国元证券股份有限公司 关于安徽山河药用辅料股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：国元证券股份有限公司 | 被保荐公司简称：山河药辅 | | --- | --- | | 保荐代表人姓名：杨凯强 | 联系电话：0551-62207014 | | 保荐代表人姓名：刘民昊 | 联系电话：0551-62207977 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度 | | | 的情况 | | | （1）是否督导公司建立健全规章制度（包 | | | 括但不限于防止关联方占用公司资源的制 | 是 | | 度、募集资金管理制度、内控制度、内部 | | | 审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6 次，每月查询公司募集资金专户情况 | | （2）公司募集资金项目进展 ...

Core Viewpoint - Shanhe Pharmaceutical Auxiliary (300452) reported a mixed financial performance for the first half of 2025, with revenue growth but a decline in net profit [1] Financial Performance Summary - Total operating revenue reached 471 million yuan, a year-on-year increase of 4.65% [1] - Net profit attributable to shareholders was 93.03 million yuan, down 2.61% year-on-year [1] - In Q2 2025, operating revenue was 223 million yuan, up 5.06% year-on-year, while net profit was 45.86 million yuan, a slight increase of 0.31% [1] - Gross margin decreased to 32.32%, down 3.4% year-on-year, and net margin fell to 19.8%, down 7.48% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 35.03 million yuan, accounting for 7.44% of revenue, a decrease of 1.31% year-on-year [1] - Earnings per share (EPS) was 0.40 yuan, down 2.44% year-on-year, while operating cash flow per share increased significantly by 108.53% to 0.34 yuan [1] Cash Flow Analysis - Net cash flow from operating activities increased by 108.53%, attributed to higher cash receipts from sales and tax refunds [2] - Net cash flow from investing activities decreased by 176.15%, due to increased cash payments for purchasing financial products and construction projects [2] Business Evaluation - The company's return on invested capital (ROIC) was 10.53%, indicating average capital returns, with a historical median ROIC of 14.43% since its listing [2] - The net profit margin for the previous year was 13.66%, suggesting a high added value for products or services [2] - The company has a healthy cash asset position, but attention is needed on accounts receivable, which reached 112.27% of profit [2]

Core Viewpoint - The chairman and actual controller of Shanhe Pharmaceutical Excipients, Yin Zhenglong, passed away at the age of 60, leading to a significant impact on the company's stock price and governance structure [1][3]. Company Overview - Shanhe Pharmaceutical Excipients is engaged in the research, production, and sales of pharmaceutical excipients, with main products including fillers, adhesives, disintegrants, lubricants, and coating materials for oral solid dosage forms and injectable pharmaceutical excipients [2]. Impact of Chairman's Death - Following the announcement of the chairman's death, the company's stock price fell over 4%, closing at 13.64 yuan per share [3]. - The company’s official website has been changed to black and white as a sign of mourning [3]. - Yin Zhenglong was the founder and had served as chairman and general manager since the company's inception, playing a crucial role in its growth and listing on the Shenzhen Stock Exchange [3]. - He held 63,057,454 shares, representing 26.90% of the total shares, making him the controlling shareholder [3]. Governance Transition - The company announced that it will promptly complete the election of a new chairman according to relevant laws and regulations [3]. - In the interim, the current director and general manager, Song Daocai, will assume the responsibilities of chairman and legal representative until a new chairman is elected [3].

Core Viewpoint - The sudden passing of Mr. Yin Zhenglong, the controlling shareholder, actual controller, and chairman of the company, has raised concerns about the future leadership and management of the company [1][3]. Company Overview - Anhui Shanhe Pharmaceutical Excipients Co., Ltd. was established in April 2001 and specializes in the production, research and development, and sales of new pharmaceutical excipients [6]. - The company is a leading player in the domestic pharmaceutical excipients (solid preparations) industry and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in May 2015 under the stock code 300452 [6]. - The company has a registered capital of 180.46707 million RMB and operates subsidiaries including Qufu Tianli Pharmaceutical Excipients Co., Ltd. (controlling) and Hefei Shanhe Pharmaceutical Technology Co., Ltd. (wholly-owned) [6]. Leadership Transition - Mr. Yin Zhenglong held 63,057,454 shares, accounting for 26.90% of the company's total shares, making him the controlling shareholder and actual controller [3]. - Following Mr. Yin's passing, the company announced that the board of directors would not fall below the legal number of members, ensuring normal operations [3]. - The company’s management team will continue to perform their duties, and the board will expedite the election of a new chairman [3]. - Mr. Song Daocai, a board member and general manager, has been temporarily appointed to fulfill the duties of chairman and legal representative until a new chairman is elected [3].

