Core Viewpoint - Zhejiang Medicine (600216) plans to spin off its subsidiary Zhejiang Xima Bio-Pharmaceutical Co., Ltd. for a listing on the Hong Kong Stock Exchange, with the board having approved the preparatory work [1] Group 1: Spin-off Details - The spin-off is currently in the preliminary planning stage, and specific plans have not yet been formed, indicating uncertainty [1] - The spin-off will not result in Zhejiang Medicine losing control over Xima Bio, nor will it adversely affect the operational development of other business segments or the overall profitability of the company [1] Group 2: Impact on Company Structure - The spin-off will not harm the independent listing status of Zhejiang Medicine [1]

Group 1 - Zhejiang Pharmaceutical plans to spin off its subsidiary, Zhejiang Xima Biotechnology Co., Ltd., for a listing on the Hong Kong Stock Exchange [1] - The spin-off aims to enhance the development of the biopharmaceutical sector, broaden financing channels, and improve overall profitability and core competitiveness of Zhejiang Pharmaceutical [1] - The spin-off will not result in Zhejiang Pharmaceutical losing control over Xima Biotechnology and will not adversely affect other business segments or the company's overall profitability [1] Group 2 - Xima Biotechnology focuses on the research and production of biopharmaceuticals and is the R&D mainstay of Zhejiang Pharmaceutical's biopharmaceutical sector [2] - In early November, Xima Biotechnology completed a strategic acquisition of all preclinical pipelines and corresponding platform technology patents from Shanghai New Concept Biotechnology Co., Ltd., enhancing its R&D capabilities [2] - The acquisition brought in Dr. Han Nian, a scientist with nearly 30 years of experience in the biopharmaceutical industry, to serve as Chief Scientific Officer, strengthening Xima Biotechnology's expertise in drug development [2]

Group 1 - The Ministry of Commerce of China and the European Commission discussed semiconductor supply chain issues, emphasizing the need for constructive communication between ASML Netherlands and ASML China to stabilize the global semiconductor supply chain [2] - Vanke faced a significant decline in both stock and bond markets, with some bonds dropping over 35% and the stock price nearing historical lows, prompting a meeting regarding bond extension [2] - The Chinese government instructed domestic airlines to reduce flights to Japan before March 2026, reflecting ongoing diplomatic tensions [3] Group 2 - Six departments in China released a plan to enhance the adaptability of consumer goods supply and demand, aiming for a significant optimization of the supply structure by 2027 [3] - The National Development and Reform Commission announced a new management method for credit repair, effective from April 2026, categorizing dishonest information into three levels [3] - The A-share market saw fluctuations, with the Shanghai Composite Index closing down 0.15%, while the Shenzhen Component Index and the ChiNext Index recorded gains [4] Group 3 - Li Auto reported a 36.2% year-on-year decline in Q3 revenue, with an adjusted net loss of 360 million yuan, and projected a further decline in Q4 revenue [5] - The insurance sector welcomed new funds into long-term investment trials, with a new private equity fund entering operation [4] - The Chinese Nonferrous Metals Industry Association opposed the zero or negative processing fees in the copper smelting industry, calling for better management of copper smelting capacity [8] Group 4 - The medical device market in China is expected to reach 1.22 trillion yuan by 2025, with a significant increase in the number of production enterprises [9] - The financial support plan in Guangdong aims to facilitate industry chain integration and improve the quality of listed companies [8] - The Hong Kong stock market saw a net sell-off of 39.52 billion HKD by southbound funds, with notable movements in major tech stocks [4]

Focus 1: Jianlong Micro-Nano (688357) - The company has terminated the planning of a major asset restructuring, which was intended to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity [1] Focus 2: Industrial Fulian - The company has adjusted the maximum repurchase price for its shares from 19.36 yuan per share to 75.00 yuan per share, reflecting confidence in its future development and market conditions [2] Focus 3: *ST Dongtong - The company received a prior notice from the Shenzhen Stock Exchange regarding the proposed termination of its stock listing [3] Focus 4: Fundraising & Restructuring - Aolaide plans to raise up to 299.71 million yuan through a simplified procedure for issuing shares to specific targets, with proceeds allocated for OLED display core material production and working capital [4] - Maigemi has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific targets, meeting all necessary conditions [4] - Su Yan Jingshen has also received approval for its share issuance application, pending final registration with the China Securities Regulatory Commission [4] Focus 5: Important Matters - Baiao Chemical's major shareholders are transferring a total of 10% of the company's shares to Liu Hongjun, resulting in him holding 10% of the total share capital post-transfer [5][6] - Zhejiang Pharmaceutical is planning to spin off its subsidiary for a listing on the Hong Kong Stock Exchange, which will not affect its control over the subsidiary [6] - Huafeng Aluminum is acquiring 100% of Shanghai Huafeng Puen Polyurethane Co., Ltd. for 100.06 million yuan, which will enhance its operational efficiency and market competitiveness [7] Focus 6: New Investments - Fuda Co. is establishing a wholly-owned subsidiary with an investment of 30 million yuan to enhance its forging business and related manufacturing capabilities [8] - Jianghai Co. is forming a joint venture to establish an innovation research institute with a registered capital of 50 million yuan, focusing on strategic technology research [9][10] Focus 7: Capital Market Activities - Zhongshan Bank has issued 60 billion yuan of subordinated debt with a fixed interest rate of 2.16% for a term of 10 years [17] - China Iron and Steel Group plans to increase its stake in China Iron and Steel Co. by investing between 65 million and 130 million yuan over the next six months [18]

