Market Overview - The Shanghai Composite Index decreased by 0.03% at the close, with a trading volume of 979.60 million shares and a turnover of 15,108.13 billion yuan, representing a 12.16% decrease from the previous trading day [1] Industry Performance - The coal industry showed the highest increase at 1.97%, with a transaction amount of 111.71 billion yuan, up 41.65% from the previous day, led by Huayang Co., which rose by 8.09% [1] - The defense and military industry increased by 1.66%, with a transaction amount of 431.15 billion yuan, up 6.87%, led by Guorui Technology, which rose by 9.99% [1] - The non-ferrous metals sector rose by 1.42%, with a transaction amount of 597.97 billion yuan, down 14.34%, led by Ganfeng Lithium, which increased by 10.00% [1] - The automotive sector experienced the largest decline at 1.63%, with a transaction amount of 1,040.70 billion yuan, down 7.43%, led by Haon Automotive, which fell by 11.48% [2] - The pharmaceutical and biological sector decreased by 1.04%, with a transaction amount of 682.17 billion yuan, down 8.78%, led by Saily Medical, which fell by 6.22% [2] - The real estate sector declined by 0.97%, with a transaction amount of 242.96 billion yuan, down 8.46%, led by Suning Universal, which decreased by 10.12% [2]

证券代码：301393 证券简称：昊帆生物 公告编号：2025-048 苏州昊帆生物股份有限公司 关于签订募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意苏州昊帆生物股份有限公司首次公开 发行股票注册的批复》（证监许可[2023]806 号）同意注册，苏州昊帆生物股份 有限公司（以下简称"公司"或"昊帆生物"）首次公开发行 2,700.00 万股人民 币普通股（A 股），每股面值为 1.00 元，每股发行价格为 67.68 元，募集资金总 额 为 人 民 币 1,827,360,000.00 元 ， 扣 除 发 行 费 用 后 ， 募 集 资 金 净 额 为 1,655,388,729.45 元，已于 2023 年 7 月 7 日划至公司指定账户。中天运会计师事 务所（特殊普通合伙）对公司首次公开发行股票的资金到位情况进行了审验，并 出具了《验资报告》（中天运[2023]验字第 90040 号）。 二、授权开立募集资金专户的情况 公司于 2025 年 8 月 27 日分别召开 ...

Group 1 - The core viewpoint of the news is that Haofan Bio has seen a significant increase in its stock price, rising by 5.33% to 57.15 CNY per share, with a total market capitalization of 6.172 billion CNY as of September 15 [1] - Haofan Bio, established on December 2, 2003, and listed on July 12, 2023, specializes in the research and sales of peptide synthesis reagents, protein crosslinkers, and molecular building blocks [1] - The revenue composition of Haofan Bio's main business includes peptide synthesis reagents at 81.89%, general molecular building blocks at 10.99%, protein reagents at 6.11%, and other products at 1.01% [1] Group 2 - Among the top circulating shareholders of Haofan Bio, a fund under Huatai PineBridge has entered the top ten, with the Huatai Medical and Health Mixed Fund (470006) holding 602,500 shares, representing 1.5% of the circulating shares [2] - The Huatai Medical and Health Mixed Fund (470006) was established on September 21, 2010, with a latest scale of 2.358 billion CNY, achieving a year-to-date return of 38.91% and a one-year return of 46.74% [2] - The fund manager of Huatai Medical and Health Mixed Fund is Zheng Lei, who has a tenure of 10 years and 276 days, with the fund's total asset scale at 7.072 billion CNY [3]

Group 1 - The sponsor, Minsheng Securities Co., Ltd., has conducted timely reviews of the company's information disclosure documents with no instances of delayed reviews [1] - The company has established and effectively executed relevant regulations, including those to prevent related parties from occupying company resources and managing raised funds [1] - The sponsor has conducted four inquiries into the company's raised funds special account, confirming that the project progress aligns with the disclosed information [1] Group 2 - There were no reported issues regarding risk investments, entrusted financial management, or financial assistance [1] - The company and its shareholders have fulfilled their commitments without any unresolved issues [2] - No regulatory measures or corrective actions were reported concerning the company [2]

