| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-112 | | --- | --- | --- | | 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 关于实施 2025 年半年度权益分派时"皓元转债" 停止转股的提示性公告 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： 证券停复牌情况：适用 因实施 2025 年半年度权益分派，上海皓元医药股份有限公司（以下简称"公 司"）的相关证券停复牌情况如下：权益分派实施公告披露日前一交易日（2025 年 10 月 13 日）至权益分派股权登记日期间，公司可转换公司债券"皓元转债"将停 止转股。 具 体 内 容 详 见 公 司 于 2025 年 8 月 29 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《上海皓元医药股份有限公司关于 2025 年半年度利润 分配方案的公告》（公告编号：2025-100）。 本次权益分配方案实施后，公司将根据《上海皓元医药向不特定对象发行可 ...

Core Viewpoint - The company has announced adjustments to the grant prices of its restricted stock incentive plans for 2023 and 2025, reflecting changes due to upcoming dividend distributions and compliance with relevant regulations [11][29]. Group 1: Board Meeting and Resolutions - The fourth board meeting was held on September 26, 2025, with all seven directors present, confirming the legality and validity of the meeting [1][2]. - The board approved the adjustment of the grant price for the 2023 restricted stock incentive plan from 22.56 CNY/share to 22.48 CNY/share [11][27]. - The board also approved the adjustment of the grant price for the 2025 restricted stock incentive plan from 21.62 CNY/share to 21.39 CNY/share [5][28]. Group 2: Adjustment Reasons and Methods - The adjustments were made in light of the company's 2024 annual dividend distribution and the upcoming 2025 semi-annual dividend distribution [25][26]. - The adjustment method for the 2023 plan involved reducing the grant price by the amount of cash dividends distributed, resulting in a new price of 22.48 CNY/share [27]. - Similarly, the adjustment for the 2025 plan was calculated using the same method, leading to a new grant price of 21.39 CNY/share [28]. Group 3: Compliance and Legal Opinions - The adjustments have been reviewed and approved by the board's remuneration and assessment committee, ensuring compliance with relevant laws and regulations [30][31]. - Legal opinions from Shanghai Guangfa Law Firm and DeHeng Law Firm confirmed the legality and validity of the adjustments for both incentive plans [32][34].

上海皓元医药股份有限公司 关于调整 2023 年、2025 年限制性股票激励计划 授予价格的公告 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、准确性和完整性依法承担法律责任。 重要内容提示 2023 年限制性股票激励计划的第二类限制性股票授予价格由 22.56 元/ 股调整为 22.48 元/股； 2025 年限制性股票激励计划的授予价格由 21.62 元/股调整为 21.39 元/ 股。 上海皓元医药股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召 开的第四届董事会薪酬与考核委员会第五次会议、第四届董事会第十二次会议 审议通过了《关于调整 2023 年、2025 年限制性股票激励计划授予价格的议案》， 同意根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、2023 年 限制性股票激励计划（草案）》（以下简称"《2023 年激励计划（草案）》"）、 《2025 年限制性股票激励计划（草案）》（以下简称"《2025 年激励计划（草 案）》"）的有关规定，以 ...

2023 2 3 4 5 根据 2024 年年度股东大会的授权,公司于 2025 年 8 月 26 日召开第四届董 事会审计委员会第五次会议、于 2025 年 8 月 27 日召开第四届董事会第十一次会 议,审议通过了《关于 2025年半年度利润分配方案的议案》,公司拟以权益分派 股权登记日的总股本为基数,向全体股东每股派发现金红利 0.08元（含税）。根 据《管理办法》《股票激励计划》等相关规定，需对本次股权激励计划的授予价 格进行相应调整。 6 股。 2、2025年 9 月 26 日,公司召开第四届董事会薪酬与考核委员会第五次会 议，董事会薪酬与考核委员会认为:鉴于公司拟实施 2025 年半年度权益分派, 根据《2023 年激励计划(草案)》的相关规定及公司 2023 年第二次临时股东大 会的授权,对 2023年激励计划的授予价格进行调整,审议程序合法合规,符合 《管理办法》等有关法律、法规、规范性文件的相关规定,不存在损害公司及全 体股东利益的情形 本所认为,公司本次股权激励计划授予价格调整事项已获得必要的批准和授 权，符合《管理办法》及《股票激励计划》的有关规定。 二、关于本次股权激励计划授予价格的调 ...

