Group 1 - China Medical plans to acquire 70% equity of Zezheng Pharmaceutical for 525 million yuan to enhance its R&D capabilities in the pharmaceutical sector [1] - Hongchang Electronics has commenced production of its functional high-end copper-clad laminate electronic materials project [2] - China State Construction has secured multiple major projects totaling 32.09 billion yuan, which represents 1.5% of its audited revenue for 2024 [3] Group 2 - China Resources Double Crane has established an industrial fund with a committed investment of 83 million yuan, targeting a total fundraising goal of 500 million yuan [4] - Pinggao Electric and its subsidiaries have won state grid procurement projects worth approximately 876 million yuan, accounting for 7.06% of its 2024 revenue [5] - Dong'an Power received a government subsidy of 2.47 million yuan, with 1.47 million yuan related to assets and 1 million yuan related to income [6] Group 3 - Nantian Information has paid overdue taxes and penalties totaling 50.31 million yuan, which will impact its net profit for 2025 [7] - Erli Six has changed its investment plan to establish a wholly-owned subsidiary in Hong Kong for submarine cable business with an investment of 320 million yuan [8] - Dream Lily plans to invest 170 million yuan in an e-commerce warehouse project at its East US factory [9] Group 4 - Shen Shen Fang A's controlling shareholder has terminated the agreement to transfer 7.07% of the company's shares to Dongfang Asset, with no change in control [10] - Tianfu Culture has signed strategic cooperation framework agreements with various cultural and tourism bureaus to promote film and tourism integration [11] - Jinzi Tianzheng's chairman has resigned due to work adjustments, but will continue to fulfill his duties until a new chairman is elected [12] Group 5 - Jiangshan Oupai and its subsidiaries received government subsidies totaling 10.04 million yuan, with 7.51 million yuan related to income [13] - Ninghu Expressway plans to increase its investment in Jiangsu Danjin Expressway Co., Ltd. by 128 million yuan to support highway construction [14] - Jiangyin Bank has received approval for the qualifications of its employee director and vice president [15] Group 6 - Aoxiang Pharmaceutical has received approval for the listing application of two chemical raw materials [16] - Daye Co. has not yet commenced mass production of its robotic tendon products, with ongoing uncertainties in technology and profitability [17] - Rongsheng Environmental has proposed a cash dividend of 3.8 yuan per 10 shares, totaling approximately 97.36 million yuan [19] Group 7 - Yunyi Electric plans to invest 66 million USD in Morocco to establish a wholly-owned subsidiary and production base [20] - Derun Electronics has reached an agreement regarding the delayed payment of 100 million yuan in equity transfer funds [21] - Baihua Pharmaceutical is planning a change in control, leading to a continued suspension of its stock [22] Group 8 - CITIC Bank's executive director and president has resigned due to work adjustments [23] - Haizike's subsidiary has received acceptance for clinical trial applications for two innovative drugs [24] - Tianrun Dairy's subsidiaries received government subsidies totaling 21.53 million yuan, representing 49.32% of its net profit for 2024 [25] Group 9 - Andisou plans to issue 398 million A-shares at 7.54 yuan per share, raising a total of 3 billion yuan [26][27] - Fuda Co. has completed the transfer of its 50% stake in a joint venture, which is expected to positively impact its 2025 financial results [28] - Jianghua Micro has received environmental approval for a project to produce 37,000 tons of ultra-pure wet electronic chemicals [29] Group 10 - Nanwang Technology received a government subsidy of 10 million yuan, accounting for 0.66% of its net assets for 2024 [30] - Changgao Electric New has won state grid procurement projects totaling 161 million yuan, representing 9.14% of its 2024 revenue [31] - Huaxin Precision plans to invest up to 600 million yuan of idle funds in low-risk financial products [32] Group 11 - Fuguang Co. received a government subsidy of 1.26 million yuan for basic research projects, which is 13.27% of its net profit for 2024 [33] - Benli Technology has obtained a drug production license, which will help optimize its product structure [34] - Jintuo Co. proposed a cash dividend of 4.1 yuan per 10 shares, totaling approximately 99.48 million yuan [35] Group 12 - Kang Enbei has elected a new chairman and vice chairman during its board meeting [36] - Sanyuan Bio has completed the construction and installation of equipment for the remaining capacity of its 20,000-ton alulose project [38]

