格隆汇2月27日丨皓元医药(688131.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入28.68亿 元，同比增长26.35%；实现归属于母公司所有者的净利润2.48亿元，同比增长22.91%；实现归属于母公 司所有者的扣除非经常性损益的净利润2.52亿元，同比增长40.82%。 报告期内，公司强化品牌及海外商务团队建设，积极发展国际合作伙伴关系，深度拓展海外市场，坚持 创新驱动及质量管理并重，公司前端生命科学试剂业务增长强劲，收入占比相较2024年有明显提高，该 部分业务毛利率较高，主要聚焦于科学研究的前沿进展及新药研发领域的最新动态，专注于在药物发现 的早期阶段，为客户提供从毫克级至千克级的产品及技术支持，以满足客户的多样化需求。 ...

格隆汇2月27日丨皓元医药(688131.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入28.68亿 元，同比增长26.35%；实现归属于母公司所有者的净利润2.48亿元，同比增长22.91%；实现归属于母公 司所有者的扣除非经常性损益的净利润2.52亿元，同比增长40.82%。 报告期内，公司强化品牌及海外商务团队建设，积极发展国际合作伙伴关系，深度拓展海外市场，坚持 创新驱动及质量管理并重，公司前端生命科学试剂业务增长强劲，收入占比相较2024年有明显提高，该 部分业务毛利率较高，主要聚焦于科学研究的前沿进展及新药研发领域的最新动态，专注于在药物发现 的早期阶段，为客户提供从毫克级至千克级的产品及技术支持，以满足客户的多样化需求。 ...

格隆汇2月27日｜皓元医药公告，公司2025年实现营业总收入286,833.68万元，同比增长26.35%；实现 归属于母公司所有者的净利润24,776.86万元，同比增长22.91%；实现归属于母公司所有者的扣除非经 常性损益的净利润25,200.56万元，同比增长40.82%。报告期末，公司总资产621,094.67万元，较报告期 初增长12.82%；归属于母公司的所有者权益为314,519.41万元，较报告期初增长9.29%。 ...

上海皓元医药股份有限公司 2025 年度业绩快报公告 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以上海皓元医药股份有限公司（以下简称"公司"）2025 年年度 的定期报告为准，提请投资者注意投资风险。 一、2025 年度主要财务数据和指标 单位：元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | （％） | | 营业总收入 | 2,868,336,817.03 | 2,270,177,811.50 | 26.35 | | 营业利润 | 310,122,898.56 | 236,817,376.92 | 30.95 | | 利润总额 | 289,294,845.59 | ...

皓元医药公告，2025年度实现营业总收入28.68亿元，同比增长26.35%；净利润2.48亿元，同比增长 22.91%；扣除非经常性损益的净利润2.52亿元，同比增长40.82%。 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

Core Insights - The CRO (Contract Research Organization) industry in China is a strategic emerging industry that supports pharmaceutical innovation and is crucial for the transition from a pharmaceutical power to a pharmaceutical stronghold [1][9] - The development of policies for the CRO industry has evolved from a focus on the overall biopharmaceutical sector to specialized areas, emphasizing innovation, safety, and supply chain security [1][3] Policy Development History - The policy evolution from the "Tenth Five-Year Plan" to the "Fourteenth Five-Year Plan" has progressively recognized the importance of the CRO industry, with increasing support for specialized services [1] - The "Fifteenth Five-Year Plan" emphasizes differentiated, high-value innovation alongside supply chain security [1] National Policy Summary and Interpretation - Since 2006, multiple national policies have been introduced to support the CRO service system, focusing on regulatory standards, clinical trial optimization, and international development [3][7] - Key policies include the establishment of the MAH (Marketing Authorization Holder) system and the optimization of review and approval processes [3][7] Key National Policies (2025 Outlook) - Policies from 2006 to 2025 highlight the strategic importance of biopharmaceuticals and the CRO industry, with a focus on enhancing innovation capabilities and regulatory frameworks [4][5][6] - Recent policies aim to streamline clinical trial approvals and support the development of innovative drugs [6][10] Provincial and Municipal Policy Summary - Various provinces and cities have implemented supportive policies for the CRO industry, including investment subsidies, revenue rewards, and insurance subsidies, with some regions offering up to 50 million yuan in support [11][12] - Specific measures include allowing foreign investment in CROs and promoting AI integration in the industry [11][12][14] Provincial Development Goals - Regions like the Yangtze River Delta focus on high-end CRO service systems, while the Beijing-Tianjin-Hebei area emphasizes collaborative innovation and full-chain outsourcing [14] - Local governments aim to enhance the scale and service capabilities of the biopharmaceutical industry, with targeted initiatives for specific sectors such as seed industry CROs in Hainan [14]

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

Group 1 - The company, Haoyuan Pharmaceutical, announced that its Chongqing Haoyuan antibody-drug conjugate (ADC) CDMO base will officially start operations in March 2025 and will pass the EU QP audit by June 2025 [2] - By the end of 2025, the international GMP system construction at the base is progressing smoothly, with a good number of ADC large molecule contracts signed and projects successfully delivered [2] - As orders increase, the company's capacity utilization rate is gradually improving [2]

Core Viewpoint - The company has successfully launched multiple production bases and is experiencing a positive growth trend in its order backlog, indicating a strong outlook for its ADC (Antibody-Drug Conjugate) business [1] Group 1: Production and Capacity - The company's production bases in Ma'anshan, Jiangsu, and Chongqing have commenced operations, with capacity utilization currently in a ramp-up phase [1] - By the end of 2025, the company's small molecule business has achieved a continuous quarter-on-quarter increase in order backlog for five consecutive quarters, supporting ongoing improvements in capacity utilization [1] Group 2: Business Structure and Compliance - The company is actively adjusting its business structure to accelerate the rollout of raw material drug products, focusing on advancing its GMP (Good Manufacturing Practice) system and successfully passing FDA certification [1] - The Chongqing ADC CDMO base is set to officially commence production in March 2025, contributing to a comprehensive capacity layout across its three bases in Shanghai, Ma'anshan, and Chongqing [1] Group 3: Market Position and Future Outlook - The establishment of a "three-in-one" XDC (XDC Full-Service System) service framework positions the company as a rare one-stop ADC CDMO provider in China [1] - The management is optimistic about the future trends and development prospects of the ADC industry and plans to further enhance investments in this area [1]