Core Viewpoint - The recent surge in the stock price of Lianhua Technology (002250.SZ) is closely linked to the explosion at Youdao Chemical in Shandong, which is the world's largest producer of chlorantraniliprole, leading to supply disruptions and price increases in the market [1] Group 1: Stock Performance - From late May to early June, Lianhua Technology's stock price increased by 95.07%, with a weekly rise of 43.18%, closing at 11.97 yuan [1] - The stock price surge is attributed to the expected reduction in chlorantraniliprole supply due to the explosion at Youdao Chemical, which holds a 30% share of global production [1] Group 2: Business Performance - In 2024, Lianhua Technology reported a revenue of 5.677 billion yuan, a year-on-year decrease of 11.88%, while net profit attributable to shareholders increased by 122.17% to 103 million yuan, marking a return to profitability [2] - The plant protection business contributed over 60% of revenue, with a recovery in order volume and price increases for certain pesticide products [2] - The company's CDMO business is expanding, with accelerated commercialization of client validation projects [2] - The new energy business has seen breakthroughs, with products like electrolytes completing trial production, contributing to revenue growth in functional chemicals [2] Group 3: Market Dynamics - The price of K-amine has surged from approximately 130,000-150,000 yuan/ton before the explosion to 230,000-280,000 yuan/ton after the incident, with expectations that it may exceed 400,000 yuan/ton in the third quarter [2] - As the largest legal producer of K-amine globally, Lianhua Technology is positioned to potentially achieve industry exclusivity and pricing power within two years [3] Group 4: Challenges and Limitations - Despite the potential for profit increase, Lianhua Technology's production capacity utilization was only about 35% in 2023, projected to rise to 40% in 2024, limiting the ability to fully capitalize on the increased demand [3] - The company currently has a long-term contract with FMC for K-amine, restricting external sales and price flexibility until the patent expires in November 2025 [3] - The current stock price increase may be premature, as the fundamentals for K-amine are unlikely to improve significantly before November this year [4]

Group 1: Business Operations - The company has an annual production capacity of 2,000 tons for chlorantraniliprole intermediates, operating under a CDMO model, which allows for customized production based on client orders [1] - The chlorantraniliprole business is currently not affected by the "Shandong Youdao" incident, as the company has not participated in market competition and adjusts supply based on client demand [1] - The company has not yet signed a new cooperation agreement after the expiration of a long-term contract, but normal supply to clients continues, with intentions for extension being discussed [2] Group 2: Impact of Tariff Policies - The company’s CDMO business model has fostered closer relationships with clients, allowing for transparent communication, which helped mitigate the impact of a 10% tariff increase in the U.S. [3] - Clients, primarily multinational corporations, have the flexibility to shift procurement needs to domestic factories or other countries with lower tariffs, enhancing resilience against tariff changes [3] Group 3: Agricultural Business Development - The agricultural business is focused on a "big client strategy" and CDMO model, with several projects at various stages of development, expected to improve performance as products are launched [4] Group 4: Pharmaceutical Business Development - The company is increasing investment in pharmaceutical R&D and production facilities, aiming to strengthen the integration of its pharmaceutical sector and enhance supply chain competitiveness [5][6] Group 5: Environmental Business Development - The subsidiary engaged in kitchen waste treatment has seen slowed growth due to market changes, but plans to pivot towards biomass waste resource management to improve overall business performance [6]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 463.72 million CNY, a year-on-year increase of 3.60% [5] - The net profit attributable to shareholders was 60.45 million CNY, a decrease of 21.54% compared to the previous year [5] - Gross profit was 211.49 million CNY, with a decline of 2.94% [6] - Sales expenses increased by 21.69%, amounting to 13.75 million CNY [6] - Other income rose significantly by 289.38%, totaling 11.55 million CNY [6] Group 2: R&D Investment - The company invested 37.63 million CNY in R&D in 2024, representing 8.12% of its revenue [4] - R&D personnel increased by 24.56% compared to 2023 due to numerous ongoing projects [8] Group 3: Strategic Acquisitions - The acquisition of 99.42% of Hongjitang is expected to enhance the company's market competitiveness and product portfolio [3] - Hongjitang's integration will allow the company to extend its business into traditional Chinese medicine and health products [3] Group 4: Market Position and Product Development - The company focuses on chemical raw materials and formulations, with key products including Metformin, Glimepiride, and Isosorbide Mononitrate [4] - The company holds 31 raw material drug registration numbers and 43 chemical drug formulation approvals, with all products passing national GMP certification [14] - The global raw material drug market is projected to reach 236.7 billion USD in 2024, with a compound annual growth rate of 6.78% from 2021 to 2026 [13] Group 5: Future Growth Strategies - The company aims to strengthen existing products while rapidly introducing new varieties to create a second growth curve [10] - Plans to expand CDMO business and enhance collaboration with overseas clients are in place [10] - The company will focus on smart manufacturing and technological innovation to improve production efficiency [15]

