Core Insights - Haoyuan Pharmaceutical reported a revenue of 2.06 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.2% and a net profit of 240 million yuan, up 65.1% [1] - The company’s gross margin reached 49.7%, an increase of 2.2 percentage points compared to the previous year, indicating strong operational efficiency [1] - The company is actively implementing a development strategy focused on "industrialization, globalization, and branding," which has led to sustained high growth in operational performance [1] Front-End Business - The life science reagent business has shown robust growth, generating 1.45 billion yuan in revenue, a year-on-year increase of over 31%, accounting for more than 70% of the company's main business revenue [1] - The company has accumulated over 152,000 types of life science reagents, including over 96,000 molecular building blocks, ensuring a diverse product offering that supports customer needs and contributes to stable profit [1] Back-End Business - The back-end business, focusing on high-difficulty and high-barrier R&D technology platforms, achieved a revenue of 600 million yuan, reflecting a year-on-year growth of 16.9% [2] - The order backlog for small molecule business reached 630 million yuan, a 50% increase year-on-year, indicating a positive growth trend over four consecutive quarters [2] ADC Development - Haoyuan Pharmaceutical has successfully undertaken over 90 ADC projects, enhancing clients' drug development processes [3] - The company has formed strategic partnerships with Maiwei Bio and Yingshi Intelligent to advance ADC drug innovation, establishing a new model that integrates AI, biotech, and CDMO services [3] AI and Drug Development - The company is focused on developing an AI-driven drug discovery platform, aiming to create a one-stop drug screening service that can quickly identify potential drug candidates [4] - The platform includes hundreds of compound libraries and utilizes AI technology to explore a broader chemical space, offering various screening techniques and optimization services for new drug development [4]

Group 1 - The core viewpoint of the article highlights the strong financial performance of Haoyuan Pharmaceutical in Q3 2025, with significant year-on-year growth in revenue and net profit [1] - The company's revenue for the first three quarters of 2025 reached approximately 2.059 billion yuan, representing a year-on-year increase of 27.18% [1] - The net profit attributable to shareholders was around 237 million yuan, showing a substantial year-on-year increase of 65.09% [1] - Basic earnings per share were reported at 1.12 yuan, which is an increase of 64.71% compared to the previous year [1] Group 2 - As of the report date, Haoyuan Pharmaceutical's market capitalization stands at 18 billion yuan [2]

上海皓元医药股份有限公司 关于公司计提资产减值准备的公告 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： 上海皓元医药股份有限公司（以下简称"公司"）2025 年 1-9 月计提存货 跌价准备 9,096.26 万元，影响 2025 年 1-9 月利润总额 9,096.26 万元，减少归属 于母公司所有者的净利润 8,239.43 万元，占 2024 年度经审计归属于母公司净利 润的 40.87%。 公司于 2025 年 10 月 29 日召开第四届董事会第十三次会议，审议通过了《关 于公司计提资产减值准备的议案》，现将相关情况公告如下： 一、本次计提资产减值准备情况概述 为客观反映公司财务状况和资产价值，根据《企业会计准则》及公司会计政 策等相关规定，公司及子公司对截至 2025 年 9 月 30 日的资产进行了减值测试， 基于谨慎性原则，公司 2025 年 1-9 月计提各项资产减值准备合计 10,363.69 万元， 具体情况如下： 单位：人民币万元 | 项目类别 | 本期计提金额 | | | --- ...

