和信会计师事务所（特殊普通合伙） 关于山东鲁抗医药股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 和信综字（2025）第 000348 号 （修订稿） 二〇二五年七月 和信会计师事务所（特殊普通合伙） 关于山东鲁抗医药股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 和信综字（2025）第 000348 号 上海证券交易所： 贵所于 2025 年 5 月 9 日出具的上证上审（再融资） 〔2025〕137 号《关于山东鲁抗 医药股份有限公司向特定对象发行股票申请文件的审核问询函》（以下简称"问询函"） 已收悉，山东鲁抗医药股份有限公司（简称"鲁抗医药"、"发行人"、"公司"）及我们 对问询函所列问题进行了逐项落实、核查，现对问询函问题回复如下： 如无特别说明，本回复中的简称或名词释义与募集说明书（申报稿）中的相同。本 回复中的字体代表以下含义： 问询函所列问题 黑体（不加粗） 对问题的回答 宋体（不加粗） 对募集说明书等申请文件的修改、补充 楷体（加粗） 根据申报材料，1）报告期各期，公司营业收入分别为 562,144.19 万元、614,672.14 万元和 623,309.02 ...

克拉维酸钾原料药是由克拉维酸与钾离子结合形成的盐类化合物，为 β - 内酰胺酶抑制剂，常与青霉素类抗生素（如阿莫西林）组 成复方制剂，通过抑制酶活性增强抗生素抗菌效果，主要用于治疗敏感菌引起的感染性疾病，其质量和产能对医药市场抗生素联合 用药至关重要。 据 QYResearch 调研团队最新报告"全球克拉维酸钾原料药市场报告 2025-2031 "显示，预计 2031 年全球克拉维酸钾原料药市场规模 将达到 7 亿美元，未来几年年复合增长率 CAGR 为 5.2% 。 克拉维酸钾原料药 ，全球市场总体规模 全球 克拉维酸钾原料药 市场前 10 强生产商排名及市场占有率（基于 2 02 4 年调研数据；目前最新数据以本公司最新调研数据为 准） 就产品类型而言，目前阿莫西林克拉维酸钾是最主要的细分产品。 克拉维酸钾原料药，全球市场规模，按应用细分，口服制剂是最大的下游市场 就产品应用而言，目前口服制剂是最主要的需求来源，占据大约 74% 的份额。 克拉维酸钾原料药市场呈现出多维度的发展趋势。在技术上，生物酶法合成等绿色工艺兴起，有望逐步取代传统化学工艺，以降低 能耗与污染，提升产品质量。需求层面，鉴于抗生素耐药性 ...

报告导读： ① 投资链： 6 月以来铜、铝、铅、锡、白银价格上升。②消费链：社消额累 计同比增速抬升，汽车销量当月同比增速上升。③出口链：对美国、日本、东盟出口金额 当月同比增速下降，对欧盟出口金额当月同比增速上升。④价格链： 6 月油价上升、猪价 有所下降 。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 价格链： 6 月油价上升、猪价有所下降。 WTI ： 2025 年 6 月 24 日上升至 64.37 美元 / 桶。 2025 年 6 月秦皇岛煤价下降。 PVC ： 2025 年 6 月 20 日现货价格下降为 4680 元 / 吨。 MDI ：： 2025 年 6 月 20 日纯 MDI 价格下降至 17100 元 / 吨，聚合 MDI 价格下降至 16200 元 / 吨。 22025 年 6 月棉花价格上升，白砂糖价格下降；猪肉价格 2025 年 6 月 11 日下降至 14.45 元 / 公斤；国产尿素 2025 年 5 月价格较 2025 年 4 月下降。 2025 年 5 月新增信贷增加至 6200 亿元； 2025 年 4 月寿 险保费收入累计 ...

