| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-059 | | --- | --- | --- | | 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 关于上海证券交易所对公司 2024 年年度报告的信息披露 监管问询函的回复公告 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。 浙江华康药业股份有限公司于 2025 年 4 月 28 日收到上海证券交易所下发 的《关于浙江华康药业股份有限公司 2024 年年报的信息披露监管问询函》（上 证公函【2025】0459 号）（以下简称"《监管问询函》"），根据上海证券交易所 的要求，经公司认真研究、核实与分析，现就《监管问询函》有关问题回复如 下： 一、关于在建工程和募投项目 根据年报及相关公告，2024 年公司购建固定资产、无形资产和其他长期资 产支付的现金 14.30 亿元，同比增长 106.99%；2024 年末公司固定资产 22.54 亿元，同比增长 45.13%，在建工程 13.30 亿元，同比增长 357 ...

Core Viewpoint - The credit rating agency has maintained a stable credit rating outlook for Zhejiang Huakang Pharmaceutical Co., Ltd., reflecting its strong market position in the functional sugar alcohol industry and the potential for revenue growth from new projects [3][6]. Company Overview - Zhejiang Huakang Pharmaceutical Co., Ltd. (stock code: 605077.SH) is a leading player in the functional sugar alcohol industry, with a comprehensive product range and stable customer base [3][5]. - The company has a strong client portfolio, including well-known brands such as Mars, Coca-Cola, and Nongfu Spring, which contributes to its stable revenue generation [3][6]. Financial Performance - For the year 2024, the company is projected to achieve a net profit of 268 million yuan, representing a year-on-year decline of 27.72% due to increased competition and pricing pressures [5][6]. - The company's total assets as of 2024 are reported at 76.06 billion yuan, with total liabilities of 30.49 billion yuan, indicating a debt-to-equity ratio of 47.73% [4][6]. Market Conditions - The functional sugar alcohol industry is experiencing intensified competition, leading to price pressures on the company's main products [5][9]. - The market for functional sugar alcohols is expected to grow, driven by increasing consumer health awareness and demand for low-sugar alternatives [6][9]. Production and Capacity - The company has maintained a high capacity utilization rate of 109.33% in 2024, with production volumes increasing due to the commissioning of new projects [17]. - The company plans to expand its production capacity through various projects, including a 100,000-ton corn deep processing project [19]. Investment and Funding - The company faces funding pressures as it needs to self-finance a portion of its ongoing projects, with a total investment requirement of 31.23 billion yuan, of which 16.72 billion yuan needs to be raised in the next 3-5 years [5][19]. - The company has initiated a bond issuance to support its projects, with a total issuance scale of 1.3 billion yuan [7][19]. Risk Factors - The company is exposed to risks related to goodwill impairment, with a reported goodwill of 346 million yuan as of 2024, primarily due to acquisitions made in 2023 [5][6]. - The company also faces potential credit risks due to extended payment terms with customers, particularly in international markets [13].

Core Points - The company's bond credit rating remains "AA-" and the issuer credit rating is also "AA-" with a stable outlook [1][2] - The previous ratings were confirmed with no changes in the current assessment [2] Summary by Sections Credit Rating - The previous bond credit rating was "AA-" and the issuer credit rating was "AA-" with a stable outlook [1] - The current bond credit rating is "AA-" and the issuer credit rating is "AA-" with a stable outlook, indicating no change from the previous rating [2] Rating Agency - The credit rating was conducted by Zhongzheng Pengyuan Credit Rating Co., Ltd. [2] - The comprehensive analysis and evaluation of the company's operational status were the basis for the rating [2] Reporting - The tracking credit rating report for the company's convertible bonds is available on the Shanghai Stock Exchange website [2]

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-058 | | --- | --- | --- | | 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"华康转债"2025 年跟踪评级结果的公告 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： 前次债券信用等级："AA-"，主体信用等级："AA-"，评级展望：稳 定 本次债券信用等级："AA-"，主体信用等级："AA-"，评级展望：稳 定 中证鹏元在对公司经营状况等进行综合分析与评估的基础上，于 2025 年 5 月 26 日出具了《2023 年浙江华康药业股份有限公司向不特定对象发行可转换公 司债券 2025 年跟踪评级报告》，本次公司的主体信用等级为"AA-"，"华康转 债"的信用等级为"AA-"，评级展望维持"稳定"。本次评级结果较前次未发 生变化。 本次信用评级报告《2023 年浙江华康药业股份有限公司向不特定对象发行可 转换公司债券 2025 年跟踪评级报告》详见上海证券交易所网站 ...

2023 年浙江华康药业股份有限公 司向不特定对象发行可转换公司 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【71】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级 ...

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 重要内容提示： 会议召开时间：2025 年 5 月 27 日(星期二)上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 " 路 演 中 心 "（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 公开征集问题：投资者可于 2025 年 5 月 26 日（星期一）16:00 前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 （zqb@huakangpharma.com）进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 浙江华康药业股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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。 浙江华康药业股份有限 ...

