本报讯 （记者刘晓一）11月17日晚间，深圳翰宇药业股份有限公司（以下简称"翰宇药业"）披露高管 变动公告，公司聘请唐洋明、沈亚平担任执行总裁，此次管理架构升级，旨在实现强强联合，形成优势 互补的管理格局。 翰宇药业该人士进一步表示，唐洋明是确保公司稳定运营和核心技术延续性的关键。他的晋升，体现了 公司对内部培养人才的重视，也保证了战略执行不会出现断层。唐洋明的内部协调能力和对业务的精 通，可与沈亚平带来的外部新视角和新战略形成互补，确保创新想法能够扎实落地。 据了解，唐洋明作为翰宇药业的资深副总裁，长期深耕于公司核心业务，拥有超过20年的多肽药物研发 经验，同时也担任公司原料药生产基地—翰宇药业（武汉）董事长兼总经理，高附加值医药中间体基地 —甘肃成纪生物药业有限公司董事长。作为长期主管核心业务的副总裁，其熟悉公司的研发团队、生产 基地、供应链体系等内部运营环节，能够确保公司战略在业务层面得到有效执行。 （编辑 张伟） 沈亚平在医药领域拥有深厚的行业背景和卓越的管理经验。其在恒瑞医药任职副总经理十余年，负责国 际市场策略制定、上市推广及商业化落地，在国际合作与许可交易（License-in/out）方面也积 ...

本次变动为实际控制人家族成员之间股权调整。本次股权比例调整后，公司实际控制人由花轩德、花莉 蓉、花晓慧变更为花莉蓉、花晓慧，公司控股股东及其一致行动人直接持股数量以及实际控制人合计间 接持股数量均未发生变化,公司控股股东不变，仍为中贝集团。 截至目前，中贝集团、台州歌德分别持有九洲药业股票2.84亿股、4058.57万股。以九洲药业截至11月11 日的收盘价（19.88元/股）估算，上述股票对应的市值分别为56.36亿元、8.07亿元。以此估算，花轩德 转让的两笔股权间接持有九洲药业股票的市值合计约24.76亿元。 花轩德生于1943年，今年82岁。2020年，花轩德及其家族财富以160亿元位列胡润百富榜第338位，成为 台州首富。2025年，在最新的胡润百富榜上，花轩德家族的财富值为75亿元，排名第956位。 瑞财经 刘治颖 近日，九洲药业(SH603456)公告，公司收到控股股东中贝集团及其一致行动人台州歌德 的《告知函》，花轩德因年事已高，将其持有的中贝集团42.5%股权、台州歌德10%股权分别转让给女 儿花莉蓉和花晓慧，并已于2025年11月11日分别签署了《股权转让协议》。 根据《股权转让协议》约定 ...

Core Points - The ownership structure of Jiuzhou Pharmaceutical has changed, with Huaxuande no longer holding shares in Zhongbei Group and Taizhou Gede, leading to a new actual controller structure involving Huali Rong and Huaxiao Hui [2][3] - Jiuzhou Pharmaceutical reported a revenue of 4.16 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 4.92%, and a net profit of 748 million yuan, up 18.51% year-on-year [4] Group 1 - Huaxuande transferred 28.50% of Zhongbei Group's shares to Huali Rong and 14% to Huaxiao Hui, with total payments amounting to 61.815 million yuan [2] - Following the transfer, Huali Rong holds 22.17% and Huaxiao Hui holds 13.36% of Jiuzhou Pharmaceutical indirectly [2] - The market value of Jiuzhou Pharmaceutical shares held by Zhongbei Group and Taizhou Gede is estimated at approximately 24.76 billion yuan [2] Group 2 - Jiuzhou Pharmaceutical, established in July 1998, is a technology-driven CDMO enterprise focusing on small molecule drugs, peptide drugs, conjugated drugs, and small nucleic acid drugs [3] - Huaxuande, aged 82, stepped down as chairman in 2014, with his daughter Huali Rong succeeding him [3] - Huali Rong has held various leadership roles and was recently elected as the executive director and legal representative of Jiuzhou Pharmaceutical [3] Group 3 - Huaxuande and his family's wealth was ranked 338th on the Hurun Rich List in 2020 with 16 billion yuan, and they are currently ranked 2750th and 940th on the global and national rich lists, respectively [4] - As of November 13, Jiuzhou Pharmaceutical's stock price increased by 2.11% to 20.34 yuan per share, with a market capitalization of 18.091 billion yuan [4]

