（编辑 姚尧） 证券日报网讯 11月12日晚间，美诺华发布公告称，2025年11月12日，公司召开第五届董事会第十九次 会议审议通过《关于不向下修正可转换公司债券转股价格的议案》，公司董事会决定本次不向下修 正"美诺转债"转股价格。下一触发转股价格修正条款的期间从2025年11月13日重新起算，若再次触 发"美诺转债"转股价格的向下修正条款，届时公司董事会将决定是否行使"美诺转债"的转股价格向下修 正权利，请广大投资者注意投资风险。 ...

| | | 宁波美诺华药业股份有限公司 关于不向下修正"美诺转债"转股价格的公告 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: 2、公司以 2022 年 6 月 7 日为股权登记日，实施 2021 年年度权益分派。每 股派发现金红利 0.19851 元（含税），以资本公积金向全体股东每股转增 0.397020 股，转增后公司总股本增加至 212,979,014 股。根据《募集说明书》约定，"美 诺转债"的转股价格由 37.23 元/股调整为 26.51 元/股。 截至 2025 年 11 月 12 日，宁波美诺华药业股份有限公司（以下简称"公 司"）股票已出现在任意连续三十个交易日中至少有十五个交易日的收盘价格低 于当期转股价格（25.68 元/股）90%，即低于 23.11 元/股（保留两位小数）的 情形，触发"美诺转债"转股价格向下修正条款。 2025 年 11 月 12 日，公司召开第五届董事会第十九次会议审议通过《关 于不向下修正可转换公司债券转股价格的议案》，公司董事会决定本次不向下修 正"美诺转债 ...

| 证券代码：603538 | 证券简称：美诺华 | 公告编号：2025-109 | | --- | --- | --- | | 转债代码：113618 | 转债简称：美诺转债 | | 宁波美诺华药业股份有限公司 关于控股子公司向全资子公司增资 暨放弃优先认购权的公告 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。 相关风险提示：本次增资对象为公司全资子公司，增资方为公司控股子 公司，风险可控；但仍可能面临宏观经济、行业发展、政策等方面的风险。公司 将积极采取相应对策和措施进行防范和控制。本次增资尚需办理相关工商变更登 记手续，办理结果以有关部门的审批意见为准。敬请广大投资者理性投资，注意 投资风险。 2025 年 11 月 12 日，公司召开第五届董事会第十九次会议，审议通过了《关 于控股子公司向全资子公司增资暨放弃优先认购权的议案》，同意控股子公司安 徽美诺华以自有资金增资方式，以 297,294,117.65 元人民币的价格认购宣城美 诺华新增注册资本 188,389,147.06 元人民币，即按照 1.58 元/注册资 ...

| | | 宁波美诺华药业股份有限公司 具体内容详见公司于上海证券交易所网（www.sse.com.cn）等指定信息披露 媒体同日披露的《关于控股子公司向全资子公司增资暨放弃优先认购权的公告》。 表决情况：同意 5 票，反对 0 票，弃权 0 票。 1 表决结果：通过。 （二）审议通过《关于不向下修正可转换公司债券转股价格的议案》 第五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 宁波美诺华药业股份有限公司（以下简称"公司"）于 2025 年 11 月 7 日通 过书面及电子邮件等方式向全体董事发出通知，提议召开第五届董事会第十九次 会议，原定审议《关于控股子公司向全资子公司增资暨放弃优先认购权的议案》。 截至公告披露日，公司股票已满足"在任意连续三十个交易日中至少有十五个交 易日收盘价低于当期转股价格 25.68 元/股的 90%（即 23.11 元/股）"的条件， 触发"美诺转债"转股价格向下修正条款，故本次会议临时增加《关于不向下修 正可转换公司债券转股价格的议案》 ...

本次增资事项，有助于上市公司进一步落实整体战略规划，扩大宣城美诺华的生产经营规模，从而进一 步优化公司产业结构，推动公司高质量发展。上市公司放弃优先认购权，基于整体业务战略规划及资金 使用效率、潜在投资需求等综合因素后作出的审慎决策，不存在损害公司及其他股东特别是中小股东利 益的情形。本次增资完成后，宣城美诺华仍属于公司合并报表范围内的控股子公司，不会导致公司合并 报表范围发生变更。 格隆汇11月12日丨美诺华(603538.SH)公布，为进一步落实公司整体战略规划，扩大宣城美诺华的生产 经营规模，从而进一步优化公司产业结构，推动公司高质量发展。公司同意安徽美诺华以自有资金对全 资子公司宣城美诺华增资2.97亿元人民币，即按照1.58元/注册资本的价格对宣城美诺华进行增资，使其 注册资本金从1.96亿元人民币增资至3.84亿元人民币，公司就本次增资事项放弃优先认购权。增资完成 后，公司持有宣城美诺华51%股权，安徽美诺华持有宣城美诺华49%股权。 ...

