Core Viewpoint - The company reported a significant decline in sales and profits for the first half of 2025, with a focus on adapting to market challenges and enhancing product offerings to stabilize its market position [1][2][3][4] Group 1: Financial Performance - The company achieved sales revenue of approximately HKD 2.147 billion, a year-on-year decrease of about 35.7% [1] - Profit attributable to equity holders was approximately HKD 283.5 million, down 58.7% year-on-year [1] - Earnings per share were HKD 0.0962, with an interim dividend of HKD 0.05 per share [1] Group 2: Infusion Business - The infusion sales volume decreased significantly, with approximately 715 million bottles (bags) sold, a decline of 37% year-on-year [1] - Sales revenue from infusion products was HKD 1.199 billion, down 45% year-on-year [1] - The company is focusing on digital transformation and market segmentation to enhance the sales of therapeutic infusion products [1] Group 3: Injectable and Oral Formulations - The sales volume of ampoule water injections increased by 7% to 17.818 million units, but sales revenue fell by 57% to HKD 157 million [2] - Notable growth in specific injectable products included a 61% increase in sales of mecobalamin injections and a 198% increase in sales of nebulized terbutaline solution [2] - Oral formulations achieved sales of HKD 296 million, a 16% increase year-on-year, with significant contributions from new products and contract renewals [2] Group 4: API and Export Business - The active pharmaceutical ingredients (API) segment saw sales of HKD 361 million, a decline of 9.6% year-on-year, with caffeine sales down 15% [3] - The company reported a 42% increase in export volume for infusion products, with a total of 7.361 million bottles (bags) exported [3] - The export sales of oral formulations reached a record high, with a staggering 9958% increase year-on-year [3] Group 5: Packaging Materials - The sales of pharmaceutical packaging materials reached HKD 101 million, reflecting a 7.1% year-on-year growth [4] - The company is enhancing its product offerings in rubber stoppers and multi-layer co-extruded films to improve market penetration [4]

Financial Performance - The company's revenue and net profit are expected to show growth in Q2 2025 compared to Q1 2025, with current order volumes meeting expectations [1] - Direct exports to the U.S. account for a low percentage of revenue, minimizing the impact of recent U.S. tariffs [1] - The company has faced a significant decline in net profit since its IPO, with the stock price currently less than one-third of the initial offering price of 50 CNY per share [2][3] Market Challenges - The stock price has been in a long-term decline, attributed to macroeconomic factors, market conditions, and industry developments [2][3] - The company’s internal value does not align with its market capitalization, facing issues such as insufficient information disclosure and a lack of recognized business logic [3] Product Development - The solid-state battery project has completed kilogram-level experiments and is currently in the process optimization phase, with no mass production yet [2][4] - The company is focusing on high-end raw materials and specialty intermediates in the pharmaceutical sector, aiming to expand its international market presence [4] Strategic Initiatives - The company plans to enhance its core competitiveness through improved main business operations and effective value communication to investors [2][3] - In the lithium battery materials sector, the company aims to reduce production costs through technological upgrades and expansion into upstream supply chains [4]

在资本市场的潮起潮落中，宏源药业的股价走势堪称一场令人揪心的"跳水表演"。从上市首日的破发窘境，到两年间股价从45元一路狂泻至13.7元，并且 跌势至今未止，宏源药业究竟经历了什么？这背后又隐藏着哪些不为人知的秘密呢？ 上市即破发，美梦碎成泡影 如果说上市首日破发只是噩梦的开始，那么接下来宏源药业的业绩表现，则彻底让股价踏上了雪崩之路。上市后，宏源药业的业绩随即变脸。2023年上半 年，公司归母净利润同比下滑78.51%，经营活动产生的现金流量净额同比下滑198.11%。全年来看，2023年归母净利润为8300万元至9700万元，同比下降 80.91%至77.69%。 业绩下滑的原因，一方面是公司所处行业竞争激烈。在锂电池材料领域，六氟磷酸锂销售价格持续在低位徘徊，虽然宏源药业六氟磷酸锂产销规模保持增 长，但产品售价同比大幅下降，导致盈利能力降低。另一方面，受国家集采和医保政策影响，医药终端竞争加剧，原料药市场竞争也愈发激烈。宏源药业 的甲硝唑产销量虽有增长，但产品单位售价下降幅度大于单位成本下降幅度，产品毛利下降，进而影响了公司整体盈利能力。 糟糕的业绩反映在股价上，便是一路阴跌不止。从上市首日盘中创下的4 ...

