北京国枫律师事务所 关于南京药石科技股份有限公司 可转换公司债券提前赎回的法律意见书 国枫律证字[2021]AN191-25 号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 可转换公司债券提前赎回的法律意见书 国枫律证字[2021]AN191-25 号 致: 南京药石科技股份有限公司（发行人） 根据本所与发行人签订的《律师服务协议书》,本所接受发行人的委托,担 任发行人本次可转换公司债券提前赎回(以下简称"本次赎回")的专项法律顾 问。本所律师已根据相关法律、行政法规、规章和其他规范性文件的规定并按照 律师行业公认的业务标准、道德规范和勤勉尽责精神,对发行人提供的文件和有 关事实进行了核查和验证(以下简称"查验"),并就发行人本次赎回事宜出具 本法律意见书。 对本法律意见书的出具,本所律师特作如下声明: 1. 本所律师已根据相关法律. 法规及规范性文件的规定严格履行法定职责, 遵循勤勉尽责和诚实信用的原则,对发行人本次赎回的合法性、合规性、真实性 和有效性进行了充分核查并发表法律意见,保证本法律意见书不存在虚假记载、 误导性陈述及重大遗漏; 2. 本所律师同意将本法律意见书 ...

华泰联合证券有限责任公司 关于南京药石科技股份有限公司 提前赎回"药石转债"的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为南 京药石科技股份有限公司（以下简称"药石科技"、"公司"）2022 年度向不特定 对象发行可转换公司债券的保荐机构，根据《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 等有关法律法规规定，对药石科技提前赎回"药石转债"事项进行了核查，具体 如下： 一、可转换公司债券基本情况 （一）可转债发行情况 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 2022 年 5 月 18 日起 在深圳证券交易所挂牌交易，债券代码为"123145"，债券简 ...

南京药石科技股份有限公司 第四届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 南京药石科技股份有限公司（以下简称"公司"）第四届董事会第九次会议 于2025年8月14日以电子通讯的方式召开。根据《公司章程》的相关规定，全体 董事一致同意豁免本次董事会会议的提前通知期限，公司以电子邮件形式向全体 董事发出召开本次会议的通知，与会的各位董事已知悉与所议事项相关的必要信 息。会议由董事长杨民民先生召集，应出席董事人数7人，实际出席董事人数7人。 本次会议的召集、召开符合《中华人民共和国公司法》和《南京药石科技股份有 限公司公司章程》等有关规定。 一、 董事会会议审议情况 | 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-058 | | --- | --- | --- | | 债券代码：123145 | 债券简称：药石转债 | | 会议在保证所有董事充分发表意见的前提下，以投票表决方式通过了以下议 案： 1、审议通过了《关于提前赎回药石转债的议案》 自 2025 年 7 月 25 日至 2025 年 8 月 14 ...

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-055 | | --- | --- | --- | | 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 关于公司董事减持股份计划实施完成的公告 公司董事陈谌保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 南京药石科技股份有限公司（以下简称"公司"）于2025年7月3日披露了《关于公 司董事减持股份的预披露公告》（公告编号：2025-043）。公司董事陈谌女士持有公司 股份5.46万股，占剔除已回购股份后总股本比例0.0275%（以2025年7月2日股本数计算）， 计划在本减持计划预披露公告之日起十五个交易日后的三个月内（窗口期不减持），以 集中竞价方式减持公司股份不超过1.3万股（占剔除已回购股份后总股本比例0.0065%）。 公司于近日收到陈谌女士出具的《关于股份减持计划实施完成的告知函》，截至2025 年8月13日，陈谌女士通过集中竞价方式已合计减持公司股份9,100股，本次减持计划已 实施完毕 ...

Market Performance - On August 13, the medical services sector rose by 4.02%, led by Innovative Medical [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - The table lists various stocks in the medical services sector, with notable declines including *ST Bio down 4.95% and ST Zhongzhu down 2.66% [1] - Other stocks such as Lanwei Medical and Baicheng Pharmaceutical also experienced minor declines of 1.76% and 1.59% respectively [1] Capital Flow Analysis - The medical services sector saw a net inflow of 1.962 billion yuan from institutional investors, while retail investors experienced a net outflow of 1.888 billion yuan [3] - Notable stocks with significant net inflows from institutional investors include Yaoming Kande with 1.13 billion yuan and Kanglong Huacheng with 248 million yuan [3] - Conversely, retail investors showed significant outflows from stocks like Yaoming Kande and Kanglong Huacheng, indicating a shift in investor sentiment [3]

天眼查商业履历信息显示，南京药石科技股份有限公司，成立于2006年，位于南京市，是一家以从事研 究和试验发展为主的企业。企业注册资本19966.4658万人民币，实缴资本5500万人民币。公司法定代表 人为杨民民。 通过天眼查大数据分析，南京药石科技股份有限公司共对外投资了21家企业，参与招投标项目22次，知 识产权方面有商标信息32条，专利信息152条，此外企业还拥有行政许可44个。 资金流向方面，今日主力资金净流入8898.51万元，占比成交额8.72%。其中，超大单净流入4664.70万 元、占成交额4.57%，大单净流入4233.81万元、占成交额4.15%，中单净流出流入3516.91万元、占成交 额3.45%，小单净流出12415.42万元、占成交额12.16%。 药石科技最新一期业绩显示，截至2025中报，公司营业总收入9.20亿元、同比增长23.48%，归属净利润 7249.81万元，同比减少26.54%，扣非净利润5962.11万元，同比减少11.82%，流动比率3.950、速动比率 2.892、资产负债率34.36%。 金融界消息 截至2025年8月13日收盘，药石科技（300725）报收 ...

