恒瑞医药增资参股公司上海瑞宏迪医药有限公司暨关联交易公告详解
恒瑞医药增资参股公司上海瑞宏迪医药有限公司，合计涉资7.5亿元
【要点摘要】
- 恒瑞医药（600276）及其关联方将对上海瑞宏迪医药有限公司同比例增资，总金额为7.5亿元人民币。
- 本次增资中，恒瑞医药投入2.85亿元，恒瑞集团2.1亿元，盛迪基金1.425亿元，迎泰资产管理1.125亿元，全部以货币方式出资。
- 增资完成后，各方持股比例保持不变：恒瑞医药38%，恒瑞集团28%，盛迪基金19%，迎泰资产管理15%。
- 瑞宏迪评估增值显著，评估基准日净资产从-6,626.52万元增至108,771.79万元，增值率高达1,741.46%。
- 本次交易构成关联交易，但不属于重大资产重组，不需提交股东大会审议。
一、交易背景及核心内容
为支持上海瑞宏迪医药有限公司（以下简称“瑞宏迪”）的经营发展，现有股东拟以货币出资方式同比例合计增资7.5亿元。瑞宏迪专注于AAV基因治疗、mRNA药物及细胞治疗的开发，研发管线聚焦神经、眼科、肿瘤、血管、慢性创面等领域，未来市场前景广阔。
根据中发国际资产评估有限公司出具的评估报告，截至2025年12月31日，瑞宏迪账面净资产为-6,626.52万元，经评估后公司总资产价值为108,771.79万元，增值明显。此次增资价格以评估值为基础，认购新增注册资本9,868.42万元，公司注册资本由1.3158亿元增至2.3026亿元。
二、交易结构及参与方详细情况
各方具体出资及增资后持股情况如下：
| 股东名称 |
增资前注册资本（万元） |
持股比例 |
增资后注册资本（万元） |
持股比例 |
本次增资额（万元） |
| 恒瑞医药 |
5,000 |
38% |
8,750 |
38% |
28,500 |
| 恒瑞集团 |
3,684.21 |
28% |
6,447.37 |
28% |
21,000 |
| 盛迪基金 |
2,500 |
19% |
4,375 |
19% |
14,250 |
| 迎泰资产管理 |
1,973.68 |
15% |
3,453.95 |
15% |
11,250 |
三、重要事项及对股东的影响
- 本次交易为关联交易，涉及公司控股股东及主要董事参与。
- 交易价格以第三方评估公司出具的资产基础法结果为依据，定价公允，并经董事会及独立董事审议通过。
- 瑞宏迪近年来净资产为负，主营业务尚处于研发投入期，2024年度、2025年度净利润分别为-14,660.10万元、-25,852.89万元，投资风险较高。
- 此次增资有助于优化瑞宏迪资产结构，提升公司未来在高端生物医药领域的竞争力和研发实力。
- 本次增资不构成重大资产重组，不影响公司日常经营和财务稳健性，不存在新增同业竞争、对外担保或非经营性资金占用等情况。
四、审批流程及合规性
- 本关联交易已获公司独立董事专门会议、董事会审议通过，相关关联董事已回避表决。
- 不需提交股东大会，也无需监管部门批准。
- 协议签署后两个月内完成增资，瑞宏迪将在收到增资款后10个工作日内办理工商变更。
五、投资者需要关注的风险与机会
- 瑞宏迪主营为创新药物研发，研发周期长、风险高，未来有较大不确定性，需投资者保持关注。
- 本次大额增资及高评估增值率反映了公司对创新药物板块的高度重视及长期发展信心，若未来研发成果实现商业转化，将对公司业绩和估值产生积极影响，具备一定的股价催化剂。
六、历史关联交易说明
除日常关联交易外，过去12个月公司与上述相关方无其他同类关联交易，表明本次交易为近期唯一重要关联投资事件。
【免责声明】
本新闻稿仅供投资者参考，不构成任何投资建议。医药创新领域具有高风险和高不确定性，投资者应全面评估自身风险承受能力，慎重决策。公司公告及相关信息以交易所披露文件为准。
English Translation
Hengrui Pharma to Inject RMB 750 Million into Associate Company Shanghai Rihongdi Pharma in Related-Party Transaction
Key Highlights:
- Hengrui Pharma (600276) and its related parties will collectively inject RMB 750 million into Shanghai Rihongdi Pharma via a pro-rata capital increase.
