Investment Rating - The report maintains a "Recommended" rating for the company [9] Core Views - The company's revenue for Q1 2025 reached 606 million yuan, representing a year-on-year increase of 20.05%, with a net profit attributable to shareholders of 62 million yuan, up 272.28% [4] - The front-end business, including molecular building blocks, tool compounds, and biological reagents, achieved revenue of 1.499 billion yuan in 2024, a growth of 32.41%, with a gross margin of 62.21%, reflecting improved revenue structure and profitability due to successful overseas sales and logistics initiatives [4][5] - The back-end business, which includes APIs, intermediates, and formulations, generated revenue of 755 million yuan in 2024, a modest increase of 2.49%, with a gross margin of 20.05%, indicating a more competitive environment [4][5] Financial Performance Summary - The company is projected to achieve revenues of 2.27 billion yuan in 2024, 2.73 billion yuan in 2025, and 3.28 billion yuan in 2026, with year-on-year growth rates of 20.8%, 20.2%, and 20.2% respectively [7] - Net profit is expected to rise from 202 million yuan in 2024 to 244 million yuan in 2025, and further to 333 million yuan in 2026, with corresponding year-on-year growth rates of 58.2%, 21.1%, and 36.4% [7] - The gross margin is anticipated to improve from 48.0% in 2024 to 51.4% by 2027, while the net margin is expected to increase from 8.9% to 11.3% over the same period [11] Capacity and Utilization - The company has seen an increase in utilization rates across its various bases, with several facilities, including the Hefei R&D center and Yantai base, now fully operational [6] - The Chongqing antibody-drug conjugate (ADC) base commenced production in Q1 2025, expanding the company's capabilities across the entire supply chain [6]

民生证券股份有限公司 关于上海皓元医药股份有限公司 差异化分红事项的核查意见 民生证券股份有限公司（以下简称"民生证券"或"本独立财务顾问"）作 为上海皓元医药股份有限公司（以下简称"皓元医药"、"上市公司"或"公司"） 发行股份及支付现金购买资产并募集配套资金暨关联交易的独立财务顾问，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》《上海皓元医药股份有限公司章程》（以下简 称"《公司章程》"）等相关规定，对皓元医药 2024 年度利润分配所涉及的差异化 分红事项进行了核查，具体情况如下： 一、本次差异化分红的原因 皓元医药分别于 2025 年 3 月 26 日召开第四届董事会第四次会议、第四届监 事会第四次会议，2025 年 4 月 18 日召开 2024 年年度股东大会，审议通过了《关 于药源药物化学（上海）有限公司业绩承诺实现情况、业绩补偿方案暨拟回购注 销对应补偿股份的议案》，因发行股份及支付现金购买的标的资产未实现业绩承 诺，业绩承诺方需要对公司进行业绩补偿。根据公司与业绩承诺方 WANG YUAN （王元）、上海源盟企业管理咨询合 ...

