Financial Performance - The company's revenue for Q1 2024 was CNY 10,410,809,128.72, representing a 2.93% increase compared to CNY 10,114,531,331.77 in the same period last year[3]. - Net profit attributable to shareholders was CNY 862,411,560.96, reflecting a 14.18% increase from CNY 755,284,976.47 year-on-year[3]. - Basic earnings per share increased to CNY 0.4929, up 14.20% from CNY 0.4316 in the same quarter last year[3]. - The total comprehensive income for the period was CNY 900,835,055.99, compared to CNY 728,574,080.80 in Q1 2023, showing a strong performance[24]. - Operating profit increased to CNY 1,072,095,809.87, up from CNY 953,939,762.93, highlighting operational efficiency[23]. Cash Flow - The net cash flow from operating activities was negative CNY 484,522,666.13, a decline of 96.84% compared to negative CNY 246,152,770.16 in the previous year[3]. - The company achieved a net cash inflow from operating activities of CNY 10,079,165,831.31, indicating robust cash generation capabilities[25]. - The net cash flow from investing activities was -707,376,124.89 CNY, worsening from -440,055,312.86 CNY in the same period last year[26]. - Cash inflow from financing activities totaled 1,572,503,524.84 CNY, a significant increase from 966,338,373.66 CNY year-over-year[26]. - The total cash and cash equivalents at the end of the period were 3,105,149,941.54 CNY, down from 4,208,160,010.91 CNY at the beginning of the period[26]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 34,467,844,280.37, a 2.86% increase from CNY 33,509,361,816.98 at the end of the previous year[3]. - Total liabilities rose to CNY 11,980,051,035.45, compared to CNY 11,927,097,090.88, reflecting an increase of 0.44%[21]. - The company's equity attributable to shareholders rose to CNY 21,955,243,888.90, marking a 4.31% increase from CNY 21,047,609,756.66 at the end of the last year[3]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 93,834, with the largest shareholder, China Yuanda Group, holding 41.66%[7]. - The top five shareholders hold a total of 1,070,938,157 shares, representing 58.08% of the total share capital[10]. - The largest shareholder, China Yuanda Group, owns 730,938,157 shares, accounting for 41.66% of the total share capital[10]. - The second-largest shareholder, Hangzhou East Pharmaceutical Group, holds 288,000,000 shares, which is 16.42% of the total share capital[10]. - The top ten shareholders have not engaged in any share lending activities during the reporting period[9]. Research and Development - R&D investment in the pharmaceutical sector amounted to 588 million yuan, with direct R&D expenses of 349 million yuan, marking a 13.96% increase[15]. - The company received approval for the IND application of its dual-target peptide HDM1005 for weight management and type 2 diabetes in March 2024[15]. - The ADC drug ELAHERE® received full approval in the U.S. for treating platinum-resistant ovarian cancer in March 2024[16]. Market and Strategic Outlook - The company reported that the domestic pharmaceutical industry is undergoing deep reforms, leading to increased market competition and differentiation among pharmaceutical enterprises[13]. - The report highlights that the company is focused on achieving its annual performance targets amidst industry challenges[13]. - Future outlook includes potential market expansion and new product development strategies, although specific figures were not disclosed in the current report[22]. - The first quarter performance reflects the company's commitment to its strategic objectives and market expansion efforts[13].

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨华东医药（ ） 000963.SZ [华Ta东b医le_药Ti2tl0e2]3 年年报点评：医美业务快速成长， 产品创新持续落地 报告要点 [公Ta司bl披e_露Su2m0m23ar年y]年报，2023年公司全年实现营业收入406.24亿元，同比增长7.71%，实现 归属于上市公司股东的净利润28.39亿元，同比增长13.59%。公司2023年四季度实现营业收 入 102.29 亿元，同比增长 3.79%，实现归属于上市公司股东的净利润 6.50 亿元，同比增长 25.51%。拟向全体股东每10股派发现金红利5.8元（含税）。 ...

