浙江医药股份有限公司 2025 年半年度报告 公司代码：600216 公司简称：浙江医药 浙江医药股份有限公司 浙江医药股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李男行、主管会计工作负责人李齐融及会计机构负责人（会计主管人员）郭广山 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险，公 ...

证券研究报告 | 2025年08月24日 转债市场周报 加强个券业绩、条款方面的考量 核心观点 固定收益周报 上周市场焦点（8 月 18 日-8 月 22 日） 股市方面，上周权益市场继续上涨，沪指周一创十年新高并于后续交易 日持续上涨，突破 3800 点位；DeepSeek 更新模型版本至 DeepSeek-V3.1、 英伟达暂停生产 H20 芯片、2025 中国算力大会近日在大同市举办等消息 催化下，半导体及算力国产替代逻辑持续强化，科技板块全周表现靠前 债市方面，上周债市总体下跌，权益市场大幅上涨下股债跷跷板效应明 显，叠加税期资金面边际收紧、央行二季度货币政策执行报告相关表述 减弱了市场对下半年总量性宽松政策的预期，债市情绪较弱；周五 10 年期国债利率收于 1.78%，较前周上行 3.53bp。 转债市场方面，上周转债个券多数收涨，中证转债指数全周+2.83%，价 格中位数+2.82%，我们计算的算术平均平价全周+2.24%，全市场转股溢 价率与上周相比+2.07%。个券层面，金铜（液冷服务器概念）、华医（半 导体洁净室）、伟测（IC 测试）、东杰（控制权变更）、水羊（护肤品 &中报业绩大增）转债涨 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 金威转债定价：首日转股溢价率 33-36% 报告摘要： ---东北固收转债分析 [Table_Summary] 8 月 18 日，金达威发布公告，拟于 2025 年 8 月 20 日通过网上发行可转 债，公司本次计划发行可转换公司债券募集资金总额不超过 12.92 亿元。 其中 2.97 亿元拟用于投资"辅酶 Q10 改扩建项目"，总投资 3.2 亿元； 4.64 亿元拟用于投资"年产 30,000 吨阿洛酮糖、年产 5,000 吨肌醇建设 项目"，总投资 5.37 亿元；1.44 亿元拟用于投资"信息化系统建设项目"， 总投资 1.53 亿元；3.88 亿元拟用于补充流动资金。 金威转债发行方式为优先配售，网上发行，债项和主体评级 AA。发行规 模为 12.92 亿元，初始转股价格为 19.59 元，参考 8 月 19 日正股收盘价 格 19.58 元，转债平价 99.95 元，参考同期限同评级中债企业债到期收益 率（8 月 18 日）为 2.47%，到期赎回价 110 元，计算纯债价值为 98.2 元。 博弈 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89, and the expected winning rate is 0.0048%. Considering the good bond - bottom protection, average attractiveness in rating and scale, the expected conversion premium rate on the first - day of listing is around 29%. It is recommended to actively subscribe [1][13][14]. - Jindawei is a leading enterprise in the full - industry chain of nutritional health, with fluctuating revenue and net profit attributable to the parent company since 2020. The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series, and the product structure changes annually. The sales net profit margin and gross profit margin have decreased, while the sales expense ratio has increased [1][20][22]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Jinwei Convertible Bonds (127111.SZ) started online subscription on August 20, 2025, with a total issuance scale of RMB 1.292 billion. After deducting issuance fees, the net raised funds will be used for Coenzyme Q10 reconstruction and expansion projects, construction projects of 30,000 tons of allulose and 5,000 tons of inositol per year, information system construction projects, and supplementary working capital [1]. - The current bond - bottom valuation is RMB 98.24, and the YTM is 2.16%. The conversion parity is RMB 99.95, and the parity premium rate is 0.05%. The convertible bond terms are average, and the total share capital dilution rate is 9.76%, with relatively small dilution pressure on the equity [1][11][12]. 3.2. Investment Subscription Suggestions - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89. By referring to comparable targets and empirical results, the expected conversion premium rate on the first - day of listing is around 29% [13][14]. - The expected priority subscription ratio of original shareholders is 68.21%, and the expected winning rate is 0.0048% [17]. 3.3. Analysis of the Underlying Stock's Fundamental 3.3.1. Financial Data Analysis - Jindawei is a leading enterprise in the full - industry chain of nutritional health, mainly engaged in the R & D, production, and sales of health food and feed additives. Its revenue has fluctuated since 2020, with a compound growth rate of - 1.94% from 2020 - 2024. In 2024, the revenue was RMB 3.24 billion, a year - on - year increase of 4.43%. The net profit attributable to the parent company also fluctuated, with a compound growth rate of - 22.73% from 2020 - 2024. In 2024, it was RMB 342 million, a year - on - year increase of 23.59% [18][19][20]. - The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series. The proportion of health product sales revenue in the main business revenue has been increasing steadily since 2022, while the proportions of Coenzyme Q10 and Vitamin A series have been decreasing steadily [22]. - The company's sales net profit margin and gross profit margin have decreased, the sales expense ratio has increased, the financial expense ratio has decreased, and the management expense ratio has increased. The sales revenue is mainly from overseas markets [23]. 3.3.2. Company Highlights - The company uses synthetic biology as the underlying technology, applies it to the large - scale production of most raw material products, and actively uses synthetic biotechnology to layout new products [31]. - The company adheres to the principle of "strengthening innovation and leading the future", establishes a technology R & D and innovation system integrating enterprises, the market, and industry - university - research cooperation. It has multiple R & D platforms, more than 200 R & D personnel, and 194 domestic and foreign patent technologies as of December 31, 2024 [32].

