证券代码：300725 证券简称：药石科技 公告编号：2025-075 一、可转换公司债券基本情况 （一）可转债发行情况 债券代码：123145 债券简称：药石转债 南京药石科技股份有限公司 关于药石转债转股数额累计达到转股前公司已发行股份总额 10%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： 下简称"公司"）发行的可转换公司债券（以下简称"可转债"）"药石转债" 累 计转股 数量为 20,717,967 股 ，占可转债开 始转股前公 司已发行 股份总 额 转债"未转股，占可转债发行总量 11,500,000 张的 39.41%。 经中国证券监督管理委员会《关于同意南京药石科技股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可[2022]622 号）同意，公司 于 2022 年 4 月 20 日向不特定对象发行可转换公司债券 1150 万张，发行价格为 每张面值 100 元人民币，按面值发行，募集资金共计人民币 1,150,000,000.00 元。 （二）可转债上市情况 经深圳证券交易所同意，公司本次可转换公司债券于 ...

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 关于药石转债转股数额累计达到转股前公司已发行股份总额 10%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、转股情况：截至 2025 年 8 月 28 日收盘，南京药石科技股份有限公司（以 下简称"公司"）发行的可转换公司债券（以下简称"可转债"）"药石转债" 累计转股数量为 20,717,967 股，占可转债开始转股前公司已发行股份总额 199,658,096 股的 10.38%，占公司最新总股本 220,376,063 股的 9.40%。 2、未转股情况：截至 2025 年 8 月 28 日收盘，公司尚有 4,532,121 张"药石 转债"未转股，占可转债发行总量 11,500,000 张的 39.41%。 根据《募集说明书》的规定，本次发行的可转债转股期自可转债发行结束 之日起满六个月后的第一个交易日（2022 年 ...

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-074 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 关于提前赎回药石转债的第十一次提示性公告 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： 9、赎回类别：全部赎回 10、本次赎回完成后，"药石转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"药石转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"药石转债"转换为股票，特提请投资者关注不 能转股的风险。 1、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 2、赎回条件满足日：2025 年 8 月 14 日 3 ...

Group 1 - The A-share market saw a significant rise in CRO concept stocks, with notable increases in share prices for several companies [1] - Haoyuan Pharmaceutical experienced a rise of over 15%, while Chengdu XianDao and MeidiXi saw increases of over 11% and 10% respectively [1] - Other companies such as Bid Pharma, Boteng Co., and WuXi AppTec also reported gains exceeding 7% [1] Group 2 - The following table summarizes the performance of key CRO stocks, including their percentage increase, total market capitalization, and year-to-date performance [2] - Haoyuan Pharmaceutical: +15.19%, Market Cap: 14.7 billion, YTD: +95.07% - Chengdu XianDao: +11.02%, Market Cap: 10.7 billion, YTD: +116.70% - MeidiXi: +10.54%, Market Cap: 8.75 billion, YTD: +115.91% - Bid Pharma: +8.39%, Market Cap: 5.99 billion, YTD: +36.61% - Boteng Co.: +7.51%, Market Cap: 13.6 billion, YTD: +58.02% - WuXi AppTec: +7.43%, Market Cap: 303.4 billion, YTD: +90.82% - Sunshine Nuohe: +6.32%, Market Cap: 8.46 billion, YTD: +100.86% - Baicheng Pharmaceutical: +4.97%, Market Cap: 6.29 billion, YTD: +51.90% - Kailai Ying: +4.49%, Market Cap: 39 billion, YTD: +43.98% - NuoSiGe: +4.35%, Market Cap: 5.19 billion, YTD: +7.82% [2]

Group 1 - The company Yaoshi Technology announced a mandatory redemption of its convertible bonds, "Yaoshi Convertible Bonds," at a price of 100.62 yuan per bond, effective after the market closes on September 17, 2025 [1] - The current market price of "Yaoshi Convertible Bonds" is significantly different from the redemption price, prompting the company to remind bondholders to convert their bonds within the specified period to avoid potential losses [1] - Investors are advised to pay attention to investment risks associated with the failure to convert the bonds in a timely manner [1]

