Core Insights - The "2025 China Listed Companies Excellence Demonstration Case Selection" results were announced, with Koyuan Pharmaceutical (301281.SZ) Secretary Li Chunhua awarded the "Outstanding Secretary" title [1] - The selection aims to promote high-quality development in China's capital market and advocates for value and long-term investment [1] Company Overview - Koyuan Pharmaceutical is a leading company in the domestic chemical raw materials drug sector, focusing on chronic disease areas such as diabetes, anesthesia, cardiovascular, and central nervous system disorders [1] - The company specializes in the R&D, production, and sales of chemical raw materials and formulations, with all products certified by national GMP and core products holding EU CEP certification [1] Product Development and Strategy - The company is enhancing its product development capabilities and expanding its product range, currently offering various categories of drugs including diabetes, anesthesia, cardiovascular, and psychiatric medications [1] - Key products include mature raw materials such as Glimepiride, Metformin Hydrochloride, Ropivacaine Hydrochloride, and Isosorbide Mononitrate, contributing to stable revenue and profit [1] Mergers and Acquisitions - Koyuan Pharmaceutical is actively pursuing an integrated development strategy of "raw materials + formulations" through the acquisition of Lino Pharmaceutical, which adds new growth potential [2] - The company has successfully passed anti-monopoly review for the acquisition of 99.42% equity in Shandong Hongjitang Pharmaceutical Group [2] Management Team - The management team consists of high-quality experts with multidisciplinary backgrounds and extensive experience in the chemical raw materials drug industry [2] - The team emphasizes sustainable long-term development and core competitiveness, implementing effective management systems across R&D, procurement, production, marketing, and human resources [2] Future Outlook - Koyuan Pharmaceutical will continue to adhere to its values of "long-termism, productism, and altruism," focusing on chronic disease areas and diversifying into other niche markets [2] - The company aims to enhance R&D capabilities and expand its core competitiveness through integrated raw material and formulation strategies [2]

Core Viewpoint - The company Fu Yuan Pharmaceutical (601089.SH) has received a drug registration certificate from the National Medical Products Administration for its product, Pioglitazone Metformin Tablets (15mg/850mg), allowing for its production [1] Group 1: Product Approval - The National Medical Products Administration has issued a drug registration certificate for Pioglitazone Metformin Tablets (15mg/850mg) [1] - The product is indicated for type 2 diabetes patients who have inadequate blood sugar control with Metformin alone or those currently using a combination of Pioglitazone and Metformin [1] Group 2: Market Context - The original manufacturer of the drug is Takeda Pharmaceutical Company, which received approval for the product in the United States in August 2005 [1] - The original manufacturer's version of Pioglitazone Metformin Tablets has not yet been launched in China [1]

Core Insights - Shandong Fukun Group's project on "Key Technologies and Industrialization of Crystalline Hydrochloride Metformin and Lazol Series Drugs" won the 2024 Shandong Provincial Science and Technology Progress Second Prize, achieving international advanced levels in high-quality drug crystal production [1] - The company has developed a complete industrial chain for Metformin, increasing its annual production capacity from 5,000 tons to 20,000 tons, capturing 70% of the domestic market and nearly one-third of the global market share [1][2] Group 1 - The project addresses common challenges in the production of crystalline Hydrochloride Metformin and Lazol series drugs through multi-scale research from molecular level to industrialization [1] - The fully automated production line at Shandong Fukun Group operates at a speed of 200 boxes per minute, showcasing advanced intelligent control systems monitoring the entire production process [1] - The transformation of limestone, costing 70 yuan per ton, into diabetes treatment drugs valued at 600,000 yuan per ton illustrates the company's innovative production capabilities [1] Group 2 - The company identified high-quality limestone from the Helan Mountain region as a stable raw material for producing Dicyandiamide, which constitutes over 60% of the production cost of Metformin [2] - In 2021, Shandong Fukun Group established the world's largest Dicyandiamide production base in Alxa League, Inner Mongolia, enhancing its upstream supply chain [2] - The company has formed a complete industrial chain that includes pharmaceutical intermediates, specialty raw materials, and finished formulations, with leading global production and sales in the raw material drug sector [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8]. Core Insights - The company reported a revenue of 228 million yuan for the first half of 2025, a year-on-year decrease of 3.91%. However, the net profit attributable to shareholders increased by 18.36% to 43 million yuan, and the net profit after deducting non-recurring gains and losses rose by 38.51% to 36 million yuan [3][8]. - In Q2 2025, the company achieved a revenue of 117 million yuan, reflecting a year-on-year growth of 28.39% and a quarter-on-quarter increase of 4.91%. The net profit for Q2 was 20 million yuan, up 34.96% year-on-year but down 15.10% quarter-on-quarter [8]. - The company focuses on chronic disease management and is expanding into other niche markets, emphasizing a diversified layout and integration of raw materials and formulations [8]. - The company is enhancing its R&D capabilities and has established a comprehensive technical innovation system, maintaining deep cooperation with downstream formulation clients [8]. - The company has a strong production advantage in raw materials and is actively developing new products, with a product portfolio that includes various categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [8]. - The company has a stable revenue and profit stream from its leading products, including Glimepiride and Metformin, and is pursuing an integrated development strategy of "raw materials + formulations" through acquisitions [8]. Financial Projections - The company is projected to achieve total revenue of 475 million yuan in 2025, with net profit expected to reach 71 million yuan, resulting in an EPS of 0.65 yuan. For 2026, revenue is forecasted at 489 million yuan, with net profit of 79 million yuan and an EPS of 0.73 yuan [9].

