Market Overview - The medical services sector experienced a decline of 1.69% on November 17, with Meidisi leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Baihua Pharmaceutical (600721) saw a significant increase of 8.63%, closing at 10.70, with a trading volume of 792,600 shares and a turnover of 846 million [1] - ST Zhongzhu (600568) rose by 4.80%, closing at 2.40, with a trading volume of 404,900 shares [1] - Meidisi (688202) led the decline with a drop of 5.99%, closing at 62.47, with a trading volume of 36,600 shares and a turnover of 232 million [2] - Kanglong Chemical (300759) and Haoyuan Pharmaceutical (688131) also saw declines of 5.34% and 5.21%, respectively [2] Capital Flow - The medical services sector experienced a net outflow of 1.285 billion from institutional investors, while retail investors saw a net inflow of 993 million [2] - Baihua Pharmaceutical had a net inflow of 71.1 million from institutional investors, but a net outflow of 47.2 million from retail investors [3] - Meidisi had a net outflow of 1.29 million from institutional investors, indicating a shift in investor sentiment [3]

Core Insights - On November 14, Haoyuan Pharmaceutical experienced a decline of 3.54% with a trading volume of 242 million yuan [1] - The company reported a financing buy-in of 32.97 million yuan and a net financing buy of 6.87 million yuan on the same day [1] Financing Overview - As of November 14, the total financing and securities balance for Haoyuan Pharmaceutical was 592 million yuan [1] - The financing balance of 591 million yuan accounts for 3.61% of the circulating market value, indicating a high level compared to the past year [1] - The company had a low securities lending balance of 96.21 million yuan, below the 50th percentile of the past year [1] Company Profile - Haoyuan Pharmaceutical, established on September 30, 2006, is located in Shanghai and specializes in the discovery of small molecule drugs, including the development of molecular building blocks and tool compounds [2] - The company's main revenue sources include molecular building blocks and tool compounds (68.97%), with product sales contributing 63.42% and raw materials and intermediates accounting for 30.46% [2] - For the period from January to September 2025, Haoyuan Pharmaceutical achieved a revenue of 2.059 billion yuan, representing a year-on-year growth of 27.18%, and a net profit of 237 million yuan, up 65.09% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Haoyuan Pharmaceutical was 12,000, a decrease of 6.34% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable increases in holdings [3]

Market Overview - The medical services sector declined by 0.47% on November 14, with the digital human sector leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable declines in individual stocks include: - Digital Human: closed at 17.28, down 4.85% with a trading volume of 80,400 shares and a turnover of 1.411 million [1] - Haoyuan Pharmaceutical: closed at 77.20, down 3.54% with a trading volume of 30,800 shares and a turnover of 2.4212 million [1] - Yinos: closed at 48.69, down 2.62% with a trading volume of 14,300 shares and a turnover of 7132.217 [1] - Other notable declines include Taige Pharmaceutical, MediX, and WuXi AppTec, all showing declines between 1.28% and 2.08% [1] Capital Flow - The medical services sector experienced a net outflow of 238 million yuan from institutional investors, while retail investors saw a net inflow of 181 million yuan [3] - Notable capital flows for specific stocks include: - Ruizhi Pharmaceutical: net inflow of 38.93 million yuan from institutional investors, but net outflows from retail and speculative investors [3] - Chengda Pharmaceutical: net inflow of 37.96 million yuan from institutional investors, with significant outflows from speculative investors [3] - Other stocks like Sanbo Brain Science and Jinyu Medical also showed varying net inflows and outflows among different investor types [3]

