Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][8]. Core Insights - The company has a strong starting point in innovative drug development, with multiple candidates showing First in Class (FIC) potential. The generic drug business is experiencing steady growth while expanding its innovative drug portfolio [3][4]. - In 2024, the company achieved a revenue of 1.094 billion yuan, representing an 18.05% year-on-year increase, and a net profit of 325 million yuan, up 132.78% year-on-year. However, in Q1 2025, the company reported a revenue of 239 million yuan and a net loss of 26 million yuan [3]. - The company has successfully launched 17 new drugs domestically and holds over 400 drug approvals internationally, with more than 190 pending registrations [3][5]. - The company is accelerating its international expansion, particularly in Europe and the US, with foreign sales revenue reaching approximately 166 million yuan in 2024, a growth rate of 97.12% compared to 2023 [5]. Financial Projections - Revenue projections for 2025-2027 are 1.196 billion yuan, 1.446 billion yuan, and 1.742 billion yuan, respectively, with corresponding net profits of 91 million yuan, 201 million yuan, and 301 million yuan. The price-to-earnings (PE) ratios are expected to be 100.40, 45.27, and 30.28 [6][9].

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Views - The innovation environment is continuously improving, leading to an optimistic outlook on innovation premiums. In the first half of 2025, global pharmaceutical transactions reached 456, a 32% year-on-year increase, with total upfront payments soaring to $11.8 billion, a 136% increase. The total transaction value hit $130.4 billion, up 58% year-on-year, with Chinese companies contributing nearly 50% of the total value and over 30% of the transaction count [3] - The CXO sector is expected to gradually recover following a supply-side cleansing post-COVID-19, with a significant increase in License-out transactions and total transaction amounts surpassing previous years [4] - The TCE technology is being continuously iterated and updated, with promising clinical data emerging for TCE-based therapies, indicating a strong market potential [5] - The trend towards more effective and scientific weight loss solutions is evident, with GLP-1 drugs generating over $50 billion in global sales, driving capital interest in the sector [6] - There is a growing focus on autoimmune diseases, with significant clinical data supporting new treatments and collaborations in the field [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.21 percentage points in the last week, with a weekly increase of 1.90% [18] - Over the past month, the industry outperformed the CSI 300 index by 6.73 percentage points, with a monthly increase of 10.95% [21][24] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical and biotechnology industry index currently has a PE (TTM) of 37.98, above the 5-year historical average of 32.08 [41] 3. Recent Research Achievements - The report highlights various recent research findings, including the positive outlook for the blood products industry and the acceleration of the inhalation drug sector due to policy support [45] 4. Recent Industry Policies and News - The National Healthcare Security Administration has implemented measures to support the high-quality development of innovative drugs, enhancing the support for R&D and clinical applications [46] - Recent news includes significant approvals and collaborations in the pharmaceutical sector, indicating a vibrant market environment [48][49] 5. Key Company Recommendations - The report recommends specific companies based on their potential to benefit from the improving innovation environment and market trends, including CXO firms and those involved in TCE technology [8]