Core Viewpoint - The company reported a revenue of 920 million yuan for the first half of 2025, representing a year-on-year growth of 23.48%, while the net profit attributable to shareholders decreased by 26.54% to 72.5 million yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 465 million yuan, an increase of 26.48%, but the net profit attributable to shareholders fell by 25.40% to 36.71 million yuan [1] - The operating cash flow for the first half of 2025 was 467 million yuan, showing a significant increase of 240.62% [2] - The gross margin for H1 2025 was approximately 31.05%, down by 9.82 percentage points, while the expense ratio was 20.03%, a decrease of 6.61 percentage points [2] Group 2: Business Segments - Revenue from backend drug development and commercialization services reached 765 million yuan, growing by 32.27%, with CDMO services contributing 548 million yuan, a 60.92% increase [3] - The revenue from frontend drug research services was 154 million yuan, a decline of 7.59%, with CRO services experiencing a significant drop of 24.69% [4] Group 3: Strategic Focus and Future Outlook - The company is focusing on revenue scale expansion and nurturing strategic clients, which has led to a higher increase in operating costs compared to revenue growth [2] - The company is expected to gradually recover its CDMO performance as projects continue to progress towards the backend [3] - The company has adjusted its profit forecasts for 2025-2027, expecting revenues of 1.982 billion, 2.393 billion, and 3.043 billion yuan, with corresponding net profits of 178 million, 253 million, and 368 million yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [5][14]. Core Views - The company is experiencing steady recovery with strong growth in the backend, and its integrated advantages are expected to gradually take effect [4]. - The company reported a revenue of 920 million yuan in the first half of 2025, representing a year-on-year growth of 23.48%, while the net profit attributable to shareholders decreased by 26.54% [6]. - The strategic focus is on revenue scale expansion and nurturing strategic clients, which has led to a higher growth rate in operating costs compared to revenue growth [7]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 1,982 million yuan in 2025, 2,393 million yuan in 2026, and 3,043 million yuan in 2027, with year-on-year growth rates of 17.37%, 20.73%, and 27.18% respectively [5][7]. - **Net Profit Forecasts**: The net profit attributable to shareholders is expected to be 177.61 million yuan in 2025, 252.88 million yuan in 2026, and 367.84 million yuan in 2027, with year-on-year growth rates of -19.10%, 42.38%, and 45.46% respectively [5][7]. - **Cash Flow**: The operating cash flow for the first half of 2025 was 467 million yuan, showing a significant increase of 240.62% [6][7]. - **Gross Margin**: The gross margin for the first half of 2025 was approximately 31.05%, a decrease of 9.82 percentage points [7]. Business Segment Insights - **Backend Drug Development**: Revenue from backend drug development and commercialization services reached 765 million yuan, growing by 32.27%, with significant growth in CDMO services [7]. - **Frontend Drug Research**: Revenue from frontend drug research services was 154 million yuan, a decrease of 7.59%, but new research facilities are expected to improve growth prospects [7]. Investment Recommendations - The company is positioned as a leading player in the molecular building block sector, leveraging its vertical expansion into CDMO services for long-term growth potential [7].

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 关于提前赎回药石转债的第十次提示性公告 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、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 10、本次赎回完成后，"药石转债"将在深圳证券交易所（以下简称"深交 所"）摘牌。债券持有人持有的"药石转债"如存在被质押或被冻结的，建议在 停止转股日前解除质押或冻结，以免出现因无法转股而被赎回的情形。 11、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持"药石转债"转换为股票，特提请投资者关注不 能转股的风险。 12、风险提示：根据安排，截至 2025 年 9 月 17 日收市后仍未转股的" ...

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 南京药石科技股份有限公司 2、赎回条件满足日：2025 年 8 月 14 日 3、停止交易日：2025 年 9 月 15 日 4、赎回登记日：2025 年 9 月 17 日 5、停止转股日：2025 年 9 月 18 日 6、赎回日：2025 年 9 月 18 日 7、发行人资金到账日（到达中国结算账户）：2025 年 9 月 23 日 关于提前赎回药石转债的第九次提示性公告 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、"药石转债"赎回价格：100.62 元/张（债券面值加当期应计利息，当期 年利率为 1.5%，且当期利息含税），扣税后的赎回价格以中国证券登记结算有 限责任公司深圳分公司（以下简称"中国结算"）核准的价格为准。 8、投资者赎回款到账日：2025 年 9 月 25 日 9、赎回类别：全部赎回 10、本次赎回完成后，"药石转债"将在深圳证券交易 ...

Group 1 - The company achieved operating revenue of 920 million yuan in the first half of the year [2] - The net profit attributable to the parent company was 73 million yuan [2] - The new order amount for CDMO business increased by 19.88% year-on-year [2]