华泰联合证券有限责任公司 关于浙江九洲药业股份有限公司 使用闲置募集资金进行现金管理的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 浙江九洲药业股份有限公司（以下简称"九洲药业"或"公司"）非公开发行股票持 续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易 所股票上市规则》《上市公司募集资金监管规则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等有关规定，对九洲药业使用闲置募集资金进行 现金管理进行审慎核查，具体核查情况如下： 一、 投资情况概述 （一）投资目的 公司及子公司为提高资金的使用效率和收益，在保证募集资金项目投资计划 正常实施的情况下，合理利用闲置募集资金购买安全性高、流动性好的投资产品 （包括但不限于结构性存款、定期存款、大额存单、通知存款、收益凭证及银行 或券商理财产品等），不得为非保本型，实行现金管理为公司和股东谋取更好的 投资回报。 （二）投资金额 公司及子公司拟使用不超过人民币 10 亿元的闲置募集资金购买安全性高、 流动性好的投资产品（包括但不限于结构性存款、定期存款、大额存单、通知存 款、收益凭证及银行或券商 ...

关于使用闲置自有资金进行现金管理的公告 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： 投资种类：安全性高、流动性好的投资产品（包括但不限于结构性存款、 定期存款、大额存单、通知存款、收益凭证及银行或券商理财产品等)。 投资金额：浙江九洲药业股份有限公司（以下简称"公司"）及子公司 拟使用不超过人民币12亿元的闲置自有资金进行现金管理，期限为自董事会审议 通过之日起不超过12个月，在上述额度及决议有效期内，可循环滚动使用。 证券代码：603456 证券简称：九洲药业 公告编号：2025-073 浙江九洲药业股份有限公司 履行的审议程序：2025年12月9日，公司召开第八届董事会第十九次会议、 第八届审计委员会第十三次会议，审议通过了《关于使用闲置自有资金进行现金 管理的议案》。 特别风险提示：公司及子公司本次使用闲置自有资金进行现金管理，仅 投资于安全性高、流动性好的投资产品，投资风险可控；但金融市场受宏观经济、 市场波动的影响，不排除投资收益具有一定的不可预期性。 一、自有资金现金管理情况概述 (一) 投资目 ...

浙江九洲药业股份有限公司 关于部分募投项目延期的公告 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。 2025 年 12 月 9 日，浙江九洲药业股份有限公司（以下简称"公司"）第八 届董事会第十九次会议、第八届董事会审计委员会第十三次会议审议通过了《关 于部分募投项目延期的议案》，同意公司根据 2020 年度非公开发行股票部分募投 项目实施的具体情况，将"瑞博（苏州）制药有限公司研发中心项目"达到预定 可使用状态的时间延期至 2026 年 12 月 31 日。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江九洲药业股份有限公司非公开发 行股票的批复》（证监许可[2021]97 号）文件批复，公司非公开发行人民币普通 股（A 股）股票 26,171,159 股，发行价格为 38.21 元/股，募集资金总额为人民币 999,999,985.39 元，扣除各项发行费用人民币 9,380,611.68 元（不含税），实际募 集资金净额为人民币 990,619,373.71 元。上述募集资金到位情况已经天健 ...

证券代码：603456 证券简称：九洲药业 公告编号：2025-072 浙江九洲药业股份有限公司 关于使用闲置募集资金进行现金管理的公告 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： 投资种类：安全性高、流动性好的投资产品（包括但不限于结构性存款、 定期存款、大额存单、通知存款、收益凭证及银行或券商理财产品等），不得为 非保本型。 投资金额：浙江九洲药业股份有限公司（以下简称"公司"）及子公司拟 使用不超过人民币 10 亿元的闲置募集资金进行现金管理，期限为自董事会审议 通过之日起不超过 12 个月，单笔投资产品的期限不超过 12 个月。 已履行的审议程序：2025 年 12 月 9 日，公司召开第八届董事会第十九次 会议、第八届审计委员会第十三次会议，审议通过了《关于使用闲置募集资金进 行现金管理的议案》。 特别风险提示：公司及子公司本次使用闲置募集资金进行现金管理，仅 投资于安全性高、流动性好的投资产品，投资风险可控；但金融市场受宏观经济、 市场波动的影响，不排除投资收益具有一定的不可预期性。 一、投资情 ...

