浙江华海药业股份有限公司 | 股票简称：华海药业 | 股票代码：600521 | 公告编号：临 | 2025-123 号 | | --- | --- | --- | --- | | 债券简称：华海转债 | 债券代码：110076 | | | 关于公司及下属子公司涉及诉讼的进展公告 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个别及连带责任。 重要内容提示: 案件所处的诉讼阶段：Gaston Roberts（以下简称"原告"或"上诉人"） 人身损害赔偿案件（以下简称"Gaston Roberts 案件"），原告就一审驳回原告起 诉的简易判决提起上诉。 上市公司及其子公司所处的当事人地位：被上诉人。 涉诉金额：上诉人未明确具体金额。 月 31 日刊登在中国证券报、上海证券报、证券时报、证券日报及上海证券交易 所网站（www.sse.com.cn）上的《浙江华海药业股份有限公司关于公司及其下属 子公司涉及诉讼的公告》（公告编号：临 2018-088 号）、《浙江华海药业股份有限 公司关于公司及其下属子公司涉及诉讼的补充公告》（公告编号：临 ...

Core Viewpoint - Huahai Pharmaceutical announced that the plaintiff in the Gaston Roberts personal injury compensation case has appealed the judgment that dismissed the lawsuit, with the company as the appellee. The amount involved in the appeal has not been specified. The appeal process has just begun and is in its early stages, making it difficult for the company to assess the impact on its financial results, which will depend on subsequent court rulings or enforcement outcomes. Aside from this case, there are no significant developments in other valsartan lawsuits in the U.S., and the outcomes remain uncertain [1]. Group 1 - The plaintiff in the Gaston Roberts case has appealed the dismissal of the lawsuit [1] - The company is currently unable to determine the financial impact of the appeal [1] - There are no significant updates on other valsartan lawsuits in the U.S. [1]

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： 证券代码：600521 证券简称：华海药业 公告编号：临 2025-122 号 债券代码：110076 债券简称：华海转债 浙江华海药业股份有限公司 关于"华海转债"可选择回售的第一次提示性公告 浙江华海药业股份有限公司（以下简称"公司"）的股票自 2025 年 11 月 2 日 至 2025 年 12 月 12 日连续 30 个交易日收盘价格低于公司可转换公司债券（以下 简称"华海转债"）当期转股价格的 70%。根据《浙江华海药业股份有限公司公开 发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，可转债 回售条款生效。 现依据《上市公司证券发行管理办法》《可转换公司债券管理办法》《上海证 券交易所股票上市规则》和《募集说明书》等有关规定，就回售有关事项向全体 "华海转债"持有人公告如下： 一、回售条款 1 / 3 回售价格：100.30 元人民币/张（含当期利息、含税） 回售期：2025 年 12 月 22 日至 2025 年 12 月 26 ...

Core Points - The company announces the option for holders of "Huahai Convertible Bonds" to sell back their bonds at a price of 100.30 RMB per bond, including accrued interest and tax [2][4] - The bondholders have the right to choose whether to exercise this option, and the buyback is not mandatory [2][7] - The buyback conditions are triggered if the company's stock price remains below 70% of the bond's conversion price for 30 consecutive trading days [2][3] Buyback Terms - The buyback period is set from December 22, 2025, to December 26, 2025, with funds to be disbursed on December 31, 2025 [4][10] - During the buyback period, the "Huahai Convertible Bonds" will stop being convertible into shares [4][12] - The calculation for the buyback price includes accrued interest, which for the sixth year is approximately 0.30 RMB per bond, leading to a total buyback price of 100.30 RMB [6][13] Buyback Procedures - Bondholders must submit their buyback requests through the Shanghai Stock Exchange trading system during the specified buyback period [8][9] - If a buyback request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the buyback period [9] - The company will announce the results of the buyback and its impact on the company after the buyback period ends [11]

