关于全资子公司收到药品注册受理通知书的公告 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。 亿帆医药股份有限公司（以下简称"公司"）全资子公司合肥亿帆生物制药 有限公司于 2024 年 5 月 30 日收到国家药品监督管理局（以下简称"药监局"） 签发的维生素 K1 注射液境内生产药品注册上市许可《受理通知书》。现将相关情 况公告如下： 一、申请注册药品的基本情况 受理号：CYHS2401631、CYHS2401632 药品名称：维生素K1注射液 申请事项：境内生产药品注册上市许可 规格：0.2ml：2mg、1ml：10mg 药品注册分类：化学药品3类 申请人：合肥亿帆生物制药有限公司 证券代码：002019 证券简称：亿帆医药 公告编号：2024-033 亿帆医药股份有限公司 三、风险提示 根据国家药品注册相关的法律法规要求，上述药品在获药监局境内生产药 品注册上市许可申请受理后将转入药监局药品审评中心进行审评审批，完成时 间、审批结果及药品获批后的具体销售情况等均具有不确定性。公司将按有关 规定及时对上述药品的后续进展情况履行信息披露义务，敬请广大投资者谨 ...

安徽天禾律师事务所 关于亿帆医药股份有限公司 法律意见书 2023 年年度股东大会 之法律意见书 致：亿帆医药股份有限公司 根据《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国证券法》 （下称《证券法》）、中国证券监督管理委员会（下称"中国证监会"）、《上市公 司股东大会规则》（下称《股东大会规则》）以及《亿帆医药股份有限公司公司章程》 （下称《公司章程》）等有关规定，安徽天禾律师事务所接受亿帆医药股份有限公司 （下称"亿帆医药"或"公司"）委托，指派凌斌、王炜律师（下称"天禾律师"） 出席公司2023 年年度股东大会（下称"本次股东大会"），对本次股东大会相关事项 进行见证，并出具法律意见。 本法律意见书是天禾律师根据对有关本次股东大会事实的了解及对我国现行法律、 法规和规范性文件的理解而做出的。 天禾律师同意将本法律意见书作为本次股东大会的必备文件予以公告并依法对所 出具的法律意见书承担责任。 天禾律师根据有关法律、法规的要求，按照律师行业公认的业务标准、道德规范 和勤勉尽责的精神，对本次股东大会的召集和召开程序、出席会议人员的资格、表决 程序及其他相关法律问题发表法律意见如下： 一、本次股东 ...

证券代码：002019 证券简称：亿帆医药 公告编号：2024-031 亿帆医药股份有限公司 2023 年年度股东大会决议公告 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。 特别提示 1、本次股东大会无否决提案的情况。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的日期、时间 现场会议召开的时间：2024 年 5 月 17 日下午 1:30 起 网络投票的时间：2024 年 5 月 17 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 5 月 17 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00； 通过深圳证券交易所互联网投票系统进行网络投票，开始时间为 2024 年 5 月 17 日上午 9:15 至下午 15:00。 2、现场会议召开地点：安徽省合肥市肥西县桃花镇繁华大道与文山路交口， 合肥亿帆生物制药有限公司会议室 （二）会议出席情况 参加本次股东大会表决的股东及股东代表共计27人，代表有表决权的股份数 为515,2 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The report highlights that the company is entering a phase of significant growth for its innovative drugs, with a clear trend of performance reversal [8] - The company reported a revenue of 4.068 billion yuan in 2023, a year-on-year increase of 6.03%, but a net loss attributable to shareholders of 551 million yuan, a decline of 388.19% [3][4] - In Q1 2024, the company achieved a revenue of 1.326 billion yuan, representing a substantial increase of 41.28%, and a net profit attributable to shareholders of 146 million yuan, an increase of 125.55% [3][4] Summary by Sections Financial Performance - In 2023, the company faced multiple negative factors leading to a significant decline in profits, including increased asset impairment losses and rising R&D expenses [9] - The company's proprietary products saw rapid growth, with domestic proprietary (including imported) product revenue reaching 2.010 billion yuan, up 21.72% [9] - The core innovative product, Yili Shu® (艾贝格司亭 α injection), received approvals and is expected to see rapid growth in both domestic and international markets in 2024 [9] Revenue and Profit Forecast - The company forecasts revenues of 5.333 billion yuan, 6.362 billion yuan, and 7.299 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.1%, 19.3%, and 14.7% [11] - The net profit attributable to shareholders is projected to be 507 million yuan, 763 million yuan, and 1.031 billion yuan for the same years, with significant growth rates [11] Market Position and Product Development - The company has successfully introduced new products into the market, including those that have been included in the national medical insurance catalog, which is expected to drive revenue growth [9] - The report indicates that the raw material pharmaceutical business remains resilient despite industry challenges, with revenue of 800 million yuan in 2023, a slight increase of 1.58% [9]