证券代码：603456 证券简称：九洲药业 公告编号：2025-070 浙江九洲药业股份有限公司 第八届董事会第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。 一、董事会会议召开情况 浙江九洲药业股份有限公司（以下简称"公司"）第八届董事会第十九次会议 于 2025 年 12 月 9 日以现场表决结合通讯表决的方式召开。本次董事会已于 2025 年 12 月 4 日以电子邮件、电话等方式通知全体董事、高级管理人员。会议应出 席董事 9 人，实际出席董事 9 人。全体董事推举董事长花莉蓉女士主持本次会议， 本次会议参与表决人数及召集、召开程序符合《公司法》和《公司章程》的有关 规定，合法有效。 二、董事会会议审议情况 1、审议通过了《关于部分募投项目延期的议案》； 2、审议通过了《关于使用闲置募集资金进行现金管理的议案》； 公司董事会同意公司及子公司在保障资金安全及确保不影响募集资金投资 项目建设和使用计划的前提下，使用不超过人民币 10 亿元的闲置募集资金在自 董事会审议通过之日起 12 个月内购买安全性高 ...

九洲药业公告称，2025年12月9日，公司召开相关会议审议通过议案，同意公司及子公司使用不超12亿 元闲置自有资金，自董事会审议通过之日起12个月内购买安全性高、流动性好的投资产品，如结构性存 款等，且不得用于质押和证券投资。额度内资金可循环滚动使用。公司称投资风险可控，但收益有不可 预期性。 ...

Group 1: New Materials Industry - The rare earth magnetic materials industry rebounded by 2.6% last week, outperforming the benchmark by 0.96 percentage points, with the industry valuation (TTM P/E) rising to 71.79x, currently at 85.5% of its historical percentile [4] - Last week, the prices of rare earth concentrates generally rebounded, with praseodymium and neodymium prices continuing to rise, dysprosium prices declining, and terbium prices weakening [5] - The price of sintered NdFeB (N35) increased by 3.64% last week, while H35 rose by 2.41%, supported by strong demand from downstream orders [7] - The supply side of the rare earth sector is generally tight, with some separation enterprises experiencing reduced operating rates due to maintenance or raw material issues, leading to a tight supply of oxides [8] - The overall market sentiment is characterized by a standoff, but the supply side is expected to decrease while the demand side shows a steady upward trend, indicating that rare earth prices are likely to remain stable with a slight upward bias [8] Group 2: Medical Services Industry - The report highlights that the company is a leading CDMO (Contract Development and Manufacturing Organization) driven by innovation, with revenue growing from 2.017 billion yuan in 2019 to 5.161 billion yuan in 2024, reflecting a CAGR of 20.67% [11] - The revenue from contract custom business has been increasing, with its share rising from 37.55% in 2019 to 75.00% in 2024, indicating a strong focus on this segment [12] - The global CDMO market has maintained a high level of prosperity, with the market size growing from $44.6 billion in 2018 to $79.7 billion in 2023, and is expected to reach $168.4 billion and $338.5 billion by 2028 and 2030, respectively [14] - The company is actively expanding its project pipeline, particularly in peptide and conjugated nucleic acid technologies, which are expected to drive future growth [15] - The company is projected to achieve revenues of 5.670 billion, 6.278 billion, and 6.957 billion yuan from 2025 to 2027, with corresponding net profits of 930 million, 1.031 billion, and 1.147 billion yuan, indicating a positive long-term outlook [16]

Group 1 - The core viewpoint of the article is that Jiuzhou Pharmaceutical is actively expanding its global market presence by establishing a wholly-owned subsidiary in Japan to invest in a CRO service platform, with positive business progress and growth in both clients and projects [1] Group 2 - The company plans to set up the subsidiary in early 2024 [1] - The business development is reported to be progressing smoothly, indicating a favorable operational environment [1] - There is a notable increase in both the number of clients and projects, reflecting strong demand and growth potential [1]

