Core Viewpoint - Huayi Family plans to invest up to 300 million yuan to acquire 5% to 8.09% of shares in Shanghai Haihe Pharmaceutical, marking a significant entry into the innovative drug sector [1] Group 1: Investment Details - The investment in Haihe Pharmaceutical represents Huayi Family's strategic diversification, as the company has previously invested in robotics and graphene [1] - The acquisition price is set at 4.75 yuan per share, valuing Haihe Pharmaceutical at approximately 3.411 billion yuan based on its total share count of 718 million [3] Group 2: Company Overview - Haihe Pharmaceutical focuses on innovative drugs in the oncology sector, with a strong pipeline of over ten research projects led by a global research team [1][2] - The company has three significant products already on the market, including GM-101, which addresses a gap in non-small cell lung cancer treatment, projected to generate 310 million yuan in revenue in 2024 [1] Group 3: Market Context - The Chinese innovative drug market is experiencing favorable policies and a growing number of approved drugs, with 43 innovative drugs approved in the first half of 2025, a 59% increase year-on-year [2] - The market is expected to see a rise in both volume and price, indicating a potential golden period for innovative drugs [2] Group 4: Financial Performance - Haihe Pharmaceutical's projected revenue for 2024 is 323 million yuan, with a net loss of 209 million yuan expected [3] - The company is anticipated to enter a phase of sustainable profit growth as commercialization efforts deepen [3] Group 5: Strategic Implications - The collaboration between Huayi Family and Haihe Pharmaceutical is expected to leverage their complementary resources and geographic advantages, creating opportunities for deep synergy [4] - This strategic financial investment is seen as a new starting point for Huayi Family's high-quality development, reflecting the capital market's preference for quality innovative assets [4]

Core Viewpoint - Huali Family (600503.SH) is making a strategic move into the innovative pharmaceutical sector by investing up to 300 million yuan to acquire 5% to 8.09% of Shanghai Haihe Pharmaceutical Research and Development Co., Ltd, reflecting its commitment to diversify and optimize its business structure amid challenges in the real estate market [1][5]. Group 1: Company Overview - Huali Family's main business is real estate development, which has faced performance fluctuations due to the cyclical nature of the industry, leading to a projected loss in 2024 [1]. - The company has previously explored other emerging industries such as robotics and graphene, but with limited success [1]. - The investment in Haihe Pharmaceutical is seen as a significant attempt to enter a new field, supported by the long-term trust established through the controlling shareholder, Nanjing Group [1]. Group 2: Haihe Pharmaceutical's Position - Haihe Pharmaceutical specializes in innovative drugs for oncology, with a robust pipeline of over ten research projects, including three already on the market [2]. - The company’s revenue from its existing products is projected to reach 310 million yuan in 2024, with significant market achievements including the first domestic approval of a self-developed innovative drug in Japan [2]. - Haihe has five additional products in clinical research, with potential for Best-in-class or First-in-class status across various cancer and rare disease indications [2]. Group 3: Market Context and Financials - The innovative drug sector in China is experiencing favorable policies and a growing market, with 43 new drugs approved in the first half of 2025, a 59% increase year-on-year [3]. - Haihe Pharmaceutical's revenue is expected to accelerate, with 2024 revenue projected at 323 million yuan and a net loss of 209 million yuan, indicating a trend towards profitability as commercialization progresses [3]. - The valuation of Haihe Pharmaceutical at 4.75 yuan per share suggests a market capitalization of 3.411 billion yuan, with a price-to-sales ratio of around 10, significantly lower than the average of 36.33 for A-share innovative drug companies [4]. Group 4: Strategic Implications - The collaboration between Huali Family and Haihe Pharmaceutical is positioned as a strategic financial investment that could yield long-term value for Huali, leveraging Haihe's R&D capabilities and market potential [5]. - The partnership is expected to create a dual-driven development model combining real estate and innovative pharmaceuticals, enhancing Huali's growth prospects [4][5].

