Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [7][18]. Core Views - The company's performance in 2024 met expectations, with a revenue of 3.924 billion yuan, a slight decrease of 0.20% year-on-year, and a net profit of 826 million yuan, a significant increase of 536.09% year-on-year [2][4]. - In Q1 2025, the company experienced a revenue decline of 11.85% year-on-year, totaling 885 million yuan, and a net profit decrease of 52.19%, amounting to 85 million yuan [2][4]. - The report emphasizes that short-term fluctuations do not alter the company's long-term growth potential, particularly as it positions itself as a unique overseas formulation commercialization platform [4][5]. Financial Performance Summary - For 2024, the company achieved a revenue of 39.24 billion yuan and a net profit of 8.26 billion yuan, with Q4 showing a revenue increase of 5.84% year-on-year [4][5]. - The report highlights a significant decline in revenue from the heparin raw material segment, down 51.61% year-on-year, while the formulation business grew by 18.30% [4][5]. - The company is expected to see net profits of 1.063 billion yuan in 2025, with growth rates of 29%, 33%, and 30% projected for the following years [5][6]. Market Opportunities - The global biosimilar market is anticipated to grow rapidly as key biological drug patents expire, presenting significant opportunities for the company [5]. - The company has made strategic acquisitions and partnerships, including the full asset acquisition of Coherus BioSciences' adalimumab biosimilar, which has already generated over 70 million yuan in sales since its launch [5][6]. - The upcoming approval of liraglutide in April 2025 is expected to convert prior investments into substantial revenue growth [4][5].

Group 1 - This week, 10 listed companies announced share buybacks and capital increase through special loans, including Weichai Power, which received a commitment letter for a buyback loan not exceeding 900 million yuan [1][2] - Weichai Power plans to repurchase shares amounting to 500 million to 1 billion yuan to cancel and reduce its registered capital [1][2] Group 2 - Jianyou Co. announced a buyback with loan support not exceeding 36 million yuan on May 22 [2] - Gongniu Group received a commitment letter for a buyback loan not exceeding 360 million yuan on May 22 [2] - Fenda Technology obtained a commitment letter for a buyback loan not exceeding 90 million yuan on May 21 [2] - Xingshuai Er received a commitment letter for a buyback loan not exceeding 34.55 million yuan on May 20 [2] - Hexing Packaging plans to repurchase shares between 50 million to 100 million yuan with a loan not exceeding 90 million yuan [2] - Anhui Construction's controlling shareholder received loan support not exceeding 180 million yuan for capital increase on May 23 [2] - Hubei Yihua's controlling shareholder obtained a commitment letter for a capital increase loan not exceeding 360 million yuan on May 22 [2] - Tunnel Co.'s controlling shareholder received loan support not exceeding 450 million yuan for capital increase on May 22 [2] - Shanghai Laishi's controlling shareholder plans to increase shares between 250 million to 500 million yuan with a loan not exceeding 450 million yuan [2]

一、可转债基本情况 股票代码：603707 股票简称：健友股份 公告编号：2025-040 债券代码：113579 债券简称：健友转债 南京健友生化制药股份有限公司关于不向下修正"健友转债"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个别及连带责任。 重要内容提示： ● 截至2025年5月23日，南京健友生化制药股份有限公司（以下简称"公司"）股票在任意连续三十个交 易日中已有十五个交易日的收盘价低于当期转股价格的90%，触发"健友转债"转股价格向下修正条款。 ● 经公司第五届董事会第十三次会议审议，公司董事会决定本次不向下修正转股价格，同时在未来6个 月内（即2025年5月24日至2025年11月23日），如再次触发"健友转债"转股价格向下修正条款的，亦不 提出向下修正方案。在此期间之后（从2025年11月24日起计算），若再次触发"健友转债"转股价格向下 修正条款，届时公司董事会将再次召开会议决定是否行使"健友转债"转股价格的向下修正权利。 7、公司于2023年7月7日起公司因实施2022年年度利润分配方案，"健友 ...

一、可转债基本情况 经中国证券监督管理委员会"证监许可［2020］603号"文核准，南京健友生 化制药股份有限公司于2020年4月23日公开发行了5,031,900张可转换公司债券（以 下简称"可转债"），每张面值100元，发行总额50,319.00万元，期限为6年。 经上海证券交易所自律监管决定书［2020］134号文同意，公司50,319.00万元 可转换公司债券于2020年5月22日起在上海证券交易所挂牌交易，债券简称"健友 转债"，债券代码"113579"。 根据《上海证券交易所股票上市规则》等相关规定及《南京健友生化制药股份 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，公司本次发行的"健友转债"自2020年10月29日起可转换为公司A股股票， 转股起止日期为2020年10月29日至2026年4月22日止。本次可转债的初始转股价格 为54.97元/股，最新转股价格为24.44元/股。 | 股票代码：603707 | 股票简称：健友股份 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | ...

2025.05. 22 5月22日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 宏创控股：拟635.18亿元购买宏拓实业100%股权 宏创控股(002379)披露重组报告书（草案），公司拟发行股份购买魏桥铝电等持有的山东宏拓实业 有限公司（简称"宏拓实业"）100%股权，交易作价为635.18亿元。宏拓实业是全球领先的铝产品制 造商，目前是全球最大的电解铝生产商之一。此次交易有助于公司从单一铝深加工业务向集电解铝、 氧化铝及铝深加工的全产业链业务于一体的公司转型。此次交易前，山东宏桥为公司控股股东，张 波、张红霞及张艳红为公司实控人。重组交易对方之一的魏桥铝电为山东宏桥的全资子公司。此次交 易完成后，公司的控股股东将变更为魏桥铝电，实控人未发生变更。 丽珠集团：拟约15.87亿元收购越南IMP公司64.81%股份 丽 珠 集 团 (000513) 公 告 ， 公 司 境 外 全 资 附 属 公 司 LIAN SGP 拟 收 购 越 南 上 市 公 司 Imexpharm Corporation（简称"IMP"）64.81%股份，拟支付的股权购买价格为57 ...