Core Viewpoint - The passing of Yin Zhenglong, the founder and chairman of Shanhe Pharmaceutical Excipients, marks a significant transition for the company, which has grown from a small local pharmaceutical factory to a leading player in the pharmaceutical excipients industry in China [1][2]. Company Overview - Shanhe Pharmaceutical Excipients was established in April 2001 and specializes in the production, research, and sales of new pharmaceutical excipients, becoming a private joint-stock enterprise [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in May 2015 [2]. Leadership Transition - Following the death of Yin Zhenglong on August 26, 2025, the company announced that Song Daocai, the current director and general manager, will temporarily assume the roles of chairman and legal representative until a new chairman is elected [3]. Financial Performance - For the first half of 2025, the company achieved a total operating revenue of 471 million yuan, representing a year-on-year increase of 4.65% [3]. - The net profit attributable to shareholders was approximately 93.04 million yuan, a decrease of 2.61% compared to the previous year [3]. - The net profit after deducting non-recurring gains and losses was about 84.75 million yuan, reflecting a year-on-year growth of 6.05% [3]. Industry Position - Shanhe Pharmaceutical Excipients has positioned itself as a leader in the pharmaceutical excipients sector, with over 170 projects supporting the localization of excipients [2]. - The company offers a wide range of products, including 46 CDE registered products and holds 22 national invention patents, with several core products achieving the highest market share domestically [2].

Core Viewpoint - The passing of Yin Zhenglong, the founder and chairman of Shanhe Pharmaceutical Excipients, is a significant event for the company, which has been under his leadership since its inception. The company is expected to maintain its operations and governance structure despite this loss [4][7][10]. Company Overview - Shanhe Pharmaceutical Excipients was established in April 2001 and specializes in the production, research, and sales of new pharmaceutical excipients. It has become a leading player in the domestic pharmaceutical excipients industry and was listed on the Shenzhen Stock Exchange in May 2015 [10]. - As of August 27, the company's market capitalization was approximately 3.28 billion yuan [10]. Leadership Transition - Yin Zhenglong held 63,057,454 shares, accounting for 26.90% of the total shares, making him the controlling shareholder and actual controller of the company [7]. - Following his passing, the company announced that the board of directors would not fall below the legal number of members, ensuring normal operations. Song Daocai, a current board member and general manager, will temporarily assume the role of chairman until a new chairman is elected [9][10]. Financial Performance - For the first half of 2025, Shanhe Pharmaceutical reported a revenue of 471 million yuan, a year-on-year increase of 4.65%. However, the net profit attributable to shareholders decreased by 2.61% to approximately 93 million yuan [11][12]. - The company’s cash flow from operating activities saw a significant increase of 108.53%, reaching approximately 80 million yuan [12]. - Basic earnings per share decreased by 2.44% to 0.40 yuan, while diluted earnings per share fell by 5.00% to 0.38 yuan [12]. Market Reaction - Following the news of Yin Zhenglong's passing, Shanhe Pharmaceutical's stock price dropped by 2.65%, closing at 13.96 yuan per share on August 27 [13].

Core Points - The sudden announcement of the death of Yin Zhenglong, the controlling shareholder and chairman of Shanhe Pharmaceutical Excipients, occurred on August 26, 2025, at the age of 60 [1][5][7] - Yin Zhenglong held 63,057,454 shares, accounting for 26.90% of the company's total shares, making him the controlling shareholder [7] - The company stated that Yin Zhenglong's death would not affect the normal operation of the board of directors, and the management team would continue to perform their duties [9] Company Background - Shanhe Pharmaceutical Excipients was founded in April 2001 and specializes in the production, research, and sales of new pharmaceutical excipients, currently holding a leading position in the domestic market [11] - The company was successfully listed on the Shenzhen Stock Exchange in May 2015, with a current market value of approximately 3.28 billion yuan [11] - Under Yin Zhenglong's leadership, the company grew from a small local pharmaceutical factory to a publicly listed company [10] Financial Performance - For the first half of 2025, Shanhe Pharmaceutical Excipients reported a revenue of 471 million yuan, a year-on-year increase of 4.65%, while the net profit attributable to shareholders decreased by 2.61% to approximately 93 million yuan [12][13] - The company reported a significant increase in cash flow from operating activities, which rose by 108.53% compared to the previous year [13] - The basic earnings per share decreased by 2.44% to 0.40 yuan, while diluted earnings per share fell by 5.00% to 0.38 yuan [13]