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-119 | | --- | --- | --- | | 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 关于召开 2025 年第三季度业绩说明会的公告 一、说明会类型 本次投资者说明会以网络互动的形式召开，公司将针对 2025 年第三季度经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 1 二、说明会召开的时间、地点 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： 会议召开时间：2025 年 11 月 18 日（星期二）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 11 日（星期二）至 11 月 17 日（星期一）16:00 前 登 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥748,122,965.44, an increase of 32.76% compared to the same period last year[6] - Total profit for the quarter was ¥105,802,742.40, reflecting a growth of 33.60% year-over-year[6] - Net profit attributable to shareholders was ¥84,897,288.28, up 16.39% from the previous year[6] - The net profit excluding non-recurring gains and losses for the quarter was ¥82,602,598.32, a 30.99% increase year-over-year[6] - The company reported a basic earnings per share of ¥0.40, which is a 14.29% increase compared to the same period last year[7] - The company reported total operating revenue of CNY 2,059,065,717.06 for the first three quarters of 2025, an increase of 27.2% compared to CNY 1,619,063,344.90 in the same period of 2024[26] - The company's net profit attributable to shareholders for the first three quarters of 2025 was not explicitly stated but can be inferred from the increase in total revenue and costs[25] - The net profit for the first three quarters of 2025 reached CNY 231,678,855.86, a significant increase from CNY 140,779,655.41 in the same period of 2024, representing a growth of approximately 64.5%[28] - The total revenue from operating activities for the first three quarters of 2025 was CNY 1,995,462,290.69, compared to CNY 1,610,725,771.04 in 2024, indicating a year-over-year increase of about 23.8%[31] - The company reported a total comprehensive income of CNY 229,955,023.91 for the first three quarters of 2025, compared to CNY 154,814,754.70 in 2024, marking an increase of around 48.5%[28] - Basic and diluted earnings per share for the first three quarters of 2025 were both CNY 1.12, up from CNY 0.68 in 2024, representing a growth of approximately 64.7%[28] Assets and Liabilities - Total assets increased by 10.27% to ¥6,070,436,122.58 compared to the end of the previous year[7] - Cash and cash equivalents as of September 30, 2025, amounted to CNY 1,410,886,645.95, compared to CNY 879,553,866.26 at the end of 2024, reflecting a significant increase[21] - The company's total assets reached CNY 6,070,436,122.58 as of September 30, 2025, compared to CNY 5,504,945,895.27 at the end of 2024, indicating growth in asset base[24] - The company's inventory as of September 30, 2025, was CNY 1,363,514,442.02, an increase from CNY 1,162,550,788.68 at the end of 2024, indicating a rise in stock levels[22] - Short-term borrowings increased to CNY 790,075,390.98 as of September 30, 2025, compared to CNY 539,383,479.40 at the end of 2024, reflecting higher leverage[23] - The total liabilities of the company as of September 30, 2025, were CNY 2,936,842,176.60, compared to CNY 2,600,690,964.34 at the end of 2024, showing an increase in financial obligations[23] Research and Development - Research and development expenses totaled ¥60,375,432.62, accounting for 8.07% of revenue, a decrease of 2.62 percentage points from the previous year[7] - The company reported R&D expenses of CNY 177,277,912.36 for the first three quarters of 2025, slightly up from CNY 172,412,405.70 in the same period of 2024, indicating continued investment in innovation[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,019[14] - The largest shareholder, Shanghai Anxu Information Technology Co., Ltd., holds 68,082,885 shares, accounting for 32.10% of total shares[14] - The second largest shareholder, Hong Kong Central Clearing Limited, holds 8,606,832 shares, representing 4.06%[14] - The total number of shares held by the top 10 unrestricted shareholders includes 68,082,885 shares from Shanghai Anxu Information Technology Co., Ltd.[15] - The company has no related party or concerted action among the top shareholders[15] Incentive Plans - The company completed the registration procedures for 648,570 shares under the 2022 restricted stock incentive plan, which will be tradable on July 8, 2025[17] - The 2023 restricted stock incentive plan has 119,000 shares eligible for release from restrictions, with trading starting on August 4, 2025[19] - The second vesting period of the 2023 restricted stock incentive plan has 530,950 shares that have met the vesting conditions[19] - The company adjusted the grant price for the 2023 restricted stock incentive plan from CNY 22.56 to CNY 22.48 per share and for the 2025 plan from CNY 21.62 to CNY 21.39 per share[20] Operational Efficiency - The company experienced a significant increase in revenue from its life science reagent business, which grew over 31% year-to-date, with Q3 revenue alone increasing by over 36%[11] - The company is focusing on improving operational efficiency and cost control, which has positively impacted its financial performance[12] Cash Flow - The net cash flow from operating activities for the first three quarters of 2025 was CNY 94,579,393.94, down from CNY 159,008,040.52 in 2024, reflecting a decrease of approximately 40.6%[32] - The net cash flow from investing activities for the first three quarters of 2025 was CNY 223,400,388.71, compared to a negative cash flow of CNY 179,205,237.25 in 2024, indicating a positive turnaround[32] - The total cash inflow from financing activities for the first three quarters of 2025 was CNY 701,021,475.18, compared to CNY 605,040,019.79 in 2024, reflecting an increase of approximately 15.9%[32] - The company recorded a total of CNY 3,293,000,000.00 in cash received from investment recoveries during the first three quarters of 2025, a substantial increase from CNY 15,000,000.00 in 2024[31] - The company experienced a foreign exchange gain of CNY 8,282,087.85 in the first three quarters of 2025, compared to a gain of CNY 4,215,590.65 in 2024, indicating improved currency management[33]

