Investment Rating - The report maintains an "Outperform" rating for several companies in the innovative drug and medical device industry, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [5][6][25]. Core Insights - The report emphasizes the high prosperity in innovative drugs and continues to recommend companies with innovative pipelines that are entering a volume increase phase, maintaining "Outperform" ratings for various Biopharma/Biotech companies [5][25]. - The National Healthcare Security Administration announced the 2025 insurance drug list, which added 114 drugs, including 50 innovative drugs, further validating insurance support for innovation and indicating promising domestic demand [26][27]. Summary by Sections 1. Continuous Recommendation of Innovative Drugs and Industry Chain - The report highlights the ongoing recommendation of innovative drugs and the industry chain, with a focus on companies expected to see a revaluation due to their innovative pipelines [5][25]. - Specific companies mentioned include WuXi AppTec, WuXi XDC Cayman, Hangzhou Tigermed Consulting, and leading medical equipment companies like Beijing Chunlizhengda Medical Instruments and Lepu Medical, all rated "Outperform" [5][25]. 2. Performance of A-Shares Pharmaceutical Sector - In the second week of December 2025, the A-Shares pharmaceutical sector underperformed the market, with the SW Pharma and Biotech index falling by 1.0% compared to a 0.3% decline in the SHCOMP [8][27]. - The report notes that the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 69.8% [16][27]. 3. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong stock pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index falling by 2.3%, while the U.S. stock pharmaceutical sector outperformed, with the S&P 500 Healthcare Select Sector Index rising by 0.4% [28][27].

Investment Rating - The report maintains an "Overweight" rating for the innovative pharmaceutical and medical device industry chain [3][5][6]. Core Insights - The report emphasizes the continuous recommendation of innovative drugs and medical devices, highlighting the high growth potential in the innovative pharmaceutical sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, and others, indicating a potential for value re-evaluation [3][5]. - The report notes that the National Medical Insurance Administration has officially announced the 2025 medical insurance drug catalog, which includes 114 new drugs, 50 of which are first-class innovative drugs. This adjustment is seen as a validation of the support for innovation in the healthcare sector [3][5]. - The A-share pharmaceutical sector underperformed the broader market in the second week of December 2025, with the SW Pharmaceutical Biotechnology index declining by 1.0% compared to a 0.3% drop in the Shanghai Composite Index [7][18]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Medical Devices - The report highlights the sustained recommendation of innovative drugs and medical devices, with a focus on companies that are expected to see performance growth and value re-evaluation [5][6]. Section 2: A-share Pharmaceutical Sector Performance - In the second week of December 2025, the A-share pharmaceutical sector's performance was weaker than the overall market, ranking 16th among the primary industries [7][18]. Section 3: Hong Kong and US Market Performance - The report indicates that the Hong Kong pharmaceutical sector also underperformed, while the US pharmaceutical sector showed stronger performance compared to the broader market [18].

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

两融数据显示，该股最新融资余额为6.44亿元，近5日增加2870.90万元，增幅为4.66%。（数据宝） 12月12日皓元医药大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 5.04 | 370.44 | 73.50 | 0.00 | 机构专 | 瑞银证券有限责任公司上海花园石 | | | | | | 用 | 桥路证券营业部 | （文章来源：证券时报网） 皓元医药12月12日大宗交易平台出现一笔成交，成交量5.04万股，成交金额370.44万元，大宗交易成交 价为73.50元。该笔交易的买方营业部为机构专用，卖方营业部为瑞银证券有限责任公司上海花园石桥 路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2.79亿元。 证券时报·数据宝统计显示，皓元医药今日收盘价为73.50元，下跌0.46%，日换手率为2.88%，成交额为 4.52亿元，全天主力资金净流出146.44万元， ...

证券日报网讯 12月12日晚间，皓元医药发布公告称，截至2025年12月11日，公司及子公司对外担保总 额为人民币73，242.19万元（含本次担保），全部为公司对全资或控股子公司提供的担保总额，占公司 2024年度经审计净资产及总资产的比例分别为25.45%、13.30%。此外，公司及子公司不存在逾期担保 和涉及诉讼担保的情形。 （文章来源：证券日报） ...

Group 1 - The company, Haoyuan Pharmaceutical (688131.SH), announced plans to utilize up to RMB 500 million of idle raised funds for cash management [1] - The usage period for these funds is effective for 12 months from the date of approval by the board of directors [1] - Within the specified limit and timeframe, the funds can be used in a rolling manner [1]

国联民生证券承销保荐有限公司 关于 上海皓元医药股份有限公司使用部分暂时闲置募集资金 进行现金管理的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"、"保 荐机构"）作为上海皓元医药股份有限公司（以下简称"皓元医药"、"公 司"）向不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保 荐业务管理办法》《上市公司募集资金监管规则》《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求， 对皓元医药使用部分暂时闲置募集资金进行现金管理的事项进行了审慎核查， 具体情况及核查意见如下： 一、募集资金基本情况 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，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）。本次发行的募集资金总额 为人民币 822,350,000.00元，扣除不含税的发行费用 10,612,390.15元，实际募集 资 ...

国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）向 不特定对象发行可转换公司债券的保荐机构，根据《上海证券交易所科创板股票 上市规则》《科创板上市公司持续监管办法（试行）》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求，对皓 元医药及子公司向银行申请 2026 年度综合授信额度并由皓元医药为子公司银行 授信提供担保事项进行了审慎核查，发表如下核查意见： 一、申请银行授信额度及担保事项 （一）授信基本情况 1、公司及子公司拟申请银行授信情况 为满足正常经营和发展需求，上海皓元医药股份有限公司（以下简称"公司" 或"皓元医药"）、子公司上海皓鸿生物医药科技有限公司（以下简称"皓鸿生物"）、 子公司上海皓元生物医药科技有限公司（以下简称"皓元生物"）及其子公司烟 台皓元生物医药科技有限公司（以下简称"烟台皓元"）、子公司药源药物化学 （上海）有限公司（以下简称"药源药物"）及其子公司药源生物科技（启东） 有限公司（以下简称"药源启东"）、子公司皓元科技发展有限公司（以下简称 "香 ...

国联民生证券承销保荐有限公司 关于 上海皓元医药股份有限公司 2026 年度日常关联交易预计 的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"或"保荐 机构"）作为上海皓元医药股份有限公司（以下简称"皓元医药"或"公司"） 向不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管 理办法》《上海证券交易所科创板股票上市规则》《科创板上市公司持续监管办法 （试行）》等有关法律法规和规范性文件的要求，对皓元医药 2026 年度日常关联 交易预计事项进行了核查，具体情况如下： 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 12 月 12 日召开 2025 年第五次董事会独立董事专门会议，审 议通过了《关于公司 2026 年度日常关联交易预计的议案》，独立董事认为：公司 预计 2026 年度与关联方发生的日常关联交易均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；2026 年度预计的日 常关联交易金额是公司根据 2025 年度生产经营情况 ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-127 | | --- | --- | --- | | 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 关于公司及子公司向银行申请 2026 年度综合授信 额度并由公司为子公司银行授信提供担保的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 对外担保逾期的累计金额（万元） | | 不适用 | | | --- | --- | --- | --- | | 截至 年 月 日上市公司 2025 12 | 11 | | | | 及其控股子公司对外担保总额（万 | | 73,242.19 | | | 元） | | | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | | 25.45 | | | 特别风险提示（如有请勾选） | | | □对外担保总额（含本次）超过上市公司最近一期 | | | | 经审计净资产 | 50% | | | | | □对外担保总额（含本次）超过上市公司最近一期 ...