Core Viewpoint - Dongyangguang Yangtze Pharmaceutical is progressing towards a merger with Dongyangguang Pharmaceutical, with two out of three prerequisite conditions met for the final merger [1] - The company has submitted a listing application to the Hong Kong Stock Exchange, indicating a clear path for its upcoming market entry [1] - Investor confidence is reflected in the significant increase in shareholding by Hong Kong Stock Connect funds, rising from 11.99% to 33.93% since September 2022, with a market value exceeding 3 billion HKD [1] Group 1: Merger and Market Position - Dongyangguang Pharmaceutical's upcoming listing is seen as a high-value investment opportunity in the biopharmaceutical sector, attracting significant interest from investors [4] - The company has established itself as a leading innovative pharmaceutical enterprise in China, focusing on differentiated innovation to meet clinical needs [5][8] Group 2: Research and Development - Dongyangguang Pharmaceutical has a robust R&D platform with over 1,100 professionals, covering the entire drug development lifecycle [5][6] - The company currently has 150 drugs on the market and over 100 in development, including 49 first-class innovative drugs [6] - The company has filed 2,446 invention patents, with 1,401 granted, ranking first among domestic pharmaceutical companies in patent filings from 2014 to 2023 [6] Group 3: Financial Performance - The company has shown significant revenue growth, with projected revenues of 38.14 billion CNY, 63.86 billion CNY, and 40.19 billion CNY from 2022 to 2024, maintaining a gross margin above 76% [10] - In 2023, the company achieved a net profit of 1.014 billion CNY, with a net profit margin of 15.9% [10] - R&D investment is expected to reach 493 million CNY in 2024, a year-on-year increase of 156.62% [10] Group 4: Product Pipeline and Market Strategy - The company is focusing on three key therapeutic areas: infections, chronic diseases, and oncology, with a diverse product portfolio [10][11] - Dongyangguang Pharmaceutical has established a strong sales network covering 32 provincial regions in China and is expanding into international markets [12] - The company has secured significant licensing agreements, including a $938 million deal with Apollo Therapeutics for its FGF21/GLP-1 dual-specific fusion protein [8][9]

Group 1 - China Biopharmaceutical announced a significant outbound licensing deal as part of its strategic goals for the year, aiming to enhance international revenue and initiate a second growth curve [1] - The company has multiple assets with outbound licensing potential, including PDE3/4, HER2 bispecific antibodies, HER2 ADC, FGF21, EGFR/cMET ADC, fourth-generation EGFR, and early-stage projects like oral GLP-1 and PDE4b, which have shown high commercial value in the global pharmaceutical market [1] Group 2 - Dongyang Sunshine Pharmaceutical submitted its IPO application to the Hong Kong Stock Exchange, with CICC as the sole sponsor, focusing on infection, chronic diseases, and oncology treatment areas [2] - The company has a product matrix of 150 approved drugs across various countries, with 48 sold in China and 23 in overseas markets, indicating potential for accelerated international expansion [2] Group 3 - Heyu Pharmaceutical's new drug application for pimicotinib, a selective small molecule inhibitor for TGCT, has been accepted by the NMPA, marking the company's first project entering the NDA approval process [3] - Pimicotinib has demonstrated good clinical efficacy, safety, and tolerability in multiple clinical trials, and its approval could fill a gap in the treatment of TGCT, enhancing the company's innovative competitiveness [3] Group 4 - Tianxing Medical's IPO application on the Sci-Tech Innovation Board has been terminated due to the withdrawal of its sponsor, despite having a complete matrix of 47 approved sports medicine products, including 11 that are the first of their kind in China [4] - The termination of the IPO reflects potential challenges in research, commercialization, and the overall difficulties faced by innovative medical device companies in the listing process [4]