德恒上海律师事务所 关于上海皓元医药股份有限公司 2025 年限制性股票激励计划调整授予价格的 法律意见书 在本《法律意见书》中，除非文义另有所指，下列词语具有下述含义： | 皓元医药/公司 | 指 | 上海皓元医药股份有限公司 | | --- | --- | --- | | 本激励计划/本 | 指 | 上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | 次激励计划 | | | | 本《法律意见书》 | 指 | 《德恒上海律师事务所关于上海皓元医药股份有限公司 | | | | 2025 年限制性股票激励计划调整授予价格的法律意见书》 | | 《激励计划（草 | 指 | 《上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | 案）》 | | （草案）》 | | 《考核办法》 | 指 | 《上海皓元医药股份有限公司 2025 年限制性股票激励计划 | | | | 实施考核管理办法》 | | 限制性股票 | 指 | 第二类限制性股票，即满足归属条件后，按本激励计划约定 | | | | 的归属安排，激励对象获得由公司定向发行的 A 股普通股 | | 本次调整授予价 | 指 | 公司 2025 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-110 | | --- | --- | --- | | 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 第四届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 上海皓元医药股份有限公司（以下简称"公司"）于 2025 年 9月 26 日在上海市 浦东新区张衡路 1999 弄 3 号楼公司会议室以现场结合通讯方式召开了第四届董事 会第十二次会议。本次会议的通知于 2025 年 9 月 23 日以专人送达及电子邮件方式 发出。本次会议由公司董事长郑保富先生召集和主持，会议应出席董事 7 名，实际 出席董事 7 名。本次会议的召集和召开符合《中华人民共和国公司法》和《上海皓 元医药股份有限公司章程》的有关规定，会议决议合法、有效。 1.01、 《关于调整 2023 年限制性股票激励计划授予价格的议案》 鉴于公司即将实施 2025 年半年度权益分派，根据《2023 年限制性 ...

Group 1 - The core point of the article is that Haoyuan Pharmaceutical announced a board meeting to discuss adjustments to the restricted stock incentive plan for 2023 and 2025, indicating strategic financial management [1] - The company's revenue composition for 2024 is heavily focused on research and experimental development, accounting for 99.27%, with other businesses making up only 0.73% [1] - As of the report, Haoyuan Pharmaceutical has a market capitalization of 16.8 billion yuan [1] Group 2 - The article highlights a significant growth trend in a new type of insurance product, which has seen a 33-fold increase over five years, attracting interest from over 30 insurance companies [1]