Core Points - The company has completed the repurchase and cancellation of certain restricted stocks and adjusted the conversion price of "Huakang Convertible Bonds" [1][5] Group 1: Stock Repurchase and Cancellation - The company has approved the repurchase and cancellation of 2,832,700 shares of restricted stock that do not meet the release criteria [4][5] - The repurchase was conducted under the 2023 Restricted Stock Incentive Plan [4] Group 2: Adjustment of Conversion Price - The conversion price of "Huakang Convertible Bonds" has been adjusted from 16.39 CNY/share to 16.46 CNY/share, effective from May 14, 2025 [2][5] - The adjustment is based on the repurchase of restricted stocks and follows the formula for conversion price adjustment as outlined in the company's prospectus [3][5] - The average repurchase price calculated was approximately 9.36 CNY/share, leading to a slight increase in the conversion price [5]

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-056 | | --- | --- | --- | | 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 关于部分限制性股票回购注销实施完成 暨调整"华康转债"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： 证券停复牌情况：适用 因限制性股票回购注销需调整"华康转债"转股价格,本公司的相关证券停复 牌情况如下： | 证券代 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | | | 期间 | | | | 111018 | 华康转债 | 可转债转股停牌 | 2025/5/13 | 全天 | 2025/5/13 | 2025/5/14 | 经中国证券监督管理委员会出具的《关于同意浙江华康药业股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可 ...

Group 1 - The sugar substitute concept declined by 0.82%, ranking among the top declines in the concept sector, with companies like Baolingbao, Bailong Chuangyuan, and Chenguang Biotech experiencing significant drops [1][2] - Among the sugar substitute stocks, 8 saw price increases, with Zhonghua International, Luxin Investment, and Xinghu Technology rising by 1.37%, 1.34%, and 1.09% respectively [1][2] - The sugar substitute sector experienced a net outflow of 118 million yuan, with 17 stocks seeing net outflows, and 5 stocks with outflows exceeding 10 million yuan, led by Jinhai Biological with a net outflow of 44.98 million yuan [2][3] Group 2 - The top net inflow stocks in the sugar substitute sector included Jinhai Industrial, Rhine Biological, and Shengquan Group, with net inflows of 16.36 million yuan, 12.29 million yuan, and 5.05 million yuan respectively [2][3] - The outflow leaderboard for the sugar substitute sector featured Jinhai Biological, Yasheng Group, and Baolingbao, with respective outflows of 44.98 million yuan, 25.20 million yuan, and 22.92 million yuan [2][3] - The trading activity in the sugar substitute sector showed varied turnover rates, with Baolingbao at 14.36% and Jinhai Biological at 6.48% [2][3]

Summary of Conference Call on D-Allulose Industry Overview - The focus is on the D-Allulose market, a new segment within the sugar substitute industry, which is gaining traction due to recent policy support and health trends [1][2]. Key Points and Arguments 1. **Policy Support**: The Ministry of Commerce and the National Health Commission, along with 12 other departments, issued a notice promoting healthy consumption, emphasizing dietary guidance for patients with hypertension, type 2 diabetes, hyperlipidemia, and obesity. This highlights the importance of health-focused food products like D-Allulose [1]. 2. **Health Benefits**: D-Allulose is recognized for its potential to lower blood pressure and lipid levels, as well as its role in preventing type 2 diabetes, aligning with the government's health initiatives [1]. 3. **Regulatory Approval**: The National Health Commission completed a public consultation on D-Allulose on April 20, marking its path towards compliance and potential market entry [1]. 4. **Market Potential**: D-Allulose is expected to replace existing sugar substitutes in beverages and food, indicating a significant market opportunity. The global approval history of D-Allulose spans 14 years, with countries like the USA, Japan, Mexico, Canada, South Korea, and Australia recognizing it as a food ingredient [2]. 5. **GRAS Status**: D-Allulose is classified as GRAS (Generally Recognized As Safe) by FEMA, allowing its use in beverages and dairy products, further enhancing its marketability [2]. 6. **Health Advantages**: In addition to its sweetening properties, D-Allulose offers benefits such as promoting the Maillard reaction, lowering blood sugar and lipid levels, aiding liver detoxification, and preventing obesity and type 2 diabetes [2]. 7. **Company Developments**: - **Baolingbao**: Currently constructing a 30,000-ton D-Allulose project, which will be actively promoted for consumer sales once approved for domestic use [3]. - **Bailong Chuangyuan**: Has a crystallized sugar project with an annual capacity of 15,000 tons, which can produce 5,000 tons of D-Allulose [3]. Additional Important Information - D-Allulose is positioned as a new star among sweeteners, with no reported side effects and the ability to release GLP-1, which can combat obesity and diabetes [2]. - Companies to watch in this sector include Bailong Chuangyuan, Baolingbao, Sanyuan Biological, and Huakang Co. [2].