Core Viewpoint - Haoyuan Pharmaceutical's stock rose by 5.01% to 80.35 CNY per share, with a trading volume of 259 million CNY and a market capitalization of 17.042 billion CNY as of November 13 [1] Company Overview - Shanghai Haoyuan Pharmaceutical Co., Ltd. was established on September 30, 2006, and went public on June 8, 2021 [1] - The company specializes in the discovery of small molecule drugs, focusing on molecular building blocks and tool compounds, as well as the development and production of active pharmaceutical ingredients (APIs) and intermediates [1] - The main revenue composition includes: molecular building blocks, tool compounds, and biochemical reagents (68.97%); product sales (63.42%); APIs and intermediates, formulations (30.46%); technical services (5.55%); and other (0.57%) [1] Fund Holdings - Hongta Hongtu Fund has a significant holding in Haoyuan Pharmaceutical, with its Hongta Hongtu Medical Selected Stock Fund A (020331) reducing its stake by 4,000 shares to hold 9,000 shares, representing 5.58% of the fund's net value [2] - The fund has achieved a year-to-date return of 33.15%, ranking 1506 out of 4216 in its category, and a one-year return of 18.94%, ranking 2064 out of 3951 [2] Fund Manager Information - The fund manager of Hongta Hongtu Medical Selected Stock Fund A is Cao Yang, who has been in the position for 2 years and 63 days [3] - The total asset size of the fund is 13.3331 million CNY, with the best return during his tenure being 30.03% and the worst being -33.52% [3]

Core Points - The company Shanghai Haoyuan Pharmaceutical Co., Ltd. has announced that its convertible bond "Haoyuan Convertible Bond" is expected to meet the redemption conditions due to the stock price performance [2][15]. Summary by Sections Convertible Bond Issuance Overview - The company issued 8.2235 million convertible bonds with a face value of RMB 100 each, totaling RMB 82.235 million, with a term of 6 years [2]. - The bonds were approved by the China Securities Regulatory Commission and listed on the Shanghai Stock Exchange on December 19, 2024 [3]. Convertible Bond Conversion Period - The bonds can be converted into shares from June 4, 2025, to November 27, 2030, with an initial conversion price of RMB 40.73 per share [4]. Conversion Price Adjustments - The conversion price has been adjusted multiple times due to various corporate actions, with the latest adjustment setting the conversion price at RMB 40.47 per share as of October 22, 2025 [8][9]. Redemption Terms and Conditions - The company has outlined redemption terms, including a mandatory redemption at 113% of the face value upon maturity and conditional redemption if certain stock price thresholds are met [10][11]. - The conditional redemption can occur if the stock price remains above 130% of the conversion price for a specified number of trading days [11][15]. Current Stock Performance - As of the announcement date, the company's stock has closed above the conversion price threshold for 10 trading days, indicating a potential trigger for the conditional redemption clause [2][15].

Core Viewpoint - Haoyuan Pharmaceutical announced that its stock price has been above 130% of the current conversion price of its convertible bonds for 10 trading days, which may trigger conditional redemption terms if the stock price remains above this threshold for an additional 5 trading days within the next 20 trading days [1] Summary by Relevant Sections - Stock Performance - The company's stock price has not fallen below 52.61 yuan per share, which is 130% of the current conversion price of the "Haoyuan Convertible Bonds" [1] - Redemption Conditions - If the stock price remains above the conversion price for 5 out of the next 20 trading days, the company has the right to redeem all or part of the unconverted "Haoyuan Convertible Bonds" at face value plus accrued interest [1]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-120 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于"皓元转债"预计满足赎回条件的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 上海皓元医药股份有限公司（以下简称"公司"）股票自 2025 年 10 月 30 日至 2025 年 11 月 12 日期间，已有 10 个交易日的收盘价格不低于"皓元转 债"当期转股价格的 130%（即 52.61 元/股），若未来连续 20 个交易日内，仍有 5 个交易日公司股票的收盘价格不低于当期转股价的 130%（含 130%），将触发 《上海皓元医药股份有限公司向不特定对象发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）中规定的有条件赎回条款。届时，公司有权决定 是否按照债券面值加当期应计利息的价格赎回全部或部分未转股的"皓元转债"。 根据《上海证券交易所上市公司自律监管指引第 1 ...

