事件：公司发布2025 年半年度业绩预告，预计上半年实现收入207.99 亿元（+20.64%），其中持续经营 业务收入同比增长24.24%,经调整归母净利润63.15 亿元（+44.43%），扣非归母净利润55.82 亿元 （+26.47%）。单Q2预计实现收入111.45 亿元（+20.37%），经调整归母净利润约36.37 亿元 （+47.90%），扣非净利润32.53 亿元(+36.70%)。 业绩预告超预期，Q2 收入及利润同比加速增长。上半年业绩预告较超预期，其中Q2 业绩较为亮眼。收 入端，Q2 表观增速与Q1 相近，但25H1 持续经营同比增速较25Q1 略有加速；利润端，25Q1 经调整净 利润26.8 亿元（+40%），Q2 同比增速进一步提升至47.90%，经调整净利润率达32.64%。根据历史数 据，Q1 至Q4 收入及利润逐季度提升，因此下半年季度间利润有望继续保持增长。 CDMO 板块从订单复苏逐渐转换至业绩改善。自2024H1 以来公司在手订单持续回暖，2024H1 在手订 单431 亿元，同比增长33.2%，截至2025Q1 在手订单523.3 亿元，同比增长47.1%；订单增 ...

立信会计师事务所（特殊普通合伙） 关于上海奥浦迈生物科技股份有限公司 信会师函字2025第 ZA262 号 上海证券交易所： 贵所于2025年6月6日出具的《关于上海奥浦迈生物科技股份有限公司2024年年 度报告的信息披露监管问询函》（上证科创公函【2025】0240号） （以下简称"问 询函"）已收悉。立信会计师事务所（特殊普通合伙） （ 以下简称"我们"、"会 计师"或"年审会计师"）作为上海奥浦迈生物科技股份有限公司（以下简称"公 司"或"奥浦迈"）2024年度年审会计师，对问询函中需要会计师说明的问题 进行了认真核查，现回复如下： （注：如无特别说明，本回复所使用的名词释义与奥浦迈2024年年报一致；回 复数值若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因造成。 鉴于部分信息涉及公司商业敏感信息，因此针对该部分内容进行豁免披露。） 问询函回复 第1页 问题一、关于营业收入和毛利率。公司 2024 年实现营业收入 2.97 亿元，同 比增长 22.26%。分业务看，CHO 培养基、293 培养基、其他产品营业收入同比 变化幅度分别为 49.02%、-22.35%和 74.27%；CDMO 服 ...

Core Viewpoint - The Hong Kong pharmaceutical sector is experiencing significant growth, particularly in innovative drugs, with many companies seeing their stock prices double [1]. Group 1: Market Dynamics - The listing of TIDE Pharmaceutical (03880.HK) on June 30 attracted considerable market attention, with a subscription rate of 301.15 times for public offerings and 2.43 times for international offerings [2]. - TIDE Pharmaceutical is positioned in a favorable market window, driven by two core market dynamics: the global capital market's shift towards Chinese technology assets and the upcoming results in China's innovative drug industry by 2025 [3][4]. Group 2: Industry Growth Potential - The global peptide drug market is projected to reach $261.2 billion by 2032, with a compound annual growth rate (CAGR) of 12.6% [7]. - In China, the GLP-1 drug market is expected to grow from $100 million in 2018 to $1.3 billion in 2023, with a CAGR of 65.3%, and further to $23.2 billion by 2032, with a CAGR of 37.3% [11]. - TIDE Pharmaceutical is strategically focusing on the GLP-1 sector, which is becoming a major trend in the pharmaceutical industry [7]. Group 3: Competitive Positioning - TIDE Pharmaceutical is recognized as the third-largest peptide CRDMO globally, with nine GLP-1 molecule development projects and partnerships with seven clients [15]. - The company is expanding its production capacity, with facilities in Hangzhou and the U.S., to meet the anticipated surge in market demand [16]. Group 4: Technological Advancements - TIDE Pharmaceutical has over 20 years of experience in the peptide CRDMO industry, with a strong team of experts and a wealth of knowledge in peptide drug design and synthesis [18]. - The company utilizes multiple proprietary technology platforms, including OmniPeptSynth™ and PeptiNuclide LinkTech™, to enhance its innovation capabilities [19][20]. - TIDE's long-term service capabilities have earned recognition from pharmaceutical companies, further solidifying its position in the peptide drug sector [21]. Group 5: Future Outlook - TIDE Pharmaceutical is well-positioned to benefit from the upcoming expiration of patents for major GLP-1 drugs, which will create significant demand for generic APIs [23]. - The company is also exploring opportunities in the oligonucleotide drug sector, indicating a broad market potential [23]. - Overall, TIDE Pharmaceutical's strategic positioning and technological expertise suggest strong long-term growth potential in the innovative drug market [22].

