证券代码：603669 证券简称：灵康药业 公告编号：2025-009 灵康药业集团股份有限公司 关于全资子公司获得盐酸纳洛酮注射液注册证书的 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。 近日，灵康药业集团股份有限公司（以下简称"公司"）全资子公司海南灵 康制药有限公司（以下简称"灵康制药"）收到国家药品监督管理局（以下简称 "国家药监局"）核准签发的盐酸纳洛酮注射液《药品注册证书》，现将有关内 容公告如下： 规格：1ml：0.4mg 申请事项：药品注册（境内生产） 注册分类：化学药品 3 类 药品注册标准编号：YBH02682025 药品有效期：18 个月 一、药品的基本情况 （一）药品名称：盐酸纳洛酮注射液 批件号：2025S00570 剂型：注射剂 药品批准文号有效期：至 2030 年 3 月 3 日 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册，发给药品注册证书。质量标准、说明书、 标签及生产工艺照所附执行。药品生产企业应当符合药品生产质量管理规范 ...

| 证券代码：603669 | 证券简称：灵康药业 | 公告编号：2025-008 | | --- | --- | --- | | 证券代码：113610 | 证券简称：灵康转债 | | （二）经上海证券交易所自律监管决定书[2020]412 号文同意，公司发行的 525,000,000 元可转换公司债券于 2020 年 12 月 22 日起在上海证券交易所挂牌 交易，债券简称"灵康转债"，债券代码"113610"。 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： 截至 2025 年 3 月 3 日，灵康药业集团股份有限公司（以下简称"灵康药 业"或"本公司"）股价已出现连续三十个交易日中至少有十五个交易日的收盘 价低于当期转股价格的 85%之情形，已触发"灵康转债"的转股价格向下修正条 款。 经公司第四届董事会第二十四次会议审议通过，公司董事会决议本次不 行使"灵康转债"的转股价格向下修正的权利，自 2025 年 3 月 4 日开始重新起 算，若再次触发"灵康转债"的转股价格向下修正条件，届时公司董事会 ...

截至 2025 年 2 月 10 日，灵康药业集团股份有限公司（以下简称"灵康 药业"或"本公司"）股价已出现连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 85%之情形，已触发"灵康转债"的转股价格向下修正 条款。 经公司第四届董事会第二十三次会议审议通过，公司董事会决议本次不 行使"灵康转债"的转股价格向下修正的权利，自 2025 年 2 月 11 日开始重新起 算，若再次触发"灵康转债"的转股价格向下修正条件，届时公司董事会将再次 召开会议审议是否行使"灵康转债"的转股价格向下修正权利。 | 证券代码：603669 | 证券简称：灵康药业 | 公告编号：2025-006 | | --- | --- | --- | | 证券代码：113610 | 证券简称：灵康转债 | | 灵康药业集团股份有限公司 关于不向下修正"灵康转债"转股价格的公告 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： （二）经上海证券交易所自律监管决定书[2020]412 号文同意，公司发行的 525,000,0 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately -120 million yuan for 2024, a year-on-year reduction in losses of about 20.79%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is approximately -165 million yuan, a year-on-year reduction in losses of about 9.26%[2] - The anticipated operating revenue for 2024 is around 380 million yuan, representing a year-on-year growth of approximately 93.06%[2] - The decline in gross profit due to centralized procurement has led to an inability to cover current period expenses, resulting in the expected loss for 2024[2] - The financial impact of the net profit loss will be confirmed in the company's audited annual report for 2024[2] Cost Management - The company is implementing refined management practices to control costs and maximize capacity utilization, contributing to a reduction in losses year-on-year[2] Credit Rating - The credit rating agency has downgraded the company's credit rating to A- with a stable outlook, effective from the date of the report[1] - The downgrade of the credit rating for the company's convertible bonds to A- is also effective from the same date[1] - The company will continue to monitor and disclose any changes in its operational and financial status that may affect its credit rating and outlook[2] - The announcement serves as a third-party reference opinion on the company's credit status and is not a recommendation for any specific decision[4]

