Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company experienced revenue and profit declines in Q3 2024, with total revenue of 8.7 billion and a net profit of 0.8 billion, representing a 9% and 50% year-on-year decrease, respectively [1]. - The company is focusing on key product lines and has seen stable profit contributions from its subsidiary, Dapeng, which reported a profit of 0.6 billion in Q3 2024, up 12% year-on-year [1]. - The report highlights the strong demand for cultured cow bile, with the company being the exclusive producer, leading to consistent profit growth from this segment [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 28.8 billion, down 8% year-on-year, and a net profit of 3.2 billion, down 23% year-on-year [1]. - The revenue forecast for 2024 has been revised down to 40.8 billion, with expected growth rates of -3% for 2024, followed by 10% for 2025 and 2026 [1]. - The net profit forecast for 2024 has been adjusted to 4.5 billion, with a projected decline of 14%, followed by increases of 27% and 24% in 2025 and 2026, respectively [1]. Business Segment Analysis - The OTC product line is focused on pure sales, effectively reducing channel inventory, with notable growth in market share for key products like Longmu Zhuanggu Granules and Bian Tong Capsules [1]. - The Rx product line emphasizes academic leadership and the enhancement of the agent team, with new product launches such as Qian Rui Wei Shu Capsules performing well in the market [1]. - The report notes that the company is actively preparing for new drug market access, with a completed reserve of agent customers for pediatric products [1].

Financial Performance - The company's operating revenue for Q3 2024 was ¥871,720,993, a decrease of 8.83% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥82,258,112, down 49.46% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥76,514,611, a decrease of 36.37% compared to the same period last year[4]. - The basic earnings per share for Q3 2024 was ¥0.54, reflecting a decline of 49.53% year-on-year[4]. - The weighted average return on equity for Q3 2024 was 3.50%, down 3.89 percentage points from the previous year[4]. - Total operating revenue for the first three quarters of 2024 was CNY 2,881,317,090.47, a decrease of 7.57% compared to CNY 3,117,619,192.23 in the same period of 2023[17]. - Net profit for the third quarter of 2024 was CNY 324,587,553.14, a decline of 22.08% from CNY 416,690,389.61 in the same quarter of 2023[19]. - Earnings per share for the third quarter of 2024 were CNY 2.10, compared to CNY 2.72 in the same period of 2023, indicating a decrease in profitability per share[21]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥4,205,324,282, an increase of 0.90% from the end of the previous year[4]. - The equity attributable to shareholders at the end of Q3 2024 was ¥2,393,859,370, up 6.50% from the end of the previous year[4]. - The company's total liabilities as of the end of the third quarter of 2024 were CNY 1,799,048,552.39, a slight decrease from CNY 1,911,466,639.41 in the previous year[19]. - Total current liabilities decreased to RMB 1,718,469,147.38 from RMB 1,856,942,135.52, a reduction of about 7.4%[15]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥105,781,248, a decrease of 36.99% year-on-year[4]. - In the first three quarters of 2024, the cash inflow from operating activities was CNY 3,240,143,517.02, a slight increase from CNY 3,191,838,251.25 in the same period of 2023, representing a growth of approximately 1.5%[22]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 105,781,248.03, down from CNY 167,889,871.63 in 2023, indicating a decline of about 37.0%[22]. - Cash inflow from financing activities totaled CNY 194,147,900.71 in the first three quarters of 2024, up from CNY 155,402,505.49 in 2023, marking an increase of about 24.9%[23]. - The net cash flow from financing activities was CNY -97,605,918.79 in 2024, worsening from CNY -48,111,642.62 in 2023, indicating a decline of approximately 102.1%[23]. Operational Efficiency - The company experienced a decline in pharmaceutical sales due to changes in marketing strategies and increased procurement costs[9]. - Total operating costs for the third quarter of 2024 were CNY 2,770,674,778.90, down from CNY 2,880,978,852.52 in the previous year, reflecting a cost reduction strategy[19]. - The company reported a decrease in sales expenses to CNY 918,789,285.72 from CNY 1,019,762,565.19, indicating improved cost management in sales operations[19]. Investments and Research - Research and development expenses for the first three quarters of 2024 were CNY 60,448,309.19, an increase from CNY 52,007,975.33 in the same period of 2023, reflecting a commitment to innovation[19]. - The company reported a significant increase in long-term equity investments to RMB 475,702,517.81 from RMB 410,014,958.81, a rise of about 16.0%[14]. Other Financial Metrics - The company reported non-recurring gains of ¥5,743,501 for the current period, with a total of ¥50,803,367 for the year-to-date[5]. - Deferred income increased significantly to CNY 46,989,387.01 from CNY 18,610,226.96, suggesting potential future revenue recognition[19]. - The ending balance of cash and cash equivalents as of the end of the third quarter of 2024 was CNY 180,774,348.01, compared to CNY 110,315,766.78 at the end of the same period in 2023, showing an increase of about 63.7%[23]. - The company has not disclosed any new product developments or market expansion strategies in this report[12].

