Market Overview - On December 1, the medical services sector rose by 0.68% compared to the previous trading day, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Gainers in Medical Services Sector - ST Zhongzhu (600568) closed at 2.85, up 5.17% with a trading volume of 230,800 shares and a turnover of 64.91 million yuan [1] - Haoyuan Pharmaceutical (688131) closed at 78.45, up 3.21% with a trading volume of 30,400 shares and a turnover of 238 million yuan [1] - Kanglong Chemical (300759) closed at 29.66, up 2.45% with a trading volume of 189,900 shares and a turnover of 563 million yuan [1] Top Losers in Medical Services Sector - Bid Pharma (688073) closed at 69.33, down 4.70% with a trading volume of 10,800 shares and a turnover of 75.39 million yuan [2] - Chengda Pharmaceutical (301201) closed at 45.90, down 4.26% with a trading volume of 116,700 shares [2] - Yaokang Bio (688046) closed at 16.40, down 4.21% with a trading volume of 36,600 shares and a turnover of 60.80 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 152 million yuan from institutional investors, while retail investors saw a net inflow of 88.82 million yuan [2] - Notable stocks with significant capital inflow include Innovation Medical (002173) with a net inflow of 29.99 million yuan from institutional investors [3] - Conversely, stocks like Bid Pharma (688073) faced a net outflow of 63.70 million yuan from institutional investors [3]

Core Insights - The article discusses the growth and strategic direction of Haoyuan Pharmaceutical, a CRO company in China, emphasizing its commitment to long-term development and innovation in the biopharmaceutical industry [2][8]. Company Overview - Haoyuan Pharmaceutical was founded in 2006 with an initial investment of 1.5 million yuan, aiming to contribute to China's transition from a "big pharmaceutical country" to a "strong pharmaceutical country" [2]. - The company has developed a comprehensive service chain covering "starting materials - intermediates - active pharmaceutical ingredients - formulations" [2]. Business Model - The company operates with a dual business model, focusing on both front-end life science reagents and back-end CDMO services, enhancing its competitive edge [3][4]. - As of September 2025, Haoyuan has accumulated over 152,000 types of life science reagents, including more than 96,000 molecular building blocks [3]. Market Strategy - The company aims to provide a full-process service from candidate molecules to commercial production, significantly reducing quality and time costs associated with segmented production [4]. - Haoyuan has established a diverse Payload-Linker sample library and has completed FDA sec-DMF filings for 15 ADC-related small molecule products [4]. Global Expansion - Since 2015, Haoyuan has initiated a global strategy for its life science reagent business, establishing an international business development team and logistics systems, currently serving over 13,000 global customers [5]. - The company reported overseas revenue of 862 million yuan in 2024, a year-on-year increase of 24.7%, and 560 million yuan in the first half of 2025, a growth of approximately 40% [6]. Innovation and Technology - Haoyuan is actively exploring the application of AI technology in drug development, aiming to shorten research cycles and enhance the quality and efficiency of compound screening [9]. - The company is focused on cutting-edge fields such as small molecules, ADC/XDC, peptides, and small nucleic acids, with the goal of making drug development more efficient and accessible [9].

Market Overview - The medical services sector increased by 0.56% on November 25, with ST Zhongzhu leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Medical Services - ST Zhongzhu (600568) closed at 2.57, up 4.90% with a trading volume of 53,900 shares and a turnover of 13.85 million yuan [1] - Chengda Pharmaceutical (301201) closed at 47.78, up 2.97% with a trading volume of 112,700 shares and a turnover of 540 million yuan [1] - Boji Pharmaceutical (300404) closed at 10.10, up 2.75% with a trading volume of 108,600 shares and a turnover of 10.9 million yuan [1] Top Losers in Medical Services - Jiuzhou Pharmaceutical (603456) closed at 18.75, down 0.85% with a trading volume of 181,100 shares and a turnover of 343 million yuan [2] - Tongce Medical (600763) closed at 41.95, down 0.66% with a trading volume of 49,600 shares and a turnover of 210 million yuan [2] - Yingkang Life (300143) closed at 10.12, down 0.49% with a trading volume of 44,700 shares and a turnover of 4.56 million yuan [2] Capital Flow Analysis - The medical services sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 30.37 million yuan [2][3] - Major stocks like WuXi AppTec (603259) had a net inflow of 67.13 million yuan from institutional investors, while Sunshine Nuohua (688621) saw a net outflow of 2.29 million yuan from retail investors [3] Summary of Individual Stock Performance - Sunshine Nuohua (688621) had a net inflow of 38.24 million yuan from institutional investors, but a net outflow of 3.59 million yuan from retail investors [3] - Chengda Pharmaceutical (301201) also saw a significant net inflow of 36.45 million yuan from institutional investors, with a net outflow of 13.58 million yuan from retail investors [3] - New Mileage (002219) had a net inflow of 14.15 million yuan from institutional investors, while retail investors experienced a net outflow of 6.70 million yuan [3]

Core Viewpoint - The article discusses the performance of the Zhongzheng 1000 ETF Enhanced (561280), highlighting its recent market movements and key holdings [1]. Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced (561280) opened with a gain of 0.56%, priced at 1.443 yuan [1]. - Since its establishment on August 31, 2023, the fund has achieved a return of 42.77%, while its return over the past month has been -4.93% [1]. Group 2: Key Holdings - Major stocks in the fund include: - Boqian New Materials, up 0.68% - Haoyuan Pharmaceutical, up 0.88% - Yingjixin, up 1.01% - Caixun Co., up 0.51% - Jinma Amusement, up 1.22% - Panjiang Co., up 0.42% - Jindawei, up 1.02% - Yiyuan Communication, up 0.69% - Minxin Co., up 0.50% - Nami Technology, up 0.48% [1].