Group 1: Regulatory Support for Technology Companies - The China Securities Regulatory Commission (CSRC) aims to provide greater support for high-quality, unprofitable technology companies to go public, utilizing a green channel for those breaking key core technologies [2] - CSRC will continue to optimize the domestic listing environment for technology companies and implement a more flexible and precise new stock issuance counter-cyclical adjustment mechanism [3] - CSRC has completed the overseas listing filing for 242 domestic companies, with 83 being technology firms, focusing on sectors like information technology and new energy [4] Group 2: Financial Support and Risk Management - The People's Bank of China (PBOC) emphasizes the need to enhance financial risk compensation for technology innovation, leveraging existing policies like loan interest subsidies and risk compensation [6] - The bond market's "technology board" will support leading equity investment institutions in issuing bonds, addressing their unique financing challenges [7] - PBOC is also working on improving cross-border financial services for technology companies and advancing the Qualified Foreign Limited Partner (QFLP) pilot program [9] Group 3: Long-term Financial Mechanisms - The Ministry of Science and Technology is advocating for the establishment of a long-term investment mechanism to support financial backing for technological innovation [10] - The Financial Regulatory Administration plans to approve a third batch of insurance fund long-term investment reform pilot projects, amounting to 60 billion yuan [11] Group 4: Market Trends and Performance - The retail sales of home appliances have maintained double-digit growth for eight consecutive months, with a 38.8% year-on-year increase in April [14]

关于获得A股股份回购资金贷款支持的公告 | 证券代码：603707 | 证券简称：健友股份 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：113579 | 债券简称：健友转债 | | 南京健友生化制药股份有限公司 股票回购贷款额度不代表公司对回购金额的承诺，具体回购 A 股股份的金额 以回购期限届满或回购 A 股股份方案实施完毕时实际回购的金额为准。 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做 出回购决策并予以实施，同时根据回购 A 股股份事项进展情况及时履行信息披露 义务，敬请广大投资者注意投资风险。 特此公告。 南京健友生化制药股份有限公司董事会 2025 年 5 月 23 日 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。 南京健友生化制药股份有限公司（以下简称"健友股份"或"公司"）于 2025 年 4 月 28 日召开了第五届董事会第十二次会议，审议通过了《关于拟通过集 ...

Group 1 - The company will suspend the conversion of its convertible bonds, "Jianyou Convertible Bonds," from May 28, 2025, until the equity distribution registration date due to the implementation of the 2024 annual profit distribution [1][2][3] - The profit distribution plan approved by the shareholders' meeting includes a cash dividend of 1.00 yuan (including tax) for every 10 shares held, based on the total share capital registered on the equity distribution registration date [1][2] - The company will adjust the conversion price of the "Jianyou Convertible Bonds" in accordance with the terms outlined in the bond issuance prospectus following the equity distribution [2][3] Group 2 - The company will publish the relevant equity distribution implementation announcement and the convertible bond conversion price adjustment announcement on May 29, 2025 [2] - Holders of "Jianyou Convertible Bonds" must convert their bonds before May 27, 2025, to enjoy the equity distribution [3] - For detailed information regarding the "Jianyou Convertible Bonds," investors are directed to the bond issuance prospectus published on May 20, 2020 [3]

证券代码：603707 证券简称：健友股份 公告编号：2025-038 债券代码：113579 债券简称：健友转债 南京健友生化制药股份有限公司 关于实施权益分派时"健友转债" 转股连续停牌的提示性公告 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。 重要内容提示： 权益分派实施公告前一交易日（2025 年 5 月 28 日）至权益分派股权登记日期 间，南京健友生化制药股份有限公司（以下简称"公司"）2020 年 4 月公开发 行的可转换公司债券（以下简称"健友转债"）将停止转股。 证券停复牌情况：适用 因实施 2024 年年度权益分派,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 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113579 | 健友转债 | 可转债转股停 | 2025/5/28 | | | | | | | 牌 | | | | | 因实施权 ...

Group 1: Company Insights - The company, Jianyou Co., stated that the pharmaceutical industry is less affected by policies due to its essential nature and high regulatory barriers, despite facing a 20% tariff challenge [1] - Jianyou Co. has begun adjusting its raw material supply chain for affected products and is focusing on high-barrier, high-margin products to maintain its competitive edge [1] - The company plans to expand into markets in Europe, the Middle East, and Central and South America, aiming to become a global enterprise by 2030 [1] Group 2: Product Development and Market Performance - The company believes that the administrative order for product price reductions mainly impacts original research products, with limited effects on biosimilars or generics [1] - Progress on biosimilars is on track, with Liraglutide expected to receive FDA approval in April 2024, and sales of Adalimumab (Yusimry) exceeding 70 million yuan [1] - The pipeline includes collaborations with Tonghua Dongbao on insulin products and with Double Star Pharmaceutical on albumin-bound paclitaxel, both showing promising progress [1]