Core Viewpoint - The passing of Yin Zhenglong, the founder and chairman of Shanhe Pharmaceutical Auxiliary, marks a significant event for the company, which he led for over 20 years, establishing it as a key player in the pharmaceutical excipients industry [4][5][6]. Company Overview - Shanhe Pharmaceutical Auxiliary announced the death of its controlling shareholder and chairman, Yin Zhenglong, on August 26, 2025, at the age of 60 [1]. - The company has updated its official website to a black-and-white page as a sign of mourning [2]. - Yin Zhenglong chaired the sixth board meeting on the morning of August 26, where two key proposals were approved, including the half-year report for 2025 [4]. Leadership and Vision - As the founder, Yin Zhenglong played a crucial role in the company's growth from a local pharmaceutical factory to a publicly listed entity on the Shenzhen Stock Exchange [5]. - He emphasized the importance of "technical marketing" and "pre-marketing," advocating for sales personnel to possess technical knowledge to provide solutions to clients [4]. - Yin aimed to replace imported pharmaceutical excipients with domestic products, which was a key development goal for the company [4]. Shareholding and Management Transition - Yin Zhenglong held 26.90% of the company's shares, making him the controlling shareholder [6]. - The company stated that the inheritance of his shares will be handled according to legal regulations, and the board's operations remain unaffected [6]. - Song Daocai, a board member and general manager, has been appointed as the interim chairman and legal representative until a new chairman is elected [6].

Core Viewpoint - The passing of Yin Zhenglong, the controlling shareholder and chairman of Shanhe Pharmaceutical Auxiliary, marks a significant loss for the company and the industry, as he dedicated his life to the development of China's pharmaceutical sector and the company's growth [1][3]. Company Overview - Shanhe Pharmaceutical Auxiliary focuses on the research, production, and sales of pharmaceutical excipients, including fillers, adhesives, disintegrants, lubricants, and coating materials for oral solid dosage forms [4]. - As of August 26, the company's stock price was 14.34 yuan per share, with a total market capitalization of 3.4 billion yuan [4]. - The number of shareholders as of June 30, 2025, was 17,500 [4]. Leadership Transition - Following Yin Zhenglong's death, the company confirmed that the board of directors would remain operational, and the management team would continue its duties without disruption [4]. - The position of chairman is currently vacant, and the company will expedite the election of a new chairman in accordance with relevant laws and regulations [4]. - Until a new chairman is elected, the current director and general manager, Song Daocai, will temporarily assume the responsibilities of chairman and legal representative [4]. Contributions and Legacy - Yin Zhenglong was instrumental in transforming Shanhe Pharmaceutical Auxiliary from a local pharmaceutical factory into a publicly listed company on the Shenzhen Stock Exchange, contributing significantly to the domestic pharmaceutical excipient industry [3]. - His leadership and dedication earned him deep respect and affection from employees, and the company expressed heartfelt condolences to his family [3].

Group 1 - The core viewpoint of the article is the announcement of the passing of Yin Zhenglong, the controlling shareholder, actual controller, and chairman of the company, who died on August 26, 2025, at the age of 60 [1] - Yin Zhenglong held approximately 63.06 million shares, accounting for 26.9% of the company's total shares [3] - The company will handle the relevant procedures for the shares held by Yin Zhenglong according to applicable laws and regulations, and will fulfill its information disclosure obligations in a timely manner based on the progress of subsequent matters [3] Group 2 - The board of directors has elected Song Daocai, the company's director and general manager, to temporarily assume the duties of chairman and legal representative until a new chairman is elected by the board [3]