浙江华海药业股份有限公司 关于"华海转债"可选择回售的公告 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： 因回售期间"华海转债"停止转股,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 110076 | 华海转债 | 可转债转股停牌 | 2025/12/22 | | 2025/12/26 | 2025/12/29 | 浙江华海药业股份有限公司（以下简称"公司"）的股票自 2025 年 11 月 2 日 至 2025 年 12 月 12 日连续 30 个交易日收盘价格低于公司可转换公司债券（以下 简称"华海转债"）当期转股价格的 70%。根据《浙江华海药业股份有限公司公开 1 / 4 回售价格：100.30 元人民币/张（含当期利息、含税） 回售期：2025 年 12 月 22 日至 2025 年 12 月 26 日 回售资金发放 ...

关于浙江华海药业股份有限公司 可转换公司债券回售有关事项的核查意见 浙商证券股份有限公司（以下简称"保荐机构"）作为浙江华海药业股份有 限公司（以下简称"华海药业"或"公司"）2020年公开发行可转换公司债券的 保荐机构，根据《可转换公司债券管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第12号——可转换公司债券》等有关规 定，对华海药业可转换公司债券（以下简称"华海转债"）回售有关事项进行了 审慎核查，并出具核查意见如下： 一、华海转债发行上市情况 浙商证券股份有限公司 经中国证券监督管理委员会证监许可[2020]2261 号文《关于核准浙江华海药 业股份有限公司公开发行可转换公司债券的批复》的核准，华海药业已公开发行 1,842.60 万张可转换公司债券，每张面值 100 元。本次发行募集资金总额为 184,260.00 万元，扣除发行费用 2,089.55 万元（不含税），实际募集资金净额为 182,170.45 万元。 经上海证券交易所自律监管决定书[2020]376 号文同意，公司 184,260.00 万 元可转换公司债券已于 2020 年 11 月 25 日在上海 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][10]. Core Insights - The company is positioned to benefit from its integrated raw material and formulation strategy, which is expected to drive growth in the coming years [6][9]. - The company is transitioning towards innovation, focusing on self-developed biological drugs in the fields of oncology and autoimmune diseases, with a robust pipeline of projects [9][65]. - The financial forecast indicates a recovery in revenue and profit margins, with significant growth expected from innovative drug approvals [10][26]. Summary by Sections 1. Integrated Raw Material and Formulation Layout - The company has established itself as a leading pharmaceutical manufacturer in China, with a strong focus on both raw materials and formulations [20][23]. - The company has faced pricing pressures in raw materials and formulations but is expected to see a recovery in performance starting in 2024 [24][25]. 2. Dual-Driven Growth from Raw Materials and Formulations - The raw material business remains stable, with a diverse product lineup and a strong global sales network [41][43]. - The formulation segment has seen rapid growth, particularly after benefiting from national procurement policies, with a compound annual growth rate (CAGR) of 24.4% from 2012 to 2024 [59][61]. 3. Focus on Biological New Drugs - The company is actively developing innovative drugs, with over 20 projects in the pipeline, including 12 that have entered clinical trials [65][66]. - Key projects include HB0034, which is nearing commercialization, and HB0017, which has shown promising results in clinical trials for psoriasis and ankylosing spondylitis [69][71]. 4. Financial Forecast and Valuation Analysis - Revenue projections for 2025-2027 are estimated at 86.32 billion, 94.13 billion, and 102.82 billion respectively, with corresponding profit growth rates expected to recover significantly by 2026 [10][26]. - The target market capitalization is set at 344 billion, indicating a potential upside of 30.04% based on industry average price-to-earnings ratios [10][26].