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 ...

最终发售价及配发结果公告显示，泰德医药发售股份数目16,800,000股H股，其中，香港公开发售的发售股份数目（经重新分配调整）8,400,000 股H股，国际发售的发售股份数目（经重新分配调整）8,400,000股H股。 泰德医药的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人是摩根士丹利、中信证券，联席账簿管理人及联席 牵头经办人是光大证券国际、发利证券有限公司、东吴证券（香港）。 中国经济网北京6月30日讯 泰德医药(浙江)股份有限公司（简称"泰德医药"，03880.HK）今日在港交所上市，开盘报30.3港元，跌幅0.98%。截 至今日收盘，泰德医药报30.8港元，涨幅0.65%。 | 所得款項 | | | --- | --- | | 所得款項總額(附註) | 514.08 百萬港元 | | 減：基於最終發售價的估計應付上市開支 | (85.31)百萬港元 | | 所得款項淨額 | 428.77百萬港元 | 泰德医药的基石投资者分别为石药和Welight Capital。 泰德医药主要提供CRO服务，即多肽NCE发现合成；及CDMO服务，即多肽CMC开发以及商业化生产。公司的服务 ...

Core Viewpoint - The focus is on identifying and investing in pharmaceutical advanced manufacturing companies that have global competitive advantages and are poised for growth due to market integration and emerging demand [1][4]. Group 1: Investment Philosophy - The investment approach emphasizes steady performance and the importance of companies that can deliver profits, rather than speculative investments [2][3]. - The strategy involves identifying companies that have completed their first growth curve and are in a dormant phase, which may present good buying opportunities [2][3]. Group 2: Industry Insights - The pharmaceutical manufacturing sector is unique due to high compliance costs and registration barriers, which create a competitive moat for leading companies [4]. - The raw material drug industry is expected to see continuous opportunities due to the lifecycle of drugs and the ongoing demand for new products [5]. Group 3: Market Trends - Companies in the raw material drug, device consumables, and CDMO sectors are anticipated to experience operational efficiency improvements and profit surges as new orders and clients emerge [5]. - The innovative drug sector is currently facing challenges in profit realization, with significant uncertainties regarding large-scale profit generation [6]. Group 4: Future Outlook - There is a belief that the innovative drug industry will continue to develop, presenting valuable investment opportunities in the future [6]. - The potential for significant growth in the pharmaceutical manufacturing sector is highlighted, particularly for companies that can adapt to new market demands and integrate effectively [4][5].

6月21日，上海奥浦迈生物科技股份有限公司(以下简称"奥浦迈"）披露了《关于重组草案信息披露的问 询函的回复》，就上交所6月18日下发的《关于上海奥浦迈生物科技股份有限公司重组草案信息披露的 问询函》做出回复。在此之前，奥浦迈的收购草案被其独立董事陶化安投了反对票，理由为"现阶段不 具备并购的必要性"。 奥浦迈成立于2013年，是一家专注于提供细胞培养解决方案和端到端CDMO服务的高科技生物技术企 业，并于2022年9月2日登陆科创板。不过，上市次年其营业收入和净利润便双双下滑，净利润更是近 乎"腰斩"。2023年，奥浦迈营业收入2.43亿元，同比下降17.41%；归母净利润为5404万元，同比下降 48.72%。 2024年，奥浦迈净利润继续下滑。年报显示，2024年奥浦迈实现营业收入2.97亿元，同比增加22.26%； 归属于上市公司股东的净利润2105.23万元，同比下滑61.04%。 交易将增加归母净利润逾四千万元 6月5日，奥浦迈披露了公司重组草案，拟以发行股份及支付现金向共31名交易对方购买澎立生物医药技 术（上海）股份有限公司（以下简称"澎立生物"）100%的股权，并募集配套资金，交易价格14. ...

