（文章来源：证券日报） 证券日报网讯昊帆生物11月18日在互动平台回答投资者提问时表示，公司服务众多医药研发与生产企 业，为下游客户提供以多肽合成试剂和分子砌块为主的各类特色化学试剂。 ...

机构持仓方面，截止2025年9月30日，皓元医药十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股860.68万股，相比上期增加234.57万股。中欧医疗健康混合A（003095）位居第四大流通 股东，持股725.73万股，相比上期增加113.88万股。中欧医疗创新股票A（006228）位居第九大流通股 东，持股220.63万股，为新进股东。汇添富医药保健混合（470006）位居第十大流通股东，持股141.03 万股，为新进股东。 责任编辑：小浪快报 资料显示，上海皓元医药股份有限公司位于上海市浦东新区张衡路1999弄3号楼，成立日期2006年9月30 日，上市日期2021年6月8日，公司主营业务涉及小分子药物发现领域的分子砌块和工具化合物的研发, 以及小分子药物原料药、中间体的工艺开发和生产技术改进,为全球医药企业和科研机构提供从药物发 现到原料药和医药中间体的规模化生产的相关产品和技术服务。主营业务收入构成为：分子砌块、工具 化合物和生化试剂68.97%，其中:产品销售63.42%，原料药和中间体、制剂30.46%，其中:技术服务 5.55%，其他(补充)0.57%。 截至9月30日，皓元医药 ...

Core Viewpoint - Haoyuan Pharmaceutical's stock rose by 5.01% to 80.35 CNY per share, with a trading volume of 259 million CNY and a market capitalization of 17.042 billion CNY as of November 13 [1] Company Overview - Shanghai Haoyuan Pharmaceutical Co., Ltd. was established on September 30, 2006, and went public on June 8, 2021 [1] - The company specializes in the discovery of small molecule drugs, focusing on molecular building blocks and tool compounds, as well as the development and production of active pharmaceutical ingredients (APIs) and intermediates [1] - The main revenue composition includes: molecular building blocks, tool compounds, and biochemical reagents (68.97%); product sales (63.42%); APIs and intermediates, formulations (30.46%); technical services (5.55%); and other (0.57%) [1] Fund Holdings - Hongta Hongtu Fund has a significant holding in Haoyuan Pharmaceutical, with its Hongta Hongtu Medical Selected Stock Fund A (020331) reducing its stake by 4,000 shares to hold 9,000 shares, representing 5.58% of the fund's net value [2] - The fund has achieved a year-to-date return of 33.15%, ranking 1506 out of 4216 in its category, and a one-year return of 18.94%, ranking 2064 out of 3951 [2] Fund Manager Information - The fund manager of Hongta Hongtu Medical Selected Stock Fund A is Cao Yang, who has been in the position for 2 years and 63 days [3] - The total asset size of the fund is 13.3331 million CNY, with the best return during his tenure being 30.03% and the worst being -33.52% [3]

Summary of the Earnings Call for Yaoshi Technology Q3 2022 Company Overview - **Company**: Yaoshi Technology - **Industry**: Pharmaceutical and Biotechnology - **Earnings Report**: Q3 2022 Key Financial Highlights - **Total Revenue**: 419 million, a year-on-year increase of 25.81% [2] - **Revenue from Drug Development and Commercialization**: 1.179 billion, a year-on-year increase of 34.9% [2] - **Net Cash Flow from Operating Activities**: 543 million, a year-on-year increase of 187.74% [3] - **Total Expenses**: 283 million, a year-on-year decrease of 9.88% [20] - **Gross Margin**: Stable around 30% [43] Strategic Focus and Growth Drivers - **Customer Base**: Revenue from large multinational pharmaceutical companies (MNCs) increased by 68.1%, now accounting for 36% of total revenue [8] - **New Orders**: CDMO new orders increased by over 15%, with orders for new businesses like peptides and ADCs growing over 100% [3] - **Investment in Technology**: The company is focusing on enhancing its technical services and CMC (Chemistry, Manufacturing, and Controls) capabilities to deepen ties with core customers [3][45] - **Production Capacity**: The new 503 workshop started in February 2025, with a current capacity utilization rate of 60%-70% expected to reach 70% by 2026 [12][13] Market Trends and Future Outlook - **Demand Improvement**: Domestic and international demand is improving, driven by policy changes and increased investment in innovative drugs [18] - **Project Pipeline**: Over 1,100 early clinical projects completed, with 53 projects in Phase III and commercialization, showing significant growth compared to the previous year [16] - **New Molecule Business**: Focus on XDC, TBD, peptides, and oligonucleotides, with a projected increase in orders exceeding 100% [50] - **Long-term Strategy**: The company has a three-year strategic plan aimed at consistent annual growth, with confidence in achieving industry-standard performance [59] Risks and Challenges - **Short-term Margin Pressure**: The company is currently in a strategic investment phase, which may pressure short-term margins but is expected to stabilize and improve in the long run [3][45] - **Capacity and Order Matching**: While current capacity is adequate for existing orders, the company is actively working to expand capacity to meet future demand [12][13] Additional Insights - **Brand Promotion**: The company is enhancing its brand presence through participation in industry forums and direct engagement with clients [11] - **Collaboration with MNCs**: The company is expanding its collaboration with MNCs, moving from early-stage projects to more comprehensive partnerships [10][39] - **Focus on Green Chemistry**: The company is committed to green chemistry initiatives, which are becoming increasingly important for collaboration with MNCs [41] This summary encapsulates the key points from the earnings call, highlighting the financial performance, strategic initiatives, market trends, and future outlook for Yaoshi Technology in the pharmaceutical industry.

