证券代码： 002019 证券简称：亿帆医药 亿帆医药股份有限公司投资者关系活动记录表 编号：2025001 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 8 日（周四）下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用 | | | 网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长、总裁程先锋 | | 员姓名 | 2、董事、副总裁、董秘冯德崎 | | | 3、财务总监张大巍 | | | 4、董事兼副总裁林行 | | | 5、副总裁耿雨红 | | | 6、独立董事曾玉红 | | 投资者关系活动 | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、想问程总。上次交流会程总说市值 ...

事件 近期，公司发布2024年年报及2025年一季报。2024年公司实现营业收入51.60亿元，同比增长26.84%， 药品相关营业收入42.60亿元，医药自有产品实现收入36.64亿元，同比增长50.64%；实现归母净利润 3.86亿元，同比增长170.04%，扣非归母净利润2.48亿元。2025年一季度，公司实现营业收入13.27亿 元，同比增长0.05%，实现归母净利润1.53亿元，同比增长4.83%，扣非归母净利润0.95亿元。 产品结构持续优化，费用控制成果显著。2024年公司药品相关营业收入42.60亿元，占公司总收入超 80%。其中医药自有产品（含进口）实现收入36.64亿元，占公司营业收入71.02%，较上年增长11.23个 百分点。近五年国内医药自有（含进口）营业收入年复合增长率为29.00%。拉考沙胺注射液、重酒石 酸去甲肾上腺素注射液等产品中选第十批药品集中带量采购。期间费用率方面，2024年公司销售费用率 23.66%，管理费用率及研发费用率13.57%，财务费用率1.43%，自研医药及维生素产品陆续达到预计可 使用状态，研发资本化投入金额减少。公司费用控制得当，三项费用率同比均有改善 ...

亿帆医药（002019） 证券研究报告 2025 年第一季度业绩表现出色，2025 年有望迎来多项进展 事件：2025 年第一季度，收入 13.27 亿元，同比基本持平；归母净利润 1.53 亿元，同比增长 5%。考虑到去年第一季度为高基数，且今年一季度感冒类， 部分集采等药品业绩承压，核心品种增长较快带动整体正增长。 公司自有品种保持较高增长，创新品种增速突出 公司医药产品，尤其是自有制剂高速增长带动整体收入加速，利润释放， 形成基本盘。2024 年公司自有产品收入为 36.64 亿，同比增长 50.64%。 大单品亿立舒医保 2024 年首年销售爬坡超预期，2025 年有望进一步扩大 放量，具有成为 10 亿级别单品的潜力。亿立舒海外欧盟已完成多批次发货， 美国后续也有望开始发货，2025 年海外开始贡献销售收入。同时公司完成 了国内原液车间第二个反应器安装与调试验证，并启动了全球供应链优化 工作，后续有望进一步提升毛利率。 丁甘交联玻璃酸钠经过一年医保准入和学术推广，销售渐入佳境。2025 年 第一季度发货同比增长 1158%。 发展战略重视创新发展，今年新增两款具有全球开发潜力的在研品种 公司发展战略 ...

事件：公司发布2024年年报及2025年一季报，2024年公司实现营业收入51.6亿元，同比增长26.8%；实 现归母净利润3.9亿元，同比增长170.0%。2025Q1实现营业收入13.3 亿元，与上年同期基本持平；实现 归母净利润1.5 亿元，同比增长4.8%。 2025 年目标清晰。2025 年公司将推动亿立舒产品在美国、巴西和中东市场的上市销售。国内市场方 面，公司力争实现销售千万级产品35 个、五千万级产品10 个、过亿产品8个。研发上，公司计划完成3 项生物类似药的中国IND、同时争取完成创新药N-3C01 的Pre-IND 申请、推进F-652 的临床试验开展。 盈利预测与投资建议。预计公司2025-2027 年归母净利润分别为6.2 亿元/8.7亿元/10.3 亿元，EPS 分别为 0.51 元/0.72 元/0.85 元，给予"买入"评级。 风险提示：创新产品进度不及预期风险；海外经营风险等。 自有产品高速增长，亿立舒商业化进程持续推进。1）2024 年公司医药自有产品实现营业收入36.6 亿 元，同比增长50.6%，国内医药自有产品实现收入31.5亿元，同比增长56.7%，其中收入达千万的 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 亿帆医药（002019.SZ） 2024 业绩符合预期，2025Q1 经营稳健，后续有望逐季向好 公司发布 2024年报及 2025一季报。公司 2024 全年实现营业收入 51.60 亿元（同比+26.84%），实现归母净利润 3.86 亿元（同比+170.04%），扣 非归母净利润 2.48 亿元（同比+146.58%）。 单独看 Q4，2024Q4 公司实现营业收入 13.02 亿元（同比+14.39%）；实 现归母净利润 0.20 亿元（同比+102.81%）；实现扣非归母净利润-0.04 亿 元。 2025Q1 公司实现营业收入实现营业收入 13.27 亿元（同比+0.05%）；实 现归母净利润 1.53 亿元（同比+4.83%）；实现扣非归母净利润 0.95 亿 元。 2024 年公司收入利润快速增长，符合预期。公司收入整体符合预期，收 入结构持续优化。公司药品有关的营业收入为 42.60 亿元（同比 +37.51%），占公司整体营业收入的 82.56%（（2023 年占比 76.15%）。产 品分类中医药 ...

