Core Viewpoint - The stock of Haoyuan Pharmaceutical has experienced a decline of 2.05% on December 18, 2023, despite a year-to-date increase of 100.54% [1] Group 1: Company Overview - Haoyuan Pharmaceutical, established on September 30, 2006, and listed on June 8, 2021, is located in Shanghai and specializes in the research and development of small molecule drug discovery, including molecular building blocks and tool compounds [2] - The company's main business revenue composition includes molecular building blocks and tool compounds (68.97%), with product sales contributing 63.42%, raw materials and intermediates 30.46%, and technical services 5.55% [2] - As of September 30, 2023, the number of shareholders is 12,000, a decrease of 6.34% from the previous period, with an average of 17,647 circulating shares per person, an increase of 6.77% [2] Group 2: Financial Performance - For the period from January to September 2023, Haoyuan Pharmaceutical achieved a revenue of 2.059 billion yuan, representing a year-on-year growth of 27.18%, and a net profit attributable to shareholders of 237 million yuan, up 65.09% year-on-year [2] - The company has distributed a total of 160 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3] Group 3: Stock Market Activity - On December 18, 2023, Haoyuan Pharmaceutical's stock price was reported at 71.13 yuan per share, with a trading volume of 111 million yuan and a turnover rate of 0.73%, resulting in a total market capitalization of 15.087 billion yuan [1] - The stock has seen a net outflow of 2.4429 million yuan from major funds, with significant buying and selling activities recorded [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on May 30, 2023, where it recorded a net purchase of 10.336 million yuan [1]

Core Viewpoint - The company, Haoyuan Pharmaceutical, emphasizes its commitment to a development strategy focused on "industrialization, globalization, and branding," aiming for steady growth across its three main business engines [1] Group 1: Business Development - The revenue from the ADC (Antibody-Drug Conjugate) business currently constitutes a significant portion of the revenue from the backend innovative drug CDMO (Contract Development and Manufacturing Organization) [1] - The company has established a strong competitive advantage in the ADC small molecule sector, with the successful operation of its Chongqing ADC CDMO base in March marking the formation of a comprehensive service system across Shanghai, Ma'anshan, and Chongqing [1] - Haoyuan has developed into a rare one-stop ADCCDMO enterprise in China, offering a full-chain closed-loop service capability that includes Payload-Linker development, antibody discovery, conjugation process optimization, and commercial production [1] Group 2: Market Expansion and Strategy - The company is actively promoting market outreach and project advancement in Chongqing, with a rapid increase in new signed orders [1] - A strategic investment department has been established, and the company does not rule out the possibility of expanding its international market presence through mergers, acquisitions, and partnerships [1] - The company has no undisclosed information that needs to be revealed, and any significant investment or acquisition plans will be communicated through relevant announcements [1]

Core Viewpoint - The company, Haoyuan Pharmaceutical, asserts its competitive advantage in the tool compound business and strong international influence, while also integrating its recombinant protein and biochemical reagent businesses to enhance resource efficiency and market synergy [1] Business Overview - The tool compound and biochemical reagent segment is presented as a combined performance metric in financial disclosures, indicating a strategic alignment of these business areas [1] - The company has committed to increasing research and development in the biochemical reagent sector, with over 23,000 types of biopolymer products, including recombinant proteins, antibodies, and enzymes, developed by the end of Q3 2025 [1]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-129 | | --- | --- | --- | | 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关于不调整可转换公司 债券"皓元转债"转股价格的公告 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。 重要内容提示： 经中国证券监督管理委员会《关于同意上海皓元医药股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可[2024]1289 号）同意，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 82,235.00 万元的 可转换公司债券，期限 6 年，每张面值为人民币 100 元，发行数量为 822,350 手 （8,223,500 张），于 2024 年 12 月 19 日在上海证券交易所挂牌交易，债券简称 "皓元转债"，债券代码"118051"，初始转股价格为人民币 40.73 元/股，经历 次调整，截至本次转股价格调整前，"皓元转债"的转股价格为 40.47 元/股。转 股期间为 ...

关于 2023 年限制性股票激励计划第二类限制性股票 第二个归属期第二次归属结果暨股份上市公告 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-128 | | --- | --- | --- | | 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。 上海皓元医药股份有限公司 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 3,290股，占归属前公司股本总额的 0.0016%。 本次股票上市流通总数为3,290股。 本次股票上市流通日期为2025 年 12 月 19 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分 公司有关业务规则的规定，上海皓元医药股份有限公司（以下简称"公司"）2023 年限制性股票激励计划第二类限制性股票第二个归属期第二次归属的股份于 2025 年 12 月 12 日完成归属登记手续，已收到中国证券登记结算有限责任公司上海分 公司出具的《证券变更登记证明》。现将有关 ...

Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

Core Viewpoint - The recent block trade of Haoyuan Pharmaceutical indicates significant trading activity, with a total transaction amount of 37.044 million yuan and a trading price of 73.50 yuan per share, reflecting a stable market interest in the stock [2] Group 1: Block Trade Details - On December 12, Haoyuan Pharmaceutical recorded a block trade of 50,400 shares, amounting to 3.7044 million yuan, with a transaction price of 73.50 yuan per share [2] - The buyer of this block trade was an institutional investor, while the seller was UBS Securities Co., Ltd. Shanghai Huayuan Shiqiao Road Securities Branch [2] - In the last three months, the stock has seen a total of two block trades, with a cumulative transaction amount of 279 million yuan [2] Group 2: Stock Performance Metrics - The closing price of Haoyuan Pharmaceutical on the same day was 73.50 yuan, representing a decrease of 0.46%, with a daily turnover rate of 2.88% and a total trading volume of 452 million yuan [2] - Over the past five days, the stock has experienced a cumulative decline of 2.62%, with a total net outflow of funds amounting to 58.5583 million yuan [2] - The latest margin financing balance for the stock is 644 million yuan, which has increased by 28.709 million yuan over the past five days, reflecting a growth rate of 4.66% [2]

证券日报网讯 12月12日晚间，皓元医药发布公告称，截至2025年12月11日，公司及子公司对外担保总 额为人民币73，242.19万元（含本次担保），全部为公司对全资或控股子公司提供的担保总额，占公司 2024年度经审计净资产及总资产的比例分别为25.45%、13.30%。此外，公司及子公司不存在逾期担保 和涉及诉讼担保的情形。 （文章来源：证券日报） ...