Core Viewpoint - Haofan Bio, a leading company in the peptide synthesis reagent sector, was established in December 2003 and went public on July 12, 2023, in Shenzhen, with its headquarters in Suzhou, Jiangsu Province [1] Group 1: Business Overview - Haofan Bio specializes in the research and sales of peptide synthesis reagents, protein crosslinkers, and molecular building blocks, with a focus on peptide drugs, innovative drugs, and biopharmaceuticals [1] - The company has a differentiated advantage in technology and customer resources [1] Group 2: Financial Performance - In Q3 2025, Haofan Bio reported revenue of 435 million yuan, ranking 24th among 34 companies in the industry, while the industry leader, Changchun High-tech, had revenue of 9.807 billion yuan [2] - The net profit for the same period was approximately 99.24 million yuan, placing the company 16th in the industry, with the top performer, Tonghua Dongbao, reporting a net profit of 1.188 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Haofan Bio's debt-to-asset ratio was 7.86%, significantly lower than the industry average of 26.88%, indicating strong solvency [3] - The company's gross profit margin was 38.75%, which is below the industry average of 70.17%, suggesting room for improvement in profitability [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.14% to 10,000, while the average number of circulating A-shares held per shareholder increased by 19.09% to 4,200.4 [5] - The fifth largest circulating shareholder, Huatai-PB Health Mixed Fund, increased its holdings by 26,430 shares [5] Group 5: Future Outlook - The company is expected to maintain steady growth, with projected net profits of 166 million, 208 million, and 268 million yuan for 2025 to 2027, respectively, and corresponding EPS of 1.54, 1.93, and 2.48 yuan [5] - Haofan Bio has established a presence in over 1,900 pharmaceutical-related enterprises globally and is actively expanding into the European market [5] - The company is enhancing its production capacity through self-built facilities and acquisitions, with ongoing projects in Anhui and Huai'an expected to resolve capacity issues by mid-2026 [5]

Core Insights - The company plans to enhance its core competitiveness in molecular building blocks and support the collaborative development of its CDMO business by investing in a new R&D facility set to be operational by 2026 [1] - The new facility is expected to accommodate over 100 R&D personnel, focusing on two main areas: establishing a rapid supply capability for high-demand building blocks and developing new chemical entity building blocks [1] - The molecular building block business serves as an entry point, providing novel and functionally unique building block products to early-stage client R&D pipelines, thereby driving demand for the CDMO business [1] Summary by Categories R&D Facility - The company will invest in a new R&D facility scheduled for use in 2026, which will house more than 100 R&D personnel [1] Focus Areas - The new R&D personnel will concentrate on two key directions: 1. Creating a rapid supply capability for high-demand building blocks 2. Developing new chemical entity building blocks, particularly focusing on cutting-edge structures like CRBN ligands and non-natural amino acids [1] Business Strategy - The molecular building block business acts as a front-end entry point, providing innovative and unique building block products that facilitate early engagement with clients' R&D pipelines, thus generating leads for the CDMO business [1]

Core Insights - The company has made significant progress in expanding its MNC customer base, with revenue from MNCs reaching 514 million yuan in the first three quarters, representing a 68% year-on-year increase and accounting for 36% of total revenue [1] Group 1: Revenue Growth - Revenue from MNC customers reached 514 million yuan, a 68% increase year-on-year [1] - MNC revenue now constitutes 36% of the company's total revenue [1] Group 2: Factors Contributing to Growth - Global team development includes a 5-member business development team in Europe, with simultaneous expansion in North America and Japan, enhancing the "iron triangle" service model [1] - Upgrade in cooperation models from early-stage supply of molecular building blocks to late-stage clinical and commercialization projects, increasing customer stickiness [1] - Technological empowerment through AI-assisted design and continuous flow processes, effectively shortening R&D cycles and reinforcing differentiation with unique green chemistry technology [1] - Brand building efforts, including the successful hosting of the second Green Chemistry Forum, enhancing the company's image in sustainable development and chemical technology innovation [1] Group 3: Capacity Expansion - The company’s new 503 workshop, which started operations in February, adds a capacity of 190 million [1] - The company is currently in the capacity ramp-up phase, with expectations to reach utilization rates comparable to existing mature workshops by 2026 [1] - The application of advanced processes like continuous flow technology is expected to further enhance the efficiency of existing capacity [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported better-than-expected performance for Q3 2025, with revenue of 7.48 billion yuan, representing a year-over-year growth of 32.76%, and a net profit of 0.85 billion yuan, up 16.39% year-over-year [1] - The strong performance is attributed to high growth in the front-end business, which generated 5.4 billion yuan in revenue, a year-over-year increase of over 36% [1][2] - The company has improved efficiency and strictly controlled costs, contributing to the positive financial results [1] Summary by Sections Front-end Business - The front-end business, including tool compounds and biochemical reagents, serves as the primary growth engine, maintaining high revenue growth [2] - The molecular building blocks segment has seen a significant increase in customer and order numbers, marking it as a secondary growth engine [2] - As of June 2025, the company has a reserve of over 52,000 tool compounds and biochemical reagents, and approximately 95,000 molecular building blocks, creating a comprehensive compound library [2] Back-end Business - The back-end business, which includes APIs, intermediates, and formulations, has a strong order backlog exceeding 5.9 billion yuan, reflecting a year-over-year growth of 40.1% [3] - The company is enhancing its competitive edge in the XDC segment and has established a strategic layout across Shanghai, Ma'anshan, and Chongqing [3] Financial Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 2.88 billion yuan and 4.00 billion yuan, respectively, with a new forecast for 2027 set at 5.19 billion yuan [3] - The estimated EPS for 2025, 2026, and 2027 are 1.36 yuan, 1.89 yuan, and 2.45 yuan, respectively, with corresponding P/E ratios of 62, 45, and 35 [3]