Group 1: Financial Performance - The company's CDMO business revenue for 2025 is projected at 136 million yuan, showing a decline of approximately 4% compared to the previous year, indicating stable market demand [2] - The company has invested 105 million yuan in formulation R&D for 2024, with capitalized expenditures amounting to 23.9 million yuan [3] - The formulation business is expected to reduce losses by approximately 40 million yuan in 2024 compared to 2023 [3] Group 2: Market Position and Growth - The company achieved a sales volume of 1,744 tons for sartans in 2024, capturing about 24% of the global market demand of 7,233 tons [7] - Non-sartan revenue reached 559 million yuan in 2024, reflecting a growth of 45.5% compared to 2023, indicating a strong upward trend [7] - The company has obtained 63 formulation approvals, enhancing its product pipeline and market presence [8] Group 3: Customer Concentration - The combined sales from the top five customers accounted for 40.18% of total sales in 2024, a decrease from 44.97% in 2023, with no significant change exceeding 10 percentage points [6] Group 4: Strategic Initiatives - The company has not introduced third-party platform traffic resources for e-commerce channels [4] - Continuous investment in CDMO R&D is planned for 2024, with projected revenue of 366 million yuan primarily serving original drug companies during patent periods [5]

Core Viewpoint - The company reported significant revenue and profit growth for 2024 and Q1 2025, indicating strong operational performance and market demand for its products [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.625 billion yuan, a year-on-year increase of 57.21%, and a net profit attributable to shareholders of 404 million yuan, up 148.19% [1]. - For Q1 2025, the company reported revenue of 566 million yuan, a growth of 58.96%, and a net profit of 153 million yuan, reflecting a 130.10% increase [1][2]. - The gross margin for 2024 was 67.68%, an increase of 6.71 percentage points, while the net profit margin was 24.61%, up 8.60 percentage points [2]. Product and Market Development - The company's self-selected products, including peptides, oligonucleotides, and formulations, showed robust growth, with revenue from self-selected products reaching 1.129 billion yuan, a 79.49% increase [4]. - Strategic collaborations have been established for various innovative drug raw materials and formulations, enhancing market presence and growth potential [4]. - The company is expanding its production capacity, with new facilities expected to contribute significantly to output in the coming years [4]. CDMO Business - The CDMO segment generated revenue of 494 million yuan in 2024, a 22.34% increase, with large orders being progressively delivered [5]. - Long-term contracts with major pharmaceutical companies, including a $100 million contract with a European firm, have commenced delivery, indicating strong demand for CDMO services [5]. Future Projections - Revenue forecasts for 2025-2027 are projected at 2.276 billion yuan, 3.218 billion yuan, and 4.576 billion yuan, with growth rates of 40.06%, 41.42%, and 42.19% respectively [5]. - Net profit estimates for the same period are 559 million yuan, 755 million yuan, and 1.027 billion yuan, with growth rates of 38.20%, 35.09%, and 36.02% respectively [5].