Financial Performance - The company's operating revenue for Q3 2024 was ¥945,350,270.02, representing a year-over-year increase of 12.79%[2] - The net profit attributable to shareholders for the same period was ¥200,766,736.72, showing a decrease of 6.54% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥179,553,333.37, down 15.29% year-over-year[2] - The basic earnings per share for Q3 2024 was ¥0.12, a decrease of 7.69% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 was CNY 3,088,009,007.42, a decrease of 1.7% compared to CNY 3,141,918,005.97 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was CNY 605,775,481.17, down 28% from CNY 839,329,356.88 in the previous year[16] - Earnings per share (EPS) for the first three quarters of 2024 was CNY 0.37, compared to CNY 0.52 in the same period of 2023[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,426,678,825.90, reflecting a decrease of 1.02% from the end of the previous year[3] - As of September 30, 2024, the company's total assets amounted to approximately RMB 9.43 billion, a slight decrease from RMB 9.52 billion at the end of 2023[12] - The total liabilities decreased to CNY 3,159,751,028.40 from CNY 3,725,766,674.92 year-over-year[16] - The total equity attributable to shareholders of the parent company increased to CNY 6,270,407,620.76 from CNY 5,801,966,942.85[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,055,077,327.83, down 9.91% year-over-year[2] - In the first three quarters of 2024, the cash inflow from operating activities was CNY 3,291,019,552.74, a decrease of 8.2% compared to CNY 3,584,028,187.68 in the same period of 2023[18] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 1,055,077,327.83, down from CNY 1,171,194,935.25 in 2023, reflecting a decline of 9.9%[18] - Cash inflow from investment activities totaled CNY 2,067,000,653.47, significantly higher than CNY 1,487,036,287.24 in the previous year, marking an increase of 39%[19] - The net cash flow from investment activities was negative at CNY -1,970,502,625.53, compared to CNY -202,849,848.73 in the same period last year, indicating a substantial increase in cash outflow[19] - Cash inflow from financing activities was CNY 3,382,028,500.99, up from CNY 2,178,132,810.93 in 2023, representing a growth of 55.1%[19] - The net cash flow from financing activities improved to CNY 646,617,220.72, compared to a negative CNY -666,207,700.54 in the previous year[19] - The total cash and cash equivalents at the end of the period stood at CNY 626,536,891.47, an increase from CNY 544,894,730.63 at the end of the previous year[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 16,997, indicating a stable shareholder base[6] - The company has a strong shareholder base, with Jiangsu Coastal Development Group holding approximately 21.30% of shares as of September 30, 2024[10] - The company has no significant changes in the participation of major shareholders in securities lending and borrowing activities[10] Expenses and Costs - Total operating costs increased to CNY 2,430,007,182.20, up 11.3% from CNY 2,184,444,946.57 year-over-year[16] - The company reported a decrease in net profit due to increased expenses and lower product prices, leading to a year-to-date decline of 33.41% in net profit attributable to shareholders after deducting non-recurring gains and losses[6] - The cash paid to employees increased to CNY 317,655,358.91, up from CNY 284,072,242.08, reflecting an increase of 11.8%[18] - The cash paid for taxes rose to CNY 300,230,962.48, compared to CNY 272,257,424.61 in the previous year, indicating an increase of 10.3%[18] Research and Development - The company has been focusing on research and development, with development expenditures increasing to approximately RMB 452.69 million from RMB 293.05 million, a growth of about 54.6%[13] - Research and development expenses for the first three quarters of 2024 were CNY 216,228,047.16, slightly up from CNY 212,803,589.87 in the previous year[16] Other Financial Metrics - The return on equity (ROE) for the reporting period was 3.17%, an increase of 0.07 percentage points compared to the previous year[3] - Non-recurring gains and losses for the current period totaled ¥21,213,403.35, with significant contributions from government subsidies and investment income[5] - Other comprehensive income after tax for the first three quarters of 2024 was CNY 7,305,302.77, compared to CNY 4,661,522.58 in the previous year[17] - The company's cash and cash equivalents decreased to approximately RMB 902.47 million from RMB 1.21 billion at the end of 2023, representing a decline of about 25.4%[12] - Accounts receivable increased to approximately RMB 952.94 million, up from RMB 751.30 million, reflecting a growth of about 26.8%[12] - Inventory decreased to approximately RMB 3.60 billion from RMB 4.16 billion, indicating a reduction of about 13.4%[12] - The company's total current liabilities decreased to approximately RMB 2.22 billion from RMB 3.09 billion, a decline of about 28.1%[13] - The company reported a significant increase in trading financial assets, rising to approximately RMB 1.05 billion from RMB 681.99 million, an increase of about 54.3%[12] - The company's long-term equity investments remained stable, with no significant changes reported[13] - The company reported a financial expense of CNY 72,868,430.33, compared to a financial income of CNY 65,049,275.88 in the same period last year[16]

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-077 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 05 日(星期二) 至 11 月 11 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 nkf-pharma@nkf-pharma.com.cn 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 南京健友生化制药股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年三季度报告，为便于广大投资者更全面深入地了解公司 2024 年三季度经营成果、财务状况，公司计划于 2024 年 11 月 12 日 上午 09:00-10:00 举行 2024 年第三季度业绩说明会，就投资者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 ...