Investment Chain - Since June, prices of copper, aluminum, lead, tin, and silver have increased. In May 2025, the cumulative year-on-year growth rate of fixed asset investment decreased to 3.70%, while the decline in real estate development investment narrowed to -10.70%. The cumulative year-on-year growth rate of manufacturing fixed asset investment fell to 8.50%, and infrastructure investment decreased to 10.42% [4][8] - In June 2025, prices of copper, aluminum, lead, tin, and silver have risen, while prices of gold, zinc, and nickel have decreased. The price of thermal coal slightly decreased to 663 RMB/ton, and the price of coking coal also slightly declined. The average price of ordinary cement saw a minor decrease, while steel prices have risen [4][8] Consumption Chain - The cumulative year-on-year growth rate of social consumption has increased, with automobile sales showing a year-on-year growth rate of 11.15% in May 2025. The nominal year-on-year growth rate for May 2025 rebounded to 6.40%, and the cumulative nominal year-on-year growth rate rose to 5.00% [4][9] - The cumulative year-on-year growth rate of commercial housing sales area saw a larger decline, dropping to -3.62%. The retail sales of home appliances in May 2025 increased significantly, with a year-on-year growth rate of 56.98% [4][9] Export Chain - In May 2025, the year-on-year growth rate of export amounts to the United States, Japan, and ASEAN decreased, while the growth rate of exports to the European Union increased. The cumulative year-on-year growth rate of exports for toys, lamps, coke, coal, steel, ships, plastics, and auto parts rose, while the growth rates for agricultural products, furniture, refined oil, crude oil, and aluminum decreased [4][10] - The OECD leading indicator for the United States fell to 100.26 in May 2025. The electronic export amount's year-on-year growth rate increased to 21.17%, while the textile and clothing export amount's growth rate decreased to 1.98% [4][10] Price Chain - Oil prices have risen, with WTI reaching 64.37 USD/barrel on June 24, 2025. The price of PVC dropped to 4680 RMB/ton, and the prices of pure MDI and polymer MDI decreased to 17100 RMB/ton and 16200 RMB/ton, respectively [4][11] - The price of pork decreased to 14.45 RMB/kg on June 11, 2025, while cotton prices increased and sugar prices decreased. The increase in new credit in May 2025 reached 620 billion RMB, and the year-on-year growth rate of life insurance premium income rose to 1.15% [4][11]

据报道，有美企对中国稀土"宣战"，扬言一年内逆袭打破中国的垄断地位。可现实真能如他们所愿吗？ 与此同时，中国在国际合作中走出关键一步，与哈萨克斯坦连签10份协议，这又会带来怎样的影响？咱 们一起来深入分析。 中国企业能拿下这个关键订单，靠的是实打实的优势。中核集团提供的是"全产业链解决方案"，从项目 的融资，到建设过程中的技术支持、设备供应，再到核电站运营后的燃料供应以及核废料处理等一系列 环节，都能一站式搞定。而且，中国的融资条件也更具吸引力。相比之下，其他参与竞争的国家，如法 国、韩国，其方案在退出机制等方面存在不明确之处，难以让哈方放心。 在全球稀土市场中，中国的地位举足轻重。全球约70%的稀土矿开采由中国完成，85%的精炼产能也在 中国，并且中国占据了90%的稀土金属合金和磁铁产量。可以说，中国在稀土领域构建了从开采到加工 再到制成品的完整且强大的产业链。 美国的稀土储量其实并不少，但长期以来，其稀土产业发展极为滞后。过去几十年间，美国在稀土领域 的投入少之又少，大量依赖进口，尤其是从中国进口。如今，面对中国在稀土领域的绝对优势，美国部 分企业开始坐不住了。有美企宣称要在一年内逆袭，打破中国的垄断局面 ...

