Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index rising 0.75% to 3608.58 points, the Shenzhen Component Index increasing by 0.31% to 11134.07 points, and the ChiNext Index up by 0.72% to 2327.48 points [1][2]. Sector Performance - The financial sector, particularly brokerage stocks, experienced significant upward movement, with notable gains in stocks such as Guosheng Financial Holdings, which hit the daily limit, and others like Guosen Securities, Harbin Investment, and Bank of China Securities rising over 5% [5][7]. - The CRO (Contract Research Organization) sector also saw a rally, with stocks like Zhaoyan New Drug hitting the daily limit and others such as Medisi, Boteng Co., and Haoyuan Pharmaceutical rising over 5% [10][11]. New Listings - Two new stocks were listed on July 23, with Shanda Electric experiencing a surge of over 500% at one point. The company issued 40.72 million shares at a price of 14.66 yuan per share, resulting in a total market capitalization of approximately 1.17 billion yuan [13][14]. - Jiyuan Group also debuted on the Shanghai Stock Exchange, initially rising over 370% and currently up 280%, with a total market value of 16.6 billion yuan [15][16]. Key Stock Movements - Notable stock movements included NIO rising by 8.69%, Kuaishou increasing by 4.47%, and Tencent Holdings up by 3.61% in the Hong Kong market [4][5]. - In the insurance sector, China Pacific Insurance, Agricultural Bank of China, and Qilu Bank all saw increases of over 3% [8][9].

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-094 | | --- | --- | --- | | 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 7 月 8 日至 2025 年 7 月 22 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 52.77 元/股），若未来连续 19 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 12 ...

Core Viewpoint - The announcement details the fulfillment of conditions for the second vesting period of the 2023 restricted stock incentive plan, allowing 98 eligible participants to vest a total of 530,950 shares [1][15][19] Summary by Sections Incentive Plan Overview - The company approved the 2023 restricted stock incentive plan, which includes two categories of restricted stocks, with a total of 1,100,000 shares granted, representing approximately 0.73% of the total share capital at the time of the plan's announcement [2][12] - The vesting price for both categories of restricted stocks is set at 32.00 yuan per share [2] Vesting Conditions - The second vesting period for the second category of restricted stocks has been achieved, allowing for the vesting of 530,950 shares [1][15] - The vesting conditions include a 12-month employment requirement and specific performance targets based on revenue growth [3][4] Performance Targets - The performance targets for the first and second vesting periods are set at a minimum revenue growth of 25% for 2023 and 60% for 2024, respectively, based on 2022 revenue figures [4][14] - The company has reported a revenue growth rate of 67.16% for the second vesting period, meeting the performance criteria [14] Shareholder and Board Approval - The plan received necessary approvals from the board and shareholders, ensuring compliance with relevant laws and regulations [17][19] - The board's compensation and assessment committee confirmed that the vesting conditions for the second category of restricted stocks have been met [15][19] Stock Vesting Details - The vesting date for the shares will be determined based on the completion of registration procedures with the relevant authorities [18] - A total of 3,192 shares will be canceled due to the disqualification of 6 participants who left the company [15][19] Legal and Financial Advisory - Legal opinions confirm that the incentive plan's implementation complies with applicable laws and does not harm the interests of the company or its shareholders [19] - The independent financial advisor has also verified that the conditions for the vesting of the second category of restricted stocks have been met [19]

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a favorable development platform for China's technology innovation enterprises, supported by policies and a more inclusive financing environment [1][3]. Group 1: Support for Sci-Tech Enterprises - Sci-Tech enterprises face challenges such as long R&D cycles, high funding requirements, and significant failure risks, necessitating support from policies, funding, and technology [3]. - The STAR Market has evolved to provide precise support for listed Sci-Tech enterprises, showcasing positive development trends [3]. - Companies like Boryung Pharmaceutical have transitioned from complex generic drug production to innovative drug R&D, benefiting from the financial support provided by the STAR Market [4]. Group 2: Capital Empowerment and Innovation - Boryung Pharmaceutical has invested a total of 1.2 billion yuan in R&D over six years, with key innovative drugs entering critical clinical phases [4]. - Haoyuan Pharmaceutical has rapidly developed its drug R&D center and production base after listing on the STAR Market, enhancing its service capabilities for the innovative drug industry [4]. Group 3: AI Technology and Innovation - The rapid development of AI technology, particularly in vertical applications, is empowering innovation across various industries [5]. - AI models are adept at solving complex nonlinear problems, helping to overcome innovation bottlenecks in fields like biomedicine and materials science [5]. - The China Securities Index Company has been enhancing the STAR Market index system to guide social capital towards key supported areas, promoting high-quality development of Sci-Tech companies [5][6]. Group 4: Future Developments and Market Dynamics - The STAR Market is set to undergo institutional upgrades with the introduction of the "1+6" policy, improving financing channels for Sci-Tech enterprises [8]. - The deepening reforms aim to enhance inclusivity for hard-tech companies, particularly in biomedicine and high-end equipment sectors [8]. - The integration of AI technology is expected to reduce investment risks and enhance innovation capabilities in the biopharmaceutical sector, leading to higher returns on investment [9]. Group 5: Global Recognition and Competitive Advantage - China's overall innovation capability is gaining global recognition, with a significant increase in domestic biopharmaceutical intellectual property cases being exported [9]. - As China's Sci-Tech strength continues to grow, the capital market's risk appetite for innovative drug companies is expected to shift positively, further enhancing competitiveness in the global market [9].

