中信建投证券股份有限公司 关于 《关于山东科源制药股份有限公司 发行股份购买资产并募集配套资金申请 的审核问询函》回复之 核查意见 独立财务顾问 （北京市朝阳区安立路 66 号 4 号楼） 二〇二五年八月 深圳证券交易所上市审核中心： 山东科源制药股份有限公司（以下简称"上市公司""公司"或"科源制 药"）于 2025 年 7 月 10 日收到深圳证券交易所上市审核中心下发的《关于山 东科源制药股份有限公司发行股份购买资产并募集配套资金申请的审核问询函》 （审核函〔2025〕030007 号）（以下简称"审核问询函"）。中信建投证券股 份有限公司（以下简称"独立财务顾问"）作为本次交易的独立财务顾问，对 有关问题进行了认真分析与核查，现就核查情况回复如下。 如无特别说明，本审核问询函回复中的简称或名词释义与重组报告书所定 义的词语或简称具有相同的含义。在本审核问询函回复中，若合计数与各分项 数值相加之和在尾数上存在差异，均为四舍五入所致。本审核问询函回复所引 用的财务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据 该类财务数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | - ...

中水致远资产评估有限公司 关于 《关于山东科源制药股份有限公司发行股份购买资产 并募集配套资金申请的审核问询函》回复之 核查意见 中水致远资产评估有限公司 二Ｏ二五年八月 | | | 中水致远《关于山东科源制药股份有限公司的审核问询函》之评估师核查意见 《关于山东科源制药股份有限公司发行股份购买资产并募集 配套资金申请的审核问询函》 （审核函〔2025〕030007号） 资产评估相关问题的答复 深圳证券交易所： 根据贵所上市审核中心2025年7月10日下发的《关于山东科源制药 股份有限公司发行股份购买资产并募集配套资金申请的审核问询函》 （审核函〔2025〕030007号）的要求，中水致远资产评估有限公司质 量审核部组织评估项目组对问询函问题进行了认真的研究和分析，并 就资产评估相关问题出具了本答复。现将具体情况汇报如下： 中水致远资产评估有限公司 第2页 中水致远《关于山东科源制药股份有限公司的审核问询函》之评估师核查意见 问题七、关于评估 申请文件显示：（1）本次交易采用资产基础法结果，标的资产 100%股权评估 值为 36.01 亿元，评估增值率 60.54%。（2）资产基础法下，标的资产持有的北京 联 ...

东莞证券8月18日发布研报称，给予科源制药（301281.SZ）增持评级。评级理由主要包括：1）公司Q2 营收增速环比改善，归母净利润保持稳定增长；2）公司加快推进研发创新。风险提示：产品研发进度 不及预期风险和产品销售不及预期风险等。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company reported a revenue of 228 million yuan for the first half of 2025, a year-on-year decrease of 3.91%. However, the net profit attributable to shareholders increased by 18.36% to 43 million yuan, and the net profit after deducting non-recurring gains and losses rose by 38.51% to 36 million yuan [3][8]. - In Q2 2025, the company achieved a revenue of 117 million yuan, reflecting a year-on-year growth of 28.39% and a quarter-on-quarter increase of 4.91%. The net profit for Q2 was 20 million yuan, up 34.96% year-on-year but down 15.10% quarter-on-quarter [8]. - The company focuses on chronic disease management and is expanding into other niche markets, emphasizing a diversified layout and integration of raw materials and formulations [8]. - The company is enhancing its R&D capabilities and has established a comprehensive technical innovation system, maintaining deep cooperation with downstream formulation clients [8]. - The company has a strong production advantage in raw materials and is actively developing new products, with a product portfolio that includes various categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [8]. - The company has a stable revenue and profit stream from its leading products, including Glimepiride and Metformin, and is pursuing an integrated development strategy of "raw materials + formulations" through acquisitions [8]. Financial Projections - The company is projected to achieve total revenue of 475 million yuan in 2025, with net profit expected to reach 71 million yuan, resulting in an EPS of 0.65 yuan. For 2026, revenue is forecasted at 489 million yuan, with net profit of 79 million yuan and an EPS of 0.73 yuan [9].

