Core Viewpoint - A strategic partnership has been established between Hai Zheng Animal Health and Zhongyu Pet Food to jointly create a pet food enterprise in Taizhou, Zhejiang, focusing on technology collaboration, standardized production, and resource sharing [4][11]. Group 1: Partnership Details - The two companies plan to establish a joint venture named Zhejiang Hai Zheng Zhongyu Animal Nutrition Technology Co., Ltd., with a registered capital of 50 million yuan [5][12]. - Hai Zheng will contribute 30 million yuan for a 60% stake, while Zhongyu will invest 20 million yuan for a 40% stake [6][12]. - Hai Zheng will also contribute its 100% equity in Hai Zheng Nutrition Technology, valued at approximately 9.93 million yuan, along with an additional cash investment of 2.01 million yuan [6][13]. Group 2: Investment and Financing - The total expected investment for the construction project is over 230 million yuan, with an approved investment amount of 204.26 million yuan [7][14]. - Of the total investment, 100 million yuan will be contributed by shareholders, while the remaining amount will be supplemented by commercial loans [7][14]. - The joint venture may increase its capital contributions based on project progress, with both companies expected to contribute according to their respective ownership stakes [7][14].

每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 （记者 王晓波） 每经AI快讯，海正药业1月12日晚间发布公告称，公司第十届第十二次董事会会议于2026年1月12日以 通讯方式召开。会议审议了《关于浙江海正动物保健品有限公司与中誉宠物食品（漯河）有限公司共同 投资设立合资公司的议案》等文件。 ...

Group 1 - The animal vaccine sector experienced a decline of 0.04%, ranking among the top losers in the concept sector, with notable declines from companies such as Hengtong Co., BioShares, and Kanghua Bio [1] - Among the animal vaccine stocks, 9 companies saw price increases, with Dongfang Bio, KQ Bio, and Haili Bio leading the gains at 2.23%, 0.87%, and 0.77% respectively [1] - The sector faced a net outflow of 212 million yuan from main funds, with 14 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, led by Roniu Mountain with a net outflow of 82.38 million yuan [2] Group 2 - The top stocks with net outflows included BioShares, Hengtong Co., and Kanghua Bio, with net outflows of 41.91 million yuan, 41.77 million yuan, and 24.74 million yuan respectively [2] - Conversely, the stocks with the highest net inflows were Dabeinong, Haili Bio, and Guoyao Modern, with net inflows of 32.76 million yuan, 6.20 million yuan, and 3.24 million yuan respectively [2] - The trading data indicated that Roniu Mountain had a trading rate of 8.05% and a price drop of 1.05%, while Dongfang Bio had a trading rate of 1.46% and a price increase of 2.23% [3]

浙江海正药业股份有限公司（以下简称"公司"）第十届董事会第十二次会 议于 2026 年 1 月 12 日（周一）以通讯方式召开，应参加会议董事 9 人，亲自参 加会议董事 9 人。本次会议的召开程序符合《公司法》和《公司章程》的规定， 会议合法有效。本次会议由公司董事长肖卫红先生主持，经审议，与会董事以通 讯表决方式通过了如下决议： 一、关于浙江海正动物保健品有限公司与中誉宠物食品（漯河）有限公司 共同投资设立合资公司的议案； 公司控股子公司浙江海正动物保健品有限公司（以下简称"海正动保"）为 抓住市场机遇、加速完善动物健康非药领域的战略布局，于 2025 年 12 月 15 日 在椒江设立了全资子公司浙江海正动物营养科技有限公司（以下简称"海正营养 科技"）。基于中誉宠物食品（漯河）有限公司（以下简称"中誉宠食"）在全球 宠物食品领域的领先地位，为增进海正动保在动保领域的全面布局，依托双方资 源优势与核心能力，搭建长期稳定的宠物食品战略合作平台，同意海正动保与其 战略合作方中誉宠食共同出资设立合资公司并签署相关合资协议，具体情况如下： （一） 中誉宠食基本情况 证券代码：600267 证券简称：海正药业 公 ...

Group 1 - The company announced that its subsidiary, Haizheng Dongbao, plans to establish a joint venture with Zhongyu Pet Food, named Zhejiang Haizheng Zhongyu Animal Nutrition Technology Co., Ltd, with a registered capital of 50 million yuan [1] - Haizheng Dongbao will contribute 30 million yuan for a 60% stake, while Zhongyu Pet Food will invest 20 million yuan for a 40% stake [1] - The joint venture will focus on the pet prescription food business, and both parties have made provisions regarding capital increase and corporate governance [1] Group 2 - The company's wholly-owned subsidiary, Zhejiang Lunsing Synthetic Biotechnology Co., Ltd, has initiated an "Industrialization Synergy Upgrade Project" with a total investment of 497 million yuan [1] - The project is applying for a loan of 334 million yuan and has a construction period of 4 years [1]

Core Viewpoint - The stock price of Zhejiang Hai Zheng Pharmaceutical Co., Ltd. has shown a positive trend, with a year-to-date increase of 7.38% and a recent uptick in trading activity, indicating potential investor interest and market confidence in the company's performance [2]. Group 1: Stock Performance - As of January 8, the stock price increased by 2.02%, reaching 10.62 CNY per share, with a trading volume of 1.11 billion CNY and a turnover rate of 0.88%, resulting in a total market capitalization of 12.732 billion CNY [1]. - The stock has experienced a 7.49% increase over the last five trading days and a 2.02% increase over the last 20 days [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 7.923 billion CNY, reflecting a year-on-year growth of 0.61%, while the net profit attributable to shareholders decreased by 10.55% to 461 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.726 billion CNY, with 445 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 54,400, a rise of 5.04%, with an average of 22,041 circulating shares per shareholder, which is a decrease of 4.79% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 28.6504 million shares, an increase of 6.1171 million shares compared to the previous period [3].

