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 Viewpoint - Haoyuan Pharmaceutical's stock rose by 5.01% to 80.35 CNY per share, with a trading volume of 259 million CNY and a market capitalization of 17.042 billion CNY as of November 13 [1] Company Overview - Shanghai Haoyuan Pharmaceutical Co., Ltd. was established on September 30, 2006, and went public on June 8, 2021 [1] - 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 composition includes: molecular building blocks, tool compounds, and biochemical reagents (68.97%); product sales (63.42%); APIs and intermediates, formulations (30.46%); technical services (5.55%); and other (0.57%) [1] Fund Holdings - Hongta Hongtu Fund has a significant holding in Haoyuan Pharmaceutical, with its Hongta Hongtu Medical Selected Stock Fund A (020331) reducing its stake by 4,000 shares to hold 9,000 shares, representing 5.58% of the fund's net value [2] - The fund has achieved a year-to-date return of 33.15%, ranking 1506 out of 4216 in its category, and a one-year return of 18.94%, ranking 2064 out of 3951 [2] Fund Manager Information - The fund manager of Hongta Hongtu Medical Selected Stock Fund A is Cao Yang, who has been in the position for 2 years and 63 days [3] - The total asset size of the fund is 13.3331 million CNY, with the best return during his tenure being 30.03% and the worst being -33.52% [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported better-than-expected performance for Q3 2025, with revenue of 7.48 billion yuan, representing a year-over-year growth of 32.76%, and a net profit of 0.85 billion yuan, up 16.39% year-over-year [1] - The strong performance is attributed to high growth in the front-end business, which generated 5.4 billion yuan in revenue, a year-over-year increase of over 36% [1][2] - The company has improved efficiency and strictly controlled costs, contributing to the positive financial results [1] Summary by Sections Front-end Business - The front-end business, including tool compounds and biochemical reagents, serves as the primary growth engine, maintaining high revenue growth [2] - The molecular building blocks segment has seen a significant increase in customer and order numbers, marking it as a secondary growth engine [2] - As of June 2025, the company has a reserve of over 52,000 tool compounds and biochemical reagents, and approximately 95,000 molecular building blocks, creating a comprehensive compound library [2] Back-end Business - The back-end business, which includes APIs, intermediates, and formulations, has a strong order backlog exceeding 5.9 billion yuan, reflecting a year-over-year growth of 40.1% [3] - The company is enhancing its competitive edge in the XDC segment and has established a strategic layout across Shanghai, Ma'anshan, and Chongqing [3] Financial Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 2.88 billion yuan and 4.00 billion yuan, respectively, with a new forecast for 2027 set at 5.19 billion yuan [3] - The estimated EPS for 2025, 2026, and 2027 are 1.36 yuan, 1.89 yuan, and 2.45 yuan, respectively, with corresponding P/E ratios of 62, 45, and 35 [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]

Core Insights - On October 9, Haoyuan Pharmaceutical's stock rose by 3.49%, with a trading volume of 508 million yuan [1] - The company reported a financing buy-in of 70.22 million yuan and a net financing buy-in of 3.93 million yuan on the same day [1] - As of October 9, the total balance of margin trading for Haoyuan Pharmaceutical was 416 million yuan, indicating a high level of trading activity [1] Financing Summary - On October 9, Haoyuan Pharmaceutical had a financing buy-in of 70.22 million yuan, with a current financing balance of 414 million yuan, representing 2.29% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of investor interest [1] Short Selling Summary - On October 9, Haoyuan Pharmaceutical repaid 4,660 shares in short selling and sold 3,000 shares, amounting to 256,400 yuan at the closing price [1] - The remaining short selling volume was 15,000 shares, with a short selling balance of 1.28 million yuan, which is above the 70th percentile of the past year [1] Company Overview - Haoyuan Pharmaceutical, established on September 30, 2006, is located in Shanghai and specializes in the discovery of small molecule drugs, including the development of molecular building blocks and tool compounds [2] - 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% [2] - As of September 19, the number of shareholders increased by 17.93% to 12,800, with an average of 16,527 circulating shares per person, a decrease of 12.82% [2] Financial Performance - For the first half of 2025, Haoyuan Pharmaceutical achieved a revenue of 1.311 billion yuan, representing a year-on-year growth of 24.20% [2] - The net profit attributable to shareholders was 152 million yuan, showing a significant year-on-year increase of 115.55% [2] Dividend Information - Since its A-share listing, Haoyuan Pharmaceutical has distributed a total of 143 million yuan in dividends, with 103 million yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 6.2611 million shares, an increase of 329,200 shares from the previous period [3] - The fund "China Europe Medical Health Mixed A" ranked fifth among circulating shareholders, holding 6.1185 million shares, a decrease of 2.7776 million shares from the previous period [3]

