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 Insights - Haoyuan Pharmaceutical reported a revenue of 2.06 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 27.2% and a net profit of 240 million yuan, up 65.1% [1] - The company’s gross margin reached 49.7%, an increase of 2.2 percentage points compared to the previous year, indicating strong operational efficiency [1] - The company is actively implementing a development strategy focused on "industrialization, globalization, and branding," which has led to sustained high growth in operational performance [1] Front-End Business - The life science reagent business has shown robust growth, generating 1.45 billion yuan in revenue, a year-on-year increase of over 31%, accounting for more than 70% of the company's main business revenue [1] - The company has accumulated over 152,000 types of life science reagents, including over 96,000 molecular building blocks, ensuring a diverse product offering that supports customer needs and contributes to stable profit [1] Back-End Business - The back-end business, focusing on high-difficulty and high-barrier R&D technology platforms, achieved a revenue of 600 million yuan, reflecting a year-on-year growth of 16.9% [2] - The order backlog for small molecule business reached 630 million yuan, a 50% increase year-on-year, indicating a positive growth trend over four consecutive quarters [2] ADC Development - Haoyuan Pharmaceutical has successfully undertaken over 90 ADC projects, enhancing clients' drug development processes [3] - The company has formed strategic partnerships with Maiwei Bio and Yingshi Intelligent to advance ADC drug innovation, establishing a new model that integrates AI, biotech, and CDMO services [3] AI and Drug Development - The company is focused on developing an AI-driven drug discovery platform, aiming to create a one-stop drug screening service that can quickly identify potential drug candidates [4] - The platform includes hundreds of compound libraries and utilizes AI technology to explore a broader chemical space, offering various screening techniques and optimization services for new drug development [4]

Group 1 - The core viewpoint of the news is that Haoyuan Pharmaceutical's stock has seen a significant increase, with a rise of 5.06% to 76.38 CNY per share, and a total market capitalization of 16.2 billion CNY [1] - Haoyuan Pharmaceutical, established on September 30, 2006, specializes in the discovery of small molecule drugs, including the development of molecular building blocks and tool compounds, as well as the production and technical improvement of active pharmaceutical ingredients and intermediates [1] - The company's main business revenue composition includes 68.97% from molecular building blocks, tool compounds, and biochemical reagents, with product sales contributing 63.42%, active pharmaceutical ingredients and intermediates 30.46%, technical services 5.55%, and other sources 0.57% [1] Group 2 - According to data, Guotai Fund holds Haoyuan Pharmaceutical as a significant investment, with the Guotai Innovation Medical Mixed Fund A (018159) holding 14,000 shares, accounting for 3.93% of the fund's net value, ranking as the seventh largest holding [2] - The Guotai Innovation Medical Mixed Fund A was established on April 18, 2023, with a latest scale of 12.614 million CNY, and has achieved a year-to-date return of 50.31%, ranking 623 out of 8161 in its category [2] - The fund manager, Qiu Xiaoxu, has a tenure of 3 years and 62 days, with the fund's total asset size at 871 million CNY, achieving a best return of 19.63% and a worst return of 0.83% during the tenure [3]

Group 1 - The core point of the article highlights the recent decline in the stock price of Haoyuan Pharmaceutical, which fell by 5.05% to 76.91 CNY per share, with a trading volume of 178 million CNY and a turnover rate of 1.07%, resulting in a total market capitalization of 16.313 billion CNY [1] - Haoyuan Pharmaceutical, established on September 30, 2006, and listed on June 8, 2021, specializes in the discovery of small molecule drugs, including the development of molecular building blocks and tool compounds, as well as the process development and production technology improvement of active pharmaceutical ingredients (APIs) and intermediates [1] - The company's main business revenue composition includes 68.97% from molecular building blocks, tool compounds, and biochemical reagents, with product sales accounting for 63.42%, APIs and intermediates contributing 30.46%, and technical services making up 5.55% [1] Group 2 - From the perspective of fund holdings, Haoyuan Pharmaceutical is a significant position in the Hongta Hongtu Fund, specifically in the Hongta Hongtu Medical Selected Stock A Fund (020331), which holds 13,000 shares, representing 4.93% of the fund's net value, ranking as the fourth-largest holding [2] - The Hongta Hongtu Medical Selected Stock A Fund (020331) was established on April 2, 2024, with a latest scale of 11.6663 million CNY, achieving a year-to-date return of 32.35%, ranking 1626 out of 4220 in its category, and a one-year return of 20.3%, ranking 2324 out of 3855 [2]