[Table_Stock] 亿帆医药（002019） 证 券 研 究 报 告 公 司 点 评 减值风险出清，自有产品显著增长，拐 点已现 ——亿帆医药 2023 年报及 2024 年一季报点评 [行业: 日期: Table_Industry] 医药生物 shzqdatemark 2024年04月30日 | --- | --- | |-------------------------|----------------------| | | | | | | | [Table_Author] 分析师 : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号 : | S0870523010001 | | --- | --- | |-----------------------------|------------| | | | | [Table_BaseInfo] 基本数据 | | | 最新收盘价（元） | 12.81 | | 12mth A 股价格区间（元） | 9.43-16.61 | | 总股本（百万股） | 1, ...

Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical (002019) with a target price of 13.06 CNY [4]. Core Views - The company's 2023 performance met expectations, with a revenue of 4.068 billion CNY, a year-on-year increase of 6.03%, while the net profit attributable to shareholders was -551.07 million CNY, reflecting a significant decline of 388.19% [4]. - In Q1 2024, the company reported a revenue of 1.326 billion CNY, a year-on-year increase of 41.3%, and a net profit of 146 million CNY, up 125.6% year-on-year [4]. - The decline in profit for 2023 was primarily due to an impairment charge of 888 million CNY on intangible assets [4]. - The growth in proprietary pharmaceutical products is expected to accelerate revenue growth in 2024, driven by increased sales volume and the launch of new key products [4]. Financial Summary - Revenue is projected to grow significantly from 5.661 billion CNY in 2024 to 7.751 billion CNY in 2026, with growth rates of 39.15% and 23.25% respectively [5]. - The net profit is expected to recover from -551.07 million CNY in 2023 to 532.42 million CNY in 2024, and further to 922.64 million CNY by 2026 [5]. - The company's EBITDA is forecasted to increase from 1.522 billion CNY in 2023 to 1.314 billion CNY in 2026 [5]. Product Performance - The proprietary product revenue reached 2.43 billion CNY in 2023, a year-on-year increase of 19.7%, while other pharmaceutical products saw a decline of 19.5% [4]. - The introduction of new pharmaceutical varieties and the significant increase in sales of proprietary products are key drivers for the revenue growth in Q1 2024 [4]. - The company has successfully launched several new products, enhancing its competitive edge in the market [4].

高增长初兑现，持续关注创新出海 敬请参阅末页重要声明及评级说明 证券研究报告 ✓ 投资建议：维持"买入"评级 ✓ 风险提示 敬请参阅末页重要声明及评级说明 2 / 5 证券研究报告 敬请参阅末页重要声明及评级说明 3 / 5 证券研究报告 财务报表与盈利预测 | --- | --- | --- | --- | --- | |-------------------|---------|------------------------|-------------------|-------| | | 2023A | 2024E | 2025E | 2026E | | | | | | | | | 6.0% | 29.0% | 21.3% | 12.2% | | | -713.8% | 177.0% | 39.1% | 38.7% | | 归属于母公司净利 | -388.2% | 222.1% | 47.7% | 26.6% | | 毛利率（ % ） | 47.8% | 51.1% | 52.2% | 53.3% | | % ） | -13.5% | 12.8% | 15.6% | 17.6% | | （ % ） | ...

| --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 18801732511 ...

Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical (002019 SZ) [20] Core Views - Yifan Pharmaceutical's Q1 2024 performance exceeded market expectations, driven by strong growth in the pharmaceutical sector [6] - The company's revenue for Q1 2024 reached 1 3 billion yuan, a year-on-year increase of 41 28%, with net profit attributable to shareholders of 146 million yuan, up 125 55% [6] - The company's cost reduction and efficiency improvement efforts have significantly contributed to profit growth, with sales expense ratio dropping to 23 74% and management expense ratio to 6 75% in Q1 2024 [6] - The company's "big product" strategy is paying off, with domestic pharmaceutical product revenue reaching 2 01 billion yuan in 2023, a 21 72% increase [6] - The innovative drug Yilisu has completed registration in China, the US, and Europe, and is expected to contribute 72 million yuan in milestone revenue in 2024 [6] - The company's R&D investment continues to grow, with Q1 2024 R&D expenses reaching 59 88 million yuan, a 26% year-on-year increase [6] Financial Performance - The company's revenue is expected to grow from 4 882 billion yuan in 2024E to 7 567 billion yuan in 2026E, with a CAGR of 24 5% [2] - Net profit attributable to shareholders is forecasted to increase from 552 million yuan in 2024E to 922 million yuan in 2026E, with a CAGR of 29 1% [2] - The company's EPS is projected to grow from 0 45 yuan in 2024E to 0 75 yuan in 2026E [2] - ROE is expected to improve from 5 8% in 2024E to 8 4% in 2026E [2] - The company's P/E ratio is forecasted to decrease from 28 1x in 2024E to 16 8x in 2026E, indicating potential undervaluation [2] Product Pipeline - Yilisu, the company's innovative drug, has a potential market size of 7 billion USD and is expected to achieve peak sales of over 5 billion yuan [6] - F652 is progressing well in clinical trials, with the ACLF indication expected to complete key clinical trial design and initiate patient enrollment in 2024 [6] - Hyruan ONE, a cross-linked sodium hyaluronate injection, was approved in China in April 2023 and included in the national medical insurance catalog in December 2023, with potential peak sales of 2 billion yuan [6] - The company has two products in pre-clinical stages for the US and European markets, and three third-generation insulin products in pre-clinical stages [6] Strategic Initiatives - The company plans to have 2 products with overseas sales exceeding 100 million yuan and 4 products with sales exceeding 50 million yuan by 2024 [6] - Domestically, the company aims to have 9 products with sales exceeding 100 million yuan and 9 products with sales exceeding 50 million yuan by 2024 [6] - The company expects to have its first synthetic biology product ready for trial production by the end of 2024 [6]

Investment Rating - The report maintains a "Buy" rating for Yifan Pharmaceutical with a target price of 18.8 RMB for the next 6 months [1] Core Views - Yifan Pharmaceutical is entering a new growth cycle driven by the commercialization of new products and continuous improvement in operations [1] - The company's innovative transformation and internationalization are expected to drive future growth [1] - Q1 2024 performance exceeded expectations, with rapid growth in formulation revenue and improved profitability [10] Financial Projections - Revenue is projected to grow to 5.245 billion RMB in 2024, 6.152 billion RMB in 2025, and 7.093 billion RMB in 2026, representing year-over-year growth of 28.92%, 17.29%, and 15.31% respectively [1] - Net profit attributable to the parent company is expected to reach 576 million RMB in 2024, 860 million RMB in 2025, and 1.079 billion RMB in 2026, with year-over-year growth rates of 204.59%, 49.22%, and 25.44% respectively [1] - The company's PE ratio is forecasted to be 26X in 2024, 17X in 2025, and 14X in 2026 [1] Q1 2024 Performance - Q1 2024 revenue reached 1.326 billion RMB, a year-over-year increase of 41.28% [10] - Net profit attributable to the parent company in Q1 2024 was 146 million RMB, a year-over-year increase of 125.55% [10] - The gross profit margin in Q1 2024 was 47.37%, a slight decrease of 1.41 percentage points year-over-year, while the net profit margin increased by 4.12 percentage points to 11.02% [10] - The company's expense ratio in Q1 2024 was 36.35%, a decrease of 6.46 percentage points year-over-year [10] Product Pipeline and Market Expansion - Yilisu has been approved for marketing in China, the US, and the EU, with global sales expected to exceed 5 billion RMB [10] - F-652, a potential first-in-class drug for liver diseases, is undergoing clinical trials in both China and the US [10] - The company's self-developed products, such as Vincristine Sulfate Injection and Capecitabine Tablets, have contributed significantly to revenue growth [10] Valuation Metrics - The company's 2024 PE ratio is estimated at 25.57X, with a PB ratio of 1.67X and a PS ratio of 2.81X [22] - ROE is projected to increase from 6.52% in 2024 to 10.01% in 2026 [22] - EV/EBITDA is expected to decrease from 14.92X in 2024 to 8.82X in 2026 [22]