Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses **Shuangma** and its investment strategies, particularly in the **technology** and **new manufacturing** sectors. Key Points and Arguments 1. **Investment Focus**: Shuangma's investment direction continues to focus on technology and new manufacturing, with approximately 10 projects invested in the previous year and plans for more investments as the market environment improves [1] 2. **Fund Management**: The company currently manages three funds, with two nearing the end of their investment periods, having invested in over a hundred projects [1] 3. **Market Conditions**: The capital market has faced challenges in the past two years, but there is optimism for better opportunities in the current year due to government support and policy adjustments [2] 4. **Empowerment of Jianyuan**: Post-acquisition, Shuangma has restructured Jianyuan's board and management, aligning its long-term goals with Shuangma's overall business strategy [3][4] 5. **Management Efficiency**: Efforts have been made to optimize Jianyuan's management efficiency and internal control systems, enhancing its business development and risk management capabilities [4] 6. **Industry Outlook**: The company remains optimistic about the industry’s growth potential, particularly as patents expire, which is expected to drive market growth [5] 7. **Shareholder Actions**: Recent share reductions by two shareholders are attributed to their own funding needs, with minimal expected impact on the company’s market performance [6][7] 8. **Fund Performance**: The performance of funds has been stable, with expectations for a gradual recovery in investment returns as market conditions improve [12][14] 9. **Water Industry Challenges**: The water industry is currently facing losses, but there is hope for recovery due to national infrastructure projects and adjustments in the economy [15] 10. **Investment in AI and Technology**: Shuangma is actively investing in technology sectors, including AI, and plans to continue this focus in future investments [16][17] 11. **Fund Size and Projects**: The total scale of Shuangma's funds is approximately 30 billion, with over 100 companies involved in various projects [18] 12. **Future Expectations**: The company anticipates stable management fee income and potential for significant returns in 2025 as market conditions stabilize [14][18] Other Important but Overlooked Content - The company emphasizes the importance of maintaining a strong internal control system and efficient management processes to ensure high operational efficiency [4] - There is a clear strategy for future investments in biomedicine and life sciences, indicating a shift towards these sectors as new mainstays for growth [16] - Historical investment successes in technology sectors are highlighted as a foundation for future strategies, reinforcing the commitment to investing in companies with technological capabilities [17]

证券代码：000935 证券简称：四川双马 公告编号：2025-6 四川和谐双马股份有限公司 关于控股子公司深圳健元获得欧洲发明专利的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司（简称"公司"）控股子公司深圳市健元医药科 技有限公司于近期收到了欧洲专利局颁发的发明专利证书。 一、本次取得欧洲发明专利证书的具体情况 1 、 专 利 名 称 ： SYNTHESIS METHOD FOR LOW‑RACEMIZATION IMPURITY LIRAGLUTIDE（低消旋杂质利拉鲁肽的合成方法） 4、专利类型：发明专利 5、申请日期：2017 年 8 月 18 日 6、授权日期：2025 年 1 月 15 日 利拉鲁肽是人胰高血糖素样肽-1（GLP-1）类似物，用于治疗Ⅱ型糖尿病、 体重管理。本专利为合成利拉鲁肽的新工艺，该工艺在确保收率稳定的同时，实 现了与产品性质极为相似的消旋杂质[D‑Thr5 ]-利拉鲁肽的大幅降低，有利于提 升产品的质量。 二、对公司的影响 欧洲是公司重要的海外市场之一，本次欧洲专利的取得是公司研发综合实力 ...

四川和谐双马股份有限公司 关于持股5%以上股东减持股份的预披露公告 证券代码：000935 证券简称：四川双马 公告编号：2025-5 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 公司持股 5%以上股东中国中信金融资产管理股份有限公司、天津赛克环企业管 理中心（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 1、持有四川和谐双马股份有限公司（简称"本公司"）股份 60,553,952 股 （占本公司总股本比例 7.9317%）的股东中国中信金融资产管理股份有限公司 （简称"中信金融资产"）计划在本公告披露之日起 15 个交易日后的连续 90 个 自然日内以集中竞价和大宗交易方式合计减持本公司股份不超过 11,358,300 股 （含本数），占本公司总股本的 1.4878%，占目前剔除本公司回购专用证券账户 中的股份数量后总股本的 1.5000%。 2、持有本公司股份 78,403,902 股（占本公司总股本比例 10.2698%）的股 东天津赛克环企业管理中心（ ...