Investment Rating - The report maintains a "Buy" rating for Haoyuan Pharmaceutical (688131) with a target price based on the last closing price of 60.23 [1][4]. Core Insights - Haoyuan Pharmaceutical's Q2 revenue exceeded expectations, with a strong profit growth. The company achieved a revenue of 1.311 billion yuan in H1 2025, representing a year-on-year increase of 24.20%, and a net profit of 152 million yuan, up 115.55% year-on-year [4][5]. - The growth in revenue and profit is attributed to the rapid expansion of the high-margin life science reagent business and effective internal management and cost control [5][6]. - The front-end business generated 904 million yuan in revenue in H1 2025, a 29.2% increase year-on-year, with a gross margin of 63.0%, up 3.5 percentage points [5][6]. Revenue and Profit Forecast - The company forecasts revenues of 2.848 billion yuan, 3.598 billion yuan, and 4.564 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 25.47%, 26.33%, and 26.84% [6][7]. - The net profit is expected to reach 308 million yuan, 399 million yuan, and 517 million yuan for the same years, with growth rates of 52.65%, 29.56%, and 29.75% [6][7]. Business Segments Performance - The front-end business's revenue accounted for a significant portion of total revenue, with 9.04 billion yuan in H1 2025, while the back-end business generated 399 million yuan, reflecting a 13.6% year-on-year increase [5][6]. - The back-end business has a robust order backlog exceeding 590 million yuan, a 40.1% increase year-on-year, indicating strong future growth potential [6].

Core Viewpoint - Shanghai Haoyuan Pharmaceutical Co., Ltd. received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its business operations and financial performance. Group 1: Main Business Operations - The company reported a total revenue of 2,253.67 million yuan from its research and experimental development sector in 2024, with a year-on-year growth of 32.41% in the front-end molecular building blocks and tool compounds business, generating 1,499.07 million yuan [1][4] - The product sales revenue in this segment was 1,363.90 million yuan, reflecting a 36.01% increase, while the gross profit margin stood at 63.74% [1][4] - The back-end raw materials and intermediates development business generated 754.61 million yuan, with a modest year-on-year growth of 2.49%, but product sales in this segment saw a decline of 30.45% [1][4] Group 2: Revenue and Profitability Analysis - Domestic and overseas business revenues were 1,391.69 million yuan and 861.99 million yuan respectively, with gross profit margins of 38.82% and 46.8% [1][4] - The company provided a detailed breakdown of its four business segments, including revenue, gross profit margins, and year-on-year changes, indicating a comprehensive analysis of market size and competitive landscape [1][4][6] Group 3: Market Trends and Growth Potential - The global pharmaceutical R&D expenditure is projected to grow at a rate of 4.2% annually, reaching 254 billion USD by 2026, which is expected to positively impact the life sciences reagent market [6][7] - The Chinese research reagent market has expanded from approximately 25 billion yuan in 2018 to about 48 billion yuan in 2022, with a compound annual growth rate of around 18% [6][7] - The global CDMO market is also on a growth trajectory, with expectations to reach 124.3 billion USD by 2025, indicating a robust demand for innovative drug development services [9][10] Group 4: Competitive Positioning - The company has established itself as a competitive player in the life sciences reagent sector, particularly in the molecular building blocks and tool compounds market, which is characterized by strong customization capabilities and a growing customer base [2][4] - The company’s tool compounds business is positioned favorably compared to peers, with higher revenue growth and gross profit margins, reflecting its strong international influence [11][12] - The company’s performance in the generic drug intermediates and raw materials sector aligns with industry trends, with a notable increase in the market for high-end pharmaceutical intermediates [13][14]