at CNY 0.6084, reflecting the same decrease of 0.08% year-on-year[4]. - Operating profit for Q1 2025 was ¥600.66 million, slightly down from ¥613.80 million in Q1 2024[17]. - The company reported an investment income of ¥116.03 million in Q1 2025, up from ¥104.98 million in Q1 2024[16]. - The company experienced a decrease in comprehensive income, totaling ¥484.98 million in Q1 2025, compared to ¥489.27 million in Q1 2024[18]. - The net profit for the first quarter of 2025 was CNY 337.04 million, up by 6.8% from CNY 315.67 million in the same period last year[26]. Cash Flow - The net cash flow from operating activities was negative at CNY -1,893,175,718.90, compared to CNY -1,719,799,376.67 in the same period last year[4]. - Cash flow from operating activities showed a net outflow of ¥1.89 billion in Q1 2025, compared to a net outflow of ¥1.72 billion in Q1 2024[20]. - The net cash flow from operating activities for Q1 2025 was -182,256,312.16, an improvement from -301,387,089.18 in Q1 2024, indicating a reduction in cash outflow[29]. - Total cash inflow from operating activities in Q1 2025 was 5,789,069,778.39, compared to 5,539,406,936.00 in Q1 2024, reflecting a year-over-year increase of approximately 4.5%[29]. - Cash outflow from operating activities in Q1 2025 was 5,971,326,090.55, up from 5,840,794,025.18 in Q1 2024, representing an increase of about 2.2%[29]. - The cash inflow from operating activities was primarily driven by sales revenue of 5,778,772,698.76 in Q1 2025, compared to 5,414,211,225.58 in Q1 2024, marking an increase of approximately 6.7%[29]. - The company reported a cash outflow of 234,445,715.29 for taxes paid in Q1 2025, compared to 194,489,069.09 in Q1 2024, which is an increase of about 20.5%[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 35,096,471,073.69, a 0.48% increase from CNY 34,928,279,243.62 at the end of the previous year[5]. - The total assets of the company as of March 31, 2025, amounted to CNY 35,096,471,073.69, an increase from CNY 34,928,279,243.62 at the end of 2024[12]. - The company's current assets totaled CNY 30,442,472,468.14, slightly up from CNY 30,356,823,125.08 in the previous period[12]. - The total liabilities decreased to CNY 15,636,451,007.66 from CNY 15,953,235,952.60[13]. - The company's total current liabilities decreased to CNY 10.66 billion as of March 31, 2025, down from CNY 12.22 billion at the end of 2024, a reduction of approximately 12.8%[23]. - The company's cash and cash equivalents were reported at CNY 8,847,209,696.57, down from CNY 10,885,676,736.04[11]. - Cash and cash equivalents at the end of Q1 2025 were ¥6.27 billion, down from ¥9.19 billion at the end of Q1 2024[20]. - The cash and cash equivalents decreased to CNY 8.22 billion from CNY 10.30 billion, a decline of about 20.2%[22]. - The ending cash and cash equivalents balance for Q1 2025 was 5,670,552,754.10, down from 8,279,843,440.17 in Q1 2024, reflecting a decrease of about 31%[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,500[9]. - The equity attributable to shareholders increased by 2.68% to CNY 17,587,021,750.39 from CNY 17,128,090,785.52 at the end of the previous year[5]. - The company's equity attributable to shareholders increased to CNY 17,587,021,750.39 from CNY 17,128,090,785.52[14]. - The total equity increased to CNY 14.16 billion as of March 31, 2025, compared to CNY 13.83 billion at the end of 2024, reflecting a growth of approximately 2.4%[24]. Inventory and Receivables - Accounts receivable rose to CNY 14,262,746,580.18 from CNY 12,330,407,168.68, indicating a growth of approximately 15.7%[11]. - Inventory levels increased to CNY 5,042,936,676.44 from CNY 4,955,697,408.61, reflecting a growth of about 1.8%[12]. - The company's inventory remained stable at CNY 2.51 billion, showing a slight increase of 0.03% compared to CNY 2.51 billion at the end of 2024[22]. - The total non-current assets amounted to CNY 4,653,998,605.55, up from CNY 4,571,456,118.54[12]. Financial Expenses and Income - The company's financial expenses improved, with a net financial income of CNY 3.39 million in Q1 2025, compared to a loss of CNY 20.26 million in Q1 2024[25]. - The company reported an increase in investment income to CNY 113.86 million in Q1 2025, up from CNY 106.55 million in the same quarter of the previous year[25].

国药集团药业股份有限公司 China National Medicines Corporation Ltd. 2024年度 环境、社会和公司治理报告 Environmental, Social and Governance Report 公司地址 ：北京市东城区永定门西滨河路8号院7楼西塔6-9层 邮政编码 ：100077 联系电话 ：010-67271828 电子邮箱 ：gygfzqb@sinopharm.com 公司网站 ：www.cncm.com.cn 股票简称：国药股份 股票代码：600511 上海证券交易所发行上市 股票简称：国药股份 股票代码：600511 上海证券交易所发行上市 01 03 05 07 09 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 02 04 06 08 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 ...