国泰海通证券股份有限公司 关于上海证券交易所 《关于上海奥浦迈生物科技股份有限公司 重组草案信息披露的问询函》 之独立财务顾问核查意见 独立财务顾问 二零二五年六月 1 上海证券交易所： 贵所于 2025 年 6 月 18 日出具的《关于上海奥浦迈生物科技股份有限公司重 组草案信息披露的问询函》（上证科创公函〔2025〕0265 号）（以下简称"问询函"） 已收悉。国泰海通证券股份有限公司（以下简称"国泰海通"、"独立财务顾问"） 对问询函所列问题进行了逐项核查，现回复如下。 关于回复内容释义、格式及补充更新披露等事项的说明如下： 如无特别说明，本回复报告中的简称或名词的释义与重组报告书中的相同。 本回复报告的字体： | 问询函所列问题 | 黑体（加粗） | | --- | --- | | 对问题的答复 | 宋体 | | 引用重组报告书的内容 | 楷体 | | 对重组报告书的修改、补充 | 楷体（加粗） | 请独立财务顾问、律师事务所核查上述事项并发表明确意见。 问题回复： 2 问题一：关于交易必要性和整合安排。 草案披露，(1)上市公司与标的公司主营业务均围绕服务创新类生物医药企 业开展，上市公司是一家专注 ...

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 重组草案信息披露的问询函的 专项核查意见 2025 年 6 月 上海市方达律师事务所 专项核查意见 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 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 重组草案信息披露的问询函的 专项核查意见 基于上述，本所出具核查意见如下： 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"奥浦迈"）与本所签订的《专项法律顾 ...

目前，公司完成了《问询函》相关问题的回复，同时，公司独立财务顾问、 律师事务所就上述事项进行核查并发表明确意见，并根据相关要求对问询函回复 内容及相关核查意见进行公开披露，同时对《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）等相关信息披露 文件予以补充更新，形成了《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）（以下简称"《重组报告 除上述修订和补充披露内容之外，上市公司已对《重组报告书》（修订稿） 全文进行了梳理和自查，完善了少许数字或文字内容，对本次交易方案无影响。 特此公告。 上海奥浦迈生物科技股份有限公司董事会 证券代码：688293 证券简称：奥浦迈 公告编号：2025-052 上海奥浦迈生物科技股份有限公司 关于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）修订说明的公告 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。 上海奥浦迈生物科技股份有限公司（以下简称"公司"或"上市公司"）拟 通过发行股份及支付现 ...

现就相关问题回复如下： 问题一：关于交易必要性和整合安排。草案披露，（1）上市公司与标的公 司主营业务均围绕服务创新类生物医药企业开展，上市公司是一家专注于细胞 培养基产品和生物药CDMO服务的企业，标的公司是一家专业提供生物医药临 床前研究CRO服务的企业；（2）上市公司认为，通过本次交易可与标的公司在 业务和客户、海外战略布局、运营管理体系等方面形成协同；（3）本次交易完 成后，标的公司日常业务经营由原管理团队负责，标的公司实际控制人、董事 长拟加入上市公司董事会。 请公司：（1）结合上市公司和标的公司战略规划、主营业务情况、业务开 展模式、主要客户类型、客户拓展方式等维度，补充披露本次交易的必要性及 实现业务协同的可行性，提升上市公司资产质量和持续经营能力的具体体现， 本次交易是否符合行业惯例；（2）上市公司未来对标的公司的具体整合计划及 管控安排，结合交易完成后标的公司和上市公司董事、高级管理人员构成和委 派情况及各自职权范围、董事会和股东会决策权限划分、董事会决议作出机制 等，补充披露上市公司能有效控制标的公司并纳入合并报表范围的依据。 请独立财务顾问、律师事务所核查上述事项并发表明确意见。 证券代 ...