观察者网报道，这次中美关税战狠狠地打击了美国人的"自尊心"，有美企向中国稀土发起挑战，宣称一 年内就能逆袭，打破中国垄断。 这番豪言壮语背后，是美国人对中国稀土管制的焦虑，中国掌控着全球70%的稀土矿开采、85%的精炼 产能以及90%的稀土金属合金和磁铁产量。 最让美国坐立难安的是，美国不缺稀土矿源，缺的是像中国一样的成熟分离提纯技术链，中国为此努力 了三十年。 美企现在有这种"奋发图强"的斗志也算好事，但想要"一年逆袭"就是有点离谱了，美国能源部去年尝试 资助的15个稀土项目，至今没有一家能实现商业化量产，这些美国企业又要拿什么"逆袭"呢？ 其实，这种试图"自救"的行动反倒暴露了美国的困境，尽管白宫试图通过补贴和政策倾斜重建稀土产业 链，但从矿山开采到磁铁制造的全产业链重构需要十年以上周期，美国稀土企业使用的冶炼设备多数仍 需从中国进口，这种所谓的"去中国化"反而加深了对中国技术的依赖。 但这场稀土博弈只是中美资源战争的前哨战。当美国企业还在为摆脱稀土依赖立下军令状时，中国早已 在另一个战略领域布下重兵。 美媒最近发现一个惊人事实：美国超过60%的日用药物和原材料来自中国，像阿莫西林这类基础药物的 原料80 ...

Core Viewpoint - The report discusses the financial performance and operational changes of Shandong Lukang Pharmaceutical Co., Ltd., highlighting significant growth in sales net profit margin and the impact of asset disposal on profitability [1][11]. Financial Performance - The company's operating revenue for the reporting periods was 562.14 million yuan, 614.67 million yuan, and 623.31 million yuan, with net profits of 13.80 million yuan, 24.62 million yuan, and 40.83 million yuan respectively [1][2]. - The sales net profit margins increased from 2.55% in 2022 to 4.18% in 2023, and further to 6.55% in 2024, primarily due to changes in product structure and asset disposal gains [3][11]. Gross Margin Analysis - The comprehensive gross margins for the reporting periods were 22.19%, 24.65%, and 23.96%, with the main business gross margin contributing significantly to overall profitability [3][4]. - The gross margin for the human medicine segment showed a steady increase, with the formulation drug gross margin rising from 33.68% to 41.46% over the reporting periods [4][5]. Cost Structure - The operating costs for the company were 473.95 million yuan, 463.13 million yuan, and 437.40 million yuan, indicating a controlled cost structure relative to revenue growth [2][6]. - Direct material costs accounted for approximately 75.45% of total revenue, reflecting the significant impact of raw material prices on overall profitability [6][8]. Market Competition and Product Performance - The raw material drug gross margin fluctuated, showing a decline in 2023 due to market competition, followed by a recovery in 2024 [5][9]. - The veterinary medicine segment experienced variable gross margins, influenced by market demand and competition, with margins of 15.66%, 18.16%, and 13.23% over the reporting periods [9][10]. Asset Disposal Impact - The company realized substantial asset disposal gains in 2024, amounting to 283.26 million yuan, significantly boosting net profit and sales net profit margin [9][10]. - The asset disposal was linked to the completion of land storage for the southern plant area, which was part of a strategic relocation initiative [10][11]. Export and Revenue Matching - The customs declaration data matched closely with overseas revenue, with minor discrepancies deemed reasonable due to small sample exports and timing differences [13][14]. - The company’s overseas revenue was diversified across several countries, including the UK, Netherlands, and Egypt, with stable trade and tariff policies [16][17]. Sales Expenses - The sales expense ratios were 8.45%, 9.40%, and 9.11%, significantly lower than the industry average, indicating efficient cost management in sales promotion [19][20]. - The increase in promotional expenses from 2023 was attributed to strategic marketing efforts to enhance product visibility and market share [19].

