Group 1 - The CRO concept stocks experienced a partial surge, with Lingkang Pharmaceutical (603669) hitting the daily limit up [1] - Baicheng Pharmaceutical (301096), Kangpeng Technology, Zhaoyan New Drug (603127), and Kailaiying (002821) also saw increases [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个别及连带责任。 | 证券代码：603669 | 证券简称：灵康药业 | 公告编号：2025-046 | | --- | --- | --- | | 证券代码：113610 | 证券简称：灵康转债 | | 灵康药业集团股份有限公司 关于不向下修正"灵康转债"转股价格的公告 2、因公司实施 2021 年年度利润分配方案，自 2022 年 7 月 5 日起，转股价 格调整为 8.51 元/股，具体内容详见《关于权益分派引起的"灵康转债"转股价 格调整的公告》（公告编号：2022-042）。 3、因触发"灵康转债"转股价格修正条款，自 2024 年 7 月 16 日起，转股 价格由 8.51 元/股修正为 8.00 元/股，具体内容详见《关于向下修正"灵康转债" 转股价格暨转股停复牌的公告》（公告编号：2024-053）。 二、关于不向下修正转股价格的具体内容 重要内容提示： 截至 2025 年 6 月 23 日，灵康药业集团股份有限公司（以下简称"灵康 药业"或"本公司"）股价已出现连续三十个交 ...

Core Viewpoint - The company, Lingkang Pharmaceutical Group Co., Ltd., has maintained its credit rating for both the company and its convertible bonds, indicating stable financial health and outlook [1][2]. Summary by Relevant Sections Company Credit Rating - The company's credit rating remains at "A-" with a stable outlook, consistent with the previous rating [1][2]. - The last rating was conducted by Dongfang Jincheng International Credit Assessment Co., Ltd. on June 18, 2024 [1]. Convertible Bond Rating - The credit rating for the "Lingkang Convertible Bonds" is also maintained at "A-" with a stable outlook, showing no change from the previous assessment [2].

Group 1 - The company, Lingkang Pharmaceutical Group Co., Ltd., has publicly issued A-share convertible bonds with a total amount of RMB 517.78 million, consisting of 5.25 million bonds at a face value of RMB 100 each [1][4][9] - The bonds are convertible into the company's A-shares, with an initial conversion price set at RMB 8.81 per share, and the conversion period is from June 7, 2021, to November 30, 2026 [2][3][4] - The company has established a special account for the raised funds, which will be used for specific investment projects, including the construction of a production base [9][10][15] Group 2 - In 2024, the company reported a revenue of RMB 379.78 million, a 92.95% increase from RMB 196.83 million in 2023, but incurred a net loss of RMB 130.76 million, an improvement from a loss of RMB 151.50 million in the previous year [12][13] - The total assets decreased by 22.73% to RMB 1.26 billion from RMB 1.62 billion in 2023, and the net assets also fell by 17.32% to RMB 769.76 million [12][13] - The company has terminated the "Hainan Lingkang Pharmaceutical Production Base Construction Project (Phase I)" due to significant changes in project feasibility and will retain the remaining raised funds in the special account [14][15] Group 3 - The company has a credit rating of A- for its bonds as of June 2024, with a stable outlook, reflecting a downgrade from AA- in previous years [12][13] - The company has implemented measures to ensure compliance with regulations regarding the use of raised funds, and there have been no violations reported [10][14] - The company has established a management system for the raised funds, ensuring they are used appropriately for the intended projects [10][14]

Core Viewpoint - The credit rating agency maintains the credit rating of Lingkang Pharmaceutical Group Co., Ltd. at A- with a stable outlook, indicating a consistent assessment of the company's creditworthiness and financial stability [1][4]. Company Overview - Lingkang Pharmaceutical primarily engages in the research, production, and sales of chemical prescription drugs, with a diverse product range including cardiovascular, anti-infection, parenteral nutrition, and digestive system medications [4][12]. - As of March 2025, the company holds a total asset value of 1.23 billion yuan and equity of 0.75 billion yuan, with a debt-to-asset ratio of 39.00% [4][12]. Financial Performance - The company reported a significant increase in operating revenue and gross profit, achieving 3.80 billion yuan in revenue and 1.78 billion yuan in gross profit in 2024, reflecting a substantial year-on-year growth [11][13]. - The gross profit margin for the company was 46.88%, showing a slight decrease compared to previous periods due to pricing pressures from centralized procurement policies [11][13]. Market Position and Strategy - Lingkang's main products include the unique injection of Huperzine A, which maintains a competitive edge in the market, and the company has strengthened its R&D efforts to enhance product quality and clinical application value [4][12]. - The company has adjusted its sales strategy to increase the promotion of centrally procured products and expand sales channels in private hospitals, which has contributed to the growth of its revenue and gross profit [4][13]. Challenges and Risks - The company faces challenges such as low capacity utilization of production lines and ongoing losses in total profit due to the impact of centralized procurement policies on its anti-infection drug profitability [5][12]. - Lingkang has decided to terminate the construction of the "Lingkang Convertible Bond" fundraising project due to changes in industry policies and market conditions, leaving future funding plans uncertain [5][6]. Industry Analysis - The pharmaceutical manufacturing industry in China is experiencing growth driven by increasing demand due to rising disposable income and an aging population, with the industry expected to continue evolving under ongoing policy reforms [8][9]. - The overall revenue of the pharmaceutical manufacturing sector remained stable, while total profits saw a decline, indicating a challenging environment influenced by centralized procurement and pricing regulations [8][9].

