Core Viewpoint - The successful launch of the Henan Qianmu Biopharmaceutical project marks a significant advancement in Qianhong Pharmaceutical's heparin industry chain layout, enhancing its market competitiveness through the signing of the CTH casing project [1][2][3] Company Summary - Qianhong Pharmaceutical, in collaboration with Muyuan Group, has established the Qianmu Biopharmaceutical project, which occupies an area of 290.32 acres and commenced construction in October 2023. The project will primarily produce heparin sodium crude products, heparin sodium, and low molecular weight heparin series raw materials and formulations [3] - The project leverages Muyuan Group's high-quality, traceable pig resources and Qianhong Pharmaceutical's technological advantages to create a globally leading comprehensive utilization and biopharmaceutical base for pig by-products [3] - The signing of the CTH casing project with the Netherlands CTH company aims to introduce advanced European technology and market resources, further integrating the biopharmaceutical industry in Nanyang into the global value chain [2] Industry Summary - The Qianmu Biopharmaceutical project is expected to fill the gap in high-end heparin raw materials in Henan Province, significantly contributing to the development of a billion-level biopharmaceutical industry cluster in Nanyang [1] - The project is part of a broader strategy to deepen the strategic cooperation between Qianhong Pharmaceutical and Muyuan Group, aiming to establish a competitive biopharmaceutical industry hub in Central China [1][2]

证券简称： 海普瑞 证券代码： 002399 债券简称： 22 海普瑞 债券代码： 149870 深圳市海普瑞药业集团股份有限公司 公司债券 2024 年度受托管理事务报告 发行人 住所：深圳市南山区松坪山郎山路 21 号 债券受托管理人 住所：深圳市福田区福田街道福华一路 119 号安信金融大厦 二〇二五年六月 重要声明 本报告根据《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》等相关规定的要求以及《深圳市海普瑞药业集团股份有限公司 2022 年面向专业投资者公开发行公司债券募集说明书》、《深圳市海普瑞药业集团 股份有限公司 2022 年公开发行公司债券债券受托管理协议》（以下简称"受托 管理协议"）的约定，以相关公开披露信息和深圳市海普瑞药业集团股份有限公 司（以下简称"发行人"或"公司"）提供的资料为依据，由国投证券股份有限公 司（以下简称"国投证券"或"受托管理人"）编制。国投证券编制本报告的内容 及信息均来源于发行人提供的资料、说明以及其他已公开披露的信息。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国投 ...

"专精特新"背后的金融支撑。某医疗器械公司也尝到了甜头。作为"专精特新"企业，它有着6万平方米 的大厂房，里面十万级洁净车间、万级实验室、研发中心一应俱全，生产的医用耗材畅销海内外。 随着医用耗材市场渐渐饱和，老板刘先生眼光独到，瞄准大健康产业，进军健康食品和医疗美容领域， 靠"直播电商+分销合作"的新路子，迅速打开市场。但摊子越铺越大，流动资金捉襟见肘。成武农商银 行紧跟企业转型步伐，及时发放贷款700万元，帮企业改造生产线、采购原料。"有了这笔钱，我们能大 胆闯新领域！"刘老板兴奋地说。现在企业组建了专业直播团队，在各大短视频平台带货，还和连锁药 店、医美机构合作分销，成功找到了新的盈利渠道。 构建科创服务"生态圈"。这两家企业的经历，只是成武农商银行助力科创企业的一个缩影。这几年，该 行不断完善"三项机制"，把科创金融服务做得越来越扎实。一是开"专属通道"，对科创企业实行名单制 管理，设立绿色通道，加快审批速度；二是推"专项产品"，重点推广"人才贷""科技成果转化贷""知识 产权质押贷"等信贷产品，为企业提供更多选择；三是做"贴心伙伴"，把科创企业全部纳入金融伙伴体 系，精准找融资痛点，符合条件的企业不 ...

