德恒上海律师事务所 2025 年第四次临时股东大会之 关于上海皓元医药股份有限公司 2025 年第四次临时股东大会 之 见证法律意见书 上海市虹口区东大名路 501 号上海白玉兰广场办公楼 23 楼 电话：021-55989888 传真：021-55989898 德恒上海律师事务所 关于上海皓元医药股份有限公司 2025 年第四次临时股东大会之见证法律意见书 德恒上海律师事务所 关于上海皓元医药股份有限公司 见证法律意见书 德恒 02G20250134-00001 号 致：上海皓元医药股份有限公司 德恒上海律师事务所（以下简称"本所"）接受上海皓元医药股份有限公司 （以下简称"公司"）委托，指派张露文律师、邹孟霖律师（以下合称"本所承 办律师"）出席公司于2025年7月7日下午14点00分在上海市浦东新区张衡路199 9弄3号楼公司会议室召开的2025年第四次临时股东大会（以下简称"本次股东大 会"），就本次股东大会召开的召集和召开程序、召集人及出席会议人员的资格、 会议议案、表决方式和表决程序、表决结果和会议决议等进行见证并出具本法律 意见书。 本所承办律师依据本法律意见书出具日前已经发生或存在的事实和《中 ...

Group 1 - The stock price of Haoyuan Pharmaceutical (688131) closed at 51.89 yuan on July 4, 2025, with an increase of 3.26% and a trading volume of 81,700 shares, resulting in a transaction amount of 420 million yuan [1] - On July 4, the net inflow of main funds was 20.6555 million yuan, accounting for 4.92% of the total transaction amount, while retail investors had a net outflow of 38.5298 million yuan, accounting for 9.18% [1][4] - The company announced a share repurchase and cancellation of 47,725 shares due to the failure of a performance commitment by a related party, resulting in a change in total share capital from 211,609,573 shares to 211,561,848 shares [1][4] Group 2 - The convertible bond "Haoyuan Convertible Bond" will have its conversion price adjusted from 40.58 yuan to 40.59 yuan per share, effective from July 8, 2025, following the share repurchase [2] - The bond will be suspended from conversion starting July 7, 2025, and will resume on July 8, 2025 [2][4] - The company issued 822.35 million yuan of convertible bonds with a maturity of six years, with an initial conversion price of 40.73 yuan per share [2]

Core Viewpoint - The rapid development of the global innovative drug industry has led to a significant opportunity for the CDMO (Contract Development and Manufacturing Organization) sector, with Shanghai Haoyuan Pharmaceutical Co., Ltd. positioning itself as a leader in the ADC (Antibody-Drug Conjugate) niche [1][2]. Group 1: Company Strategy and Market Position - Haoyuan Pharmaceutical has identified ADC as a key area for growth, establishing core competencies and positioning itself in the first tier of CDMO providers in this field [1][2]. - The company has successfully undertaken over 110 ADC projects in 2024, with 12 small molecule products related to ADC having completed FDA filings [2]. - The company reported a revenue of 2.254 billion yuan in 2024, a year-on-year increase of 20.62%, and a net profit of 202 million yuan, up 58.17% year-on-year [2]. Group 2: Technological Advancements - ADC technology, which combines antibodies, linkers, and cytotoxic drugs, allows for targeted cancer treatment, minimizing damage to normal tissues [2]. - Haoyuan Pharmaceutical has developed proprietary technologies in ADC, having been a pioneer in this field since its establishment in 2006 [3]. - The company has collaborated with AI pharmaceutical firms to enhance drug development processes, establishing an AI Drug Exploration Joint Laboratory with East China Normal University [3]. Group 3: International Expansion - The company is actively expanding its international market presence, having serviced numerous ADC "outbound" orders, with nine overseas licensing transactions reported in the first half of the year [4]. - Haoyuan Pharmaceutical has established a CDMO base in Chongqing, which is the largest of its kind in Southwest China, and has passed EU quality audits to facilitate international market expansion [4][5]. - The company has set up business warehousing centers in the US, Europe, and India, serving over 13,000 pharmaceutical companies and research institutions globally [5]. Group 4: Future Prospects - Haoyuan Pharmaceutical is not only focusing on ADC but is also exploring emerging fields such as PDC (Peptide-Drug Conjugates), RDC (Radioisotope-Drug Conjugates), and ApDC (Aptamer-Drug Conjugates) [5]. - The company aims to create a full-chain service model that integrates technology research, industrialization, and global service, thereby establishing competitive barriers [5].

