Group 1: Huaren Shuanghe / Chemical Pharmaceuticals - The company reported a revenue of 11.001 billion yuan in 2025, a year-on-year decrease of 1.88%, while the net profit attributable to shareholders was 1.647 billion yuan, an increase of 1.18% year-on-year, and the net profit after deducting non-recurring items was 1.568 billion yuan, up 9.50% year-on-year [3][4] - In Q4 2025, the company achieved a revenue of 2.718 billion yuan, a year-on-year increase of 2.03%, and a net profit of 297 million yuan, a significant increase of 28.95% year-on-year [4] - The company is focusing on building a second growth curve around synthetic biology, with seven technology platforms established and over 20 projects in research [5] Group 2: Satellite Chemical / Chemical Raw Materials - The company achieved a revenue of 46.068 billion yuan in 2025, a year-on-year increase of 0.92%, while the net profit attributable to shareholders was 5.311 billion yuan, a decrease of 12.54% year-on-year, and the net profit after deducting non-recurring items was 6.292 billion yuan, an increase of 4.02% year-on-year [6][8] - In Q4 2025, the company reported a revenue of 11.297 billion yuan, a year-on-year decrease of 15.52%, and a net profit of 1.556 billion yuan, a year-on-year decrease of 34.61% [10] - The company is constructing a high-end new materials industrial park with a total investment of approximately 266 billion yuan, which will further expand its upstream ethylene production capacity [13] Group 3: Songyuan Safety / Automotive Parts - The company has transformed from a single seatbelt business to a system integrator supplying seatbelts, airbags, and steering wheels, successfully expanding its customer base to include mainstream new car manufacturers [15][16] - The passive safety market is expected to grow significantly, with the domestic market projected to increase from 36.8 billion yuan in 2025 to 51.9 billion yuan by 2030, reflecting a CAGR of 7.1% [16] - The company is expected to achieve revenues of 2.762 billion yuan in 2025, with a year-on-year growth rate of 40% [18] Group 4: Fuyao Glass / Automotive Parts - The company reported a revenue of 45.787 billion yuan in 2025, a year-on-year increase of 16.65%, and a net profit of 9.312 billion yuan, an increase of 24.20% year-on-year [19][20] - The revenue growth outpaced the domestic and US automotive industry sales growth, driven by high-value products and synchronized growth in domestic and international revenues [20] - The company is expected to achieve revenues of 52.448 billion yuan in 2026, with a year-on-year growth rate of 15% [23] Group 5: Shangmei Co. / Cosmetics - The company has established a multi-brand strategy and is focusing on skincare, hair care, and infant care, aiming to create six super brands [24][26] - The brand Han Shu has rapidly grown through effective channel strategies and product positioning, with projected sales of 20.5 billion yuan in 2023, increasing to 44.4 billion yuan by 2025 [25] - The company is expected to achieve revenues of 9.172 billion yuan in 2025, with a year-on-year growth rate of 35% [27] Group 6: China Hongqiao / Industrial Metals - The company reported a revenue of 162.35 billion yuan in 2025, a year-on-year increase of 4%, and a net profit of 22.64 billion yuan, an increase of 1.2% year-on-year [29][30] - The company maintained stable sales volumes for aluminum products, with a unit price increase contributing to improved profitability [30] - The company is expected to achieve revenues of 177.2 billion yuan in 2026, with a year-on-year growth rate of 9% [33] Group 7: Qingdao Port / Shipping and Ports - The company is expected to achieve a revenue of 18.806 billion yuan in 2025, a year-on-year decrease of 0.7%, while the net profit is projected to increase by 0.7% to 5.272 billion yuan [37][38] - The cargo throughput is expected to grow by 4.1% in 2025, reaching 722 million tons [38] - The company is projected to achieve revenues of 19.234 billion yuan in 2026, with a year-on-year growth rate of 2% [40]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.65 [1][5]. Core Insights - The company reported a revenue of RMB 11.001 billion for 2025, a slight year-over-year decline of 1.88%, while the net profit attributable to the parent company was RMB 1.647 billion, reflecting a year-over-year increase of 1.18%. The non-recurring net profit was RMB 1.568 billion, up 9.50% year-over-year, aligning with consensus forecasts [5][6]. - Despite a slight decline in revenue, profit growth remains robust due to several factors, including stabilization in demand for infusion products and growth in specialized treatment areas. The company has focused on cost control, enhancing overall operational efficiency [5][6]. - Looking ahead to 2026, the company anticipates steady profit growth driven by stabilized demand for large-volume infusions and the expansion of specialized treatment areas benefiting from the company's channel advantages [5][6]. Revenue and Profit Forecast - Revenue projections for the company are as follows: RMB 11.676 billion in 2026 (up 6.14%), RMB 12.323 billion in 2027 (up 5.54%), and RMB 12.766 billion in 2028 (up 3.60%) [4]. - The net profit attributable to the parent company is expected to reach RMB 1.771 billion in 2026 (up 7.54%), RMB 1.907 billion in 2027 (up 7.68%), and RMB 2.050 billion in 2028 (up 7.51%) [4]. Segment Performance - The non-infusion segment generated revenue of RMB 8.348 billion in 2025, with growth in chronic disease and specialty areas. Chronic disease products are expected to stabilize as the impact of centralized procurement diminishes, while specialty areas are projected to continue growing [6][7]. - The infusion segment saw a revenue decline to RMB 2.533 billion in 2025, down 16.85% year-over-year, but is expected to stabilize in 2026 through strategic adjustments and new product introductions [7]. R&D and Innovation - The company is building a robust pipeline of innovative drugs, with 15 projects in development, including significant advancements in small molecule and nucleic acid drug technologies. Recent acquisitions and collaborations are expected to enhance its market position in key therapeutic areas [8][9]. Valuation Metrics - The company is projected to have a PE ratio of 15 times for 2026, with a target price of RMB 25.65, reflecting a narrowing discount compared to previous valuations [9].