Group 1 - Liu Pharmaceutical Group plans to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.70 yuan per share [1] - Dongshan Precision intends to invest up to 1 billion USD to build a high-end printed circuit board project to meet the long-term demand for high-end printed circuit boards in emerging scenarios such as AI [1] - Bomaike reported a net profit of 12.39 million yuan for the first half of the year, a year-on-year decline of 80.42% [2] Group 2 - Western Mining achieved a net profit of 1.869 billion yuan in the first half of the year, a year-on-year increase of 15% [2] - Fuliwang expects a net loss of approximately 17 million yuan for the first half of the year, a decrease of 137.12% compared to the same period last year [2] - Digital Certification anticipates a net loss of between 80 million and 96 million yuan for the first half of the year, compared to a loss of 29.25 million yuan in the same period last year [3] Group 3 - Shanghai Construction reported a net profit of 710 million yuan for the first half of the year, a year-on-year decrease of 14.04% [5] - Funneng Co. achieved a net profit of 1.337 billion yuan in the first half of the year, a year-on-year increase of 12.48% [6] - Tengda Construction's total contract amount for the first half of the year decreased by 17.55% year-on-year [7] Group 4 - Fudan Fuhua decided to terminate the public transfer of a 28% stake in a subsidiary due to the lack of a deposit from potential buyers [9] - Fulei Ant's subsidiary has decided to cease operations due to intense competition in the photovoltaic industry and ongoing losses [11] - Dongfang Ocean's subsidiary received a medical device registration certificate for a folic acid testing kit [14] Group 5 - Huayu Pharmaceutical's subsidiary received overseas listing approvals for several products [16] - Feima International received a performance commitment compensation of 437 million yuan from its controlling shareholder [16] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project with a total investment of approximately 16.66 billion yuan [16] Group 6 - Anhui Construction won the bid for the S68 Jingde to Jixi Expressway project with an estimated total investment of 5.7 billion yuan [18] - China Communications Construction Company signed new contracts worth 991.054 billion yuan in the first half of the year, a year-on-year increase of 3.14% [19] - Kehui Co. plans to use up to 70 million yuan of idle funds for cash management [22] Group 7 - Biological Shares' subsidiary received a clinical trial approval for a cat mRNA vaccine, the first of its kind in China [23] - Ruipu Biological received a clinical trial approval for a pig mRNA vaccine, which is the first economic animal mRNA vaccine in China [24] - Nanjing New Hundred's major assets were judicially frozen due to liquidity debt crisis faced by its controlling shareholder [27] Group 8 - Changshu Bank plans to merge three village banks and establish branches, pending shareholder approval [28] - Yong'an Pharmaceutical plans to reduce its holdings by up to 2.6323 million shares [29] - Zhujiang Co. received approval from the Shanghai Stock Exchange for a stock issuance to specific targets [31] Group 9 - Sanyangma's subsidiary signed a 120 million yuan procurement contract for sensor products [33] - Jintou City Development plans to purchase a villa property for approximately 7.1854 million yuan [35] - Yuanli Co. intends to acquire 100% of Tongsheng Co. through a combination of cash and stock issuance [36] Group 10 - Xin'an Century's controlling shareholder plans to reduce holdings by up to 2.22% of the company's shares [36] - Fute Technology plans to raise up to 528 million yuan through a private placement for various projects [36] - Helen Piano's actual controller is set to change, with stock resuming trading [37] Group 11 - Weiergao expects a net profit increase of 12.55% to 30.87% for the first half of the year [38] - Saiwei Microelectronics plans to transfer up to 18% of its shares through an agreement [40] - Yongli Co. intends to acquire a 22.75% stake in a subsidiary [42] Group 12 - ST Xiachuang plans to publicly transfer a 20% stake in Guangdong Yuweiji [43] - Dema Technology's shareholders plan to transfer 778.84 million shares through an inquiry [45] - Zhongshi Technology's shareholders plan to reduce holdings by up to 2.86% of the company's shares [46] Group 13 - Wufang Optoelectronics' controlling shareholder plans to reduce holdings by up to 0.93% of the company's shares [48] - Fusenmei's chairman has been detained, temporarily unable to fulfill his duties [49] - Reliable Co.'s shareholders plan to reduce holdings by a total of up to 2.63% of the company's shares [51] Group 14 - Gao Neng Environment plans to repurchase shares worth between 100 million and 150 million yuan [53]

证券代码：688553 证券简称：汇宇制药 公告编号：2025-055 四川汇宇制药股份有限公司 股东名称 黄乾益 股东身份 控股股东、实控人及一致行动人 □是 √否 一、减持主体减持前基本情况 | | 直接持股 5%以上股东 | √是 | □否 | | --- | --- | --- | --- | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：不适用 | | | | 持股数量 | 27,219,439股 | | | | 持股比例 | 6.426% | | | | 当前持股股份来源 | IPO 前取得：27,219,439股 | | | 持股 5%以上股东减持股份计划时间届满暨减持股份 结果公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露之日，四川汇宇制药股份有限公司(以下简称"公司")股东 黄乾益持有公司股份数量为 27,219,439 股，占公司总股本的 6.426%；上述股份 来源于公司首次公开发行前取得的股份，且已于 ...

证券代码：688553 证券简称：汇宇制药 公告编号：2025-056 公司唑来膦酸注射液研发成功后已进行了多国注册申报，分别已在中国、英 国、法国、葡萄牙、荷兰、西班牙、意大利、德国等 15 个国家获得上市许可。 截至目前，公司已分别在越南、巴基斯坦等 5 个国家提交注册申请。 （二）注射用赛替派 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 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。 四川汇宇制药股份有限公司（以下简称"公司"）子公司 Seacross Pharma (Europe) Ltd.近期收到德国国家药品和保健品安全局和沙特阿拉伯健康产品监管 局分别核准签发的公司产品唑来磷酸注射液、注射用赛替派、丙戊酸钠注射用浓 溶液和注射用盐酸苯达莫司汀的上市许可。现将相关情况公告如下： 二、药品的其他相关情况 （一）唑来膦酸注射液 唑来膦酸注射液主要用于治疗绝经后妇女以及成年男性的骨质疏松症，治疗 绝经后妇女以及成年男性长期糖皮质激素治疗诱发的骨质疏松症，以及成人 Paget's 骨病（变形性骨 ...

汇宇制药公告，公司子公司Seacross Pharma Ltd.近期获得德国国家药品和保健品安全局以及沙特阿拉伯 健康产品监管局的上市许可，涉及唑来磷酸注射液、注射用赛替派、丙戊酸钠注射用浓溶液和注射用盐 酸苯达莫司汀等产品。这些许可有助于公司丰富国际市场产品管线，提升品牌形象，并拓展国际业务的 广度和深度。公司已进行产品上市销售的准备工作，但受市场竞争等因素影响，未来能否产生较大收入 仍具有不确定性。 ...

