证券代码：832735 证券简称：德源药业 公告编号：2025-045 江苏德源药业股份有限公司 第四届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 18 日 2.会议召开地点：江苏省连云港经济技术开发区长江路 29 号公司三楼会议室 3.会议召开方式：现场和通讯相结合 6.会议列席人员：公司监事、高级管理人员 4.发出董事会会议通知的时间和方式：2025 年 8 月 8 日以电子邮件方式发出 5.会议主持人：董事长陈学民 7.召开情况合法、合规、合章程性说明： 本次董事会会议的召集和召开符合《中华人民共和国公司法》《中华人民共和国 证券法》等法律法规以及《江苏德源药业股份有限公司章程》《江苏德源药业股份有 限公司董事会议事规则》等相关规定，会议的表决程序和表决结果合法有效。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 董事贾鹏、周伟澄、周建平、王玉春因个人原因 ...

Group 1 - The core point of the article is that the FDA has accelerated the approval of Wegovy (2.4 mg semaglutide) for treating moderate to severe liver fibrosis in adult patients with non-alcoholic steatohepatitis (NASH), leading to significant stock price increases for several pharmaceutical companies [1] Group 2 - Hanyu Pharmaceutical's stock rose over 10% following the news [1] - Companies such as Sunlight Novo and Jinkai Biotechnology saw stock increases of over 5% [1] - Novo Nordisk's stock rose over 6% in after-hours trading in the US market due to the FDA announcement [1]

Summary of Key Points Core Viewpoint - As of July 31, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 6.33 billion yuan, showing a decrease of 11.37 million yuan from the previous trading day, indicating a slight contraction in market activity [1]. Financing and Margin Data - The financing balance was 6.33 billion yuan, down by 11.32 million yuan, while the securities lending balance was 71.83 thousand yuan, down by 5.50 thousand yuan [1]. - The stocks with the highest financing balances included Jinbo Biological (360 million yuan), Airon Software (166 million yuan), and Better Ray (166 million yuan), with an average financing balance to market capitalization ratio of 1.19% [1]. - The stocks with the highest ratios of financing balance to market capitalization were Shengye Electric (5.25%), Wanyuantong (4.01%), and Litong Technology (3.54%) [1]. Sector Performance - In terms of industry statistics, the sectors with the most stocks receiving net financing above 1 million yuan were machinery equipment (11 stocks), pharmaceutical biology (4 stocks), and automotive (3 stocks) [2]. - On July 31, stocks with net financing above 1 million yuan had an average increase of 11.91%, with notable gainers including Dingjia Precision (up 479.12%), Hujiang Materials (up 4.16%), and Xinjiang (up 3.46%) [2]. - Conversely, 27 stocks experienced declines, with the largest drops seen in Wuxin Tunnel Equipment, Guangzi International, and Zizhong Palace [2]. Trading Activity - The weighted average turnover rate for stocks with net financing above 1 million yuan was 6.32%, with the highest turnover rates recorded for Dingjia Precision (89.34%), Xinjiang (19.36%), and Wanyuantong (18.18%) [2]. - The average daily turnover rate for BSE stocks on that day was 4.52% [2]. Notable Stocks - The stocks with the largest increases in financing balance included Wuxin Tunnel Equipment (increase of 12.68 million yuan), Sanyuan Gene (increase of 9.71 million yuan), and Deyuan Pharmaceutical (increase of 8.65 million yuan) [2][3]. - Other notable stocks with significant financing balance increases were Wanyuantong, Huifeng Diamond, and Dingjia Precision, with respective increases of 7.33 million yuan, 4.78 million yuan, and 4.25 million yuan [2][3].

证券代码：832735 证券简称：德源药业 公告编号：2025-044 江苏德源药业股份有限公司 关于 1 类新药注射用 DYX116 新适应症 获得临床试验批准通知书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 2025 年 7 月 29 日，江苏德源药业股份有限公司（以下简称"公司"）收到 国家药品监督管理局核准签发关于注射用 DYX116 的《药物临床试验批准通知 书》。现将相关情况公告如下： 一、药品的基本情况 受 理 号：CXHL2500499、CXHL2500500 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2025 年 5 月 21 日受理的注射用 DYX116 临床试验申请符合药品注册的有关要求，同 意本品在超重或肥胖患者中开展体重管理适应症的临床试验。 二、药品的其他情况 1 / 2 注射用 DYX116 是一种化学合成的单分子 GIPR/GLP-1R/GCGR 三重多肽， 对糖/脂代谢的调节功能具有协同作用，能降血糖、减体重、缓解脂肪肝。与 GLP-1/ ...