Core Viewpoint - The control of Jiuzhou Pharmaceutical has changed due to the transfer of shares from the aging actual controller, Hua Xuande, to his daughters, Hua Lirong and Hua Xiaohui, which will not affect the company's operational independence or business performance [2][4]. Group 1: Share Transfer Details - Hua Xuande transferred 42.50% of his shares in Zhongbei Group and 10.00% in Taizhou Gede to his daughters, with Hua Lirong receiving 28.50% and Hua Xiaohui 14% of Zhongbei Group, and each receiving 5% of Taizhou Gede [1]. - The total payment for the share transfer was 61.815 million yuan, with Hua Lirong paying 41.333 million yuan and Hua Xiaohui 20.482 million yuan [1]. - The estimated market value of the shares transferred, based on Jiuzhou Pharmaceutical's closing price of 19.88 yuan per share, is approximately 2.476 billion yuan [1]. Group 2: Company Background and Performance - Jiuzhou Pharmaceutical, established in July 1998, is a technology-driven CDMO enterprise focusing on small molecule chemical drugs, peptide drugs, conjugated drugs, and small nucleic acid drugs [4]. - The company reported a revenue of 4.16 billion yuan for the first three quarters of the year, representing a year-on-year growth of 4.92%, and a net profit of 748 million yuan, up 18.51% year-on-year [4]. - As of November 13, Jiuzhou Pharmaceutical's stock price increased by 2.11% to 20.34 yuan per share, with a market capitalization of 18.091 billion yuan [5].

Core Insights - The peptide synthesis reagent industry is experiencing rapid growth driven by the expanding global peptide drug market, which is projected to reach $110.7 billion in 2024 and $121.7 billion in 2025, with the U.S. holding a dominant share and China showing significant potential [1][6][8] - China's peptide drug market is expected to grow from approximately 55.44 billion yuan in 2024 to 61.2 billion yuan in 2025, providing a solid demand foundation for upstream reagent industries [1][8] - The Chinese peptide synthesis reagent market is projected to grow from about 2.44 billion yuan in 2024 to 2.68 billion yuan in 2025, with strong growth in the ion-type condensation reagent segment [1][9] Industry Overview - Peptide synthesis reagents are specialized chemical agents that facilitate the formation of peptide bonds between amino acids, protect active groups, and suppress side reactions, making them essential in peptide drug development and biomedical research [2][3] - The industry is transitioning from traditional fermentation and extraction methods to chemical synthesis and gene recombination methods, which now dominate the market [5][6] Market Dynamics - The global peptide drug market is expanding due to advancements in synthesis and modification technologies, with a notable increase in demand for innovative therapies targeting chronic diseases [6][8] - In China, the rapid development of the peptide drug market is supported by policy initiatives, clinical demand, and technological advancements, with a projected market size of approximately 554.4 billion yuan in 2024 [8][9] Competitive Landscape - The Chinese peptide synthesis reagent industry features a fragmented competitive landscape with a mix of specialized and comprehensive companies, where most focus on specific types of reagents [10][11] - Leading companies like Haofan Bio are establishing a strong position by offering a full range of peptide synthesis reagents, while other firms focus on niche markets [11][12] Development Trends - The industry is moving towards technological innovation, with a focus on green and efficient synthesis methods, and a shift from single-function to multifunctional reagents [12][13] - Domestic companies are increasingly penetrating high-end markets, breaking the monopoly of international brands in high-purity and low racemization reagents [13][14] - The competitive landscape is evolving from fragmented product competition to an ecosystem of collaborative competition, with leading firms building comprehensive product matrices and enhancing vertical integration [14]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The report discusses the evolution of investment rhythms in the CDMO sector over the past decade, highlighting significant changes from initial industry transfers from overseas to China, to shifts in focus from small molecules to larger molecules and new types like peptides and ADCs [17]. - The report emphasizes that the innovation drug sector is entering a new bull market, driven by the potential for significant breakthroughs and the need for companies to adapt to changing market dynamics [11][12]. Summary by Sections 1. Industry Performance - During the week of October 20-24, the Shenwan Pharmaceutical Index increased by 0.58%, underperforming compared to the ChiNext Index and the CSI 300 Index [10]. - The overall market showed an upward trend, with the Shanghai Composite Index reaching a ten-year high, led by technology stocks, while the pharmaceutical sector experienced volatility [10][11]. 2. Recent Review - The report notes that the innovation drug sector has seen limited performance despite recent business development (BD) activities and data releases, attributing this to the digestion of previous trading volumes rather than fundamental industry issues [11]. - The report anticipates that after a period of consolidation, the innovation drug sector may see a resurgence driven by significant catalysts, with a focus on disruptive innovations rather than mere revaluation [11][12]. 3. Future Outlook - The report outlines a two-pronged strategy for the pharmaceutical sector: focusing on companies with strong Q3 earnings and deepening investments in innovative drugs in preparation for potential rebounds in Q4 and Q1 [12]. - Key investment themes include overseas large pharmaceuticals, small and mid-cap technology revolutions, and the integration of new technologies such as AI in healthcare [12][13]. 4. Strategic Allocation - The report provides a detailed list of recommended companies across various segments, including innovative drugs, chronic disease treatments, and new technologies [13][15]. - Specific companies highlighted include Innovent Biologics, BeiGene, and WuXi AppTec, among others, indicating a diverse approach to investment within the pharmaceutical landscape [13][15]. 5. CDMO Market Insights - The report indicates that the CDMO market in China has grown significantly, with a compound annual growth rate (CAGR) of 39.9%, expanding from 16 billion RMB in 2018 to 85.9 billion RMB in 2023 [25]. - It projects that the market will continue to grow, reaching 208.4 billion RMB by 2028 and 536.9 billion RMB by 2033, highlighting China's increasing share of the global CDMO market [25]. 6. Investment Strategies in Sub-sectors - The report categorizes investment strategies into several areas, including innovative drugs, medical devices, and new technologies, emphasizing the importance of selecting companies that align with emerging trends and market demands [47][48]. - It also notes the significance of focusing on companies that have established strong partnerships with multinational corporations (MNCs) and have developed scalable production capabilities in high-demand areas like ADCs and peptides [45][46].

