（原标题：东阳光药中期业绩公告解析：创新突围与国际化布局） 8月29日，东阳光药正式发布2025年中期业绩公告。随着医药行业进入创新驱动与多领域布局的转型 期，东阳光药已通过感染、慢病、肿瘤三大领域的战略深耕，构建起多元化发展格局。 略显波动的财务数据背后，东阳光药研发投入持续加码，创新药管线进展显著。中期业绩公告中，"创 新"、"国际化"和"AI"成为高频词，这家老牌药企正在经历一场深刻的战略转型，全面向创新药驱动， 从国内市场到全球布局。 持续创新研发投入 截至2025年6月30日，东阳光药总营收19.38亿元。业绩虽有波动，但深入剖析后发现，这份成绩单背后 隐藏着多个积极信号。 从中期业绩公告综合分析看，营收下降主要源于流感疫情较去年同期有所放缓，磷酸奥司他韦作为流感 首选用药，销售额受到一定的影响。但值得注意的是，胰岛素系列产品实现营收1.22亿元，同比增长高 达148%，显示出东阳光药在慢病治疗领域的增长潜力。 更重要的是，东阳光药研发管线呈现出前所未有的活力。中期业绩公告显示，东阳光药拥有150多款获 批药物，已上市3款创新药，在研药物达100款，其中包括49款1类在研创新药物。 持续的研发投入也 ...

9月1日，第一财经记者从东阳光药独家获悉，该公司于8月进行了销售架构调整，成立了肝病专线团 队，将加速丙肝等创新药商业化。东阳光药是"流感药之王"，面对流感药物市场激烈竞争，公司近年来 已在寻求新的业绩增长点。 2025.09.01 本文字数：236，阅读时长大约1分钟 作者 |第一财经 林志吟 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） ...

微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 2025.09. 01 本文字数：236，阅读时长大约1分钟 作者 | 第一财经 林志吟 9月1日，第一财经记者从东阳光药独家获悉，该公司于8月进行了销售架构调整，成立了肝病专线团 队，将加速丙肝等创新药商业化。东阳光药是"流感药之王"，面对流感药物市场激烈竞争，公司近年 来已在寻求新的业绩增长点。 推荐阅读 多地遴选小学教师转岗初中 ...

9月1日，第一财经记者从东阳光药独家获悉，该公司于8月进行了销售架构调整，成立了肝病专线团 队，将加速丙肝等创新药商业化。东阳光药是"流感药之王"，面对流感药物市场激烈竞争，公司近年来 已在寻求新的业绩增长点。 （文章来源：第一财经） ...

公司将加速丙肝等创新药商业化。 9月1日，第一财经记者从东阳光药独家获悉，该公司于8月进行了销售架构调整，成立了肝病专线团 队，将加速丙肝等创新药商业化。东阳光药是"流感药之王"，面对流感药物市场激烈竞争，公司近年来 已在寻求新的业绩增长点。 ...

本报记者 冷翠华 保险公司举牌上市公司持续活跃。 8月13日，中国太平洋人寿保险股份有限公司（以下简称"太保寿险"）发布公告称，公司及其关联方及 一致行动人近日举牌广东东阳光药业股份有限公司（以下简称"东阳光药"）H股股票。 从年内险资举牌情况看，据记者统计，截至8月13日，险资举牌总次数已达27次，已远高于去年全年的 20次。其中，25次为主动买入触发举牌，2次为被动因素触发举牌，反映出今年险资主动增持上市公司 的意愿强烈。同时，从举牌方式来看，竞价交易和二级市场买入是主要的方式；举牌的资金来源则以自 有资金和保险责任准备金为主。 天职国际会计师事务所保险咨询主管合伙人周瑾对《证券日报》记者分析说，此前监管部门出台了实施 方案，针对大型国有保险公司的保险资金进入A股的比例和稳定性提出了可操作的考核标准，3年和5年 周期的考核指标权重达70%，有效推动了长期考核机制的落地。此外，国家金融监督管理总局针对偿付 能力规则进行调整，将股票投资的风险因子调降10%，有利于促进险资加大资金入市的力度。 当前，资本市场的信心逐步恢复，股票市场的估值具有较大提升空间，险企需要把握估值低点机会来增 配权益资产。同时，险企希望 ...

