Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve strong revenue growth in 2024, with a projected revenue of 2.27 billion yuan, representing a year-on-year increase of 20.75%. The net profit attributable to shareholders is expected to reach 202 million yuan, a year-on-year increase of 58.17% [3][4] - The company has actively expanded its market presence, leading to significant growth in its high-margin business segments, particularly in life science reagents, which saw a revenue increase of 32.41% in 2024 [4][5] - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 276 million yuan, 373 million yuan, and 475 million yuan respectively, with corresponding EPS of 1.31, 1.77, and 2.25 yuan [3][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 2.27 billion yuan, with a gross profit margin of 48.0% and a net profit margin of 8.9% [6][8] - The company's life science reagent business accounted for 66.0% of total revenue, with a total income of 1.499 billion yuan [4] - The company’s backend business, including APIs and intermediates, generated 755 million yuan in revenue, with a gross margin of 20.05% [5][6] Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 2.71 billion yuan in 2025 and 3.21 billion yuan in 2026, reflecting year-on-year growth rates of 19.4% and 18.5% respectively [6][8] - The company’s order backlog is expected to contribute positively to profit margins as these orders are converted into revenue [5][6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [13]. Core Insights - The company has demonstrated significant growth in its front-end business, with a notable increase in revenue and net profit for 2024, achieving total revenue of 2.27 billion and a net profit of 202 million, representing year-on-year growth of 20.75% and 58.17% respectively [1][2]. - The front-end business, which includes building blocks, tool compounds, and biochemical reagents, has shown robust growth, with revenue reaching 1.499 billion, a year-on-year increase of 32.41% [2][4]. - The back-end business, focusing on APIs and formulations, has also seen growth, albeit at a slower pace, with revenue of 755 million, reflecting a year-on-year increase of 2.49% [2][5]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.27 billion, with a net profit of 202 million, and a significant improvement in cash flow from operating activities, reaching 382 million [1][2]. - Quarterly revenue trends show consistent growth, with Q4 2024 revenue surpassing 600 million, marking a year-on-year increase of 29.21% [2][3]. Business Segmentation - The front-end business has a strong product reserve, with over 139,000 life science reagents developed, and a well-established logistics system supporting global competitiveness [4]. - The back-end business has a solid project and order reserve, particularly in the high-growth ADC sector, with over 110 ADC projects underway [5]. Regional Performance - Domestic revenue reached 1.392 billion, growing by 18.25%, while international revenue was 862 million, up by 24.66%, indicating a balanced growth strategy [3]. Future Projections - The company is projected to achieve revenues of 2.678 billion, 3.255 billion, and 4.012 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 252 million, 316 million, and 401 million [7].

贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 前端业务保持高速增长，后端业务有望边际改善 [Table_ReportDate] 2025 年 03 月 28 日 [Table_S 事件：2025 ummar年y]3 月 27 日，公司发布 2024 年年度报告。2024 年公司实现 营业收入 22.70 亿元，同比增长 20.75%；公司实现归母净利润 2.02 亿元， 同比增长 58.17%；公司实现扣非归母净利润 1.79 亿元，同比增长 62.50%； 实现经营活动现金流净额 3.82 亿元，同比大幅转正。 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 皓元医药(688131) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 点评： ➢ ...

董监高薪酬方面，2024年，皓元医药董监高任职期间获得的报酬总额为817.85万元（含税金额），与上年683.95万元相比增长19.58%。其中，2024年，皓元 医药薪酬超70万元的董监高有4人：董事会秘书沈卫红薪酬为77.91万元，财务总监李敏薪酬为76.82万元，董事、分析总监徐影薪酬为75.53万元，董事长、 总经理、董事、核心技术人员郑保富薪酬73.87万元。 | 200 | | | | | | | | | | 报告期 | 单位:股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | 性别 | 年齡 | 任期起她日 期 | 任開终止 日期 | 年初持股 数 | 年末特股 數 | 年度内股份 境减变动量 | 增减变动原因 | 内从公 可获得 的税前 报院总 | 是否 在公 司关 联方 | | | | | | | | | | | | 额(万 元) | 茶取 报酬 | | 年保富 | 董事长,总 经理、道 事、核心技 | 男 | 45 | 2019年1月 HII | 2028年1 月 ...