Core Viewpoint - The company, Nuotai Bio (688076.SH), reported a robust performance in Q3 2025, with revenue of 1.527 billion yuan, a year-on-year increase of 21.95%, and a net profit of 445 million yuan, up 26.92%, driven by the expanding GLP-1 market and its commitment to "time and technology leadership" [1][2]. Group 1 - The growth in revenue and profit is primarily attributed to the increasing demand for peptide drugs, particularly GLP-1 targeted drugs, which has been a core driver of the company's performance in recent years [1]. - The global peptide drug market has been growing steadily, reaching a size of 43 billion USD in 2020, with a growth rate of nearly 16% since 2007 [1]. - Sales of GLP-1(R) drugs are projected to exceed 50 billion USD in 2024, with semaglutide contributing over half of the sales, positioning Nuotai Bio as a major beneficiary of this trend [1]. Group 2 - The company is enhancing its core competitiveness through various initiatives, including the establishment of a commercial production facility for oligonucleotides, expected to be completed by 2025, which will have a capacity of 1,000 kg for oligonucleotides and 200 kg for PEG-linked peptides [2]. - Nuotai Bio is actively pursuing external growth opportunities, including a strategic partnership with Novozymes to establish a joint venture focused on synthetic biology technology [2]. - The collaboration with DeepTech in AI drug development aims to leverage AI technology to transform the biopharmaceutical industry, creating a comprehensive value system encompassing intelligent R&D and precision manufacturing [2]. Group 3 - The company plans to leverage its advantages in peptide and small molecule drug development to build an XDC technology platform through internal development and strategic investments, focusing on various coupling platforms [3]. - Efforts are being made to establish a high-quality international business development team to explore new business directions [3].

Core Viewpoint - The pharmaceutical industry is experiencing growth, with Zhejiang Jiuzhou Pharmaceutical Co., Ltd. reporting a revenue increase of 4.92% year-on-year for the first three quarters, driven by increased sales and product gross margins [1][2]. Financial Performance - For the first three quarters, Jiuzhou Pharmaceutical achieved a revenue of 4.161 billion yuan and a net profit of 748 million yuan, marking a year-on-year increase of 4.92% and 18.51% respectively [1]. - In the third quarter alone, the company reported a revenue of 1.290 billion yuan, a 7.37% increase year-on-year, and a net profit of 222 million yuan, reflecting a significant growth of 42.30% [1]. Industry Trends - The global demand for innovative drugs is rising, leading to an increased reliance on specialized CDMO services, which is expanding the industry's growth potential [2]. - The high costs and extended timelines of drug development are prompting pharmaceutical companies to outsource R&D and production, significantly boosting demand for CDMO services [2]. Company Strategy - Jiuzhou Pharmaceutical is actively enhancing its project pipeline, with a diverse range of CDMO projects, including 38 marketed projects and 90 in Phase III clinical trials, alongside a substantial number of projects in earlier clinical phases [3]. - The company has successfully onboarded over 10 domestic and international pharmaceutical companies for its formulation CDMO services, adding more than 30 new service projects, primarily in high-tech and high-value areas [3]. Global Expansion - Jiuzhou Pharmaceutical is expanding its global CDMO services, currently serving over 80 clients in major pharmaceutical markets worldwide [3]. - The company is progressing well in its overseas operations, particularly in Japan and Germany, establishing a solid foundation for long-term growth [3]. Market Position - The company has gained recognition from leading domestic innovative drug enterprises due to its early and quality-focused CDMO business layout [4]. - Jiuzhou Pharmaceutical aims to accelerate its business with overseas biotech companies while maintaining relationships with core clients like Novartis and Roche to expand its global market share [4].

