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Introduction of the main content of investor relations activities
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1. Is Keyuan Pharmaceutical currently at a price below its IPO price? If so, will it be unlocked after the holiday?
Answer: Dear investor, the company's current stock price is below its IPO price. According to relevant laws, regulations and commitments, if shareholders holding more than 5% of the company's shares before the company's initial public offering reduce their holdings within two years after the lock-up period expires, the reduction price shall not be lower than the issuance price of the company's initial public offering. Thank you for your attention.
2. Why is this stock performing so poorly compared to others in the same sector?
Answer: Dear investor, the company is currently in a period of transformation and development. Its previous products were mainly mature chemical drugs. The new products that the company has invested in R&D will be gradually launched into the market, laying a solid foundation for future performance growth. There are many factors that affect short-term stock prices, and short-term stock prices do not necessarily reflect the company's performance. Thank you for your attention.
3. Your company's ESG performance is not satisfactory. According to Zhongchengxin's rating, it only has a B rating, which is one of the lowest in the industry. In particular, the environmental issues only received a C rating from Huazheng in terms of the environment, which is far from the ESG performance of leading companies. I would like to understand what measures and goals the company has in terms of environmental protection during the production process?
Answer: Dear investor, the company's ESG work has made significant progress in 2023. The company strictly abides by national laws and regulations in environmental protection. In 2023, the company invested 12.7426 million yuan in environmental protection. With the assistance of Value Online, the company has issued its 2023 ESG report. Currently, the company has not yet received a formal rating. Thank you for your attention.
4. What are the purpose and funding sources of the company's investment in the high-end specialty intermediates and raw materials intelligent manufacturing project?
Answer: Dear investor, the purpose of the high-end specialty intermediates and raw materials intelligent manufacturing project is as follows: Due to rapid development, the current production site and equipment facilities for metformin hydrochloride are no longer sufficient to meet the company's rapid development needs. Through this project, the company will build a MES production manufacturing system, a WMS intelligent warehousing system, and a production management information system, thereby achieving a comprehensive combination of material flow and information flow; the company will also purchase better software and hardware equipment, add complete and advanced product production lines, and systematically integrate various equipment, thereby achieving information management of the entire process from workshop planning to production manufacturing. Through lean, automated, and information-based management, the company will promote high-quality development and achieve the strategic goal of transforming from extensive management to refined management. The high-end specialty intermediates and raw materials intelligent manufacturing project will be constructed in two phases. The funding for phase one will come from oversubscribed funds and company's own funds, and the funding for phase two will come from company's own funds. Thank you for your attention.
5. What is the dividend policy for this year?
Answer: Dear investor, the profit distribution plan approved by the board of directors is as follows: Based on the total share capital registered on the equity distribution registration date, a cash dividend of RMB 3 (including tax) per 10 shares will be distributed to all shareholders, and no stock dividend or capital reserve will be transferred to increase capital. During the period from the disclosure date of the profit distribution plan to the equity distribution registration date, if the company's total share capital changes, the distribution will be made on the principle of unchanged distribution ratio. Thank you for your attention.
6. What were the main factors affecting the overall profit last year?
Answer: Dear investor, in 2023, due to the impact of the overall macroeconomic environment, the prices of the company's products have dropped significantly. However, with the efforts of all employees, the company's overall revenue still achieved growth, with an increase of 1.07%. After the company went public, it increased its R&D investment, laying the foundation for future development. In 2023, R&D expenses increased by 17.11 million yuan year-on-year. At the same time, the company increased its market promotion efforts, and market promotion expenses increased by 24.94 million yuan year-on-year. The above-mentioned items are all current investments, and the benefits will be reflected in the future. In summary, the above factors affected the 2023 profit to decrease year-on-year. Thank you for your attention.
7. Chairman Jiang, what are the company's plans for production capacity in 2024, and will there be any new products launched into the market?
Answer: Dear investor, the company has disclosed the high-end specialty intermediates and raw materials intelligent manufacturing project and the construction of the injection intelligent manufacturing project, which provides capacity guarantee for the company's future rapid development. In addition, the company is actively researching and introducing new products, and has obtained approval numbers for some new products. Thank you for your attention.
8. It fell by 3% today, and it has been falling for so long. Does this mean that everyone is not optimistic about your company?