Core Viewpoint - Haoyuan Pharmaceutical disclosed that it will report the number of shareholders as of the end of the reporting period in accordance with the principle of information disclosure fairness [1] Summary by Category - **Shareholder Information** - As of September 30, 2025, the total number of shareholders for Haoyuan Pharmaceutical is 12,019 [1]

Market Overview - The medical services sector experienced a decline of 2.71% on November 21, with Baihua Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included Yangguang Nuohua, which rose by 4.47% to a closing price of 61.21, with a trading volume of 86,300 shares and a transaction value of 530 million [1] - Baihua Pharmaceutical saw a significant decline of 9.67%, closing at 9.06, with a trading volume of 292,400 shares and a transaction value of 275 million [2] - Other notable decliners included Chengda Pharmaceutical (-9.58%), Berry Genomics (-8.67%), and Guangzheng Eye Hospital (-7.26%) [2] Capital Flow - The medical services sector experienced a net outflow of 1.325 billion in institutional funds, while retail investors saw a net inflow of 1.332 billion [2] - The table of capital flow indicates that major stocks like Yangguang Nuohua had a net inflow of 10.986 million from institutional investors, while retail investors had a net inflow of 1.374 million [3]

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The global market for Antibody-Drug Conjugates (ADC) is projected to exceed $100 billion, driven by the dual advantages of targeted therapy and potent cytotoxic effects [2][3] - ADCs are recognized as a promising new therapy in oncology, with the potential to redefine standard treatments for major cancers like lung and breast cancer [2][3] - China has emerged as a key player in ADC innovation, with over 50% of global ADC pipelines originating from Chinese companies, showcasing significant cost and efficiency advantages [2][3][5] Summary by Sections Section 1: ADC as a Targeted Prodrug - ADCs utilize a "Trojan horse" strategy for targeted delivery of cytotoxic agents to tumor cells, minimizing damage to normal tissues [11][13] - The mechanism involves several steps, including circulation, target binding, internalization, and release of the active drug within the tumor cell [11][13] Section 2: Market Growth and Trends - The ADC market is expected to enter a product explosion phase, with rapid growth anticipated in the coming years [2][3] - The global ADC market size is forecasted to reach $115.1 billion by 2032 [2] Section 3: Investment Opportunities - Investment in ADCs should focus on companies with innovative technology platforms and promising product candidates [2][3] - Key players to watch include those with leading ADC technology platforms and robust pipelines, such as Kelun-Biotech, Innovent Biologics, and WuXi AppTec [2][3] Section 4: Technological Advancements - ADC technology is characterized by modular upgrades and innovative combinations, with a variety of ADC types currently in development [2][3] - The report highlights the potential for ADC technology to extend into broader categories of conjugated drugs (XDC) [2][3] Section 5: Competitive Landscape - The report emphasizes the competitive nature of the ADC industry, with numerous players vying for market share and innovation [2][3] - Chinese ADC companies are recognized for their ability to lead in innovation and capture significant market opportunities [2][3][5]

Core Viewpoint - Haoyuan Pharmaceutical announced the issuance of convertible bonds, which will start paying interest from November 28, 2025 [2] Group 1 - The company will issue convertible bonds to unspecified recipients on November 28, 2024 [2] - The interest payment period for the bonds will be from November 28, 2024, to November 27, 2025 [2]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-123 | | --- | --- | --- | | 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"2025 年付息公告 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"）于 2024 年 11 月 28 日向不 特定对象发行的可转换公司债券（以下简称"皓元转债"）将于 2025 年 11 月 28 日开始支付自 2024 年 11 月 28 日至 2025 年 11 月 27 日期间的利息。根据《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》"）有关条款的规定，现将有关事项公告如下： 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2024]1289 号）同意，公司于 2024 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-124 | | --- | --- | --- | | 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 关于子公司开立可转换公司债券募集资金专项账户 并签订募集资金专户存储监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意 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注册的批复》（证 监许可[2024]1289 号）同意，上海皓元医药股份有限公司（以下简称"公司"） 向不特定对象发行 82,235.00 万元的可转换公司债券，期限 6 年，每张面值为人 民币 100 元，发行数量为 822,350 手（8,223,500 张），募集资金总额为人民币 822,350,000.00 元，扣除不含税的发行费用 10,612,390.15 元，实际募集资金净额 为 811,737,609.85 元。上述募集资金已 ...