Core Insights - The company is focusing on high-end active pharmaceutical ingredients (APIs) and intermediates to break through industry competition and achieve high-quality development [1][2][4] Group 1: Company Overview - Hunan Warner Pharmaceutical Co., Ltd. is expanding its production capacity with a new green manufacturing base that will produce 3,000 tons of high-end APIs and intermediates annually, expected to commence operations in May 2026 [1][3] - The company currently has nearly 70 API varieties, with over 50 already transitioned to 'A' grade, and has invested 158 million yuan in R&D to drive the development of more high-end products [2][3] Group 2: Market Position and Growth - In 2024, the company's revenue from APIs and intermediates is projected to reach 346 million yuan, marking a year-on-year growth of 20.34%, continuing a trend of double-digit growth for four consecutive years [2] - Warner Pharmaceutical holds a significant market share in the domestic market, with over 70% for entecavir and around 50% for several other products [2] Group 3: Industry Context - The Chinese chemical API industry has seen a recovery in production, with output rising from 230.37 million tons in 2018 to 394.9 million tons in 2023, and is expected to exceed 1.7114 trillion USD in revenue by 2025 [4] - The global pharmaceutical market is projected to grow at a compound annual growth rate of 6.6% from 2024 to 2028, with the market size expected to surpass 2.2 trillion USD by 2028 [5] Group 4: Strategic Direction - The company aims to adopt a strategy of "high-end, large-scale, and internationalization" to achieve high-quality development in response to global pharmaceutical industry changes [4] - Warner Pharmaceutical is expanding its international market presence, particularly in Turkey, Brazil, and South Korea, leveraging its domestic market position and cost advantages [5]

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The pharmaceutical sector has shown resilience with a weekly increase of 1.27%, outperforming the CSI 300 index by 0.16 percentage points, ranking 11th among 31 sectors [7][26]. - The report highlights the potential recovery of the industry due to favorable policies and the gradual rebound of the hospital market, which was previously impacted by anti-corruption measures and centralized procurement [4][26]. - The focus on innovative therapies is expected to drive significant growth, with an emphasis on domestic BIC/FIC innovative drugs showing steady improvement in both quantity and quality [4][26]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's weekly performance was +1.27%, with sub-sectors such as Traditional Chinese Medicine II (+1.73%), Medical Services (+1.45%), and Chemical Pharmaceuticals (+1.44%) showing notable gains [7][26]. 2. Key Company Ratings - Companies such as Aosaikang (002755.SZ) and Cloudtop New Medicine (01952.HK) received "Buy" ratings, while Renfu Pharmaceutical (600079.SH) and Dize Pharmaceutical (688192.SH) were rated as "Hold" [1][4]. 3. Notable Industry News - BeiGene initiated a head-to-head Phase III clinical trial for BGB-16673, a targeted BTK PROTAC drug, which has shown promising results in earlier trials [26][27]. - AbbVie received FDA approval for its c-Met targeted ADC drug, marking a significant milestone in the ADC product line [29][30]. 4. Investment Recommendations - The report recommends focusing on high-quality targets within the formulation sector, particularly companies with efficient management and strong product pipelines, such as Aosaikang and Dize Pharmaceutical [4][26].