Core Insights - Haoyuan Pharmaceutical (688131) has successfully launched its ADC CDMO base in Chongqing, achieving compliance with EU GMP standards, which positions the company to expand its domestic and international market presence [2] - The ADC sector is entering a golden development period, driven by technological advancements and clinical breakthroughs, with the global ADC market projected to exceed $100 billion by 2032 and a compound annual growth rate (CAGR) of 54.3% in China [3] - Haoyuan Pharmaceutical has established an integrated service platform from R&D to production, becoming a pioneer in the ADC field in China, with significant technological achievements and a strong pipeline of products [4] Industry Development - The ADC market is experiencing rapid growth, with the global market reaching a historical high of $3.9 billion in Q1 2025, and notable products like DS-8201 achieving over $1 billion in quarterly sales [3] - Haoyuan Pharmaceutical has built a "three-in-one" production base in Shanghai, Ma'anshan, and Chongqing, with the Chongqing facility being the largest ADC CDMO platform in Southwest China, enhancing its production capabilities [5] Technological Innovation - The company has developed a unique XDC Payload-Linker CMC integrated service platform, significantly reducing synthesis steps and production costs, exemplified by the synthesis of Erythromycin [4] - By the end of 2024, Haoyuan Pharmaceutical has completed FDA sec-DMF filings for 12 small molecule products related to ADCs, showcasing its strong technical capabilities [4] Collaborative Efforts - Haoyuan Pharmaceutical is actively forming strategic partnerships, including collaborations with AbTis Co., Ltd. for ADC innovation and with Yingbairui for process development and GMP production [7] - The company is also engaging with AI pharmaceutical firms to enhance drug discovery processes through advanced algorithms and data analysis [7] Global Expansion - Since initiating its global strategy in 2015, Haoyuan Pharmaceutical has established business centers in the US, Europe, and India, serving over 13,000 pharmaceutical companies and research institutions [8] - The company services over 95% of domestic ADC export enterprises, reflecting its platform value and customer trust in the industry [8] - Haoyuan Pharmaceutical is also exploring emerging fields such as peptide-drug conjugates (PDC) and radionuclide-drug conjugates (RDC), while leveraging AI to improve drug development efficiency [8]

Core Points - The company announced an adjustment to the conversion price of its convertible bonds "Hao Yuan Convertible Bonds" due to the completion of share repurchase and cancellation related to performance commitments [1][3] - The previous conversion price was 40.58 CNY/share, and the new conversion price is adjusted to 40.59 CNY/share, effective from July 8, 2025 [2][5] - The company issued 822,350 lots (8,223,500 bonds) of convertible bonds totaling 82,235 million CNY, with a maturity of 6 years and an initial conversion price of 40.73 CNY/share [2][3] Adjustment Basis - The adjustment of the conversion price is based on the completion of the repurchase and cancellation of 47,725 shares at a total price of 1.00 CNY, as approved in board meetings and the annual shareholders' meeting [3][4] - The company followed the regulations set by the China Securities Regulatory Commission regarding the issuance of convertible bonds and the related adjustments to protect the rights of bondholders [3][5] Adjustment Methodology - The adjustment formula used for the conversion price is P1 = (P0 + A × k) / (1 + k), where P0 is the previous conversion price, A is the new share price, and k is the rate of share repurchase [5] - The calculation resulted in the new conversion price of approximately 40.59 CNY/share after the repurchase and cancellation of shares [5][6]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于调整可转换公司债券"皓元转债"转股价格暨 转股停复牌的公告 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 因业绩承诺补偿股份回购注销实施完成导致"皓元转债"转股价格调整,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 | | | | 118051 | 皓元转债 | 可转债转股 | 2025/7/7 | 全天 | 2025/7/7 | 2025/7/8 | | | | 停牌 | | | | | "皓元转债"调整前转股价格：40.58 元/股 经中国证券监督管理委员会《关于同意 ...

