Core Viewpoint - The restructuring plan of Aopumai (688293.SH) to acquire Chengli Biotechnology has faced dissent from independent director Tao Hua'an, who believes the company currently lacks the necessity for acquisitions and has not expressed an opinion on the rationality of the merger [1][3][4] Summary by Sections Restructuring Plan - Aopumai plans to acquire 100% of Chengli Biotechnology for a total consideration of approximately 14.5 billion yuan, consisting of 7.1 billion yuan in cash and 7.4 billion yuan in shares [2][5] - The valuation of Chengli Biotechnology is set at 14.52 billion yuan, with an appraisal increase rate of 56.92% [2][6] - Aopumai aims to enhance its business model from "cell culture media + CDMO" to "cell culture media + CRDMO" through this acquisition [2][5] Independent Director's Concerns - Tao Hua'an has consistently opposed the restructuring, citing that the acquisition does not align with the company's goals of improving the profitability of cell culture products and reducing losses in the CDMO business [1][4][6] - He has raised concerns about the low capacity utilization of CDMO services, which has led to declining performance, arguing that the merger will not directly improve this situation [4][6] Financial Performance - Aopumai has experienced a decline in net profit for two consecutive years, with a significant drop in CDMO service revenue in 2024, down 25.66% and a gross margin of -25.29% [5][6] - In the first half of 2025, Aopumai reported a revenue of 1.78 billion yuan, a year-on-year increase of 23.77%, but the CDMO service still faced a gross margin of -47.53% [5][6] Future Projections - The acquisition is expected to generate an additional goodwill of 6.17 billion yuan, which will account for 15.34% of the total assets and 21.76% of the net assets attributable to the parent company by the end of 2024 [6] - Chengli Biotechnology has made performance commitments for the years 2025 to 2027, with net profits not less than 52 million yuan, 65 million yuan, and 78 million yuan respectively [6]

Market Overview - The biopharmaceutical sector experienced a decline of 0.21% on September 25, with Nossland leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Aopu Mai (688293) with a closing price of 62.85, up 7.42% and a trading volume of 30,600 [1] - Rongchang Biotech (688331) closed at 108.50, up 3.43% with a trading volume of 89,200 [1] - Baipusais (301080) closed at 62.16, up 3.43% with a trading volume of 43,500 [1] - Major decliners included: - Nossland (430047) closed at 22.99, down 3.69% with a trading volume of 57,000 [2] - Wufan Biotech (301393) closed at 53.12, down 3.42% with a trading volume of 24,600 [2] - Kexing Pharmaceutical (688136) closed at 38.75, down 3.34% with a trading volume of 53,500 [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 207 million yuan from institutional investors, while retail investors contributed a net inflow of 45.07 million yuan [2] - Notable capital flows included: - Rongchang Biotech (688331) with a net inflow of 1.021 billion yuan from institutional investors [3] - Junshi Biosciences (688180) with a net inflow of 35.36 million yuan from institutional investors [3] - Aopu Mai (688293) with a net inflow of 9.41 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the news is that Aopumai's stock price increased by 5.01% to 61.44 CNY per share, with a total market capitalization of 6.976 billion CNY as of the report date [1] - Aopumai Biotechnology Co., Ltd. was established on November 27, 2013, and went public on September 2, 2022. The company primarily engages in cell culture products and services, with revenue composition being 87.34% from products, 12.53% from services, and 0.13% from other sources [1] Group 2 - Among Aopumai's top ten circulating shareholders, one fund from China Europe Fund, the China Europe Medical Health Mixed A (003095), entered the top ten in the second quarter, holding 1.4824 million shares, which is 1.92% of the circulating shares. The estimated floating profit today is approximately 4.3435 million CNY [2] - The China Europe Medical Health Mixed A (003095) fund was established on September 29, 2016, with a latest scale of 15.638 billion CNY. Year-to-date returns are 31.78%, ranking 2963 out of 8173 in its category; the one-year return is 47.69%, ranking 3188 out of 8003; and since inception, the return is 127.43% [2] Group 3 - The fund managers of China Europe Medical Health Mixed A (003095) are Ge Lan and Zhao Lei. As of the report date, Ge Lan has a cumulative tenure of 10 years and 243 days, with a total fund asset size of 39.908 billion CNY, achieving a best fund return of 122.55% and a worst return of -35.13% during the tenure. Zhao Lei has a tenure of 84 days, with a fund asset size of 30.801 billion CNY, achieving a best return of 15.73% and a worst return of 15.53% during the tenure [3]

Group 1 - The CRO concept stocks experienced significant fluctuations, with JiuZhou Pharmaceutical hitting the daily limit up [1] - ProLogis Pharmaceutical rose over 5%, indicating strong market interest [1] - Other companies such as Zhaoyan New Drug, Kangpeng Technology, Aopu Mai, and Haoyuan Pharmaceutical also saw increases in their stock prices [1]

Group 1 - The CRO index experienced an intraday increase of 2.01%, indicating strong market performance in the sector [1] - Jiuzhou Pharmaceutical reached its daily limit up, showcasing significant investor interest [1] - Zhaoyan New Drug and Aopu Mai saw respective increases of 3.49% and 3.40%, reflecting positive momentum among key players [1] - WuXi AppTec and Kelai Ying both recorded gains exceeding 2.5%, further highlighting the active performance of the CRO sector [1]