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-076 | | --- | --- | --- | | 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 具体内容详见公司于上交所官网（www.sse.com.cn）披露的《健友股份 2024 年三季度报告》。 表决结果：同意 6 票赞成，0 票反对，0 票弃权。 公司召开了第五届董事会审计委员会 2024 年第三次会议，发表意见如下： 全体委员同意公司 2024 年第三季度报告的财务信息，并同意提交董事会审议。 第五届董事会第十一次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 南京健友生化制药股份有限公司（以下简称"公司"）第五届董事会第十一 次会议的通知已于 2024 年 10 月 22 日以电话及电子邮件的方式向各位董事发出， 会议于 2024 年 10 月 30 日上午 9 点整在公司会议室召开。本次会议通过现场方 式召开，应到董事 6 人，实到董事 6 人，其中 ...

南京健友生化制药股份有限公司 关于不向下修正"健友转债"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： | 股票代码：603707 | 股票简称：健友股份 | 公告编号：2024-073 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 4、公司于2021年7月15日起因实施2020年年度利润分配方案，"健友转债"的 转股价格由42.01元/股调整为32.20元/股。具体内容详见公司2021年7月9日披露的 《南京健友生化制药股份有限公司关于"健友转债"转股价格调整公告》（公告编 号：2021-060）。 5、公司于2022年6月10日起因公司实施2021年限制性股票激励计划预留授予， "健友转债"的转股价格由32.20元/股调整为32.19元/股。具体内容详见公司2022年 6月9日披露的《南京健友生化制药股份有限公司关于"健友转债"转股价格调整公 告》（公告编号：2022-043） 经上海证券交易所自律监管决定书［2020］134号 ...

一、药品的基本情况 | 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-074 | | --- | --- | --- | | 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 关于子公司产品注射用盐酸多西环素 获得美国 FDA 批准的公告 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"）子公司健 进制药有限公司（以下简称"健进制药"）于近日收到美国食品药品监督管理局 （以下简称"美国 FDA"）签发的注射用盐酸多西环素，100 mg/瓶的 ANDA 批准 通知（ANDA 号：218053）。现将相关情况公告如下： 公司高度重视药品研发，严格控制药品研发、生产、销售环节的质量和安全。 但产品的生产和销售容易受国家政策、市场环境等不确定因素的影响，有可能存 在销售不达预期等情况。敬请广大投资者谨慎决策，注意防范投资风险。 二、药品其他相关情况 公司于 2024 年 10 月 29 日收到美国 FDA 的 ...

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-072 | | --- | --- | --- | | 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"预计满足 转股价格修正条款的提示性公告 上述方案须经参加表决的全体股东所持表决权的三分之二以上通过方可实 施。股东进行表决时，持有本次可转债的股东应当回避。修正后的转股价格应不 低于前项规定的股东大会召开日前二十个交易日公司股票交易均价和前一交易 日公司股票交易均价。 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。 一、可转债的发行上市概况 经中国证券监督管理委员会《关于核准南京健友生化制药股份有限公司公开 发行可转换公司债券的批复》（证监许可[2020]603 号）核准，南京健友生化制 药股份有限公司（以下简称"公司"）公开发行了 5,031,900 张可转换公司债券 （以下简称"可转债"或"健友转债"），每张面值人民币 100 元，发行总额人 民币 5.0319 亿元，本次可转债存续期限 ...

| 证券代码：603707 | 证券简称：健友股份 | 公告编号：2024-071 | | --- | --- | --- | | 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 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"）签发的注射用泮托拉唑钠 40mg （按 C₁₆H₁₅F₂N₃O₄S 计）规格的药品注册证书（药品批准文号为国药准字 H20249036），现将相关情况公告如下： 一、药品的基本情况 （一）药品名称：注射用泮托拉唑钠 （二）适 应 症：十二指肠溃疡；胃溃疡；中、重度反流性食管炎；十二指 肠溃疡、胃溃疡、急性胃黏膜病变、复合性胃溃疡等引起的急性上消化道出血。 （三）剂 型：注射剂 （四）规 格：40mg（按 C₁₆H₁₅F₂N₃O₄S 计） （五）药品批准文号：国药准字 H20249036 （六）申 请 人：南京健友生化制药股份有限公司 关于获得国家 ...