Market Performance - The recombinant protein concept increased by 2.92%, ranking 7th among concept sectors, with 43 stocks rising, including Chengdu Xian Dao and Mai Wei Bio reaching a 20% limit up [1] - Leading gainers included Shen Zhou Cell, Hai Te Bio, and Ke Xing Pharmaceutical, with increases of 15.40%, 11.93%, and 10.14% respectively [1] - Decliners included ST Wei Ming, *ST Su Wu, and Lizu Group, with decreases of 5.01%, 4.81%, and 0.49% respectively [1] Capital Flow - The recombinant protein sector saw a net inflow of 188 million yuan, with 17 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [1] - Shen Zhou Cell led with a net inflow of 217 million yuan, followed by Chengdu Xian Dao, Mai Wei Bio, and Hui Yu Pharmaceutical with net inflows of 126 million yuan, 96.87 million yuan, and 45.41 million yuan respectively [1] Capital Inflow Ratios - Leading stocks in capital inflow ratios included Shen Zhou Cell, Chengdu Xian Dao, and Cheng Da Bio, with net inflow ratios of 16.25%, 12.33%, and 10.79% respectively [2] - The top stocks in the recombinant protein concept based on capital flow included Shen Zhou Cell, Chengdu Xian Dao, and Mai Wei Bio, with respective daily turnover rates of 3.70%, 12.33%, and 17.80% [2]

Core Points - Sichuan Huiyu Pharmaceutical Co., Ltd. has completed the investment project "High-end Green Pharmaceutical Industry Extension Project" using the raised funds and is now proposing to conclude this project [1][4] - The total amount raised from the public offering was 2,472.132 million RMB, with a net amount after deducting issuance costs [1] - The company has utilized 1,907.315 million RMB for projects related to its main business, with an additional 453.3598 million RMB from over-raised funds [2][4] Fundraising and Investment Project Details - The company issued 63,600,000 shares at a price of 38.87 RMB per share, leading to a total fundraising amount of 2,472.132 million RMB [1] - The total investment amount for the main business-related projects was 1,907.315 million RMB, while the total amount of over-raised funds was 453.3598 million RMB [2] - As of the announcement date, the remaining unused amount of over-raised funds was 44.46 RMB [2] Project Completion and Financial Summary - The "High-end Green Pharmaceutical Industry Extension Project" has completed construction, with some production lines already in trial production, meeting the conditions for project conclusion [4] - The total investment for the project was 315.61 million RMB, with 288.61 million RMB already invested and a remaining balance of 17.60753 million RMB after accounting for interest income [4] - The supervisory board has approved the conclusion of the project, confirming that it aligns with the interests of the company and its shareholders [4]

一、募集资金基本情况 证券代码：688553 证券简称：汇宇制药 公告编号：2025-054 四川汇宇制药股份有限公司 关于超募资金投资项目结项的公告 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。 四川汇宇制药股份有限公司（以下简称"汇宇制药"或"公司"）于 2025 年 7 月 15 日召开第二届董事会第十六次会议和第二届监事会第十六次会议，审 议通过了《关于超募资金投资项目结项的议案》，同意对公司超募资金投资项目 "高端绿色药物产业延链项目"予以结项。现将具体情况公告如下： 经上海证券交易所科创板上市委员会 2021 年 5 月 26 日审核同意，并经中国 证券监督管理委员会于 2021 年 8 月 3 日《关于同意四川汇宇制药股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕2596 号）同意注册，汇宇 制药向社会公开发行人民币普通股（A 股）股票 63,600,000 股，发行价格 38.87 元/股，本次发行的募集资金总额为 247,213.20 万元，扣除相关发行费用人民币 11,145.72 ...

证券代码：688553 证券简称：汇宇制药 公告编号：2025-053 四川汇宇制药股份有限公司 监事会决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 四川汇宇制药股份有限公司（以下简称"公司"或"汇宇制药"）第二届监事会 第十六次会议于 2025 年 7 月 10 日以电子邮件方式发出通知，并于 2025 年 7 月 15 日以通讯表决方式召开。本次会议由公司监事会主席邓玲女士召集并主持， 应出席监事 3 人，实际出席监事 3 人。全体监事认可本次会议的通知时间、议案 内容等事项，本次监事会的召集和召开程序符合《中华人民共和国公司法》《中 华人民共和国证券法》等法律法规及《公司章程》的相关规定，会议决议合法有 效。 二、监事会会议审议情况 1、审议通过《关于超募资金投资项目结项的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披露的 《汇宇制药关于超募资金投资项目结项的公告》（公告编号：2025-054） ...