Core Viewpoint - China Medical (600056.SH) aims to enhance its comprehensive strength in pharmaceutical R&D innovation by acquiring a 70% stake in Shanghai Zezheng Pharmaceutical Technology Co., Ltd. for RMB 525 million, thereby addressing current R&D system shortcomings and integrating the entire industry chain from R&D to production [1] Group 1 - The acquisition will be funded through the company's own and/or self-raised funds [1] - After the transaction, Zezheng Pharmaceutical will become a wholly-owned subsidiary of China Medical, included in the consolidated financial statements [1] - This move is expected to strengthen the company's capabilities in pharmaceutical R&D, facilitating deep integration in technology, market, and resources [1] Group 2 - The transaction aims to enhance the company's layout in various fields, including generic drug research, improved new drug research, and innovative drug research [1] - The integration is intended to create a collaborative development framework among pharmaceutical R&D, industrial production, and commercial operations [1] - This strategic acquisition is anticipated to further improve the competitiveness of the listed company in the pharmaceutical industry [1]

Group 1 - The core point of the article is that China Medical (600056.SH) announced the acquisition of a 70% stake in Shanghai Zezheng Pharmaceutical Technology Co., Ltd. for a total amount of RMB 525 million [1] - The acquisition was approved during the 34th meeting of the 9th Board of Directors held on December 29, 2025 [1] - Shanghai Zezheng Pharmaceutical, established in 2017, specializes in the research and development of modified new drugs and complex formulations, providing a full range of R&D services including drug research, clinical trials, and registration applications [1]

| 报告编码: | 1111020051202502725 | | | --- | --- | --- | | 合同编号: | 沃克森国际评合同字【2025】第0935号 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 沃克森评报字(2025)第1863号 | | | 报告名称: | 中国医药健康产业股份有限公司拟收购上海则正医药科技股份有 限公司70%股权涉及上海则正医药科技股份有限公司股东全部权益 | | | | 资产评估报告 | | | 评估结论: | 758,838,351.04元 | | | 评估报告日 : | 2025年10月15日 | | | 评估机构名称: | 沃克森(北京)国际资产评估有限公司 | | | 签名人员: | 刘奇龙 正式会员 编号:11190053 | (资产评估师) | | | 裴明明 正式会员 编号:11210290 | (资产评估师) | | | | 刘奇龙、裴明明已实名认可 | 本报告依据中国资产评估准则编制 中国医药健康产业股份有限公司拟收购上海则正医药科技股 份有限公司70%股权涉及上海则正医药科技股份 有限公司股东全部权益 资产评 ...

上海则正医药科技股份有限公司 2022 年度、2023 年度、2024 年度 合并财务报表审计报告 目 录 | 、审计报告 | 1-3 页 | | --- | --- | | 二、审计报告附件 | | | 1、合并资产负债表 | 4-5 页 | | 2、母公司资产负债表 | 6-7 页 | | 3、合并利润表 | 8 页 | | 4、母公司利润表 | 9 页 | | 5、合并现金流量表 | 10 页 | | 6、母公司现金流量表 | 11 页 | | 7、合并所有者权益变动表 | 12-14 贝 | | 8、母公司所有者权益变动表 | 15-17 页 | | 9、财务报表附注 | 18-117 页 | 于证明该审计报告是否由具有执业许可的会计师事 您可使用手机"扫一扫"或进入"注册 计 报 告 in [2025] 京会兴审字第 00130065 号 会计随事务所(약破普 中国医药健康产业股份有限公司: 一、审计意见 我们审计了上海则正医药科技股份有限公司(以下简称上海则正)合并及母 公司财务报表(以下简称财务报表),包括 2022年 12月 31 日、2023 年 12月 31 日、2024年12月31日的合 ...

