Core Viewpoint - The company, Haohai Biological Technology, is facing scrutiny as its controlling shareholder, Jiang Wei, has been notified of an investigation by the China Securities Regulatory Commission (CSRC) for suspected insider trading, although the company asserts that this matter is unrelated to its operations [1][3]. Company Overview - Haohai Biological Technology is engaged in the research, production, and sales of medical devices and pharmaceuticals, focusing on four main areas: medical aesthetics and wound care products, ophthalmic products, orthopedic viscoelastic supplements, and anti-adhesion and hemostatic products [3]. Financial Performance - In 2024, the company reported revenues of approximately 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of about 420 million yuan, up 1.04% [5]. - The company's overall gross margin decreased from 70.46% to 69.89% due to significant price reductions in certain products, which offset the growth in high-margin medical aesthetic products [5]. - The medical aesthetics and wound care segment contributed over 40% of the company's revenue, with a year-on-year increase of 13.08%, although this growth rate has slowed compared to the previous year's 41.27% [5][6]. Market Reaction - Following the announcement of the investigation, Haohai Biological Technology's stock opened down 4.31% on May 8, with a closing price of 52.26 yuan per share, reflecting a decline of 1.71% and a total market capitalization of 12.19 billion yuan [4]. - The company's stock has seen a cumulative decline of 71.76% from its peak in July 2021, and the current share price has fallen below its initial public offering price of 89.23 yuan [7]. Future Outlook - The company plans to continue utilizing its own funds to explore advancements in the medical aesthetics, ophthalmology, orthopedics, and surgical fields, seeking to enhance its product portfolio through technology introduction or investment partnerships [7].

Group 1 - Dashi Intelligent signed a smart hospital project contract worth 58.12 million yuan with the First Affiliated Hospital of Bengbu Medical College and Bengbu Urban Construction Investment Development Co., Ltd. [1] - The project aims to create a comprehensive tumor specialty hospital integrating medical care, research, teaching, preventive health care, and rehabilitation, which is expected to positively impact the company's future performance [1] Group 2 - Huahong Company reported a net profit of 22.76 million yuan for Q1 2025, a year-on-year decrease of 89.73%, despite a revenue increase of 18.66% to 3.913 billion yuan [2] - The company specializes in the development and application of embedded/non-volatile memory, power devices, and other semiconductor technologies [2] Group 3 - Jindi Group announced a signed area of 214,000 square meters in April, a year-on-year decrease of 55.14%, with a signed amount of 2.78 billion yuan, down 55.45% [3] - The company focuses on real estate development and sales, commercial real estate, and property management [3] Group 4 - Jinlong Automobile reported a bus production of 4,361 units in April, a year-on-year decrease of 5.79%, with sales of 3,611 units, down 3.91% [4][5] - The company is engaged in the production and sales of bus products [5] Group 5 - Sanyou Medical established a joint venture with CGBio Co., Ltd. with a registered capital of 60 million yuan, focusing on innovative cell biological materials and regenerative medicine [6][7] - The company specializes in the research, production, and sales of orthopedic implant consumables [7] Group 6 - Jinzhi Technology won a bid for projects related to the State Grid with a total amount of 90.73 million yuan, accounting for 5.12% of the company's projected revenue for 2024 [9][10] - The company focuses on smart energy and smart city businesses [10] Group 7 - Pinggao Electric won multiple procurement projects from the State Grid, totaling approximately 1.751 billion yuan, which is 14.12% of the company's projected revenue for 2024 [10] - The company specializes in high-voltage switchgear and power engineering contracting [10] Group 8 - Luantang Pharmaceutical received approval for the raw material drug Celecoxib, which is a selective COX-2 inhibitor with fewer gastrointestinal side effects compared to traditional NSAIDs [11][12] - The company is involved in the research, production, and sales of pharmaceutical products [12] Group 9 - Dongjie Intelligent obtained seven patent certificates related to AGV and conveyor system technologies [13][14] - The company specializes in the research, design, manufacturing, installation, and debugging of intelligent logistics systems [14] Group 10 - XJH Holdings received a government subsidy of 8.69 million yuan, which accounts for 38.67% of the company's projected net profit for 2024 [15][16] - The company focuses on the recycling and dismantling of waste electrical products [16] Group 11 - Huaihua Pharmaceutical's subsidiary received approval for the clinical trial of HZ-J001 ointment for treating non-segmental vitiligo [17][19] - The company is engaged in the research, production, and sales of pharmaceutical products [19] Group 12 - ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42%, while the stock of pigs increased by 15.06% [22][23] - The company is involved in feed, pig farming, food, and trade [23] Group 13 - Beibu Gulf Port reported a cargo throughput of 31.75 million tons in April, a year-on-year increase of 20.32% [24][25] - The company specializes in port loading, storage, and related services [25] Group 14 - Dongfang Iron Tower won a bid for State Grid projects totaling approximately 100 million yuan, which is 2.39% of the company's projected revenue for 2024 [26] - The company focuses on steel structures and related businesses [26] Group 15 - Huanxu Electronics reported a consolidated revenue of 4.641 billion yuan in April, a year-on-year increase of 0.72% [27] - The company provides design, manufacturing, and related services for brand customers [27] Group 16 - Jincheng Co. announced that part of its bank accounts has been frozen, involving approximately 32.97 million yuan due to contract disputes [28][29] - The company specializes in high-end intelligent equipment for photovoltaic and smart port sectors [29] Group 17 - NAIKE Equipment announced the departure of core technical personnel Wang Xiangguo [30][31] - The company focuses on semiconductor packaging equipment and related products [31] Group 18 - Jiaojian Co. won a construction project in Hefei with a bid amount of approximately 704 million yuan, covering residential buildings and related infrastructure [32][33] - The company specializes in infrastructure construction and related services [33] Group 19 - Hongyuan Green Energy plans to transfer a 27.07% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. for 1.245 billion yuan [34][35] - The company focuses on the research, production, and sales of aviation electromechanical products [35] Group 20 - Poly Development reported a signed amount of 24.622 billion yuan in April, a year-on-year decrease of 25.44% [46][48] - The company specializes in real estate development and sales [48]

