Menovo(SH:603538) Zheng Quan Zhi Xing·2025-05-20 10:20Core Viewpoint - The announcement by Zhongzheng Pengyuan highlights the change in fundraising projects for Ningbo Meinuo Pharmaceutical Co., Ltd., shifting from a high-end formulation project to a new project focused on the technical transformation and green energy efficiency of producing 734 tons of pharmaceutical raw materials annually [1][2][3]. Fundraising Project Changes - The total amount of funds to be redirected is 138.347 million yuan, which will be fully allocated to the new fundraising project [1][2]. - The original high-end formulation project has been deemed unsuitable for continued investment due to rapid product upgrades, low bidding prices in centralized procurement, and intense market competition [2][3]. New Investment Project Details - The new project, managed by the subsidiary Zhejiang Meinuo, involves technical upgrades to several workshops and aims to meet the raw material demands of the European market [3]. - The total investment for the new project is set at 220 million yuan, with production expected to reach 30% in the first year, 70% in the second year, and full capacity by the third year, targeting completion by 2027 [3][4]. Financial Performance - The company reported a year-on-year revenue growth of 12.85% and a significant net profit increase of 476.64%, with a gross margin improvement of 1.74 percentage points [4]. - The revenue from the formulation business saw an increase of 83.52%, while the raw material business grew by 6.10%. However, the CDMO business experienced a decline of 39.30% [4]. Credit Rating and Outlook - Zhongzheng Pengyuan has maintained the company's credit rating at AA- with a stable outlook, indicating confidence in the company's operational stability and the orderly progress of the new investment project [4]. - The agency will continue to monitor the construction progress of the new project and its sales performance in the European market, assessing any potential impacts on the company's credit rating [4].