Group 1 - The core point of the news is that Haoyuan Pharmaceutical's stock price dropped by 5.24% to 81.00 CNY per share, with a trading volume of 237 million CNY and a turnover rate of 1.35%, resulting in a total market capitalization of 17.18 billion CNY [1] - Haoyuan Pharmaceutical, established on September 30, 2006, and listed on June 8, 2021, specializes in the discovery of small molecule drugs, including the research and development of molecular building blocks and tool compounds, as well as the process development and production technology improvement of active pharmaceutical ingredients and intermediates [1] - The company's main business revenue composition includes molecular building blocks, tool compounds, and biochemical reagents at 68.97%, with product sales contributing 63.42%, active pharmaceutical ingredients and intermediates at 30.46%, technical services at 5.55%, and other supplementary services at 0.57% [1] Group 2 - From the perspective of fund holdings, Haoyuan Pharmaceutical is a top ten holding of the Hengsheng Qianhai Fund, specifically in the Hengsheng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332), which held 24,600 shares, accounting for 2.1% of the fund's net value, with an estimated floating loss of approximately 110,200 CNY [2] - The Hengsheng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332) was established on April 1, 2017, with a latest scale of 56.68 million CNY, achieving a year-to-date return of 43.74% and a one-year return of 40.63% [2] - The fund manager, Xing Cheng, has been in position for 3 years and 203 days, with the fund's total asset size at 252 million CNY, achieving the best return of 87.69% and the worst return of -29.15% during his tenure [3]

Group 1 - The core viewpoint of the news is that Haoyuan Pharmaceutical has seen a stock price increase of 5.07% as of September 30, reaching 81.60 CNY per share, with a total market capitalization of 17.307 billion CNY [1] - Haoyuan Pharmaceutical, established on September 30, 2006, specializes in the research and development of molecular building blocks and tool compounds in the small molecule drug discovery field, as well as the process development and production technology improvement of active pharmaceutical ingredients (APIs) and intermediates [1] - The company's main business revenue composition includes molecular building blocks, tool compounds, and biochemical reagents at 68.97%, with product sales contributing 63.42%, APIs and intermediates at 30.46%, technical services at 5.55%, and other sources at 0.57% [1] Group 2 - From the perspective of fund holdings, Haoyuan Pharmaceutical is a top ten holding of the Hengsheng Qianhai Fund, specifically in the Hengsheng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332), which held 24,600 shares, accounting for 2.1% of the fund's net value [2] - The fund has achieved a year-to-date return of 39.78%, ranking 2105 out of 8167 in its category, and a one-year return of 45.37%, ranking 2370 out of 8010 [2] Group 3 - The fund manager of Hengsheng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332) is Xing Cheng, who has been in the position for 3 years and 193 days, with the fund's total asset size at 252 million CNY [3] - During Xing Cheng's tenure, the best fund return was 87.69%, while the worst return was -29.15% [3]

Group 1 - The core viewpoint of the news is that Haoyuan Pharmaceutical has seen a stock price increase of 5.04%, reaching 77.51 yuan per share, with a total market capitalization of 16.44 billion yuan [1] - Haoyuan Pharmaceutical, established on September 30, 2006, specializes in the research and development of molecular building blocks and tool compounds in the small molecule drug discovery field, as well as the process development and production technology improvement of active pharmaceutical ingredients (APIs) and intermediates [1] - The company's main business revenue composition includes molecular building blocks, tool compounds, and biochemical reagents at 68.97%, with product sales contributing 63.42%, APIs and intermediates at 30.46%, technical services at 5.55%, and other supplementary services at 0.57% [1] Group 2 - From the perspective of fund holdings, Haoyuan Pharmaceutical is a top ten holding of the Hengsheng Qianhai Fund, specifically in the Hengsheng Qianhai Hong Kong-Shenzhen Emerging Industry Selected Mixed Fund (004332), which held 24,600 shares in the second quarter, accounting for 2.1% of the fund's net value [2] - The fund has achieved a year-to-date return of 35.12%, ranking 2202 out of 8244 in its category, and a one-year return of 52.37%, ranking 2906 out of 8066 [2] - The fund manager, Xing Cheng, has been in position for 3 years and 185 days, with the fund's total asset size at 260 million yuan, achieving a best return of 81.15% and a worst return of -29.15% during his tenure [3]

