Core Insights - The article discusses a recent investigation by a well-known private equity firm, Hosheng Asset, into a listed company, Haoyuan Pharmaceutical, highlighting its competitive advantages and growth prospects [1] Company Overview - Haoyuan Pharmaceutical has high barriers to entry in its molecular building block business, with a diverse range of products and strong custom R&D capabilities [1] - The company is projected to achieve a revenue of 420 million yuan in 2024, representing a year-on-year growth of 35.7% [1] - Haoyuan's CDMO (Contract Development and Manufacturing Organization) business covers the entire drug development and production process, showcasing core technological, product, and team advantages [1] Production Capabilities - The company has established a production system comprising four key facilities: an API (Active Pharmaceutical Ingredient) factory, a formulation factory, a high-end intermediate factory, and a DC CDMO factory, enabling a three-tiered capacity arrangement [1] - Haoyuan has passed the EU QP audit, ensuring its quality management system and production capabilities meet EU GMP standards, which facilitates further expansion into domestic and international markets [1] Team and Incentives - The company has implemented multiple equity incentive plans targeting core personnel and mid-to-senior management to ensure team stability and creativity [1] Financial Activities - On November 28, 2024, Haoyuan successfully issued convertible bonds, raising 822 million yuan, although it has not yet met the conditions for strong redemption [1]