Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

格隆汇12月21日丨皓元医药(688131.SH)公布，因基金到期、股东自身财务需求等安排，苏信基金拟通 过集中竞价的方式减持不超过546,405股公司股份，拟减持比例不超过公司当前总股本的0.26%。本次减 持计划自本公告披露之日起3个交易日后的3个月内进行。 ...

皓元医药12月21日公告，公司股东苏民投君信（上海）产业升级与科技创新股权投资合伙企业（有限合 伙）计划自2025年12月26日至2026年3月25日，通过集中竞价方式减持不超过54.64万股公司股份，即不 超过公司总股本的0.26%。减持原因为基金到期、股东自身财务需求等安排。本次减持计划实施具有不 确定性。 ...

皓元医药公告称，股东苏信基金持有公司546,405股股份，占减持计划实施前公司总股本的0.26%。因基 金到期、自身财务需求等，其拟通过集中竞价方式减持不超546,405股，即不超公司当前总股本的 0.26%。减持计划自公告披露之日起3个交易日后的3个月内进行，即2025年12月26日至2026年3月25 日。过去12个月内，苏信基金曾多次减持公司股份。 ...

南财智讯12月21日电，皓元医药公告，因基金到期、股东自身财务需求等安排，苏信基金拟通过集中竞 价的方式减持不超过54.6405万股公司股份，拟减持比例不超过公司当前总股本的0.26%。本次减持计划 自本公告披露之日起3个交易日后的3个月内进行。上述股份来源为公司首次公开发行前及上市后权益分 派资本公积转增股本取得的股份，已上市流通。减持期间内，股东将根据市场情况、公司股价情况等决 定是否实施及如何实施本次减持计划，因此减持数量和价格存在不确定性。 ...

Core Viewpoint - The stock of Haoyuan Pharmaceutical has experienced a decline of 2.05% on December 18, 2023, despite a year-to-date increase of 100.54% [1] Group 1: Company Overview - Haoyuan Pharmaceutical, established on September 30, 2006, and listed on June 8, 2021, is located in Shanghai and specializes in the research and development of small molecule drug discovery, including molecular building blocks and tool compounds [2] - The company's main business revenue composition includes molecular building blocks and tool compounds (68.97%), with product sales contributing 63.42%, raw materials and intermediates 30.46%, and technical services 5.55% [2] - As of September 30, 2023, the number of shareholders is 12,000, a decrease of 6.34% from the previous period, with an average of 17,647 circulating shares per person, an increase of 6.77% [2] Group 2: Financial Performance - For the period from January to September 2023, Haoyuan Pharmaceutical achieved a revenue of 2.059 billion yuan, representing a year-on-year growth of 27.18%, and a net profit attributable to shareholders of 237 million yuan, up 65.09% year-on-year [2] - The company has distributed a total of 160 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3] Group 3: Stock Market Activity - On December 18, 2023, Haoyuan Pharmaceutical's stock price was reported at 71.13 yuan per share, with a trading volume of 111 million yuan and a turnover rate of 0.73%, resulting in a total market capitalization of 15.087 billion yuan [1] - The stock has seen a net outflow of 2.4429 million yuan from major funds, with significant buying and selling activities recorded [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on May 30, 2023, where it recorded a net purchase of 10.336 million yuan [1]

Core Viewpoint - The company, Haoyuan Pharmaceutical, emphasizes its commitment to a development strategy focused on "industrialization, globalization, and branding," aiming for steady growth across its three main business engines [1] Group 1: Business Development - The revenue from the ADC (Antibody-Drug Conjugate) business currently constitutes a significant portion of the revenue from the backend innovative drug CDMO (Contract Development and Manufacturing Organization) [1] - The company has established a strong competitive advantage in the ADC small molecule sector, with the successful operation of its Chongqing ADC CDMO base in March marking the formation of a comprehensive service system across Shanghai, Ma'anshan, and Chongqing [1] - Haoyuan has developed into a rare one-stop ADCCDMO enterprise in China, offering a full-chain closed-loop service capability that includes Payload-Linker development, antibody discovery, conjugation process optimization, and commercial production [1] Group 2: Market Expansion and Strategy - The company is actively promoting market outreach and project advancement in Chongqing, with a rapid increase in new signed orders [1] - A strategic investment department has been established, and the company does not rule out the possibility of expanding its international market presence through mergers, acquisitions, and partnerships [1] - The company has no undisclosed information that needs to be revealed, and any significant investment or acquisition plans will be communicated through relevant announcements [1]

Core Viewpoint - The company, Haoyuan Pharmaceutical, asserts its competitive advantage in the tool compound business and strong international influence, while also integrating its recombinant protein and biochemical reagent businesses to enhance resource efficiency and market synergy [1] Business Overview - The tool compound and biochemical reagent segment is presented as a combined performance metric in financial disclosures, indicating a strategic alignment of these business areas [1] - The company has committed to increasing research and development in the biochemical reagent sector, with over 23,000 types of biopolymer products, including recombinant proteins, antibodies, and enzymes, developed by the end of Q3 2025 [1]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-129 | | --- | --- | --- | | 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不调整可转换公司 债券"皓元转债"转股价格的公告 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： 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，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），于 2024 年 12 月 19 日在上海证券交易所挂牌交易，债券简称 "皓元转债"，债券代码"118051"，初始转股价格为人民币 40.73 元/股，经历 次调整，截至本次转股价格调整前，"皓元转债"的转股价格为 40.47 元/股。转 股期间为 ...

关于 2023 年限制性股票激励计划第二类限制性股票 第二个归属期第二次归属结果暨股份上市公告 | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-128 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 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 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 3,290股，占归属前公司股本总额的 0.0016%。 本次股票上市流通总数为3,290股。 本次股票上市流通日期为2025 年 12 月 19 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分 公司有关业务规则的规定，上海皓元医药股份有限公司（以下简称"公司"）2023 年限制性股票激励计划第二类限制性股票第二个归属期第二次归属的股份于 2025 年 12 月 12 日完成归属登记手续，已收到中国证券登记结算有限责任公司上海分 公司出具的《证券变更登记证明》。现将有关 ...