Investment Rating - Maintains an "Overweight" rating with a target price of 23.70 yuan, corresponding to a 32x P/E for 2024 [3][5] Core Views - The company's investment business turned negative, leading to a significant decline in performance, with adjusted revenue and net profit for 2024Q3 dropping by 39% and 63% year-over-year, respectively [3] - The acquisition of Shenzhen Jianyuan aims to capture growth opportunities in the biopharmaceutical industry, with Shenzhen Jianyuan's operating profit reaching 89.99 million yuan in 2023 and 82.68 million yuan in 2024H1, showing rapid growth [3] - The completion of the new fund's fundraising is expected to increase management fee income, with the Harmony Green Industry Fund raising 10.5 billion yuan in July 2024 [3] - Improved capital market conditions are favorable for the company's project exits, particularly in the areas of new industrialization and artificial intelligence [3] Financial Summary - Revenue for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 1,220 million yuan, 1,219 million yuan, 1,193 million yuan, 2,074 million yuan, and 2,761 million yuan, respectively, with significant growth expected in 2025E and 2026E [1] - Net profit attributable to the parent company for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 825 million yuan, 985 million yuan, 565 million yuan, 1,206 million yuan, and 1,529 million yuan, respectively, with a notable decline in 2024E followed by strong recovery in 2025E and 2026E [1] - EPS for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 1.08 yuan, 1.29 yuan, 0.74 yuan, 1.58 yuan, and 2.00 yuan, respectively [1] - ROE for 2022A, 2023A, 2024E, 2025E, and 2026E is projected at 12.7%, 13.2%, 7.2%, 13.8%, and 15.5%, respectively [1] Business Performance - Investment income turned negative in 2024Q3, with a loss of 37 million yuan compared to a profit of 493 million yuan in the same period last year, primarily due to fair value changes in financial assets [3] - Management fee income from private equity business increased by 81% year-over-year in 2024H1, reaching 220 million yuan, driven by the successful fundraising of the Harmony Green Industry Fund [3] - Building materials business revenue declined by 41% year-over-year in 2024H1, reaching 261 million yuan, due to weak market conditions in the cement and aggregate sectors [3] Strategic Moves - The company acquired 92% of Shenzhen Jianyuan for 1.596 billion yuan, aiming to strengthen its position in the biopharmaceutical sector [3] - The Harmony Green Industry Fund, with a total commitment of 10.5 billion yuan, is expected to enhance management fee income and focus on innovative technology enterprises [3] Market Performance - The stock price has shown significant growth over the past year, with a 52-week range of 10.20-19.98 yuan and a current price of 18.49 yuan [6] - The company's market capitalization stands at 13.956 billion yuan, with a total share capital of 763 million shares [6]

Financial Performance - The company's operating revenue for Q3 2024 was ¥261,743,080.98, representing a 7.25% increase year-over-year[2]. - The net profit attributable to shareholders decreased by 38.63% to ¥131,182,154.41 in Q3 2024, and decreased by 63.41% to ¥244,562,979.60 for the year-to-date[2]. - The basic earnings per share for Q3 2024 was ¥0.17, down 39.29% compared to the same period last year[2]. - The net profit for Q3 2024 was CNY 245,154,168.82, a decrease from CNY 668,566,756.30 in the same period last year[19]. - Operating profit for Q3 2024 was CNY 272,723,934.21, compared to CNY 766,505,208.72 in Q3 2023, indicating a significant decline[19]. - The total comprehensive income for Q3 2024 was CNY 245,347,964.18, compared to CNY 669,100,999.63 in the same quarter last year[19]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥8,189,582,827.57, a slight decrease of 0.06% from the end of the previous year[2]. - The total liabilities increased by 300.70% for short-term borrowings, reaching ¥40,030,232.81, primarily due to increased bank loans[6]. - The total liabilities rose to ¥792,075,831.20 from ¥736,012,782.40, indicating an increase of about 7.6%[16]. - The total equity attributable to shareholders decreased to ¥7,379,547,699.94 from ¥7,441,228,027.45, reflecting a decline of approximately 0.83%[17]. - The company's inventory decreased to ¥37,519,337.89 from ¥51,681,301.82, a reduction of approximately 27.4%[15]. - The total non-current assets increased to ¥6,698,631,397.51 from ¥6,619,225,430.09, reflecting a growth of about 1.2%[16]. Cash Flow - Cash flow from operating activities increased significantly by 201.32% year-to-date, totaling ¥292,926,881.86[2]. - The net cash flow from operating activities increased by 201.32% to ¥292,926,881.86 compared to ¥97,214,907.53 in the same period last year, primarily due to an increase in fund management fees from a larger fund scale and improved management of cash flows[9]. - The net cash flow from investing activities was ¥498,216,961.14, a significant change from a negative ¥299,904,081.91 in the previous year, mainly due to a reduction in structured deposits and increased external investments[9]. - The company reported a cash and cash equivalents balance of CNY 1,004,519,354.24 at the end of Q3 2024, up from CNY 347,451,274.70 at the end of Q3 2023[21]. - The company experienced a cash outflow from financing activities of CNY 234,656,003.19 in Q3 2024, compared to CNY 6,193,142.10 in Q3 2023[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,927, with the largest shareholder, Beijing Harmony Hengyuan Technology Co., Ltd., holding 26.52% of shares (202,446,032 shares) and pledging 124,005,100 shares[10]. - LCOHC holds 17.55% of shares (133,952,761 shares) in Sichuan Harmony Shuangma, indicating a significant influence in shareholder meetings and decision-making[10]. - Tianjin Saikehuan plans to transfer 60,553,952 shares to CITIC Financial Asset Management and 51,919,170 shares to Zhongrong Life Insurance, which will affect the voting rights controlled by Harmony Hengyuan[13]. - After the completion of share transfers, Harmony Hengyuan will control 54.33% of the voting rights in Sichuan Harmony Shuangma, totaling 414,802,695 shares[13]. - The company has a share repurchase account holding 6,219,875 shares, representing 0.81% of the total shares[13]. - The strategic share transfers and voting rights arrangements indicate ongoing consolidation of control among major shareholders, which may impact future corporate governance[13]. Expenses and Income - Research and development expenses decreased by 85.31% to ¥2,562,260.38 in Q3 2024, primarily due to the completion of certain projects[7]. - The company reported a significant decrease in investment income, down 97.97% to ¥7,174,465.60, attributed to changes in joint fund earnings[8]. - The commission income for the period was ¥450,583,739.42, compared to ¥570,491,843.31 in the previous period, a decline of approximately 21.0%[18]. - The investment income for the period was ¥7,174,465.60, significantly lower than ¥352,579,053.29 from the previous period, indicating a decrease of about 98.0%[18].