Core Insights - Shandong Keyuan Pharmaceutical Co., Ltd. reported a total revenue of 228 million yuan for the first half of 2025, a decrease of 3.91% compared to the same period last year [1] - The company achieved a net profit attributable to shareholders of 42.683 million yuan, an increase of 18.26%, indicating strong operational resilience [1] - The growth in net profit was primarily driven by increased market development efforts in the chemical drug formulation business, which led to a gross profit increase of 27.7036 million yuan, a growth rate of 28.58% [1] Business Performance - The formulation business showed strong growth, with revenue from chemical drug formulations reaching 102 million yuan, a year-on-year increase of 35.08%, and a gross margin of 79.91% [1] - Research and development investment was 19.3566 million yuan, reflecting a year-on-year increase of 20.35%, demonstrating the company's commitment to innovation and product upgrades [1] Product Development - The company has enhanced its product development capabilities, expanding its range of products to include various categories such as hypoglycemic, anesthetic, cardiovascular, and psychiatric drugs [2] - Key products include mature raw materials like Glimepiride, Metformin Hydrochloride, Ropivacaine Hydrochloride, and Isosorbide Mononitrate, which provide stable revenue and profit [2] - The acquisition of Shandong Linuo Pharmaceutical Co., Ltd. supports the integrated development strategy of "raw materials + formulations," adding new momentum for future growth [2]

Core Insights - The stock price of Koyuan Pharmaceutical reached 35.82 yuan, increasing by 1.65% compared to the previous trading day [1] - The company reported a half-year revenue of 228 million yuan and a net profit of 42.68 million yuan, marking a year-on-year growth of 18.26% [1] - The revenue from the formulation business was 102 million yuan, with a significant year-on-year increase of 35.08% and a gross margin of 79.91% [1] Financial Performance - Koyuan Pharmaceutical's R&D investment amounted to 19.36 million yuan, reflecting a year-on-year increase of 20.35% [1] - The company experienced a net outflow of 4.95 million yuan in main funds on August 15, with a cumulative net outflow of 15.27 million yuan over the past five days [1] Strategic Developments - The company announced plans to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group to enhance its industry chain layout [1] - The fourth board meeting and the eighth supervisory board meeting were held on the same day to review and approve the half-year report and related proposals [1]

Core Viewpoint - The second largest shareholder of Koyuan Pharmaceutical plans to reduce its stake in the company, which has led to a significant drop in the company's stock price following the announcement [1][2]. Group 1: Shareholder Actions - Koyuan Pharmaceutical announced that its second largest shareholder, Wen Zehong, who holds 8.4 million shares (7.76% of total shares), intends to reduce his holdings by up to 3% of the total shares, equating to a maximum of 3.2487 million shares [1]. - The reduction is attributed to Wen Zehong's personal funding needs, with the shares being from his holdings prior to the company's initial public offering [1]. Group 2: Stock Performance - Following the announcement of the share reduction, Koyuan Pharmaceutical's stock price opened lower and fell by over 10% on May 26 [2]. - The company's stock had previously surged from 19.59 yuan per share on September 24, 2022, to a peak of 58.66 yuan per share by October 29, 2022, before experiencing a continuous decline [2]. Group 3: Financial Performance - Koyuan Pharmaceutical's main business involves the research, production, and sales of chemical raw materials and their formulations, covering key disease areas such as diabetes, anesthesia, cardiovascular, and mental health [2]. - In 2023, the company reported a revenue increase of 1.07% but a net profit decrease of 15.6%. For 2024, revenue is expected to grow by 3.6%, while net profit is projected to decline by 21.54%, indicating a trend of increasing revenue but decreasing profitability [2]. - The company's net profit margin has decreased from 20.61% in 2022 to 13% in 2024, highlighting significant challenges in profitability [2]. - The net cash flow from operating activities turned negative in 2024, recording -60.5158 million yuan, compared to a positive 37.031 million yuan in 2023 [2]. Group 4: M&A Activity - Koyuan Pharmaceutical is currently engaged in an acquisition transaction, planning to issue shares and pay cash to acquire 99.42% of Shandong Hongjitang Pharmaceutical Group [3]. - The transaction involves multiple related parties, including its controlling shareholder, Lino Investment, indicating that it constitutes a related party transaction [4].

