Core Viewpoint - Huiyu Pharmaceutical is a leading player in the domestic oncology and complex injectable drug sector, with a full industry chain advantage [1] Financial Performance - In Q3 2025, Huiyu Pharmaceutical achieved revenue of 742 million yuan, ranking 60th out of 110 in the industry, significantly lower than the top players, East China Pharmaceutical at 32.664 billion yuan and Fosun Pharma at 29.393 billion yuan, and below the industry average of 2.8 billion yuan, but close to the median of 838 million yuan [2] - The net profit for the same period was -55.07 million yuan, ranking 87th out of 110, with a substantial gap compared to the leading companies, Hengrui Medicine at 5.76 billion yuan and Fosun Pharma at 3.056 billion yuan, and below the industry average of 299 million yuan and median of 78.29 million yuan [2] Financial Ratios - As of Q3 2025, Huiyu Pharmaceutical's debt-to-asset ratio was 23.69%, slightly up from 23.21% year-on-year, but lower than the industry average of 35.26%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 80.49%, down from 83.15% year-on-year, yet still above the industry average of 57.17%, reflecting strong profitability [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 14.45% to 13,900, while the average number of circulating A-shares held per shareholder increased by 16.89% to 24,700 [5] - The top ten circulating shareholders include Ping An Medical Health Mixed A (003032), which is the seventh largest shareholder with 6.8378 million shares, indicating new shareholder interest [5] Strategic Developments - Southwest Securities noted that the impact of centralized procurement is gradually diminishing, and new products are expected to be launched; the company is accelerating innovation with 14 ongoing Class I innovative drug projects, with 2-3 expected to enter clinical research each year over the next three years [5] - The company has launched a total of 43 products, with overseas revenue share increasing from 9.1% in 2023 to 20% in the first half of 2025, projecting revenues of 1.04 billion, 1.09 billion, and 1.2 billion yuan for 2025-2027 [5] Market Position and Growth - Huaxin Securities highlighted that in the first half of 2025, the company experienced steady growth, with five new domestic drug approvals and 50 new foreign drug approvals; the innovative drug pipeline is expanding with 14 ongoing projects [6] - The company reported rapid growth in overseas sales, achieving 93 million yuan in overseas revenue in the first half of 2025, a year-on-year increase of 27.18% [6] - Progress has been made in the medical device sector, with three Class I medical device registrations completed and three Class II medical device product approvals obtained [6]

Core Viewpoint - The company has received marketing approvals for its injectable paclitaxel (albumin-bound) from regulatory authorities in Portugal and the UK, indicating a significant step in expanding its product offerings in the oncology market [1] Group 1: Product Approval - The company's subsidiaries, Seacross (Europe) Pharma Ltd. and Seacross Pharmaceuticals Ltd., have obtained marketing licenses for injectable paclitaxel from the Portuguese Medicines and Health Products Regulatory Authority and the UK Medicines and Healthcare products Regulatory Agency [1] - The injectable paclitaxel is primarily indicated for the treatment of adult patients with metastatic breast cancer, pancreatic adenocarcinoma, and non-small cell lung cancer [1] Group 2: Market Expansion - The product has already received marketing authorization in the UK, Portugal, Denmark, Netherlands, Ireland, Finland, and Sweden [1] - Additionally, registration applications have been submitted in Italy, France, Spain, and seven other countries, indicating a proactive approach to market expansion [1]

Core Viewpoint - The company Seacross (Europe) Pharma Ltd. and Seacross Pharmaceuticals Ltd., subsidiaries of Huiyu Pharmaceutical, have received marketing authorization for their injectable paclitaxel (albumin-bound) from regulatory authorities in Portugal and the UK [2]. Group 1 - The marketing authorization was granted by the Portuguese Medicines and Health Products Authority and the UK Medicines and Healthcare products Regulatory Agency [2].

证券代码：688553 证券简称：汇宇制药 公告编号：2025-087 四川汇宇制药股份有限公司 关于自愿披露公司产品获得境外上市许可的公告 二、公司产品的其他相关情况 注射用紫杉醇(白蛋白结合型)主要单药疗法适用于治疗成人转移性乳腺癌 患者（这些患者在一线治疗转移性疾病后病情未见好转，且标准的含蒽环类药物 治疗方案不适用）；与吉西他滨联合使用适用于成人转移性胰腺腺癌患者的首次 治疗；与卡铂联合使用，适用于不适合接受可能具有治愈效果的手术和/或放疗 的成年非小细胞肺癌患者的初始治疗。 公司注射用紫杉醇(白蛋白结合型)研发成功后已进行了多国注册申报，目前 已在英国、葡萄牙、丹麦、荷兰、爱尔兰、芬兰、瑞典获得上市许可。截至目前， 公司已在包含意大利、法国、西班牙等 7 个国家提交注册申请。 三、对公司的影响及风险提示 公司研发的注射用紫杉醇(白蛋白结合型)分别获得葡萄牙、英国的上市许可， 有利于公司在国际市场产品管线的丰富，提升市场的品牌形象，持续拓展国际业 务的广度和深度，为国际市场的可持续发展进一步夯实了基础。 公司已开展产品上市销售的前期准备工作，同时受产品的非唯一性、同类产 品竞争以及未来公司业务的推广效 ...

