证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 04 | 30 | 日 | 2025 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 36.21 | | 一 年 高 / 低 | 最 | 最 | 38.08/25.72 | | | | | | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 57,865.51 | | | | | | 流通市值（百万元） | | | | | | 47,285.72 | | | | | | 总股本（百万股） | | | | | | | | ...

智通财经4月29日电，科伦药业(002422.SZ)公告称，科伦药业发布2025年第一季度报告，营业收入为 43.89亿元，同比下降29.42%；归属于上市公司股东的净利润为5.84亿元，同比下降43.07%。 科伦药业：一季度净利润为5.84亿元 同比下降43.07% ...

四川科伦药业股份有限公司 2025 年第一季度报告 证券代码：002422 证券简称：科伦药业 公告编号：2025-038 四川科伦药业股份有限公司 2025 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 □是 否 1 四川科伦药业股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 4,389,897,045.00 | 6,219,417,413.00 | | -29. ...

Core Viewpoint - Sichuan Kelun Pharmaceutical Co., Ltd. is set to hold its 2024 annual performance briefing on May 6, 2025, to provide insights into its financial performance and address investor inquiries [1][4]. Group 1: Event Details - The annual performance briefing will take place from 15:00 to 17:00 on May 6, 2025, via a text Q&A format on the Jinmen Finance platform [1]. - Investors can participate in the briefing through a designated online link [2]. Group 2: Participants - Key attendees at the briefing will include Chairman Liu Gexin, Independent Director Ren Shichi, Vice General Manager and CFO Lai Degui, Vice General Manager and Board Secretary Feng Hao, Sales Head Ge Tao, CFO of Kelun Botai and Board Secretary Zhou Zejian, and Deputy General Manager and Board Secretary of Chuaning Bio Gu Xiang [2]. Group 3: Investor Engagement - The company is actively soliciting questions from investors prior to the event to ensure that common concerns are addressed during the briefing [2].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"）将于 2025 年 5 月 6 日（星 期二）下午 15:00-17:00 在进门财经以文字问答的形式举行科伦药业 2024 年度业 绩说明会。 投资者可以通过以下两种方式参与： 1）电脑端参会：https://s.comein.cn/syfe7cqa； 2）登录进门财经 APP/进门财经小程序，搜索"002422"、"科伦药业"或者 扫描二维码，进入"科伦药业（002422.SZ）2024 年度网上业绩说明会"，点击进 入会议。 证券代码：002422 证券简称：科伦药业 公告编号：2025-037 四川科伦药业股份有限公司 关于召开 2024 年度网上业绩说明会的公告 为广泛听取投资者的意见和建议，解答投资者关切的问题，现就公司2024年 度业绩说明会提前向投资者公开征集问题。提问通道自本公告发出之日起开放， 投资者通过上述参与方式进入"科伦药业2024年度网上业绩说明会"页面进行 提问，公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 1 欢迎广大投资者积 ...

