本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000935 证券简称：四川双马 公告编号：2026-3 四川和谐双马股份有限公司 关于控股子公司之间提供担保的公告 注册资本：25,342万人民币 四川和谐双马股份有限公司（简称"公司"或"上市公司"）的控股子公司湖北健翔生物制药有限公司（简 称"湖北健翔"）因生产经营需要，拟向交通银行股份有限公司申请人民币贰亿元的八年期固定资产贷款 额度。该贷款额度主要用于多肽药物扩建项目建设。 湖北健翔为公司控股子公司深圳市健元医药科技有限公司（简称"深圳健元"）的全资子公司，深圳健元 将与交通银行股份有限公司（简称"交通银行"）签订《保证合同》。该《保证合同》约定，深圳健元将 基于前述贷款为湖北健翔向交通银行提供担保，担保方式为连带责任保证。担保范围包括但不限于本 金、利息、违约金、损害赔偿金及相关费用等。同时，待具备抵押条件后，湖北健翔将就前述贷款向交 通银行提供该扩建项目固定资产及相关设备的抵押担保。 该担保事项已经深圳健元董事会审议通过， ...

Industry Overview - Peptides are bioactive fragments of proteins that can be rapidly absorbed and utilized by the human body, providing energy and nutrients to cells. Their potential has been further released since the Human Genome Project in the 1990s, leading to unprecedented prosperity in peptide research and applications, especially in the pharmaceutical field [1][13] - The Chinese peptide industry market size is projected to grow from 57.34 billion yuan in 2016 to 209.12 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.56%. By 2025, the market size is expected to reach approximately 247.6 billion yuan [1][13] Market Segmentation - The peptide industry value chain consists of upstream raw materials and equipment (amino acids, amino acid protectants, resin acids, synthesis instruments, packaging materials), midstream production and manufacturing, and downstream applications in food, pharmaceuticals, feed, health products, and cosmetics [9][11] - The global peptide drug market is expected to reach approximately 96 billion USD by 2025, driven by the increasing prevalence of chronic diseases and the unique advantages of peptide drugs in treatment [12][17] Key Companies - HanYue Pharmaceutical focuses on four main areas: peptide formulations, raw materials, small nucleic acids, and CRDMO services. The company has achieved significant revenue growth, with a reported 114.86% increase in pharmaceutical manufacturing revenue in the first half of 2025 [20][21] - ZhongPeptide Biochemical Co., Ltd. specializes in contract research, development, and production of peptides and small nucleic acids, providing comprehensive services from early discovery to commercial production [21] Development Trends - The Chinese peptide industry is transitioning from traditional chemical synthesis to a deep integration of biotechnology and synthetic biology, enhancing production efficiency and reducing costs [22][24] - The application of peptides is rapidly expanding beyond pharmaceuticals into health, beauty, and functional food markets, with increasing consumer demand for personalized health solutions [23][24] - The industry is also moving towards green manufacturing and sustainable development, focusing on reducing environmental footprints and enhancing social responsibility [24]

维亚生物(01873)尾盘涨超18%，截至发稿，涨18.09%，报2.35港元，成交额6470.58万港元。 浙商证券（601878）此前指，展望来看，随着CRO端的AI应用项目占比持续提升以及CDMO重大商业 化项目的陆续落地，该行看好公司高盈利能力的趋势持续。国盛证券（002670）认为，整体来看，公司 通过CRO与CDMO的协同发展、AI驱动研发提效及投资孵化生态构建，有望持续受益于全球创新药产 业景气度提升，推动业绩稳健增长与长期价值释放。 消息面上，维亚生物公众号近日披露，1月13日，公司在第44届J.P.Morgan Healthcare Conference期间成 功举办Viva Biotech Innovation Forum2026。研讨会围绕人工智能与新药物类型的前沿进展展开了深入讨 论。其中，维亚生物就AI赋能多肽药物研发全流程实验设计以及AI赋能多肽CRDMO平台展开分享，集 中体现了人工智能如何在研发与产业化关键环节的加速落地，成为本次会议的重要看点。 ...

| | 基础化工 | 江西省 | | --- | --- | --- | | | | 上海市 | | 环境违法违规 | 建筑装饰 | 四川省 | | | | 北京市 | | | 农林牧渔 | 海南市 | | | 环保 | 江苏省 | 每经AI快讯，"A股绿色报告"项目监控到的数据显示，四川双马（000935）间接控股子公司湖北健翔生 物制药有限公司多肽药物扩建项目环评审批获原则同意。该项目总投资额达5亿元。该审批信息于2026 年1月6日被相关监管机构披露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在 让上市公司环境信息更加阳光透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境 监管数据，筛选监控上市公司及其旗下公司（包括分公司、参股公司和控股公司）的环境表现，加以专 业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周报，定期动态更 新上市公司环境风险榜。 上期（总第229期）A股绿色周报显示，共有6家上市公司在近期暴露了环境风险。 (记者 刘志远 陈俊杰) 免责声明：本文内容与数据仅供参考，不构成投资建议，使 ...

