Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels, providing basic element tracking for private exchangeable bond projects. It emphasizes that the private issuance terms and processes may change, and the final prospectus should be referred to. For the issuance progress, inquiries should be made with the relevant lead underwriters [1]. 3. Weekly New Project Information - **HuaBang Life Science Co., Ltd.**: In 2026, the project of privately issuing science - and - technology innovation exchangeable corporate bonds to professional investors was approved by the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Kaisheng New Materials (301069.SZ), the lead underwriters are Huatai United and Southwest Securities, and the exchange update date is March 3, 2026 [1]. - **Liaoning Chengda Co., Ltd.**: In 2026, the project of privately issuing exchangeable corporate bonds to professional investors was accepted by the exchange. The proposed issuance scale is 4 billion yuan, the underlying stock is GF Securities (000776.SZ), the lead underwriter is CITIC Construction Securities, and the exchange update date is March 4, 2026 [1]. 4. Table of Private EB Weekly Tracking (2026 - 3 - 6) The table lists information on multiple private exchangeable bond projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3].

重要内容提示: 截至 2026 年 3 月 6 日，辽宁成大股份有限公司（以下简称"公司"）股 东韶关市高腾企业管理有限公司（以下简称"韶关高腾"）持有公司 247,772,048 股股份，占公司 总股本比例为 16.20% 。韶关高腾 本次质押股份数 量为 148,663,229 股。本次质押后，韶关高腾累计质押股份数量为 153,463,229 股（含 本次），占其所持公司股份比例为 61.94%，占公司总股本比例为 10.03%。 辽宁成大股份有限公司 关于股东股份质押的公告 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法律责任。 公司接到股东韶关高腾函告，获悉其所持有的公司部分股份被质押，具体事 宜如下。 证券代码：600739 证券简称：辽宁成大 公告编号：2026-017 本次质押的股份不存在被用作重大资产重组业绩补偿等事项的担保或其他 保障用途等情况。 三、股东累计质押股份情况 本次质押后，韶关高腾累计质押股份情况如下： | | 是否 | | 是否 | 是否 | 质押 | 质押 | | 占其所 | 占公 | 质押 | | ...

辽宁成大股份有限公司 关于股东股份解质押的公告 | | | 本次解质押股份如后续用于质押，公司将按照相关法律法规履行信息披露义 务。 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: 截至 2026 年 3 月 4 日，辽宁成大股份有限公司（以下简称"公司"）控 股股东韶关市高腾企业管理有限公司（以下简称"韶关高腾"）持有公司股份 247,772,048 股，占公司总股本比例为 16.20%。韶关高腾本次解质押股份数量为 37,630,000 股。本次解质押后，剩余被质押股份数量为 38,859,485 股，剩余被 质押股份数量占其所持有公司股份比例为 15.68%，占公司总股本比例为 2.54%。 公司接到韶关高腾函告，获悉其所持有的公司部分股份被解质押，具体事宜 如下。 | 股东名称 | 韶关市高腾企业管理有限公司 | | --- | --- | | 本次解除质押股份 | 37,630,000 股 | | 占其所持股份比例 | 15.19% | | 占公司总股本比例 | 2.46% | | 解除质押时间 | ...

证券代码：600739 证券简称：辽宁成大 公告编号：2026-015 辽宁成大股份有限公司 关于股东股份解质押的公告 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法律责任。 重要内容提示: 截至 2026 年 3 月 2 日，辽宁成大股份有限公司（以下简称"公司"）控 股股东韶关市高腾企业管理有限公司（以下简称"韶关高腾"）持有公司股份 247,772,048 股，占公司总股本比例为 16.20%。韶关高腾本次解质押股份数量为 46,600,000 股，剩余被质押股份数量为 76,489,485 股，剩余被质押股份占其所 持有公司股份比例为 30.87%，占公司总股本比例为 5.00%。 公司接到韶关高腾函告，获悉其所持有的公司部分股份被解质押，具体事宜 如下。 | 股东名称 | 韶关市高腾企业管理有限公司 | | --- | --- | | 本次解除质押股份 | 46,600,000 股 | | 占其所持股份比例 | 18.81% | | 占公司总股本比例 | 3.05% | | 解除质押时间 | 2026 年 2 月 27 日 ...

Core Viewpoint - Liaoning Chengda Co., Ltd. has provided guarantees for its wholly-owned subsidiaries to secure credit lines from banks, indicating a strategic move to support its subsidiaries' operational needs and align with the company's overall development strategy [2][5]. Group 1: Guarantee Details - The company signed a maximum guarantee contract with Bank of China Dalian Branch for a total guarantee amount of 100 million yuan for Liaoning Chengda Trade Development Co., Ltd. [2] - A separate guarantee contract was signed with Ping An Bank Dalian Branch for a total guarantee amount of 10 million yuan for Chengda Hengrun (Dalian Free Trade Zone) Co., Ltd. [2] - Both guarantees are structured as joint liability guarantees, covering principal, interest, penalties, and other related costs [3][5]. Group 2: Internal Decision-Making Process - The guarantee matters were approved by the company's 11th Board of Directors at its third meeting and the 2024 annual shareholders' meeting [3]. - The subsidiaries receiving the guarantees have a good credit status and are not classified as dishonest executors [3]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational needs of the wholly-owned subsidiaries and align with the company's overall interests and development strategy [5]. - The company maintains effective control over the operational risks and credit status of the subsidiaries, ensuring no resource transfer or benefit transfer occurs [5].