Group 1: Company Overview and Market Position - The company is a leading player in the nitroimidazole antibiotic sector, particularly known for its metronidazole raw materials, with the longest industrial chain and the most product varieties globally [2][3] - The main products include metronidazole and its derivatives, with the largest global production capacity and market share, recognized for product quality and cost competitiveness [2][3] Group 2: Performance and Challenges - In 2024, the company faced a significant decline in performance, primarily due to the lithium hexafluorophosphate and metronidazole businesses, with a notable drop in sales prices despite increased sales volume [3][4] - The lithium battery materials sector experienced intensified competition, leading to lower sales prices for lithium hexafluorophosphate, which adversely affected profitability [3][4] - The decline in metronidazole profitability was attributed to increased competition and a decrease in product unit prices, which fell more than the reduction in unit costs [3][4] Group 3: Strategic Responses - The company has implemented a multi-faceted strategy to address current challenges, including cost optimization through production line upgrades and supply chain management [3][4] - Increased investment in research and development to accelerate product technology upgrades and new product development is a key focus [3][4] - Efforts to expand into high-margin product markets are underway to enhance overall profitability [3][4] Group 4: Financial Health and Future Outlook - The company maintains a healthy cash flow and robust financial structure, ensuring sufficient reserves for future operations and investment plans [4] - There are no current risks of delisting as per the Shenzhen Stock Exchange regulations [4] - The company has received approvals for new drug applications, including for sitagliptin phosphate and celecoxib, indicating ongoing product development [4]

股票简称：宏源药业 股票代码：301246 湖北省宏源药业科技股份有限公司 Hubei Hongyuan Pharmaceutical Technology Co., Ltd. （湖北省罗田县凤山镇经济开发区宏源路8号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二三年三月 特别提示 湖北省宏源药业科技股份有限公司（以下简称"宏源药业"、"本公司"或 "发行人"、"公司"）股票将于 2023 年 3 月 20 日在深圳证券交易所创业板上 市，该市场具有较高的投资风险。创业板公司具有业绩不稳定、经营风险高、退 市风险大等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的 投资风险及本公司所披露的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书中的相同。 1 | 特别提示 1 | | --- | | 目 录 2 | | 第一节 ...

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 湖北省宏源药业科技股份有限公司 Hubei Hongyuan Pharmaceutical Technology Co., Ltd. （湖北省罗田县凤山镇经济开发区宏源路 8 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 湖北省宏源药业科技股份有限公司 招股说明书 | 发行股票类型： | 人民币普通股（A 股） | | | | | --- | --- | --- | --- | --- | | 发行股数： | 本次股票的发行总量为 股本的比例为 | | | 4,725.72 万股，占公司发行后总 11.81%；本次发行公司原股东不公开发售 | | | 股份 | | | | | 每股面值： | 人民币 元 | | 1.00 | | | 每股发行价格： | 人 ...

湖北省宏源药业科技股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）： 特别提示 湖北省宏源药业科技股份有限公司（以下简称"宏源药业"、"发行人"或"公司"） 根据中国证券监督管理委员会（以下简称"中国证监会"）《证券发行与承销管理办 法》（证监会令[第 208 号]）（以下简称"《管理办法》"）、《首次公开发行股票注 册管理办法》（证监会令[第 205 号]）、深圳证券交易所（以下简称"深交所"）《深 圳证券交易所首次公开发行证券发行与承销业务实施细则》（深证上[2023]100 号） （以下简称"《实施细则》"）、《深圳市场首次公开发行股票网上发行实施细则》 （深证上〔2018〕279 号）（以下简称"《网上发行实施细则》"）、《深圳市场首次 公开发行股票网下发行实施细则（2023 年修订）》（深证上〔2023〕110 号）（以 下简称"《网下发行实施细则》"）、《深圳证券交易所创业板投资者适当性管理实 施办法（2020 年修订》（以下简称"《投资者适当性管理办法》"）和中国证券业 协会（以下简称"证券业协会"）《首次公开发行证券承销业务规则》（中证协发〔2023〕 18 号）、《首 ...

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 湖北省宏源药业科技股份有限公司 Hubei Hongyuan Pharmaceutical Technology Co., Ltd. （湖北省罗田县凤山镇经济开发区宏源路 8 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） 湖北省宏源药业科技股份有限公司 招股意向书 发行人声明 （中国（上海）自由贸易试验区浦明路 8 号） 湖北省宏源药业科技股份有限公司 招股意向书 | 发行股票类型： | 人民币普通股（A 股） | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 发行股数： | 本次股票的发行总量为 股本的比例为 | | | | | 4,725.72 万股，占公司发行后总 11.81%；本次发行公司原股东不公开发售 | | | 股份 | ...

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具 有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业 绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板 市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 湖北省宏源药业科技股份有限公司 Hubei Hongyuan Pharmaceutical Technology Co., Ltd. （湖北省罗田县凤山镇经济开发区宏源路 8 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说 明书（注册稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以 正式公告的招股说明书全文作为作出投资决定的依据。 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 湖北省宏源药业科技股份有限公司 招股说明书（注册稿） | 发行股票类型： | 人民币普通股（A 股） | | --- | --- | | 发行股数： | 本次股票的发行总量不超过 4,725.72 万股，占公司发行 | | | 后总 ...