Core Viewpoint - The company, Lingkang Pharmaceutical Group Co., Ltd., is set to hold an online performance briefing to discuss its 2024 annual report and 2025 Q1 report, addressing investor concerns and questions [2][3]. Group 1: Meeting Details - The performance briefing is scheduled for June 26, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Securities News and China Securities Network Roadshow Center, accessible via an online platform [4]. - The format of the meeting will be an interactive text-based online session [3][4]. Group 2: Participation Information - Investors can submit their questions and concerns to the company via fax, phone, or email by June 25, 2025, at 17:30 [5]. - Investors can participate in the briefing on June 26, 2025, by logging into the online platform [5]. Group 3: Contact Information - The company has provided contact persons for inquiries: Sui Guoping and Liao Baoyu, with a contact number and fax number both listed as 0571-81103508 [6]. - An email address for investor relations is also provided: ir@lingkang.com.cn [6]. Group 4: Post-Meeting Access - After the briefing, investors can access the meeting's main content and details through the Shanghai Securities News and China Securities Network Roadshow Center [7].

灵康药业集团股份有限公司 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年六月 1 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《灵康药业集团股份有限公司公开发行 A 股可转换公司债券受托管理协议》（以 下简称"《受托管理协议》"）《灵康药业集团股份有限公司公开发行 A 股可 转换公司债券募集说明书》（以下简称"《募集说明书》"）《灵康药业集团股 份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具 的专业意见等，由本期债券受托管理人中信证券股份有限公司（以下简称"中信 证券"）编制。中信证券对本报告中所包含的从上述文件中引述内容和信息未进 行独立验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保 证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中信证 券不承担任何责任。 2 | 第一节 | 本期债券情况 | 4 | ...

中信证券股份有限公司 关于灵康药业集团股份有限公司使用部分 闲置募集资金临时补充流动资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为灵康 药业集团股份有限公司（以下简称"灵康药业"或"公司"）公开发行可转换公 司债券的保荐机构，对公司公开发行可转换公司债券尚未使用完毕的募集资金履 行持续督导义务。根据《证券发行上市保荐业务管理办法》《上市公司募集资金 监管规则》《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 1 号——规范运作》等相关法律法规的要求，对灵康药业使用部分闲置 募集资金临时补充流动资金事项进行了审慎核查，具体如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准灵康药业集团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〕2640 号）核准，公司公开发行可 转换公司债券（以下简称"可转债"）525 万张，每张面值 100 元，募集资金总 额为 52,500.00 万元，扣除各项发行费用 721.84 万元（不含税），实际募集资金 净额为 51,778.16 万元。上述募集资金扣除保荐承销费后的余额已于 2020 年 1 ...

信用等级通知书 灵康药业集团股份有限公司： 东方金诚债跟踪评字【2025】0102 号 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"灵 康转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 A-，评级展望为稳定，同时 维持"灵康转债"信用等级为 A-。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月十六日 东方金诚债跟踪评字【2025】0102 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的信 用评级报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客观、 公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级行为 独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充分 履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原 则。 3.本评级报告的结论，是按照东方金诚的评级流程及评级标准做出的独立判断，未受评 级对象和第三方组织或个人的干预 ...

证券代码：603669 证券简称：灵康药业 公告编号：2025-044 灵康药业集团股份有限公司 关于上海证券交易所对公司 2024 年年度报告 监管工作函的回复公告 1 销售数量及产品单价情况、合作模式及期限、公司的市场地位及份额等市场情 况，说明报告期内对江西鑫程销售额大幅增长的原因及合理性，合作是否长期 稳定，是否涉及关联交易。 回复： （一）结合医药流通业务具体展业情况，包括但不限于获客方式、上下游客 户供应商情况、公司承担的商业角色和作用、相关收入确认政策及依据等，说明 第四季度营业收入大幅增长的原因及背景，相关业务是否属于新增贸易业务，是 否具有稳定性，是否需要依照有关规定予以扣除 1、结合医药流通业务具体展业情况，包括但不限于获客方式、上下游客户 供应商情况、公司承担的商业角色和作用、相关收入确认政策及依据等，说明第 四季度营业收入大幅增长的原因及背景 由于近几年受到集采政策影响，公司为更好适应政策发展，充分利用公司销 售体系的优势，在原有业务基础上，向医药流通板块积极探索转型，以做大做强 公司规模。医药流通是公司医药产业链中的重要板块，公司在原有制剂研发、生 产和销售的基础上，启动医药流通及配 ...