Core Viewpoint - Seacross (Europe) Pharma Ltd. and Seacross Pharmaceuticals Ltd., subsidiaries of Huayu Pharmaceutical, have received marketing approvals for their injectable paclitaxel (albumin-bound) from regulatory authorities in Portugal and the UK [1] Group 1: Regulatory Approvals - The injectable paclitaxel (albumin-bound) has been successfully developed and has received marketing authorization in multiple countries [1] - The product is now approved for sale in the UK, Portugal, Denmark, Netherlands, Ireland, Finland, and Sweden [1]

Core Viewpoint - Huayu Pharmaceutical's stock increased by 5.03% on October 31, reaching 21.30 CNY per share, with a total market capitalization of 9.023 billion CNY [1] Company Overview - Sichuan Huayu Pharmaceutical Co., Ltd. was established on October 12, 2010, and listed on October 26, 2021. The company focuses on the research, production, and sales of drugs in the oncology field and complex injectable drugs [1] - The main revenue composition includes 97.27% from drug sales, 1.66% from technical services, and 1.07% from other sources [1] Shareholder Information - Ping An Fund's Ping An Medical Health Mixed A (003032) entered the top ten circulating shareholders of Huayu Pharmaceutical in the third quarter, holding 6.8378 million shares, which is 1.99% of the circulating shares [2] - The estimated floating profit from this investment is approximately 6.9746 million CNY [2] Fund Performance - Ping An Medical Health Mixed A (003032) was established on November 24, 2017, with a current size of 2.028 billion CNY. The fund has achieved a year-to-date return of 56.7%, ranking 794 out of 8154 in its category [2] - Over the past year, the fund's return is 47.82%, ranking 1222 out of 8046, and since inception, it has returned 143.53% [2]

Group 1: Company Performance - Anker Innovation reported a revenue of 21.019 billion with a year-on-year growth of 27.79% and a net profit of 1.933 billion, up 31.34% [1] - Hongjing Technology achieved a revenue of 15.510 billion, a staggering growth of 595.49%, and a net profit of 107.5 million, increasing by 448.91% [1][2] - CICC recorded a revenue of 20.761 billion, growing by 54.36%, and a net profit of 6.567 billion, up 129.75% [3] - Tongfeng Electronics reported a revenue of 1.072 billion, with an 11.37% increase, and a net profit of 79.91 million, up 28.88% [4] - Changshu Bank achieved a revenue of 9.052 billion, growing by 8.15%, and a net profit of 3.357 billion, up 12.82% [6] - Jingfeng Mingyuan reported a revenue of 1.117 billion, with a 2.67% increase, and a net profit of 23.33 million, turning from loss to profit [8] - Magmita's revenue was 6.791 billion, growing by 15.05%, but net profit fell by 48.29% to 213 million [9] - Huilong Pharmaceutical reported a revenue of 742 million, down 12.92%, with a net loss of 50.8047 million [10] - Dongwei Semiconductor achieved a revenue of 964 million, growing by 41.60%, and a net profit of 48.55 million, up 58.46% [22] - Spring Autumn Electronics reported a revenue of 3.197 billion, with a 7.21% increase, and a net profit of 231 million, up 63.91% [24] - Jiangnan New Materials achieved a revenue of 7.569 billion, growing by 18.34%, and a net profit of 165 million, up 21.95% [25] - Fuda Alloy reported a revenue of 3.497 billion, with a 30.03% increase, and a net profit of 55.5042 million, up 33.52% [26] - Zhongjin Gold achieved a revenue of 53.976 billion, growing by 17.23%, and a net profit of 3.679 billion, up 39.18% [28] - Shoukai Holdings reported a revenue of 23.186 billion, with a 60.31% increase, but a net loss of 3.105 billion [29] - Nanshan Aluminum achieved a revenue of 26.325 billion, growing by 8.66%, and a net profit of 3.772 billion, up 8.09% [30][32] Group 2: Company Background - Anker Innovation specializes in the research, design, and sales of consumer electronics products, including mobile device peripherals and smart hardware [1] - Hongjing Technology focuses on providing comprehensive solutions in smart living, urban management, and smart parks [2] - CICC is engaged in investment banking, equity sales and trading, proprietary investment and trading, wealth management, and investment management [3] - Tongfeng Electronics specializes in the research, production, and sales of film capacitors and their materials [4][5] - Changshu Bank provides retail banking, corporate banking, financial market services, and village bank services [6][7] - Jingfeng Mingyuan focuses on the research and sales of power management and control driver chips [8][9] - Magmita specializes in the research, production, and sales of smart home control products, power products, and industrial automation products [9] - Huilong Pharmaceutical is involved in the research, production, and sales of innovative and high-quality generic drugs for cancer treatment [10][11] - Dongwei Semiconductor specializes in the research and sales of high-performance power devices [22][23] - Spring Autumn Electronics focuses on the research, design, production, and sales of precision molds and components for consumer electronics [24] - Jiangnan New Materials specializes in the research, production, and sales of copper-based new materials [25][26] - Fuda Alloy focuses on the research, production, and sales of electrical contact materials [26][27] - Zhongjin Gold is involved in geological exploration, mining, and smelting of gold and non-ferrous metals [28][29] - Shoukai Holdings specializes in real estate development, property management, urban renewal, and real estate finance [29][30] - Nanshan Aluminum focuses on the development, production, processing, and sales of aluminum and aluminum alloy products [30][31][32]