中国医药健康产业股份有限公司（以下简称"中国医药"或"公司"或"受 让方"）与贺敦伟、吴冬、万康保健有限公司、张炜、嘉兴人合嘉瑞股权投资 合伙企业（有限合伙）、杨振宇、新余人合瑞云投资合伙企业（有限合伙）、 汤旭东、新余人合春润投资合伙企业（有限合伙）、烟台国信则正股权投资 合伙企业（有限合伙）、王清瀚、常州彬复因爱而升创业投资合伙企业（有 限合伙）、张青共 13 名交易对方（以下统称"交易对方"或"转让方"） 签署《关于上海则正医药科技股份有限公司之购买股份协议》，以现金出资 5.25 亿元人民币购买交易对方合计所持上海则正医药科技股份有限公司（以 下简称"则正医药"或"标的公司"）70%股权。 本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 本次交易已经公司第九届董事会第34次会议审议通过，全体董事一致同意 本次交易事项。 根据《上海证券交易所股票上市规则》《公司章程》规定，本次交易无需 提交公司股东会审议批准。 本次交易可能存在研发不及预期、市场竞争加剧、商誉减值、后续内部整 合等风险，敬请广大投资者关注上述可能存在的风险并注意投资风险。 证券代码：600056 证 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、会议召开情况 (一)中国医药健康产业股份有限公司(以下简称"公司")第九届董事会第34次 会议（以下简称"本次会议"）于2025年12月29日以现场结合通讯方式召开，会议由 董事长、总经理杨光先生主持，公司相关高级管理人员列席了本次会议。 (二)本次会议通知于2025年12月21日以邮件、短信、电话或传真的方式向全体 董事发出。 (三)本次会议应出席董事8名，实际出席会议董事8名。 (四)本次会议的召开符合《公司法》及《公司章程》的有关规定，会议决议为 有效决议。 二、会议审议情况 证券代码：600056 证券简称：中国医药 公告编号：临2025-090号 中国医药健康产业股份有限公司 第九届董事会第 34 次会议决议公告 经决议，董事会同意公司收购上海则正医药科技股份有限公司 70%股权及签署 相关协议等事项。具体内容请详见公司在上海证券交易所网站（www.sse.com.cn） 发布的临 2025-091 号《关于购买资产的公告》。 表决结果：同意 8 票；反对 0 票； ...

Core Viewpoint - The company has signed a share purchase agreement to acquire 70% of Shanghai Zezheng Pharmaceutical Technology Co., Ltd. for a cash investment of 525 million RMB, aiming to enhance its capabilities in pharmaceutical R&D innovation and address current shortcomings in its R&D system [1] Group 1: Transaction Details - The total cash investment for the acquisition is 525 million RMB [1] - The transaction involves 13 counterparties who collectively hold the shares being purchased [1] - The acquisition will result in Shanghai Zezheng becoming a wholly-owned subsidiary of the company [1] Group 2: Strategic Objectives - The primary goal of the transaction is to strengthen the company's overall strength in the pharmaceutical R&D innovation sector [1] - The acquisition is intended to bridge the gap in the current R&D system and facilitate a full industry chain from research and development to production [1] - The transaction has been approved by the board of directors and does not require shareholder approval [1]