Core Viewpoint - Haoyuan Pharmaceutical experienced a 5.1% increase in stock price, reaching 74.00 CNY per share, with a total market capitalization of 15.695 billion CNY as of September 12 [1] Company Overview - Shanghai Haoyuan Pharmaceutical Co., Ltd. was established on September 30, 2006, and went public on June 8, 2021. 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 sources for the company include molecular building blocks, tool compounds, and biochemical reagents, accounting for 68.97% of total revenue. Product sales contribute 63.42%, while APIs and intermediates, along with formulations, account for 30.46%. Technical services make up 5.55%, and other sources contribute 0.57% [1] Shareholder Information - Among the top circulating shareholders of Haoyuan Pharmaceutical, a fund under China Europe Fund holds a significant position. The China Europe Healthcare Mixed A Fund (003095) reduced its holdings by 2.7776 million shares in the second quarter, retaining 6.1185 million shares, which represents 2.97% of the circulating shares. The estimated floating profit from this transaction is approximately 21.9653 million CNY [2] - The China Europe Healthcare Mixed A Fund was established on September 29, 2016, with a current scale of 15.638 billion CNY. Year-to-date returns stand at 31.02%, ranking 2473 out of 8174 in its category, while the one-year return is 47.65%, ranking 3246 out of 7981. Since its inception, the fund has achieved a return of 126.12% [2] Fund Management - The fund manager of China Europe Healthcare Mixed A is Ge Lan, who has been in the position for 10 years and 230 days, overseeing assets totaling 39.908 billion CNY, with the best fund return during her tenure being 126.12% and the worst being -35.13% [3] - Co-manager Zhao Lei has been in the role for 71 days, managing assets of 30.801 billion CNY, with the best return being 17.59% and the worst being 17.42% during his tenure [3]

Core Viewpoint - Shanghai Haoyuan Chemexpress Co., Ltd. has implemented a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, focusing on enhancing operational efficiency and market competitiveness while ensuring shareholder returns through strategic initiatives and financial performance improvements [1][2]. Group 1: Business Focus and Strategy - The company is transitioning from a "business investment phase" to a "strategic harvest phase," accelerating its globalization process and expanding overseas revenue, which reached 560 million yuan, a year-on-year increase of 24.20% [2][3]. - The company has established an integrated service platform covering the entire pharmaceutical development lifecycle, from starting materials to intermediates, APIs, and formulations, enhancing its ability to support drug development [6][11]. - The company emphasizes high-value custom synthesis services in its life sciences reagent business, leveraging technical advantages to build differentiated competitive barriers in niche markets [3][11]. Group 2: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.311 billion yuan, a year-on-year increase of 24.20%, and a net profit attributable to shareholders of 152 million yuan, up 115.55% [2][3]. - The company reported an EBITDA of 260 million yuan, reflecting a 39.67% increase compared to the previous year [2]. Group 3: Research and Development - The company maintains a strong focus on R&D, with a research expense ratio exceeding 10% over the past three years, and has applied for a total of 426 patents, with 197 currently valid [11][12]. - The company is committed to integrating green chemistry principles into its drug development and production processes, enhancing efficiency and reducing costs through innovative technologies [12][22]. Group 4: Governance and Compliance - The company has streamlined its governance structure by reducing the board from nine to seven members, enhancing the professionalism and strategic alignment of its governance [14][15]. - The company has implemented a comprehensive upgrade of its governance systems to comply with new regulations, ensuring effective risk management and operational efficiency [16][17]. Group 5: Shareholder Returns and ESG Commitment - The company adheres to a dual-frequency dividend mechanism, optimizing shareholder returns in line with its three-year dividend plan, with cash dividends increasing compared to the previous year [19][21]. - The company actively promotes ESG principles, establishing a three-tier ESG management framework and releasing its second ESG report, showcasing its commitment to sustainable development [22].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark index [14]. Core Views - The company has demonstrated sustained high growth in performance, with a significant increase in both revenue and net profit in the first half of 2025 [1]. - The front-end business (life science reagents) is a key driver of growth, showing a revenue increase of 29.2% year-on-year, while the back-end business (API and intermediates, formulations) also contributed positively with a 13.6% increase [2][3]. - The company is actively developing an AI drug discovery platform, which is expected to enhance efficiency and success rates in drug development [6]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 1.311 billion yuan, a year-on-year increase of 24.2%, and a net profit of 152 million yuan, up 115.55% [1]. - The overall gross margin for H1 2025 was 49.07%, an increase of 3.7 percentage points compared to the previous year [2]. Front-End Business - The front-end business generated 904 million yuan in revenue in H1 2025, with a gross margin of 63.0%, reflecting a 3.5 percentage point increase year-on-year [3]. - The company has a robust product pipeline with approximately 147,000 life science reagents in reserve, enhancing its market position [3]. Back-End Business - The back-end business reported a revenue of 399 million yuan in H1 2025, with a gross margin of 17.8% [4]. - The company has a strong order backlog exceeding 590 million yuan, indicating significant growth potential [5]. AI Drug Discovery Platform - The company is integrating AI technology into drug development, aiming to create a leading AI drug discovery platform that enhances the drug screening process [6]. - The initiative includes collaborations in academia and industry to develop a comprehensive drug discovery system [6]. Financial Projections - The company is projected to achieve revenues of 2.753 billion yuan, 3.345 billion yuan, and 4.021 billion yuan for the years 2025, 2026, and 2027, respectively [8]. - The expected diluted EPS for 2025, 2026, and 2027 are 1.41 yuan, 1.81 yuan, and 2.24 yuan, respectively [8].