Core Viewpoint - The performance of the Zhongzheng 1000 ETF Enhanced (561280) shows a positive trend with a year-to-date return of 52.00% since its establishment on August 31, 2023, indicating strong market interest and potential investment opportunities [1] Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced opened at 1.514 yuan, reflecting a 0.46% increase [1] - The fund's performance benchmark is the Zhongzheng 1000 Index return [1] - The fund manager is Industrial Bank of China Credit Fund Management Co., Ltd., with Liu Zihao as the fund manager [1] Group 2: Stock Performance - Key stocks in the fund include: - Boqian New Materials: down 0.17% - Haoyuan Pharmaceutical: up 0.36% - Yingjixin: down 0.31% - Caixun Co.: down 0.28% - Jinma Amusement: up 0.13% - Panjiang Co.: down 0.38% - Jindawei: up 0.20% - Yiyuan Communication: up 0.02% - Minxin Co.: down 5.44% - Nami Technology: down 0.06% [1] Group 3: Recent Returns - The fund has achieved a return of 1.93% over the past month [1]

Investment Rating - The report maintains an "Overweight" rating for several pharmaceutical companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Jiangsu Nhwa Pharmaceutical, with related targets such as CSPC Innovation Pharmaceutical [6][28]. Core Insights - The innovative drug sector is experiencing high prosperity, and the report continues to recommend innovative drugs and their industry chain. It highlights the recent global strategic collaboration between Innovent Biologics and Takeda, which is expected to catalyze the innovative drug market [6][29]. - The report notes that the A-Shares pharmaceutical sector underperformed the market in the fourth week of October 2025, with the SW Pharmaceutical and Biological index rising only 0.6% compared to a 2.9% increase in the SHCOMP [8][30]. - In the same period, the Hong Kong pharmaceutical sector also underperformed, while the U.S. pharmaceutical sector performed in line with the market [31][19]. Summary by Sections Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the ongoing recommendation of innovative drugs and the industry chain, maintaining "Overweight" ratings for various companies including Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, and Nhwa Pharmaceutical. It also recommends Biopharma/Biotech companies with innovative pipelines and increasing performance, maintaining "Overweight" ratings for Innovent Biologics, Xiamen Amoytop Biotech, and others [6][28]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of October 2025, the A-Shares pharmaceutical sector's performance was weaker than the overall market, with a 0.6% increase compared to the SHCOMP's 2.9% rise. The medical service, pharmaceutical commerce, and medical equipment sub-sectors showed relatively better performance [8][30]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector underperformed the market with a decline of 0.8%, while the U.S. pharmaceutical sector matched the market performance with a 1.9% increase. Notable stock movements included significant gains for companies like WuXi AppTec and declines for Alphamab Oncology in Hong Kong [31][19].