Group 1 - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a favorable development platform for Chinese technology innovation enterprises, supported by innovative market mechanisms and inclusive financing environments [1] - The introduction of policies such as "STAR Market Eight Articles" and "1+6" aims to alleviate the challenges faced by high-quality technology enterprises, injecting momentum into China's economic transformation and the development of new productive forces [1] - The STAR Market has become a "testing ground" for capital market reforms, effectively supporting strategic emerging industries and empowering technological innovation [3][4] Group 2 - Small and medium-sized technology enterprises face significant challenges, including long R&D cycles, high capital investment, and substantial failure risks, necessitating support from policies, funding, and technology [3] - Companies like Borui Pharmaceutical have successfully transitioned from complex generic drug production to innovative drug development, with cumulative R&D investment reaching 1.2 billion yuan (approximately 0.17 billion USD) over six years [4] - The rapid development of AI technology is enhancing innovation capabilities across various industries, with AI models helping to solve complex problems and break through innovation bottlenecks [4][6] Group 3 - The STAR Market's recent reforms, including the establishment of a growth tier and the reintroduction of listing standards for unprofitable companies, are expected to improve inclusivity for hard-tech enterprises and broaden financing channels [6] - The integration of AI technology into the drug development process is significantly shortening R&D cycles and increasing success rates, leading to higher returns on investment in innovative drugs [6][7] - The overall innovation capability of Chinese enterprises is gaining global recognition, with an increase in domestic biopharmaceutical intellectual property being exported [7]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-092 | | --- | --- | --- | | 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 2023 年限制性股票激励计划第一类限制性股票 第二个解除限售期解除限售条件成就的公告 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： （一）本次股权激励计划方案及履行的程序 1、本次激励计划主要内容 （1）股权激励方式：第一类限制性股票及第二类限制性股票。 2023 年限制性股票激励计划第一类限制性股票第二个解除限售期解除 限售条件已成就，符合解除限售条件成就的激励对象共 6 名，可解除限售的限 制性股票数量为 119,000 股。 本次拟解除限售的限制性股票在相关部门办理完解除限售手续后、于上 市流通前，公司将另行发布相关提示性公告，敬请投资者注意。 上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次会议和第四届 ...

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"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次会议和第四届董事会 第九次会议，审议通过了《关于公司 2023 年限制性股票激励计划第二类限制性 股票第二个归属期符合归属条件的议案》，公司 2023 年限制性股票激励计划（以 下简称"本次激励计划"）第二类限制性股票第二个归属期归属条件已经成就， 共计 98 名符合条件的激励对象合计可归属第二类限制性股票 53.0950 万股。现 将有关事项说明如下： | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-093 | | --- | --- | --- | | 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 2023 年限制性股票激励计划第二类限制性股票 第二个归属期符合归属条件的公告 一、本次激励计划批准及实施情况 （一）本次激励方案及履行的程序 1、本次激励计划主 ...

一、2023 年限制性股票激励计划已履行的决策程序和信息披露情况 （一）2023 年 6 月 26 日，公司召开的第三届董事会第二十六次会议，审议 通过了《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关 于公司<2023 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请 股东大会授权董事会办理公司 2023 年限制性股票激励计划有关事项的议案》。 公司独立董事就 2023 年激励计划相关议案发表了同意的独立意见。 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-091 | | --- | --- | --- | | 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 关于作废部分公司 2023 年限制性股票激励计划 已授予尚未归属的第二类限制性股票的公告 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。 上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次 ...

公司简称:皓元医药 证券代码:688131 广发证券股份有限公司 关于 上海皓元医药股份有限公司 2023年限制性股票激励计划 第二期解除限售及归属条件成就、 作废部分第二类限制性股票相关事项 之 独立财务顾问报告 二〇二五年七月 | 目求 | | | --- | --- | | 一、释义 | | | 二、声明 | mmmmmmmmmmmmm. 4 | | 三、基本假设 . | | | 四、本次激励计划已履行的审批程序 | | | 五、独立财务顾问意见 . | 9 | | 六、备查文件及咨询方式 | 17 | | 释义项 | | 释义内容 | | --- | --- | --- | | 公司、本公司、皓元医药 | 指 | 上海皓元医药股份有限公司 | | 限制性股票激励计划、本次 | 指 | 上海皓元医药股份有限公司2023年限制性股票激励计划 | | 激励计划 | | | | 《激励计划(草案)》 | 指 | 《上海皓元医药股份有限公司2023年限制性股票激励计 | | | | 划(草案)》 | | 本报告、本独立财务顾问报 | | 《广发证券股份有限公司关于上海皓元医药股份有限公 司2023年限制性股票激 ...

- - 2023 2 3 4 5 6 本所律师查阅了公司关于本次股权激励计划第一类限制性股票解除限售及 第二类限制性股票归属事项相关的会议资料及公告文件。根据本所律师的核查, 公司将根据《股票激励计划》的规定,为本次股权激励计划中限制性股票办理第 一类限制性股票解除限售及第二类限制性股票归属的相关事项: (一) 解除限售期/归属期 1、第一类限制性股票的第二个解除限售期 根据《股票激励计划》有关规定,本次股权激励计划第一类限制性股票第二 个解除限售期为自授予登记完成之目起 24 月后的首个交易日起至授予登记完成 之日起 36 个月内的最后一个交易日当日止。 本所律师查阅了关于本次股权激励计划第一类限制性股票授予登记完成日 的相关公告。根据本所律师的核查,本次股权激励计划第一类限制性股票的授予 登记完成日为 2023年 7 月 25 日,因此本次股权激励计划第一类限制性股票的第 二个解除限售期将于 2025 年 7 月 24 日届满。 2、第二类限制性股票的第二个归属期 根据《股票激励计划》有关规定,本次股权激励计划第二类限制性股票第二 个归属期为自授予之日起24个月后的首个交易日起至授予之日起 36个月内的最 ...