Group 1 - The stock price of Aopumai (688293.SH) decreased by 2.58%, closing at 37.77 yuan [1] - Aopumai was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 2, 2022, with an initial public offering (IPO) of 20.4951 million shares at a price of 80.20 yuan per share [1] - The company is currently in a state of share price decline, having fallen below its IPO price [1] Group 2 - Aopumai raised a total of 164.37056 million yuan from its IPO, with a net amount of 151.09448 million yuan after deducting issuance costs [1] - The actual net fundraising amount exceeded the original plan by 100.82794 million yuan, which was initially set at 50.26654 million yuan for various projects [1] - The total issuance costs for Aopumai's IPO amounted to 13.27608 million yuan, including underwriting fees of 11.50594 million yuan [2] Group 3 - Aopumai announced a dividend plan on May 6, 2023, proposing a distribution of 6 yuan (pre-tax) for every 10 shares and a bonus issue of 4 shares, with the ex-dividend date set for May 12, 2023 [2] - The actual controllers of Aopumai are Xiao Zhihua and He Yunfen, who are a married couple, with Xiao holding Chinese nationality and He holding American nationality [2]

Core Viewpoint - The article discusses the rising trend of mergers and acquisitions (M&A) in the investment sector, emphasizing the concept of "differentiated pricing" in transactions, particularly in the context of the acquisition of Pengli Bio by Aopumai [2][3][9]. Group 1: M&A Trends - The investment community is increasingly referring to a "golden age of M&A," driven by a return to reasonable asset valuations and supportive government policies [2][3]. - Aopumai's acquisition of Pengli Bio exemplifies this trend, with the final transaction price set at approximately 1.451 billion yuan, reflecting a significant discount compared to previous valuations [2][9]. Group 2: Differentiated Pricing - The concept of "differentiated pricing" is becoming more common in M&A transactions, allowing for tailored exit strategies for various investors involved in the target company [3][5]. - Aopumai's acquisition involved setting four different pricing tiers for the investors in Pengli Bio, ranging from 1.24 billion yuan to 2.18 billion yuan, showcasing the flexibility in structuring deals [4][12]. Group 3: Case Studies - The article references other similar cases, such as Zhaoyi Innovation's acquisition of Saixin Electronics, which also employed differentiated pricing strategies [5][14]. - The acquisition of Pengli Bio is highlighted as a typical case, with its history of rapid valuation increases followed by a significant discount during the acquisition process [9][10]. Group 4: Market Implications - The article suggests that M&A activities are a means to alleviate market bubbles and provide liquidity to investors who have been trapped in illiquid positions due to a cooling IPO market [11][12]. - The involvement of various institutional investors in Pengli Bio's funding rounds indicates a complex ownership structure, which adds layers of negotiation in M&A transactions [13][10]. Group 5: Future Outlook - The trend of differentiated pricing is expected to continue growing in the M&A landscape, as it provides a practical tool for achieving consensus among diverse stakeholders [6][18]. - The article concludes that the M&A market is likely to remain active, driven by the need for capital flow and the resolution of complex ownership structures in target companies [19][20].

Core Viewpoint - The article discusses the rising trend of mergers and acquisitions (M&A) in the investment sector, highlighting the concept of "differentiated pricing" as a strategic tool in recent transactions, particularly in the context of the acquisition of Pengli Bio by Aopumai [1][2][15]. Group 1: M&A Trends and Market Context - The investment community is increasingly viewing the current period as a "golden age" for M&A, driven by a return to reasonable asset valuations and supportive government policies [1][2]. - Aopumai's acquisition of Pengli Bio exemplifies the trend, with the final transaction price set at approximately 1.451 billion yuan, reflecting a significant discount compared to previous valuations [1][9]. Group 2: Differentiated Pricing Mechanism - The acquisition involved a differentiated pricing strategy, where Aopumai set four tiers of transaction prices for different rounds of investors, ranging from 1.24 billion yuan to 2.18 billion yuan [2][15]. - This approach allows for a more equitable exit for various investors, accommodating their differing investment stages and expectations [2][15]. Group 3: Case Studies and Comparisons - Similar cases, such as the acquisition of Saixin Electronics by Zhaoyi Innovation, also utilized differentiated pricing, indicating a growing trend in the market [4][17]. - The article references the acquisition of Chuangxinwei by Siryipu, which also employed differentiated pricing, showcasing its applicability across various sectors [17]. Group 4: Implications for Investors and Market Dynamics - The differentiated pricing strategy is seen as a practical tool for navigating complex ownership structures and investor expectations, particularly in cases with multiple funding rounds [6][15]. - The case of Pengli Bio illustrates the challenges faced by companies in achieving IPOs, leading to alternative exit strategies through M&A [9][10]. Group 5: Future Outlook - The article suggests that the trend of increased M&A activity, supported by differentiated pricing, is likely to continue, as companies seek to optimize their capital structures and navigate market complexities [22]. - The evolving landscape of M&A is expected to create opportunities for private equity and venture capital professionals, indicating a potential resurgence in the sector [22].