Revenue and Profit - The total operating revenue for the year reached 21.812 billion yuan, a year-on-year increase of 1.67% [2] - The net profit attributable to shareholders was 2.936 billion yuan, up 19.53% year-on-year, while the net profit after deducting non-recurring items was 2.902 billion yuan, an increase of 22.66% [2] - In the fourth quarter, operating revenue was 5.024 billion yuan, a decrease of 12.03% year-on-year, and the net profit attributable to shareholders was 465 million yuan, down 5.65% year-on-year, indicating quarterly fluctuations [2] Profitability - The gross profit margin was 51.69%, a decrease of 1.41 percentage points compared to the same period last year, while the net profit margin increased by 24.94% to 15.41% [3] - The ratio of selling, administrative, and financial expenses to revenue was 22.31%, a decrease of 17.82% year-on-year, reflecting optimization in expense control [3] Cash Flow and Debt - The company's cash and cash equivalents amounted to 3.974 billion yuan, a decrease of 15.01% year-on-year [4] - Accounts receivable stood at 4.795 billion yuan, an increase of 2.40% year-on-year, with a notable ratio of accounts receivable to profit at 163.32% [4] - Interest-bearing debt was 3.67 billion yuan, significantly reduced by 46.77% year-on-year, indicating an optimized financing structure [4] Main Business Composition - Revenue from non-infusion products was 10.3 billion yuan, accounting for 47.22% of total revenue, with a gross profit margin of 43.91% [5] - Revenue from infusion products was 8.912 billion yuan, making up 40.86% of total revenue, with a gross profit margin of 60.16% [5] - Revenue from R&D projects was 1.895 billion yuan, representing 8.69% of total revenue, with a gross profit margin of 65.50% [5] - International business revenue reached 2.886 billion yuan, a year-on-year increase of 11.49%, indicating growth potential in overseas markets [5] R&D and Innovation - The company invested significantly in R&D, with 34 generic and improved new drugs approved for production and 50 applications submitted [6] - Progress in innovative drug development is on track, with multiple products entering clinical research stages [6] - The company holds 2,860 valid patent applications, with 1,997 already authorized, and has two innovative drugs, Lukanosatuzumab and Tagolisumab, approved for market [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42, compared to the last closing price of 34.82 [1][8]. Core Insights - The company has demonstrated strong profit growth, with a 19.53% year-on-year increase in net profit to 2.936 billion yuan for 2024, and a 22.66% increase in net profit after deducting non-recurring items [4][5]. - Revenue for 2024 reached 21.812 billion yuan, reflecting a 1.67% year-on-year growth, despite a decline in sales from large-volume infusions [5][6]. - The sales expense ratio has decreased significantly, contributing to improved overall profitability [6][8]. Financial Performance Summary - In 2024, the company achieved a total revenue of 21.812 billion yuan, with a net profit of 2.936 billion yuan, and a net profit margin of 13.46% [10][14]. - The gross profit margin was 51.70%, slightly down by 0.73 percentage points from the previous year [6][14]. - The company forecasts revenue growth of 9.25%, 9.74%, and 9.37% for 2025, 2026, and 2027, respectively, with net profit growth rates of 17.99%, 16.92%, and 13.97% for the same years [8][10]. Product and Innovation Pipeline - The company’s innovative drug pipeline is entering a commercialization phase, with key products like SKB264 contributing to revenue [7][8]. - The company has submitted three New Drug Applications (NDAs) expected to be approved within the year, indicating a strong future revenue stream from innovative products [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42, compared to the last closing price of 34.82 [1][8]. Core Insights - The company has demonstrated strong profit growth, with a 19.53% year-on-year increase in net profit to 2.936 billion yuan for 2024, and a 22.66% increase in net profit after deducting non-recurring items [4][5]. - Revenue for 2024 reached 21.812 billion yuan, reflecting a 1.67% year-on-year growth, despite a decline in sales from large-volume infusions [5][10]. - The company is entering a commercialization phase for its innovative drugs, with significant contributions expected from its ADC drug pipeline [7][8]. Financial Performance - The company achieved a gross profit of 11.276 billion yuan in 2024, with a gross margin of 51.70%, slightly down by 0.73 percentage points from the previous year [6]. - The sales expense ratio decreased to 16.01%, down 4.73 percentage points year-on-year, while R&D expenses grew by 11.2% [6][8]. - The company forecasts revenues of 23.830 billion yuan, 26.150 billion yuan, and 28.600 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.464 billion yuan, 4.050 billion yuan, and 4.616 billion yuan [10][14]. Product Pipeline and Market Position - The innovative drug pipeline is expected to yield significant commercial value, with the core product, SKB264, contributing 5.169 million yuan in revenue in 2024 [7]. - The company has submitted three NDAs and anticipates further approvals in 2025, which could enhance its market position [7][8].

四川科伦药业股份有限公司2024年度内部控制自我评价报告 四川科伦药业股份有限公司 2024年度内部控制自我评价报告 四川科伦药业股份有限公司全体股东： 根据《企业内部控制基本规范》的规定及其他内部控制监管要求（以下简称"企业内部控制规范 体系"），结合本公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专 项监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行 了自我评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实 披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经 理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证 本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性 承担个别及连带法律责任。 公司内部控制的目标是合理保证经营合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-030 四川科伦药业股份有限公司 关于2021年员工持股计划提前终止的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"）2021 年员工持股计划（以 下简称"本员工持股计划"）持有的公司股票已全部出售完毕，且已完成清算、 分配。根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《四川科伦药业 股份有限公司 2021 年员工持股计划》的相关规定，公司于 2025 年 4 月 22 日召 开第八届董事会第六次会议及第八届监事会第五次会议，审议通过了《关于 2021 年员工持股计划提前终止的议案》，现将相关情况公告如下： 一、本员工持股计划的基本情况 公司于 2021 年 11 月 29 日、2021 年 12 月 7 日、2022 年 5 月 5 日分别召开 第七届董事会第六次会议、第七届董事会第七次会议、2021 年度股东大会，审 议通过公司 2021 年员工持股计划。 本员工 ...