Transaction Overview - The company, Shanghai Haoyuan Pharmaceutical Co., Ltd., has completed the acquisition of 100% equity of Yaoyuan Pharmaceutical Chemical (Shanghai) Co., Ltd. through a share issuance and cash payment, as approved by various board meetings and the China Securities Regulatory Commission [1][2] - The transaction involved issuing 2,439,296 shares for asset purchase and 464,166 shares for raising matching funds, with the completion of registration at the China Securities Depository and Clearing Corporation [2] Performance Commitment and Compensation Arrangement - The performance commitment from WANG YUAN and other parties includes net profits of no less than 15 million yuan for 2022, 26 million yuan for 2023, and 38 million yuan for 2024, totaling at least 79 million yuan over three years [2][3] - If the cumulative net profit falls below 79 million yuan, the performance committers must compensate the company through additional shares or cash [3][4] Performance Commitment Achievement - The actual net profits for the years 2022, 2023, and 2024 were 17.90 million yuan, 24.12 million yuan, and 36.47 million yuan respectively, resulting in a cumulative net profit of 78.49 million yuan, achieving a completion rate of 99.36% [5][6] Impairment Testing Results - An impairment test conducted by Zhongshui Zhiyuan Asset Appraisal Co., Ltd. valued the 100% equity of Yaoyuan Pharmaceutical at 539.60 million yuan, indicating no impairment occurred as this value exceeded the purchase price of 411.80 million yuan [7][8] Reasons for Non-Achievement of Performance Commitment - The performance commitment was affected by a tightening financing environment for innovative drug companies, leading to a slowdown in R&D investment and difficulties in acquiring new orders [8] - Additionally, the financial strain on clients in the pharmaceutical industry caused delays in project progress, impacting the expected profit contributions [8] Compensation Plan and Share Buyback - The compensation plan includes share compensation and cash returns for dividends, with a total of 47,725 shares to be compensated and a cash compensation of 81.54 yuan [9][10] - The company plans to repurchase the compensatory shares at a nominal price of 1 yuan and subsequently cancel them [9][10] Approval Procedures - The company’s board and supervisory committee approved the performance commitment achievement and compensation plan, which will be submitted for shareholder approval [10][11] Independent Financial Advisor's Opinion - The independent financial advisor confirmed that the performance commitments were not fully met, but the acquired assets did not suffer impairment, and the compensation obligations must be fulfilled as per the agreements [12]

Group 1 - The core opinion of the internal control audit is that Shanghai Haoyuan Pharmaceutical Co., Ltd. maintained effective financial reporting internal controls as of December 31, 2024, in all material respects according to the relevant regulations [2][2][2] - The responsibility for establishing and implementing effective internal controls lies with the board of directors of Haoyuan Pharmaceutical, as per the guidelines and standards set forth [1][1][1] - The inherent limitations of internal controls mean that they may not prevent or detect misstatements, and changes in circumstances can lead to inadequacies in internal controls [1][1][1] Group 2 - The audit was conducted in accordance with the "Guidelines for Internal Control Audits" and relevant Chinese CPA standards [1][1][1] - The auditors are responsible for expressing an opinion on the effectiveness of internal controls based on the audit work performed and disclosing any significant deficiencies noted [1][1][1]

Core Viewpoint - The report presents the asset impairment test for the performance commitment period of Yaoyuan Pharmaceutical Chemical (Shanghai) Co., Ltd., conducted by Shanghai Haoyuan Pharmaceutical Co., Ltd. and reviewed by RSM China [1][2]. Group 1: Management and Auditor Responsibilities - The management of Haoyuan Pharmaceutical is responsible for preparing the impairment test report in accordance with the relevant regulations and agreements, ensuring its content is true, accurate, and complete [2]. - The auditor's responsibility is to provide an opinion on the impairment test report based on the audit procedures performed, ensuring compliance with professional standards [2]. Group 2: Audit Conclusion - The audit concluded that the impairment test report prepared by the management of Haoyuan Pharmaceutical fairly reflects the conclusions regarding the performance commitment period for the acquisition of Yaoyuan Pharmaceutical Chemical (Shanghai) Co., Ltd. [3]. Group 3: Purpose of the Report - The audit report is intended solely for the disclosure of the asset impairment test related to the performance commitment period and should not be used for any other purpose [3].