民生证券股份有限公司 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3．"三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对外投资、 风险投资、委托理财、财务资助、套期保 | 无 | 不适用 | | 值等） | | | | 10．发行人或者其聘请的证券服务机构配 合保荐工作的情况 | 无 | 不适用 | | 11.其他（包括经营环境、业务发展、财务 状况、管理状况、核心技术等方面的重大 | 无 | 不适用 | | 变化情况） | | | 三、公司及股东承诺事项履行情况 | | | | 1．关于公开发行前股东所持股份锁定期限 | 是 | 不适用 | | --- | --- | --- | | 的承诺 | | | ...

Group 1: Macro Economic Insights - The recent appreciation of the RMB against the USD may be seen as a "catch-up" due to a weaker dollar environment, with the RMB appreciating by approximately 2.3% compared to a 10% depreciation of the dollar index in the first eight months of 2025 [5][6][7] - The domestic equity market's recovery and dovish signals from the Federal Reserve are key triggers for the recent rise in the RMB exchange rate, despite weaker manufacturing PMI data [6][8] - The RMB is expected to continue appreciating, but short-term fluctuations may occur due to uncertainties in global economic policies, particularly in Japan [8][9] Group 2: ETF Market Dynamics - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion RMB, indicating a shift in retail investor preferences towards ETFs [11][12] - Broad-based ETFs have experienced significant net redemptions, suggesting that while overall ETF inflows may appear modest, retail funds are actively entering the market through non-broad-based ETFs [12][13] - The current bull market is characterized by a shift from actively managed funds to ETFs, driven by factors such as product variety, cost efficiency, and ease of access [13][14] Group 3: Power Equipment and New Energy Sector - The photovoltaic industry is facing severe overcapacity, with nominal production capacity exceeding 1200 GW, leading to significant price declines across the supply chain [18][19] - Recent government initiatives aim to curb internal competition and stabilize the market, with signs of price recovery in the polysilicon segment [19][20] - Despite ongoing losses in the main supply chain, specialized companies are performing better than integrated firms, indicating a potential for recovery as supply-demand dynamics improve [20][21] Group 4: Chemical Industry Performance - The chemical raw materials and products manufacturing sector reported a revenue of 4.46359 trillion RMB in H1 2025, a year-on-year increase of 1.4%, but profits fell by 9% to 181.46 billion RMB [23][24] - The basic chemical industry achieved a revenue of 1.1707 trillion RMB in H1 2025, with a profit of 73.17 billion RMB, reflecting a 3.5% revenue increase year-on-year [24][25] - The petrochemical sector, excluding major state-owned enterprises, saw a revenue decline of 7.3% in H1 2025, indicating challenges in profitability [25][26] Group 5: Pharmaceutical Sector Developments - Sunshine Nuohuo (688621.SH) reported a revenue of 590 million RMB in H1 2025, a 4.87% increase, with a significant Q2 performance showing a 15.73% year-on-year growth [28][29] - The company is advancing its innovative drug pipeline, with multiple projects in clinical trials, indicating a strong growth trajectory [29][30] - Haofan Bio (301393.SZ) achieved a revenue of 270 million RMB in H1 2025, reflecting a 20.10% increase, driven by strong demand for GLP-1 drugs [32][33] Group 6: Food and Beverage Sector Insights - Shanxi Fenjiu (600809.SH) reported a revenue of 23.96 billion RMB in H1 2025, a 5.4% increase, but faced pressure on profit margins due to changing consumer preferences [40][41] - Wuliangye (000858.SZ) achieved a revenue of 52.77 billion RMB in H1 2025, a 4.2% increase, but is navigating challenges in maintaining price stability amid competitive pressures [45][46]