关于推举董事代行董事长职务的公告 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个别及连带责任。 证券代码：600976 证券简称：健民集团 公告编号：2024-034 健民药业集团股份有限公司 健民药业集团股份有限公司董事长何勤先生近日因个人身体健康原因暂无法履行 董事长职务，根据《公司法》《公司章程》的有关规定，公司董事长不能履行职务或 者不履行职务的，由半数以上董事共同推举一名董事履行职务。 公司董事会根据《公司法》《公司章程》的有关规定，经董事共同推举，在何勤 先生不能履行职务期间由汪思洋先生代为履行第十届董事会董事长、战略发展与风险 控制委员会主任委员及公司法定代表人职责。 特此公告。 健民药业集团股份有限公司 二○二四年十月十八日 董事会 ...

证券代码：600976 证券简称：健民集团 公告编号：2024-033 健民药业集团股份有限公司 健民药业集团股份有限公司（以下简称"公司"）将于 2024 年 10 月 19 日发 布公司《2024 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划于 2024 年 10 月 21 日下午 13:00- 14:00 举行 2024 年第三季度业绩说明会，就投资者普遍关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 10 月 21 日(星期一)下午 13:00-14:00 关于召开 2024 年第三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 10 月 21 日(星期一 ...

Sales Performance - The pharmaceutical industrial sector experienced a decline in sales output compared to the same period last year due to a shift in assessment models from dispatch assessment to pure sales assessment [1] - OTC product line sales increased by 57% compared to the same period last year, with significant marketing efforts for products like Bian Tong capsules [1] - The sales output of Bian Tong capsules has shown a positive growth trend, supported by strategic partnerships with key chain pharmacies [2] Product Development - The prescription drug product line maintained a positive development trend, with slight sales increases for products like Bian Tong capsules and Xiao Er Bao Tai Kang granules [2] - The company has over 40 pediatric products, including the newly approved pediatric innovative drug, Xiao Er Zi Bei Xuan Fei syrup [2] - The company is focusing on the development of pediatric drugs, with more than half of the 25 new drug projects currently in research being pediatric products [2] Marketing Strategy - The company will continue to invest in advertising while maintaining a strategic approach to advertising scale and market targeting [2] - The dual-brand strategy around "Long Mu" and "Jian Min" will be emphasized to enhance brand strength and product sales [2] Future Development Plans - The company aims to refine marketing management and enhance digital marketing capabilities, focusing on high-quality health products and services [3] - There is a commitment to continue the development of innovative traditional Chinese medicine and pediatric drugs, with plans to explore mergers and acquisitions for product enhancement [3] - The company will accelerate production line upgrades and invest in smart manufacturing to strengthen sustainable development capabilities [3]