Core Viewpoint - Hanyu Pharmaceutical plans to raise up to 968 million yuan through a private placement of A-shares to fund the expansion of its peptide drug production line, R&D upgrades, and to supplement working capital [1][2]. Fund Allocation - Over 50% of the raised funds will be allocated to the expansion of the peptide drug production line and green intelligent upgrades, with 495 million yuan earmarked for this project, which has a total investment of 549 million yuan [2]. - The peptide fragment expansion project will receive 40 million yuan, with a total investment of 45.8 million yuan [2]. - The R&D laboratory upgrade project is set to receive 55 million yuan, with a total investment of 57.75 million yuan [2]. - The semaglutide R&D project will receive 98 million yuan, accounting for 10.12% of the total fundraising, focusing on both domestic injectable and U.S. oral formulations for diabetes treatment [2]. - 280 million yuan will be allocated to supplement working capital [2]. Financial Performance - In the first half of 2025, Hanyu Pharmaceutical reported revenue of 549 million yuan, a year-on-year increase of 114.86%, and a net profit attributable to shareholders of 145 million yuan, up 1504.30% [3]. Market Potential - The global pharmaceutical market is projected to reach 1.646 trillion USD in 2024 and grow to 2.350 trillion USD by 2030, with a CAGR of approximately 6.1% from 2025 to 2030 [4]. - The Chinese pharmaceutical market is expected to grow from 306.5 billion USD in 2024 to 573 billion USD by 2033, with a CAGR of about 7.2% [4]. - The GLP-1 receptor agonist market, including semaglutide, is anticipated to grow from 53.46 billion USD in 2024 to 156.71 billion USD by 2030, with a CAGR of 17.5% [4]. Project Implementation Capability - Hanyu Pharmaceutical has already obtained DMF registration for two liraglutide raw materials in the U.S. and is working on DMF registration for semaglutide [5]. - The company has received approval for clinical trials of semaglutide injection for type II diabetes and weight management [5]. - The fundraising will accelerate the R&D process for semaglutide and enhance the company's production capabilities for peptide raw materials and fragments, creating new profit growth points [5]. Issuance Details - The issuance plan allows for up to 35 qualified investors, including securities investment fund management companies and securities firms, with the issuance price set at no less than 80% of the average trading price over the previous 20 trading days [6].

Group 1: Strategic Restructuring - Pingmei Shenma and Shenneng Group announced plans for strategic restructuring by the controlling shareholders, which will not significantly impact their operations [1][1] - The restructuring will not change the controlling shareholders or the actual controllers of either company [1][1] Group 2: Capital Increase - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan for its subsidiary, Ganfeng Lithium Technology [2] - The capital increase will be priced at 3 yuan per 1 yuan of registered capital, and the company will waive its preferential subscription rights [2] Group 3: Stock Trading Suspension - Upwei New Materials' stock has been suspended for verification due to multiple instances of abnormal trading fluctuations [3] - The company will conduct an investigation into the trading volatility and will resume trading after the verification process [3] Group 4: Earnings Forecast - Jihong Co. expects a net profit of 209 million to 222 million yuan for the first three quarters of 2025, representing a growth of 55% to 65% year-on-year [4] - The growth is attributed to significant increases in revenue and profit from cross-border social e-commerce and improved operational efficiency in the packaging business [4] Group 5: Fundraising and Projects - Hanyu Pharmaceutical plans to raise up to 968 million yuan through a private placement for various projects including peptide drug production and R&D upgrades [5] - Water Development Gas received acceptance for its securities issuance application from the Shanghai Stock Exchange [6] Group 6: Important Transactions - Tianqi Model's controlling shareholders signed a share transfer agreement to transfer 162 million shares, which will change the controlling shareholder to Jianfa Wanyu [7] - The transaction is expected to lead to a change in the actual controller to the Urumqi Economic and Technological Development Zone State-owned Assets Supervision and Administration Commission [7] Group 7: Investment Projects - Dongfang Yuhong signed an investment agreement to invest 600 million yuan in a new materials industry chain project in Nanning, Guangxi [9] - The project includes mining, processing, and product development [9] - Changqing Group plans to invest 571 million yuan in the second phase of its cogeneration project in Maoming [9]