证券代码：688293 证券简称：奥浦迈 上市地点：上海证券交易所 上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套 资金报告书（草案）摘要（修订稿） | 项目 | 交易对方 | | --- | --- | | | PharmaLegacy Hong Kong Limited、嘉兴汇拓企业管理合伙企业 | | | （有限合伙）、红杉恒辰（厦门）股权投资合伙企业（有限合 | | | 伙）、宁波梅山保税港区谷笙澎立投资合伙企业（有限合伙）、 | | | TF PL LTD.、上海高瓴辰钧股权投资合伙企业（有限合伙）、杭 | | | 州泰格股权投资合伙企业（有限合伙）、南通东证富象股权投资 | | | 中心（有限合伙）、江西济麟鑫盛企业管理有限公司、中金启辰 | | | 贰期（苏州）新兴产业股权投资基金合伙企业（有限合伙）、嘉 | | | 兴合拓企业管理合伙企业（有限合伙）、苏州晨岭投资合伙企业 | | | （有限合伙）、德州两仪幂方康健创业投资合伙企业（有限合 | | | 伙）、平阳国凯股权投资合伙企业（有限合伙）、苏州一元幂方 | | 发行股份及支付现金购买资产 | 医药创业投资合伙企业（有 ...

关于上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 的审核问询函的回复（修订稿） 独立财务顾问 二零二五年九月 上海证券交易所： 上海奥浦迈生物科技股份有限公司（以下简称"公司"或"奥浦迈"）于 2025 年 7 月 10 日收到上海证券交易所（以下简称"上交所"）下发的《关于上 海奥浦迈生物科技股份有限公司发行股份及支付现金购买资产并募集配套资金 的审核问询函》（上证科审（并购重组）〔2025〕24 号）（以下简称"《审核问询 函》"）。公司已会同国泰海通证券股份有限公司（以下简称"国泰海通"或"独 立财务顾问"）、上海市方达律师事务所（以下简称"律师事务所"或"法律顾 问"或"律师"）、立信会计师事务所（特殊普通合伙）（以下简称"立信会计 师"或"会计师事务所"或"会计师"）、上海东洲资产评估有限公司（以下简 称"东洲评估"或"评估机构"或"评估师"）进行了认真研究和落实，并按照 问询函的要求在《上海奥浦迈生物科技股份有限公司发行股份及支付现金购买 资产并募集配套资金报告书》（草案）中进行了补充披露，对所涉及的问题进行 了回复，现提交贵所，请予以审核。 除非文义另有所指，本问询函 ...

证券代码：688293 证券简称：奥浦迈 上市地点：上海证券交易所 上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套 资金报告书（草案）（修订稿） | 项目 | 交易对方 | | --- | --- | | | PharmaLegacy Hong Kong Limited、嘉兴汇拓企业管理合伙企业 | | | （有限合伙）、红杉恒辰（厦门）股权投资合伙企业（有限合 | | | 伙）、宁波梅山保税港区谷笙澎立投资合伙企业（有限合伙）、 | | | TF PL LTD.、上海高瓴辰钧股权投资合伙企业（有限合伙）、杭 | | | 州泰格股权投资合伙企业（有限合伙）、南通东证富象股权投资 | | | 中心（有限合伙）、江西济麟鑫盛企业管理有限公司、中金启辰 | | | 贰期（苏州）新兴产业股权投资基金合伙企业（有限合伙）、嘉 | | | 兴合拓企业管理合伙企业（有限合伙）、苏州晨岭投资合伙企业 | | | （有限合伙）、德州两仪幂方康健创业投资合伙企业（有限合 | | | 伙）、平阳国凯股权投资合伙企业（有限合伙）、苏州一元幂方 | | 发行股份及支付现金购买资产 | 医药创业投资合伙企业（有限合 ...

之 独立财务顾问报告 国泰海通证券股份有限公司 关于 上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套 资金 （修订稿） 独立财务顾问 签署日期：二〇二五年九月 声明与承诺 本部分所使用的简称与本报告"释义"中所定义的简称具有相同含义。 国泰海通证券股份有限公司接受上海奥浦迈生物科技股份有限公司的委托， 担任上海奥浦迈生物科技股份有限公司发行股份及支付现金购买资产并募集配 套资金的独立财务顾问，就该事项向上海奥浦迈生物科技股份有限公司全体股东 提供独立意见，并制作本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管 理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司 重大资产重组》《上海证券交易所上市公司自律监管指引第 6 号—重大资产重组》 等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范和诚实信用、 勤勉尽责精神，遵循客观、公正的原则，在认真审阅相关资料和充分了解本次交 易行为的基础上，发表独立财务顾问意见，旨在就本次交易做出独立、客观和公 正 ...

上海市方达律师事务所 关于上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套资金的 补充法律意见书（三） FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 2025 年 9 月 2-2-1 上海市方达律师事务所 补充法律意见书（三） 上海市方达律师事务所 关于上海奥浦迈生物科技股份有限公司 发行股份及支付现金购买资产并募集配套资金的 补充法律意见书（三） 致：上海奥浦迈生物科技股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法 律执业资格的律师事务所。根据上海奥浦迈生物科技股份有限公司（以下简称 "上市公司"或" ...