证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 皓元医药(688131) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩持续高增长，前端+后端协同发展 [Table_ReportDate] 2025 年 08 月 29 日 [Table_S 事件：2025 ummar年y]8 月 28 日，公司发布《2025 年半年度报告》。2025H1 公司 实现营业收入 13.11 亿元，同比增长 24.20%；实现归母净利润 1.52 亿元， 同比增长 115.55%；实现扣非净利润 1.41 亿元，同比增长 111.40%。单季 度来看，2025Q2 公司实现营业收入 7.05 亿元，同比增长 27.9 ...

8月28日晚，皓元医药(688131.SH)发布2025年半年报。2025年上半年，公司实现营业收入13.11亿元，同 比增长24.20%，其中，境外收入达5.6亿元，同比增长39.78%；归母净利润1.52亿元，同比增长 115.55%；毛利率达49.1%，同比提升3.7个百分点。2025年上半年，公司资产总额升至58.43亿元，经营 业绩持续稳步增长。 皓元医药表示，2025年上半年，公司秉持长期主义理念，始终紧扣"产业化、全球化、品牌化"核心战 略，以客户价值为导向，聚焦主业，积极创新，逐步完善治理体系，不断吸纳人才，通过深化"前端 +后端"一体化协同，全面推进提质增效，为实现全年战略目标奠定坚实基础。 聚焦三大引擎业务，筑牢"研发+生产"一体化服务基石 2025年，全球生物医药行业变革持续深化，双抗崛起、AI制药在全球医疗服务中作用渐强。在国家政 策的强力支持下，行业技术不断突破升级，我国在全球生物医药格局中，正完成从追随者到创新者的转 变，进入高质量发展阶段。资料显示，全球生物医药市场规模预计将突破1.5万亿美元，其中中国占比 超过20%，市场规模达3.2万亿元人民币，2020—2025年复合增长率 ...

截至6月30日，优宁维股东户数1.14万，较上期增加5.02%；人均流通股4994股，较上期增加31.33%。 2025年1月-6月，优宁维实现营业收入5.05亿元，同比减少8.63%；归母净利润-1337.99万元，同比减少 188.64%。 分红方面，优宁维A股上市后累计派现1.82亿元。近三年，累计派现1.38亿元。 责任编辑：小浪快报 8月27日，优宁维跌4.29%，成交额9143.14万元。两融数据显示，当日优宁维获融资买入额647.80万 元，融资偿还1003.28万元，融资净买入-355.48万元。截至8月27日，优宁维融资融券余额合计5222.28 万元。 融资方面，优宁维当日融资买入647.80万元。当前融资余额5222.28万元，占流通市值的1.86%，融资余 额低于近一年20%分位水平，处于低位。 融券方面，优宁维8月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 资料显示，上海优宁维生物科技股份有限公司位于上海市浦东新区古丹路15弄16号楼，成立日期2004年 10月2 ...

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].

Core Viewpoint - The article discusses the recent shareholding changes of Su Xin Fund and Zhen Jin Investment in Hao Yuan Pharmaceutical, highlighting their reduction in shareholding and the company's financial performance expectations for 2024 [1][3][4]. Shareholding Changes - Su Xin Fund's shareholding has decreased to 10.548 million shares, representing 5% of the company, thus no longer being a major shareholder [1] - Su Xin Fund plans to reduce up to 6.3288 million shares, accounting for 3% of the total share capital, from March 18 to June 17 [2] - Zhen Jin Investment has completed its reduction of 3.1955 million shares, which is 1.51% of the total share capital, from February 28 to May 22 [2][3] Financial Performance Expectations - Hao Yuan Pharmaceutical anticipates a revenue of CNY 2.1 billion to CNY 2.3 billion for 2024, reflecting a year-on-year growth of 11.70% to 22.34% [4] - The expected net profit attributable to shareholders is projected to be between CNY 185 million and CNY 210 million, indicating a growth of 45.16% to 64.77% [4] - The company attributes its profit growth to the strong performance of its high-margin life science reagent business, which has seen an increase in revenue share compared to 2023 [4] Market Performance - As of May 30, Hao Yuan Pharmaceutical's stock price increased by 15.26% to CNY 44.10 per share, with a market capitalization of CNY 9.303 billion, and has risen over 107% in the past year [5] - The stock's trading volume on the last trading day was 13.5295 million shares, with a turnover rate of 6.56% [6]