Group 1: Financial Performance - The company achieved a revenue of 1.419 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 25.81% [2] - Revenue from drug development and commercialization reached 1.179 billion yuan, with a year-on-year increase of 34.91% [2] - The net cash flow from operating activities significantly improved to 543 million yuan, up 187.74% year-on-year, indicating enhanced operational efficiency [2] Group 2: Client and Market Development - Revenue from multinational pharmaceutical companies (MNCs) reached 514 million yuan, growing by 68% year-on-year, accounting for 36% of total revenue [3] - New orders in the CDMO sector increased by 15%, with orders for peptides and ADCs growing over 100% [2] - The company is focusing on deepening collaborations with leading global pharmaceutical companies, enhancing client retention [2] Group 3: Capacity and Technology Investments - The 503 workshop was launched in February 2025, adding a capacity of 190 m³, with expectations to reach full utilization by 2026 [3] - The company plans to expand its TIDES research team to approximately 100 members by the end of 2025 and is constructing a new R&D building [5] - Capital expenditures will focus on expanding new molecular capacities, integrating low-carbon chemical technologies, and strategic overseas site development [5] Group 4: Cost Management and Future Outlook - Total sales, management, R&D, and financial expenses for the first three quarters of 2025 were 283 million yuan, a decrease of 9.88% year-on-year [4] - The company anticipates a rise in R&D expenses due to ongoing investments in AI pharmaceuticals and continuous flow chemistry [4] - The outlook for global CDMO demand remains optimistic, driven by favorable market conditions and increased investment in next-generation therapies [4] Group 5: Geographic Revenue Distribution - Approximately 70% of total revenue comes from overseas markets, with North America contributing about 50% and Europe around 15% [8] - Domestic market revenue accounts for about 30%, with a notable increase in demand from domestic biotech companies [8] - The company expects strong growth potential from the domestic biotech sector due to improved financing conditions and accelerated new drug approvals [8]

Group 1: Industry Overview - The pharmaceutical and biotechnology industry is entering a new upward cycle, with accelerated overseas orders and strong upward momentum, particularly for companies with strong overseas capabilities in the upstream biological sector [1] - The early-stage CRO (Contract Research Organization) industry is experiencing a significant development opportunity, driven by the historical chance for innovative drugs to expand internationally [1] Group 2: Early-stage CRO - The early-stage CRO industry is seeing a shift towards domestic advantages in quality, efficiency, and cost, as overseas demand for early-stage research increases [1] - The demand for preclinical and safety evaluation orders is gradually recovering, with a recommendation to focus on leading companies such as Yino Science and Zhaoyan New Drug [1] - The supply-demand mismatch for experimental monkeys is expected to persist, leading to stable prices in the short term [1] Group 3: Upstream Biological Products - The domestic biological sector is recovering quickly, with significant growth expected in biological reagents, including culture media and recombinant proteins, driven by the structural recovery from domestic innovative drug exports [2] - The overseas market presents vast opportunities, and domestic brands are favored for their cost-effectiveness, suggesting a focus on companies with overseas capabilities such as Baipusais and Haoyuan Pharmaceutical [2] Group 4: Clinical CRO - The clinical CRO sector is approaching a turning point, with SMO (Site Management Organization) orders showing early signs of recovery [3] - As innovative drug financing improves, the number of clinical projects is expected to increase, leading to a recovery in overall orders [3] - Leading clinical CRO companies such as Tigermed and Nossger are recommended for investment [3] Group 5: CDMO - The CDMO (Contract Development and Manufacturing Organization) sector is showing strong performance, particularly in the peptide and ADC (Antibody-Drug Conjugate) segments, which are expected to maintain high growth rates [4] - New molecular tracks, including small nucleic acids, also present significant long-term development potential [4] - Recommended CDMO leaders include Kelaiying and WuXi AppTec, which are expected to show performance elasticity due to stable small molecule business and rapid growth in new molecular business [4]