Core Viewpoint - Zhejiang Borui Biopharmaceutical Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to provide comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3]. Financial Performance - The company reported revenues of RMB 1.26 billion, RMB 1.62 billion, and RMB 1.38 billion for the years 2023, 2024, and the first nine months of 2025, respectively [5]. - The net profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million, with gross profit margins of 82.2%, 79.2%, and 74.4% [5]. - The company has eight commercialized products, including two innovative and six mature products, and ranked first among Chinese pharmaceutical companies in revenue from biologics for autoimmune diseases for two consecutive years starting in 2023 [3][5]. Company Background - Borui Biopharmaceutical was restructured from the biopharmaceutical division of Haizheng Pharmaceutical in January 2019 and is characterized as a fully integrated biopharmaceutical company [3]. - The board of directors consists of nine members, including two executive directors, four non-executive directors, and three independent non-executive directors, with key leadership including Chairman Xiao Suining and CEO Liu Min [8]. Investment and Valuation - The company has completed three rounds of financing from 2019 to 2022, with the latest round valuing the company at RMB 13.5 billion [5].

Core Viewpoint - Zhejiang Haizheng Pharmaceutical Co., Ltd. announced that its subsidiary, Zhejiang Borui Biopharmaceutical Co., Ltd., has submitted an application for an initial public offering (IPO) of H-shares to the Hong Kong Stock Exchange on January 6, 2026 [1][2]. Group 1: Company Overview - Borui Biopharmaceutical is a leading biopharmaceutical company in China focused on immunotherapy, with integrated capabilities in research, production, and sales [2]. - The company aims to provide comprehensive immunotherapy solutions for patients with autoimmune diseases, inflammatory diseases, tumor immunology diseases, and malignancies caused by immune system disorders [2]. - Borui Biopharmaceutical has established a competitive portfolio of immunotherapy products, including eight commercialized products and several innovative drug candidates in development [2]. Group 2: Market Position - According to Frost & Sullivan, Borui Biopharmaceutical has ranked first in market share in the biopharmaceutical sector for autoimmune diseases in China based on sales revenue for two consecutive years starting in 2023 [2]. - The company holds a 39.62% stake in Borui Biopharmaceutical as of the date of the announcement [2]. Group 3: Regulatory Approval - The IPO application is subject to approval from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, and the Hong Kong Stock Exchange, indicating that there is uncertainty regarding the outcome [3]. - The application materials submitted are in draft form and may be updated or changed as required by regulatory authorities [2][3].

Company Overview - Zhejiang BoRui Biopharmaceutical Co., Ltd. is a leading integrated biopharmaceutical company in China, focusing on providing comprehensive immunotherapy solutions for patients with autoimmune and inflammatory diseases, as well as tumor immunology diseases [3] - The company has ranked first among Chinese pharmaceutical companies in terms of revenue from biological agents for autoimmune diseases for two consecutive years starting in 2023, according to Frost & Sullivan [3] - BoRui Biopharmaceutical strategically focuses on immunotherapy, utilizing immune science to regulate immune function and address diseases where immune dysregulation plays a critical role [3] Product Portfolio - The innovative product lineup includes the first-in-class IL-17A/F inhibitor Beijiele (Bicizumab), China's first and only innovative CD20 monoclonal antibody Anruixi (Zebetomab), and BR2251, a potential first-in-class gout drug with a differentiated mechanism of action [4] - The company has established one of the most competitive and comprehensive immunological product portfolios in the industry, supported by eight commercialized products and a pipeline of innovative candidates [4] Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, the company reported revenues of approximately RMB 1.257 billion, RMB 1.623 billion, and RMB 1.379 billion, respectively [5] - The profit attributable to equity shareholders for the same periods was RMB 19.01 million, RMB 91.30 million, and RMB 121.84 million, respectively [6] - The gross profit margins for the fiscal years were 82.2%, 79.2%, and 74.4% [8] Industry Overview - The autoimmune disease market is one of the fastest-growing sectors in the global pharmaceutical market, with a projected compound annual growth rate (CAGR) of 21.9%, expanding from RMB 174 billion in 2020 to RMB 328 billion by 2024, and expected to reach RMB 2,899 billion by 2035 [10] - The market for biological agents in autoimmune diseases is also rapidly expanding, with a CAGR of 42.5%, expected to grow from RMB 42 billion in 2020 to RMB 171 billion by 2024, and projected to reach RMB 2,126 billion by 2035 [10] - The tumor immunology market is anticipated to grow from RMB 148 billion in 2020 to RMB 293 billion by 2024, with a CAGR of 18.5%, and is expected to further expand to RMB 4,954 billion by 2035, driven by the approval of innovative therapies [13] Shareholding Structure - As of December 29, 2025, the company's equity is held by PAG Highlander and Haizheng Pharmaceutical, owning 44.62% and 39.62% of the shares, respectively [21]

Core Viewpoint - Haizheng Pharmaceutical (600267) announced that its associate company, Zhejiang Borui Biopharmaceutical Co., Ltd. (Borui Biopharma), has submitted an application for an initial public offering (IPO) of H-shares on the Hong Kong Stock Exchange on January 6 [2]. Group 1 - Haizheng Pharmaceutical holds a 39.62% stake in Borui Biopharma as of the announcement date [2]. - The IPO application materials were published on the Hong Kong Stock Exchange website on the same day [2].