Financial Performance - The company expects a net profit attributable to shareholders of between 280 million and 380 million CNY, representing a decline of 61.44% to 71.59% compared to the previous year's profit of 985.47 million CNY[3] - The net profit after deducting non-recurring gains and losses is projected to be between 240 million and 340 million CNY, down 63.78% to 74.43% from last year's 938.71 million CNY[3] - Basic earnings per share are estimated to be between 0.37 CNY and 0.50 CNY, a decrease from 1.29 CNY in the previous year[3] Market Challenges - The decline in performance is attributed to fluctuations in the capital market affecting the fair value of investment projects, and a slow recovery in market demand for building materials in the first three quarters[6] - The overall sales volume and prices in the building materials sector have significantly declined compared to the previous year, despite some recovery in the fourth quarter due to supportive government policies[6] Strategic Initiatives - Despite the challenges, the company is taking measures to optimize operational efficiency and control costs, including seeking alternative raw materials and strict cash flow management[6] - The company has successfully acquired Shenzhen Jianyuan Pharmaceutical Technology Co., Ltd., which is expected to provide a solid foundation for future growth[6] - The company is actively working on fundraising for the Yibin Harmony Green Industry Development Equity Investment Partnership, which is expected to increase management fee income[6] Caution for Investors - Investors are advised to exercise caution and be aware of investment risks as the company continues to navigate these challenges[7] - The financial data presented is preliminary and has not been audited by registered accountants, with detailed financial results to be disclosed in the 2024 annual report[4][7]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 22.27 RMB based on a valuation of 170 billion RMB for 2025 [3]. Core Insights - The company has transitioned from a single cement business to a primary focus on private equity, resulting in significant improvements in net profit and ROE. The net profit increased from 0.85 billion RMB in 2016 to 9.85 billion RMB in 2023, while ROE rose from 3.16% in 2016 to 14.10% in 2023 [1][26]. - The private equity investment business has become the main profit driver, with profits rising from 3.61 billion RMB in 2018 to 8.52 billion RMB in 2023, accounting for 86% of net profit [1][29]. Summary by Sections Company Overview - The company has shifted its strategic focus from traditional building materials to private equity investment, aiming to create a dual core business model of biotechnology and fund management [1][17]. - The company plans to acquire Shenzhen Jianyuan, a leader in the polypeptide field, which is expected to enhance its profitability [2][17]. Private Equity Business - The company has a robust private equity business model, generating income from management fees, performance-based fees, and investment income. The management fee income has remained stable at around 30% over the past three years, with a significant increase in 2024H1 [2][36]. - The company manages three private equity funds with a total scale of nearly 280 billion RMB, showcasing strong fundraising capabilities [2][36]. Financial Performance - The company's revenue has seen fluctuations due to market conditions, with a projected revenue of 1.006 billion RMB in 2024, a decrease of 17.5% year-on-year. However, net profit is expected to rebound significantly in 2025 and 2026 [5][3]. - The private equity business's contribution to overall revenue has increased, with its share rising from 3% in 2017 to 46% in 2024H1 [29]. Profitability Forecast - The company forecasts net profits of 3.52 billion RMB, 6.51 billion RMB, and 9.54 billion RMB for 2024, 2025, and 2026, respectively, indicating a recovery trajectory after a decline in 2024 [3][5].

证券代码：000935 证券简称：四川双马 公告编号：2025-2 四川和谐双马股份有限公司 第九届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 所获授信额度用于流动资金贷款、项目贷款、开立银行承兑汇票、国内信用 证、国际信用证、开立保函、申办票据贴现、远期结售汇、国内保理及贸易融资 业务等。在总额度范围内，公司授权公司总经理和财务总监代表公司与贷款银行 在 2025 年度所获取的额度有效期范围内具体协商并决定有关前述业务的利息、 费用、期限、利率等，并可根据实际情况适当调整金融机构（包括但不限于列表 所述）及实际授信和贷款额度，由此产生的法律责任由公司承担。 | 附表： | | --- | | 授信银行 | 授信金额 | 公司 | 备注 | | --- | --- | --- | --- | | | （人民币元） | | | | 中国银行股份有限公司 | 100,000,000 | | 综合授信 | | 中国建设银行股份有限公司 | 100,000,000 | | 综合授信 | | | | 四川和谐双马股份有限公司 | | | ...