Summary of Shanghai Haoyuan Pharmaceutical Co., Ltd. - The report focuses on the non-operating fund occupation and other related fund transactions of Shanghai Haoyuan Pharmaceutical Co., Ltd. [1] - The audit was conducted by Rongcheng Accounting Firm (Special General Partnership) [1] Non-operating Fund Occupation - The total amount of non-operating fund occupation at the beginning of 2024 was not disclosed, with the cumulative amount for the year also not specified [1] - The report indicates that there are no non-operating fund occupations from the actual controlling shareholders and their subsidiaries [1] - The total amount of non-operating fund occupation at the end of 2024 is also not provided [1] Related Fund Transactions - The report lists various related fund transactions with specific amounts, including: - Shanghai Haohong Biological Technology Co., Ltd. had a transaction amount of 441,991,091.80 [2] - Anhui Haoyuan Pharmaceutical Co., Ltd. had a transaction amount of 62,000,992.36 [2] - Other subsidiaries also reported various amounts, such as 25,362,210.21 from Heze Haoyuan Pharmaceutical Technology Co., Ltd. [2] - The total amount of related fund transactions at the end of 2024 was reported as 801,505,992.80 [3]

Core Viewpoint - The report provides an overview of the fundraising activities and the actual usage of funds by Shanghai Haoyuan Pharmaceutical Co., Ltd. for the year 2024, confirming compliance with regulatory requirements and reflecting the company's financial management practices accurately [1][2][3]. Fundraising Overview - The total amount raised through the initial public offering (IPO) was RMB 1,208,814,000, with a net amount of RMB 1,108,194,309.86 after deducting issuance costs [4][6]. - The company issued 1,860,000 shares at a price of RMB 64.99 per share, with the funds fully received by June 3, 2021 [4][5]. - Additional fundraising through the issuance of shares for asset acquisition raised RMB 49,999,961.52, with a net amount of RMB 40,516,942.65 after costs, received by December 30, 2022 [4][5]. Fund Usage and Balance - As of December 31, 2024, all raised funds had been utilized, resulting in a balance of RMB 0.00 in the fundraising account [6][9]. - Cumulative investments in fundraising projects amounted to RMB 1,129,583,127.02, with no remaining balance in the fundraising storage account [6][9]. Fund Management Practices - The company established a fundraising management policy to ensure the proper storage, approval, usage, and supervision of the funds [7][8]. - The company signed tripartite agreements with banks for the management of fundraising accounts, ensuring compliance with regulatory guidelines [7][8]. Investment Project Details - The company reported specific investment amounts for various projects, including RMB 112,958.31 million for the IPO funds and RMB 5,007.79 million for the asset acquisition funds [9][10]. - The company utilized self-raised funds for preliminary investments in projects before the actual fundraising was completed, totaling RMB 104,896,289.07 [10][11]. Cash Management - The company engaged in cash management activities using temporarily idle funds, with a maximum of RMB 30 million allocated for safe, liquid investments [13][14]. - The cash management products included structured deposits and other financial instruments, ensuring the safety and liquidity of the funds [16][17]. Use of Surplus Funds - The company approved the use of surplus funds from completed projects for other fundraising projects, amounting to RMB 1,834.37 million [20][21]. - The company also utilized surplus funds for operational liquidity, with a total of RMB 16,919.43 million used for this purpose [18][19]. Compliance and Reporting - The company confirmed that all fundraising activities and fund usage were disclosed accurately and complied with relevant regulations, with no violations reported [24].

Group 1 - The company has appointed Rongcheng Certified Public Accountants as the auditing firm for the fiscal year 2024, following the necessary procedures and approvals from the board of directors and supervisory board [1][2]. - Rongcheng Certified Public Accountants, established in 1988 and restructured in 2013, is one of the earliest firms authorized to provide securities services in China, with 212 partners and 1,552 registered accountants as of December 31, 2024 [1][2]. - The audit committee has conducted a thorough review of Rongcheng's qualifications, independence, and professional competence, concluding that the firm is capable of providing auditing services for the company in 2024 [2][3]. Group 2 - The audit committee held meetings with the audit team to discuss the preliminary audit plan, key audit matters, and risk assessments, ensuring effective communication regarding the audit process [3]. - The audit committee has adhered to regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring that the auditing process is conducted in a timely and objective manner [4][5]. - The audit committee commended Rongcheng for its adherence to professional ethics and timely completion of the 2024 annual report audit, resulting in a clear and comprehensive audit report [5].