Performance Overview - The company reported a total revenue of 606 million yuan for Q1 2025, representing a year-on-year increase of 20.05% [1] - The net profit attributable to shareholders reached 62.38 million yuan, showing a significant year-on-year growth of 272.28% [1] - The net profit excluding non-recurring items was 58.92 million yuan, with a year-on-year increase of 323.19% [1] Profitability - The gross margin improved to 48.58%, an increase of 19.08 percentage points compared to the same period last year [2] - The net profit margin was 10.09%, reflecting a year-on-year growth of 208.16%, indicating effective cost control [2] Expense Control - Total operating expenses (selling, administrative, and financial expenses) amounted to 132 million yuan, accounting for 21.74% of total revenue, a decrease of 0.71 percentage points from the previous year [3] Cash Flow and Debt Situation - The operating cash flow per share was -0.15 yuan, a decline of 181.8% year-on-year, indicating significant cash outflow pressure [4] - Total interest-bearing debt increased to 1.824 billion yuan, a year-on-year growth of 88.90%, suggesting potential repayment risks [4] Other Key Indicators - The net asset value per share was 13.44 yuan, down 20.53% year-on-year [5] - Earnings per share were 0.3 yuan, reflecting a year-on-year increase of 275.00% [5] - The cash balance was 1.067 billion yuan, up 139.54% compared to the same period last year, indicating improved liquidity [5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 49.45 CNY for the next six months [5][9]. Core Insights - The company's core business has rebounded, leading to significant growth in Q1 2025, with revenue reaching 606 million CNY and net profit attributable to shareholders at 62 million CNY, representing year-on-year increases of 20.05% and 272.28% respectively [2][4]. - The growth is primarily driven by the high-margin front-end life science reagent business, which has seen a notable increase in revenue share compared to the same period last year [2][3]. - Continuous improvements in operational efficiency and strict cost control have also contributed to the enhancement of the company's performance [2][3]. Summary by Sections Business Performance - In Q1 2025, the company achieved revenue of 606 million CNY and a net profit of 62 million CNY, with year-on-year growth rates of 20.05% and 272.28% respectively [2][4]. - The front-end life science reagent business has shown strong growth, significantly increasing its revenue share [2][3]. Competitive Advantage - The company has established a differentiated competitive advantage in the front-end life science reagent business through product innovation, which is a core driver of its growth [3]. - As of the end of 2024, the company has a product pipeline of over 47,000 tool compounds and biochemical reagents, and approximately 92,000 molecular building blocks [3]. Backend Operations - The backend operations, focusing on specialty generic APIs and related intermediates, are progressing steadily, with ongoing industrial base construction in various locations [4]. - The company has enhanced its service capabilities in the ADC field, with over 110 ADC projects undertaken and 12 small molecule products related to ADC drugs having completed FDA sec-DMF filings [4]. Financial Projections - The company is projected to achieve revenues of 2.688 billion CNY, 3.139 billion CNY, and 3.612 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.41%, 16.76%, and 15.09% [9][13]. - The net profit attributable to shareholders is expected to be 243 million CNY, 284 million CNY, and 339 million CNY for the same years, with growth rates of 20.7%, 16.5%, and 19.7% [9][13].

Market Performance - The pharmaceutical sector increased by 0.45% on April 29, 2025, outperforming the CSI 300 index by 0.62 percentage points, ranking 15th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical research outsourcing (+2.91%), pharmaceutical distribution (+1.62%), and offline pharmacies (+1.61%) showed the best performance, while other biopharmaceuticals (-0.46%), vaccines (-0.39%), and in vitro diagnostics (+1.10%) lagged behind [1] - Top three gainers in individual stocks were Xingqi Eye Medicine (+14.14%), Saily Medical (+10.05%), and Lanfang Medical (+10.02%), while the top three losers were Jiangsu Wuzhong (-10.11%), Weiming Pharmaceutical (-10.03%), and Rongchang Biopharmaceutical (-9.38%) [1] Industry News - Johnson & Johnson announced positive results from the Phase 2 SunRISe-1 study's fourth cohort, evaluating the efficacy of its innovative bladder drug delivery system TAR-200 in specific bladder cancer patients [2] - Preliminary results indicated that TAR-200 achieved a disease-free survival rate (DFS) exceeding 80% in high-risk non-muscle invasive bladder cancer (HR-NMIBC) patients who did not respond to Bacillus Calmette-Guérin (BCG), with 94% of patients able to retain their bladders without needing further induction therapy [2] - TAR-200 is designed for sustained local release of gemcitabine in the bladder, maintaining local drug exposure for several weeks [2] Company News - Haoyuan Pharmaceutical (688131) reported Q1 2025 revenue of 606 million yuan, a year-on-year increase of 20.05%, with a net profit attributable to shareholders of 62 million yuan, up 272.28%, and a non-recurring net profit of 59 million yuan, up 323.19% [3] - Yifan Pharmaceutical (002019) announced Q1 2025 revenue of 1.327 billion yuan, a slight increase of 0.05%, with a net profit attributable to shareholders of 153 million yuan, up 4.83%, and a non-recurring net profit of 95 million yuan, down 13.55% [3] - Dabo Medical (002901) reported Q1 2025 revenue of 550 million yuan, a year-on-year increase of 28.80%, with a net profit attributable to shareholders of 103 million yuan, up 67.04%, and a non-recurring net profit of 97 million yuan, up 96.76% [3] - Aoxiang Pharmaceutical (603229) disclosed Q1 2025 revenue of 307 million yuan, a 1.90% increase, with a net profit attributable to shareholders of 119 million yuan, up 5.97%, and a non-recurring net profit of 112 million yuan, up 2.81% [3]

