摘要

1四环生物发布拟收购中润药业100%股权的资产评估报告。

2以2026年5月31日为基准日，中润药业净资产账面值9,370.17万元，采用收益法评估值为21,300.00万元，增值率127.32%；

3资产基础法评估值为23,288.50万元。

4最终选取收益法结果作为定价依据。

5标的公司主营药品研发生产，拥有多项专利及MAH证书，2025年营收1.67亿元，净利润1,725.46万元。

6评估有效期一年。

(2026) 13089

...................................................................................................................................... 1

............................................................................................................. 2

............................................................................................................. 5

............................................. 5 ................................................................................................................... 11 .............................................................................................. 11 ................................................................................................................... 16

............................................................................................................... 16 ................................................................................................................... 16 ................................................................................................................... 18

..................................................................................... 28

................................................................................................................... 30
................................................................................................................... 31

........................................................................................................... 32 ................................................................................. 33 ...................................................................................................... 34

............................................................................................. 36

, ,

| |

|---|

1.
2.
3. 2026 5 31
4.
5.
6.

(1)

2026 5 31 19,532.05 10,161.88 9,370.17 23,288.50

10,161.88 13,126.62 3,756.45 40.09%

				%
	A	B	C=B-A	D=C/A×100%
1	12,678.87	13,678.10	999.23	7.88
2	6,853.18	9,610.40	2,757.22	40.23
3	1,018.61	904.17	-114.44	-11.23
4	791.87	871.23	79.36	10.02
5	1,686.56	4,420.32	2,733.76	162.09

6	3,356.14	3,414.68	58.54	1.74
7	19,532.05	23,288.50	3,756.45	19.23
8	9,979.46	9,979.46
9	182.42	182.42
10	10,161.88	10,161.88
11	9,370.17	13,126.62	3,756.45	40.09

(2)

2026 5 31 19,532.05 10,161.88 9,370.17 21,300.00

11,929.83 127.32%

(3)

21,300.00 13,126.62 8,173.38 38.37%

( )

2026

21,300.00

2026 5 31 2027 5 30

(1) 2026 9

3 2026 011125

(2) 18,750.00

15,378.43 3,371.58

(3) 2026 5 55

2.10

(4) MAH

2025 0105 14624 2025 10 31 4,484,032.13 2026 6 10

(5) ( ) ( ) ( )

( )

(2026) 13089

2026 5 31

( )

913202001381477183 2 41 05 06

102955.6222

000518.SZ 1992 05 18

( )

1. ( “ ”)

91440101MA5AKRMP2B 11 B9 423

18750

2017 10 26

(1) 2017 10 5000


	5,000.00	100.00%
	5,000.00	100.00%

(2) 2018 6

10000


	15,000.00	100.00%
	15,000.00	100.00%

(3) 2021 4

1,875.00


15,000.00	80.00%	15,000.00	97.54%
1,875.00	10.00%
1,875.00	10.00%	378.43	2.46%
18,750.00	100.00%	15,378.43	100.00%

3 2017 10 B

20 2026

GMP EMA GMP CMO

2024 12 31	2025 12 31	2026 5 31
18,307.98	13,354.94	12,678.87
7,280.68	7,115.69	6,853.18
1,018.61	1,018.61	1,018.61
2,013.65	869.94	791.87
713.31	194.53	368.44
2,707.67	1,809.34	1,686.56
431.67	1,008.06	791.23
237.62	138.95	111.05
158.15	2,076.26	2,085.43
25,588.66	20,470.63	19,532.05
16,432.47	11,183.43	9,979.46
472.97	72.11	182.42
16,905.44	11,255.54	10,161.88
8,683.22	9,215.09	9,370.17

2024	2025	2026 1-5
18,014.54	16,680.59	937.29
9,044.55	11,195.40	601.97
90.22	146.50	6.19
3,223.73	3,624.68	685.50
741.48	741.73	125.30
3,390.93	720.91	124.68
50.45	134.80	35.18
587.84	772.47	242.76
22.40	36.12	15.53

	-158.56	-7.72
-1,034.97	-1,011.25	-187.28
84.05	1,970.12	700.21
1,132.49	1,725.46	121.98
2.67	43.95	47.81
103.95	155.02	4.27
1,031.21	1,614.39	165.51
-3.37	-1,072.89	10.43
1,034.58	2,687.28	155.08

2024

2025

1 2021-07 100%

2 2024-03 100%

91110105580837041T 60 17 1702

2011 08 16

1 2

3 4 5

	2025 12 31	2026 5 31
	19.60	19.60

	19.60	19.60
	3.01	3.01

	3.01	3.01
	16.60	16.59

	2025	2026 1-5




	0.36

	0.11	0.01






	-0.47	-0.01


	-0.47	-0.01

	-0.47	-0.01

91440101569755176U 5 3011

5000

2011 02 15 ; ; ; ; ; ; ;