Financial Performance Expectations - The company expects a net profit attributable to shareholders of approximately -120 million yuan for 2024, representing a reduction in losses of about 20.79% compared to the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around -165 million yuan, reflecting a reduction in losses of approximately 9.26% year-over-year[3]. - The projected operating revenue for 2024 is approximately 380 million yuan, indicating a year-over-year growth of about 93.06%[4]. - The operating revenue, excluding unrelated business income and income without commercial substance, is expected to be around 350 million yuan, showing a year-over-year increase of approximately 84.88%[4]. Sales and Marketing Strategies - The primary reason for the current period's losses is a decline in gross profit due to centralized procurement, which has led to sales gross profit not covering the period expenses[7]. - The company has increased its promotional efforts for centrally procured products, resulting in significant growth in sales revenue compared to the same period last year[7]. - The company is actively seeking CMO orders to maximize production capacity and leverage its production advantages[7]. - The company has adjusted its sales strategy to expand sales channels in private hospitals, contributing to substantial growth in sales revenue for cardiovascular products compared to the previous year[7]. Financial Reporting and Forecasting - The financial data provided is preliminary and has not been audited by registered accountants, with the final figures to be disclosed in the official annual report[9]. - The company does not foresee any significant uncertainties that could affect the accuracy of this earnings forecast[8].

灵康药业集团股份有限公司 关于不向下修正"灵康转债"转股价格的公告 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： 截至 2025 年 1 月 10 日，灵康药业集团股份有限公司（以下简称"灵康 药业"或"本公司"）股价已出现连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 85%之情形，已触发"灵康转债"的转股价格向下修正 条款。 经公司第四届董事会第二十二次会议审议通过，公司董事会决议本次不 行使"灵康转债"的转股价格向下修正的权利，自 2025 年 1 月 13 日开始重新起 算，若再次触发"灵康转债"的转股价格向下修正条件，届时公司董事会将再次 召开会议审议是否行使"灵康转债"的转股价格向下修正权利。 一、可转换公司债券的基本情况 （一）经中国证券监督管理委员会证监许可[2020]2640 号文核准，灵康药业 集团股份有限公司于 2020 年 12 月 1 日公开发行了 525 万张可转换公司债券，每 张面值 100 元，发行总额为 525,000,000 元，期限 6 年。 | ...

重要内容提示： 转股情况："灵康转债"自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间， 转股的金额为 25,000 元，因转股形成的股份数量为 3,125 股，占可转债转股前 公司已发行股份总额的 0.000438%。截至 2024 年 12 月 31 日，累计共有人民币 67,190,000 元"灵康转债"已转换为公司股票，转股数量为 7,804,005 股，占 可转债开始转股前公司已发行股份总额的 1.0939%。 未转股可转债情况：截至 2024 年 12 月 31 日，除已回售的可转债外尚 未转股的"灵康转债"金额为人民币 252,984,000 元，占可转债发行总量的 48.1874%。 一、可转债发行上市概况 （一）经中国证券监督管理委员会证监许可[2020]2640 号文核准，灵康药 业集团股份有限公司（以下简称"灵康药业"或"本公司"）于 2020 年 12 月 1 日公开发行了 525 万张可转换公司债券，每张面值 100 元，发行总额为 525,000,000 元，期限 6 年。 | 证券代码：603669 | 证券简称：灵康药业 | 公告编号：2025-001 ...

| 证券代码：603669 | 证券简称：灵康药业 | 公告编号：2024-083 | | --- | --- | --- | | 证券代码：113610 | 证券简称：灵康转债 | | 灵康药业集团股份有限公司 关于不向下修正"灵康转债"转股价格的公告 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： 截至 2024 年 12 月 19 日，灵康药业集团股份有限公司（以下简称"灵康 药业"或"本公司"）股价已出现连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 85%之情形，已触发"灵康转债"的转股价格向下修正 条款。 经公司第四届董事会第二十一次会议审议通过，公司董事会决议本次不 行使"灵康转债"的转股价格向下修正的权利，自 2024 年 12 月 20 日开始重新 起算，若再次触发"灵康转债"的转股价格向下修正条件，届时公司董事会将再 次召开会议审议是否行使"灵康转债"的转股价格向下修正权利。 一、可转换公司债券的基本情况 （一）经中国证券监督管理委员会证监许可[2020]2640 号 ...