中国悄然收紧稀土出口审批速度，欧洲多条汽车生产线陷入停摆状态，美国制药业向白宫发起"求救信号"。目前中国控制全球92%精炼稀土产量，美国市面 上销售的阿莫西林，80%的原材料来自我国，若是我国一直收紧稀土出口审批的话，欧美多个领域生产将会遭遇滑铁卢。 2025年春季我国针对美国关税政策，调整了稀土出口的审批机制，我国并未直接禁止对欧美国家出口稀土，而是设定了更加严格的审查程序，一纸看似正常 的"出口限制通知"，掀起了欧美高科技制造业内部的波澜。稀土作为导弹的眼睛、芯片的骨骼，任何一个国家想要快速发展综合国力，离不开的便是稀土的 进口，反观我国掌握着超过90%的稀土提炼和加工能力。经过专家们的不断努力，已经形成了一套完整的产业链闭环，稀土矿经过开采后送往指定工厂，在 工厂内部进行分离、提纯，随后再到下游材料的精细合成。 此技术引起了多个发达国家羡慕，可是全球范围内只有中国具备，高昂的成本、复杂的技术、严重的污染，再加上需要先进的基础设施，美西方国家尝试过 后纷纷选择放弃，毕竟直接进口能够节省一大笔开支。因此当我国收紧稀土出口审核时，欧美国家业界难承其重，可是在我国的反制工具箱中，稀土牌只不 过是最先亮出来的罢了 ...

前言 这几个月，美国那些大企业老板们的日子不太好过，库存告急的消息一个接一个传来。 更尴尬的是，美国媒体竟然又报道一个让白宫头疼的发现，中国手里的牌，远比他们想象的多。 除了稀土这张明牌，中国还藏着哪些底牌？美国这次为啥选择了闭嘴？ 作者-山 稀土让美国尝到苦头，但这只是开胃菜 CNN那帮记者最近很郁闷。 前几天他们刚写完一篇关于中国稀土管制的报道，字里行间透着无奈。文章直接承认，这是中国手中握有的一张有力王牌，是中国对美国拥有绝对优势的一 个领域。更让他们头疼的是，和关税不同，在稀土领域，特朗普几乎没有反击空间。 数字比文字更残酷。 中国控制着全球92%的精炼稀土，而美国2020到2023年间，70%的稀土化合物及金属进口都依赖中国。更要命的是，美国压根就没有分离重稀土的能力。这 就好比一个人握着原材料，却没有加工设备，只能眼睁睁看着别人掌控整个产业链。 国防部从2020年开始，砸了4.39亿美元想建稀土加工设施。但现实很骨感，最早要到2027年才能量产，而且产能远远低于中国。这就像是在F1赛场上，别人 已经跑了好几圈，你的车还在检修站里组装轮胎。 美国也不是没想过摆脱这种被动局面。 美国战略与国际问题研究 ...

Investment Rating - The report does not explicitly provide an investment rating for the healthcare industry or specific companies within it. Core Insights - The Universal Health Coverage (UHC) aims to provide equitable and sustainable access to essential health products at affordable prices across all levels of the healthcare system [4]. - The World Health Organization (WHO) has established a Model List of Essential Medicines, which serves as a guideline for countries to adopt or adapt according to local priorities [4]. - Mauritania has revised its National List of Essential Medicines (LNME) multiple times, with the latest revision in March 2021, which will be effective from 2024 to 2026 [5][6]. - The new LNME includes essential medicines for both adults and children, introduces a list of essential medical consumables, identifies 40 tracer products, and incorporates the WHO's AWaRe classification of antibiotics to combat antimicrobial resistance [7]. Summary by Sections Section I: Overview of Essential Medicines - Essential medicines must meet the majority of the population's health needs, be effective, of proven quality, easy to use, available at all times, have minimal side effects, and be financially accessible [12]. Section II: National List of Essential Medicines - The LNME is organized into 31 therapeutic classes, with medicines listed alphabetically by their International Nonproprietary Name (INN) [13]. - The list includes various columns detailing therapeutic class, INN, pharmaceutical form, dosage, and the AWaRe classification for antibiotics [13][16]. Section III: Implementation and Monitoring - A roadmap has been developed outlining key guidelines, activities, and performance indicators for the implementation of the LNME [8]. - The adoption of the LNME involved participation from prescribers, dispensers, managers, and civil society, ensuring a comprehensive approach to healthcare delivery [7]. Section IV: Regulatory Framework - The application of the LNME is mandatory for certain healthcare levels and serves as a guideline for others, with revisions occurring every two years [22][23].