Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Viewpoints - The company, Hongbo Pharmaceutical, is characterized by its distinct technology in preclinical CRO services and specialized commercial production of products. It has gradually extended its industrial chain from drug discovery to commercial production, leveraging its technical advantages in drug chemistry to provide services to biotech companies [4][5]. - The company has a strong focus on drug design and process development, achieving rapid growth in these areas. It has a relatively small scale compared to other listed CROs in China but maintains a unique business model centered on high-value small molecule drug chemistry research services [4][48]. - The company primarily serves US biotech clients, with a significant portion of its projects being First-in-Class (FIC), which accounted for 81.8% of its projects as of 2022 [5][62]. Summary by Sections Company Overview - Hongbo Pharmaceutical was established in 2007, initially focusing on drug discovery services. It expanded into process research and development in 2010 and commercial production in 2014 through the merger with Kaiyuan Hongbo [4][16]. Revenue Growth and Business Synergy - In 2022, the company achieved a revenue of 479 million yuan, representing a year-on-year growth of 6.84%. The net profit attributable to shareholders was 67 million yuan [22][24]. - The drug discovery business has been the core revenue driver, contributing 74.1% of the main business income in 2022 [44]. Drug Discovery and Process Development - The drug discovery and process development services are the company's core business, with a revenue of 355 million yuan in 2022. The company has been actively expanding its client base, which is expected to provide greater growth opportunities in the future [44][48]. Commercial Production - The company has a high domestic market share in commercial production, primarily driven by the production of Ticagrelor intermediates. The company is positioned to capture more overseas orders as the patent protection period for Ticagrelor in Europe and the US is set to expire in December 2024 [6][44]. Client Base and Project Characteristics - The company's clients are mainly US biotech firms, and it has successfully assisted in the development of 33 clinical candidates, with 4 approved for market and several others in various clinical stages [62].

2024 年 4 月 1 日，上海泓博智源医药股份有限公司（以 下简称泓博医药）披露公告显示，你的配偶叶婵娟分别于 2023 年 11 月 21 日、2024 年 1 月 31 日买入 10,000 股、28,000 股泓博医药股票，买入金额合计 119.36 万元，于 2024 年 3 月 13日卖出 14,000 股泓博医药股票，卖出金额 50.96万元。 上述买入和卖出行为间隔不足六个月，构成《证券法》第四 十四条规定的短线交易。 你作为公司董事及高管，未能督促配偶合规交易泓博医 药股票，违反了本所《创业板股票上市规则（2023 年 8 月修 订）》第 1.4 条、第 2.3.1 条的规定。 我部提醒，上市公司董事、监事、高级管理人员应当按 照《证券法》等法律法规，以及本所《创业板股票上市规则》 及相关规定，诚实守信，合规交易上市公司股票并及时履行 信息披露义务。请你认真吸取教训，杜绝上述问题再次发生。 1 深 圳 证 券 交 易 所 关于对蒋胜力的监管函 创业板监管函〔2024〕第 46 号 蒋胜力： 特此函告。 深圳证券交易所 创业板公司管理部 2024 年 4 月 1 日 2 ...

证券代码：301230 证券简称：泓博医药 公告编号：2024-012 上海泓博智源医药股份有限公司 关于公司董事收到上海证监局行政监管措施决定书的公告 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、 误导性陈述或重大遗漏。 2、公司将进一步督促全体董事、监事、高级管理人员及相关股东加强相关规则的 学习，严格遵守相关规定，积极履行信息披露义务，自觉维护证券市场秩序。 "蒋胜力： 经查，你作为上海泓博智源医药股份有限公司(简称"泓博医药"或"公司")董事 以及董事会秘书,你配偶于 2024 年 1 月 31 日买入公司股票 14,000 股，成交金额 39.06 万元，于 2024 年 3 月 13 日卖出公司股票 14,000 股，成交金额 50.96 万元。 上述行为违反了《中华人民共和国证券法》第四十四条第一款和第二款的规定，构 成短线交易。为维护证券市场交易秩序，根据《中华人民共和国证券法》第一百七十条 第二款的规定，我局决定对你采取出具警示函的行政监管措施。 如果对本监督管理措施不服，可以在收到本决定书之日起 60 日内向中国证券监督 管理委员会提出行政复议申请，也可以在收到 ...

