| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 累计转股情况：上海皓元医药股份有限公司（以下简称"公司"）向不 特定对象发行可转换公司债券"皓元转债"自 2025 年 6 月 4 日开始转股。截至 2025 年 12 月 31 日，累计已有人民币 491,000 元"皓元转债"转换为公司股票， 累计转股数量为 12,077 股，占"皓元转债"转股前公司已发行股份总额的 0.0057%。 未转股可转债情况：截至 2025 年 12 月 31 日，"皓元转债"尚未转股的 金额为 821,859,000 元，占"皓元转债"发行总量的 99.94%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 日期间，"皓 元转债"共有人民币 27,000 元转换为公司股票，转股数量为 665 股，占"皓元 转债"转股前公司已发行股份总额的 0.0003%。 一、可转债发行上市概况 可转债转股结果暨股份变动公告 本公司董事会及全体 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - Antibody-drug conjugates (ADCs) have become one of the most promising and fastest-growing treatment methods, combining the precise targeting characteristics of antibody drugs with the strong cytotoxicity of small molecule drugs. ADCs show better clinical trial results compared to traditional chemotherapy, which has high off-target toxicity and increased risk of infection. The ADC market is expected to enter an explosive growth phase, with projections indicating a global market size of $115.1 billion by 2032 [5][22][68]. Summary by Sections ADC Drug Development - ADCs are characterized by their core components: highly effective cytotoxic drugs, specific monoclonal antibodies, and linkers that connect the two. The development of ADCs has made significant progress, with the first ADC approved by the FDA in 2000. The market for ADCs has grown rapidly from $2 billion in 2018 to $10.4 billion in 2023, with a CAGR of 38.6% [15][22]. ADC Industry Outlook - The ADC industry is experiencing high demand for outsourcing services, with an outsourcing rate of approximately 70%, significantly higher than the 34% for traditional biopharmaceuticals. The global ADC CXO market is projected to reach $11 billion by 2030, with a CAGR of 28.4% from 2022 to 2030 [6][31][69]. Key Companies - **WuXi AppTec**: A leading global CRDMO company in bioconjugates, with rapid revenue growth from $0.096 billion in 2020 to $4.052 billion in 2024, and a projected capital expenditure exceeding 7 billion RMB by 2029 [7][39]. - **Hao Yuan Medicine**: Focused on ADC development for over a decade, with over 90 ADC projects and more than 1,200 clients. The company has established a comprehensive ADC CDMO platform and is expanding its production capacity [7][53]. - **Easton Pharmaceuticals**: Provides a full range of CDMO services for ADCs and has supported multiple projects, including the first dual-load ADC project approved for clinical trials [8][61]. - **Kelaiying**: A leading CDMO that has entered the biopharmaceutical sector, with significant growth in ADC-related business and ongoing expansion of production capacity [9][64].

Core Viewpoint - The company emphasizes its commitment to industrialization and globalization strategies, establishing multiple warehousing centers domestically and internationally, including a warehouse and business team in the United States [1] Group 1: Global Strategy - The company has effectively integrated resources through international operations and management methods, creating a global network sales platform [1] - The establishment of a direct and convenient purchasing channel allows for quick response to customer needs [1] Group 2: Product Offering - The company's front-end business includes molecular building blocks and tool compounds, which are characterized by standardization, small batch sizes, and high-frequency delivery [1] - These products are well-suited for rapid delivery demands [1] Group 3: Digital Management - A digital management system has been implemented to establish an intelligent inventory mechanism, optimizing the order processing workflow [1] - This system ensures quick response to orders placed on business days, providing technical support for next-day delivery [1]

Investment Rating - The report maintains an "Outperform" rating for several companies in the pharmaceutical sector, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with promising pipelines and performance growth in the Biopharma/Biotech sector, maintaining an "Outperform" rating for Innovent Biologics, WuXi XDC Cayman, and others [5][23]. - It highlights the performance of the A-Shares pharmaceutical sector, which underperformed the market, with the SW Pharma & Bio index falling by 0.2% while the SHCOMP rose by 1.9% [7][18]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is currently at a normal level of 66.7% as of December 26, 2025 [13][17]. Summary by Sections 1. Continued Recommendation for Innovative Drugs and Industry Chain - The report continues to recommend innovative drugs and the associated industry chain, highlighting the high demand and potential for revaluation in the pharmaceutical sector [5][23]. - Specific companies recommended include Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical, all rated as "Outperform" [5][6]. 2. A-Shares Pharmaceutical Sector Performance - In the fourth week of December 2025, the A-Shares pharmaceutical sector underperformed the broader market, with a decline of 0.2% compared to a 1.9% increase in the SHCOMP index [7][18]. - The best-performing sub-sectors included chemical raw materials (+2.0%) and medical equipment (+0.1%), while biological products saw a slight decline of -0.1% [9][18]. 3. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also underperformed, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Biotechnology index down by 2.3% [18]. - In contrast, the U.S. pharmaceutical sector performed similarly to the market, with the S&P Healthcare Select Sector increasing by 1.0% [18].