Core Insights - The article highlights the significant achievements of Heng Rui Medicine, including over 50 billion yuan in cumulative R&D investment, 24 first-class innovative drugs successfully launched, and potential total licensing transaction amounts exceeding 27 billion USD, showcasing the company's growth trajectory and its influence as a national brand on the global stage [1][2]. Group 1: R&D Investment and Innovation - Heng Rui Medicine has maintained a high R&D investment intensity, with R&D expenditure accounting for 29.4% of sales revenue in 2024, consistently above 20% for several years, leading to a cumulative investment exceeding 50 billion yuan [2]. - The company has achieved substantial results, with 24 first-class innovative drugs and 5 second-class new drugs approved for market launch in the past year, alongside over 100 self-innovative products in clinical development and more than 400 clinical trials globally [2][3]. - Heng Rui has established a comprehensive technology platform covering mainstream and new molecular models, including PROTAC, ADC, and multi-specific antibodies, and is exploring AI drug development [2]. Group 2: Internationalization and Market Expansion - Since 2020, Heng Rui has completed 15 licensing transactions with a potential total transaction value exceeding 27 billion USD, including 5 transactions in 2025, indicating global recognition of its R&D capabilities and product pipeline [3]. - The company has conducted over 20 international clinical trials in regions such as the US, Europe, and Australia, with 4 ADC innovative drugs receiving FDA fast track designation and 5 innovative drugs recognized as orphan drugs [3]. - Heng Rui's products are now registered in over 40 countries, with more than 20 registration approvals in major regulatory markets like Europe, the US, and Japan, illustrating the expansion of its influence [3]. Group 3: Contribution to Industry Transformation - Heng Rui's impact extends beyond data and transactions; it has contributed to the transformation of the Chinese pharmaceutical industry from "generic" to "innovation," establishing a systematic and sustainable development path [4]. - The company has created a complete innovation system from target discovery to clinical development and commercialization, serving as an industry benchmark and fostering a self-reinforcing innovation ecosystem [4]. - The recognition of Heng Rui as the "Annual Pharmaceutical Industry Influence Brand" reflects its commitment to creating commercial value while growing alongside society, users, and the industry [4]. Group 4: Future Outlook - As the Chinese pharmaceutical industry transitions from "catching up" to "leading" in certain areas, Heng Rui Medicine's dual strategy of innovation and internationalization has begun to show results, although the journey is just beginning [5].

Group 1: Industry Overview - The Chinese innovative drug industry is experiencing a significant recovery in 2025, with record high external BD totals and an increase in the number of drug approvals [1][2] - Despite the positive trends, there are concerns about the sustainability of the market, high valuations of some companies, and the potential for structural differentiation in the industry [2][3] Group 2: IPO Market - The IPO market for innovative drug companies has seen a resurgence, with many firms successfully listing on the Hong Kong stock exchange and exceeding fundraising expectations [3][4] - However, the market experienced a downturn in December, with initial public offerings facing challenges such as market sentiment cooling and stricter regulatory scrutiny [4] Group 3: Commercial Insurance and Drug Pricing - The introduction of a commercial insurance directory for innovative drugs aims to address the payment challenges associated with high-priced therapies, with 24 drugs participating in price negotiations [4][5] - The negotiated price reductions for these drugs range from 15% to 50%, but the effectiveness of this new payment model in promoting clinical use remains to be seen [5] Group 4: BD Opportunities and Challenges - The trend of significant BD transactions continues, with companies like 3SBio and Innovent Biologics leading the way, prompting speculation about the next major BD opportunities [6][7] - There is a growing concern about the legal risks associated with BD transactions, as the industry may face an increase in litigation related to these deals [8] Group 5: Future Prospects and Uncertainties - Key questions remain regarding the future of companies like Summit, including potential acquisitions and the performance of their clinical trials [9][10] - The domestic vaccine sector is struggling, with significant declines in stock prices and ongoing challenges related to product differentiation and commercialization [11] - Geopolitical factors continue to pose risks to the innovative drug sector, with ongoing uncertainties regarding regulatory policies and market access [12] Group 6: Unexpected Developments - Some biotech companies have made surprising decisions, such as the acquisition of Lixte Biotechnology by China National Pharmaceutical Group, which deviated from expectations of an independent IPO [13][14] - The sudden dissolution of Run Biotech highlights the high-risk nature of the industry and the challenges of balancing short-term financial returns with long-term innovation [15]