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: ●湖南方盛制药股份有限公司（以下简称"公司"）控股股东暨实际控制人张庆华 先生办理完成了1,300万股（占公司总股本的2.96%）公司股份解除质押手续； ●截至本公告披露日，张庆华先生直接持有公司的股份总数为156,019,500股，占 公司股份总数（439,616,620股）的35.49%；张庆华先生质押的公司股份总数为 81,555,200股，占其直接持有公司股份总数的52.27%，占公司股份总数的18.55%；张 庆华先生控股的湖南开舜投资咨询有限公司之控股子公司泰州共生创业投资管理有限 公司（以下简称"共生投资"）持有公司股份数为14,434,875股，共生投资质押的公司 股份总数为0股；综上，张庆华先生及其一致行动人共生投资合计持有公司170,454,375 股，以此计算，张庆华先生及其一致行动人共生投资合计质押的公司股份总数为 81,555,200股，占持股总数的47.85%。 湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEU ...

2024 年 04 月 23 日 公司研究 评级：买入(维持) 风险提示 医药行业政策风险，核心产品放量不及预期，"338 工 程"实施不及预期，公司盈利能力下降，产品研发不及预期，公司 管理层变动风险，核心人才流失风险。 本报告的风险等级定级为 R3，仅供符合国海证券股份有限公司（简称"本公司"）投资者适当性管理要求的客 户（简称"客户"）使用。本公司不会因接收人收到本报告而视其为客户。客户及/或投资者应当认识到有关本报 告的短信提示、电话推荐等只是研究观点的简要沟通，需以本公司的完整报告为准，本公司接受客户的后续问 询。 流通市值（百万） 4,896.45 聚焦主业提升盈利能力，积极分红回报股东 2023 年医药制药业 收入 14.39 亿元，占比 88.35%，较去年同期提升 7.84pct，扣非归 母净利率 8.20%，较去年同期提升 2.26pct。2023 年公司两次分红， 累计 1.28 亿元，分红比例到达 68.27%，积极回报股东。公司上市 以来，每年均进行了不同比例的现金分红，至今累计分红 13 次，分 红总额约 4.87 亿元（含税，含本次年度分红）。 总股本（万股） 43,961.66 ...

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 挖掘价值 投资成长 【投资建议】 资料来源：Choice，东方财富证券研究所 行业政策风险； 药品降价风险； 安全环保风险； 并购整合风险； 产品质量风险； 新药品开发风险； 制造工业稳步增长，加大投入储备新药 2024 年 04 月 23 日 [Table_Title] 方盛制药（603998）2023年报&一季报点评 [【投资要点】 Table_Summary] 制造工业稳步增长扣非归母净利润上升。2023 年公司实现营业收入 16.28 亿元，同比-9.12%；归母净利润 1.86 亿元，同比-34.64%；扣 非归母净利润 1.33 亿元，同比+25.35%。公司营收、归母净利润同比 均出现一定程度下降，前者主要是佰骏医疗不再并表、部分重点品种 进入国家集采降价所致；后者主要是因为上年确认了佰骏医疗股权转 让的投资收益，而 2023 年无该部分收益。公司扣非归母净利润上升 是由于制药工业稳步增长。公司聚焦主业，"338 大产品打造计划"中 大部分品种均呈现稳健增长态势。2024Q1，公司实现营收 4.38 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company's revenue for 2023 was 1.629 billion yuan, a decrease of 9.12% year-on-year, while the net profit attributable to shareholders was 186.82 million yuan, down 34.64% [7][8]. - Excluding the impact of Baijun Medical no longer being included in the consolidated financial statements, the company's revenue remained stable in 2023 [2]. - The company has seen strong performance in its respiratory and pediatric medication segments, with notable revenue growth in specific products [2]. Financial Performance Summary - Total revenue (million yuan): - 2022A: 1,792 - 2023A: 1,629 - 2024E: 1,913 - 2025E: 2,367 - 2026E: 2,901 - Year-on-year growth rates: - 2023A: -9.12% - 2024E: 17.44% - 2025E: 23.77% - 2026E: 22.56% [8][20]. - Net profit (million yuan): - 2022A: 285.85 - 2023A: 186.82 - 2024E: 242.17 - 2025E: 311.63 - 2026E: 396.33 - Year-on-year growth rates for net profit: - 2023A: -34.64% - 2024E: 29.62% - 2025E: 28.68% - 2026E: 27.18% [8][20]. Product Performance Summary - The company’s strategic products are steadily increasing in volume, with significant revenue contributions from respiratory and pediatric medications [2]. - Specific product highlights include: - Tengwangge Pharmaceutical: Revenue of 180 million yuan (+28%) - Pediatric medication: Revenue of 188 million yuan (+24.74%) with improved gross margin [2]. - The company’s industrial gross margin improved to 76.59% in Q1 2024, up 5.64 percentage points year-on-year [2]. Research and Development - The company increased its R&D investment by 53% in 2023, with a 48% increase in Q1 2024 [17]. - The company has a rich pipeline of products in various stages of clinical trials, indicating a strong focus on innovation [17].