证券代码：688799 证券简称：华纳药厂 公告编号：2025-049 湖南华纳大药厂股份有限公司 关于 2024 年度向特定对象发行 A 股股票预案 修订情况说明的公告 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。 湖南华纳大药厂股份有限公司（以下简称"公司"）2024 年度向特定对象发 行 A 股股票（以下简称"本次向特定对象发行股票"、"本次向特定对象发行 A 股股票"或"本次发行"）的相关事项已经公司 2024 年 6 月 15 日召开的第三届 董事会第八次临时会议、第三届监事会第七次临时会议，2024 年 8 月 9 日召开 的 2024 年第一次临时股东大会审议通过。2025 年 4 月 30 日公司第四届董事会 第四次临时会议和第四届监事会第三次临时会议、2025 年 5 月 12 日公司 2024 年年度股东大会审议通过了延长公司 2024 年度向特定对象发行 A 股股票股东大 会决议有效期及相关授权有效期的事项。 更新了本次发行已经履行的审议程序 第一节 本次向 关联交易 特定对象发行股 六、本次发行是 ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-051 湖南华纳大药厂股份有限公司 关于 2024 年度向特定对象发行 A 股股票摊薄即期回 报与填补措施及相关主体承诺的公告（修订稿） 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。 湖南华纳大药厂股份有限公司（下称"公司"）拟向特定对象发行 A 股股 票，根据《国务院关于进一步促进资本市场健康发展的若干意见》 （国发201417 号）、《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作的 意见》（国办发2013110 号）、《关于首发及再融资、重大资产重组摊薄即期 回报有关事项的指导意见》（证监会公告201531 号）的相关要求，公司就 2024 年度向特定对象发行 A 股股票事项对摊薄即期回报的影响进行了认真、审慎、 客观的分析，提出具体的填补回报措施，具体内容如下： 终以实际发行的股份数量、发行结果和实际日期为准； 务费用、投资收益）等的影响； 东的净利润为 16,431.73 万元，扣除非经常性损益后归属于上市公司股东的净利 润为 13,8 ...

Core Viewpoint - The company plans to invest up to RMB 10 million in the Suzhou Rongxin Health Industry Venture Capital Center (Limited Partnership), focusing on innovative pharmaceutical products and technologies, which aligns with its main business [1][2]. Investment Overview - The investment aims to leverage the expertise of professional investment institutions to identify early-stage investment opportunities in high-potential areas such as innovative pharmaceuticals and complex formulations [2]. - The company will not guarantee minimum returns or exit guarantees for other investors in the fund [2]. Fund Management - The fund will be managed by Suzhou Rongshi Private Equity Fund Management Co., Ltd., which has a registered capital of RMB 10 million and manages funds ranging from RMB 1 billion to 2 billion [3]. - The fund is currently in the preparation and fundraising stage, with other partners yet to be fully determined [4]. Agreement and Compliance - As of the announcement date, the partnership agreement has not been signed, and the specifics will be determined by the final agreement [4]. - The investment does not constitute a related party transaction or a major asset restructuring as per regulatory definitions [2]. Financial Impact - The investment will not be consolidated into the company's financial statements and will not impose financial pressure on the company's existing operations [4]. - The funding source for the investment is the company's own funds, ensuring that normal business operations remain unaffected [4]. Risk Analysis - The investment process carries uncertainties, including the potential failure to raise sufficient funds due to partners not fulfilling their capital commitments [5]. - The company, as a limited partner, will have limited control over the fund's investment risks and will enhance communication with partners to monitor fund operations [5].

证券代码：688799 证券简称：华纳药厂 公告编号：2025-050 湖南华纳大药厂股份有限公司 关于与特定对象签署附条件生效的股份认购协议之 补充协议暨关联交易的公告 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。 重要内容提示： ? 湖南华纳大药厂股份有限公司（以下简称"华纳药厂"、"公司"或"发 行人"）拟向特定对象发行 A 股股票（以下简称"本次发行"），鉴于公司对本 次发行方案进行了调整，2025 年 5 月 12 日，公司与湖南华纳至臻产业投资合伙 企业（有限合伙）（以下简称"华纳至臻"）签署了《附条件生效的股份认购 协议补充协议（一）》：华纳至臻同意以现金方式认购公司本次向特定对象发 行的股票，认购金额为不超过 25,000.00 万元（含本数）。 营业执照依法自主开展经营活动) 截至本公告出具日，华纳至臻的出资结构如下： 序号 合伙人姓名 合伙人性质 认缴出资额（万元） 出资比例（%） 合计 1,000.00 100.00 截至本公告出具日，华纳至臻除参与本次向特定对象发行股票外，尚未实 际开展其他业务。 ...