Core Viewpoint - Dongyang Sunshine Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Group 1: Company Overview - Dongyang Sunshine Pharmaceutical is a comprehensive pharmaceutical company focused on the research, production, and commercialization of drugs, particularly in the fields of infection, chronic diseases, and oncology [3] - The company has developed a diverse and robust product portfolio, with 150 approved drugs across various countries and regions, including China, the United States, and Europe [5] Group 2: Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, Dongyang Sunshine's revenue from anti-infection drugs was approximately RMB 3.242 billion, RMB 5.746 billion, and RMB 2.798 billion, accounting for 85.0%, 90.0%, and 69.6% of total revenue, respectively [3] - The revenue from chronic disease treatment drugs for the same periods was RMB 517 million, RMB 581 million, and RMB 1.068 billion, representing 13.6%, 9.1%, and 26.6% of total revenue, respectively [3] - The company's total revenue for the fiscal years 2022, 2023, and 2024 was approximately RMB 3.814 billion, RMB 6.386 billion, and RMB 4.019 billion, with gross profits of RMB 2.922 billion, RMB 5.077 billion, and RMB 3.059 billion, respectively [6] Group 3: Market Presence - As of June 4, 2025, Dongyang Sunshine sold 48 drugs in China and 23 drugs in overseas markets, with revenue from China being RMB 3.753 billion, RMB 6.336 billion, and RMB 3.881 billion for the years 2022, 2023, and 2024, respectively, accounting for 98.4%, 99.2%, and 96.6% of total revenue [4] - The company has engaged in research and development collaborations with overseas partners, generating overseas revenue of RMB 60.4 million, RMB 49.7 million, and RMB 138.4 million for the same periods, representing 1.6%, 0.8%, and 3.4% of total revenue, respectively [4]

Group 1 - Guangdong Dongyangguang Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is China International Capital Corporation (CICC) [1]

东阳光药业是一家综合性制药公司，主要从事药物的研发、生产和商业化。公司战略性地专注于感染、 慢病及肿瘤等治疗领域，在中国生产药物并主要在中国销售药品。截至最后实际可行日期，公司在中国 销售48款药物，并在海外市场销售23款药物。 6月11日，广东东阳光药业股份有限公司（以下简称"东阳光药业"）向港交所提交上市申请书，独家保 荐人为中国国际金融香港证券有限公司。 然而，公司目前面临两大主要风险：首先，公司收入和盈利能力过度依赖抗流感药物可威®（磷酸奥司 他韦）。2022-2024年，磷酸奥司他韦的销售额分别占公司总收入的81.2%、86.9%和64.2%。其次，可 威®的销售受流感发病率影响显著且具有明显的季节性，导致公司收入波动较大。例如，2024年由于中 国流感发病率下降，公司可威®销售额较2023年大幅下滑。 公司拥有完善的研发平台和生产体系。公司拥有超过1,100名研发人员，研发平台覆盖化学药及生物药 完整生命周期。公司的生产设施已获得中国、美国和欧洲的GMP认证，拥有四处生产基地，总建筑面 积约301,160平方米，设有16个主要生产车间。公司在中国抗病毒药物市场占据领先地位，以销售收入 计过去五年在 ...

6月9日，截至港股收盘，恒生指数上涨1.63%，报24181.43点。东阳光长江药业（01558.HK）收报14.3 港元/股，上涨9.49%，成交量2908.02万股，成交额4.07亿港元，振幅8.12%。 最近一个月来，东阳光长江药业累计涨幅1.56%，今年来累计涨幅36.61%，跑赢恒生指数18.61%的涨 幅。 财务数据显示，截至2024年12月31日，东阳光长江药业实现营业总收入37.24亿元，同比减少40.84%； 归母净利润4.83亿元，同比减少75.78%；毛利率75.03%，资产负债率31.55%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，药品及生物科技行业市盈率（TTM）平均值为4.17倍，行业中值5.82倍。东阳光长江药 业市盈率22.05倍，行业排名第51位；其他大健康国际（02211.HK）为0.56倍、精优药业（00858.HK） 为0.68倍、金斯瑞生物科技（01548.HK）为1.38倍、东瑞制药（02348.HK）为3.03倍、正大企业国际 （03839.HK）为3.14倍。 资料显示，宜昌东阳光长江药业股份有限公司前身为宜昌长江药业有限公司(以下简 ...