证券代码：603998 证券简称：方盛制药 编号：2024-013 湖南方盛制药股份有限公司 投资者关系活动记录表 £特定对象调研 £分析师会议 £媒体采访 £业绩说明会 投资者关系活动 £新闻发布会 £路演活动 类别 £现场参观 £电话会议 R其他（电话交流会） 参与单位名称 名单详见附件 时间 2024年4月21日 上市公司接待人 董事会秘书何仕、营销总监陈建武 员姓名 投资者关系 主要交流内容： 活动 一、公司2023年年度业绩介绍 ...

本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 5 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 4 2024 年 04 月 21 日 方盛制药(603998.SH) 事件： 医药工业收入同比基本持平，主要是受到集采降价的影响。 （1）心脑血管：2023 年心脑血管疾病用药销售收入 3.85 亿元，同 比下滑 14.34%，主要是因为核心品种依折麦布片受到集采降价的影 响，同比出现较大幅度下滑，血塞通片同比增长超过 20%。2024 年 Q1 心脑血管疾病用药销售收入 1.12 亿元，同比增长 44.28%，完成触 底反弹，其中依折麦布片销售收入约 6,700 万元，同比增长约 115%。 （3）呼吸：2023 年呼吸系统用药销售收入 1.80 亿元，同比增长 27.96%，主要贡献来自于子公司滕王阁药业，其中，强力枇杷膏（蜜 炼）同比增长 20%以上，强力枇杷露同比增长 80%以上。2023 年前三 季度呼吸系统用药销售收入已经达到 1.56 亿元，同比增长 65.52%， | --- | --- | |--------------------------|---------- ...

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Financial Performance - The company's operating revenue for 2023 was RMB 1,628,542,252.04, a decrease of 9.12% compared to RMB 1,792,000,925.51 in 2022[24]. - The net profit attributable to shareholders of the listed company was RMB 186,823,361.94, down 34.64% from RMB 285,853,227.19 in the previous year[24]. - The net cash flow from operating activities was RMB 87,537,942.80, a significant decline of 70.98% compared to RMB 301,625,891.42 in 2022[25]. - The total assets at the end of 2023 were RMB 3,080,985,669.36, reflecting a 5.43% increase from RMB 2,922,400,058.53 at the end of 2022[25]. - The basic earnings per share for 2023 were RMB 0.43, a decrease of 34.85% from RMB 0.66 in 2022[25]. - The diluted earnings per share were RMB 0.42, down 36.36% from RMB 0.66 in the previous year[25]. - The weighted average return on equity was 12.58%, a decrease of 6.66 percentage points from 19.24% in 2022[25]. - The company attributed the decline in revenue to the exclusion of Baijun Medical from the consolidated financial statements and price reductions of key products due to national procurement[25]. - The net profit decline was also influenced by the absence of investment income from the equity transfer of Baijun Medical, which was recognized in the previous year[25]. Dividend Distribution - The board approved a cash dividend of 2 CNY per 10 shares, totaling an estimated 127,537,689.80 CNY, which represents 68.27% of the net profit attributable to ordinary shareholders[5]. - The company distributed a cash dividend of 0.09 CNY per share in the first half of 2023, amounting to 39,590,965.80 CNY[5]. - The total cash dividends distributed to shareholders amounted to approximately 487 million yuan since the company's listing, with a planned distribution of 127.54 million yuan for the 2023 fiscal year, accounting for 68.27% of the net profit attributable to ordinary shareholders[45]. Research and Development - R&D expenses increased by over 50% year-on-year to enhance new drug development capabilities[26]. - The company has established four major R&D centers to enhance its innovation capabilities in traditional Chinese medicine and generic drugs[40]. - The company holds 144 drug registration certificates and 16 new drug certificates, indicating a strong product reserve to support strategic goals[74]. - The company is focused on developing differentiated products with clinical value and cost advantages, aiming for "Me-better" and "Best-in-Class" innovations[85]. - The company’s R&D investment amounted to 6.63% of its operating revenue, significantly higher than the industry average of 3.43%[137]. Market and Sales Performance - The sales revenue of the main product, Strong Li Pi Pa Gao, exceeded CNY 180 million, with a year-on-year growth of approximately 28%[38]. - The pediatric Jingxing cough granules achieved a revenue of approximately 60 million yuan, covering nearly 900 grade hospitals and about 400 grassroots hospitals by the end of the reporting period[39]. - The Xuanqi bone-strengthening tablets generated around 32 million yuan in revenue in its first year, with nearly 500 grade hospitals covered, following its inclusion in the 2023 Chronic Pain Treatment Guidelines[39]. - The health sector revenue reached 12 million yuan in 2023, representing a year-on-year growth of 220%[40]. - The company’s sales revenue from children's medication reached 188,169,688.60 CNY, with a gross margin of 65.10%, reflecting a 24.74% increase compared to the previous year[125]. Acquisitions and Investments - The company completed the acquisition of controlling interest in Fangsheng Tianhong in March 2023, with related party funds of 2.8692 million CNY and interest of 95,600 CNY fully repaid by October 2023[7]. - The company acquired a 53.24% stake in Fangsheng Tianhong for ¥41.58 million, making it a subsidiary included in the consolidated financial statements from March 2023[100]. - The company acquired a total of 36.12% equity in Fangsheng Rongcheng, making it a subsidiary, with a total investment of 1,100,000 RMB, of which 165,000 RMB has been paid[101]. Compliance and Governance - The company emphasizes compliance and governance in response to regulatory changes aimed at addressing corruption in the pharmaceutical sector[153]. - The company held four shareholder meetings and eleven board meetings during the reporting period, ensuring compliance with legal requirements[167]. - A total of 106 interim announcements were disclosed, maintaining transparency and timely information for shareholders[169]. - The company updated its independent director work system in line with new regulations to enhance governance practices[169]. Risks and Challenges - The company faces risks from government policies affecting the pharmaceutical industry, which may impact operational models and product competition[160]. - The ongoing trend of drug price reductions poses a risk to profit margins, but the company aims to leverage this for sales expansion[161]. - New product development carries inherent risks due to long timelines and high investment, necessitating a focus on innovative solutions to meet clinical needs[162]. - The company faces risks related to mergers and acquisitions, including uncertainties in target selection and integration post-acquisition[163]. Employee and Management - The company had a total of 1,686 employees, with 1,182 in the parent company and 504 in major subsidiaries[197]. - The company has implemented a competitive compensation policy to attract and retain talent, including performance-based bonuses and stock incentive plans[198]. - The company emphasizes talent development through a structured training program, focusing on various educational systems for different employee levels[200].

