北京市嘉源律师事务所 关于广东东阳光科技控股股份有限公司 回购注销 2021年限制性股票股权激励计划 限制性股票实施情况的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 温度 加拿 - Fr A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:广东东阳光科技控股股份有限公司 北京市嘉源律师事务所 关于广东东阳光科技控股股份有限公司 回购注销 2021年限制性股票股权激励计划 限制性股票实施情况的 法律意见书 嘉源(2025)-05-155 1. 2022年1月27日,公司召开了 2022年第一次临时股东大会,审议通过 了《关于<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)>及其摘要的议案》《关于<广东东阳光科技控股股份有限公司 2021 年限制性 股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会授权董事会 办理公司股权激励计划相关事项的议案》,本次激励计划获得股东大会批准,并 授权董事会办理本 ...

Core Viewpoint - Dongyangguang Pharmaceutical's stock price has surged since April 9, reaching a high of 15.54 HKD on May 26, marking an 80.70% increase and a five-year high, reflecting market confidence in the company's accelerated innovation and potential blockbuster business development (BD) deals [1] Group 1: Company Overview - Dongyangguang Pharmaceutical is recognized as a leading innovative pharmaceutical company in China, focusing on enhancing its drug research and development capabilities and expanding its competitive edge in key niche markets [1] - The company has over 100 drugs in development, including 49 first-class innovative drugs, with significant potential for blockbuster products, such as the investigational drug Ifenidone for idiopathic pulmonary fibrosis (IPF) [1] Group 2: Market Context - IPF is a chronic, progressive, and irreversible lung disease primarily affecting the elderly, with approximately 3 million patients worldwide, and its incidence and prevalence are on the rise globally [1][2] - Currently, there are only two approved drugs for IPF treatment: Pirfenidone and Nintedanib, due to the high difficulty in developing new drugs for this condition, leading to many clinical trials being terminated or failing [2] - Despite the expiration of patents for existing treatments, the global market for IPF drugs remains over 4 billion USD [2] Group 3: Drug Development and Potential - Ifenidone has shown promising results, with in vitro and in vivo efficacy demonstrating activity 200-500 times greater than Pirfenidone and 40 times in vivo efficacy, along with a higher safety window compared to marketed drugs [2] - The drug has completed Phase I clinical trials in China and the U.S. and has received orphan drug designation from the FDA, with Phase II interim data indicating its potential as a "blockbuster" [2] - Ifenidone is currently advancing to Phase III clinical trials for IPF, indicating a high likelihood of commercialization [2] Group 4: Broader Applications and Collaborations - In addition to IPF, Ifenidone is also being investigated for interstitial lung disease (PF-ILD), which currently has limited treatment options, with lung transplantation being the only curative therapy [3] - Ifenidone has demonstrated significant anti-inflammatory effects and potential therapeutic benefits for interstitial lung diseases [3] - The drug also shows potential for combination therapy with antibody-drug conjugates (ADCs), addressing safety concerns related to interstitial lung disease associated with ADCs, such as DS-8201 [4] - A collaboration with Sanofi has been established, leveraging both companies' strengths, particularly with Sanofi's HER2 ADC product DB-1303, which could enhance the therapeutic potential of both drugs [4]

Group 1 - The core viewpoint of the articles highlights a positive trend in the Hong Kong pharmaceutical sector, particularly in innovative drugs, with significant gains in related ETFs and stocks [1][2] - The Hong Kong Innovation Drug ETF (159567) has shown a notable increase of over 0.70% with a trading volume exceeding 30 million yuan and a turnover rate of over 1.9% [1] - Several constituent stocks, including Dongyangguang Changjiang Pharmaceutical and King’s Ray Biotechnology, have experienced gains of nearly 4% and over 2% respectively, indicating strong market interest [1] Group 2 - The report from Kaiyuan Securities emphasizes that by 2025, the pharmaceutical industry will see accelerated innovation and improved drug procurement policies, contributing to a stable growth outlook [2] - The aging population and unmet clinical needs are driving long-term growth trends in the pharmaceutical sector, with a focus on innovative drugs and recovery in consumer healthcare [2] - The innovative drug sector is expected to lead a new cycle in the pharmaceutical industry, supported by regulatory improvements and increased corporate innovation capabilities [2]