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights significant advancements in innovative drugs, particularly in the context of recent clinical trial results presented at the 2025 ESMO conference, showcasing the potential for new treatment options in various cancer types [12][19] - The report emphasizes the emergence of domestic drugs that have achieved notable efficacy in treating conditions such as NSCLC and HER2-positive breast cancer, indicating a shift in the competitive landscape [13][17] Summary by Sections 1. New Drug Developments - **2L EGFR Mutant NSCLC**: The drug Lukanosumab (sac-TMT) is the first to demonstrate both overall survival (OS) and progression-free survival (PFS) benefits in patients with TKI-resistant NSCLC, with mPFS of 8.3 months compared to 4.3 months for chemotherapy [13][14] - **HER2 Positive Breast Cancer**: The drug Ruikang Trastuzumab shows longer mPFS of 30.6 months compared to 8.3 months for the chemotherapy combination, indicating a promising new option for patients [17][18] - **T-Bren for Breast Cancer**: Early data from the T-Bren trial shows a clinical overall response rate (cORR) of 82.2% in HER2-positive patients, with mPFS of 18.0 months [19][20] - **2L HER2 Positive Gastric Cancer**: Anniotuzumab combined with chemotherapy shows significant improvements in mPFS (7.1 months vs 2.7 months) and mOS (19.6 months vs 11.5 months), suggesting a potential shift in treatment paradigms [21][24] 2. Market Performance - The pharmaceutical and biotechnology sector saw a 0.58% increase in October, underperforming the CSI 300 index by 2.67 percentage points, ranking 25th among 31 sub-industries [25][30] - The medical research outsourcing sector experienced the highest growth, up 5.47%, while other bioproduct sectors faced declines [30][34]

Core Viewpoint - The CRO index experienced a strong performance on October 24, with an intraday increase of 2.01% [1] Group 1: Index Performance - The CRO index saw a day-on-day increase of 2.01% [1] Group 2: Component Stocks - Most component stocks rose, with Boten Co., Ltd. leading the gains at 5.40% [1] - Jiuzhou Pharmaceutical increased by 4.52% [1] - Bid Pharma rose by 4.31% [1] - Haoyuan Pharmaceutical followed with a 4.15% increase [1] - Kanglong Chemical achieved a rise of 3.59% [1]

Core Viewpoint - The pharmaceutical and biotechnology industry is showing strong performance in Q3, with several companies reporting significant year-on-year growth in net profit, particularly in the traditional Chinese medicine sector and contract research organizations (CROs) [1][2][6]. Group 1: Company Performance - Over 50 pharmaceutical and biotechnology companies have disclosed their Q3 reports, with Teva Pharmaceutical, Fujilay, and Wohua Pharmaceutical leading in net profit growth rates of 985.18%, 430.16%, and 179.34% respectively [1][2]. - Teva Pharmaceutical reported a revenue of 692 million yuan, a 51.86% increase year-on-year, with net profit reaching 65.2 million yuan, up 985.18% [2]. - Wohua Pharmaceutical achieved a revenue of 625 million yuan, an 8.31% increase, with a net profit of 63.99 million yuan, reflecting a 179.34% growth [2]. Group 2: Industry Trends - The CRO and CDMO sectors are expected to continue their positive performance from the first half of the year, with several segments like traditional Chinese medicine, medical devices, and raw materials also showing good results [1][6]. - Companies like Mindray Medical anticipate a positive growth trajectory in both domestic and international markets, with expectations of improved revenue from Q3 onwards [4]. - The overall demand in the domestic pharmaceutical market is gradually recovering, particularly in early-stage research and development [5]. Group 3: Future Outlook - Analysts are optimistic about the innovation drug sector, which is expected to maintain high revenue growth and continue to reduce losses, with a focus on companies showing signs of performance improvement [6][7]. - The market is advised to pay attention to segments like medical devices and traditional Chinese medicine, which are projected to rebound in 2025 [7].