（一）会计师事务所基本情况 上会会计师事务所（特殊普通合伙）（以下简称"上会所"） 原名上海会计师事务所，成立于 1981 年 1 月，系财政部在上海 试点成立的全国第一家会计师事务所。1998 年 12 月按财政部、 中国证券监督管理委员会的要求，改制为上海上会会计师事务所 有限公司。2013 年 12 月改制为上会会计师事务所(特殊普通合 伙)。 湖 南 方 盛 制 药股 份有 限 公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 湖南方盛制药股份有限公司董事会审计委员会 关于 2023 年度年审会计师履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司治理准则》《国有企业、上市公司选聘会计师事务所 管理办法》和《公司章程》等规定和要求，董事会审计委员会本 着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员 会对会计师事务所 2023 年度履行监督职责的情况报告如下： 一、2023 年年审会计师事务所基本情况 上会所首席合伙人为张晓荣，注册地址为上海市静安区威海 路 755 号 25 层，组织形式为特殊普通合伙。上会所已取得会计 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 湖南方盛制药股份有限公司 独立董事对公司对外担保情况的专项说明 根据中国证监会《上市公司独立董事管理办法》《上市公司 监管指引第8号——上市公司资金往来、对外担保的监管要求》 《上海证券交易所股票上市规则》《公司章程》《湖南方盛制药 股份有限公司独立董事工作制度》等有关规定，作为公司的独立 董事，我们对公司2023年度对外担保情况发表如下说明： 我们本着严格自律、规范运作、实事求是的原则，对公司2023 年度的对外担保情况进行了审慎查验。2023年度，公司根据国家 有关法律法规和《公司章程》的规定，审慎对待和严格控制对外 担保产生的债务风险，严格对外担保的审批程序，认真履行对外 担保情况的信息披露义务，保护了全体投资者的合法权益。 截至 2023 年 12 月 31 日，公司不存在为控股股东及其关联 方、任何非法人单位或个人提供担保的情况；公司对子公司湖南 方盛绿色合成制药有限公司、湖南方盛康华制药有限公司、湖南 方盛锐新药业有限公司、海南博大药业有限公司的担保，按照相 关规定履行了审批程序并对外进行了披 ...