Group 1 - The overall gross margin has started to improve on a quarter-on-quarter basis, with significant growth in the backend CDMO business [2] - Domestic demand is beginning to recover, and contributions from overseas major clients provide performance elasticity [2] - The company is comprehensively laying out high-growth emerging sectors such as targeted protein degradation drugs, peptides, oligonucleotide drugs, and ADC drugs [2]

Investment Rating - The report assigns a "Buy" rating for the stock of the company, indicating a strong performance relative to the benchmark index [14]. Core Insights - The company's revenue for H1 2025 reached 920 million yuan, a year-on-year increase of 23.48%, while the net profit attributable to the parent company was 72 million yuan, a decline of 26.54% [1]. - The overall gross margin for H1 2025 was 31.05%, down 9.82 percentage points year-on-year, primarily due to downward pressure on order prices and depreciation from new capacity [2]. - The CDMO (Contract Development and Manufacturing Organization) business showed significant growth, with revenue increasing by 60.92% year-on-year to 548 million yuan in H1 2025 [3]. - Domestic demand is beginning to recover, with revenue from Chinese clients growing by 25.00% to 261 million yuan in H1 2025 [4][5]. - The company is strategically expanding into high-growth areas such as targeted protein degradation drugs, peptides, and ADC (Antibody-Drug Conjugates) [6]. Financial Summary - The company is projected to achieve total revenue of 1.987 billion yuan in 2025, with a year-on-year growth rate of 17.6% [7]. - The estimated net profit attributable to the parent company for 2025 is 177 million yuan, reflecting a year-on-year decline of 19.5% [8]. - The gross margin is expected to be 33.4% in 2025, down from 42.5% in 2023 [7].

Summary of the Conference Call for Yaoshi Technology Industry and Company Overview - Yaoshi Technology has been deeply engaged in the molecular building block sector for 19 years, accumulating extensive experience in independent research and patent development, establishing an integrated service system from early research to commercial production [2][5][6] - The core growth point for the company is small molecules, which are essential for new drug development [2][5] Key Points and Arguments - The company has demonstrated excellent performance in cost reduction and efficiency enhancement, with faster delivery speeds and improved service quality, making it difficult for new entrants to penetrate the market [2][8] - In the first half of 2025, the overall revenue of the company grew by 32%, with CDMO (Contract Development and Manufacturing Organization) business increasing by over 60% and order growth approaching 20% [2][11] - The number of phase III and commercial projects increased by 51% year-on-year, indicating a strong pipeline of high-value projects [2][11] - The company expects to adjust its revenue forecast for 2025 to between 1.5 billion to 2 billion, driven by better-than-expected backend revenue and improved capacity utilization [3][13] Future Growth Trends - The backend CDMO business is entering a harvest period, with significant growth expected as commercial projects ramp up [4][12] - By the end of 2025, the company anticipates completing renovations at its Nanjing R&D center, which will alleviate supply-side pressures and restore growth in front-end demand [4] - The company’s integrated service model from research to commercialization is expected to return to a rapid growth trajectory, with net profit anticipated to show significant elasticity in 2026 [4][13] Unique Advantages - Yaoshi Technology has a dedicated information collection team that researches cutting-edge patents globally, allowing the company to provide innovative building blocks to clients [7] - The company’s ability to design, synthesize, and scale building blocks enhances customer dependency and loyalty, creating a competitive edge [7][9] - The proprietary nature of the building blocks, protected by patents, ensures that certain technologies cannot be bypassed, further solidifying the company's market position [9][10] Financial Performance and Projections - The company’s gross margin is expected to recover to between 30% and 35%, with profit elasticity becoming evident as capacity utilization improves [3][13] - The current valuation of the company is considered reasonable but has significant upside potential as order growth accelerates [14] Additional Important Insights - The company has established a comprehensive platform that spans from chemical drug discovery to chemical development and subsequent commercialization [10] - The anticipated increase in capacity utilization and the launch of new projects are expected to enhance profitability and market competitiveness [12][13]

| 证券代码：300725 | 证券简称：药石科技 | 公告编号：2025-056 | | --- | --- | --- | | 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 3.本次权益变动后，以2025年8月11日收盘后公司总股本202,220,660股为基数计算，剔除回购专用 证券账户股份数量后总股本为201,384,570股; 4.表中若出现总数与各分项数值之和尾数有不符的情况，均为四舍五入原因造成。 关于控股股东、实际控制人及其一致行动人权益变动触及1%整数倍的公告 公司股东南京诺维科思创业投资合伙企业（有限合伙）保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 南京药石科技股份有限公司（以下简称"公司"）于2025年7月10日披露了《关于 公司股东减持股份的预披露公告》（公告编号：2025-044）。公司员工持股平台南京诺 维科思创业投资合伙企业（有限合伙）（以下简称"诺维科思"）计划在本减持计划预 披露公告之日起十五个交易日后的三个月内（窗口期不减持），以集 ...