Core Viewpoint - The company, Hunan Warrant Pharmaceutical Co., Ltd., is focusing on raising funds for technological innovation, with a total fundraising amount not exceeding 250 million yuan, aimed at supplementing working capital and enhancing its competitive edge in the pharmaceutical industry [2][7]. Group 1: Company's Main Business - The company specializes in the research, production, and sales of chemical drug formulations, chemical raw materials, and traditional Chinese medicine formulations, positioning itself as a high-tech enterprise with multiple R&D centers [1][6]. - It has established a high-end pharmaceutical industrialization platform with an "integrated raw material and formulation" advantage and is continuously developing a specialized innovative traditional Chinese medicine industrialization platform [3][4]. Group 2: Fundraising Plan - The total amount raised from the issuance will be used entirely to supplement working capital after deducting issuance costs, with 60 million yuan already deducted from the fundraising scale due to prior financial investments [2][5]. - The company aims to enhance its profitability and comprehensive competitiveness by integrating various resources and focusing on its core business [2][4]. Group 3: R&D and Innovation - The company has significantly increased its R&D investment, with R&D expenses as a percentage of revenue rising from 6.86% in 2022 to 11.21% in 2024 [4]. - It has developed a comprehensive R&D system and established several core technology platforms, enabling it to maintain a strong competitive edge in the pharmaceutical market [6][8]. Group 4: Market Position and Future Prospects - The company has obtained 76 formulation registration certificates and has a growing market share in key therapeutic areas such as digestion, respiration, and anti-infection [3][4]. - The fundraising will support the company's ongoing R&D efforts in innovative drugs and high-end generic drugs, enhancing its product offerings and overall competitiveness [7][8].

股东代理人所持有效表决权股份总数的过半数通过。 情况，出席本次股东大会的关联股东湖南华纳医药投资合伙企业（有限合伙）已 对议案 8、议案 11.02、议案 13、议案 14 回避表决；关联股东徐燕、徐小强已对 议案 8、议案 11.02 回避表决。 三、 律师见证情况 | 证券代码：688799 证券简称：华纳药厂 公告编号：2025-044 | | | | | | | --- | --- | --- | --- | --- | --- | | 湖南华纳大药厂股份有限公司 | | | | | | | 本公司董事会及全体董事保证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： | | | | | | | ? 本次会议是否有被否决议案：无 | | | | | | | 一、 会议召开和出席情况 | | | | | | | （一） 股东大会召开的时间：2025 年 5 月 | 12 日 | | | | | | （二） 股东大会召开的地点：湖南省长沙市岳麓区麓天路 | | | 28 号 | ...

证券代码：688799 证券简称：华纳药厂 公告编号：2025-046 湖南华纳大药厂股份有限公司 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、监事会议召开情况 湖南华纳大药厂股份有限公司（以下简称"公司"）第四届监事会第四次临 时会议于 2025 年 5 月 12 日以现场结合通讯方式召开，本次会议的通知于 2025 年 5 月 8 日送达公司全体监事。会议由监事会主席马飞先生主持，应出席监事 3 人，实际出席监事 3 人。会议的召集、召开、表决程序符合相关法律、法规及《湖 南华纳大药厂股份有限公司章程》 （以下简称"《公司章程》"）的相关规定，所作 决议合法有效。 二、监事会会议审议情况 本次会议审议通过了如下议案： （一）审议通过《关于调整公司 2024 年度向特定对象发行 A 股股票方案的 议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关公告。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司 2024 年度向特定对象发行 A 股股票预案（修 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 康达股会字【2025】第 0157 号 致：湖南华纳大药厂股份有限公司 www.kangdalawyers.com 北京市康达律师事务所（以下简称"本所"）接受湖南华纳大药厂股份有限公司（以下简 称"公司"）委托，指派本所律师对公司 2024 年年度股东大会（以下简称"本次会议"）的合 法性进行见证并出具《北京市康达律师事务所关于湖南华纳大药厂股份有限公司 2024 年年度股 东大会的法律意见书》（以下简称"《法律意见书》"）。本所律师通过现场/线上方式参加本 次会议并进行了见证。 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股东会规 则》"）、《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运作》《湖南华纳大 药厂股份有限公司章程》（以下简称"《公司章程》"）等规定，就本次会 ...