Group 1 - The core viewpoint of the article is that the investment by Huayi Family in Haihe Pharmaceutical is a strategic response to the pressures of transformation faced by traditional industries, supported by policy and market logic [1][4] - The "Six Merger Guidelines" issued by the CSRC in 2024 encourage listed companies to engage in cross-industry mergers to enhance industrial transformation and upgrade, providing institutional support for traditional enterprises [1][2] - Traditional industries, including real estate, are experiencing common issues of sluggish growth, with many companies facing performance declines, highlighting the urgent need for transformation [1][3] Group 2 - Compared to building teams to enter new fields, investing in or acquiring mature innovative companies is a more efficient choice, aligning with the "Six Merger Guidelines" that direct resources towards new productive forces [2] - Haihe Pharmaceutical possesses clear core value through its solid R&D capabilities and commercial progress, having undertaken significant national projects and achieved commercialization of several products [3] - Despite currently being in a loss-making state, Haihe Pharmaceutical's situation aligns with the characteristics of innovative pharmaceutical companies, which typically require substantial upfront R&D investments [3] Group 3 - The investment strategy reflects practicality, utilizing a "strategic financial investment" approach to minimize integration risks and allow for future collaboration [4] - The transaction complies with regulatory requirements, ensuring protection for minority investors by involving shareholder meetings and avoiding conflicts of interest [4] - Huayi Family's financial strength supports the feasibility of the operation, with sufficient cash reserves to accommodate the investment without jeopardizing ongoing operations [4]

Core Viewpoint - The governance crisis at Huali Family (600503.SH) has raised regulatory concerns due to failed shareholder meetings and questionable cross-industry acquisitions, revealing long-term operational risks [1][2]. Governance Crisis - The annual shareholder meeting on May 17, 2023, resulted in all 21 proposals being rejected, including critical items like the annual report and board re-election, primarily due to opposition from the second-largest shareholder, Ze Xi Investment, which holds 5.62% of shares [2]. - Ze Xi Investment's objections were based on claims of increased executive compensation despite declining performance and violations of company bylaws, stemming from the board's refusal to disclose their prior proposals [2]. Regulatory Scrutiny - The Shanghai Stock Exchange issued a regulatory letter demanding the company to analyze the reasons for the proposal rejections, assess governance effectiveness, and disclose crisis resolution plans [3]. - The company claimed no significant governance flaws, but the failed shareholder meeting highlighted decision-making failures [3]. - Huali Family's plan to invest 300 million yuan in the loss-making pharmaceutical company Haihe Pharmaceutical raised questions about the rationale behind choosing a continuously unprofitable target [3]. Financial Concerns - As of Q1 2025, Huali Family's cash reserves were only 168 million yuan, with the proposed 300 million yuan investment exceeding 15% of its net assets, raising concerns about the company's ability to manage cash flow amidst ongoing losses [4]. - The company has not provided a clear strategy to address the long-term financial impact of the investment in a loss-making entity [4].

独立董事意见： 华丽家族股份有限公司独立董事 关于上海证券交易所对公司增资收购股权暨关联交易事项的 监管工作函相关事项的独立意见 华丽家族股份有限公司（以下简称"公司"）于 2025 年 8 月 11 日收到上海 证券交易所（以下简称"上交所"）《关于对华丽家族股份有限公司增资收购股 权暨关联交易事项的监管工作函》（上证公函【2025】1211 号）（以下简称"《工 作函》"）。作为公司独立董事，我们根据中国证监会《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》等法律法规及《公司章程》的相关规定， 本着勤勉尽责的原则，与管理层认真讨论了监管工作函的内容，基于独立判断的 立场，就《工作函》有关事项发表如下独立意见： 问题 2.关于资产评估。公告显示，本次评估采用资产基础法和市场法，资 产基础法评估增值率 347.70%-425.03%，市场法评估增值率 343.66%-441.06%, 最终选取资产基础法。请公司：（1）补充披露本次交易采用资产基础法评估的 具体情况，包括但不限于评估过程、主要参数、评估依据等，并说明标的评估 增值率较高的原因及合理性；（2）说明市场法评估的具体情况，包括但不限于 选 ...

（文章来源：证券日报） 证券日报网讯 8月13日晚间，华丽家族发布公告称，公司第七届董事会第三十九次会议审议并通过《关 于召开2025年第一次临时股东大会的议案》。 ...