证券代码：688131 证券简称：皓元医药 公告编号：2025-084 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 关于业绩承诺补偿股份回购注销实施结果暨 股份变动的公告 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： ? 因药源药物化学（上海）有限公司（以下简称"药源药物"）未能实现业 绩承诺，业绩承诺方 WANG YUAN、上海源盟企业管理咨询合伙企业（有限合伙） （以下简称"上海源盟"）、上海源黎企业管理合伙企业（有限合伙） （以下简称"上 海源黎"）需对上海皓元医药股份有限公司（以下简称"公司"）进行业绩补偿。 公司以人民币 1 元的总价格回购业绩承诺方合计持有的公司股份 47,725 股，占回 购注销前公司总股本 211,609,573 股的 0.02%，并全部予以注销。 ? 公司于 2025 年 7 月 3 日收到中国证券登记结算有限责任公司上海分公司 出具的《证券过户登记确认书》，业绩承诺方持有公司的 47,725 股股票已过户至公 司回购专用证券账户。 ? 本次回购的 ...

因药源药物化学（上海）有限公司（以下简称"药源药物"）未能实现业 绩承诺，业绩承诺方 WANG YUAN、上海源盟企业管理咨询合伙企业（有限合伙） （以下简称"上海源盟"）、上海源黎企业管理合伙企业（有限合伙）（以下简称"上 海源黎"）需对上海皓元医药股份有限公司（以下简称"公司"）进行业绩补偿。 公司以人民币 1 元的总价格回购业绩承诺方合计持有的公司股份 47,725 股，占回 购注销前公司总股本 211,609,573 股的 0.02%，并全部予以注销。 公司于 2025 年 7 月 3 日收到中国证券登记结算有限责任公司上海分公司 出具的《证券过户登记确认书》，业绩承诺方持有公司的 47,725 股股票已过户至公 司回购专用证券账户。 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-084 | | --- | --- | --- | | 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 关于业绩承诺补偿股份回购注销实施结果暨 股份变动的公告 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、 ...

皓元医药公告，因药源药物化学(上海)有限公司未能实现业绩承诺，业绩承诺方WANG YUAN、上海源 盟、上海源黎需对公司进行业绩补偿。公司以人民币1元的总价格回购业绩承诺方合计持有的公司股份 47725股，占回购注销前公司总股本2.12亿股的0.02%，并全部予以注销。公司于2025年7月3日收到中国 证券登记结算有限责任公司上海分公司出具的《证券过户登记确认书》，业绩承诺方持有公司的47725 股股票已过户至公司回购专用证券账户。本次回购的47725股股票将于2025年7月4日全部注销，公司总 股本将由2.12亿股变更为2.12亿股，注册资本由2.12亿元人民币变更为2.12亿元人民币。 ...

Core Viewpoint - The company, Haoyuan Pharmaceutical, is enhancing the competitiveness of its wholly-owned subsidiary, Anhui Haoyuan, by implementing a capital increase through debt-to-equity conversion, amounting to 400 million yuan, to alleviate financial pressure and optimize its capital structure [1][4]. Group 1: Financial Performance - In Q1 2025, Haoyuan Pharmaceutical reported revenue of 606 million yuan, a year-on-year increase of 20.05%, and a net profit of 62.38 million yuan, up 272.28% [1][5]. - For the year 2024, the company achieved revenue of 2.27 billion yuan, a growth of 20.75%, and a net profit of 202 million yuan, reflecting a 58.17% increase [5][6]. - The R&D expenses for Q1 2025 were 53.71 million yuan, accounting for 8.86% of the revenue [1]. Group 2: Debt-to-Equity Conversion Details - The capital increase will raise Anhui Haoyuan's registered capital from 400 million yuan to 800 million yuan, maintaining its status as a wholly-owned subsidiary of Haoyuan Pharmaceutical [1][4]. - This is the second instance of debt-to-equity conversion for Anhui Haoyuan, following a previous increase of 200 million yuan in March 2024 [3][4]. Group 3: Business Operations and Market Position - Haoyuan Pharmaceutical focuses on providing efficient small molecule and new molecular type drugs for the global pharmaceutical and biopharmaceutical industries, continuously enhancing its market competitiveness through product pipeline expansion and technological iteration [1][5]. - The life science reagent business generated approximately 1.5 billion yuan in revenue in 2024, accounting for about 66% of total revenue, with a gross margin of 62.21% [6]. - The company has a total of 403 generic drug projects and 892 innovative drug projects, with many in the clinical trial stages, contributing to the global innovative drug development process [6].