本季度转股情况：自 2026 年 1 月 1 日至 2026 年 3 月 31 日，共有人民币 1,000 元"华康转债"已转换成公司股份，占可转债发行总量的 0.00008%；转股数 量为 61 股，占可转债转股前公司发行股份总额（304,989,880 股）的 0.00002%。 未转股可转债情况：2026 年 3 月 31 日，尚未转股的"华康转债"金额为人 民币 1,302,216,000 元，占可转债发行总量的 99.9381%。 一、可转债发行上市概况 | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：浙江华康药业股份有限公司（以下简称"公司"）本次发行 的"华康转债"自 2024 年 7 月 1 日起可转换为本公司股份。截至 2026 年 ...

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating a strong performance relative to market benchmarks [9]. Core Insights - The report emphasizes the importance of upstream supply chain dynamics, highlighting that the core logic of performance in the upstream sector revolves around "cost" and "supply-demand" factors, exhibiting clear cyclical characteristics [9]. - It identifies two main drivers for the current uptrend in the upstream food and beverage sector: the rising prices of bulk agricultural products and the ability of companies to directly pass on costs to consumers [9]. - The report suggests prioritizing investments based on geographical and supply-demand logic, with a focus on corn and soybean chains due to their strong price increase expectations [9]. Summary by Sections Upstream Investment Focus - Recommended upstream investment targets include: 1. Agricultural processing: COFCO Technology (000930), Crown Agricultural (600251), Andeli (605198), Jinlongyu (300999), and Zunming (003030) [4]. 2. Food raw material suppliers: Huakang (605077), Morning Light Bio (300138), and Fufeng Group (00546) [4]. 3. Livestock: Recommended Yuran Livestock (09858) and Modern Animal Husbandry (01117) [4]. Downstream Investment Focus - Recommended downstream investment targets include: 1. Baijiu: Shanxi Fenjiu (600809), Kweichow Moutai (600519), Jinshiyuan (603369), and Shede Liquor (600702) [4]. 2. Catering supply chain: Yihai International (01579) and Qianwei Central Kitchen (001215) [4]. 3. Snack foods: Recommended Yanjinpuzi (002847), Qiaqia Food (002557), and Miaokelando (600882) [4]. 4. Health products: Focus on valuation, with related targets including Minsheng Health (301507) and H&H International Holdings (01112) [4].

一、担保情况概述 浙江华康药业股份有限公司 关于为全资子公司提供担保额度的进展公告 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个别及连带责任。 重要内容提示： 被担保人名称：舟山华康生物科技有限公司（以下简称"舟山华康"） 本次担保金额及已实际为其提供的担保余额：本公司与平安银行股份有 限公司杭州分行签署了《最高额保证担保合同》，公司本次为舟山华康提供 5,000 万元人民币借款的连带责任保证，借款用于日常经营周转。截至本公告披露日， 公司为舟山华康已实际提供的担保余额为人民币 3.49 亿元(不含本次) | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2026-009 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | （一）本次担保事项履行的内部决策程序 公司分别于 2025 年 2 月 26 日、2025 年 3 月 21 日召开第六届董事会第二十 九次会议、2024 年年度股东大会，审议通过《关于公司 2025 年度担保计划的议 案》，预计公司 2025 ...

Group 1 - The core viewpoint of the news is that Huakang Co., Ltd. experienced a stock price increase of 5.21%, reaching 17.16 yuan per share, with a total market capitalization of 5.2 billion yuan as of the report date [1] - Huakang Co., Ltd. is based in Kaifa County, Zhejiang Province, and was established on July 10, 2001. The company specializes in the research, production, and sales of various functional sugar alcohols and starch sugar products, including xylitol, sorbitol, maltitol, and fructose syrup [1] - The main business revenue composition of Huakang Co., Ltd. includes crystalline sugar alcohol products at 54.36%, liquid sugars and alcohols at 32.46%, and other products at 13.18% [1] Group 2 - Among the top ten circulating shareholders of Huakang Co., Ltd., Huaxia Fund's Huaxia Excellent Growth Mixed A Fund (024928) entered the list in the third quarter, holding 4.1533 million shares, which accounts for 1.39% of the circulating shares [2] - The Huaxia Excellent Growth Mixed A Fund has a current scale of 898 million yuan and has achieved a return of 15.06% year-to-date, ranking 859 out of 8887 in its category [2] - The fund manager of Huaxia Excellent Growth Mixed A is Zhong Shuai, who has been in the position for 5 years and 215 days, with the fund's total asset scale at 11.914 billion yuan [3]

Group 1 - The core viewpoint of the article highlights a short-term surge in A-share sugar substitute concept stocks, with Baolingbao hitting the daily limit, and companies like Sanyuan Bio, Jinhui Industrial, and Huakang Co. also experiencing gains [1] Group 2 - Baolingbao reached the daily limit, indicating strong investor interest and confidence in the sugar substitute sector [1] - Sanyuan Bio, Jinhui Industrial, and Huakang Co. followed suit with notable increases in their stock prices, reflecting a broader trend in the market [1]