Financial Performance - In Q1 2025, the company achieved revenue of 606 million yuan, representing a year-on-year growth of 20.05% [1] - The net profit attributable to shareholders reached 62.38 million yuan, with a significant year-on-year increase of 272.28% [1] - The gross profit margin stood at 48.58%, an increase of 7.78 percentage points compared to the previous year [1] - As of the end of Q1, the company's total assets rose to 5.714 billion yuan [1] Industry Context - The global trade environment is undergoing profound changes, particularly due to escalating tensions in US-China trade relations [2] - The anticipated price increases for certain research service products from the US are expected to enhance the price competitiveness of domestic brands in China [2] - The domestic market is likely to see an acceleration in the process of domestic substitution, particularly in high-frequency repurchase products like research reagents [2] Business Development - The company has established a strong presence in the life sciences reagent sector, having developed over 37,000 products and accumulated more than 141,000 types of life science reagents [3] - The company operates eight business centers globally, serving over 13,000 clients, which solidifies its leading market position [3] - The front-end life sciences reagent business has shown robust growth, with its revenue share significantly increasing compared to the previous year [3] Innovation and Collaboration - The company is actively exploring the application of AI technology in new drug development, aiming to create an "AI + biomedicine" innovation hub [4] - A partnership with East China Normal University has been established to develop an "AI Drug Discovery Joint Laboratory," focusing on ADC drug database construction and AI-driven drug manufacturing [4] Backend Business and Global Strategy - The backend business is focused on specialty generic drug APIs and related intermediates, with a strong emphasis on meeting the growing demand for GMP commercial production capacity [5] - The company has launched a new ADC CDMO base in Chongqing, which provides comprehensive services from toxin synthesis to antibody conjugation and formulation [5] - The backlog of orders in the backend business has increased by over 30% year-on-year, indicating strong customer demand [5] Future Outlook - The company plans to deepen the operational efficiency and collaborative development of its three main business engines: tool compounds and biochemical reagents, molecular building blocks, and APIs and intermediates [6] - The focus for 2025 will be on sustainable high-quality development through co-creation and exploring new growth directions [6]

Core Insights - Shanghai Haoyuan Pharmaceutical Co., Ltd. reported a revenue of 606 million yuan for Q1 2025, representing a year-on-year growth of 20.05%, and a net profit attributable to shareholders of 62.38 million yuan, up 272.28% [1] - The total assets of the company reached 5.714 billion yuan by the end of Q1 [1] - The global trade environment is undergoing significant changes, with high-frequency repurchase characteristics of research reagents likely accelerating domestic substitution [1] Business Performance - The front-end life science reagent business of the company showed strong growth, with its revenue share significantly increasing compared to the same period last year [2] - The backlog of orders in the back-end business increased by over 30% year-on-year, indicating a notable rise in customer demand [2] Innovation and R&D - The company is actively exploring the application of AI technology in new drug development, aiming to establish an "AI + Biomedicine" innovation hub [2] - A partnership has been formed with East China Normal University to create an "AI Drug Exploration Joint Laboratory," focusing on ADC drug database construction and AI drug intelligent manufacturing [2] - The initiative aims to enhance the company's technological barriers in the entire drug development process and accelerate the transition of research results from the laboratory to production [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve strong revenue growth in 2024, with a projected revenue of 2.27 billion yuan, representing a year-on-year increase of 20.75%. The net profit attributable to shareholders is expected to reach 202 million yuan, a year-on-year increase of 58.17% [3][4] - The company has actively expanded its market presence, leading to significant growth in its high-margin business segments, particularly in life science reagents, which saw a revenue increase of 32.41% in 2024 [4][5] - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 276 million yuan, 373 million yuan, and 475 million yuan respectively, with corresponding EPS of 1.31, 1.77, and 2.25 yuan [3][6] Financial Performance Summary - In 2024, the company achieved a total revenue of 2.27 billion yuan, with a gross profit margin of 48.0% and a net profit margin of 8.9% [6][8] - The company's life science reagent business accounted for 66.0% of total revenue, with a total income of 1.499 billion yuan [4] - The company’s backend business, including APIs and intermediates, generated 755 million yuan in revenue, with a gross margin of 20.05% [5][6] Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 2.71 billion yuan in 2025 and 3.21 billion yuan in 2026, reflecting year-on-year growth rates of 19.4% and 18.5% respectively [6][8] - The company’s order backlog is expected to contribute positively to profit margins as these orders are converted into revenue [5][6]