; ; ; ;

	2025 12 31	2026 5 31
	887.69	887.58

	887.69	887.58



	887.69	887.58

	2025	2026 1-5






	0.11	0.10






	-0.11	-0.10


	-0.11	-0.10

	-0.11	-0.10

( )

	( )
	12,678.87
	6,853.18
	1,018.61
	791.87
	368.44
	1,686.56
	791.23
	111.05
	2,085.43
	19,532.05
	9,979.46
	182.42
	10,161.88
	9,370.17

( ) ( )

1 2021-07 20.00 18.61

2 2024-03 1,000.00 1,000.00

(3)

10 2021 12 25 24 1

2.80 19 1906 22 2206 85.4429

5 2021 12 12 11

2280 2283 12.72

2018

1 2022S00105 2022-03

2 2023S00137 2023-03

3 YBY60332023 2023-03

4 2023S00451 2023-03

5 2023S00466 2023-03

6 2023S00831 2023-06

7 2024B03320 2023-06

8 2023S01260 2023-08

9 2023S01721 2024-03

(2) 10 108 7 11

1 CN202411285440.6 2024-09

CN202311664918.1 2023-12

3 CN202410805915.3 2024-06

4 CN202011641309.0 2020-12

5 CN202111681139.3 2021-12

6 CN202111310213.0 2021-11

7 CN202010169033.4 2020-03

8 CN201811632970.8 2018-12

9 CN201811632863.5 2018-12

10 CN201610411554.X 2016-06

1 81153451 2024/9/27

2 79138578 2024/6/11

3 79150561 2024/6/11

4 79150580 2024/6/11

5 79130277 2024/6/11

6 79140796 2024/6/11

7 79130314 2024/6/11

8 79130299 2024/6/11

9 79130332 2024/6/11

10 78639323 2024/5/16

11 77000108 2024/2/28

12 77002329 2024/2/28

13 77002337 2024/2/28

14 77005177 2024/2/28

15 76999778 2024/2/28

16 76997447 2024/2/28

17 77003953 2024/2/28

18 76995099 2024/2/28

19 76991668 2024/2/27

20 76991301 2024/2/27

21 76975504 2024/2/27

22 76983029 2024/2/27

23 76974250 2024/2/27

24 76981271 2024/2/27

25 76985499 2024/2/27

26 76975485 2024/2/27

27 76931288 2024/2/23

28 76922439 2024/2/23

29 76770178 2024/2/4

30 76034503 2023/12/26

31 74904806 2023/11/1

32 ZORUN PHARMA 74922431 2023/11/1

33 GANLIQING 74829175 2023/10/27

34 74729762 2023/10/23

35 72880739 2023/7/17

36 72891349 2023/7/17

37 72891364 2023/7/17

38 71969540 2023/6/1

39 71967909 2023/6/1

40 71967913 2023/6/1

41 71980319 2023/6/1

42 71931641 2023/5/31

43 71931648 2023/5/31

44 68082421 2022/11/1

45 68082428 2022/11/1

46 68077612 2022/11/1

47 68066323 2022/11/1

48 68075763 2022/11/1

49 64079103 2022/4/19

50 63982769 2022/4/14

51 61794856 2021/12/29

52 59106571 2021/9/9

53 59109891 2021/9/9

54 58938102 2021/9/1

55 58929096 2021/9/1

56 57580350 2021/7/9

57 56615309 2021/6/3

58 56090858 2021/5/17

59 53281001 2021/1/25

60 52997161 2021/1/14

61 52975062 2021/1/14

62 52783955 2021/1/6

63 52629238 2020/12/30

64 52609402 2020/12/30

65 52608216 2020/12/30

66 52611458 2020/12/30

67 52609424 2020/12/30

68 51805967 2020/12/2

69 51801745 2020/12/2

70 51819770 2020/12/2

71 49655180 2020/9/10

72 49664104 2020/9/10

73 48187584 2020/7/17

74 48171033 2020/7/17

75 48178491 2020/7/17

76 46952230 2020/6/4

77 46967972 2020/6/4

78 46965660 2020/6/4

79 40897524 2019/9/6

80 ZORUN PHARMA 40537182 2019/8/22

81 39852453 2019/7/23

82 39852457 2019/7/23

83 39842508 2019/7/23

84 39836933 2019/7/23

85 39548101 2019/7/10

86 39170320 2019/6/27

87 39148249 2019/6/27

88 39122562 2019/6/26

89 39135058 2019/6/26

90 32181760 2018/7/11

91 30554925 2018/4/27

92 25765609 2017/8/9

93 25480436 2017/7/24

94 25476957 2017/7/24

95 25482967 2017/7/24

96 ZORUN 25386898A 2017/7/18

97 ZORUN 25387117 2017/7/18

98 ZORUN 25385141 2017/7/18

99 ZORUN 25381547A 2017/7/18

100 25375778 2017/7/18

101 24500197 2017/6/6

102 20804940 2016/7/28

103 25387106 2018/12/7

104 ZORUNPHARMA 32188995 2019/8/14

105 ZORUNPHARMA 32193086 2020/10/28

106 ZORUNPHARMA 32193073 2019/8/14

107 25473896 2018/7/28

108 25487779 2018/7/28


1		-2026-F-00184212	-
2		-2026-F-00182833	-
3		-2026-F-00180204	-
4		-2026-F-00161708	-
5	Logo	-2023-F-00297577	2023-04
6		-2023-F-00297576	2021-10
7	IP	-2023-F-00297575	2023-08


