恒生前海沪港深新兴产业精选混合（004332）基金经理为邢程。 截至发稿，邢程累计任职时间3年193天，现任基金资产总规模2.52亿元，任职期间最佳基金回报 87.69%， 任职期间最差基金回报-29.15%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月30日，皓元医药涨5.07%，截至发稿，报81.60元/股，成交2.62亿元，换手率1.54%，总市值173.07亿 元。 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 ...

Core Viewpoint - Shanghai Haoyuan Chemexpress Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its high-margin life science reagent business and effective cost management [1][5]. Financial Performance - Revenue for the first half of 2025 reached approximately 1.31 billion RMB, representing a 24.20% increase compared to the same period last year [5]. - Total profit increased by 130.95% to approximately 181.62 million RMB, while net profit attributable to shareholders rose by 115.55% to approximately 151.76 million RMB [5]. - The company's net assets at the end of the reporting period were approximately 3.02 billion RMB, a 5.05% increase from the end of the previous year [5]. Business Overview - The company focuses on providing professional and efficient small molecule, large molecule, and new molecular type drugs, with a comprehensive service platform covering drug research and production [6][7]. - Key business segments include life science reagents, raw materials, intermediates, and formulation development, with a strong emphasis on innovation and high-value products [6][7]. - The life science reagent business is positioned as a leader in the domestic market, particularly in the area of tool compounds, which are essential for drug discovery [7][8]. Industry Context - The global pharmaceutical R&D expenditure is projected to grow by 1.7% in 2024, reaching approximately 289 billion USD, with the life science reagent market expected to reach 66.82 billion USD by 2026, growing at a compound annual growth rate (CAGR) of 7.9% from 2020 to 2026 [8][10]. - The Chinese life science reagent market has seen significant growth, increasing from approximately 25 billion RMB in 2018 to about 48 billion RMB in 2022, with a CAGR of around 18% [8]. - The market for molecular building blocks is anticipated to reach 54.6 billion USD by 2026, indicating a robust growth trajectory [9].

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].

Core Insights - The company reported a revenue of 1.311 billion yuan for the first half of 2025, representing a year-on-year growth of 24.20%, with overseas revenue reaching 560 million yuan, up 39.78% [2] - The net profit attributable to shareholders was 152 million yuan, marking a significant increase of 115.55%, and the gross profit margin improved to 49.1%, up 3.7 percentage points [2] - The company emphasizes a long-term strategy focused on "industrialization, globalization, and branding," aiming to enhance customer value and operational efficiency [2] Business Segments - The company operates in three main business areas: "tool compounds and biochemical reagents," "molecular building blocks," and "active pharmaceutical ingredients (APIs) and intermediates, formulations" [3] - The life sciences reagent segment showed strong growth, achieving revenue of 904 million yuan, a 29.2% increase, with a gross margin of 63% [3] - The company has a substantial inventory of approximately 147,000 types of life science reagents, maintaining a leading position in product variety and diversity [3] CDMO Business - The CDMO (Contract Development and Manufacturing Organization) segment generated revenue of 399 million yuan, reflecting a year-on-year growth of 13.6% [4] - The company has a robust pipeline with 419 generic drug projects and 966 innovative drug projects, primarily in the preclinical and early clinical phases [4] - The company has established a comprehensive platform for ADC (Antibody-Drug Conjugate) development, with a new CDMO facility in Chongqing now operational [5] Global Expansion - The company is accelerating its globalization efforts, with overseas revenue reaching 560 million yuan, accounting for 43.0% of total revenue [6] - The company is actively expanding its market presence in the U.S., Europe, Japan, South Korea, and India, focusing on high-end markets [6] - The company aims to enhance its international brand influence while optimizing resource allocation for operational efficiency [6] AI Integration in Drug Development - The company is leveraging AI technology to enhance drug development efficiency, focusing on small molecule drug research combined with AI [7] - A comprehensive drug screening platform has been developed, integrating various computational drug design algorithms to improve drug discovery success rates [7] - The company is committed to building a robust AI model for drug development, aiming to create a full-chain system from basic research to industrial application [8]