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

医药生物 证券研究报告/行业定期报告 2025 年 11 月 10 日 医保国谈落下帷幕；关注乳腺癌创新疗法动向 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：祝嘉琦 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740519040001 | | 药明合联 | 68.05 | 0.26 | 0.83 | 1.16 | 1.52 | 1.98 | 122.5 | 31.84 | 49.98 | 36.97 | 28.08 | 买入 | | | | 三生制药 | 28.82 | 0.62 | 0.85 | 0 ...

经中国证券监督管理委员会《关于核准宁波美诺华药业股份有限公司公开发 行可转换公司债券的批复》（证监许可[2020]2377 号）核准，2021 年 1 月 14 日， 宁波美诺华药业股份有限公司（以下简称"公司"）公开发行 52,000 万元可转换 公司债券，共发行 520 万张，每张面值 100 元，期限 6 年。2021 年 2 月 4 日起， 上述可转换公司债券在上海证券交易所挂牌交易，转债简称"美诺转债"，转债 代码"113618"。 "美诺转债"存续的起止日期为 2021 年 1 月 14 日至 2027 年 1 月 13 日，转 股期起止日期为 2021 年 7 月 20 日至 2027 年 1 月 13 日，初始转股价格为 37.47 元/股。 （二）可转换公司债券转股价格历次调整情况 | | | 宁波美诺华药业股份有限公司 关于"美诺转债"预计满足转股价格向下修正条件的提示性公告 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、可转换公司债券基本情况 （一）可转换公司债券发行上市概况 1、2021 年 12 ...

Summary of the Conference Call for Meinuohua Industry and Company Overview - The conference call pertains to Meinuohua, a company engaged in the pharmaceutical industry, particularly in contract development and manufacturing organization (CDMO) services and formulation processing. Key Points and Arguments Business Growth and Financial Performance - Meinuohua's contract manufacturing business has seen significant growth, with a quarterly increase exceeding 200 million yuan in Q3 2025, and is expected to continue expanding in Q4 2025 and beyond, benefiting from partner orders and capacity planning [2][5] - In Q3 2025, the company reported a revenue increase of 17.67% year-on-year and a net profit increase of 51.66%, reaching 46.87 million yuan, indicating strong performance in the formulation sector [4] - The overall profit margin has improved due to the scale effect from processing orders, with gross margin and management expense ratio optimizing in the first three quarters of the year [8] Project Developments - The 389 project is progressing as expected, with animal model studies initiated in the US and clinical research launched domestically. Collaboration with Italian partners has led to successful overseas process replication and small-scale production for safety trials in Europe [6] - The collaboration with Merck in the veterinary medicine sector is entering a commercial order phase, with significant revenue expected to begin in 2026 [11] Future Projections - The company aims for a net profit margin of over 10% by 2026, supported by increased orders and profit growth anticipated in the coming year [12] - New formulation capacity is being added, with a total planned capacity of 4.5 billion tablets, and two new production lines expected to be operational by 2025, with further growth anticipated in 2026 [18] CDMO Business Insights - Merck remains the most important client for Meinuohua's CDMO business, with the company actively seeking new clients, including domestic ones and opportunities related to mRNA [3][20] - The API (Active Pharmaceutical Ingredient) prices are currently at a low point, but the downward trend has halted, and the company expects to maintain stable output and growth in the coming years [15] Innovation and New Product Development - The company is focusing on mRNA drug development, particularly in chronic disease treatments, and is exploring new drug research in hypertension and hyperlipidemia [9] - The GH389 delivery platform is being developed for multiple applications beyond weight loss, with ongoing clinical trials and plans to explore cancer and targeted therapies [14] Capital Expenditure and Production Capacity - There are no significant capital expenditure plans, with a stable transition of assets expected. The company has a relatively small ongoing project pipeline [18] - The small packaging production line has achieved high utilization rates, and new production lines are planned to meet customer demand [13] Overall Outlook - Meinuohua anticipates a stable performance in API business while expecting substantial growth in formulation business, with a balanced contribution from both sectors in the future [16] - The company is optimistic about its growth trajectory, aiming to achieve a second growth curve through innovation and stable traditional business growth [21]

Core Insights - As of October 27, a total of 119 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stocks with the longest streak of net financing inflows are Zhongxin Bo and Jifeng Co., both achieving this for ten consecutive trading days [1] - Other notable stocks with significant net financing inflows include Shenzhou Taiyue, Zhongxin Heavy Industry, Daimai Co., Huaten Technology, Xusheng Group, New Industry, Dazhu CNC, and Meinuohua [1]