| 1). | 於 2024 年12月5日回購股份但尚未註銷 | 29,500 | % | HKD | 27.34 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2024年12月5日 | | | | | | 2). | 於 2024 年12月17日回購股份但尚未註銷 | 28,000 | % | HKD | 27.36 | | | 變動日期 2024年12月17日 | | | | | | 3). | 於 2024 年12月18日回購股份但尚未註銷 | 10,400 | % | HKD | 27.12 | | | 變動日期 2024年12月18日 | | | | | | 4). | 於 2024 年12月19日回購股份但尚未註銷 | 39,000 | % | HKD | 26.87 | | | 變動日期 2024年12月19日 | | | | | | 5). | 於 2024 年12月20日回購股份但尚未註銷 | 40,000 | % | HKD | 26.76 | | | 變動日期 2024年12月20日 | | | | | | 6). | 於 2024 年 ...

Core Viewpoint - The company is facing significant challenges due to the investigation of its controlling shareholder for insider trading, alongside declining performance in key business segments and increasing competition in the industry [1][5][6]. Financial Performance - The company's overall revenue growth has slowed, with 2024 revenue at 2.698 billion (up 1.64% year-on-year) and net profit at 420 million (up 1.04% year-on-year) [2]. - In Q1 2025, revenue dropped to 619 million (down 4.25% year-on-year) and net profit to 90 million (down 7.41% year-on-year) [2]. - R&D expenses decreased significantly by 25.4%, while sales and management expense ratios increased by 0.54 and 1.52 percentage points, respectively [2]. Business Segmentation - The medical aesthetics segment showed weak growth, with 2024 revenue at 1.2 billion (44.38% of total), and hyaluronic acid product revenue at 742 million (up 23.23% year-on-year), but a sharp decline from 95.45% growth in 2023 [3]. - The ophthalmology segment reported revenue of 858 million (down 7.60% year-on-year), with intraocular lens revenue at 328 million (down 14.06% year-on-year), primarily impacted by a 60% price drop from the fourth national procurement [3]. - The orthopedics segment generated revenue of 457 million (down 4.11% year-on-year), with profits affected by price declines from provincial procurement for sodium hyaluronate injections [4]. Dividend and Market Concerns - The company's high dividend payouts have raised market concerns, with the controlling shareholder couple receiving approximately 344 million in cash dividends from 2019 to 2024, and the 2024 dividend accounting for 54.92% of net profit [4]. Industry Risks - The investigation into the controlling shareholder poses risks, including potential stock freezes or selling restrictions, which could undermine market confidence and highlight governance issues due to concentrated ownership [5][6]. - The company faces intense competition in the medical aesthetics sector, with rivals like Huaxi Biological and Aimeike, and pressure from new technologies impacting traditional markets [6]. - The normalization of centralized procurement is leading to a downward price trend for ophthalmology and orthopedics products, necessitating faster innovation to maintain profit margins [7]. Cash Flow and Asset Quality - Concerns regarding cash flow and asset quality are evident, with accounts receivable at 316 million (75.18% of net profit) and a low inventory turnover rate of 0.39 times [8]. - In Q1 2025, operating cash flow was 86 million, while cash outflow from investment activities was 179 million [8].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 上海昊海生物科技股份有限公司（於中華人民共和國註冊成立的股份有限公司） 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 06826 | H 股 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 ...