Core Insights - Indian pharmaceutical companies have made significant inroads into the Chinese market, winning multiple bids in the latest national drug procurement round, with prices drastically lower than original branded drugs, indicating a new competitive phase in the market [1][2] - The entry of Indian generics is seen as a major challenge for domestic Chinese generic drug manufacturers, who face both internal and external pressures [1][2] Group 1: Indian Pharmaceutical Companies' Market Entry - Indian companies like Hetero Labs, Cipla, Annora Pharma, and Natco Pharma have collectively won bids for seven drug varieties, marking a record for Indian firms in China's national procurement [1] - Hetero Labs' bid price of 0.215 yuan per tablet is significantly lower than AstraZeneca's original drug price of 4.36 yuan, showcasing the competitive pricing strategy of Indian generics [1] - Indian pharmaceutical firms have prepared extensively for the Chinese market, with many holding multiple registration certificates and having passed consistency evaluations for generics [2] Group 2: Competitive Advantages of Indian Generics - Indian companies benefit from lower production costs, with labor costs being 1/2 to 1/3 of those in China, and significantly lower costs for bioequivalence testing [2] - The production capacity utilization of Indian firms is around 50%, allowing them to offer competitive pricing due to excess capacity [2] - India has become the largest exporter of generics globally, supplying 20% of the world's generics and meeting 40% of the U.S. demand for generics [3] Group 3: Challenges for Chinese Generic Drug Companies - Despite having a large number of pharmaceutical companies, China struggles with quality issues, with many generics failing to meet the efficacy of original drugs [5] - Chinese generic drug companies face significant challenges from price pressures due to national procurement policies and the potential market entry of Indian generics [6] - Companies like Huahai Pharmaceutical and Kelun Pharmaceutical are already experiencing revenue declines and margin pressures due to these competitive dynamics [6] Group 4: Strategies for Chinese Pharmaceutical Companies - Chinese firms are encouraged to enhance R&D investments, focusing on complex formulations and first-generic drugs to differentiate themselves [7] - Expanding into international markets is another strategy, with companies like Ganli Pharmaceutical successfully securing large contracts in Brazil [7] - Smaller companies are advised to specialize in niche areas such as rare diseases and high-tech generics to avoid direct competition with Indian firms [7] Conclusion - The competition in the pharmaceutical market is shifting from national origin to quality, with Indian generics leveraging their scale and cost advantages [8] - The ongoing competition may lead to significant transformations within the industry, with some companies thriving while others may exit the market [8]

Core Viewpoint - Zhejiang Huahai Pharmaceutical Co., Ltd. announced the release of part of the share pledge by its major shareholder, Zhou Minghua, which may indicate a positive outlook on the company's financial health and shareholder confidence [2][3]. Group 1: Shareholder Information - As of the announcement date, Zhou Minghua holds a total of 224,418,890 shares, representing 14.99% of the company's total share capital [2]. - After the release of the pledge, Zhou Minghua has 57,500,000 shares under pledge, which accounts for 25.62% of his total holdings and 3.84% of the company's total share capital [2]. Group 2: Pledge Release Details - Recently, Zhou Minghua notified the company that 6,480,000 shares pledged to Shanghai Pudong Development Bank have been released from pledge [3]. - The company will fulfill its information disclosure obligations if there are any future pledge plans by Zhou Minghua [3].

关于股东部分股份解除质押的公告 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个别及连带责任。 | 证券代码：600521 | 证券简称：华海药业 | 公告编号：临 | 2025-120 号 | | --- | --- | --- | --- | | 债券代码：110076 | 债券简称：华海转债 | | | 浙江华海药业股份有限公司 二、股份质押情况 截至本公告披露日，周明华先生累计质押股份情况如下： 重要内容提示: 截至本公告披露日，浙江华海药业股份有限公司（以下简称"公司"） 5%以上股东周明华先生持有公司股份总数为 224,418,890 股，占公司总股本的比 例为 14.99%。本次股份解除质押后，周明华先生处于质押状态的股份累计数为 57,500,000 股，占其所持有公司股份总数的 25.62%，占公司总股本的比例为 3.84%。 一、本次股份解除质押情况 近日，公司接到股东周明华先生的通知，其质押给上海浦东发展银行股份有 限公司张江科技支行的公司股份 648 万股已办理了解除质押手续，具体情况如 下: 单位：股 | 股东 ...