证券代码：600739 证券简称：辽宁成大 公告编号：2026-014 辽宁成大股份有限公司 关于为全资子公司融资提供担保的进展公告 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法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 司 | 辽宁成大贸易发展有限公 | | 限公司 | 成大恒润（大连保税区）有 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 担 保 | 实 | 本次担保金额 际 为其 提 供 | 10,000.00 | 万元 | | 1,000.00 | 万元 | | | 对象 | | 的担保余额（含 | 10,000.00 | 万元 | | 7,000.00 | 万元 | | | | | 本次） | | | | | | | | | 是 | 否 在前 期 预 计额度内 | 是 _________ | □否 | □不适用： | 是 _________ | □否 | □不适用： | | | 本 | 次 担保 是 否 |  ...

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is currently facing short-term performance pressure due to weak demand and structural oversupply, with many companies experiencing declines or losses in performance [1][7][8] - Despite the challenges, innovation and international expansion are ongoing, providing potential for medium to long-term growth [1][8] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology as the three main driving factors for development [8][24][26] Summary by Sections Domestic and International Vaccine Dynamics - Kanghua Biotech has initiated Phase I clinical trials for its six-valent norovirus vaccine, which theoretically can prevent over 90% of norovirus infections [1] - Wantai Biopharma's bivalent HPV vaccine has successfully passed the WHO PQ periodic review [1] - Zhifei Biological's application for clinical trials of a freeze-dried inactivated vaccine for Japanese encephalitis has been accepted [1] Performance Forecasts - Chengda Bio expects a 59.34%-63.98% decrease in net profit for 2025 compared to the previous year [1] - CanSino anticipates a revenue increase of 22.88%-27.61% for 2025, with a turnaround in net profit [1] - Watson Bio forecasts a revenue of 2.4-2.43 billion yuan for 2025, a decline of approximately 14.9%-13.9% [1] - Other companies like Kangtai Bio and Wantai Bio also expect significant declines in net profit for 2025 [1] Market Performance - The vaccine sector saw a decline of 1.65% last week, with the overall pharmaceutical industry down 3.31% [2][5] - The vaccine sector has experienced a cumulative decline of 10.08% since the beginning of 2025 [5][13] Valuation Metrics - The vaccine sector's PE (ttm) is 92.01X, down 1.88X from the previous week, while the PB (lf) is 1.78X, down 0.04X [6] - The PE is at the 55.99% percentile since 2013, and the PB is at the 1.28% percentile since 2013 [6] Investment Recommendations - The vaccine industry is still under pressure, but companies are actively adjusting their pipeline strategies, focusing on technological innovation and multi-valent products [7][8] - Long-term prospects remain positive due to innovation and international market expansion, with a recommendation to focus on companies with strong R&D capabilities and differentiated product offerings, such as CanSino [8][26]

Core Viewpoint - Liaoning Chengda (600739.SH) expects to achieve a net profit attributable to shareholders of the parent company ranging from 648 million to 898 million yuan in 2025, representing a year-on-year growth of 209.15% to 328.45% [1] Financial Performance - The projected net profit for 2025 is estimated between 648 million yuan and 898 million yuan [1] - This represents a significant increase compared to previous years, with a growth rate of 209.15% to 328.45% year-on-year [1]

Core Viewpoint - Liaoning Chengda (600739.SH) expects to achieve a net profit attributable to shareholders of the parent company between 648 million to 898 million yuan for the year 2025, representing a year-on-year growth of 209.15% to 328.45% [1] Financial Performance - The projected net profit range for 2025 is between 648 million yuan and 898 million yuan [1] - This indicates a significant increase in profitability compared to previous years, with growth rates expected to be between 209.15% and 328.45% [1]

Core Viewpoint - Liaoning Chengda (600739.SH) expects significant growth in net profit for the year 2025, driven primarily by increased investment income [1] Financial Performance - The company anticipates net profit attributable to shareholders of the parent company to be between 647.85 million and 897.85 million yuan, representing a year-on-year increase of 209.15% to 328.45% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 685.44 million and 935.44 million yuan, with a year-on-year growth of 213.09% to 327.28% [1] Business Strategy - The company will maintain a prudent operational approach, focusing on optimizing resource allocation and promoting quality and efficiency improvements in its operations [1] - The substantial growth in performance is attributed to the increase in investment income [1]