证券之星刘凤茹 今年以来不断推出的利好政策点燃了创新药热度，广生堂（300436）(300436.SZ)在二级市场受资金追 捧，7月16日其股价创下77.09元/股的阶段性新高。广生堂股价与业绩"冰火两重天"，其归母净利润已现 四连亏(2021-2024年)。 证券之星注意到，深陷业绩泥潭的广生堂，今年抛出一份9.77亿元的定增募资计划，其中超六成押注两 款乙肝创新药研发。不过，控股子公司广生中霖(乙肝创新药实施主体)2023年增资附加回购条款，是否 构成"明股实债"、前次募投项目"烂尾"遭遇监管拷问。近期，广生堂在回复函中坚称"无明股实债"，拟 借国谈政策红利破局。 创新药研发占六成 根据广生堂披露的2025年定增方案来看，创新药研发项目是广生堂此次募资后投入的大头，拟使用募集 资金5.98亿元用于创新药研发项目，该项目投资金额为6.31亿元。将募集资金8849.05万元用于中药传统 名方产业化项目，该项目投资金额为1.05亿元；拟使用募集资金2.9亿元用于补充流动资金。 | 项目名称 | 投资金额 | 拟使用募集资金 | 募集资金是否属 | | --- | --- | --- | --- | | | | ...

Group 1 - The company held an investor reception day on May 23, 2025, to enhance governance and investor relations, with participation from management and 55 investors [1][9] - Key management personnel, including the CFO and Vice Presidents, presented on business operations, development strategies, and governance [1][2] Group 2 - The subsidiary Shanghai Huaotai Biopharmaceutical Co., Ltd. is focused on innovative drug development, particularly in oncology and autoimmune diseases, with a mature pipeline of large molecule antibody drugs [1][2] - The HB0034 project for treating generalized pustular psoriasis has completed key clinical trials and is preparing for NDA submission, expected to be approved next year [2] - The HB0017 project for psoriasis has completed patient enrollment for Phase III trials, showing positive treatment effects [2] - The company is advancing several other projects, including HB0043 and HB0056, which are set to enter clinical trials soon [2][4] Group 3 - The company is closely monitoring the impact of US-China tariffs, which are currently limited, and is focused on enhancing core competitiveness [4] - Fixed asset investments are primarily directed towards biopharmaceutical production bases, with several nearing completion and expected to support steady growth as new products are approved [4][5] Group 4 - The company aims to achieve a sales revenue target of 10.5 billion yuan by 2025, focusing on core strategies and enhancing operational efficiency [5][6] - The strategy includes a comprehensive approach to product development, emphasizing high-end complex generics and innovative drugs, while maintaining a robust product pipeline [6] Group 5 - The company is experiencing competitive pressure in the market for sartans, with prices remaining low due to supply-demand dynamics [7][8] - The domestic formulation business is driven by innovation, with a focus on expanding into new therapeutic areas and enhancing market coverage [8] Group 6 - The company is implementing measures to address price pressures from domestic centralized procurement policies, including cost control and market management strategies [8]