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 463.72 million CNY, a year-on-year increase of 3.60% [6] - The net profit attributable to shareholders was 60.45 million CNY, a decrease of 21.54% compared to the previous year [6] - The gross profit was 211.49 million CNY, with a decline of 2.94% [6] Group 2: R&D Investment - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue [4] - R&D personnel increased by 24.56% in 2024 due to the need for more resources to advance ongoing projects [8] Group 3: Strategic Acquisitions - The acquisition of 99.42% of Hongjitang is expected to enhance the company's market competitiveness and product portfolio [3] - Hongjitang's integration will allow the company to extend its business into traditional Chinese medicine and health products [3] Group 4: Market Position and Product Portfolio - The company has a strong market position in the production of chemical raw materials and formulations, with key products including Glimepiride, Metformin, and Ropivacaine [4] - All products have passed national GMP certification and several international certifications, enhancing their market competitiveness [5] Group 5: Future Growth Strategies - The company aims to strengthen its existing products while rapidly introducing new varieties to create a second growth curve [10] - Plans to expand CDMO (Contract Development and Manufacturing Organization) business and enhance the production of high-end raw materials and formulations [10] Group 6: Industry Outlook - The global API (Active Pharmaceutical Ingredient) market is projected to reach 236.7 billion USD in 2024, with a CAGR of 6.78% from 2021 to 2026 [13] - The company is well-positioned to capitalize on the growing demand for APIs, particularly in the Asia-Pacific region [13]

Investment Rating - The investment rating for the company is maintained at "Accumulate" [5] Core Views - The company reported a 2024 revenue of 5.805 billion yuan, a decrease of 25.82% year-on-year, primarily due to the absence of large orders that were delivered in 2023. Excluding the impact of these large orders, revenue increased by 7.40% year-on-year [1] - The net profit attributable to the parent company for 2024 was 949 million yuan, down 58.17% year-on-year, affected by the decline in revenue and the low gross margin of emerging businesses [1] - The small molecule CDMO business achieved a revenue of 4.571 billion yuan in 2024, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95% [2] - Emerging business segments, including chemical and biological macromolecules, showed positive growth, with revenues of 1.226 billion yuan in 2024, a 2.25% increase year-on-year [3] - The company is expanding its overseas capacity, with total overseas revenue of 4.285 billion yuan in 2024, and a gross margin of 50.32% [4] Summary by Sections Financial Performance - 2024 revenue was 5.805 billion yuan, down 25.82% year-on-year, but up 7.40% when excluding large orders [1] - 2024 net profit attributable to the parent company was 949 million yuan, a decrease of 58.17% year-on-year [1] - The small molecule CDMO business generated 4.571 billion yuan in revenue, with a gross margin of 47.95% [2] - Emerging business revenue was 1.226 billion yuan, with a gross margin of 21.67% [3] Business Segments - Small molecule commercialized projects delivered 48 projects, with 8 new projects added [2] - The chemical macromolecule CDMO business saw a revenue increase of 13.26% year-on-year, with 227 projects completed [3] - The biological macromolecule CDMO business focused on antibody-drug conjugates, with 15 new ADC IND projects [3] Market Expansion - New orders signed in 2024 increased by approximately 20%, with significant growth in orders from European and American markets [4] - The Sandwich Site in the UK commenced operations in August 2024, enhancing the company's global footprint [4]

证券简称： 峆一药业 证券代码： 430478 安徽峆一药业股份有限公司 安徽省天长市杨村工业区 安徽峆一药业股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 保荐机构（主承销商） （安徽省合肥市梅山路 18 号） 联席主承销商 （中国（四川）自由贸易试验区成都市高新区交子大道 177 号中 1-1-0 海国际中心 B 座 17 楼） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票 ...