前述投资完成后，上市公司对该基金不会形成控制。 证券代码：000935 证券简称：四川双马 公告编号：2024-46 四川和谐双马股份有限公司 关于参与设立创业投资基金暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、对外投资暨关联交易的概述 （一）基本情况 为持续推动四川和谐双马股份有限公司（简称"公司"或"上市公司"）的 战略转型和产业布局，围绕上市公司的新业务不断培育新的投资和并购机会，公 司全资子公司上海和谐新智科技发展有限公司（简称"和谐新智"）拟作为有限 合伙人以自有或自筹资金出资1亿元人民币，上海市徐汇区国有资产监督管理委 员会下设的上海汇资投资有限公司（简称"汇资投资"）拟作为有限合伙人以自 有或自筹资金出资3亿元人民币，西藏和谐联动信息咨询有限公司（简称"西藏 联动"）拟作为有限合伙人以自有或自筹资金出资2亿元人民币，公司关联方上海 和谐汇明企业管理咨询有限公司（简称"和谐汇明"）拟作为普通合伙人以自有 或自筹资金出资100万元人民币，共同设立一只创业投资基金，即，上海和谐汇 资创业投资合伙企业（有限合伙）（暂定名，具体以 ...

四川和谐双马股份有限公司 第九届董事会第十二次会议决议公告 证券代码：000935 证券简称：四川双马 公告编号：2024-45 本议案涉及关联交易，关联董事谢建平、林栋梁回避表决。 本议案的表决情况为：同意 5 票；反对 0 票；弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 四川和谐双马股份有限公司（以下简称"公司"）第九届董事会第十二次会 议于 2024 年 10 月 29 日以现场或通讯的方式召开，现场会议地址为深圳市坪山 区金辉路 14 号深圳市生物医药创新产业园区。本次会议应出席董事 7 人，实到 7 人。会议通知于 2024 年 10 月 25 日以书面方式向各位董事和相关人员发出。 本次会议由董事长谢建平先生主持，高级管理人员和部分监事列席了会议， 本次会议的召集、召开符合有关法律法规和《四川和谐双马股份有限公司章程》 的规定。 二、董事会会议审议情况 在公司董事充分理解会议议案并表达意见后，审议通过了以下议案： （一）《关于参与设立创业投资基金暨关联交易的议案》 请详见公司于同日在巨潮资讯网（http ...

证券代码：000935 证券简称：四川双马 公告编号：2024-48 四川和谐双马股份有限公司 第九届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 四川和谐双马股份有限公司（以下简称"公司"）第九届监事会第七次会议 于 2024 年 10 月 29 日以现场或通讯的方式召开，现场会议地址为深圳市坪山区 金辉路 14 号深圳市生物医药创新产业园区。应参加的监事为 3 人，实际参会监 事 3 人（会议通知于 2024 年 10 月 25 日以书面方式发出）,本次会议由监事会主 席杨大波先生主持。 本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的规定。 2024 年 10 月 31 日 经审核，监事会认为董事会编制和审议四川和谐双马股份有限公司 2024 年 第三季度报告的程序符合法律法规、深圳证券交易所有关规定的要求，报告内容 真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性 陈述或者重大遗漏。 请详见公司于同日在巨潮资讯网（http://www.cninfo ...