证券研究报告 健友股份 (603707 CH) 整装待发，生物类似药启新程 2024年10月11日│中国内地 华泰研究 深度研究 投资评级(维持): 买入 目标价(人民币): 21.09 生物类似药带来创新转型节点，传统业务筑底向上 我们认为公司处于从一体化仿制药向创新驱动转型的节点，生物类似药引擎 启动在即，白蛋白紫杉醇有望在 25 年放量，加之阿达木单抗、胰岛素等陆 续上市形成梯队，打开成长天花板。传统业务呈向上反转趋势：1）制剂集 采压力渐出清，原料药量价见修复；2）非肝素制剂美国批件数量快速增长， 有望成为未来 2-3 年增长支撑。我们看好公司制剂高增长和生物药布局，预 计2024-26E年归母净利润8.63/12.56/16.82亿元，对应EPS 0.53/0.78/1.04 元；给予公司 2025 年 27.12x PE（较可比公司溢价 20%，主因公司原料药 承压业务收入占比较小），对应目标价为 21.09 元，维持"买入"。 非肝素制剂：扩展成熟业务版图，为公司未来 2-3 年的增长添动能 从核心产品依诺肝素制剂出发，公司已经培育出了成熟的制剂出口业务， 2023 年实现收入超 19 亿元，同 ...

关于"健友转债"转股结果暨股份变动的公告 | 证券代码：603707 | 证券简称：健友股份 公告编号：2024-070 | | --- | --- | | 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 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 9 月 30 日，累计已有人民币 708,000 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 17,586 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 9 月 30 日，尚未转股的"健友转债"金额为人民币 502,475,000 元，占"健友转债"发行总量的比例为 99.86%。 经中国证券监督管理委员会《关于核准南京健友生化制药股份有限公司公开 发行可转换公司债券的批复》（证监许可[2020]603 号）核准，南京健友生化制 药股份有限公司（以下简称"公司"）公开发行了 5,031,900 张 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating, setting a target price of 18.15 RMB for 2025, based on a 25x PE ratio [5][7] Core Views - The company has successfully transitioned from being primarily an API producer to a formulation-focused business, with overseas formulations expected to drive high growth [1] - As the global leader in heparin API, the company is expected to maintain stable revenue in this segment as heparin prices stabilize [2] - The company's international capabilities in injectable formulations are leading in China, with 69 ANDA approvals as of July 2024, the highest among domestic companies [3] - The company is diversifying into biosimilars, with four biosimilar candidates in Phase I clinical trials and strategic partnerships in insulin development [4] Financial Projections - Revenue is projected to grow from 4.33 billion RMB in 2024 to 6.49 billion RMB in 2026, with a CAGR of 21.1% [5] - Net profit attributable to shareholders is expected to increase from 802.85 million RMB in 2024 to 1.52 billion RMB in 2026 [5] - The company's EPS is forecasted to grow from 0.50 RMB in 2024 to 0.94 RMB in 2026 [6] Heparin Business - The company is the global leader in heparin API, with exports stabilizing around $5,000/kg in H1 2024 after a price decline from pandemic highs [2] - Heparin API revenue has been declining since 2020 due to inventory destocking and formulation business focus, but is expected to stabilize [35] - The company has passed multiple international quality certifications, including FDA, EDQM, and PMDA [36] Formulation Business - The company has 69 ANDA approvals for injectables as of July 2024, leading among Chinese companies [3] - Domestic formulation business has been impacted by volume-based procurement, but the company maintains leading market shares in several low molecular weight heparin products [43] - The company has been successful in national centralized procurement, winning bids for several key products [48] International Expansion - Through its subsidiary Meitheal, the company has established a strong presence in the US injectable market, leveraging GPO and IDN/PN channels [54] - The company has made strategic acquisitions and partnerships to expand its product portfolio, including albumin-bound paclitaxel and adalimumab biosimilar [4][64] - Meitheal's local expertise in the US market has significantly enhanced the company's R&D and regulatory capabilities [61] Biosimilar Business - The company has four biosimilar candidates in Phase I clinical trials and has entered into partnerships for insulin development [4] - The company acquired the US commercialization rights for adalimumab biosimilar Yusimry for $40 million in June 2024 [4] - The biosimilar market is expected to grow rapidly, with global sales projected to reach $164.4 billion by 2030 [72] Quality and Regulatory - The company has a strong track record of passing FDA inspections, with multiple facilities and products receiving approvals [59] - The company's high-quality standards and advanced manufacturing technologies have established it as a leader in sterile injectables [59]