（文章来源：证券日报） 证券日报网讯 12月26日，皓元医药发布公告称，2025年12月26日，苏信基金通过集中竞价减持皓元医 药546405股，占总股本0.26%，减持价格71.00元/股至73.15元/股，减持总金额39278669.66元，减持后不 再持股。 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-131 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 本次减持计划实施前，上海皓元医药股份有限公司（以下简称"公司"）股 东苏民投君信（上海）产业升级与科技创新股权投资合伙企业（有限合伙）（以 下简称"苏信基金"）持有公司 546,405 股股份，占减持计划实施前公司总股本 的 0.26%。上述股份为公司首次公开发行前及上市后权益分派资本公积转增股本 取得的股份，并已上市流通。 减持计划的实施结果情况 公司于 2025 年 12 月 22 日在上海证券交易所网站（www.sse.com.cn）披露 了《上海皓元医药股份有限公司股东减持股份计划公告》（公告编号：2025-130）。 苏信基金拟通过集中竞价的方式减持不超过 546,405 股公司股份，拟减持比例不 超过减持计划实 ...

从资金流向上来看，当日医疗服务板块主力资金净流出8.24亿元，游资资金净流入4129.99万元，散户资 金净流入7.83亿元。医疗服务板块个股资金流向见下表： 证券之星消息，12月26日医疗服务板块较上一交易日下跌0.21%，皓元医药领跌。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600721 | 自花医药 | 12.24 | 5.88% | 48.95万 | | 5.94亿 | | 301096 | 百诚医药 | 55.93 | 3.79% | 5.12万 | | 2.84亿 | | 000504 | *ST生物 | 9.20 | 3.25% | 2.70万 | | 2461.38万 | | 301201 | 诚达药业 | 41.95 | 0.84% | 6.37万 | | 2.72亿 | | 603259 | 药明康德 | 92.70 | 0. ...

Core Viewpoint - The company, Haoyuan Pharmaceutical, is actively expanding its global presence and enhancing its operational efficiency, as evidenced by its recent performance and strategic initiatives [1] Group 1: Business Operations - The company has established 8 business centers, 6 research centers, and 4 production bases across various regions including China, the USA, Europe, India, Hong Kong, Japan, South Korea, and Southeast Asia [1] - The company utilizes a cross-regional collaboration mechanism between domestic professionals and international business personnel to quickly respond to the needs of over 10,000 global clients [1] Group 2: Partnerships and Collaborations - The company has formed partnerships with multiple multinational pharmaceutical giants, renowned global universities, research institutions, and CRO companies [1] - Stable collaborations have been established with numerous well-known overseas distributors specializing in drug research reagents [1] Group 3: Revenue Performance - In the first half of 2025, the company's overseas revenue reached 560 million yuan, representing a year-on-year growth of 39.8% [1] - Overseas revenue accounted for 43.0% of the main business income, an increase of nearly 5 percentage points compared to the previous year [1] - The company has achieved same-day order and next-day delivery in most regions of the USA and China, providing a convenient purchasing experience that outperforms imported brands [1]

（文章来源：证券日报） 证券日报网讯 12月21日晚间，皓元医药发布公告称，股东苏信基金拟于2025年12月26日至2026年3月25 日通过集中竞价减持不超过546，405股，占公司总股本0.26%，减持原因为基金到期、股东自身财务需 求等安排。 ...

公告显示，苏信基金持有公司54.64万股股份，占减持计划实施前公司总股本的0.26%。这也意味着，此 次减持系清仓式减持。 北京商报讯（记者 丁宁）12月21日晚间，皓元医药（688131）发布公告称，因基金到期、股东自身财 务需求等安排，公司股东苏民投君信（上海）产业升级与科技创新股权投资合伙企业（有限合伙）（以 下简称"苏信基金"）拟通过集中竞价的方式减持不超过54.64万股公司股份，拟减持比例不超过公司当 前总股本的0.26%。 ...