Core Insights - The company reported a negative operating cash flow in the first half of 2025 due to increased investments in market expansion and product inventory, with accounts receivable collections concentrated in the second half [1] - The management is focused on improving financial metrics through cost control, product structure adjustments, and international market development [1] - The company has made significant progress in its ADC (Antibody-Drug Conjugate) business, with over 70 projects undertaken and 14 small molecule products completing FDA sec-DMF filings [2] Financial Performance - The negative operating cash flow is attributed to heightened investments in market development and product inventory [1] - The company is actively managing accounts receivable, resulting in improved turnover rates compared to the previous year [1] - Measures to enhance cash flow management include budget management, process optimization, and financial integration [1] ADC Business Development - The company has established a comprehensive service platform for ADC, covering the entire chain from Payload-Linker development to commercial production [2] - The Chongqing facility has commenced operations and passed EU QP audits, featuring multiple commercial production lines for antibodies and ADCs [2] - The company is actively promoting its Chongqing facility and accelerating project progress to ramp up new production capacity [2]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2] Core Insights - The CXO industry is experiencing a recovery in market conditions, driven by improvements in supply-demand dynamics and a rebound in financing activities for innovative drugs [3][4] - The CDMO sector continues to show high growth potential, with leading companies improving their performance and expanding into emerging markets [5][6] - The CRO sector is approaching a turning point, with signs of demand recovery and improved order conditions [6][7] Summary by Sections CXO Industry Overview - The CXO industry operates on a "water seller" business model, closely tied to the financing of the biopharmaceutical sector. In the first eight months of 2025, overseas innovative drug financing reached $22.6 billion, a year-on-year decline of approximately 36%, while domestic innovative drug financing amounted to $7.75 billion, a year-on-year increase of about 89% [3][31] - The leading companies in the CXO sector are expected to enter an expansion phase as demand recovers, while smaller companies may face increased competition and exit the market [4][44] CDMO Sector - CDMO leading companies have begun to see marginal improvements in performance since Q4 2024, attributed to high overseas revenue and a unique business model that supports project pipeline growth [5][46] - The order situation for CDMO companies has improved significantly, with notable increases in backlogged orders for major players like WuXi AppTec and WuXi Biologics [49][50] - The CDMO business model is characterized by strong customer retention and project scalability, allowing for sustained growth despite challenges in new project signings [52] CRO Sector - The CRO sector is witnessing a divergence in performance among leading companies, with some starting to recover. The overall order situation has shown improvement, indicating a potential demand revival [6][22] - The price increase of experimental monkeys suggests a forthcoming recovery in preclinical CRO demand, highlighting the importance of resource availability for leading CRO companies [6][24] - The integration of AI in drug development processes is expected to enhance efficiency and reduce costs, with many domestic CRO leaders already adopting AI technologies [7][18] Recommended Companies - The report suggests focusing on key players in the CXO sector, including WuXi AppTec, WuXi Biologics, WuXi AppTec, and others, which are positioned well for growth based on their business characteristics and market trends [8][10]

Core Insights - The biopharmaceutical industry is undergoing an "intelligent revolution" with AI technology enhancing drug development processes, allowing researchers to more accurately identify targets and design candidate molecules [2] - Shanghai Haoyuan Pharmaceutical Co., Ltd. has been integrating AI with drug development since 2021, creating a one-stop drug screening platform that significantly improves the efficiency of drug discovery [2][3] - The company has built a vast "ammunition library" for drug screening, utilizing over 80,000 diverse drug-like molecules, 18 million available screening compounds, and a customizable MegaUni library of 10 million compounds, along with a billion-scale DEL library [2][3] AI Integration in Drug Development - The drug screening platform features an "intelligent engine" that combines generative AI technology to overcome traditional design limitations and accelerate drug development [3] - The integration of AI enhances the accuracy of predicting compound activity, moving away from the inefficient "needle in a haystack" approach of testing thousands of compounds [3] - The company's AI strategy is comprehensive, involving collaboration across multiple fields, including partnerships with pharmaceutical companies for AI-assisted chemical synthesis and custom small molecule development [3][4] Manufacturing and Operational Efficiency - Haoyuan Pharmaceutical is exploring AI applications in manufacturing, focusing on process development to achieve coordinated growth across research, development, and manufacturing [4] - The company employs intelligent methods to integrate multidimensional business data, providing precise support for lean management decisions [4] - The use of multimodal AI technology aims to enhance operational efficiency and management levels by breaking down system barriers [4] Strategic Collaborations and Industry Support - On August 19, Haoyuan Pharmaceutical's subsidiary signed a strategic cooperation agreement with Shanghai Jiao Tong University, focusing on "AI + organoids + drug development" to streamline the entire chain from basic research to industrial incubation [4] - The collaboration aims to leverage the university's advanced organoid laboratory and the company's extensive compound library to create a next-generation AI-enabled intelligent drug screening system [4] - The national policies during the 14th Five-Year Plan period are fostering a supportive environment for the growth of the biopharmaceutical industry, positioning the company as both a beneficiary and a promoter of industry advancement [4][5]