Core Viewpoint - Xiamen Jindawei Group Co., Ltd. is issuing convertible bonds to raise funds for production projects, including coenzyme Q10, allulose, and inositol, while highlighting various risks associated with production, market demand, and financial performance [1][2][4]. Group 1: Financial Performance - The company's net profit for 2024 was CNY 34,198.69 million, representing a year-on-year increase of 23.59%, attributed to a mild recovery in the vitamin industry and stable prices for vitamin A [14]. - In Q1 2025, the net profit reached CNY 12,174.36 million, a significant increase of 71.97% compared to the previous year, driven by a rise in both sales volume and price of vitamin A [14][15]. Group 2: Fundraising and Investment Projects - The funds raised will be allocated to projects including the expansion of coenzyme Q10 production, with expected annual capacities of 620 tons for coenzyme Q10, 30,000 tons for allulose, and 5,000 tons for inositol [3][4]. - The financial internal rate of return for the coenzyme Q10 project is estimated at 25.69%, with a payback period of 6.19 years, while the allulose and inositol projects have a payback period of 7.49 years [5]. Group 3: Risks - The company faces risks related to safety production, including potential accidents during the use of flammable and explosive materials, which could lead to economic losses and regulatory penalties [2][3]. - There is a risk of declining gross margins, with reported rates of 40.50%, 37.36%, and 38.54% over the reporting periods, influenced by raw material prices and market competition [2][3]. - The company’s ability to meet market demand for new products post-investment is uncertain, with potential oversupply risks if market conditions do not align with production capacity [3][4]. Group 4: Credit Rating and Shareholder Returns - The convertible bonds have been rated AA by Dongfang Jincheng International Credit Evaluation Co., Ltd., with a stable outlook, indicating a solid credit standing [8]. - The company has a profit distribution policy emphasizing stable and reasonable returns to investors, with recent cash dividends totaling CNY 48,794.78 million over the last three years, exceeding the average distributable profits [13].

Core Viewpoint - China Resources Double Crane (华润双鹤) is strategically investing in synthetic biology, establishing a biopharmaceutical industry fund with a target of 500 million RMB to enhance its investment capabilities in key areas like synthetic biology and health products [2][4]. Group 1: Investment and Strategic Direction - On August 12, China Resources Double Crane announced plans to establish a biopharmaceutical industry fund with a target fundraising scale of 500 million RMB, with the company and its wholly-owned subsidiary contributing up to 87 million RMB, accounting for no more than 17.4% of the total fund [2]. - The company has identified synthetic biology as one of its strategic development directions and has established a comprehensive "R&D + pilot test + industrialization" three-tier system, including a synthetic biology industrialization platform in Hohhot [2][4]. - The establishment of the fund aims to optimize the company's strategic layout in synthetic biology and other key areas, leveraging synergies with Hohhot's industrial development to enhance investment methods in synthetic biology [2]. Group 2: Financial Performance - In the first quarter of 2025, China Resources Double Crane achieved revenue of 3.079 billion RMB and a net profit attributable to shareholders of 507 million RMB [3]. Group 3: Historical Context and Acquisitions - In 2022, China Resources Double Crane invested 500 million RMB to acquire Shenzhou Biology, establishing it as a base for synthetic biology industrialization [4]. - In 2023, the company established the China Resources Double Crane Synthetic Biology Research Institute, focusing on talent acquisition and the simultaneous construction of a pilot test base [4]. Group 4: Technological Development - The small-scale testing platform has been largely completed, focusing on core capabilities such as molecular modification, high-throughput screening, strain validation, and enzyme engineering [6]. - The company is prioritizing the construction of pilot fermentation workshops to enhance its pilot conversion capabilities [6]. Group 5: Market Positioning - Shenzhou Biology is recognized as the world's second-largest supplier of coenzyme Q10, holding a stable global market share of 30% [7]. - The chairman of the company emphasized that the focus on synthetic biology is primarily around health products, aiming to enhance the competitiveness of existing core products through synthetic biology technology [7].