Core Viewpoint - Sichuan Shuangma has made a significant move in the peptide industry by acquiring 92.1745% of Shenzhen Jianyuan Pharmaceutical Technology Co., Ltd. for 1.596 billion yuan, establishing a new dual business model of "biopharmaceuticals + private equity fund management" for future growth [1][10]. Group 1: Strategic Adjustment - Since 2017, Sichuan Shuangma has transitioned its business focus from construction materials to a combination of construction materials and private equity fund management, achieving nearly 1 billion yuan in profit [2]. - The aim of the private equity fund management business is to strategically position the company for future industry shifts and enhance shareholder returns [2]. Group 2: Peptide Industry Overview - Peptides are compounds formed by amino acids linked by peptide bonds, with those containing fewer than 100 amino acids classified as peptides and those with more classified as proteins [3]. - Compared to small molecule drugs, peptide drugs offer higher biological activity and specificity, while also having lower immunogenicity, higher purity, and lower production costs [3]. Group 3: Market Potential - The global GLP-1 drug market has grown from $9.3 billion in 2018 to $38.9 billion in 2023, with a compound annual growth rate (CAGR) of 33.2%, and is projected to reach $98.8 billion by 2028 with a CAGR of 20.5% [4]. - The global peptide drug market is expected to grow from $60.7 billion in 2018 to $89.5 billion in 2023, and further to $189 billion by 2028, with a CAGR of 16.1% [11]. Group 4: Shenzhen Jianyuan Overview - Shenzhen Jianyuan, established in 2009, specializes in the R&D, production, and sales of peptide products, employing over 570 staff with a management team experienced in the peptide industry [6]. - The company has a total production capacity exceeding 4 tons, with the ability to synthesize 100 kg in a single batch and 2 tons annually for GLP-1 raw materials [7]. Group 5: Competitive Advantages - Shenzhen Jianyuan has established a strong technical foundation in peptide drug R&D and production, with many products already commercialized [9]. - The company has a competitive edge in stable quality, cost advantages, and extensive international customer collaboration experience [14]. Group 6: Future Strategy - Following the acquisition by Sichuan Shuangma, Shenzhen Jianyuan plans to leverage the new shareholder's experience in industry integration and investment to enhance its strategic direction and market share [16]. - The company aims to increase production capacity in response to market demand and expand its global market presence, targeting to become a leading supplier of peptide raw materials [16].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000935 证券简称：四川双马 公告编号：2024-52 四川和谐双马股份有限公司 关于控股子公司湖北健翔通过美国 FDA 现场检查的公告 医药产品在国际市场的销售情况易受到市场环境变化、汇率波动等不确定性 因素影响，敬请广大投资者谨慎决策，注意防范投资风险。 四川和谐双马股份有限公司董事会 2024 年 12 月 9 日 四川和谐双马股份有限公司（以下简称"公司"）控股子公司湖北健翔生物 制药有限公司（以下简称"湖北健翔"）于 2024 年 8 月 26 日至 8 月 30 日接受 了美国食品药品监督管理局（以下简称"FDA"）的 cGMP（现行药品生产质 量管理规范）现场检查，检查范围涵盖质量体系、生产体系、设备设施体系、实 验室控制体系、物料管理体系等。 近日，湖北健翔收到美国 FDA 出具的现场核查报告（Establishment Inspection Report），根据该核查报告，湖北健翔的质量和生产体系等均符合美国 FDA 的 标准，湖北健翔通过了美国 FDA 现场检查。 本次顺利通过美 ...

证券代码：000935 证券简称：四川双马 公告编号：2024-51 四川和谐双马股份有限公司 关于和谐汇资基金完成基金备案登记的公告 管理人名称：和谐天明投资管理（北京）有限公司 四川和谐双马股份有限公司董事会 2024 年 12 月 7 日 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 2024 年 10 月 29 日，四川和谐双马股份有限公司（简称"公司"）第九届 董事会第十二次会议审议通过了《关于参与设立创业投资基金暨关联交易的议 案》。公司全资子公司上海和谐新智科技发展有限公司（简称"和谐新智"）拟 作为有限合伙人以自有或自筹资金出资 1 亿元人民币参与设立上海和谐汇资创 业投资合伙企业（有限合伙）（以下简称"和谐汇资基金"）。截至目前，和谐 新智及相关方已签署《上海和谐汇资创业投资合伙企业（有限合伙）合伙协议》， 和谐汇资基金已完成工商注册，并在中国证券投资基金业协会完成备案手续，备 案的具体内容如下： 基金名称：上海和谐汇资创业投资合伙企业（有限合伙） 备案编码：SAQR28 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司(以下简称"公司"）于近日接到控股股东北京 和谐恒源科技有限公司（以下简称"和谐恒源"）的告知函，获悉和谐恒源对所 持有的本公司的部分股份办理了质押展期业务，具体事项如下： 上述"占其所持股份比例"为该笔质押股份的数量占和谐恒源及其一致行动 人持股数量的比例。所质押的股份未负担重大资产重组等业绩补偿义务。 上述股份的原质押情况详见公司于2023年11月10日及2023年11月15日披露 的《关于控股股东所持部分股份解除质押及再质押的公告》和《关于控股股东所 持部分股份质押的公告》。依据和谐恒源出具的告知函，和谐恒源对所持有的本 公司的部分股份办理质押展期的主要原因为偿还债务，就质押事项和谐恒源具备 履约偿债能力，所质押的股份不存在平仓风险，对上市公司的生产经营及公司治 理等不会产生影响，和谐恒源已采取相关防范应对措施。 证券代码：000935 证券简称：四川双马 公告编号：2024-50 四川和谐双马股份有限公司 关于控股股东所持部分股份质押展期的公告 如出现总数与各分项数值之和不符的情况 ...