Investment Rating - The report assigns a "Buy (Initiation)" rating to Lingkang Pharmaceutical (603669 SH) [1] Core Views - The company's performance has bottomed out and is expected to see new growth driven by multiple business segments [1] - Two of the company's products, Injection of Latamoxef Sodium and Esmolol Hydrochloride Injection, are eligible for the 10th national centralized drug procurement round, with significant sales growth potential if included [1] - The company's exclusive product, Injection of Huperzine A, has substantial room for expansion in market coverage and is expected to become a new growth driver [1] - Strategic cooperation with Laboratoire Bailly-Creat is expected to open up new growth opportunities in overseas markets, particularly in Africa and Belt and Road countries [1] Business Overview - Lingkang Pharmaceutical is an innovative enterprise group engaged in pharmaceutical R&D, production, sales, and medical services, with a nationwide network covering over 6,500 hospitals [21] - The company has a diversified product portfolio, with 114 products and 221 drug production approvals, including 55 products listed in the national medical insurance catalog and 13 in the national essential drug list [22] - The company is accelerating the consistency evaluation of key products, with 27 specifications already passing or deemed to have passed the evaluation, further enriching its product structure [23] Financial Performance - The company's revenue and net profit reached a high in 2019 but declined significantly in 2020 due to the pandemic and national centralized procurement policies [33] - In 2023, the company achieved revenue of 197 million yuan and a net loss of 151 million yuan, but performance rebounded in 2024 with a 53 34% YoY increase in revenue for the first three quarters [33] - The company's gross margin has declined from 85% to 43% due to factors such as price reductions from centralized procurement and rising raw material costs, but further declines are expected to be limited [36] R&D and Innovation - The company is transitioning from generic drugs to innovative drugs, with 8 ongoing R&D projects, including 2 Class 2 2 chemical drugs and 2 Class 3 chemical drugs [42] - R&D investment accounted for 14 80% of revenue in 2023, higher than the industry average, reflecting the company's commitment to innovation [41] Centralized Procurement Opportunities - The 10th national centralized drug procurement round involves 62 products with a total market size exceeding 50 billion yuan, with Lingkang's Injection of Latamoxef Sodium and Esmolol Hydrochloride Injection eligible to participate [49] - Injection of Latamoxef Sodium has a market size of approximately 3 billion yuan annually, with a competitive landscape of 5 out of 3 companies [1] - Esmolol Hydrochloride Injection has a market size of approximately 1 1 billion yuan, with 18 companies eligible to participate, but only 13 companies holding both production and marketing licenses [1] Exclusive Product - Injection of Huperzine A - Injection of Huperzine A is the company's exclusive intellectual property product, with proven efficacy in treating benign memory impairment, Alzheimer's disease, and myasthenia gravis [58] - The product is currently sold in only a few provinces, covering less than one-fifth of the national market, with significant potential for expansion [64] Overseas Expansion - The company has entered into a strategic cooperation with Laboratoire Bailly-Creat, a French pharmaceutical company with a sales network covering Africa, Vietnam, and Cambodia [77] - The first phase of cooperation involves the export of Omeprazole Injection, with a market size of approximately 20 million USD in African countries in 2023 [82] Financial Forecast - Revenue is expected to grow from 319 million yuan in 2024 to 882 million yuan in 2026, with a CAGR of 61 87% from 2024 to 2026 [96] - Net profit is expected to turn positive in 2025, reaching 177 44 million yuan, and further increase to 252 50 million yuan in 2026 [97] Valuation - Based on DCF valuation, the intrinsic value of the company's stock is estimated at 12 45 yuan per share [98]

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：603669 证券简称：灵康药业 公告编号：2024-082 灵康药业集团股份有限公司 关于子公司参与全国药品集中采购拟中选的公告 2、按照相关规定，采购周期内采购协议每年一签。续签采购协议时，约定采购量原则 上不少于各地该中选药品上年约定采购量。 二、此次中选对公司的影响 公司全资子公司灵康制药的注射用拉氧头孢钠 2023 年销售额为 0 万元，占 公司 2023 年度营业收入比例为 0%；2024 年前三季度销售额为 320.67 万元，占 公司 2024 年前三季度营业收入比例为 1.39%。 本次药品集中采购是国家组织的第十批国家药品集中采购，采购周期中，医 疗机构将优先使用本次药品集中采购中选药品，并确保完成约定采购量。本次公 司全资子公司灵康制药拟中选药品的价格较拟中选省份现销售价格有较大幅度 下降。若拟中选产品确定中选后将签订购销合同并实施，将有利于促进公司相关 产品市场开拓及提升公司品牌影响力，对公司未来的业绩提升产生积极影响。 三、风险提示 目前 ...