Core Viewpoint - The article highlights the recent project announcements by Heilongjiang Xinhecheng Biotech Co., Ltd., focusing on their expansion in production capacity and the upcoming SynBioCon 2025 conference, which emphasizes advancements in synthetic biology and green manufacturing [2][5]. Group 1: Project Announcements - Heilongjiang Xinhecheng Biotech Co., Ltd. has two new projects: the A9, A10, and functional fermentation products project, and the A18, A20, and isocyanic acid project [3][4]. - The A9, A10 project aims to utilize existing facilities to establish a production capacity of 6,000 tons/year for A9, 5,000 tons/year for A10, and smaller capacities for other products, totaling various outputs [3]. - The A18, A20 project plans to produce 1,000 tons/year of A18, 10,000 tons/year of isocyanic acid, and 3,000 tons/year of A20, with an estimated investment of 83.16 million yuan [4]. Group 2: Financial Performance - Xinhecheng reported impressive financial results with revenues of 21.6 billion yuan and a net profit of 5.869 billion yuan, indicating strong growth in their operations [5]. Group 3: Upcoming Conference - The SynBioCon 2025 conference will take place from August 20-22 in Ningbo, Zhejiang, focusing on AI and synthetic biology, green chemistry, new materials, future food, and agriculture [9][10]. - The conference will feature various activities, including a youth forum, high-level discussions, and a showcase of synthetic biology innovations [9][11].

Core Insights - The article highlights the recent progress of Heilongjiang Xinhecheng in launching multiple fermentation projects, indicating a strategic expansion in biobased energy and materials production [2][3][4]. Group 1: Project Developments - Heilongjiang Xinhecheng is undertaking two major fermentation projects, including the A9, A10, and functional fermentation products project, which aims to establish a production capacity of 5,000 tons/year for A10, 6,000 tons/year for A9, and smaller capacities for other products [3]. - The A18, A20, and isocyanic acid project will utilize existing facilities to produce 1,000 tons/year of A18, 10,000 tons/year of isocyanic acid, and 3,000 tons/year of A20, with an estimated investment of 83.16 million yuan [4]. Group 2: Financial Performance - Heilongjiang Xinhecheng reported impressive financial results, with revenues reaching 21.6 billion yuan and a net profit of 5.869 billion yuan, showcasing significant growth in its operations [5]. Group 3: Industry Events - The SynBioCon 2025 conference will be held from August 20-22 in Ningbo, focusing on synthetic biology and green manufacturing, highlighting the industry's trends and opportunities [9][10][11].

Core Viewpoint - The establishment of a joint venture, Jindawei (Inner Mongolia) Nutritional Food Co., Ltd., between Jindawei Pharmaceutical and Aibede Life Science Research Institute aims to enhance product absorption efficiency and competitiveness in the global market [1] Group 1 - The joint venture is located in the industrial park of Tokto County, Hohhot City, Inner Mongolia [1] - The collaboration will leverage nanocrystal production technology for products such as Coenzyme Q10, Astaxanthin, Curcumin, and Quercetin [1] - The application of this technology is expected to significantly improve the absorption speed and efficiency of the company's related products [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The report highlights that the fine management of Chinese cuisine releases profit elasticity, while economic structural changes drive technological advancements [1][4] - The education sector is experiencing new opportunities due to social changes, with vocational education gaining traction as parents and students shift their views from "fallback options" to "active choices" [4][21] - The nutrition and health food market in China is steadily growing, with a focus on high-quality cross-border imported health brands [6][34] Summary by Sections Travel and Tourism - The summer travel volume has reached a historical high, with July's passenger transport volume expected to reach 71.2 million, a year-on-year increase of 3.0% [15] - Airlines have adopted a price-for-volume strategy, leading to a 7.5% decline in average domestic economy class ticket prices [15][16] Education - China Oriental Education expects a 7% year-on-year increase in new enrollment and a 10% increase in revenue for the first half of 2025, with net profit projected to grow by 45%-50% [21][23] - Good Future's revenue for FY2026 Q1 is expected to rise by 38.8% year-on-year, with net profit increasing by 174.4% [24][27] - New Oriental's revenue for FY2026 Q1 is projected to be $1.243 billion, a 9.4% increase year-on-year, despite a slowdown in overseas study demand [29] Chinese Cuisine - The "Little Garden" restaurant chain anticipates a net profit of RMB 360-380 million for the first half of 2025, reflecting a year-on-year increase of 28.6%-35.7% [30][35] - The Green Tea Group expects a net profit of RMB 230-237 million for the first half of 2025, a year-on-year increase of 32%-36% [32][33] Nutrition and Health - China's health food import value has grown from $408 million in 2008 to an estimated $7.753 billion in 2024, with a compound annual growth rate of 20.21% [34][37] - Cross-border imported health products are expected to gain market share due to relaxed entry qualifications and diverse consumer demands [43][44]