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

Core Viewpoint - Huakang Co., Ltd. has recently terminated a significant asset restructuring plan and experienced a decline in net profit despite revenue growth in the first three quarters of 2025 [1]. Recent Events - The company announced the termination of its plan to acquire 100% equity of Henan Yuxin Sugar Alcohol Co., Ltd. for a transaction price of 1.098 billion yuan due to significant changes in the market environment since the initial planning [2]. Company Status - In January 2026, the actual controller and its concerted parties reduced their holdings in convertible bonds, leading to a decrease in the combined equity ratio from 27.40% to 26.30%. Additionally, the controlling shareholder has fully released the pledged shares [3]. Performance and Operating Conditions - For the first three quarters of 2025, Huakang Co., Ltd. achieved an operating revenue of 2.959 billion yuan, representing a year-on-year increase of 40.52%. However, the net profit attributable to shareholders decreased by 9.91% to 168 million yuan [4]. Stock Performance - As of February 2, 2026, the company's stock price was 15.84 yuan per share, reflecting a year-to-date increase of 7.17%, but a decline of 6.05% over the past 60 days. On that day, the net inflow of main funds was 764,200 yuan [5]. Institutional Holdings Analysis - As of September 30, 2025, Huaxia Excellence Growth Mixed A Fund became the eighth largest circulating shareholder, holding 4.1533 million shares. Furthermore, the conversion progress of the company's "Huakang Convertible Bonds" has been slow, with a cumulative conversion ratio of only 0.0157% as of December 31, 2025 [6].

Core Viewpoint - Zhejiang Huakang Pharmaceutical Co., Ltd. has announced the cancellation of the special account for the funds raised from the issuance of convertible bonds to unspecified objects, following the completion of the intended use of the funds [1][5]. Group 1: Fundraising Overview - In 2023, the company issued 13,030,230 convertible bonds at a face value of RMB 100 each, raising a total of RMB 130,302.30 million, with a net amount of RMB 129,338.53 million after deducting issuance costs of RMB 963.77 million [2]. - The fundraising was verified by Tianjian Accounting Firm, which issued a verification report [2]. Group 2: Fund Management - The company established a management method for the raised funds to ensure compliance with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [3]. - A special account for the raised funds was set up in banks, and tripartite and quadripartite supervision agreements were signed with various banks and the underwriter, Dongfang Securities [4]. Group 3: Account Cancellation - As of the announcement date, the funds in the special account have been fully utilized according to the specified purposes, leading to the cancellation of the special account and the termination of related supervision agreements [5].

Investment Rating - The industry rating is "Overweight" [3] Core Insights - The report highlights the ongoing active research in life sciences and the rapid integration of biotechnology into economic and social development, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy sector [3][4]. Industry Performance - The Huazhong Synthetic Biology Index increased by 0.11% to 1278.44 during the week of February 2-6, 2026, outperforming the Shanghai Composite Index by 1.39 percentage points and the ChiNext Index by 3.40 percentage points [4]. - The report notes that the synthetic biology sector is experiencing a policy dividend, with Shenzhen proposing up to 100 million yuan in support for R&D efforts in the field [8]. Company Developments - Beijing Huaguan Bio completed a multi-hundred million yuan C-round financing to enhance its R&D and production capabilities in the pharmaceutical and health sectors [32]. - Dejin Bio secured several million yuan in A-round financing to advance its recombinant botulinum toxin clinical research and international expansion [33]. - The report mentions that Impossible Foods is leveraging technology to reshape the plant protein market [11]. Market Dynamics - The report indicates that the synthetic biology sector is witnessing a surge in financing, with nearly a hundred companies completing new funding rounds since 2025 [31]. - The top five companies in the synthetic biology sector by stock performance during the week were Pingtan Development (+12%), Jinbo Bio (+12%), Huaxi Bio (+12%), Shandong Heda (+10%), and Yaxiang Co. (+10%) [17]. Policy and Regulatory Developments - The Ministry of Industry and Information Technology announced 35 examples of non-grain bio-based materials, marking a significant step towards establishing a new green development framework [7]. - The National Health Commission approved 22 new food items, including a significant breakthrough in domestic human milk oligosaccharides (HMOs) production [7]. Research and Innovation - Tsinghua University has initiated a national key R&D project focused on the intelligent design principles of efficient microbial chassis cells, aiming for breakthroughs in both fundamental theory and application demonstration [9]. - The report highlights the strategic cooperation between Tianjin University and China National Petroleum Corporation to expand efforts in synthetic biology and related fields [9].

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于注销向不特定对象发行可转换公司债券 募集资金专项账户的公告 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。 一、2023 年向不特定对象发行可转换公司债券募集资金基本情况 三、2023 年向不特定对象发行可转换公司债券募集资金专户销户情况 根据《管理办法》，本公司对募集资金实行专户存储，在银行设立募集资金 专户，并连同保荐机构东方证券承销保荐有限公司于 2023 年 12 月分别与招商银 行股份有限公司衢州分行、中国银行股份有限公司开化华埠支行、中国建设银行 股份有限公司开化支行、中信银行股份有限公司衢州分行签订了《募集资金专户 存储三方监管协议》，本公司及子公司舟山华康生物科技有限公司连同保荐机构 东方证券承销保荐有限公司于 2023 年 12 月分别与招商银行股份有限公司衢州分 行、中国建设银行股份有限 ...