Core Viewpoint - The impact of the U.S. "reciprocal tariffs" on Chinese pharmaceutical companies is limited, with many companies reporting normal operations and minimal effects on their business [1][2][4][7][12]. Group 1: Company Responses - Heng Rui Pharmaceutical reported that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs have a minimal impact on its business [1]. - Han Yu Pharmaceutical stated that it has a diversified market presence across North America, Asia, Europe, and South America, which mitigates risks from single market policy changes [2]. - Bai Yang Pharmaceutical noted that its supply chain is globally diversified, and the impact of tariffs is minimal [3]. - WuXi AppTec acknowledged that tariffs will have some impact but emphasized their optimized supply chain and management practices to minimize effects [4]. - Kangtai Biological confirmed that it has no products exported to the U.S. and is focusing on markets along the Belt and Road [5]. Group 2: Industry Trends - The medical device industry in China is rapidly developing, with companies like Mindray Medical actively seeking alternatives for U.S. imported raw materials [5]. - Companies are increasingly focusing on domestic production and local supply chains to counteract potential tariff impacts [6][8]. - The vaccine industry in China is evolving, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology [8][9]. - The overall sentiment among Chinese pharmaceutical companies is that the current tariff situation presents an opportunity for domestic substitution and innovation [10][12].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds "Haoyuan Convertible Bonds" from RMB 40.73 per share to RMB 40.58 per share, effective from May 14, 2025, due to the distribution of cash dividends [2][7][11]. Summary by Sections Convertible Bond Details - The company issued RMB 822.35 million of convertible bonds with a maturity of 6 years, and the initial conversion price was set at RMB 40.73 per share [2]. - The conversion period for the bonds is from June 4, 2025, to November 27, 2030 [2]. Adjustment Basis - The adjustment of the conversion price was approved during the board meeting on March 26, 2025, and the annual general meeting on April 18, 2025 [3]. - The total share capital for the dividend distribution was 210,959,781 shares, with 47,725 shares excluded due to performance compensation, resulting in 210,912,056 shares participating in the distribution [4]. Dividend Distribution - The company will distribute a cash dividend of RMB 1.50 per 10 shares, totaling RMB 31,636,808.40 (including tax) [4][17]. - The ex-dividend date is set for May 14, 2025, with the record date being May 13, 2025 [4][10]. Conversion Price Adjustment Method - The conversion price adjustment formula used was P1 = P0 - D, where P0 is the previous conversion price, and D is the cash dividend per share [8][11]. - The adjusted conversion price is calculated as follows: P1 = 40.73 - 0.14997 = 40.58 [11]. Other Information - The company will follow the regulations outlined in the prospectus regarding any future adjustments to the conversion price due to stock dividends, capital increases, or other equity changes [5][9].

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-059 | | --- | --- | --- | | 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2024年年度权益分派 实施公告 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： 本次利润分配不送红股、不以资本公积转增股本。 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/13 | 2025/5/14 | 2025/5/14 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经上海皓元医药股份有限公司（以下简称"公司"）2025 年 4 月 18 日的2024年年度股东大会审议通过。 二、 分配方案 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.15元（含税） 公司分别于 2025 年 3 月 26 日、2025 年 4 月 18 日召开第四届董事会第四次会 议、2024 年年度股东大会，审议通过 ...

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].