Core Viewpoint - The company has released its 2025 performance forecast, expecting a revenue of 45.456 billion yuan, representing a year-on-year growth of 15.84%, with a significant increase in adjusted net profit [1][2] Revenue and Profit Forecast - For 2025, the company anticipates a revenue of 45.456 billion yuan, with a 21% year-on-year growth in continuing operations revenue and an adjusted net profit of 14.957 billion yuan, reflecting a 41.33% increase [1][2] - In Q4 2025, the expected revenue is 12.6 billion yuan, showing a year-on-year growth of 9.19%, with an adjusted net profit of approximately 4.417 billion yuan, up 36.33% year-on-year [1][2] Performance Analysis - The overall performance is better than the annual guidance, with the 2025 revenue exceeding the previously announced guidance of 43.5-44 billion yuan [2] - The adjusted net profit margin for Q4 2025 is projected to be around 35%, an increase from 32.1% in the previous three quarters, indicating improved profitability [2] Business Growth and Capacity Expansion - The company has a robust order backlog of 59.88 billion yuan in continuing operations, a year-on-year increase of 41.2%, with TIDES orders growing by 17.1% [2] - The company is expanding its small molecule and peptide production capacity, with expectations that by the end of 2025, the total volume of small molecule active pharmaceutical ingredient reactors will exceed 4 million liters [2] Earnings Forecast - The company is projected to achieve revenues of 45.456 billion yuan in 2025, 54.635 billion yuan in 2026, and 63.577 billion yuan in 2027, with respective year-on-year growth rates of 15.84%, 20.19%, and 16.37% [3] - The expected net profits for the same years are 19.151 billion yuan, 17.060 billion yuan, and 19.660 billion yuan, with year-on-year growth rates of 102.65%, -10.92%, and 15.24% respectively [3]

Key Points Summary of 九州药业 Conference Call Company Overview - 九州药业 is transitioning from generic drugs to innovative drug services, established in 1973 and entered the pharmaceutical sector in 1985. The company began its CDMO (Contract Development and Manufacturing Organization) business in 2008 and went public in 2014 [3][4]. Industry and Business Structure - The company has achieved synergy in domestic and international production through acquisitions and self-built capabilities, including the establishment of an overseas management headquarters in Singapore and R&D platforms in Japan and Germany [2][3]. - The core revenue source is the CDMO business, which generated revenue of 22.91 billion yuan in the first half of 2025, representing a year-on-year growth of 16.27% with a gross margin of 41% [2][3]. Project Pipeline and Clientele - The project pipeline has increased from 378 in 2019 to 1,214 as of the first half of 2025, including 38 commercialized products [2][3]. - Major clients include multinational corporations (MNCs) such as Novartis, Roche, and Pfizer, with Novartis accounting for over 60% of the revenue [2][5]. Financial Performance - In the first half of 2025, the raw material drug business generated revenue of 5.23 billion yuan, maintaining a gross margin of 23% despite industry competition and price declines [2][5]. - The company expects a net profit growth of around 15% over the next three years, with a revenue increase of 4.92% and a net profit increase of 18.51% year-on-year in the first three quarters of the current year [4][5]. New Business Initiatives - The establishment of the Prince Division aims to develop new molecular types such as peptides, conjugated drugs, and small nucleic acids, creating a second growth curve [2][5]. - The company is advancing commercial production capacity for these new initiatives, including three peptide conjugation platforms and capabilities for small nucleic acid research in both China and the U.S. [5]. Market Outlook and Valuation - The company is projected to maintain a net profit growth rate of approximately 15% over the next three years, with a target price of 27 yuan based on a 21x P/E ratio for 2026 [4][5]. - The current stock price reflects a P/E ratio of about 12x for 2027, indicating a favorable investment opportunity considering the rebound in raw material prices and healthy development in small molecule CDMO [5].

Core Viewpoint - The Xi'an Municipal Government has released an implementation plan to enhance the biopharmaceutical industry from 2025 to 2027, focusing on breakthroughs in key drug development technologies and supporting the research and commercialization of innovative drugs [1][2]. Group 1: Industry Goals - The plan sets three main objectives: achieving a biopharmaceutical industry scale of 40 billion yuan by 2027, with specific targets for traditional Chinese medicine (9 billion yuan), chemical drugs (12 billion yuan), biological drugs (6 billion yuan), and medical devices (13 billion yuan) [2]. - It aims to achieve clinical approval for one innovative drug and production approval for another by 2027, along with 40 Class III medical devices and 400 Class II medical devices [2]. Group 2: Innovation and Collaboration - The plan emphasizes the development of innovative drugs, particularly in areas such as targeted liver delivery drugs, peptide products, and addiction treatment drugs, while encouraging collaboration between pharmaceutical companies and academic institutions [3][4]. - It outlines a comprehensive innovation ecosystem for cell therapy, focusing on stem cell therapy, immune cell therapy, and cell-derived therapies, with a full chain from basic research to clinical application [4][5]. Group 3: Policy Support and Trends - Multiple cities, including Beijing, Shanghai, Chongqing, and Sichuan, have introduced policies to support the innovative drug industry, indicating a new cycle of policy support for the biopharmaceutical sector [7][8]. - The policies include expedited clinical trial approvals and financial support for innovative drug development, reflecting a trend towards enhancing the overall innovation ecosystem in the pharmaceutical industry [7][8].