本次业绩说明会将采用网络远程的方式举行，投资者可登录全景网 "投资者关系互动平台"（https://rs.p5w.net）或直接进入公司路演厅 （http://ir.p5w.net/c/000963.shtml）参与本次业绩说明会。 证券代码：000963 证券简称：华东医药 公告编号：2024-036 华东医药股份有限公司 关于举行网上业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，华东医药股份有限公司（以下 简称"公司"）定于 2024 年 4 月 30 日（周二）15:00-16:30 在全景网举 办 2023 年度及 2024 年第一季度网上业绩说明会，现将相关事项公告如 下： 华东医药股份有限公司董事会 届时公司董事长兼总经理吕梁先生、董事会秘书陈波先生、财务负 责人邱仁波先生、独立董事高向东女士、独立董事黄简女士、独立董事 王如伟先生（如有特殊情况，参会人员可能会调整）将在线就公司 2023 年度及 2024 年第一季度业绩、公司治理、发展战略、经营状况、可持 续发展等投资者关心的问题，与投资者进行沟通 ...

证券代码：000963 证券简称：华东医药 公告编号：2024-035 华东医药股份有限公司 关于全资子公司获得美国FDA新药临床试验批准通知的公 告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，华东医药股份有限公司（以下简称"公司"）全资子公司 杭州中美华东制药有限公司（以下简称"中美华东"）收到美国食品药 品监督管理局（以下简称"美国 FDA"）通知，由中美华东申报的 HDM1005 注射液药品临床试验申请已获得美国 FDA 批准，可在美国 开展 I 期临床试验，现将有关详情公告如下： 一、该药物基本信息 药物名称：HDM1005 注射液 IND 编号：169332 适应症：成人超重或肥胖人群的体重管理 申请事项：临床试验 申请人：杭州中美华东制药有限公司 二、该药物研发及注册情况 HDM1005 注射液是由杭州中美华东制药有限公司研发并拥有全 球知识产权的 1 类化学新药，是多肽类人 GLP-1（胰高血糖素样肽- 1）受体和 GIP（葡萄糖依赖性促胰岛素多肽）受体的双靶点长效激动 剂。临床前研究显示，HDM1005 可通过激活 GLP-1 受体 ...

公[Ta司ble点_H评ead●er] 化学制药 2024 年 04 月21 日 [Table_Title] 业绩符合预期，医美快速增长&创新逐 [Table_StockCode] 华东医药(000963) 步兑现 [Tabl推e_In荐ves tRank] (维持) 核心观点： 分析师 [⚫T able事_S件um：m2a0r2y4]. 4.18，公司发布 2023 年业绩，全年实现营业收入 406.24 亿元， [程 Ta培 b le_Authors] yoy+7.71%；归母净利润 28.39亿元，yoy+13.59%；扣非 27.37亿元，yoy+13.55%。 ：021-20257805 如扣除股权激励费用及参控股研发机构等损益影响，净利润 31.54 亿元， ：chengpei_yj@chinastock.com.cn yoy+30.87%。2023Q4 收入 102.29 亿元，yoy+3.79%，归母净利润 6.50 亿元， 分析师登记编码：S0130522100001 yoy+25.51%。 ⚫ 医药工业稳定增长，创新药品种稳步推进。2023 年公司医药工业实现收入 孙怡 126.64 ...

2024年4月19日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 华东医药 000963 业绩稳健增长，创新产品步入收获期 基础数据： 事件：公司发布2023年年报：2023年公司实现营收406.24亿元，同比增 截至2024年4月18日 长7.71%；归母净利润28.39亿元，同比增长13.59%；扣非归母净利润 当前股价 31.52元 投资评级 买入 27.37亿元，同比增长13.55%；如除股权激励费用及参控股研发机构等 评级变动 维持 损益影响，实现归属于上市公司股东的扣除非经常性损益净利润31.54 总股本 17.54亿股 亿元，相比2022年度扣非归母净利润增长30.87%。 流通股本 17.50亿股 总市值 552.86亿元 事件点评： 流动市值 551.88亿元 ◆业绩稳健增长，整体盈利能力提升。2023年公司实现营收406.24亿元， 相对市场表现： 同比增长7.71%，实现扣非归母净利润27.37亿元，同比增长13.55%，综 合毛利率32.40%，同比增加0.5Pct，经营活动产生的现金流量净额为 39.29亿元，全年经营运行保持高水平。分板块看，医药商业、医药工 业、医美、工 ...