Core Viewpoint - Shengnuo Biotech (688117.SH) has reported significant growth in its half-year performance for 2025, with net profit expected to increase by 253.54% to 332.1% year-on-year, driven by strong performance in its peptide raw material business [1][3]. Financial Performance - The company anticipates a net profit of between 77.03 million yuan and 94.14 million yuan for the first half of 2025, with a year-on-year increase of 253.54% to 332.1% [1][3]. - The expected non-deductible net profit is projected to be between 77.35 million yuan and 94.53 million yuan, reflecting a year-on-year increase of 304.49% to 394.38% [1][3]. - In 2024, Shengnuo Biotech reported revenue of 456 million yuan, a year-on-year growth of 4.84%, while net profit decreased by 28.88% to 50.02 million yuan due to increased R&D investment and other factors [2]. Business Operations - Shengnuo Biotech is actively expanding its production capacity to meet market demand, with projects such as the "Annual Production of 395 kg Peptide Raw Material Production Line" and the expansion of raw material workshops [3]. - The company has successfully launched its 106 workshop and is in the equipment validation phase for workshops 107 and 108 [3]. Market Expansion - The global peptide CDMO market is projected to reach $11.8 billion by 2030, with the domestic market expected to reach 18.5 billion yuan, indicating a higher CAGR than the global market [4]. - Shengnuo Biotech's overseas revenue reached 148 million yuan in 2024, a significant increase of 73.93%, while domestic revenue decreased by 12.51% to 303 million yuan [4]. - The proportion of overseas revenue has increased to 32.52%, up 12.92 percentage points from 2023, reflecting the company's focus on expanding its international sales channels [4]. R&D and Product Development - The company is collaborating with external firms to develop various peptide products and has significantly increased its R&D investment, with expenses rising from 13.75 million yuan in 2021 to 49.17 million yuan in 2024 [5]. - Shengnuo Biotech provides CDMO services for over 40 peptide innovation drug projects, with two products approved for commercialization and two in the production application stage [5].

Core Insights - The article discusses a recent investigation by a well-known private equity firm, Hosheng Asset, into a listed company, Haoyuan Pharmaceutical, highlighting its competitive advantages and growth prospects [1] Company Overview - Haoyuan Pharmaceutical has high barriers to entry in its molecular building block business, with a diverse range of products and strong custom R&D capabilities [1] - The company is projected to achieve a revenue of 420 million yuan in 2024, representing a year-on-year growth of 35.7% [1] - Haoyuan's CDMO (Contract Development and Manufacturing Organization) business covers the entire drug development and production process, showcasing core technological, product, and team advantages [1] Production Capabilities - The company has established a production system comprising four key facilities: an API (Active Pharmaceutical Ingredient) factory, a formulation factory, a high-end intermediate factory, and a DC CDMO factory, enabling a three-tiered capacity arrangement [1] - Haoyuan has passed the EU QP audit, ensuring its quality management system and production capabilities meet EU GMP standards, which facilitates further expansion into domestic and international markets [1] Team and Incentives - The company has implemented multiple equity incentive plans targeting core personnel and mid-to-senior management to ensure team stability and creativity [1] Financial Activities - On November 28, 2024, Haoyuan successfully issued convertible bonds, raising 822 million yuan, although it has not yet met the conditions for strong redemption [1]

Core Viewpoint - The company is responding to an inquiry regarding its restructuring plan, emphasizing the necessity and feasibility of the transaction to enhance its business capabilities and asset quality in the biopharmaceutical sector [1][2][3]. Group 1: Transaction Necessity - The transaction is deemed necessary as both the company and the target focus on innovative biopharmaceutical services, with the company specializing in cell culture products and CDMO services, while the target provides CRO services for preclinical research [2][4]. - The merger aims to create synergies in business operations, customer bases, and international strategies, enhancing the overall service offerings from early research to commercial production [5][6]. - The company anticipates that the transaction will allow it to transition from a product supplier to a comprehensive solution provider, thereby improving its market position and customer retention [7][9]. Group 2: Business Integration and Synergy - Post-transaction, the company will expand its service offerings from "cell culture + CDMO" to "cell culture + CRDMO," facilitating a full-service model that integrates various stages of drug development [10][19]. - The integration will enable the company to provide a seamless transition for clients from early drug discovery through to commercial production, enhancing customer satisfaction and loyalty [11][12]. - The company plans to leverage the target's established international business relationships to promote its products in global markets, thereby increasing its market share and brand influence [12][20]. Group 3: Financial Impact and Performance Improvement - The transaction is expected to significantly improve the company's financial metrics, with projected increases in total assets, revenue, and net profit post-merger [13][14]. - The company anticipates a diversification of its customer base, reducing reliance on a single product line and enhancing its resilience against market fluctuations [15][16]. - The merger will also optimize the company's capital structure, improving its debt-to-equity ratio and overall financial health [14][16]. Group 4: Industry Context and Trends - The transaction aligns with industry trends where biopharmaceutical companies are increasingly seeking integrated service providers to streamline their development processes and reduce costs [17][19]. - The merger reflects a broader industry movement towards consolidation, enabling companies to enhance their competitive edge through comprehensive service offerings [18][19]. - The company aims to position itself as a leader in the biopharmaceutical service sector by adopting a more integrated approach to drug development, which is becoming a critical success factor in the industry [17][19].