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, with continuous validation of industrial logic, suggesting active investment opportunities [4] - The fluorochemical industry chain has entered a long-term prosperity cycle, with significant growth potential across various segments, including refrigerants and high-end fluorinated materials [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorochemical index increased by 4.23% during the week of June 2 to June 6, outperforming the Shanghai Composite Index by 3.10% [5][22] - The average price of 97% wet fluorite was 3,387 CNY/ton, down 3.09% week-on-week, while the average for June was 3,416 CNY/ton, down 9.85% year-on-year [6][29] 2. Refrigerant Market Trends - As of June 6, 2025, the prices for various refrigerants are as follows: R32 at 51,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 48,500 CNY/ton, R410a at 48,500 CNY/ton, and R22 at 36,000 CNY/ton, with most prices stable compared to the previous week [7][18] - The market is seeing a significant increase in demand for refrigerants post-Duanwu Festival, with prices expected to rise further in June [19] 3. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [9][20]

管理人名称：宁波勇诚资产管理有限公司 证券代码：600673 证券简称：东阳光 编号：临 2025-39 号 债券代码：242444 债券简称：25 东科 01 广东东阳光科技控股股份有限公司 关于参与设立创业投资基金的进展公告 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、 对外投资概述 广东东阳光科技控股股份有限公司（以下简称"公司"或"东阳光"）与关 联方深圳东阳光科技创业投资有限公司（以下简称"东阳光创投"）、非关联方宁 波城投赋甬股权投资合伙企业（有限合伙）（以下简称"宁波城投"）、宁波勇诚 资产管理有限公司（以下简称"宁波勇诚"）、禤慧宁、王滨、梁相炳共同出资设 立宁波勇诚东阳光创业投资基金合伙企业（有限合伙）（以下简称"合伙企业" 或"基金"），该合伙企业认缴出资额 10,000 万元人民币，其中公司作为有限合 伙人以自有资金方式认缴出资 4,900 万元人民币，占合伙企业认缴出资总额的 www.sse.com.cn 上披露的《东阳光关于参与设立创业投资基金暨关联交易的公 告》（临 2024-81 号）。 ...

二、 投资进展情况 近日，公司收到基金管理人宁波勇诚的通知，基金已根据《中华人民共和国 证券投资基金法》及《私募投资基金监督管理暂行办法》等法律法规的要求在中 国证券投资基金业协会完成了基金备案手续，并取得《私募投资基金备案证明》， 具体备案信息如下： 基金名称：宁波勇诚东阳光创业投资基金合伙企业（有限合伙） | 证券代码：600673 | 证券简称：东阳光 | | 编号：临 | 2025-39 号 | | --- | --- | --- | --- | --- | | 债券代码：242444 | 债券简称：25 | 东科 01 | | | 广东东阳光科技控股股份有限公司 关于参与设立创业投资基金的进展公告 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、 对外投资概述 广东东阳光科技控股股份有限公司（以下简称"公司"或"东阳光"）与关 联方深圳东阳光科技创业投资有限公司（以下简称"东阳光创投"）、非关联方宁 波城投赋甬股权投资合伙企业（有限合伙）（以下简称"宁波城投"）、宁波勇诚 资产管理有限公司（以下简称"宁波勇诚"） ...

| 证券代码：600673 | 证券简称：东阳光 | | 编号：临 | 号 2025-38 | | --- | --- | --- | --- | --- | | 债券代码：242444 | 债券简称：25 东科 | 01 | | | 广东东阳光科技控股股份有限公司 股权激励限制性股票回购注销实施公告 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。 重要内容提示： 回购注销原因：根据《广东东阳光科技控股股份有限公司 2021 年限制性 股票激励计划（草案）》（以下简称"《激励计划》"）的相关规定，有 2 名激励对 象因主动辞职不再符合激励对象条件、82 名激励对象因公司未能达到《激励计 划》规定的第三个解除限售期公司层面业绩考核要求，公司对前述激励对象已获 授予但尚未解除限售的限制性股票进行回购注销。 本次注销股份的有关情况： | 回购股份数量 | | 注销股份数量 | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 4,319,200 | ...