Core Viewpoint - Koyuan Pharmaceutical is actively enhancing its market position through strategic acquisitions and international expansion efforts, aiming to build a competitive healthcare platform and increase profitability for shareholders [2][3][4]. Group 1: Stock Performance and Investor Engagement - On May 19, Koyuan Pharmaceutical's stock rose by 5.63%, closing at 32.62 CNY per share, with a trading volume of 5,707,140 shares and a turnover of 184,453,540 CNY, indicating high market activity [1]. - The company participated in an investor reception event organized by the Shandong Securities Regulatory Bureau, discussing its 2024 performance, governance, development strategy, and sustainability with investors [1]. Group 2: Acquisition of Hongjitang - Koyuan Pharmaceutical announced the acquisition of 99.42% of Hongjitang, aiming to integrate high-quality traditional Chinese medicine assets and create a competitive healthcare platform [2]. - The acquisition is expected to enhance the company's net profit attributable to shareholders, thereby maximizing shareholder value [2]. - Hongjitang, established in 1907 and recognized as a "Chinese Time-honored Brand," holds 150 drug licenses and has leading market shares in key products like Ejiao and Angong Niuhuang Wan [2]. Group 3: Global Expansion and Product Development - Koyuan Pharmaceutical focuses on the research, production, and sales of chemical raw materials and formulations, striving to become a leading domestic and internationally competitive pharmaceutical manufacturer [3]. - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue, with a 24.56% year-on-year increase in R&D personnel [3]. - The product portfolio includes various categories such as antidiabetic, anesthetic, cardiovascular, and psychiatric drugs, with all products certified by national GMP and several international regulatory bodies [3]. Group 4: International Market Development - Koyuan Pharmaceutical showcased its key products and solutions at two major international exhibitions, CPhI Japan and in-cosmetics Global in the Netherlands, to enhance global visibility and foster international collaborations [4]. - The company has made significant strides in its internationalization strategy, establishing a comprehensive marketing network across Europe, the Americas, and Asia-Pacific, and enhancing its core competitiveness and global influence [4].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 463.72 million CNY, a year-on-year increase of 3.60% [6] - The net profit attributable to shareholders was 60.45 million CNY, a decrease of 21.54% compared to the previous year [6] - The gross profit was 211.49 million CNY, with a decline of 2.94% [6] Group 2: R&D Investment - The company invested 37.63 million CNY in R&D in 2024, accounting for 8.12% of its revenue [4] - R&D personnel increased by 24.56% in 2024 due to the need for more resources to advance ongoing projects [8] Group 3: Strategic Acquisitions - The acquisition of 99.42% of Hongjitang is expected to enhance the company's market competitiveness and product portfolio [3] - Hongjitang's integration will allow the company to extend its business into traditional Chinese medicine and health products [3] Group 4: Market Position and Product Portfolio - The company has a strong market position in the production of chemical raw materials and formulations, with key products including Glimepiride, Metformin, and Ropivacaine [4] - All products have passed national GMP certification and several international certifications, enhancing their market competitiveness [5] Group 5: Future Growth Strategies - The company aims to strengthen its existing products while rapidly introducing new varieties to create a second growth curve [10] - Plans to expand CDMO (Contract Development and Manufacturing Organization) business and enhance the production of high-end raw materials and formulations [10] Group 6: Industry Outlook - The global API (Active Pharmaceutical Ingredient) market is projected to reach 236.7 billion USD in 2024, with a CAGR of 6.78% from 2021 to 2026 [13] - The company is well-positioned to capitalize on the growing demand for APIs, particularly in the Asia-Pacific region [13]

股票简称：科源制药 股票代码：301281 山东科源制药股份有限公司 Shandong Keyuan Pharmaceutical Co.,Ltd. （山东济南市山东商河经济开发区科源街） 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） （北京市朝阳区安立路 66 号 4 号楼） 二零二三年四月 特别提示 山东科源制药股份有限公司（以下简称"公司""发行人"或"科源制 药"）股票将于 2023 年 4 月 4 日在深圳证券交易所上市。 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《山东科源制药股 份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股 说明书"）中的相同。 1 第一节 重要声明与提示 一、 重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真 实 ...