证券代码：600503 证券简称：华丽家族 公告编号：临2025－023 二〇二五年八月十三日 华丽家族股份有限公司 第七届董事会第三十九次会议决议公告 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。 华丽家族股份有限公司（以下简称 "公司"）第七届董事会第三十九次会议于2025 年8月13日通过现场会议结合通讯表决的方式召开。会议通知于2025年8月8日以书面方 式送达全体董事。会议由董事长王伟林先生主持，会议应参加表决董事8人，实际参加 表决董事8人，公司高级管理人员列席了会议。本次会议的召集、召开及表决程序符合 《公司法》《公司章程》及《公司董事会议事规则》等有关规定。经与会董事审议， 表决通过了如下议案： 一、审议并通过《关于召开 2025 年第一次临时股东大会的议案》 公司拟于 2025 年 8 月 29 日 14:30 在上海市松江区石湖荡镇三新公路 207 号会议室 召开 2025 年第一次临时股东大会。 详见公司于上交所网站（www.sse.com.cn）及指定媒体披露的《华丽家族股份有限 公司关于召开 202 ...

Core Viewpoint - The company, Huayi Family, is responding to a regulatory inquiry regarding its acquisition of Haihe Pharmaceuticals, which is focused on innovative cancer drugs. The inquiry raises questions about the necessity of the transaction given the financial performance of both companies, particularly the losses incurred by Haihe Pharmaceuticals and the strategic rationale behind the acquisition [1][20]. Group 1: Industry Overview - The oncology drug market is experiencing significant growth, with global cancer incidence rising from 18.52 million in 2019 to 20.78 million in 2023, reflecting a compound annual growth rate (CAGR) of 2.9%. Projections indicate that by 2030, the number of new cancer cases could reach approximately 24.46 million [2]. - In China, the number of new cancer cases is also on the rise, reaching 4.93 million in 2023, with an expected increase to 5.65 million by 2030, representing a CAGR of 2.0% from 2026 to 2030 [3]. - The global oncology drug market grew from $129 billion in 2018 to $223.2 billion in 2023, with a CAGR of 11.6%. The Chinese oncology drug market increased from $19.9 billion to $30.9 billion during the same period, with a CAGR of 9.2% [4]. Group 2: Haihe Pharmaceuticals Overview - Haihe Pharmaceuticals specializes in the research and development of small molecule anti-cancer drugs, with a pipeline that includes over ten research projects. Three products have been commercialized in China and Japan, while five are in clinical research [4][10]. - The company's main products include SCC244 (Gumetinib) and RMX3001 (oral paclitaxel), with SCC244 approved for treating advanced non-small cell lung cancer (NSCLC) with c-Met exon 14 mutations. RMX3001 is the only approved oral paclitaxel product globally, targeting gastric cancer and showing significant patient compliance advantages [5][6][10]. - Haihe's products demonstrate competitive advantages in clinical efficacy, pharmacological characteristics, and safety profiles compared to similar products in the market [5][10]. Group 3: Financial Performance and Strategic Rationale - Haihe Pharmaceuticals reported revenues of CNY 323 million and CNY 76.82 million for 2024 and the first two months of 2025, respectively, but incurred net losses of CNY 209 million and CNY 16.08 million during the same periods [1]. - Huayi Family's main business is real estate development, with revenues of CNY 161 million and CNY 353 million for 2023 and 2024, respectively, and a projected net loss of CNY 12.5 million to CNY 8.35 million for the first half of 2025 [1][14]. - The acquisition of Haihe Pharmaceuticals is seen as a strategic move to diversify Huayi Family's business and tap into the growing biopharmaceutical sector, which is supported by national policies aimed at fostering innovation in drug development [17][20].

证券代码：600503 证券简称：华丽家族 公告编号：2025-024 华丽家族股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 召开的日期时间：2025 年 8 月 29 日 14 点 30 分 召开地点：上海市松江区石湖荡镇三新公路 207 号会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 29 日 至2025 年 8 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 ...

Group 1 - The company announced that its seventh board meeting was held on August 13, 2025, through a combination of on-site and communication voting methods [2] - The meeting reviewed the proposal regarding the convening of the first extraordinary general meeting of shareholders in 2025 [2]