Core Viewpoint - Nanjing Jianyou Biochemical Pharmaceutical Co., Ltd. maintains a stable credit rating of AA for both the company and its convertible bonds, reflecting its strong market position in heparin production and sales, despite facing challenges in raw material pricing and market fluctuations [1][3][4]. Company Overview - The company specializes in the research, production, and sales of a full range of heparin products, including heparin sodium raw materials and low molecular weight heparin preparations, along with anti-tumor preparations and other sterile injectables [7][12]. - As of the end of 2024, the company reported total assets of 95.10 billion yuan and total equity of 64.88 billion yuan, with an operating income of 39.24 billion yuan and a profit of 9.92 billion yuan [7][12]. Financial Performance - In 2024, the company achieved a total profit of 9.92 billion yuan, recovering from a loss in the previous year, with a gross profit margin of 43.28%, although this was a decline from 48.45% in 2023 [5][14]. - The company’s total debt decreased by 20.68% to 20.79 billion yuan by the end of 2024, with a cash-to-short-term debt ratio of 1.67, indicating strong liquidity [5][14]. Market Position and Industry Analysis - The global heparin market is projected to grow at a compound annual growth rate (CAGR) of 5% to 7%, driven by an aging population and increasing prevalence of cardiovascular diseases [11][12]. - The company holds a competitive advantage in research and development, with 49 ongoing projects and a research investment of 532 million yuan, accounting for 13.57% of total revenue in 2024 [4][5]. Risks and Challenges - The company faces risks related to raw material supply, currency fluctuations, and trade tensions, particularly with a significant portion of its revenue (76.75% in 2024) coming from overseas sales [4][6]. - The price of standard heparin raw materials has been on a downward trend, impacting the company's revenue from this segment, which decreased by 21.05% to 7.87 billion yuan in 2024 [14][19]. Future Outlook - The company is expected to enhance its competitive edge as it expands its formulation business and continues to launch new pharmaceutical products [3][11]. - The stable cash reserves and reduced debt burden suggest that the company’s ability to service its convertible bonds will remain strong, with potential for credit rating upgrades if overseas market expansion and capital strength improve significantly [3][4].

近日，国内生化制药细分领域龙头千红制药（002550）发布公告，实控人的一致行动人王轲已完成 2,200万股股份对应公司总股本1.72%的增持计划，充分彰显了实控人对公司未来发展的信心。 看好发展前景，实控人一致行动人持续增持 近日，千红制药发布公告表示，基于对公司未来发展前景的信心和长期投资价值的认可，公司实际控制 人王耀方先生的一致行动人王轲先生已于2025年6月通过大宗交易方式增持公司股份960万股，并于6月 24日至25日继续增持公司股份1,240万股。截至目前，王轲已累计增持公司股份2,200万股，占公司总股 本比例1.72%，本次增持计划实施完成。增持完成后，实控人王耀方及一致行动人王轲合计持有公司股 权比例提升至26.63%。 资料显示，王耀方与王轲二人为父子关系，王轲，1983年出生，南京大学与美国德克萨斯大学圣安东尼 奥健康科学中心(UTHSCSA)联合培养生物学博士研究生，分别自2014年、2017年开始担任公司董事、 总经理，全面负责公司日常业务的经营管理。其持续增持公司股份，有望进一步巩固实控人对上市公司 的控制地位，有助于公司长期稳健可持续发展。 此外，公司近期还披露了持股5%以上的 ...

Group 1: Financial Policies and Market Developments - The Lujiazui Forum has opened, with expectations for new financial policy signals from central financial authorities during the event [1] - The People's Bank of China is accelerating the preparation of policies to support the construction of Shanghai as an international financial center [1] - Shanghai and Hong Kong are set to sign the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" [1] Group 2: Market Trends and Stock Performance - International oil prices have significantly increased, with NYMEX light crude oil futures rising by $3.07 to $74.84 per barrel, a 4.28% increase [2] - The Nasdaq China Golden Dragon Index fell by 1.77%, while the Hang Seng Index ADR decreased by 0.87% [2] Group 3: Cryptocurrency Legislation - The U.S. Senate passed a landmark stablecoin bill aimed at promoting growth in the cryptocurrency industry, with a vote of 68 in favor and 30 against [3] - This legislation establishes a regulatory framework for stablecoins pegged to the U.S. dollar, marking a significant victory for digital asset companies [3] Group 4: Investment Trends - Southbound capital trading volume has reached HKD 11.52 trillion this year, surpassing the total for the entire previous year [4] - The net buying amount for Shanghai Stock Connect is HKD 493.1 billion, and for Shenzhen Stock Connect, it is HKD 193.9 billion, both significantly higher than the same period last year [4] Group 5: Central Bank Gold Reserves - Nearly 43% of central banks plan to increase their gold reserves in the next year, with over 90% of surveyed central banks expecting to continue adding gold [5] - This marks the highest level of interest in gold reserves since the survey began in 2019, reflecting a 17 percentage point increase from the previous year [5] Group 6: Coal Inventory and Production - Coal inventory at major ports in the Bohai Rim has decreased by 13.5% from previous highs, totaling 28.68 million tons [7] - Coal production from January to May reached 198.54 million tons, with a year-on-year growth rate of 6.0% [6] Group 7: Corporate Developments - Dada Group has completed its privatization and will cease trading as a public company [8] - Kingsoft Cloud has completed the issuance of 69.375 million shares, raising approximately HKD 404 million [9] - Rongchang Bio's product, Taitasip, has received orphan drug designation from the EU for the treatment of myasthenia gravis [10] Group 8: Technology and AI Developments - Tencent Yuanbao has launched an AI programming mode, significantly enhancing coding efficiency for users [11] - Alibaba's Tongyi team has open-sourced the Qianwen 3 quantization model, optimized for Apple's MLX framework [13] Group 9: Financial Forecasts - Yadea Holdings expects a net profit of no less than RMB 1.6 billion for the first half of 2025, up from RMB 1.03 billion in the same period last year [17] - Haitian Flavor Industry has set the final price for its H-shares at HKD 36.3 per share, with additional shares to be issued [15][16]