Core Viewpoint - Huiyu Pharmaceutical (688553) reported a significant decline in financial performance for Q3 2025, with a revenue drop of 12.92% year-on-year and a net loss of 50.8 million yuan, marking a 122.35% decrease compared to the previous year [1][3]. Financial Performance Summary - The company's revenue for Q3 2025 was 288.63 million yuan, down 9.70% year-on-year, while the net profit attributable to shareholders was 29.92 million yuan, a decrease of 81.55% [2][3]. - For the year-to-date period, total revenue reached 741.75 million yuan, reflecting a 12.92% decline, and the net profit attributable to shareholders was a loss of 50.8 million yuan, down 122.35% [2][3]. - The operating cash flow for the year-to-date period was 31.17 million yuan, a significant decrease of 80.79% compared to the previous year [2][4]. Reasons for Financial Changes - The decline in net profit by 81.5% was attributed to reduced revenue, increased R&D expenditures, and changes in the fair value of shares in Tongyuan Kang (HK2410) [3][4]. - The substantial drop in operating cash flow was primarily due to increased cash payments for goods and services during the reporting period [3][4]. R&D Investment - R&D investment totaled approximately 94.91 million yuan in Q3 2025, representing a 28.33% increase year-on-year, and accounted for 32.88% of total revenue [2][4].

中信建投证券股份有限公司 关于四川汇宇制药股份有限公司 使用闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为四川汇宇制药股份有限公司（以下简称"汇宇制药"或"公司"）首次公开 发行股票并在科创板上市的保荐机构，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》等相关法律法规及规范性文件的规定， 对汇宇制药暂时使用闲置募集资金进行现金管理进行了核查，具体情况如下： 一、投资情况概述 （一）投资目的 在确保不影响募集资金投资项目的建设和使用安排，并有效控制募集资金风 险的前提下，为提高募集资金使用效率，合理利用暂时闲置募集资金进行现金管 理，有利于降低公司财务费用，增加公司现金资产收益，为公司及股东获取更多 的回报。 （二）投资金额 在确保不影响募集资金安全和投资项目资金使用进度安排的前提下，公司拟 使用不超过人民币 60,000 万元（含本数）的暂时闲置募集资金进行现金管理， 使用期限自董事会审议通过之日起 12 个月内有效。在不超过上述额度及决议有 效期内，资金可循环滚动使用。 （三）资金来源 本次公司拟进行现金管理的资金来源 ...

因此，我们一致同意本次关联交易事项，并同意将该事项提交公司董事会审 议。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 四川汇宇制药股份有限公司 独立董事：龙永强、梁昕昕、谭勇 2025 年 10 月 29 日 四川汇宇制药股份有限公司 第二届董事会独立董事专门会议 第五次会议决议 四川汇宇制药股份有限公司（以下简称"公司"）第二届董事会独立董事专 门会议第五次会议于 2025 年 10 月 29 日在公司会议室以通讯方式召开。本次会 议由全体独立董事共同推举龙永强先生担任会议召集人并主持本次会议，会议应 出席独立董事 3 名，实际出席独立董事 3 名。本次会议的召集、召开和表决程序 符合《上市公司独立董事管理办法》等法律、法规、规范性文件和《公司章程》 的有关规定。 全体独立董事对本次会议议案进行了审议，以记名投票表决方式，通过如下 决议： 一、审议通过《关于公司及其关联方共同参与投资私募基金暨关联交易的 议案》 独立董事认为：公司与关联方共同出资参与认购私募基金文周瑞昕,公司拟 以自有资金认缴出资人民币 700 万元，该关联交易事项有助于公司在产业链的生 态布局,借助专业投资机构的经验和资源,有利 ...