2025 年 04 月 30 日 公司点评 买入/维持 亿帆医药(002019) 目标价: 15 昨收盘:11.69 Q1 业绩基本符合市场预期，创新药产品收入实现高速增长 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 12.16/8.41 | | --- | --- | | 总市值/流通(亿元) | 142.2/98.37 | | 12 个月内最高/最低价 | 14.4/9.94 | | (元) | | 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 事件： 4 月 29 日晚，公司发布 2025 年一季度报告，2025 年第一季度公司实 现营业收入 13.27 亿元，同比增长 0.05%，归母净利润为 1.53 亿元，同 比增长 4.83%，扣非后归母净利润为 0.95 亿元，同比下滑 13.55%。 点评： Q1 髙基数下，收入和利润端均实现同比正增长。2025 年第一季度公 司实现营 ...

事件： 单季度收入和利润端均实现正增长，在公司感冒类和部分集采医药产品、维生素业务同比营收出现较大 波动背景下，公司核心产品实现了快速增长，其中创新药产品实现收入同比增长327.73%。 毛利率略有下降，净利率同比提升1.55pct。2025 年Q1 公司整体毛利6.16 亿元，毛利率达46.39%，比去 年同期下降0.98pct；因政府补助增加，Q1 净利率为10.42%，比去年同期提升1.55pct。公司期间费用率 基本保持稳定，其中销售费用率为23.64%，比去年同期下降0.10%；管理费用率为6.56%，比去年同期 下降0.19%；研发费用率为4.79%，比去年同期增长0.27%。 在研创新药产品有序进行，亿立舒商业化有望加速。去年底公司已实现亿立舒在中国、美国、欧盟和巴 西等34 个国家获准上市销售，今年商业化有望加速。同时，公司在F-652 治疗慢加急性肝衰竭 （ACLF）IIb 临床试验设计及AH 适应症II 期临床方案与中国监管机构达成了共识或得到认可；AH 适 应症II 期临床方案获得FDA 默示许可和境外资助用于开展二期临床试验。另外，公司也在不断推进创 新药N-3C01 和EY-SF-0 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,326,616,043.20, a slight increase of 0.05% compared to CNY 1,325,969,392.93 in the same period last year[5] - Net profit attributable to shareholders was CNY 153,161,633.89, representing a growth of 4.83% from CNY 146,099,164.96 year-on-year[5] - The net profit after deducting non-recurring gains and losses decreased by 13.55% to CNY 95,369,685.69 from CNY 110,319,647.03 in the previous year[5] - Total revenue for the current period reached ¥1,326,616,043.20, slightly up from ¥1,325,969,392.93 in the previous period, indicating a growth of approximately 0.05%[22] - The net profit for the current period is CNY 138,229,631.62, an increase from CNY 117,548,462.21 in the previous period, representing a growth of approximately 17.4%[23] - The total comprehensive income for the current period is CNY 158,904,733.40, compared to CNY 103,628,790.72 in the previous period, indicating a significant increase of about 53.4%[23] - The basic and diluted earnings per share for the current period are both CNY 0.1259, up from CNY 0.1201 in the previous period, representing an increase of approximately 4.8%[23] Cash Flow and Assets - Operating cash flow for the period was CNY 182,335,417.29, up by 0.83% from CNY 180,839,724.48 in the same quarter last year[5] - Cash and cash equivalents decreased to ¥874,295,606.70 from ¥889,388,507.75, a decline of approximately 1.03%[18] - Cash and cash equivalents at the end of the period decreased to CNY 768,385,206.69 from CNY 688,839,805.94, reflecting a decline of approximately 14.5%[26] - The net cash outflow from investing activities for the current period is CNY -107,357,698.14, compared to CNY -76,271,060.87 in the previous period, reflecting a larger outflow[25] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 12,510,887,760.92, an increase of 1.83% from CNY 12,285,788,088.75 at the end of the previous year[5] - Total liabilities increased to ¥3,923,026,883.24 from ¥3,858,992,750.77, marking a rise of approximately 1.67%[19] - The company's equity attributable to shareholders increased by 2.06% to CNY 8,697,424,767.68 from CNY 8,521,867,867.56 at the end of the last year[5] - The company's equity attributable to shareholders rose to ¥8,697,424,767.68 from ¥8,521,867,867.56, an increase of about 2.06%[20] Operating Costs and Expenses - Total operating costs increased to ¥1,200,723,203.71 from ¥1,189,455,724.43, reflecting a rise of about 0.22%[22] - Research and development expenses for the current period were ¥63,503,366.31, compared to ¥59,876,908.40 in the previous period, indicating an increase of approximately 6.93%[22] - The company reported a tax expense of CNY 18,453,067.29, down from CNY 41,365,369.65 in the previous period, showing a decrease of about 55.5%[23] - Financial expenses decreased by 48.66% to CNY 8,896,429.66, attributed to increased exchange gains and reduced interest expenses[9] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,858, with the largest shareholder holding 40.82% of the shares[11] - The top ten unrestricted shareholders hold a total of 124,131,577 shares, with Cheng Xianfeng being the largest shareholder[12] - The company has not reported any changes in the participation of top shareholders in margin trading activities[13] - The company has not identified any related party relationships among shareholders beyond those disclosed[12] - The total number of shares held by the top ten unrestricted shareholders includes significant stakes from various investment funds and individuals[12] Strategic Developments - The company received government subsidies amounting to CNY 58,918,080.80 during the reporting period, which significantly contributed to its financial performance[6] - The company continues to focus on expanding its product portfolio and enhancing its market presence through strategic initiatives[14] - The subsidiary Yifan Pharmaceutical Co., Ltd. received a drug registration certificate for Ambrisentan oral solution on March 10, 2025[14] - The subsidiary Yiyisheng Biopharmaceutical (Beijing) Co., Ltd. received approval for a supplemental application for Aibegesitin α injection on March 21, 2025, changing the administration timing[14] - Two subsidiaries achieved high-tech enterprise certification in February 2025, enhancing their innovation capabilities[15] Future Outlook - The company expects to turn a profit in 2024, as indicated in the earnings forecast released on January 24, 2025[13] - The controlling shareholder, Cheng Xianfeng, has pledged part of his shares as of February 20, 2025, indicating potential liquidity management[16]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15, compared to the last closing price of 11.43 [1][8]. Core Insights - The company achieved significant growth in both revenue and profit, with a 2024 revenue of 5.16 billion, representing a year-on-year increase of 26.84%, and a net profit of 386 million, up 170.04% year-on-year [4][5]. - The commercialization of the product Yilishu is progressing well, with approvals for sale in 34 countries, including China, the US, and the EU [7]. - The company is actively advancing its pipeline of innovative drugs, with ongoing clinical trials for F-652 and other projects [7]. Financial Performance Summary - In 2024, the company reported a revenue of 5.16 billion, with a 26.84% increase year-on-year, driven by the approval and sales of self-developed and imported pharmaceutical products [5]. - The gross profit for 2024 was 2.447 billion, with a gross margin of 47.42%, slightly down by 0.42 percentage points from the previous year [6]. - The company’s net profit for 2024 was 386 million, with a significant increase of 170.04% year-on-year, and a non-recurring net profit of 248 million, up 146.58% [5][10]. Future Earnings Forecast - The company is projected to achieve revenues of 6.42 billion, 7.42 billion, and 8.52 billion in 2025, 2026, and 2027, respectively, with growth rates of 24.40%, 15.70%, and 14.80% [8][10]. - The forecasted net profits for the same years are 721 million, 912 million, and 1.13 billion, with growth rates of 86.80%, 26.50%, and 24.30% [8][10]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 19, 15, and 12, respectively [8].