Group 1 - The company plans to issue shares and pay cash to acquire 99.42% equity of Shandong Hongjitang Pharmaceutical Group Co., Ltd. from 39 trading parties, including its controlling shareholder, Linuo Investment Holding Group Co., Ltd. [5][6] - The transaction constitutes a related party transaction as several of the trading parties are identified as related parties under the Shenzhen Stock Exchange's rules [6] - The company will not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [3]

Core Insights - Shandong Keyuan Pharmaceutical Co., Ltd. reported a total revenue of 228 million yuan for the first half of 2025, a decrease of 3.91% compared to the same period last year [1] - The company achieved a net profit attributable to shareholders of 42.683 million yuan, an increase of 18.26%, indicating strong operational resilience [1] - The growth in net profit was primarily driven by increased market development efforts in the chemical drug formulation business, which led to a gross profit increase of 27.7036 million yuan, a growth rate of 28.58% [1] Business Performance - The formulation business showed strong growth, with revenue from chemical drug formulations reaching 102 million yuan, a year-on-year increase of 35.08%, and a gross margin of 79.91% [1] - Research and development investment was 19.3566 million yuan, reflecting a year-on-year increase of 20.35%, demonstrating the company's commitment to innovation and product upgrades [1] Product Development - The company has enhanced its product development capabilities, expanding its range of products to include various categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [2] - Key products include mature raw materials like Glimepiride, Metformin Hydrochloride, Ropivacaine Hydrochloride, and Isosorbide Mononitrate, which provide stable revenue and profit [2] - The acquisition of Shandong Linuo Pharmaceutical Co., Ltd. supports the integrated development strategy of "raw materials + formulations," adding new momentum for future growth [2]

Financial Performance - The company's total revenue for the first half of 2025 was 228 million yuan, a decrease of 9.28 million yuan compared to the same period last year, representing a year-on-year decline of 3.91% [1] - The net profit attributable to shareholders was 42.68 million yuan, with net cash inflow from operating activities amounting to 25.57 million yuan [1] Financial Ratios - The latest debt-to-asset ratio is 13.85%, which is an increase of 1.62 percentage points from the previous quarter and an increase of 4.65 percentage points compared to the same period last year [3] - The latest gross profit margin stands at 54.70%, with a return on equity (ROE) of 3.09% [3] Efficiency Metrics - The diluted earnings per share (EPS) is 0.39 yuan [4] - The total asset turnover ratio is 0.14 times, a decrease of 0.02 times compared to the same period last year, reflecting a year-on-year decline of 10.53% [4] - The inventory turnover ratio is 0.75 times, down by 0.60 times from the same period last year, indicating a year-on-year decline of 44.45% [4] Shareholder Information - The number of shareholders is 12,500, with the top ten shareholders holding 73.30 million shares, accounting for 67.69% of the total share capital [4]

Core Insights - The stock price of Koyuan Pharmaceutical reached 35.82 yuan, increasing by 1.65% compared to the previous trading day [1] - The company reported a half-year revenue of 228 million yuan and a net profit of 42.68 million yuan, marking a year-on-year growth of 18.26% [1] - The revenue from the formulation business was 102 million yuan, with a significant year-on-year increase of 35.08% and a gross margin of 79.91% [1] Financial Performance - Koyuan Pharmaceutical's R&D investment amounted to 19.36 million yuan, reflecting a year-on-year increase of 20.35% [1] - The company experienced a net outflow of 4.95 million yuan in main funds on August 15, with a cumulative net outflow of 15.27 million yuan over the past five days [1] Strategic Developments - The company announced plans to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group to enhance its industry chain layout [1] - The fourth board meeting and the eighth supervisory board meeting were held on the same day to review and approve the half-year report and related proposals [1]

证券日报网讯 8月15日晚间，科源制药发布公告称，公司第四届董事会第十次会议审议通过了《关于公 司全文及摘要的议案》《关于公司的议案》。 （文章来源：证券日报） ...

证券日报网讯 8月15日晚间，科源制药发布公告称，公司第四届监事会第八次会议审议通过了《关于公 司全文及摘要的议案》《关于公司的议案》。 （编辑 任世碧） ...