Core Viewpoint - The recent investigation of Jiang Wei, a major shareholder of Haohai Biological Technology, by the China Securities Regulatory Commission for suspected insider trading is not expected to significantly impact the company's operations or stock performance [1][2]. Company Overview - Haohai Biological Technology is recognized for its "medical aesthetics + ophthalmology" business model, with a focus on high-margin products such as artificial lenses and medical-grade hyaluronic acid [2][3]. - The company is the first biopharmaceutical firm listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange's Sci-Tech Innovation Board [2]. Financial Performance - Revenue has shown consistent growth from 1.3 billion yuan in 2020 to 2.6 billion yuan in 2024, while net profit increased from 200 million yuan to 400 million yuan during the same period, despite a significant drop in 2022 [2][3]. - In 2024, the company reported revenue of 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit of 420 million yuan, up 1.04% [3]. Market Challenges - The medical aesthetics and ophthalmology sectors are facing increased competition and price reductions due to national procurement policies, leading to stagnation in revenue growth for 2024 [3]. - The medical aesthetics segment has shown signs of growth fatigue, with revenues from medical beauty and wound care products increasing from 460 million yuan in 2021 to 1.2 billion yuan in 2024, but growth rates are declining [3]. Product Development - In July 2024, Haohai Biological Technology received approval for its fourth-generation hyaluronic acid product, Hai Mei Yue Bai, aimed at treating moderate to severe nasolabial folds, positioning it as a potential growth driver in the high-end medical aesthetics market [4]. - The product is priced at 13,800 yuan for 1ml and 19,800 yuan for 2ml, indicating a premium positioning [4]. Recent Performance - In the first quarter of 2024, the company experienced a decline in both revenue and net profit, with revenue at 619 million yuan, down 4.25%, and net profit at approximately 90.31 million yuan, down 7.41% [4].

Core Viewpoint - The company, Haohai Biological Technology (688366.SH), is facing scrutiny as its controlling shareholder, Jiang Wei, has been notified of an investigation by the China Securities Regulatory Commission for suspected insider trading, which has raised concerns among investors [1][3]. Company Overview - Haohai Biological Technology is a well-known producer of hyaluronic acid in China, with its founders Jiang Wei and You Jie being the controlling shareholders [1]. - The company has been listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange, making it the first biopharmaceutical company to achieve dual listing on the "H+ Sci-Tech Innovation Board" [1]. Financial Performance - In 2024, Haohai Biological Technology reported total revenue of 2.698 billion yuan, a year-on-year increase of 1.64%, while the net profit attributable to shareholders decreased by 1.12% to 379 million yuan [2]. - The overall gross margin slightly declined from 70.46% to 69.89% in 2024, attributed to a significant drop in sales prices of certain products due to new rounds of national or provincial procurement [2]. - The company's revenue from the ophthalmology sector saw a notable decline, with the cataract product line generating 420.73 million yuan, down 15.33% year-on-year [2]. Market Reaction - Following the announcement of Jiang Wei's investigation, Haohai Biological Technology's stock experienced a decline of 4.81% in early trading on May 8, closing down 0.70% at 52.80 yuan, with trading volume significantly increasing compared to the previous day [3].

