Summary of Qianhong Pharmaceutical Conference Call Company Overview - Qianhong Pharmaceutical was established in 2003 and listed on the Shenzhen Stock Exchange in 2011. The company primarily engages in the production of active pharmaceutical ingredients (APIs) and formulations, including enzyme preparations and heparin products. The company has recently partnered with Muyuan to establish Henan Qianmu, aiming to build a leading global processing and biopharmaceutical base for pig intestinal by-products [4][5]. Key Points Business Performance - In 2024, the revenue from the formulation business is expected to increase to 71%, while the revenue from heparin raw materials is projected to decrease to 29%. This shift is primarily due to a significant drop in heparin raw material prices, which fell from over 50,000 yuan per unit in 2023 to over 20,000 yuan in 2024. However, the gross margin for heparin raw materials improved from 13.37% to 38% [2][7]. - The overall revenue of Qianhong Pharmaceutical grew from 1.3 billion yuan in 2018 to 2.3 billion yuan in 2022. However, due to weak international market demand, revenue is expected to decline in 2023 and 2024. The net profit for 2024 is estimated at approximately 360 million yuan, nearly doubling year-on-year, mainly due to the significant increase in heparin raw material gross margins [6][3]. Future Projections - The "Qianmu" project is set to commence production in July 2025, with a mid-term capacity expected to reach 20 to 30 trillion units, significantly increasing the supply of heparin raw materials and potentially creating a new growth point for the heparin raw material business [2][9]. - The company anticipates a profit of around 400 million yuan in 2025, with a non-GAAP net profit expected to grow by 20% year-on-year. Overall revenue is projected to increase by approximately 10% [3][13]. Acquisitions and Product Development - Qianhong Pharmaceutical acquired 100% of Fangyuan Pharmaceutical for 390 million yuan, gaining access to the antibiotic product, Sulfate Ertapenem, which has a favorable competitive landscape and significant market potential. The sales of this product are expected to recover to peak levels within three to four years, potentially adding 160 million yuan to the company's profits [10][11]. - The in-development product 107 (CDK9 inhibitor) has shown promising results in Phase II clinical trials for acute myeloid leukemia (AML), with a projected domestic sales peak of 1 billion yuan and even larger potential in international markets [12]. Industry Context - The heparin industry is significantly influenced by the inventory levels of pigs and the impact of epidemics, leading to price volatility. It is expected that heparin prices and export volumes will recover and show an upward trend in the future [8]. Management and Ownership Structure - The ownership structure of Qianhong Pharmaceutical is relatively stable, with the chairman, Wang Yaofang, holding approximately 20% of the shares. The management team is primarily composed of professionals with relevant backgrounds, including Wang Yaofang, who is a senior engineer and has received special government allowances since 1992 [5]. Additional Insights - The company’s gross margin for the formulation segment remains stable at around 62%, while the heparin raw material segment has seen a significant increase in gross margin [7]. - The competitive landscape for the antibiotic market is favorable due to limited new approvals, which could enhance market opportunities for Qianhong Pharmaceutical [10].

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 27, 2025, at the China Securities Network "Roadshow Center" [4] - Participants included the company's chairman, general manager, and other key executives [4] Group 2: Key Financial Metrics - The company's R&D investment for 2024 is 12.01% of its revenue [5] Group 3: Market Management Strategies - The company plans to enhance its market value management through improved information disclosure and operational efficiency, while considering cash dividends, share buybacks, and mergers as part of its strategy [6] Group 4: International Certifications and Market Expansion - The company has received EMA certification for its "small-volume injection" workshop and FDA certification for "Docetaxel Injection," but currently has no other products submitted for international certification [7] - As of now, the company has not signed any overseas business orders, citing various uncertainties affecting international market expansion [7] Group 5: Product Portfolio and Sales - By the end of 2024, the company holds approximately 100 drug approvals, focusing on gastrointestinal, neurological, oncology, immunomodulatory, and cardiovascular treatments [9] - Top-selling products include compound digestive enzyme capsules, octreotide injections, and mecobalamin tablets [9] Group 6: Production Capacity and Project Updates - The "High-end Drug Formulation Processing Base Project" in Nanjing is under construction and has not yet commenced production [10] - Current production capacity at existing bases in Beijing and Guangdong meets business needs, with ongoing market expansion efforts [10] Group 7: Research and Development Progress - The company is currently in the review stage for its Oseltamivir oral disintegrating tablet, having submitted updated clinical data [11] Group 8: Financial Strategy - The company has no plans for mergers or acquisitions at this time, maintaining a low debt ratio [12]

北京星昊医药股份有限公司 北京市北京经济技术开发区中和街 18 号 证券简称： 星昊医药 证券代码： 430017 北京星昊医药股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-2 声明 ...

证券简称： 星昊医药 证券代码： 430017 北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险 ...

证券简称： 星昊医药 证券代码： 430017 北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1- ...

北京市北京经济技术开发区中和街 18 号 北京星昊医药股份有限公司 北京星昊医药股份有限公司招股说明书（注册稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） 申万宏源证券承销保荐有限责任公司 新疆乌鲁木齐市高新区(新市区)北京南路 358 号大成国际大厦 20 楼 2004 室 证券简称： 星昊医药 证券代码： 430017 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明 其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行 ...