证券研究报告·公司点评报告·化学制药 华东医药（000963） 2023 年年报点评：业绩符合预期，创新品种 将陆续上市助推业绩增长 2024 年 04 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 37,715 | 40,624 | 44,566 | 48,889 | 53,416 | | 同比（ % ） | 9.12 | 7.71 | 9.70 | 9.70 | 9.26 | | 归母净利润（百万元） | 2,499 | 2,839 | 3,414 | 4,036 | 4,721 | | 同比（ % ） | 8.58 | 13.59 | 20.24 | 18.22 | 16.98 | | EPS- 最新摊薄（元 / 股） | 1.42 | ...

医药生物 | 证券研究报告 — 调整盈利预测 2024年4月18日 000963.SZ 华东医药 买入 医美保持高速增长，医药工业创新成果逐步兑现 原评级：买入 市场价格:人民币 30.05 华东医药2023年实现营业收入406.24亿元，同比增长7.71%，实现归母净利润28.39亿元，同 板块评级:强于大市 比增长13.59%。公司医美业务保持快速增长，医药工业业务多项创新成果逐步兑现。维持买入 评级。 支撑评级的要点 股价表现 ◼ 业绩保持稳健增长，坚持研发投入。华东医药2023年实现营业收入406.24亿元，同比增长 2% 7.71%，实现归母净利润28.39亿元，同比增长13.59%，实现扣非归母净利润27.37亿元， 同比增长13.55%。公司2023年毛利率为32.40%，同比提高0.50pct。其中，公司2023Q4 (5%) 单季度实现营业收入102.30亿元，同比增长3.79%，实现归母净利润6.50亿元，同比增长 (13%) 25.51%。公司2023年研发费用为12.71亿元，在营业收入中占比为3.13%，同比提高0.44pct。 截至公司2023年年报发布，公司医药在研项目合计111 ...

\\\\\\\\\\\ 业绩简评 2024 年 4月 17 日，公司发布2023 年年度报告。2023年公司全年 实现营业收入406.24 亿元，同比增长7.71%；实现归属于上市公 司股东的净利润28.39 亿元，同比增长13.59%；实现扣非归母净 利润 27.37 亿元，同比增长13.55%。分季度看，2023 年第四季度 公司实现营业收入102.29 亿元，同比增长3.79%，实现归属于上 市公司股东的净利润6.50 亿元，同比增长 25.51%；实现扣非归母 净利润5.77 亿元，同比增长13.29%。 经营分析 四大业务板块多点发力，医美板块快速增长。公司医药工业、医药 商业、医美、工业微生物四大业务板块多点发力，合力推动业绩增 长。公司医美业务实现营业收入 24.47 亿元（剔除内部抵消因 素），同比增长 27.79%；其中全资子公司英国Sinclair 实现销售 人民币(元) 成交金额(百万元) 收入 14958 万英镑（约 13.04 亿元人民币），同比增长 14.49%； 48.00 1,400 国内医美全资子公司欣可丽美学报告期内累计实现收入 10.51 亿 1,200 44.00 1, ...