Core Viewpoint - The company has demonstrated significant growth and profitability in 2024, achieving a revenue of 5.16 billion yuan and a net profit of 386 million yuan, driven by its "innovation + internationalization" strategy [1][2]. Group 1: Financial Performance - In 2024, the company reported a total revenue of 5.16 billion yuan, marking a year-on-year increase of 26.84% [1]. - The net profit attributable to shareholders reached 386 million yuan, successfully turning around from a loss [1]. - The pharmaceutical segment generated 4.26 billion yuan in revenue, accounting for 82.56% of total revenue, with a significant year-on-year growth [2]. Group 2: Product and Market Performance - The company's proprietary pharmaceutical products (including imports) achieved revenue of 3.66 billion yuan, a substantial increase of 50.64% year-on-year [2]. - In the domestic market, 30 proprietary products generated over 10 million yuan in sales, totaling 2.998 billion yuan, which is 95.16% of domestic proprietary revenue [2]. - The company’s international sales reached 735 million yuan, reflecting an 18.82% increase year-on-year, with 13 products exceeding 10 million yuan in sales [2]. Group 3: Innovation and R&D - The company has established a robust international R&D and production system, with its first large molecule innovative drug, Yili Shu, approved in multiple countries [3]. - Over the past decade, the company has invested 4.465 billion yuan in drug innovation and R&D [4]. - The company has 17 ongoing projects in traditional Chinese medicine and has completed 85 key milestones in small molecule drug development, a 13.3% increase from 2023 [5]. Group 4: Global Marketing and Future Strategy - The company has built a comprehensive marketing network, with 332 drug approvals in the domestic market and 43 product rights in international markets [6]. - The company plans to enhance its global presence by focusing on the U.S., Brazil, and Middle Eastern markets for its innovative products [7]. - In 2025, the company aims to deepen its focus on chronic diseases and expand its product offerings while optimizing its global production platform [8].