Answer: Dear investor, there are many factors affecting the short-term fluctuation of the secondary market stock price, which does not necessarily reflect the company's development prospects and performance. The company's production and operation are normal. Thank you for your attention.
9. No sound?
Answer: Dear investor, this performance explanation meeting is conducted in writing. Thank you for your attention.
10. I would like to ask, if the price of the additional issuance is lower than your stock issuance price, does this also indicate that your issuance price is too high?
A: Dear investor, the issuance price of the company's stock is a fair price determined in accordance with the laws and regulations based on the prices reported by each qualified investor, reflecting the market fair price given by institutions at that time. The subsequent rise or fall in stock prices is largely affected by short-term factors in the secondary market and has a weak correlation with the issuance price. Thank you for your attention.
11. What are the company's considerations for market value management, and what are the actual measures or plans?
A: Dear investor, the short-term fluctuations in the secondary market stock price have many influencing factors and do not necessarily reflect the company's development prospects and performance. The company actively conveys information about its development prospects to the market and provides reasonable dividends to shareholders based on the company's performance. Thank you for your attention.
12. Thank you for the chairman's response!
A: Responding to the concerns of our shareholders is our duty. Thank you for your attention!
13. What are the company's plans for cooperation with Liny Group?
A: Dear investor, Liny Group is the company's controlling parent company, and Keyuan Pharmaceutical is the chemical pharmaceutical sector under Liny Group. The company focuses on the production and sales of chemical drugs and has a weak correlation with other companies within the group. There are no relevant plans recently. Thank you for your attention.
14. What is the current number of shareholders, and what is the current offering price?
A: Dear investor, in accordance with the principle of information disclosure, the company will disclose shareholder information at the corresponding time point in its regular reports. For the number of shareholders at other time points, if you have a specific inquiry, please send your shareholding certificate and identity certificate to the company's email address (keyuanzhiyao@keyuanpharm.com). After verifying your shareholder identity, we will provide it. The issuance price of the company after the ex-dividend adjustment is 31.27 yuan. Thank you for your attention.
15. You have already raised more funds than planned. Why are you doing another private placement less than a year after listing? This is a bit unreasonable. Normally, you would raise funds according to your own planned requirements.
A: Dear investor, the company is currently in a period of rapid development and needs more capital investment. The private placement is to enable the company to develop faster, seize market opportunities, and thus return to shareholders and give back to society. Thank you for your attention.
16. Your company's net profit in 2023 decreased by 15% year-on-year, which is disappointing. The 2024 first-quarter results are about to be announced. I wonder if there has been a significant change?
A: Dear investor, in 2023, the company's product prices decreased significantly due to the overall macroeconomic environment. However, with the efforts of all employees, the company maintained revenue growth of 1.07%. However, the company increased its R&D investment and market promotion efforts, with R&D expenses increasing by 17.11 million yuan year-on-year and market promotion expenses increasing by 24.94 million yuan year-on-year. The above items were all invested in 2023, and the benefits will be reflected in the future. The company's 2024 first-quarter report will be released on April 22. Please pay attention to the company's announcements. Thank you for your attention!
17. Does the company have any plans to repurchase shares?
A: Dear investor, the company currently has no plans to repurchase shares. Thank you for your attention.
18. The company has only been listed for a year, but last year it spent 180 million yuan to purchase equity in Beijing Nuokangda Pharmaceutical Technology Co., Ltd., and then raised another 300 million yuan in additional funds, indicating that the company does not have that much money and is short of its own funds. Why would it invest in equity outside? Shouldn't equity investment only be done when the company is not short of money?
A: Dear investor, the company's equity investment in Beijing Nuokangda Pharmaceutical Technology Co., Ltd. is mainly to make up for the company's R&D shortcomings and achieve strategic cooperation. Nuokangda has been deeply involved in drug R&D for many years. After the company became its second-largest shareholder, it can leverage its R&D platform and resources to quickly implement the company's new drugs and contribute to the company's rapid development. In addition, Nuokangda's net profit in 2023 was 90.0425 million yuan, and the company's equity investment also has good financial returns. Thank you for your attention!
19. The company has several equity pledges. Is the company short of working capital?
A: Dear investor, some shareholders have pledged their shares in the company, and their financing is unrelated to the company. The company's operations are currently normal, and its funds are sufficient. Thank you for your attention.
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