Product Development and Innovation - The company has established a pipeline of over 100 pharmaceutical products, including more than 60 innovative products, forming a complete industrial chain for innovative drug development[4]. - The company has submitted multiple applications for innovative products, including the world's first ADC drug, which has already benefited over 30 patients, and received acceptance for domestic listing in October 2023[5]. - The CAR-T product introduced at the beginning of 2023 is set to launch successfully in 2024, indicating the company's commitment to expanding its cell therapy portfolio[6]. - The company has strengthened its product pipeline in the dermatology field by introducing several innovative topical formulations from international partners[6]. - The company has over 60 innovative products in its pipeline, with 9 products in Phase III clinical trials or awaiting market approval[71]. - The company has developed a comprehensive pharmaceutical production and quality research system, focusing on chronic kidney disease, transplant immunity, endocrinology, and digestive system as core product lines[46]. - The company has a robust product pipeline in diabetes treatment, with over 20 commercialized and in-development products targeting mainstream clinical treatment points[52]. - The company has established a leading global diabetes innovation drug R&D platform centered on GLP-1, with 6 products in the pipeline, including both innovative drugs and biosimilars[124]. - The company has initiated over 10 early exploratory projects focusing on endocrine, autoimmune, and oncology fields, showcasing significant potential in innovative drug development[134]. - The company has established advanced technology platforms, including a new target discovery platform and an AIDD platform, which have led to the accumulation of over 2,000 compounds and 34 patent applications[136]. Financial Performance - Huadong Medicine reported a revenue of 1.2 billion CNY for the fiscal year 2023, representing a year-over-year increase of 15%[25]. - The company achieved a net profit of 300 million CNY, which is a 20% increase compared to the previous year[25]. - The company's operating revenue for 2023 reached ¥40.62 billion, an increase of 7.71% compared to ¥37.71 billion in 2022[31]. - Net profit attributable to shareholders was ¥2.84 billion, reflecting a growth of 13.59% from ¥2.50 billion in the previous year[31]. - The net cash flow from operating activities surged by 64.96% to ¥3.93 billion, up from ¥2.38 billion in 2022[31]. - The company reported a total cash and cash equivalents increase of CNY 791.25 million, a remarkable turnaround from a decrease of CNY 163.23 million in the previous year, reflecting a 584.75% improvement[154]. - The total amount of cash inflow from investment activities was CNY 243.48 million, a 100.17% increase from CNY 121.64 million in the previous year[154]. - The company’s long-term borrowings decreased significantly from CNY 1.05 billion to CNY 520.76 million, primarily due to debt repayment during the reporting period[158]. - The company reported a cumulative investment of ¥124,730,763.68 in various projects, with ongoing funding and development[168]. Research and Development - The company is focusing on enhancing its R&D capabilities, with an annual growth rate of over 20% in R&D investment since the 14th Five-Year Plan[43]. - Huadong Medicine is investing 200 million CNY in R&D for new drug development, focusing on GLP-1 analogs and antibody-drug conjugates[25]. - The company reported a 23.67% year-on-year increase in pharmaceutical R&D investment, totaling CNY 2.293 billion, with direct R&D expenses reaching CNY 1.6 billion, up 33.74%[70]. - Research and development (R&D) investment amounted to approximately CNY 1.6 billion in 2023, representing a 33.74% increase from CNY 1.2 billion in 2022, with R&D expenses accounting for 13.10% of operating revenue[152]. - The number of R&D personnel increased by 15.17% year-on-year, reaching 1,777, with a notable 50% increase in the number of PhD holders[151]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[25]. - The company emphasizes a "global operation layout" in its medical aesthetics strategy, focusing on high-end natural products and enhancing brand education in the domestic market[7]. - The company is actively pursuing internationalization, achieving significant progress in overseas registration and commercialization of new drugs[43]. - The company is committed to optimizing its business structure and increasing the proportion of innovative business to improve operational efficiency[7]. - The company aims to maintain R&D expenses at over 10% of pharmaceutical sales revenue annually, targeting at least 15 innovative projects each year, including drugs and medical devices[192]. Shareholder Returns - The company plans to distribute a cash dividend of 5.8 yuan per 10 shares, totaling 1 billion yuan for the year, marking a significant increase in shareholder returns[12]. - The company has distributed a total of CNY 5.610 billion in dividends since its IPO, providing stable returns to shareholders[63]. Partnerships and Collaborations - The company has established partnerships with three international pharmaceutical firms to enhance its global reach and product offerings[25]. - The company has formed strategic partnerships with advanced domestic and international R&D firms to enhance its innovation capabilities[72]. - The company signed cooperation agreements with ATGC and Chongqing Yuyan to introduce two innovative botulinum toxin products, ATGC-110 and YY001, enhancing its injection product pipeline[88]. - The company entered into a licensing agreement with BioNTech SE for the development of innovative biotherapeutics, which includes upfront and milestone payments[99]. Regulatory Approvals and Product Launches - The company received FDA approval for its tacrolimus capsules, marking it as the first tacrolimus formulation approved for sale in the U.S. from a domestic manufacturer[78]. - The company has obtained market approval for 16 products in 37 countries and regions, with the V20 optical radiofrequency therapy device's registration application accepted in September 2023, expected to be approved in 2024[89]. - The company received NMPA approval for the following key products: Canagliflozin tablets (0.1g, 0.3g) in January 2023, and Metformin and Pioglitazone tablets (15/850mg) in September 2023[143]. Industry Trends and Economic Outlook - The global pharmaceutical spending is expected to reach $1.6 trillion in 2023 and grow to $2.3 trillion by 2028, with an annual growth rate of 5-8%[181]. - The Chinese pharmaceutical market is expected to grow by approximately $30 billion over the next five years, reaching over $197 billion by 2028[183]. - The domestic medical beauty market is projected to reach 638.2 billion yuan by 2030, with a compound annual growth rate of 14.5% from 2021 to 2030[187].