本报记者 孙文青 ADC（抗体偶联药物）素有"精准爆破癌细胞的生物导弹"之称。2021年，我国首个原创性抗体偶联药物 ——维迪西妥单抗获批上市，打破了ADC药物领域无原创国产新药的局面，填补了全球HER2过表达胃 癌患者后线治疗的空白。 随着国产抗体偶联药物异军突起，公开数据显示，2030年，全球抗体偶联药物市场规模有望达647亿美 元。从商务拓展交易数据来看，自2021年以来，国产抗体偶联药物领域的交易总额超过400亿美元，中 国创新药企业逐渐彰显出愈来愈强的活跃度和竞争力，在全球抗体偶联药物市场中的核心地位也日益巩 固。 这背后离不开国内各大CRO/CDMO（合同研发和生产组织）企业的助力。作为国内抗体偶联药物 Payload-Linker（毒素—连接子）研究的先行者，上海皓元医药股份有限公司（以下简称"皓元医药"） 成立于2006年，在过去的19年发展历程中，构建了Payload-Linker一体化服务平台，并积累了丰富的技 术和广泛的国内外客户群。 近日，《证券日报》记者走进皓元医药抗体偶联药物CDMO基地，皓元医药的多位高管和工作人员向记 者讲述了一家独具特色的中国药物研发及生产企业的创新发展之路。 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-047 | | --- | --- | --- | | 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 更正公告 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"皓元医药"或"公司"）于2025 年3月28日在上海证券交易所网站（www.sse.com.cn）披露了《2024年年度报 告》。经公司复核发现，前述报告"第三节 管理层讨论与分析"之"五、报告 期内主要经营情况"之"（一）主营业务分析"之"2、收入和成本分析"之 "主要销售客户及主要供应商情况"按照同一控制人控制的客户或供应商合并 列示，但是因为遗漏统计个别客户以及供应商的部分子公司，导致前5名客户及 供应商部分交易金额和占比不准确，现对相关内容予以更正。本次更正对公司 2024年度财务状况及经营成果没有任何影响。具体情况如下： 更正前： A.公司主要销售客户情况 √适用 □不适用 前五名客户销售额31,742.52万 ...

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 201,590,085.66 for the fiscal year 2024, with the parent company reporting a net profit of RMB 54,315,810.41[19]. - The proposed cash dividend is RMB 1.50 per share (including tax), totaling RMB 31,643,967.15 based on a total share capital of 210,959,781 shares as of March 26, 2025[19]. - The total cash dividend for the year, including interim dividends, amounts to RMB 40,081,122.51, representing 19.88% of the annual net profit attributable to shareholders[19]. - The company reported a significant increase in revenue, reaching $1.5 billion, representing a 20% year-over-year growth[27]. - The company reported a gross margin of 60%, which is an improvement from 55% in the previous year[29]. - The company's operating revenue for 2024 reached ¥2,270,177,811.50, representing a 20.75% increase compared to ¥1,880,046,769.14 in 2023[37]. - Net profit attributable to shareholders for 2024 was ¥201,590,085.66, a significant increase of 58.17% from ¥127,449,113.65 in 2023[37]. - The net cash flow from operating activities improved to ¥381,960,258.31, compared to a negative cash flow of ¥63,606,178.47 in 2023[37]. - Total assets increased by 31.31% to ¥5,504,945,895.27 at the end of 2024, up from ¥4,192,207,930.25 at the end of 2023[38]. - Basic earnings per share rose to ¥0.96 in 2024, reflecting a growth of 57.38% from ¥0.61 in 2023[39]. Research and Development - The company is investing $50 million in R&D for new technologies, focusing on small molecule drugs and antibody-drug conjugates[28]. - The company's R&D expenditure as a percentage of operating revenue decreased to 10.00% in 2024, down from 11.92% in 2023[39]. - The company initiated over 1,500 new recombinant protein research projects during the reporting period, significantly enhancing its R&D capabilities[55]. - The company is actively integrating AI technology into its operations, developing unique compound libraries to shorten R&D cycles and enhance product design[56]. - The company has developed over 2,000 new anti-tumor compounds during the reporting period, enhancing its product line in the anti-tumor field[149]. - The company is focused on solid-state formulation development, aiming to provide professional services to pharmaceutical companies[150]. - The company has completed the development of quality standards for 20,000 active molecules and their derivatives during the reporting period[14]. - The company has completed initial material and intermediate quality research, establishing corresponding quality standards for its APIs[143]. Market Expansion and Strategy - Market expansion plans include entering three new international markets by the end of 2024, projected to increase market share by 15%[28]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[28]. - The company is committed to a talent strategy that includes a customized career development path and innovation incentives to optimize its talent pool[76]. - The company has established a global sales network and multiple business centers, enhancing its ability to meet customer needs and accelerate overseas market expansion[162]. - The company is focused on high-difficulty, high-barrier, and high-value-added products in its backend raw materials and intermediates business, ensuring stable supply and technical services for clients[80]. Operational Efficiency - The company focused on improving operational efficiency and cost control, which positively impacted its financial performance[40]. - The company is actively increasing capacity utilization and has established a comprehensive service platform for "starting materials-intermediates-active pharmaceutical ingredients-formulations" to enhance production capacity and efficiency[72]. - The company has established a comprehensive quality management system from raw material procurement to production, enhancing product quality and performance through systematic training and advanced resource allocation[57]. - The company has achieved ISO certifications for its industrial bases, including ISO9001, ISO14001, and ISO45001, enhancing operational standards and supporting international market expansion[74]. Customer and Supplier Relations - The company serves over 13,000 global partners, focusing on high-value products in the pharmaceutical and biopharmaceutical sectors[80]. - The company has established stable partnerships with multinational pharmaceutical giants and renowned research institutions, enhancing its market presence and reputation[163]. - Total sales revenue from the top five customers amounted to 328.66 million RMB, accounting for 14.48% of the annual total sales[194]. - Total procurement from the top five suppliers reached 116.98 million RMB, representing 16.50% of the annual total procurement[196]. Challenges and Risks - The company faces risks related to technology innovation, as failure to enhance R&D capabilities could adversely affect market competitiveness[167]. - The company faces risks from potential declines in R&D investment in the pharmaceutical industry, which could impact customer demand and business performance[176]. - The company is expanding its global presence, but increasing competition in both domestic and international markets poses significant challenges[171].

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].