Core Viewpoint - Insurance companies are actively increasing their stakes in listed companies, with a notable rise in the number of equity investments this year, indicating a strong willingness to enhance equity asset allocation [3][4][6]. Group 1: Recent Activities - On August 13, China Pacific Life Insurance Co., Ltd. announced that it and its affiliates have increased their stake in Guangdong Dongyangguang Pharmaceutical Co., Ltd. by acquiring H-shares [3]. - As of August 13, the total number of equity stakes taken by insurance funds this year has reached 27, significantly higher than the 20 instances recorded for the entire previous year [5][6]. Group 2: Investment Trends - The majority of the 27 instances of stake increases this year were driven by active buying, with only 2 instances being triggered by passive factors, reflecting a strong intent among insurance funds to increase their holdings in listed companies [5][6]. - The main methods of stake acquisition include competitive trading and secondary market purchases, primarily funded by self-owned capital and insurance liability reserves [5]. Group 3: Regulatory Environment - Recent regulatory changes have established actionable assessment standards for the proportion and stability of insurance funds entering the A-share market, promoting a long-term assessment mechanism [6]. - Adjustments to solvency rules by the National Financial Regulatory Administration have reduced the risk factors for stock investments, encouraging insurance funds to increase their market participation [6]. Group 4: Equity Asset Allocation - The proportion of equity assets held by insurance companies is gradually increasing, with the overall equity investment accounting for approximately 20.6% of total fund utilization as of the first quarter of this year [7]. - Regulatory guidelines specify that the equity asset balance must not exceed certain percentages of total assets based on the solvency ratio, allowing for significant room for future increases in equity allocations [7][8]. Group 5: Company-Specific Insights - China Ping An Life Insurance Co., Ltd. reported a solvency ratio of 227.92% as of the first quarter, allowing for an equity investment limit of 30%, with its equity assets accounting for 23.26% of total assets [8]. - China Post Life Insurance Co., Ltd. had a solvency ratio of 194.59% at the end of the second quarter, with equity assets making up 17.08% of total assets, indicating substantial potential for future equity allocation [8].