Core Viewpoint - The Xi'an Municipal Government has released an implementation plan to enhance the biopharmaceutical industry from 2025 to 2027, focusing on breakthroughs in key drug development technologies and supporting the research and commercialization of innovative drugs [1][2]. Group 1: Industry Goals - The plan sets three main objectives: achieving a biopharmaceutical industry scale of 40 billion yuan by 2027, with specific targets for traditional Chinese medicine (9 billion yuan), chemical drugs (12 billion yuan), biological drugs (6 billion yuan), and medical devices (13 billion yuan) [2]. - It aims to achieve clinical approval for one innovative drug and production approval for another by 2027, as well as 40 Class III medical devices and 400 Class II medical devices [2]. Group 2: Innovation and Collaboration - The plan emphasizes the development of innovative drugs, particularly in areas such as targeted liver delivery drugs and peptide products, and encourages collaboration between pharmaceutical companies and academic institutions for research and development [3][4]. - It outlines a comprehensive innovation ecosystem for cell therapy, focusing on stem cell therapy, immune cell therapy, and cell-derived therapies, with a full chain from basic research to clinical application [4][5]. Group 3: Policy Support and Trends - Multiple cities, including Beijing, Shanghai, Chongqing, and Sichuan, have introduced policies to support the innovative drug industry, indicating a new cycle of policy support for the biopharmaceutical sector [7][8]. - The industry is experiencing a policy cycle that supports the entire innovative drug supply chain, with measures such as expedited clinical trial approvals and financial incentives for drug development [8].

Core Viewpoint - The regulatory authorities have imposed significant penalties on Jiangsu Nuotai Aoxin Biopharmaceutical Co., Ltd. (ST Nuotai) and its executives for financial misconduct, including false reporting and fraudulent issuance of securities, which has raised concerns about the integrity of financial reporting in the industry [1][2][3]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision against ST Nuotai and six executives, totaling fines of 76.2 million yuan [1]. - ST Nuotai was found to have inflated its 2021 revenue by 30 million yuan and profit by 25.9516 million yuan, which constituted 20.64% of the reported profit for that period [1][2]. - The Shanghai Stock Exchange's disciplinary committee publicly reprimanded ST Nuotai and its executives, with specific sanctions against key individuals, including a three-year ban for Zhao Dezhong from holding positions in listed companies [3]. Group 2: Financial Misconduct Details - The fraudulent activities included a technology transfer to Zhejiang Huabei Pharmaceutical Co., Ltd., which lacked the financial capability and operational capacity to fulfill the transaction, leading to the recognition of non-substantial revenue [1][2]. - The issuance of convertible bonds raised 434 million yuan, but the financial information disclosed in the offering document contained significant falsehoods due to the inflated financial data from 2021 [2][3]. Group 3: Industry Implications - The penalties reflect a broader trend of increased scrutiny and enforcement against financial fraud in the industry, with potential implications for investor trust and market integrity [4]. - The five-year ban on ST Nuotai from refinancing is seen as a targeted measure to prevent companies from exploiting financial misconduct for capital [4].

Core Viewpoint - ST诺泰 and six executives were penalized a total of 76.2 million yuan due to false records in annual reports and public issuance documents [1][2][3] Group 1: Penalties and Violations - ST诺泰 was fined 47.4 million yuan, while its actual controller and former vice chairman, Zhao Dezhong, was fined 13 million yuan [2] - Other executives received varying fines: Zhao Deyi (500,000 yuan), Jin Fuqiang (330,000 yuan), Tong Ziquan and Gu Haitao (300,000 yuan each), and Xu Donghai (150,000 yuan) [2] - The total penalty amount sums up to 76.2 million yuan [3] Group 2: Financial Misrepresentation - In December 2021, ST诺泰 recognized 30 million yuan in business income from a technology transfer to Zhejiang Huabei, which lacked the financial capability to pay [1] - This transaction led to an inflated operating income of 30 million yuan and an inflated total profit of 25.9516 million yuan, accounting for 20.64% of the reported profit for that period [1] Group 3: Company Operations and Future Actions - ST诺泰 stated that its production and operational activities are currently proceeding normally and in an orderly manner [3] - The company plans to take this incident as a lesson, actively implement rectifications, and enhance internal control processes [3] - ST诺泰 focuses on peptide drugs and small molecule chemical drugs, with a strategic layout in oligonucleotide business, combining independent research and customized research and production [3] Group 4: Recent Financial Performance - For the first three quarters of 2025, ST诺泰 reported an operating income of 1.527 billion yuan, representing a year-on-year growth of 21.95% [3] - The net profit attributable to shareholders was 445 million yuan, showing a year-on-year increase of 26.92% [3]