Core Viewpoint - The 2026 DT New Leaf Award is a global, professional, and comprehensive award focusing on innovations in the bio-based sector, often referred to as the "Oscar of the bio-based industry" [2]. Group 1: Event Details - The award ceremony will take place from March 23 to March 26, featuring live evaluations and presentations from over 50 representative companies and more than 70 competing products [1][2]. - The final award winners will be announced during the 11th Bio-based Conference and Exhibition on May 21 in Shanghai [2]. Group 2: Award Categories and Schedule - The awards include four main categories: Innovation Materials Award, Innovation Application Award, Most Commercially Valuable Award, and Innovative Industry Solution Award [31]. - The schedule for the awards is as follows: - Innovation Materials Award: March 23, 13:00-15:10 (first half), 15:30-17:30 (second half) [3][31]. - Innovation Application Award: March 24, 13:30-15:10 (first half), 15:40-17:20 (second half) [7][31]. - Most Commercially Valuable Award: March 25, 13:30-15:00 (first half), 15:30-16:40 (second half) [10][31]. - Innovative Industry Solution Award: March 26, 13:30-14:40 (first half), 15:00-16:40 (second half) [12][31]. Group 3: Evaluation Process - A panel of over 20 experts from various fields, including sportswear, automotive, packaging, and home appliances, will evaluate the nominated products during the online assessment from March 23 to March 27 [14].

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於香港註冊成立的有限公司） （股份代號：3320） 公告 華潤雙鶴 截至2025年12月31日止年度的主要財務資料 | 截至12月31日止年度 | 增加╱ | 2025年 | 2024年 | 減少 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 人民幣 | （人民幣） | （ | ） | ( | % | ) | （經審核） | 經審核 | （ | ） | | | | | | – | 營業總收入 | 1.88 % | 11,000,795,324.94 | 11,211,623,666.19 | 上市公司股東應佔淨利潤 | 1.18 % | 1,646,94 ...

第十届董事会第十八次会议 2026 年 3 月 18 日 证券代码：600062 证券简称：华润双鹤 公告编号：临 2026-020 华润双鹤药业股份有限公司 关于公司 2021 年限制性股票激励计划首次授予部分 第三个解除限售期解除限售条件成就的公告 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、准确性和完整性承 担法律责任。 重要内容提示： 本次解除限售股票数量：5,247,497 股。 公司将在办理完毕相关解除限售申请手续后，股份上市流通前， 发布限制性股票解除限售暨股份上市公告。 华润双鹤药业股份有限公司(以下简称"公司")第十届董事会第 十八次会议审议通过了《关于公司 2021 年限制性股票激励计划首次 授予部分第三个解除限售期解除限售条件成就的议案》。根据《华润 双鹤药业股份有限公司 2021 年限制性股票激励计划(2022 年 12 月修 订稿)》(以下简称"激励计划")的规定及公司 2022 年第一次临时股 东大会的授权，公司董事会认为公司激励计划规定的首次授予部分限 制性股票第三个解除限售期解除限售条件已经成就。本次可解除限售 的激励对 ...