Core Insights - On December 2, 2023, brokerage firms provided target prices for listed companies, with notable increases for Xianhui Technology, Kweichow Moutai, and Delong股份, showing target price increases of 42.61%, 42.06%, and 36.94% respectively, across the battery, liquor, and automotive parts industries [1][2]. Target Price Increases - The companies with the highest target price increases are: - Xianhui Technology (688155) with a target price of 84.00 and an increase of 42.61% [2] - Kweichow Moutai (600519) with a target price of 2040.00 and an increase of 42.06% [2] - Delong股份 (300473) with a target price of 38.59 and an increase of 36.94% [2] - A total of 15 listed companies received brokerage recommendations on December 2, with Mengbaihe, Aladdin, and Jiuzhou Pharmaceutical each receiving one recommendation [2]. Rating Adjustments - On December 2, one company had its rating upgraded, specifically China Resources Sanjiu (0009999), which was upgraded from "Hold" to "Buy" by Western Securities [3][4]. First-Time Coverage - Nine companies received first-time coverage from brokerages on December 2, including: - Mengbaihe (603313) rated "Hold" by Industrial Securities [5] - Jiuzhou Pharmaceutical (603456) rated "Buy" by Xiangcai Securities [5] - Delong股份 (300473) rated "Buy" by Northeast Securities [5] - Others include Minshida, Tongfu Microelectronics, Xianhui Technology, Rongqi Technology, Tianyue Advanced, and Beifang Huachuang, all receiving various ratings [5].

Core Insights - The company is an industry-leading CDMO driven by innovation, providing comprehensive pharmaceutical R&D and manufacturing services, with a focus on small molecules, peptides, conjugates, and small nucleic acids [1][4] - The company's revenue has grown from 2.017 billion in 2019 to an expected 5.161 billion in 2024, with a CAGR of 20.67%, and a revenue of 4.160 billion in Q1-Q3 2025, representing a year-on-year growth of 4.92% [1] - The company's net profit attributable to shareholders increased from 238 million in 2019 to 1.033 billion in 2023, with a projected net profit of 606 million in 2024, a decline of 41.34% due to non-recurring losses, and a net profit of 748 million in Q1-Q3 2025, a year-on-year increase of 18.51% [1] Business Segmentation - The revenue share from contract customization services has increased significantly, from 37.55% in 2019 to 75.00% in 2024, indicating a clear strategic focus on innovative drug CDMO services [2] - The gross margin for contract customization services in 2024 was 38.38%, with varying margins for different drug categories, such as 35.58% for central nervous system drugs and -5.74% for anti-infective products [2] - The company's foreign revenue reached 4.025 billion in 2024, accounting for 79.12% of total revenue, highlighting a growing international presence [2] Industry Outlook - The global pharmaceutical CDMO market has shown robust growth, with revenues increasing from 7.57 billion in 2019 to an expected 38.71 billion in 2024, driven by rising demand for innovative drugs and outsourcing by pharmaceutical companies [3] - The global CDMO market size grew from 44.6 billion USD in 2018 to 79.7 billion USD in 2023, with a CAGR of 12.3%, and is projected to reach 168.4 billion USD by 2028 and 338.5 billion USD by 2030 [3] - The company is well-positioned to benefit from the growth of the global CDMO industry due to its focus on innovative drug development [3] Technological Advancements - The company has developed a rich pipeline of CDMO projects, with advancements in technologies such as continuous flow, chiral catalysis, fluorochemistry, biocatalysis, and solid-state research [4] - The peptide department is expanding its commercial capacity to 800 kg/year, enhancing the delivery capability for peptide products [4] - The company is also establishing a commercial capacity for small nucleic acids, with R&D platforms set up domestically and internationally [4] Investment Outlook - The company is expected to achieve revenues of 5.670 billion, 6.278 billion, and 6.957 billion from 2025 to 2027, with net profits of 930 million, 1.031 billion, and 1.147 billion respectively, indicating a positive long-term growth outlook [5] - The projected EPS for the same period is 1.05, 1.16, and 1.29, reflecting confidence in the company's future performance [5]