Group 1 - The company achieved revenue of 270 million yuan in the first half of 2025, representing a year-on-year growth of 20.10%, and a net profit attributable to shareholders of 75.88 million yuan, up 15.31% year-on-year [1] - In Q2 2025, the company reported revenue of 135 million yuan, a year-on-year increase of 0.94%, with a net profit of 41.09 million yuan, growing 14.19% year-on-year [1] - The demand for peptide drugs, particularly GLP-1 drugs like semaglutide and tirzepatide, is rapidly increasing, contributing to the company's performance [1] Group 2 - The company has established long-term stable partnerships with over 1,900 pharmaceutical R&D and production enterprises globally, including major players like Bachem AG and Lonza AG [2] - A wholly-owned subsidiary, Highfine Biotech GmbH, was established in Germany in January 2025 to enhance connections and services for European clients [2] - The company is expanding its production capacity through self-built facilities and acquisitions, with significant projects underway to alleviate supply bottlenecks [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing strong downstream demand, with new production capacity being released to overcome supply bottlenecks [1] - In H1 2025, the company achieved revenue of 270 million yuan, a year-on-year increase of 20.10%, and a net profit attributable to the parent company of 75.88 million yuan, up 15.31% year-on-year [4] - The rapid sales growth of GLP-1 drugs, such as semaglutide and tirzepatide, is driving demand [4] - The company maintains its profit forecast, expecting net profits of 166 million, 208 million, and 268 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.54, 1.93, and 2.48 yuan [4] Financial Summary - The total market capitalization of the company is 5.841 billion yuan, with a circulating market capitalization of 2.277 billion yuan [1] - The company’s revenue is projected to grow from 389 million yuan in 2023 to 998 million yuan in 2027, reflecting a compound annual growth rate [7] - The gross margin is expected to improve from 38.6% in 2023 to 41.4% in 2027, indicating enhanced profitability [10] - The company’s P/E ratio is projected to decrease from 59.0 in 2023 to 21.8 in 2027, suggesting a more attractive valuation over time [7][10] Production Capacity and Market Expansion - The company has established a strong presence with over 1,900 pharmaceutical R&D and production enterprises, including partnerships with major firms like Bachem AG and Lonza AG [5] - The company’s self-built production capacity includes a 350-ton project that commenced operations in August 2022, and a 1002-ton project that received production permits in January 2025 [6] - The acquisition of 100% of Hangzhou Foster for 160 million yuan is expected to alleviate capacity constraints [6]

Core Viewpoint - Haofan Bio experienced a 5.23% increase in stock price, reaching 58.20 CNY per share, with a trading volume of 116 million CNY and a turnover rate of 4.82%, resulting in a total market capitalization of 6.286 billion CNY [1] Company Overview - Suzhou Haofan Bio Co., Ltd. is located at Changting Road 1, Suzhou High-tech Zone, Jiangsu Province, and was established on December 2, 2003. The company went public on July 12, 2023. Its main business involves the research and sales of peptide synthesis reagents, protein crosslinkers, and molecular building blocks [1] Shareholder Information - Among the top ten circulating shareholders of Haofan Bio, a fund under Huatai PineBridge holds a position. The Huatai Medical and Health Mixed Fund (470006) entered the top ten circulating shareholders in the second quarter, holding 602,500 shares, which accounts for 1.5% of the circulating shares. It is estimated that the fund has earned approximately 1.7411 million CNY in floating profit today [2] - The Huatai Medical and Health Mixed Fund (470006) was established on September 21, 2010, with a latest scale of 2.358 billion CNY. Year-to-date returns stand at 35.59%, ranking 1703 out of 8254 in its category; the one-year return is 41.87%, ranking 3403 out of 8037; and since inception, the return is 171.31% [2] - The fund manager of Huatai Medical and Health Mixed Fund (470006) is Zheng Lei, who has a cumulative tenure of 10 years and 262 days. The total asset scale under his management is 7.072 billion CNY, with the best fund return during his tenure being 53.42% and the worst being -21.99% [2]

Group 1 - The company will not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [3] - The company plans to repurchase its A-shares using its own funds, with a total repurchase amount between 30 million and 60 million RMB, and a maximum repurchase price of 60.00 RMB per share [3] Group 2 - As of February 5, 2025, the company has repurchased a total of 1,028,148 shares, accounting for 0.95% of the total share capital, with a total transaction amount of approximately 41.99 million RMB [4]