Core Viewpoint - The insurance sector is actively increasing its equity asset allocation, with significant potential for future growth in this area [1][4]. Group 1: Insurance Companies' Activities - China Pacific Life Insurance Co., Ltd. announced its recent acquisition of shares in Guangdong Dongyangguang Pharmaceutical Co., Ltd., holding approximately 605.86 million shares, which represents 5.38% of the latter's H-share capital [2]. - As of August 13, 2023, the total number of equity stakes acquired by insurance capital reached 27 this year, significantly higher than the 20 instances recorded in the previous year [2]. - The majority of these acquisitions were driven by proactive buying, indicating a strong willingness among insurance companies to increase their holdings in listed companies [2]. Group 2: Regulatory Environment - Recent regulatory changes have established actionable assessment standards for the proportion and stability of large state-owned insurance companies' investments in A-shares, promoting a long-term assessment mechanism [3]. - Adjustments to solvency rules have reduced the risk factors associated with stock investments, encouraging insurance capital to increase market participation [3]. Group 3: Equity Asset Allocation - The proportion of equity assets in insurance companies is gradually increasing, with equity investments accounting for approximately 20.6% of total investment assets as of the first quarter of this year [4]. - Regulatory guidelines dictate that the equity asset balance must not exceed certain thresholds based on the solvency ratio, allowing for a structured approach to equity investment [4]. Group 4: Future Outlook - Analysts believe that there is still considerable room for insurance companies to increase their equity asset allocation, as many companies are currently below their investment limits [5]. - The current capital market environment and accounting standards suggest that insurance capital is likely to continue expanding its equity asset holdings in the future [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **express delivery and logistics industry** in China, with a focus on the impact of recent regulatory changes and market dynamics on various companies within the sector [1][2][3]. Core Insights and Arguments - **Price Increases in Express Delivery**: The express delivery industry is witnessing initial success in reversing the trend of price undercutting, with multiple regions experiencing price hikes due to severe losses among franchisees and regulatory pressure for market stability. This price increase is expected to be more sustainable compared to the isolated price hikes in Yiwu in 2021, benefiting from the upcoming peak demand season [1][6][7]. - **Recommendations for E-commerce Delivery Companies**: Companies with strong service quality and cash flow, such as **ZTO Express** and **YTO Express**, are recommended. Additionally, **J&T Express** is highlighted for its competitive position in Southeast Asia, while **SF Express** is noted for its stable high-end service business [1][8]. - **Cross-border E-commerce Logistics**: The volume of air cargo to the U.S. has recovered to 70% of pre-tariff levels, which is better than expected. Eastern Airlines Logistics is performing well with high load factors, and despite a decrease in freight rates, the situation remains favorable. A dividend yield of 4.7% suggests a potential investment opportunity if tariffs improve or volumes increase [1][9]. - **Airline Sector Performance**: The airline sector is experiencing weak ticket prices but good passenger volumes. The fundamentals are well-reflected, and factors like oil prices and exchange rates may provide benefits. **Huaxia Airlines** is recommended due to its leading position in regional aviation and improved subsidy standards, which enhance profit certainty [1][23]. - **Rail Freight Outlook**: **Tielong Logistics** is favored due to its special container business benefiting from equipment upgrades and strong synergy with upstream steel companies. The potential for profit elasticity exists due to the ongoing reversal of price undercutting [1][21][22]. Additional Important Insights - **July Performance of the Transportation Sector**: The overall transportation sector saw a decline of 0.2%, underperforming the CSI 800 index by 4.2 percentage points. Sub-sectors like airports, shipping, and logistics performed relatively well, with increases of 4.3%, 2.4%, and 1.2%, respectively [2]. - **Market Sentiment and Future Recommendations**: The call suggests a continued focus on companies benefiting from the reversal of price undercutting in express delivery, core assets in aviation and express sectors, and stocks in cross-border logistics with potential catalysts from mid-year earnings reports [3]. - **Logistics Sector Performance**: The logistics sector saw a 1.2% increase, with road freight leading at 5.9%. Cross-border logistics rose by 3.3%, while express delivery only increased by 0.6%, reflecting market skepticism about the sustainability of the recovery [5]. - **Future Trends in Container Shipping**: Container shipping rates have shown a downward trend in July, with expectations of continued pressure in August due to high base effects and tariff impacts. The overall volume is expected to stabilize, but rates may continue to decline [12]. - **Air Cargo Market Dynamics**: The air cargo market is expected to maintain low supply levels, particularly for long-haul routes, while domestic airlines are enhancing their logistics capabilities. Positive outcomes from U.S.-China negotiations could serve as a catalyst for growth [30]. - **Investment Recommendations for Airport Stocks**: The airport sector is advised to focus on companies with stable earnings and high dividend yields, especially in light of recent performance and potential geopolitical events that could impact market conditions [15][31]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the express delivery and logistics industry.

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 本聯合公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約，亦 非在任何司法管轄區招攬任何投票或批准。 本聯合公告不會在構成違反任何司法管轄區相關法律的情況下於或向有關司法管 轄區發佈、刊發或派發。 廣東東陽光藥業股份有限公司 SUNSHINE LAKE PHARMA CO ., LTD . (2) 就零碎股安排委聘代理人 要約人的財務顧問 （ 一間於中華人民共和國註冊成立的有限公司 ） 宜昌東陽光長江藥業股份有限公司 YICHANG HEC CHANGJIANG PHARMACEUTICAL CO ., LTD . （ 在中華人民共和國註冊成立之股份有限公司 ） （股份代號：6887） （股份代號：1558） 聯合公告 以吸收合併宜昌東陽光長江藥業股份有限公司之方式 由廣東東陽光藥業股份有限公司 對宜昌東陽光長江藥業股 ...