证券代码：301230 证券简称：泓博医药 公告编号：2024-013 上海泓博智源医药股份有限公司 关于回购公司股份的进展公告 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、 误导性陈述或重大遗漏。 上海泓博智源医药股份有限公司（以下简称"公司"）于 2024 年 2 月 7 日召开第三 届董事会第十四次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议 案》，同意公司以自有资金采取集中竞价交易方式回购公司股份用于实施股权激励或员 工持股计划，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），回购股份的价格不超过人民币 45.00 元/股（含），具体回购股份的数量以回购 期限届满或者回购股份实施完毕时实际回购的股份数量为准。回购股份实施期限自公司 董事会审议通过本次回购方案之日起不超过 12 个月。 具体内容详见公司于 2024 年 2 月 19 日、2024 年 2 月 21 日在巨潮资讯网 （www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》（公告编号：2024-003） 和《回购报告书》（公告编号：20 ...

证券代码：301230 证券简称：泓博医药 公告编号：2024-011 上海泓博智源医药股份有限公司 关于董事亲属短线交易及致歉的公告 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、 误导性陈述或重大遗漏。 上海泓博智源医药股份有限公司（以下简称"公司"）于近期收到公司董事以及董事 会秘书蒋胜力先生出具的《关于本人亲属短线交易的情况说明及致歉声明》，获悉其配 偶叶婵娟女士存在短线交易公司股票的行为。根据《中华人民共和国证券法》（以下简 称"《证券法》"）、《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》等相关法律法规的规定，现 将相关情况公告如下： 一、 本次短线交易的具体情况 2023 年 11 月 21 日至 2024 年 3 月 13 日，叶婵娟女士的证券账户具体交易情况如 下： | 序号 | | 交易时间 | | | 交易方向 | 成交数量 | 交易均价 | 成交金额 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

证券代码：301230 证券简称：泓博医药 公告编号：2024-009 上海泓博智源医药股份有限公司 关于股票交易异常波动的公告 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、误导性陈述或重大遗漏。 一、公司股票交易异常波动的具体情况 上海泓博智源医药股份有限公司（以下简称"公司"）股票交易价格于 2024 年 3 月 13 日、3 月 14 日连续两个交易日收盘价格涨幅偏离值累计超过 30%，根据《深圳证券 交易所交易规则》的相关规定，属于股票交易异常波动的情形。 二、公司关注并核实情况 针对公司股票交易异常波动，公司进行了自查，并通过电话、书面问询等方式对公 司有关人员进行了核查，现将有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 业板股票上市规则》等有关规定应予以披露而未披露的、对本公司股票及其衍生品种交 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。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响 的未公开重大信息； 3、公司目前的经营情况及内外部经营环境未发生重大变化； 4、公司、控股股东和实际控制人 ...

证券代码：301230 证券简称：泓博医药 公告编号：2024-008 上海泓博智源医药股份有限公司 关于回购公司股份的进展公告 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、 误导性陈述或重大遗漏。 上海泓博智源医药股份有限公司（以下简称"公司"）于 2024 年 2 月 7 日召开第三 届董事会第十四次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议 案》，同意公司以自有资金采取集中竞价交易方式回购公司股份用于实施股权激励或员 工持股计划，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），回购股份的价格不超过人民币 45.00 元/股（含），具体回购股份的数量以回购 期限届满或者回购股份实施完毕时实际回购的股份数量为准。回购股份实施期限自公司 董事会审议通过本次回购方案之日起不超过 12 个月。 （一）公司回购股份的数量、比例、回购价格、使用金额以及回购方式、委托时间 段等符合《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》以及公司回购方案的相关规定，具体为： 1、公司未在下列期间内回购 ...

证券代码：301230 证券简称：泓博医药 公告编号：2024-007 上海泓博智源医药股份有限公司 关于持股5%以上股东减持计划的预披露公告 公司持股 5%以上股东北京中富基石投资中心（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、误导性陈述或者重大遗漏。 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。 特别提示： 持有上海泓博智源医药股份有限公司（以下简称"公司"或"本公司"）股份 5,817,000 股（占公司扣除回购专户股份后总股本比例 5.41%）的股东北京中富基石 投资中心（有限合伙）（以下简称"中富基石"），计划在本公告发布之日起 15 个交 易日后的 3 个月内以集中竞价交易方式或者在本公告发布之日起 3 个交易日后的 3 个月内以大宗交易方式减持公司股份不超过 1,074,800 股，即减持比例不超过公司扣 除回购专户股份后总股本的 1.00%（如遇派发现金红利、送股、转增股本、增发新 股等除权除息事项，上述拟减持股份数量将相应进行调整，但减持股份占公司总股 本的比例不变）。 近日，本公司收到中富基石出具的《关于股份减持计划的告知函》，现将有关 情 ...