Group 1 - A-share market has a more solid foundation for long-term stable operation due to a series of continuously strengthened policies [16] - The recent emphasis on stabilizing and activating the capital market by the State Council Information Office further supports this outlook [16] - The role of central financial institutions in promoting long-term capital inflow into the market is expected to enhance market resilience [16] Group 2 - The People's Bank of China is implementing a moderately loose monetary policy to support economic recovery and high-quality development [4] - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of public funds, including reducing investor costs and reforming performance evaluation mechanisms [4][5] - The Guangdong provincial government has launched a special action plan to boost consumption, which includes encouraging listed companies to implement employee stock ownership plans [6] Group 3 - The U.S. Federal Reserve has maintained its interest rate target range, reflecting increased uncertainty in the economic outlook [7] - The Fed's concerns about rising unemployment and inflation risks indicate a cautious approach to future monetary policy adjustments [7] - The ongoing trade tensions and tariff discussions between the U.S. and China continue to create economic uncertainty [5][8]

每经记者｜许立波 每经编辑｜文多 丨 2025年5月8日 星期四 丨 5月7日上午，常山药业盘中一度涨停，股价创历史新高。7日上午，《每日经济新闻》记者致电公司证 券部，对方表示公司生产经营一切正常。同日晚间，常山药业公告称，公司艾本那肽注射液尚未上市销 售，该注射液用于治疗2型糖尿病的上市许可申请已经获得国家药监局受理，目前处于专业审评阶段， 艾本那肽最终能否获批上市及获批时间仍存在不确定性。即使未来艾本那肽上市，也面临较高的市场竞 争风险。 点评：公司公告已明确，核心产品艾本那肽尚处于审评阶段，且未来面临较高竞争压力和不确定性。短 期内，公司股价已明显脱离基本面，存在情绪炒作迹象。 NO.1 将减肥药纳入基本药物目录？世卫组织回应 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 5月7日，昊海生科公告称，公司收到控股股东、实际控制人之一蒋伟通知，其于近日收到中国证监会出 具的《立案告知书》：因涉嫌内幕交易，决定对其立案。据昊海生科了解，该事项与公司股票无关。本 次事项系对蒋伟个人的调查，其不参与公司日常经营管理，该事项不会对公司日常经营活动产生重大影 响。 点评：尽 ...

Macro News - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points and a decrease in policy interest rates by 0.1 percentage points, along with adjustments to structural monetary policy tools [3] - The National Financial Regulatory Administration plans to enhance the role of insurance funds as patient and long-term capital, introducing measures to support capital market stability and activity [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, and will revise the management measures for major asset restructuring of listed companies [3] Industry News - China's gold reserves reached 73.77 million ounces at the end of April, marking an increase of 70,000 ounces and continuing a six-month trend of gold accumulation [6] - The CSRC has issued an action plan to promote the high-quality development of public funds, which includes adjusting management fees and establishing a performance-based assessment system for fund managers [6] - Shanghai announced a reduction in personal housing provident fund loan rates, effective from May 8, 2025, with rates for first-time homebuyers set at 2.1% for loans under five years and 2.6% for loans over five years [6] Company News - Geely Automobile announced a proposal to privatize Zeekr at a price of $2.57 per share [9] - Kweichow Moutai reported a share buyback of 934,800 shares in April, with a total expenditure of 1.44 billion yuan [10] - BeiGene reported a net loss of 94.5 million yuan in the first quarter [10] - Qingdao Beer plans to acquire 100% equity of Jimo Huangjiu [10] - Hive Storage confirmed that its LPDDR4X and eMMC storage products are being used in the Go2 intelligent robotic dog developed by Yushu Technology [10]