证券代码：000935 证券简称：四川双马 公告编号：2024-44 四川和谐双马股份有限公司 关于回购公司股份实施完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 四川和谐双马股份有限公司（以下简称"公司"）于 2023 年 10 月 23 日召 开的第九届董事会第三次会议，审议并通过了《关于以集中竞价方式回购公司股 份的议案》，同意公司使用自有资金以集中竞价交易方式回购部分公司股份，用 于员工持股计划或股权激励计划。本次回购资金总额不低于人民币 5,000 万元 （含）且不超过人民币 10,000 万元（含），回购价格不超过人民币 22 元/股， 回购期限自董事会审议通过回购方案之日起 12 个月。 公司于 2024 年 6 月实施了 2023 年年度权益分派，根据《回购报告书》，公 司在实施本次权益分派后，对回购股份的价格上限进行了调整，自 2024 年 6 月 6 日（除权除息日）起，回购价格由不超过 22.00 元/股调整为不超过 21.66 元/ 股。 详 情 请 见 公 司 于 2023 年 10 月 25 日 在 巨 潮 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 23.70 CNY, corresponding to a 32x P/E for 2024 [4][5]. Core Insights - The company is acquiring 92% of Shenzhen JianYuan Pharmaceutical Technology Co., which is expected to enhance its profitability and capitalize on growth opportunities in the biopharmaceutical sector [3][4]. - The acquisition aligns with the company's strategic plan to invest in high-potential enterprises with strong cash flow and disruptive technologies [4]. - Shenzhen JianYuan is recognized for its scale advantages in peptide raw materials, with a promising business outlook and rapid profit growth [4]. Financial Summary - The adjusted net profit forecasts for 2024-2026 are 565 million CNY, 1.196 billion CNY, and 1.518 billion CNY, respectively, with corresponding EPS of 0.74 CNY, 1.57 CNY, and 1.99 CNY [4][12]. - The company's total market capitalization is approximately 13.032 billion CNY, with a current share price of 18.78 CNY [6][5]. - The projected revenue for 2024 is 1.193 billion CNY, reflecting a decrease of 2.2% from the previous year, but expected to grow significantly in subsequent years [12].

证券代码：000935 证券简称：四川双马 公告编号：2024-43 四川和谐双马股份有限公司 关于收购深圳市健元医药科技有限公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次收购的目标公司为国内具有多肽原料药规模优势的企业，业务类别 包括多肽原料药研发生产业务、多肽定制研发生产业务，以及美容肽研发生产业 务，产品广泛应用于医药以及化妆品等领域。目标公司商业前景广阔，具有较强 的行业竞争力。通过本次收购，公司将进一步释放其商业潜力，实现更广泛的市 场影响力和更显著的经济效益，对公司的经营发展具有积极影响，符合公司长期 发展战略规划。本次交易完成后，公司将把握生物医药行业的增长机遇，将生物 医药业务纳入业务板块，优化资产配置，增强资产的盈利能力和市场竞争力，综 合提升公司的可持续发展能力。 2、本次交易完成后，目标公司将成为公司的控股子公司。公司在确保目标 公司独立运营、保持既有业务稳定发展的同时，将努力提升目标公司的核心能力， 在业务运营、资产配置、财务规划以及管理架构等多个维度履行管理责任，管理 成效可能面临不确定性，我们将积极 ...

四川和谐双马股份有限公司（简称"公司"）第九届董事会第十一次会议于 2024 年 10 月 21 日以现场或通讯的方式召开，现场会议地址为四川省成都市锦 江区红星路三段一号成都国际金融中心 1 号写字楼 26 楼 2 号。本次会议应出席 董事 7 人，实到 7 人。会议通知于 2024 年 10 月 17 日以书面方式向各位董事和 相关人员发出。 证券代码：000935 证券简称：四川双马 公告编号：2024-42 四川和谐双马股份有限公司 第九届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 三、备查文件 （一）第九届董事会战略委员会第五次会议决议； （二）第九届董事会第十一次会议决议； （三）《星银医药、星银集团与四川和谐双马股份有限公司关于深圳市健元医 药科技有限公司（目标公司）之股权转让协议》。 本次会议由董事长谢建平先生主持，高级管理人员和部分监事列席了会议， 本次会议的召集、召开符合有关法律法规和《四川和谐双马股份有限公司章程》 的规定。 二、董事会会议审议情况 在公司董事充分理解会议议案并表达 ...

四川和谐双马股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、股票交易异常波动的情况介绍 四川和谐双马股份有限公司（以下简称"公司"或"本公司"）股票（四川 双马，000935）2024 年 10 月 14 日、10 月 15 日和 10 月 16 日连续三个交易日收 盘价格涨跌幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》等有关规 定，属于股票交易异常波动。 二、公司关注并核实的情况 经公司董事会调查核实，并与公司控股股东及公司管理层沟通确认： 证券代码：000935 证券简称：四川双马 公告编号：2024-41 1 公司董事会确认：除前述事项外，公司目前没有任何根据《深圳证券交易所 股票上市规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、 商谈、意向、协议等；董事会也未获悉本公司有根据《深圳证券交易所股票上市 规则》等有关规定应予以披露而未披露的、对本公司股票交易价格产生较大影响 的信息；公司前期披露的信息不存在需要更正、补充之处。 四、上市公司认为必要的风险提示 1、经自查，本公司不存在违反 ...