Core Viewpoint - The company, Shanghai Haoyuan Pharmaceutical Co., Ltd., has released its 2024 ESG report, highlighting its commitment to sustainable development in the biopharmaceutical industry through responsible operations, customer empowerment, and green development [1][2]. Group 1: ESG Governance and Management - The company has integrated ESG into its daily management system, establishing a three-tier governance structure consisting of the Board of Directors, Strategic Committee, and ESG Working Group [1]. - The company emphasizes investor relations management, maintaining close communication with investors through various channels to enhance their confidence in the company [1]. Group 2: Employee Development and Social Responsibility - The company adopts a "people-oriented" approach, strengthening the construction of a "learning organization" and developing a comprehensive training system covering the entire career lifecycle [1]. - The company actively engages in public welfare initiatives and collaborates with industry partners to build an ecological system, promoting sustainable development through technology sharing and resource integration [1]. Group 3: Environmental Commitment - The company incorporates environmental protection concepts throughout its production and operations, responding to concerns about climate change from stakeholders [2]. - The company ensures a 100% compliance rate for "three wastes" (waste gas, waste water, and solid waste) through optimized production processes and enhanced environmental monitoring [2].

目录CONTENTS 董事长致辞 | ESG管理 | 13 | | --- | --- | | 利益相关方沟通 | 15 | | 重要性议题分析 | 17 | 附录 | 产品和服务安全与质量 | 37 | | --- | --- | | 创新与研发 | 41 | | 可持续供应链管理 | 44 | 关于皓元医药 公司概述 03 | 公司治理与信息透明 | 23 | | --- | --- | | 党的建设 | 25 | | 反商业贿赂及反贪污 | 28 | | 内部控制与审计 | 30 | | 反不正当竞争 | 31 | | 知识产权保护 | 31 | | 数据安全与客户隐私保护 | 33 | | 员工权益及福利 | 49 | | --- | --- | | 员工培训与发展 | 53 | | 职业健康与安全 | 56 | | 乡村振兴与社会贡献 | 58 | | 行业发展与共赢 | 59 | | 环境合规管理 | 63 | | --- | --- | | 污染物排放及废弃物管理 | 64 | | 资源节约利用 | 67 | | 应对气候变化 | 70 | | 绿色化学 | 73 | | 附录一：ESG数据表 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-055 | | --- | --- | --- | | 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 关于新增关联方及新增 2025 年度日常 关联交易预计的公告 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、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于2025年4月28日召开2025年第四次董事会独立董事专门会议，审议通 过了《关于公司新增关联方及新增2025年度日常关联交易预计的议案》，独立 董事认为：公司与关联方签署协议并进行日常交易是为了满足日常生产经营的 需要，属于正常商业行为，遵循市场公允定价原则，且充分利用关联方拥有的 资源为公司的生产经营服务，有利于交易双方获得合理的经济效益，定价公允 合理，未发现损害公司及其他股东利益，不会对公司独立性产生影响，公司亦 不会因关联交易而对关联方形成依赖。全体独立董事一致同意将该议案提交公 司董事会审议。 公司于2025年4 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-058 | | --- | --- | --- | | 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 关于召开 2024 年度暨 2025 年第一季度业绩 暨现金分红说明会的公告 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： 会议召开时间：2025 年 5 月 21 日（星期三）13:00-14:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 14 日（星期三）至 5 月 20 日（星期二）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 hy@chemexpress.com.cn 进行提问。公司将在说明会上对投资者普遍关 ...