（编辑 任世碧） 证券日报网讯 11月26日晚间，浙江医药发布公告称，根据2025年11月13日召开的公司2025年第一次临 时股东会的授权，公司于2025年11月26日召开了第十届九次董事会会议，审议通过了《关于向2025年限 制性股票激励计划激励对象授予限制性股票议案》，公司2025年限制性股票激励计划设定的激励对象获 授限制性股票的条件已经成就，确定以2025年11月26日为授予日，向875名激励对象授予1，028.4000万 股限制性股票，授予价格为7.30元/股。 ...

证券日报网讯 11月26日晚间，浙江医药发布公告称，公司于2025年11月26日召开第十届九次董事会会 议，审议通过了《关于筹划控股子公司分拆上市的议案》，公司拟筹划分拆控股子公司浙江新码生物医 药有限公司于香港联合交易所有限公司上市。 （编辑 任世碧） ...

公告显示，新码生物是浙江医药的控股子公司，主要致力于生物制品的研发生产，是浙江医药药品生物 制剂板块的研发主体，具备从基因工程构建、细胞培养、毒素合成、ADC偶联、制剂灌装、临床前研 究和临床研究方面的经验和能力。 北京商报讯（记者 丁宁）11月26日晚间，浙江医药（600216）发布公告称，为更好地促进浙江医药药 品生物制剂板块的发展，充分发挥资本市场优化资源配置的作用，拓宽融资渠道，从而提升公司整体的 盈利能力和核心竞争力，公司拟筹划分拆控股子公司浙江新码生物医药有限公司（以下简称"新码生 物"）于香港联交所上市。 ...

Core Viewpoint - Zhejiang Pharmaceutical plans to spin off its subsidiary, Zhejiang Xima Biopharmaceutical Co., Ltd., for a listing on the Hong Kong Stock Exchange to enhance its biopharmaceutical segment and overall profitability [1][2] Group 1: Spin-off Details - The spin-off is currently in the preliminary planning stage, with no specific plan finalized yet, indicating uncertainty [1] - The purpose of the spin-off is to promote the development of the biopharmaceutical segment, broaden financing channels, and enhance the overall profitability and core competitiveness of Zhejiang Pharmaceutical [1][2] - The spin-off will not result in Zhejiang Pharmaceutical losing control over Xima Biopharmaceutical, nor will it adversely affect the operations or profitability of other business segments [1] Group 2: Xima Biopharmaceutical Overview - Xima Biopharmaceutical is a key subsidiary focused on the research and production of biopharmaceuticals, with capabilities in gene engineering, cell culture, toxin synthesis, and clinical research [2] - In November, Xima Biopharmaceutical completed a strategic acquisition of all preclinical pipelines and related platform technology patents from Shanghai New Concept Biopharmaceutical Technology Co., Ltd., enhancing its management team and research pipeline [2] - The acquisition brought in Dr. Han Nian, a scientist with nearly 30 years of experience in the biopharmaceutical R&D field, who will serve as the Chief Scientific Officer, adding valuable expertise in antibody-drug conjugates (ADC) [2]

Core Viewpoint - Zhejiang Medicine (600216.SH) plans to spin off its subsidiary Zhejiang Xima Biopharmaceutical Co., Ltd. for a listing on the Hong Kong Stock Exchange to enhance the development of its biopharmaceutical segment and improve overall profitability and core competitiveness [1] Group 1 - The spin-off aims to better utilize capital market resources and broaden financing channels [1] - The proposed listing will not result in the loss of control over Xima Biopharmaceutical by Zhejiang Medicine [1] - The spin-off is not expected to adversely affect the operations of other business segments or the overall profitability of the company [1]

浙江医药（600216）(600216.SH)发布公告，为更好地促进公司药品生物制剂板块的发展，充分发挥资 本市场优化资源配置的作用，拓宽融资渠道，从而提升公司整体的盈利能力和核心竞争力，公司拟筹划 分拆控股子公司浙江新码生物医药有限公司(简称"新码生物")于香港联合交易所有限公司(简称"香港联 交所")上市。 本次分拆上市事项如若实施，不会导致公司丧失对新码生物的控制权，不会对公司其他业务板块的经营 发展和公司整体的持续盈利能力造成重大不利影响，不会损害公司的独立上市地位。 ...