| 证券代码：603707 | 证券简称：健友股份 公告编号：2025-003 | | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | 南京健友生化制药股份有限公司 2024 年度拟转回存货跌价准备的提示性公告 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： 南京健友生化制药股份有限公司（以下简称"公司"）根据《企业会计准则 第 1 号——存货》及公司会计政策等相关规定，对截至 2024 年 12 月 31 日存货 进行了初步减值测试，公司 2024 年度拟转回存货跌价准备 16,000.00 万元到 24,000.00 万元，预计导致归属于上市公司股东的净利润增加 13,600.00 万元到 20,400.00 万元。 本次拟转回存货跌价准备金额未经审计，最终会计处理及对公司 2024 年度 利润的影响以公司披露的 2024 年度报告为准。具体情况如下： 一、本次拟转回存货跌价准备概况 (一）公司存货储备的说明 2022 年-2024 年各年末，公司存货账面余额分别为 5 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of between 800 million and 1.05 billion yuan for the year 2024, indicating a turnaround from a loss in the previous year[4]. - The estimated net profit after deducting non-recurring gains and losses for 2024 is projected to be between 750 million and 1 billion yuan[4]. - The company plans to reverse inventory impairment provisions between 160 million and 240 million yuan in 2024, which is expected to increase net profit by approximately 136 million to 204 million yuan[8]. - The performance forecast is based on preliminary calculations and has not yet been audited by a registered accounting firm[9]. - The company emphasizes that the forecast data is subject to change and the final figures will be disclosed in the official 2024 annual report[10]. - There are currently no major uncertainties affecting the accuracy of the performance forecast[9]. Previous Financial Performance - In 2023, the company reported a net loss attributable to shareholders of approximately 189.45 million yuan[7]. - The company faced a significant inventory impairment of 1.24 billion yuan in 2023 due to downstream customer destocking in the heparin industry[8]. Raw Material Costs - The average procurement price of raw materials in 2024 is expected to decrease significantly compared to the previous year, leading to lower inventory costs[8]. Communication and Discrepancies - The company has communicated with its accounting firm regarding the performance forecast, and there are no significant discrepancies[4].

| 证券代码：603707 | 证券简称：健友股份 公告编号：2025-001 | | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | 南京健友生化制药股份有限公司 关于"健友转债"转股结果暨股份变动的公告 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： 转股情况： 截至 2024 年 12 月 31 日，累计已有人民币 719,000 元"健友转债"转为公 司普通股，累计回售人民币 7,000 元"健友转债"。"健友转债"累计转股股数 18,035 股，占转股前公司股份总额的 0.001%。 未转股可转债情况： 截至 2024 年 12 月 31 日，尚未转股的"健友转债"金额为人民币 502,464,000 元，占"健友转债"发行总量的比例为 99.86%。 一、可转债的发行上市概况 二、可转债本次转股情况 自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，有人民币 11,000 元"健友 转债"转为公司普通股。自 2024 年 10 月 1 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][114]. Core Insights - The company is positioned as an international injection platform, focusing on biosimilars, which are expected to yield significant performance improvements as approvals are granted [7][114]. - The company has a strong presence in the heparin raw material and formulation markets, with a stable growth trajectory anticipated for its domestic formulation business [8][30]. - The company has significantly increased its R&D investment, with a notable rise in the number of ANDA approvals in the U.S. market, indicating a robust pipeline for future growth [9][71]. Summary by Sections Company Overview - The company has evolved from a traditional raw material supplier to a leading international sterile injection provider, with operations in over 60 countries [18][21]. - It has established three major R&D centers globally, enhancing its innovation capabilities [80]. Heparin API Market - The heparin API market is expected to grow steadily, with price stabilization anticipated following a period of inventory destocking [46][49]. - The company ranks among the top three domestic suppliers of heparin raw materials, benefiting from a stable competitive landscape [49]. R&D and Product Pipeline - R&D expenditures have surged, with a 89.42% year-on-year increase in 2023, reflecting the company's commitment to innovation [71][73]. - The company has a diverse pipeline with 59 projects underway, covering various therapeutic areas, and has successfully obtained approvals for 13 new formulations in 2023 [81][87]. Financial Projections - The company forecasts significant growth in net profit from 8.59 billion to 16.79 billion yuan from 2024 to 2026, with corresponding PE ratios decreasing from 26.6 to 13.6 [7][114]. - Revenue from the formulation segment is expected to grow at a compound annual growth rate (CAGR) of 24% to 30% over the same period, driven by new product launches and market expansion [108][114]. Market Position and Competitive Advantage - The company has successfully integrated its operations through strategic acquisitions, such as Meitheal, enhancing its market access in the U.S. [89]. - It has a strong market share in key heparin products, with the company’s formulations contributing significantly to its revenue [62][64].