Core Viewpoint - The medical services sector experienced a decline of 0.68% on November 11, with Haoyuan Pharmaceutical leading the drop. The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1]. Group 1: Market Performance - The medical services sector saw significant individual stock movements, with Yinosh rising by 10.46% to a closing price of 50.15, while Haoyuan Pharmaceutical fell by 2.95% to 75.40 [1][2]. - The trading volume for Yinosh was 33,400 hands, resulting in a transaction amount of 163 million yuan, while Haoyuan Pharmaceutical had a trading volume of 21,800 hands and a transaction amount of 166 million yuan [1][2]. Group 2: Capital Flow - The medical services sector experienced a net outflow of 746 million yuan from institutional investors, while retail investors saw a net inflow of 562 million yuan [2]. - The capital flow data indicates that Sunshine Nuohe had a net outflow of 37.39 million yuan from institutional investors, while Meidi Xi saw a net inflow of 28.62 million yuan [3].

Market Overview - The medical services sector increased by 0.55% on November 6, with Haoyuan Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in Medical Services - Haoyuan Pharmaceutical (688131) closed at 77.71, up 4.13% with a trading volume of 44,300 shares and a transaction value of 338 million [1] - Bidai Pharmaceutical (688073) closed at 72.50, up 2.39% with a trading volume of 6,822 shares [1] - Innovative Medical (002173) closed at 24.25, up 2.32% with a trading volume of 448,800 shares and a transaction value of 1.077 billion [1] Top Losers in Medical Services - Baicheng Pharmaceutical (301096) closed at 54.08, down 3.41% with a trading volume of 128,600 shares and a transaction value of 706 million [2] - Berry Genomics (000710) closed at 13.79, down 2.41% with a trading volume of 277,400 shares [2] - Nossger (301333) closed at 64.59, down 2.05% with a trading volume of 33,800 shares [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 472 million from institutional investors, while retail investors saw a net inflow of 280 million [2][3] - Notable net inflows from retail investors were observed in Innovative Medical and other companies, despite overall sector outflows [3] Individual Stock Capital Flow - Innovative Medical had a net outflow of 37.53 million from institutional investors, while retail investors contributed a net inflow of 47.58 million [3] - Haoyuan Pharmaceutical saw a net inflow of 12.35 million from institutional investors, with a slight net outflow from retail investors [3] - Bidai Pharmaceutical had a significant net inflow of 8.77 million from retail investors, despite a net outflow from institutional investors [3]

Core Insights - Haoyuan Pharmaceutical experienced a 5.2% increase in stock price, reaching 78.51 CNY per share, with a trading volume of 313 million CNY and a turnover rate of 1.94%, resulting in a total market capitalization of 16.652 billion CNY [1] Company Overview - Shanghai Haoyuan Pharmaceutical Co., Ltd. was established on September 30, 2006, and went public on June 8, 2021. The company specializes in the discovery of small molecule drugs, focusing on molecular building blocks and tool compounds, as well as the development and production of active pharmaceutical ingredients (APIs) and intermediates [1] - The main business revenue composition includes molecular building blocks, tool compounds, and biochemical reagents at 68.97%, with product sales contributing 63.42%, APIs and intermediates at 30.46%, technical services at 5.55%, and other supplementary services at 0.57% [1] Fund Holdings - According to data, one fund under GF Fund has a significant holding in Haoyuan Pharmaceutical. The GF Medical Selected Stock A (017479) held 39,000 shares in the third quarter, accounting for 5.25% of the fund's net value, ranking as the eighth largest holding [2] - The GF Medical Selected Stock A (017479) was established on July 6, 2023, with a latest scale of 41.6154 million CNY. Year-to-date returns stand at 44.25%, ranking 797 out of 4216 in its category, while the one-year return is 37.56%, ranking 854 out of 3909 [2] Fund Manager Profile - The fund manager of GF Medical Selected Stock A (017479) is Wang Ruidong, who has been in the position for 5 years and 172 days. The total asset scale of the fund is 4.817 billion CNY, with the best fund return during his tenure being 59.03% and the worst at -12.32% [3]