Investment Rating - The report gives the company a "Buy" rating, with an estimated value of 3.7 billion yuan, representing an 18% upside potential compared to the current market value of 3.1 billion yuan [61][84] Core Views - The company is a one-stop CXO service provider for small molecule innovative drug R&D and production, with a competitive advantage in drug design and early-stage participation in customer drug development [76] - The company's AI-assisted drug design platform (CADD/AIDD) has supported 52 new drug projects, with 2 in Phase I clinical trials and 3 in clinical application stages [76][121] - The company's commercial production business is expected to benefit from the expiration of Ticagrelor patents in Europe and the US in 2024-2025, driving rapid growth in overseas sales [84][132] Business Performance - Revenue grew from 126 million yuan in 2018 to 479 million yuan in 2022, with a CAGR of 39.68% [27] - Net profit attributable to shareholders increased from 9 million yuan in 2018 to 67 million yuan in 2022, with a CAGR of 64.47% [27] - In Q2 2023, new service contracts signed reached 133.33 million yuan, a 42.1% increase from Q1 2023 [2] Business Segments - Drug R&D services accounted for 58% of revenue in H1 2023, with revenue growing from 57 million yuan in 2018 to 275 million yuan in 2022 [28] - Commercial production accounted for 19% of revenue in H1 2023, with Ticagrelor API and intermediates being the main products [28][118] - Process R&D accounted for 17% of revenue in H1 2023, with revenue growing from 25 million yuan in 2018 to 80 million yuan in 2022 [28] Industry Trends - The global API market size was 165.7 billion USD in 2018, with a CAGR of 6.59% from 2012 to 2018 [16] - The average R&D cost for new drugs increased from 1.188 billion USD in 2010 to 2.006 billion USD in 2021, while the average R&D cycle reached 7.14 years in 2020 [44] - The Asia-Pacific region is expected to be the fastest-growing CRO market globally from 2022 to 2028 [101] Future Projections - Revenue is expected to reach 576 million yuan in 2023, 761 million yuan in 2024, and 1.01 billion yuan in 2025, with year-on-year growth of 20.3%, 32.2%, and 32.5% respectively [61][84] - Net profit attributable to shareholders is expected to reach 84 million yuan in 2023, 112 million yuan in 2024, and 153 million yuan in 2025, with year-on-year growth of 25.1%, 33.3%, and 37.0% respectively [61][84]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Viewpoints - The company, Hongbo Pharmaceutical, is characterized by its distinctive technology in preclinical CRO services and specialized commercial production of products. It has a strong focus on drug discovery and process development, which creates excellent synergy [4][5]. - The company has experienced rapid growth despite being relatively small compared to other listed CROs in China, with a concentrated focus on pharmaceutical discovery and process development [4][5]. - The client base primarily consists of U.S. biotech companies, with a significant portion of projects being First-in-Class (FIC), accounting for 81.8% of projects as of 2022 [5]. - The company has developed an AI-assisted drug design capability, enhancing its service offerings and has plans to further invest in R&D by building a large language model platform [5]. - The commercial production segment has a high domestic market share, primarily driven by the production of Ticagrelor intermediates, with expectations for increased overseas orders as the market recovers [6][19]. Summary by Sections Company Overview - Hongbo Pharmaceutical was established in 2007, initially focusing on drug discovery services, leveraging the technical advantages of its founding team in medicinal chemistry [29][33]. - The company expanded into process research and development in 2010, creating strong business synergy with drug discovery [29][33]. Revenue Growth and Business Development - The company has seen rapid revenue growth, with a CAGR of 36.0% from 2017 to 2021, and a net profit CAGR of 56.8% during the same period [43][45]. - In 2022, the company achieved a revenue of 479 million yuan, a year-on-year increase of 6.84% [41][43]. Market Position and Client Base - The company has a high market share in the domestic market for Ticagrelor intermediates, with estimates of 30.83% to 40.04% depending on the calculation method [30][31]. - The client base includes major U.S. biotech firms, and the company has established itself as a qualified supplier for several key clients in the domestic market [19][30]. Technological Capabilities - The company has developed a CADD/AIDD technology platform that has supported 44 new drug projects, with two entering clinical phase I and two in the clinical application stage as of the end of 2022 [5]. - The integration of AI in drug design is expected to enhance the company's capabilities and service offerings [5]. Commercial Production - The commercial production segment is primarily focused on self-produced products, with significant contributions from Ticagrelor intermediates, which have a stable domestic market position [6][19]. - The company is poised to capture more overseas orders as the market for Ticagrelor intermediates recovers, particularly in Europe and the U.S. [6][19].