Core Viewpoint - Shanghai Aopumai Biotechnology Co., Ltd. plans to acquire 100% equity of Pengli Biological Medicine Technology (Shanghai) Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds from no more than 35 specific investors [16][17]. Meeting Procedures - The shareholders' meeting is scheduled for June 23, 2025, at 14:00, located at the company's office in Shanghai [8][9]. - Attendees must arrive at least 30 minutes early for registration and verification of their attendance [3][4]. - The meeting will follow a predetermined agenda for discussing and voting on proposals [3][4]. Proposals for Approval - The meeting will review several key proposals, including: - Proposal 1: Compliance with conditions for issuing shares and cash payment for asset acquisition [10][12]. - Proposal 2: Issuing shares and cash payment for asset acquisition [10][12]. - Proposal 3: Approval of the asset acquisition report [11][12]. - Proposal 4: Confirmation that the transaction does not constitute a related party transaction [11][12]. - Proposal 5: Acknowledgment that the transaction is a significant asset restructuring but does not constitute a restructuring listing [11][12]. Financial Details - The total assessed value of Pengli Biological's equity is approximately 1.452 billion yuan, with the final transaction price set at 1.4505 billion yuan [21]. - The share issuance price is determined to be 32.00 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [20][21]. - A total of 23,140,206 shares will be issued as part of the transaction, with cash payments amounting to approximately 740.49 million yuan [21][22]. Voting and Participation - Shareholders and their representatives have the right to speak, inquire, and vote during the meeting, with a limit of two speaking opportunities per person [4][5]. - Voting will be conducted through both on-site and online platforms, ensuring accessibility for all shareholders [6][8].

优化，成就与众不同 Optimization Makes Differences 证券代码：688293 证券简称：奥浦迈 上海奥浦迈生物科技股份有限公司 2025 年第一次临时股东大会 会议资料 二〇二五年六月 1 | 2025 | | 年第一次临时股东大会会议须知 4 | | --- | --- | --- | | 2025 | | 年第一次临时股东大会会议议程 7 | | 议案 | 1： | 11 | | 《关于公司符合发行股份及支付现金购买资产并募集配套资金条件的议案》 11 | | | | 议案 | 2： | 13 | | 《关于公司发行股份及支付现金购买资产并募集配套资金的议案》 13 | | | | 议案 | 3： | 32 | | 《关于公司<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）>及其摘要的议 | | | | 案》 | | 32 | | 议案 | 4： | 33 | | 《关于本次交易不构成关联交易的议案》 33 | | | | 议案 | 5： | 34 | | 《关于本次交易构成重大资产重组但不构成重组上市的议案》 34 | | | | 议案 | 6： | 36 | | 《 ...

Core Viewpoint - Aopu Mai (688293.SH) has announced a plan to acquire 100% equity of Pengli Bio through a combination of issuing shares and cash payment, while also raising supporting funds [1][2][3] Group 1: Transaction Details - The transaction price for acquiring Pengli Bio is set at 145,050.07 million yuan, with an assessed value of 145,200.00 million yuan, reflecting an increase of 52,494.42 million yuan and a valuation increase rate of 56.62% [2] - Aopu Mai plans to raise 73,000.00 million yuan in supporting funds to cover cash payments, taxes, and intermediary fees related to the transaction [3] - The issuance price for the new shares will not be less than 80% of the average trading price over the 20 trading days prior to the pricing date [3] Group 2: Shareholder Structure and Control - Prior to the transaction, there are no related party relationships between the transaction parties and the listed company, and the transaction will not change the control of the company [4] - As of March 31, 2025, the controlling shareholders are Xiao Zhihua and He Yunfen, holding a combined 32.06% of the company's shares [4] Group 3: Historical Financials - Aopu Mai's initial public offering raised a total of 164,370.56 million yuan, with a net amount of 151,094.48 million yuan after deducting issuance costs [5] - The company originally planned to raise 50,266.54 million yuan for various projects, including a CDMO biopharmaceutical production platform and a cell culture R&D center [5]