海普瑞（002399）公告，公司近日收到欧洲药品管理局(EMA)签发的关于依诺肝素钠注射液新增生产商 的批准通知。批准涉及的药品为依诺肝素钠注射液，商品名为Inhixa，剂型为注射液，规格包括 20mg/0.2ml,40mg/0.4ml,60mg/0.6ml,80mg/0.8ml,100mg/1ml,120mg/0.8ml,150mg/1ml。新增生产商为深圳 市海普瑞药业集团股份有限公司，生产场地地址位于中国深圳市坪山区坑梓街道荣田路1号，批准文号 为EMA/VR/26.25万。本次获批将为公司进一步推进制剂国际化战略提供更加充足的产能保障，切实提 高公司市场竞争力。 ...

今天，A股市场震荡调整，三大指数涨跌不一。 截至收盘，上证指数涨0.04%，深证成指跌0.19%，创业板指跌0.45%。全天成交额约1.18万亿元。 | 金陵体育 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300651 ₪ LT | | | | | | | | | 33.72 32.00 | | 島 | 市值 | | 41.20亿 | 量比 | 1.85 | | 25.28 | | 低 | 流通 | | 23.99亿 | 换 | 54.32% | | 2.62 8.92% 29.50 | | 开 | | | 市图 185.29 | 额 | 11.44亿 | | 金陵转债 155.775 -2.80% 溢价率 -3.37% | | | | | | | | | 盘后固定交易价格 32.00 量 0 买一 44 卖一 0 | | | | | | | | | 分时 周Ｋ | 日K | | 月K | | 五日 | 車名。 | | | 均价:28.10 最新:32.00 2.62 8.92% | | | | | | | | | ...

健友股份 20250513 摘要 • 健友股份通过肝素原料药起家，逐步发展到依诺肝素钠注射剂、小分子注 射液，再到大分子生物类似物，构筑了三段成长曲线，并在产业链、生产 技术环节、注册申报、商品化及商业化方面具备显著协同性，实现终端利 润增值。 • 公司深耕美国市场多年，制剂收入占比超 70%，海外制剂占比约 54%。 美国关税调整后，公司估值与股价处于底部，大分子生物类似物进入放量 元年，将成为未来业绩主要驱动引擎。 • 全球生物制药市场规模庞大，生物类似药市场潜力巨大。美国通胀削减法 案（IRA）通过重构医保支付结构，提升医生开具生物类似药处方利润， 迫使保险公司选择成本更低的生物类似药，为生物类似药发展提供契机。 • 健友股份在生物类似药领域积极布局，阿达木单抗预计 2025 年销售收入 可达 3,000 万美元，已获得 75 万只利拉鲁肽订单，预计 2025 年销售 100 万只，并计划于 10 个月内完成高浓度阿达木单抗品种审批。 • 美国无菌注射剂市场长期处于短缺状态，健友股份具备强大的商业化能力 和产能优势，拥有 12 条通过美国 FDA 审核的注射剂生产线，预计 2026 年底至 2027 年 ...

4月28日，红日药业发布年报，2024年实现营业收入57.83亿元，同比下降5.34%；实现归属于上市公司股东的净利润2146.73万元，同比大幅下降95.76%；实 现扣非净亏损760万元，同比下降102%；基本每股收益为0.01元/股；加权平均净资产收益率为0.25%。 财报披露，2024年红日药业毛利率为52.76%，同比下降1.35个百分点；净利润暴跌主因包括：中药配方颗粒价格降幅超50%，叠加生产成本上升，导致毛利 率收缩；计提资产减值准备同比增加83.34%；政府补助同比减少79.42%，非主业贡献骤降。 财务结构变化方面，2024年红日药业总资产为111.65亿元，总负债为23.67亿元，资产负债率为21.2%；经营活动现金流量净额为8.52亿元，同比下降44.3%； 投资活动现金流量金额为-1.7亿元，同比下降57.74%；筹资活动现金流量净额为-9.61亿元，同比下降25%。 分业务看，2024年红日药业中药配方颗粒及饮片收入为26.68亿元，同比下降8.7%，营收占比为46.15%，受集采降价、市场竞争加剧拖累；成品药收入为 14.29亿元，同比微降0.74%，营收占比为24.72%，其中 ...