华泰联合证券有限责任公司 关于浙江九洲药业股份有限公司 使用部分募集资金向募投项目实施主体增资 实施募投项目的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为浙江九洲药业股份有限公司（以下简称"九洲药业"或"公司"）非公开发行 股票持续督导阶段的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》 《上市公司募集资金监管规则》 《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等有关规定，对九洲药业本次使用部分募 集资金向募投项目实施主体增资实施募投项目进行审慎核查，具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江九洲药业股份有限公司非公开发 行股票的批复》（证监许可[2022]2955 号）核准，公司非公开发行人民币普通股 （A 股）股票 65,291,198 股，发行价格为 38.29 元/股，募集资金总额为人民币 募集资金净额为人民币 2,488,437,045.43 元。上述募集资金到位情况已经天健会 计师事务所（特殊普通合伙）审验，并于 2023 年 1 月 13 日出具天健验（2023） 为规范公司 ...

Financial Performance - In Q1 2025, the company achieved revenue of 606 million yuan, representing a year-on-year growth of 20.05% [1] - The net profit attributable to shareholders reached 62.38 million yuan, with a significant year-on-year increase of 272.28% [1] - The gross profit margin stood at 48.58%, an increase of 7.78 percentage points compared to the previous year [1] - As of the end of Q1, the company's total assets rose to 5.714 billion yuan [1] Industry Context - The global trade environment is undergoing profound changes, particularly due to escalating tensions in US-China trade relations [2] - The anticipated price increases for certain research service products from the US are expected to enhance the price competitiveness of domestic brands in China [2] - The domestic market is likely to see an acceleration in the process of domestic substitution, particularly in high-frequency repurchase products like research reagents [2] Business Development - The company has established a strong presence in the life sciences reagent sector, having developed over 37,000 products and accumulated more than 141,000 types of life science reagents [3] - The company operates eight business centers globally, serving over 13,000 clients, which solidifies its leading market position [3] - The front-end life sciences reagent business has shown robust growth, with its revenue share significantly increasing compared to the previous year [3] Innovation and Collaboration - The company is actively exploring the application of AI technology in new drug development, aiming to create an "AI + biomedicine" innovation hub [4] - A partnership with East China Normal University has been established to develop an "AI Drug Discovery Joint Laboratory," focusing on ADC drug database construction and AI-driven drug manufacturing [4] Backend Business and Global Strategy - The backend business is focused on specialty generic drug APIs and related intermediates, with a strong emphasis on meeting the growing demand for GMP commercial production capacity [5] - The company has launched a new ADC CDMO base in Chongqing, which provides comprehensive services from toxin synthesis to antibody conjugation and formulation [5] - The backlog of orders in the backend business has increased by over 30% year-on-year, indicating strong customer demand [5] Future Outlook - The company plans to deepen the operational efficiency and collaborative development of its three main business engines: tool compounds and biochemical reagents, molecular building blocks, and APIs and intermediates [6] - The focus for 2025 will be on sustainable high-quality development through co-creation and exploring new growth directions [6]

Investment Rating - The report does not explicitly state an investment rating for the chemical pharmaceutical industry or the specific company being analyzed. Core Insights - The company has shown double growth in revenue and net profit for the year 2024, highlighting its competitive advantages in the small molecule drug R&D and production sector, characterized by a unique "product + service" integrated business model [10] - The company is focusing on a strategy of "industrialization, globalization, and branding," aiming to enhance innovation and market expansion while ensuring stable growth in performance [10][12] - The company has established itself as a leading supplier of research chemicals and biological reagents globally, with a strong presence in both front-end and back-end pharmaceutical services [11][12] Summary by Sections Company Overview - The company is recognized as a rare front-end/back-end integrated enterprise in the small molecule drug R&D and production field, having developed a robust business model over more than a decade [10] - It has built significant competitive barriers through advanced R&D technology platforms and a mature R&D system [10] Business Segments - In the front-end life science reagent segment, the company is a key player with a comprehensive range of innovative products, particularly in tool compounds and biochemical reagents [11] - The back-end business focuses on specialty generic drug APIs and related intermediates, with a strong emphasis on high-difficulty, high-tech barrier product development [11][12] Global Market Strategy - The company has established business warehousing centers in the US, Europe, and India, serving over 10,000 pharmaceutical companies and research institutions globally [12] - It aims to enhance product and service quality to improve customer loyalty and satisfaction while expanding its brand presence [12] ADC Business Development - The company has developed an integrated service platform for ADC Payload-Linker, showcasing strong capabilities in R&D, process optimization, and production for ADC drugs [13][15] - The establishment of a dedicated subsidiary for ADC drug development and production aims to provide comprehensive CDMO solutions [15] Inventory Management - The company has implemented strict inventory management policies to mitigate risks associated with inventory depreciation, with a focus on maintaining product quality and turnover efficiency [16][17] - It reported an asset impairment loss of 77.95 million yuan for the first nine months of 2024, reflecting its proactive approach to inventory management [17] Dividend Policy - The company plans to distribute cash dividends amounting to at least 30% of the average distributable profit over the last three years, ensuring sustainable returns for shareholders [19]