Core Viewpoint - Sichuan Shuangma has made a significant move in the peptide industry by acquiring 92.1745% of Shenzhen Jianyuan Pharmaceutical Technology Co., Ltd. for 1.596 billion yuan, establishing a new dual business model of "biopharmaceuticals + private equity fund management" for future growth [1][10]. Group 1: Strategic Adjustment - Since 2017, Sichuan Shuangma has transitioned its business focus from construction materials to a combination of construction materials and private equity fund management, achieving nearly 1 billion yuan in profit [2]. - The aim of the private equity fund management business is to strategically position the company for future industry shifts and enhance shareholder returns [2]. Group 2: Peptide Industry Overview - Peptides are compounds formed by amino acids linked by peptide bonds, with those containing fewer than 100 amino acids classified as peptides and those with more classified as proteins [3]. - Compared to small molecule drugs, peptide drugs offer higher biological activity and specificity, while also having lower immunogenicity, higher purity, and lower production costs [3]. Group 3: Market Potential - The global GLP-1 drug market has grown from $9.3 billion in 2018 to $38.9 billion in 2023, with a compound annual growth rate (CAGR) of 33.2%, and is projected to reach $98.8 billion by 2028 with a CAGR of 20.5% [4]. - The global peptide drug market is expected to grow from $60.7 billion in 2018 to $89.5 billion in 2023, and further to $189 billion by 2028, with a CAGR of 16.1% [11]. Group 4: Shenzhen Jianyuan Overview - Shenzhen Jianyuan, established in 2009, specializes in the R&D, production, and sales of peptide products, employing over 570 staff with a management team experienced in the peptide industry [6]. - The company has a total production capacity exceeding 4 tons, with the ability to synthesize 100 kg in a single batch and 2 tons annually for GLP-1 raw materials [7]. Group 5: Competitive Advantages - Shenzhen Jianyuan has established a strong technical foundation in peptide drug R&D and production, with many products already commercialized [9]. - The company has a competitive edge in stable quality, cost advantages, and extensive international customer collaboration experience [14]. Group 6: Future Strategy - Following the acquisition by Sichuan Shuangma, Shenzhen Jianyuan plans to leverage the new shareholder's experience in industry integration and investment to enhance its strategic direction and market share [16]. - The company aims to increase production capacity in response to market demand and expand its global market presence, targeting to become a leading supplier of peptide raw materials [16].

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、误导性陈述或重大遗漏。 证券代码：000935 证券简称：四川双马 公告编号：2024-52 四川和谐双马股份有限公司 关于控股子公司湖北健翔通过美国 FDA 现场检查的公告 医药产品在国际市场的销售情况易受到市场环境变化、汇率波动等不确定性 因素影响，敬请广大投资者谨慎决策，注意防范投资风险。 四川和谐双马股份有限公司董事会 2024 年 12 月 9 日 四川和谐双马股份有限公司（以下简称"公司"）控股子公司湖北健翔生物 制药有限公司（以下简称"湖北健翔"）于 2024 年 8 月 26 日至 8 月 30 日接受 了美国食品药品监督管理局（以下简称"FDA"）的 cGMP（现行药品生产质 量管理规范）现场检查，检查范围涵盖质量体系、生产体系、设备设施体系、实 验室控制体系、物料管理体系等。 近日，湖北健翔收到美国 FDA 出具的现场核查报告（Establishment Inspection Report），根据该核查报告，湖北健翔的质量和生产体系等均符合美国 FDA 的 标准，湖北健翔通过了美国 FDA 现场检查。 本次顺利通过美 ...