Investment Rating - The report assigns an "Accumulate" rating for the company [4]. Core Views - The company reported a revenue of 3.088 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.72%, with a net profit attributable to shareholders of 606 million yuan, down 27.82% year-on-year [4]. - The company is transitioning from a focus on raw materials to high-end formulations, successfully establishing a presence in the international sterile formulations market [4]. - The company has built a complete sales channel and operational experience in the North American market, positioning itself to capitalize on opportunities in the biosimilar drug market [4]. - Earnings per share (EPS) forecasts for 2024-2026 are 0.51, 0.69, and 0.91 yuan, with corresponding price-to-earnings (PE) ratios of 28.62, 21.23, and 16.16 [4]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 41.41%, down 7.99 percentage points year-on-year, and the net profit margin was 19.62%, down 7.10 percentage points year-on-year [4]. - The company’s revenue for the third quarter alone was 945 million yuan, reflecting a year-on-year increase of 12.79% [4]. - The company’s revenue projections for 2024-2026 are 4.218 billion, 5.230 billion, and 6.602 billion yuan, with year-on-year growth rates of 7.3%, 24.0%, and 26.2% respectively [5]. Market Position and Strategy - The company has successfully reduced the proportion of revenue from heparin raw materials from over 60% in 2019 to 20% in the first half of 2024, indicating a strategic shift towards high-end formulations [4]. - The company has acquired the rights to the FDA approval and related patents for a biosimilar drug, making it the first Chinese company to gain entry into the U.S. market for this specific biosimilar [4].

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-080 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 南京健友生化制药股份有限公司 关于维生素 B12 注射液获得 美国 FDA 药品注册批件的公告 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。 南京健友生化制药股份有限公司（以下简称"健友股份"或"公司"）于近日收 到美国食品药品监督管理局（以下简称"美国 FDA"）签发的维生素 B12 注射液， 1,000 mcg/mL, 10,000 mcg/10 mL (1,000 mcg/mL), 30,000 mcg/30 mL (1,000 mcg/mL)（ANDA 号：214316）批准信，现将相关情况公告如下： 二、药品其他相关情况 公司于近日获得美国 FDA 的通知，公司向美国 FDA 申报的维生素 B12 注 射液，1,000 mcg/mL, 10,000 mcg/10 mL (1,000 mcg/mL), 30,000 mcg/3 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is experiencing a recovery in its performance, with a notable increase in revenue in the third quarter, achieving a year-on-year growth of 12.79% [4] - The company is entering a new growth cycle driven by high-end biological agents and complex formulations, with several products expected to contribute to revenue in the near future [5] - The financial forecasts for the company indicate a gradual improvement in earnings per share (EPS) from -0.12 yuan in 2024 to 0.91 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 27.64 to 16.34 over the same period [6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported revenue of 3.088 billion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 606 million yuan, down 27.82% year-on-year [3] - The third quarter alone saw revenue of 945 million yuan, marking a 12.79% increase year-on-year, while net profit for the quarter was 201 million yuan, a decline of 6.54% year-on-year [3][4] Growth Drivers - The company is strategically focusing on high-end complex formulations and biosimilar products, with the introduction of adalimumab biosimilar contributing to revenue and several products expected to receive FDA approval [5] - The domestic formulation business is expected to stabilize as the impact of centralized procurement diminishes, and the heparin raw material business risks have been alleviated [5] Financial Projections - The company forecasts revenues of 3.931 billion yuan in 2024, with a year-on-year growth of 8.0%, and net profit expected to rebound to 874 million yuan, reflecting a significant recovery from previous losses [9] - The gross margin is projected to be 42.2% in 2024, with a gradual increase to 46.4% by 2026 [9]