Core Insights - Haoyuan Pharmaceutical (688131.SH) reported a revenue of 1.311 billion yuan for the first half of 2025, marking a year-on-year growth of 24.20%, with overseas revenue reaching 560 million yuan, up 39.78% [1] - The company achieved a net profit of 152 million yuan, reflecting a significant year-on-year increase of 115.55%, and a gross margin of 49.1%, up 3.7 percentage points [1] - The company emphasizes a long-term strategy focused on "industrialization, globalization, and branding," aiming to enhance customer value and operational efficiency [1] Business Performance - The life sciences reagent segment saw robust growth, generating 904 million yuan in revenue, a 29.2% increase year-on-year, with a gross margin of 63.0% [3] - The company has a cumulative reserve of approximately 147,000 types of life science reagents, maintaining a leading position in product variety and diversity [3] - The CDMO (Contract Development and Manufacturing Organization) business achieved revenue of 399 million yuan, a 13.6% increase, with a strong order backlog of 590 million yuan, up over 40% year-on-year [4] Industry Trends - The global biopharmaceutical market is projected to exceed $1.5 trillion, with China accounting for over 20%, translating to a market size of 3.2 trillion yuan and a compound annual growth rate of 17.6% from 2020 to 2025 [2] - The industry is undergoing significant transformation, with advancements in dual antibodies and AI-driven drug development gaining traction [2] Global Expansion - Haoyuan Pharmaceutical is accelerating its globalization efforts, establishing a multi-brand matrix and global sales network, with overseas revenue reaching 560 million yuan, accounting for 43.0% of total revenue [6][7] - The company is actively expanding its presence in the U.S., Europe, Japan, and South Korea, while also focusing on high-end markets in North America and Europe [7] AI Integration - The company is enhancing its AI drug development strategy, integrating various computational drug design algorithms to create a comprehensive drug screening platform [8][9] - Haoyuan Pharmaceutical aims to build a three-tier intelligent screening system combining AI algorithms, organoid models, and large-scale compound libraries, facilitating a full-chain system from basic research to industrial application [8][9]

Core Viewpoint - The company, Haoyuan Pharmaceutical, is enhancing the competitiveness of its wholly-owned subsidiary, Anhui Haoyuan, by implementing a capital increase through debt-to-equity conversion, amounting to 400 million yuan, to alleviate financial pressure and optimize its capital structure [1][4]. Group 1: Financial Performance - In Q1 2025, Haoyuan Pharmaceutical reported revenue of 606 million yuan, a year-on-year increase of 20.05%, and a net profit of 62.38 million yuan, up 272.28% [1][5]. - For the year 2024, the company achieved revenue of 2.27 billion yuan, a growth of 20.75%, and a net profit of 202 million yuan, reflecting a 58.17% increase [5][6]. - The R&D expenses for Q1 2025 were 53.71 million yuan, accounting for 8.86% of the revenue [1]. Group 2: Debt-to-Equity Conversion Details - The capital increase will raise Anhui Haoyuan's registered capital from 400 million yuan to 800 million yuan, maintaining its status as a wholly-owned subsidiary of Haoyuan Pharmaceutical [1][4]. - This is the second instance of debt-to-equity conversion for Anhui Haoyuan, following a previous increase of 200 million yuan in March 2024 [3][4]. Group 3: Business Operations and Market Position - Haoyuan Pharmaceutical focuses on providing efficient small molecule and new molecular type drugs for the global pharmaceutical and biopharmaceutical industries, continuously enhancing its market competitiveness through product pipeline expansion and technological iteration [1][5]. - The life science reagent business generated approximately 1.5 billion yuan in revenue in 2024, accounting for about 66% of total revenue, with a gross margin of 62.21% [6]. - The company has a total of 403 generic drug projects and 892 innovative drug projects, with many in the clinical trial stages, contributing to the global innovative drug development process [6].