- Hengrui Pharma will contribute RMB 285 million, Hengrui Group RMB 210 million, Shengdi Fund RMB 142.5 million, and Yingtai Asset Management RMB 112.5 million, all by cash.
- Post-investment, shareholding ratios remain unchanged: Hengrui Pharma 38%, Hengrui Group 28%, Shengdi Fund 19%, Yingtai Asset Management 15%.
- Rihongdi’s net asset value shows a significant assessment uplift from -RMB 66.27 million to RMB 1,087.72 million as of Dec 31, 2025, a 1,741.46% increase.
- The deal is a related-party transaction but not a material asset restructuring, thus does not require shareholder meeting approval.
1. Transaction Background and Core Details
To support the business development of Shanghai Rihongdi Pharma (a biotech company focusing on AAV gene therapy, mRNA drugs, and cell therapy), the existing shareholders plan to inject a total of RMB 750 million in cash. The company’s R&D pipeline targets high-potential fields such as neurology, ophthalmology, oncology, vascular disease, and chronic wounds.
According to Zhongfa International Asset Appraisal, as of Dec 31, 2025, Rihongdi’s book net asset was negative RMB 66.27 million; after valuation, total assets are RMB 1,087.72 million. The capital increase will add RMB 98.68 million to registered capital, raising it from RMB 131.58 million to RMB 230.26 million.
2. Transaction Structure and Details of Participants
A summary of contributions and post-deal shareholding:
| Shareholder |
Pre-Investment Registered Capital (RMB mn) |
Shareholding |
Post-Investment Registered Capital (RMB mn) |
Shareholding |
Capital Injection (RMB mn) |
| Hengrui Pharma |
50 |
38% |
87.5 |
38% |
285 |
| Hengrui Group |
36.84 |
28% |
64.47 |
28% |
210 |
| Shengdi Fund |
25 |
19% |
43.75 |
19% |
142.5 |
| Yingtai Asset Management |
19.74 |
15% |
34.54 |
15% |
112.5 |
3. Major Issues and Impact on Shareholders
- This is a related-party transaction involving the company’s controlling shareholder and key directors.
- The transaction price is based on a third-party valuation using the asset-based approach; the pricing is deemed fair and has been approved by the board and independent directors.
- Rihongdi has negative net assets and is loss-making (2024: RMB -146.6 million; 2025: RMB -258.5 million), with high investment risk.
- The capital injection is expected to optimize Rihongdi’s capital structure and strengthen its position in innovative drug development.
- This deal does not constitute a material asset restructuring, will not affect Hengrui’s main business or financial stability, and there is no new competition, guarantee, or non-operating fund occupation.
4. Approval Process and Compliance
- The deal has been approved by the board and independent directors; related directors abstained from voting.
- Shareholder meeting and regulatory approval are not required.
- Capital injection to be completed within two months after the agreement is signed; industrial and commercial registration will be updated within 10 working days.
5. Risks and Opportunities for Investors
- Rihongdi focuses on innovative drug R&D, which involves long cycles and high risk; investors should pay attention to uncertainties.
- This sizeable investment and high valuation uplift signals Hengrui’s strong commitment to innovative pharma; successful commercialization of pipelines could be a share price catalyst.
6. Related-Party Transaction History
Other than routine transactions, no other similar related-party deals with the same parties occurred in the past 12 months.
Disclaimer
This article is for information only and does not constitute investment advice. The innovative pharma sector carries high risk and uncertainty; investors should assess their risk tolerance levels. Official announcements and filings should be referred to for further details.
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