第十届董事会第十八次会议 2026 年 3 月 18 日 证券代码：600062 证券简称：华润双鹤 公告编号：临 2026-021 华润双鹤药业股份有限公司 关于公司回购注销部分激励对象已获授但尚未解除 限售的限制性股票的公告 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、准确性和完整性承 担法律责任。 重要内容提示： 限制性股票回购数量：10,059 股。 限制性股票回购价格：10,059 股限制性股票回购价格为 5.654 元/股，回购资金总额约为 6 万元，全部为公司自有资金。 根据《华润双鹤药业股份有限公司 2021 年限制性股票激励计划 (2022 年 12 月修订稿)》(以下简称"激励计划")的规定及公司 2022 年第一次临时股东大会的授权，公司于 2026 年 3 月 18 日召开第十届 董事会第十八次会议，审议通过《关于回购注销部分激励对象已获授 但尚未解除限售的限制性股票的议案》，鉴于 4 名首次授予激励对象 第三个解除限售期因绩效考核结果未达到全部解除限售要求，同意回 购注销4名激励对象已获授但尚未解除限售的限制性股票共计10,0 ...

华润双鹤药业股份有限公司 内部控制审计报告 2026 年 3 月 18 日 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2605769 号 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 第 1 页，共 2 页 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会 ...

华润双鹤药业股份有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2604273 号 华润双鹤药业股份有限公司全体股东： 一、审计意见 我们审计了后附的华润双鹤药业股份有限公司 (以下简称"华润双鹤公司") 的财务报表， 包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润表、合并 及母公司现金流量表、合并及母公司股东权益 ...

北京市中伦律师事务所 关于华润双鹤药业股份有限公司 2021年限制性股票激励计划首次授予部分 第三个解除限售期解除限售条件成就及 回购注销部分已获授但尚未解除限售的限制性股票的 法律意见书 二〇二六年三月 | 一、第三个解除限售期解除限售条件成就事宜 | 2 | | --- | --- | | （一）首次授予部分第三个限售期即将届满 | 2 | | （二）首次授予部分限制性股票解除限售需满足的条件 | 3 | | （三）第三个解除限售期解除限售条件成就的情况 | 4 | | （四）第三个解除限售期解除限售条件成就的确认 | 5 | | 二、本次回购注销事宜 | 6 | | （一）本次回购注销的批准和授权 | 6 | | （二）本次回购注销的方案 | 6 | | 三、结论 | 7 | 法律意见书 北京市中伦律师事务所 关于华润双鹤药业股份有限公司 2021年限制性股票激励计划首次授予部分 第三个解除限售期解除限售条件成就及 回购注销部分已获授但尚未解除限售的限制性股票的 法律意见书 致：华润双鹤药业股份有限公司 1 法律意见书 对本法律意见书，本所律师作出如下声明： 1．本所律师在工作过程中，已得到华润双鹤的保 ...

2025 年度独立董事述职报告 (余顺坤) 作为华润双鹤药业股份有限公司(以下简称"公司")的独立董事， 2025 年度，本人严格遵循《公司法》《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法 律法规、规范性文件，以及公司《章程》《独立董事工作细则》等内 部制度规定，勤勉尽责履行独立董事职责与义务，审慎行使公司及股 东赋予的各项权利。本人按时出席公司相关会议，认真审议董事会各 项议案，就公司重大事项发表独立、客观、公正的专业意见，切实维 护全体股东尤其是中小股东的合法权益，有效发挥独立董事独立履职 作用，为公司董事会科学决策、规范运作及持续发展发挥了积极推动 作用。现将本人 2025 年度履行独立董事职责的具体情况报告如下： 一、基本情况 (一)个人工作履历、专业背景以及兼职情况 本人余顺坤，1963年5月出生，山东科技大学采矿工程工学学士 学位和华北电力大学经济技术及管理博士学位。曾任北京煤炭管理干 部学院教师，中国大唐集团新能源股份有限公司独立董事。现任华北 电力大学教授、博士生导师，河北沧州农村商业银行股份有限公司、 汇通建设集团股份有限公司独立董事，本公司 ...