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-079 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 南京健友生化制药股份有限公司 关于达肝素钠注射液通过仿制药 质量和疗效一致性评价的公告 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。 南京健友生化制药股份有限公司（以下简称"健友股份"或"公司"）于近 日收到国家药品监督管理局（以下简称"NMPA"）签发的达肝素钠注射液 0.3ml： 7500AⅩaIU 规格的药品补充申请批准证书（药品批准文号为国药准字 H20201000，通知书编号为 2024B05042），批准本品通过仿制药质量和疗效一致 性评价。现将相关情况公告如下： 一、药品的基本情况 （一）药品名称：达肝素钠注射液 （二）适 应 症：治疗急性深静脉血栓。预防急性肾功能衰竭或慢性肾功能 不全者进行血液透析和血液过滤期间体外循环系统中的凝血。治疗不稳定型冠状 动脉疾病，如：不稳定型心绞痛和非 Q 波型心肌梗死。预防与手术有关的 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [2][3]. Core Views - The company's profitability has improved on a quarter-on-quarter basis, with a focus on high-end formulations and a transition to biopharmaceuticals, indicating a positive long-term growth outlook [2]. - For the first three quarters of 2024, the company reported revenue of 3.088 billion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 6.06 million yuan, down 27.82% year-on-year. The third quarter alone saw revenue of 945 million yuan, a year-on-year increase of 12.79%, with a net profit of 201 million yuan, down 6.54% year-on-year [2]. - The report adjusts the EPS forecast for 2024-2026 to 0.52, 0.69, and 0.92 yuan respectively, down from previous estimates of 0.56, 0.74, and 0.96 yuan, and sets a target price of 16.56 yuan for 2025, up from 13.44 yuan [2]. Financial Summary - The gross profit margin for the first three quarters of 2024 was 41.41%, a decrease of 7.99 percentage points year-on-year, primarily due to high base prices of heparin raw materials in the same period last year. The gross profit margin for Q3 was 44.07%, down 0.32 percentage points year-on-year but up 2.30 percentage points quarter-on-quarter [2]. - The selling expense ratio decreased to 6.27%, down 3.56 percentage points year-on-year, mainly due to reduced promotional expenses for formulations. The management expense ratio increased to 3.93%, up 0.58 percentage points year-on-year, while the R&D expense ratio rose to 7.00%, up 0.23 percentage points [2]. - The net profit margin attributable to shareholders for the first three quarters of 2024 was 19.62%, down 7.09 percentage points year-on-year, with Q3 showing a net profit margin of 21.24%, an increase of 1.23 percentage points quarter-on-quarter [2]. Strategic Initiatives - The company is intensifying its strategic transition towards biopharmaceuticals and high-end formulations, having obtained multiple drug registration approvals in the first half of 2024. As of 2023, it holds 97 overseas drug registration approvals and 28 domestic approvals, leading the industry in the number of ANDA approvals [2]. - The company is advancing its capabilities in peptide and complex formulation technologies, with ongoing development of four biosimilar projects in 2023. Collaborations with other firms are also underway to enhance its product offerings in the high-end market [2].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][7]. Core Views - The company has faced pressure on revenue and profit due to high base prices of heparin raw materials, with a reported revenue of 3,088 million yuan for the first three quarters of 2024, reflecting a decrease of 1.72% year-on-year, and a net profit of 606 million yuan, down 27.82% year-on-year [5][6]. - The report anticipates a new price recovery cycle for heparin by the end of 2024, as the pressure from raw material prices is expected to ease [5][6]. - The company is positioned as a high-quality overseas injectable drug commercialization platform, with a significant number of ANDA approvals and FDA-approved production lines, indicating strong potential for profitability in overseas markets [6][7]. Financial Summary - Revenue projections for 2024-2026 are set at 43.44 billion yuan, 53.22 billion yuan, and 66.24 billion yuan respectively, with net profit expectations of 8.67 billion yuan, 11.53 billion yuan, and 15.07 billion yuan [7]. - The company’s gross margin is expected to improve from 44.07% in Q3 2024, indicating a recovery in profitability [5]. - The report highlights a significant increase in the company's earnings per share (EPS), projected to rise from -0.12 yuan in 2023 to 0.54 yuan in 2024, and further to 0.93 yuan by 2026 [10][11].