证券代码：000935 证券简称：四川双马 公告编号：2024-51 四川和谐双马股份有限公司 关于和谐汇资基金完成基金备案登记的公告 管理人名称：和谐天明投资管理（北京）有限公司 四川和谐双马股份有限公司董事会 2024 年 12 月 7 日 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、误导性陈述或重大遗漏。 2024 年 10 月 29 日，四川和谐双马股份有限公司（简称"公司"）第九届 董事会第十二次会议审议通过了《关于参与设立创业投资基金暨关联交易的议 案》。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 亿元人民币参与设立上海和谐汇资创 业投资合伙企业（有限合伙）（以下简称"和谐汇资基金"）。截至目前，和谐 新智及相关方已签署《上海和谐汇资创业投资合伙企业（有限合伙）合伙协议》， 和谐汇资基金已完成工商注册，并在中国证券投资基金业协会完成备案手续，备 案的具体内容如下： 基金名称：上海和谐汇资创业投资合伙企业（有限合伙） 备案编码：SAQR28 ...

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。 四川和谐双马股份有限公司(以下简称"公司"）于近日接到控股股东北京 和谐恒源科技有限公司（以下简称"和谐恒源"）的告知函，获悉和谐恒源对所 持有的本公司的部分股份办理了质押展期业务，具体事项如下： 上述"占其所持股份比例"为该笔质押股份的数量占和谐恒源及其一致行动 人持股数量的比例。所质押的股份未负担重大资产重组等业绩补偿义务。 上述股份的原质押情况详见公司于2023年11月10日及2023年11月15日披露 的《关于控股股东所持部分股份解除质押及再质押的公告》和《关于控股股东所 持部分股份质押的公告》。依据和谐恒源出具的告知函，和谐恒源对所持有的本 公司的部分股份办理质押展期的主要原因为偿还债务，就质押事项和谐恒源具备 履约偿债能力，所质押的股份不存在平仓风险，对上市公司的生产经营及公司治 理等不会产生影响，和谐恒源已采取相关防范应对措施。 证券代码：000935 证券简称：四川双马 公告编号：2024-50 四川和谐双马股份有限公司 关于控股股东所持部分股份质押展期的公告 如出现总数与各分项数值之和不符的情况 ...

Investment Rating - The report maintains a "Buy" rating for Sichuan Shuangma with a target price of 23.70 yuan, corresponding to a 32x P/E for 2024 [3]. Core Views - The acquisition of Shenzhen Jianyuan Medical Technology Co., Ltd. has progressed faster than expected, with the completion of the industrial and commercial change registration within 12 working days [3]. - The company aims to leverage its resources accumulated from its investments in the pharmaceutical sector to drive rapid development for Shenzhen Jianyuan, indicating promising future growth [3]. Summary by Sections Acquisition Progress - On October 21, the company announced its intention to acquire 92% of Shenzhen Jianyuan for 1.596 billion yuan, and by November 5, the registration procedures were completed [3]. - Shenzhen Jianyuan specializes in peptide raw materials and has shown significant profit growth, with operating profits of 89.99 million yuan in 2023 and 82.68 million yuan in the first half of 2024 [3]. Financial Projections - The report forecasts net profits for the parent company of 565 million yuan, 1.196 billion yuan, and 1.518 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.74, 1.57, and 1.99 yuan [3]. Market Data - The stock has a market capitalization of 13.269 billion yuan, with a 52-week price range of 10.20 to 19.98 yuan [4].

证券代码：000935 证券简称：四川双马 公告编号：2024-49 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进展暨完成工商变更登记的公告 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、交易情况概述 四川和谐双马股份有限公司（简称 "公司"）拟使用自有及自筹资金以总计人 民币 1,596,424,329.90 元的交易价格向深圳市星银医药有限公司（简称"星银医药"） 及深圳市星银投资集团有限公司（简称"星银集团"）购买其所持有的深圳市健元 医药科技有限公司（简称"深圳健元"）92.1745%的股权，其中，公司拟以 1,360,380,865.98 元人民币购买星银医药所持有的深圳健元 78.5458%的股权；以 236,043,463.92 元人民币购买星银集团所持有的深圳健元 13.6287%的股权。深圳健 元的子公司包含湖北健翔生物制药有限公司（简称"湖北健翔"）及深圳市健翔生 物制药有限公司（简称"深圳健翔"）。详情请见公司于 2024 年 10 月 22 日在巨潮 资讯网（http://www.cninfo.com.cn/）披 ...

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]

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 ...

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].

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 ...