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Announcement on the Project of Annual Production of 2 billion Solid Preparations by Peak Pharmaceutical

Release time:

2020-08-05

Securities Code: 600668 Securities Abbreviation: Jianfeng Group Announcement No.: Pro 2018-024

Bond Abbreviation: 13 Spike 02 Bond Code: 122344

Announcement of Zhejiang Jianfeng Group Co., Ltd.

on Jianfeng Pharmaceutical's Annual Production of 2 billion Solid Preparations

The Board of Directors and all directors of the Company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and assume individual and joint responsibility for the truthfulness, accuracy and completeness of its contents.

Important Content Note:

l Project Name: 2 billion Pieces of Solid Preparation Project

l Annual Output of Jinxi Production Base of Jianfeng Pharmaceutical Industry Investment Amount: The total planned investment of the project is 501.46 million yuan, and the source of funds is self-raised.

l Special Risk Reminder: The construction period of this project is relatively long. With the continuous advancement of the domestic medical system reform

, the hospital's strict control of drug proportion, sunshine procurement and quantity procurement, secondary bargaining, prescription outflow, etc. continue to deepen, and drug prices show a downward trend. In addition, trade protectionism is on the rise and competition in the international market will become more intense, profitability may be affected and there is a risk that project returns will not meet expectations.

1. Project Investment Overview

According to the company's strategic policy of "strengthening the main business through cooperation and innovation, standardizing science and seeking development", Zhejiang Jianfeng Pharmaceutical Co., Ltd. (hereinafter referred to as "Jianfeng Pharmaceutical Co., Ltd."), a subsidiary of the company, is based on the development strategy of the company and relevant regulations of national pharmaceutical production, in order to further improve the solid preparation production capacity of Jianfeng Pharmaceutical, it is planned to acquire about 78 mu of land on the north side of the existing factory area of Jianfeng Pharmaceutical in Jinhua Economic Development Zone, set up a new preparation factory area, and build a preparation manufacturing platform that meets the requirements of GMP in Europe and America. The construction of the project with an annual output of 2 billion solid preparations in Jinxi Production Base of Jianfeng Pharmaceutical includes two preparation workshops and supporting storage, quality inspection, public works, etc. After the completion of the preparation workshop 1 to form an annual production capacity of 2 billion pieces of solid preparations, while reserving the preparation workshop 2 for later development.

On August 3, 2018, the fifth meeting of the tenth board of directors of the company reviewed and approved the "Proposal on the Project of 2 billion Solid Preparations per Year in Jinxi Production Base of Jianfeng Pharmaceutical", and agreed to invest in the construction of Jinxi Production Base with an annual output of 2 billion solid preparations.

In accordance with the "Shanghai Stock Exchange Stock Listing Rules", "Articles of Association" and other relevant regulations, this project investment is within the decision-making authority of the company's board of directors and does not need to be submitted to the company's shareholders meeting for approval. Related party transactions do not constitute a major asset reorganization as stipulated in the "Administrative Measures for the Major Asset Reorganization of Listed Companies.

Basic Information of 2. Investment Subject

(I) Investment Subject: Zhejiang Jianfeng Pharmaceutical Co., Ltd.

(II) Enterprise Nature: Other Limited Liability Company

(III) Registered Capital: 198.53 million yuan

(IV) Registered Address: legal Representative of (V) Company

, 2nd Floor, X02 Office Quality Inspection Building, No. 58 Gaofan Section, Baitang Downline, Wucheng District, Jinhua City, Zhejiang Province: Jiang Xiaomeng

(VI) Scope of Business: Drug Research and Development and Production (Operating with Valid License); Annual recovery: 8 tons of isopropanol, 76 tons of ethanol, 40 tons of toluene, 409 tons of dichloromethane, and 11 tons of ethyl acetate (operating with valid licenses); imported raw and auxiliary materials for production and scientific research; imported machinery and equipment, instruments and spare parts. (Projects subject to approval according to law can only be operated after approval by relevant departments)

(VII) Financial Situation: As of December 31, 2017, Jianfeng Pharmaceutical has total assets of 1,193.4823 million yuan and net assets of 378.2793 million yuan attributable to owners of the parent company. In 2017, it will realize operating income of 1,337.522 million yuan, operating profit of 50.6395 million yuan and net profit of 37.6413 million yuan attributable to owners of the parent company. Basic Information of

3. Investment Project

(I) Project Name: Jianfeng Pharmaceutical Jinxi Production Base Annual Output of 2 billion Pieces of Solid Preparation Project

(II) to Form Production Scale after Completion: Annual Output of 2 billion Pieces of Solid Preparation

(III) Total Building Area: 63352 m2

Total (IV) Investment: the total investment is 501.46 million yuan, of which the investment in fixed assets is 481.98 million yuan and the working capital is 19.48 million yuan.

(V) construction progress: after the conditions are met, the project construction period is 2 years. The main content of the

(VI) project: the annual output of 2 billion pieces of solid preparations in Jinxi production base of Jianfeng pharmaceutical includes two preparation workshops and supporting storage, quality inspection, public works, etc. After the completion of the preparation workshop 1 to form an annual production capacity of 2 billion pieces of solid preparations, while reserving the preparation workshop 2 for later development.

Impact of 4. Investment Project on Listed Companies

Jianfeng Pharmaceutical has rich experience in preparation research and development, production and sales. This project will further improve the construction of generic preparation production base, promote the upgrading of preparation industry and enhance the comprehensive competitiveness of the company's pharmaceutical sector. Under the background of preparation internationalization and continuous improvement of generic drug consistency evaluation, this project takes international generic drugs as the entry point, which is of great significance to improve the equipment level and manufacturing capacity of Jianfeng pharmaceutical preparations, expand the industrial scale, optimize the product structure and participate in international competition, and will have a positive impact on the future development of the company.

Risk Analysis of 5. Investment Project

(I) Market Risk

The construction period of this project is relatively long. With the continuous advancement of domestic medical system reform, hospitals continue to deepen the 120 of # in strict control of drug proportion, sunshine procurement and quantity procurement, secondary bargaining, prescription outflow, etc, drug prices are on a downward trend; in addition, trade protectionism is on the rise and competition in the international market will become more intense, which may affect profitability, and there is a risk that the project revenue will not meet expectations .

(II) Project Construction and Management Technical Risks

Project is still in the preliminary preparation stage, and land acquisition and environmental assessment have not yet been completed. With the adjustment of relevant national industrial policies and urban planning, the project construction There are certain uncertainties in the content, cycle and process. After the project is completed and put into production, there is a possibility that the expected goals may not be achieved in terms of product process improvement and cost control, and there are certain management and technical risks.

(III) Capital Risk

The total investment of this project is relatively large. The project is invested through self-raised funds. There is uncertainty as to whether the funds can be in place on schedule. The fund raising and credit policy changes in the construction process, The smoothness of financing channels will make the company bear certain capital risks.

(IV) Approval Risk

After the project is reviewed and approved by the board of directors, the project construction still needs to go through compliance procedures such as safety assessment and environmental assessment, and is still in the process of approval. Therefore, whether the project can be finally implemented, There is still some uncertainty about the progress after implementation.

6. Reference Document

Resolution of the Fifth Meeting of the Tenth Board of Directors

is hereby announced.

Zhejiang Jianfeng Group Co., Ltd. Board of Directors

August 3, 2018

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