法律意见书 二○二四年九月三十日 湖北得伟君尚律师事务所 地址：武汉市江汉区建设大道 588 号卓尔国际大厦 20 楼、21 楼 电话：（86 27 8562 0999） 电子邮箱：dewell@ dewellcn.com 湖北得伟君尚律师事务所 关于健民药业集团股份有限公司 湖北得伟君尚律师事务所 关于健民药业集团股份有限公司 2024 年第一次临时股东大会的 2024 年第一次临时股东大会的法律意见书 致：健民药业集团股份有限公司 湖北得伟君尚律师事务所（以下简称本所）接受健民药业集团股份有限公司 （以下简称公司）的委托，指派律师出席公司 2024 年第一次临时股东大会，对公司 本次会议进行见证并出具法律意见书。 本所律师依据《公司法》《上市公司股东大会规则》《上海证券交易所上市公 司股东大会网络投票实施细则》(以下简称《网络投票细则》)及《公司章程》的规 定，对公司本次会议的召集与召开程序、召集人及出席会议人员的资格、表决程序 及表决结果的合法有效性发表法律意见。 本所律师根据《证券法》《律师事务所从事证券法律业务管理办法》和《律师 事务所证券法律业务执业规则（试行）》等规定的要求，严格履行法定职责，遵 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：600976 证券简称：健民集团 公告编号：2024-032 健民药业集团股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： (一) 股东大会召开的时间：2024 年 9 月 30 日 (二) 股东大会召开的地点：武汉市汉阳区鹦鹉大道 484 号健民药业集团 股份有限公司总部会议中心大楼三楼会议室 (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 | 275 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 70,144,382 | | 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（%） | 45.7268 | (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。 本次股东大会由公司董事会召集，董事长何勤先生主持，会议采用现场投票 与网络投票相结合 ...

健民药业集团股份有限公司 二○二四年第一次临时股东大会 会 议 资 料 $$=0=\left[{\exists\exists\nexists\exists\exists}+\exists\right]$$ 健民药业集团股份有限公司 二○二四年第一次临时股东大会议程 一、会议名称：健民药业集团股份有限公司 2024 年第一次临时股东大会。 二、会议出席者：2024 年 9 月 24 日下午收市后在中国证券登记结算有限责 任公司上海分公司登记在册的本公司全体股东或其合法委托的代理人、公司董 事、监事及高级管理人员、公司聘请的律师。 三、会议时间：2024 年 9 月 30 日下午 14:00 会期：半天 四、会议地点：武汉市汉阳区鹦鹉大道 484 号健民药业集团股份有限公司总 部会议室 五、会议主持人：何勤董事长 六、会议记录：周捷董事会秘书 七、股东大会投票表决方式： 本次股东大会采用记名投票表决方式，股权登记日登记在册的股东以本人或 授权代表通过现场投票或网络投票进行表决。 八、会议议程： 1、大会主持人介绍到会股东及来宾情况； 2、宣布到会股东代表资格情况； 3、宣读《2024 年第一次临时股东大会表决办法 ...

健民药业集团股份有限公司 关于修订《公司章程》等内部制度部分条款的公告 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个别及连带责任。 本次《公司章程》《董事会议事规则》部分条款的修订，尚需公司股东 大会批准。 健民药业集团股份有限公司（以下简称："健民集团"或公司）2024 年 9 月 13 日召开的第十届董事会第二十六次会议，全票审议通过"关于增加经营范 围暨修订《公司章程》部分条款的议案"、"关于修订《董事会议事规则》部分 条款的议案"，并将上述议案提交股东大会审议。根据证监会、上海证券交易所 等相关规定，结合公司实际情况，拟对《健民药业集团股份有限公司章程》《健 民药业集团股份有限公司董事会议事规则》部分条款进行修订，具体如下： 证券代码：600976 证券简称：健民集团 公告编号：2024-030 | 二、修订《董事会议事规则》部分条款 | | --- | | 超过营业执照规定的业务范围； | 超过营业执照规定的业务范围； | | --- | --- | | 2、应公平对待所有股东； | 2、应公平对待所有股东； | | 3、 ...

证券代码：600976 证券简称：健民集团 公告编号：2024-031 健民药业集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 重要内容提示： 一、 召开会议的基本情况 2024 年 9 月 13 日召开的公司第十届董事会第二十六会议审议通过了《关于 召开 2024 年第一次临时股东大会的议案》，公司 2024 年第一次临时股东大会的 召集、召开符合国家现行法律、法规及《公司章程》的有关规定。 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 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。 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 30 日 14 点 00 分 召开地点：湖北省武汉市汉阳区鹦鹉大道 484 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投 ...