1	H20254159	2025/5/13
2	H20263167	2026/1/20
3	H20253819	2025/4/8
4	H20255401	2025/9/9
5	H20264433	2026/5/19
6	H20233385	2023/3/24
7	H20263079	2026/1/14
8	H20233758	2023/6/21
9	H20254158	2025/5/13
10	H20253830	2025/4/8
11	H20249359	2024/11/15

2026 5 31

( )

1. (2016 7 2 )
2. (2023 12 29 )
3. (2019 12 28 )
4. ( 86 2019 1 2 97 )
5. (2018 12 29 )
6. —— ( 33 ) <

—— > ( 76 )

7. 2024 12 25
8. 2025 12 19

9. ( 2019 39 )

( )

1. ( [2017]43 )
2. ( [2017]30 )
3. — ( [2018]35 )
4. — ( [2018]36 )
5. — ( [2017]33 )
6. — ( [2018]37 )
7. — ( [2017]35 )
8. — ( [2019]35 )
9. — ( [2018]38 )
10. — ( [2017]37 )
11. — ( [2017]39 )
12. — ( [2023]14 )
13. [2017]49
14. ( [2017]46 )
15. ( [2017]47 )
16. ( [2017]48 )
17. ( [2017]50 )

18. ( [2017]51 ) ( )

1.
2.
3.
4.
5.
6.
7.
8. ( )
9. ( )

1.WIND
2. (LPR)
3. (2026 )
4.
5. 2011
6.
7.
8. ( )

1. 2020 ( 2020 31 )
2. 8 — ( 2019

39 )

3. 12 —

( 2020 38 )

——

2026 6-12

2026 1-5 2026

( )

+ + +

P Fi i Fn r ( ,WACC) n i i g

= + - -

ke kd E D t

( ,WACC)

(CAPM)

rf MRP β

( )

“ ”

0 0

= × × × × ×

= × 1+ 4

(1)

= ×

= + -

×100% 3

(2)

= = ÷

= ×

(1) 0
(2)

= (1- )

= + + +

P=C1+C2+C3

P C1 C2 C3

1) “

”

2)
3) “ ”

“ ”

∑( × )

i =1 2 3…N i V Ai i R

2026 6 1 2036 12 31

= ×

2024 ( 2025 940 )

( )

2026 7 1 2026 9 3

2026 7 1

( )

2026 7 22 2026 7 31

“ ”

“ ” “ ”

“ ”

(1)
(2)
(3)
(4)
(5)
(6)
(7) ( )

( )

4.
5.
6.
7.
8.
9.
10.
11.
12.
13. 2026 15%

2027 25%

( )

2026 5 31 19,532.05 10,161.88 9,370.17 23,288.50

10,161.88 13,126.62 3,756.45 40.09%

				%
	A	B	C=B-A	D=C/A×100%
1	12,678.87	13,678.10	999.23	7.88
2	6,853.18	9,610.40	2,757.22	40.23
3	1,018.61	904.17	-114.44	-11.23
4	791.87	871.23	79.36	10.02
5	1,686.56	4,420.32	2,733.76	162.09

6	3,356.14	3,414.68	58.54	1.74
7	19,532.05	23,288.50	3,756.45	19.23
8	9,979.46	9,979.46
9	182.42	182.42
10	10,161.88	10,161.88
11	9,370.17	13,126.62	3,756.45	40.09

(2)

2026 5 31 19,532.05 10,161.88 9,370.17 21,300.00

11,929.83 127.32%

(3)

21,300.00 13,126.62 8,173.38 38.37%

( )

2026

21,300.00

( ) 2026 9 3 2026 011125

( ) 18,750.00 15,378.43 3,371.58

( ) 2026 5 55 2.10

( )

MAH 2025 0105 14624 2025 10 31 4,484,032.13 2026 6 10

( ) ( ) ( ) ( ) ( )

( )

2026 9 3

四环生物：江苏四环生物股份有限公司拟股权收购涉及中润药业有限公司股东全部权益市场价值资产评估报告

摘要

(2026) 13089

............................................................................................. 36

, ,

21,300.00

21,300.00

( [2018]22 )