Core Viewpoint - The approval of DYX116 for clinical trials marks a significant advancement in the treatment of weight management for overweight or obese patients, showcasing the company's commitment to addressing metabolic disorders [1] Company Summary - The company, 德源药业, has received approval from the National Medical Products Administration for the clinical trial of DYX116, a chemically synthesized triple peptide targeting GIPR/GLP-1R/GCGR [1] - DYX116 is designed to regulate glucose and lipid metabolism, demonstrating synergistic effects in lowering blood sugar, reducing body weight, and alleviating fatty liver [1] Industry Summary - The approval of DYX116 highlights the growing focus on innovative treatments for obesity and related metabolic conditions within the pharmaceutical industry [1] - The indication for weight management in overweight or obese patients aligns with current trends in healthcare, emphasizing the importance of addressing obesity as a critical public health issue [1]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Economic Overview - The June economic data reveals five "anomalies," indicating new changes in the economy that may affect the second half of the year [9] - The GDP growth for Q2 was in line with expectations at 5.2%, while retail sales and fixed asset investment showed signs of decline [9] - The construction industry has weakened significantly, impacting overall economic performance [9] Company Analysis: 德源药业 (DeYuan Pharmaceutical) - The company focuses on chronic metabolic diseases and has a robust portfolio of generic drugs, with plans to transition to innovative drug development [12] - Forecasted net profits for 2025-2027 are 192 million, 218 million, and 200 million yuan respectively, with a target market capitalization of 5.6 billion yuan, indicating a potential 42% upside [12] - The company is advancing in innovative drug development, particularly in diabetes and hypertension treatments, with significant market opportunities identified [12] Industry Analysis: Chemical Sector - The chemical industry is experiencing a recovery after price declines, with signs of bottoming out and increased supply disruptions [11][14] - Key sub-sectors such as pesticides, fluorochemicals, and explosives are expected to see profit growth in Q2 2025, driven by improved demand and pricing [11] - The industry is shifting from inventory reduction to capacity reduction, indicating a more stable supply-demand balance moving forward [14] Investment Recommendations - The report suggests a "buy" rating for 德源药业 based on its growth potential and market positioning in the pharmaceutical sector [12] - The chemical sector is rated positively, with a focus on companies that can benefit from the ongoing recovery and supply chain improvements [11][14]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][9]. Core Viewpoints - The company specializes in chronic metabolic diseases and is steadily advancing its transition from generic to innovative drug development. It has a robust product portfolio and a clear strategy to enhance its innovative drug pipeline [8][9]. - The market for GLP-1 drugs is expanding, with the company positioned favorably in the clinical development of its innovative drug DYX116, which targets multiple pathways [2][8]. - The company is expected to achieve significant revenue growth, with projected net profits of 192 million, 218 million, and 200 million yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3][9]. Summary by Sections 1. Company Overview - The company has a deep-rooted presence in the chronic metabolic disease market, having been established in 2004 and transitioning from generics to innovative drug development since 2023. It has developed a comprehensive product matrix covering diabetes and cardiovascular diseases [21][24]. 2. Market Dynamics - The chronic metabolic disease market is characterized by a growing patient population due to aging and lifestyle changes. The government is increasingly focused on chronic disease prevention, indicating long-term market expansion potential [54][59]. 3. Diabetes Product Line - The company has a systematic approach to diabetes treatment, with a market size of approximately 34.3 billion yuan in 2023. The introduction of new drugs is expected to enhance its market share, particularly in the innovative drug segment [8][9]. 4. Hypertension Strategy - The company focuses on combination therapies and unmet needs in the hypertension market, which was valued at around 67.6 billion yuan in 2023. Its flagship product, Bo Kai Qing, has maintained a strong market position [8][9]. 5. Financial Projections - The company forecasts a steady increase in revenue, with total revenue expected to reach 1.065 billion yuan in 2025, reflecting a year-on-year growth rate of 22.6% [3][9]. 6. Investment Analysis - The company's current market valuation suggests a price-to-earnings (PE) ratio of 22 for 2025, significantly lower than the industry average of 41, indicating potential for valuation improvement as innovative drug data becomes available [9][10].

本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | --- | | | | | （股） | （%） | | | 任路 | 持股 | 5%以 | | | 上市前取得和上市后 | | | 上股东 | | 4,550,000 | 5.8176% | 二级市场竞价取得（含 | | | | | | | 权益分派转增股） | 证券代码：832735 证券简称：德源药业 公告编号：2025-043 江苏德源药业股份有限公司 持股 5%以上股东减持股份结果公告 股东任路本次减持期间涵盖公司 2024 年年度权益分派，具体减持情况如下：2024 年年 度权益分派前，股东任路减持 640,000 股，减持数量占权益分派前总股本比例的 0.8183%； 2024 年年度权益分派实施后，股东任路减持 8,000 股，减持数量占权益分派后总股本比例的 0.0068%。综上，股东任路本次累计减持 648,00 ...

Group 1: Investor Relations Activity Overview - The investor relations activity took place from June 12 to June 13, 2025, at the Westin Hotel in Beijing [4] - Attendees included major securities firms and funds such as Shenwan Hongyuan, Huano Investment, and CITIC Securities [4] - Company representatives included the Vice General Manager, Board Secretary, and Financial Officer, Mr. Wang Qibing [4] Group 2: Research and Development Budget - The estimated R&D budget for 2025 is CNY 163 million, with CNY 85 million allocated for innovative drugs and CNY 78 million for generic drugs [6] - The R&D focus will be on chronic disease treatments related to metabolic disorders, including diabetes and hypertension [6] Group 3: Drug Approval and Development - As of 2025, the company has obtained 4 drug registration certificates, including drugs like Sacubitril/Valsartan and Dapagliflozin [7] - Innovative drug DYX116 is in Phase I clinical trials, with expectations to complete by the end of 2025 [7] - DYX216, another innovative drug for resistant hypertension, has identified potential preclinical candidates [7] Group 4: Performance and Growth Factors - The company maintains steady growth due to strong marketing strategies and sales performance [8] - Sales of products like "Furuitong" and "Bokaiqing" continue to grow, contributing to overall performance [8] - Improved product gross margin due to increased production and reduced raw material costs [8] - Enhanced internal management and cost control measures have improved overall profitability [8]