Group 1 - The core point of the news is that 3SBio has signed a licensing agreement with Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707, valued at over $6 billion, setting a record for upfront payments for domestic bispecific antibodies [1] - Following the licensing agreement, 3SBio's stock price surged nearly 40%, pushing its market capitalization above 50 billion RMB, highlighting the growing prominence of domestic innovative drugs in the global market [1] - The trend of Chinese innovative pharmaceutical companies engaging in license-out agreements to share global market benefits has been on the rise, with 2024 expected to see record highs in transaction amounts and events [1] Group 2 - Dongyang Sunshine Pharmaceutical has also engaged in significant licensing agreements, including granting 3SBio exclusive commercialization rights for a specific indication of a drug, showcasing its increasing recognition in the industry [2] - The company has over 100 drugs in development, including 45 first-class innovative drugs, indicating its strong competitive advantage in key research areas [2] - The drug Iphinidone, currently in clinical phase III, shows potential to become a leading treatment for idiopathic pulmonary fibrosis (IPF), a condition with significant unmet medical needs [4] Group 3 - IPF is a chronic and progressive lung disease affecting approximately 3 million people globally, with limited treatment options and poor prognosis, leading to a growing demand for new therapies [3] - Existing treatments like Esbriet and Ofev have demonstrated substantial sales, reflecting the high unmet need in the IPF market [3] - Dongyang Sunshine's Iphinidone has shown superior efficacy compared to existing treatments and is expected to become a significant player in the IPF market, potentially achieving blockbuster status [4]

Core Insights - Dongyangguang Pharmaceutical's AI research team has developed multiple self-innovated models for optimizing drug molecular ADME/T properties, achieving an internal AUROC of 0.90 for their drug permeability/transport prediction model, significantly outperforming public open-source models [1] Group 1: Drug Permeability/Transport Prediction - The drug permeability and transport prediction model addresses high-cost, scarce data and small sample learning scenarios, crucial for understanding the impact of biological membranes and transporters on oral drug absorption [1] - The use of machine learning for proprietary data modeling allows for rapid and cost-effective predictions of drug interactions with biological membranes and transporters, facilitating early optimization of pharmacokinetic properties [1] Group 2: Multi-Task Learning Strategy - The HEC-Transporters model employs a multi-task learning strategy for joint modeling of permeability and transport tasks, with 80% of samples being shared across tasks to capture common structural features [2][4] - Internal benchmark tests show that the multi-task learning model achieves an average AUC of 0.90, improving by 0.33 over single-task models and 0.19 over baseline models, with the highest accuracy of 93% in membrane permeability tasks [4][6] Group 3: Technological Innovation and Application Value - HEC-Transporters is the first international predictive system for drug permeability/transport using multi-task learning, enhancing performance while addressing the limitations of small proprietary task data [7] - Since implementing the AI+ strategy in 2023, Dongyangguang Pharmaceutical has established a comprehensive AI research and development system covering target prediction, compound screening, lead optimization, and PK modeling, reducing new drug development costs and enhancing industry efficiency [7]

证券代码：600673 证券简称：东阳光 编号：临 2025-37 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 关于控股股东之一致行动人部分股份解质押的公告 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: ? 控股股东之一致行动人宜昌东阳光药业股份有限公司（以下简称"宜昌 药业股份"）持有本公司股份 545,023,350 股，占公司总股本的 18.08%；截至本 次股份解质押完成后，宜昌药业股份持有本公司股份累计质押数量 511,500,000 股，占其持股数量的 93.85%。 ? 截至本公告披露日，公司控股股东深圳市东阳光实业发展有限公司（以 下简称"深圳东阳光实业"）累计质押股数数量为 561,798,054 股，占其持股数 量的 90.96%；控股股东及其一致行动人累计质押股数数量为 1,204,388,597 股， 占合计持股数量比例为 75.84%。 一、本次股份解质押基本情况 广东东阳光科技控股股份有限公司（以下简称"公司"）于近日收到控股股 东之一致 ...

| 债券代码：242444 | 债券简称：25 | 东科 01 | | | | --- | --- | --- | --- | --- | | 证券代码：600673 | 证券简称：东阳光 | | 编号：临 | 2025-37 号 | 广东东阳光科技控股股份有限公司 关于控股股东之一致行动人部分股份解质押的公告 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: 控股股东之一致行动人宜昌东阳光药业股份有限公司（以下简称"宜昌 药业股份"）持有本公司股份 545,023,350 股，占公司总股本的 18.08%；截至本 次股份解质押完成后，宜昌药业股份持有本公司股份累计质押数量 511,500,000 股，占其持股数量的 93.85%。 截至本公告披露日，公司控股股东深圳市东阳光实业发展有限公司（以 下简称"深圳东阳光实业"）累计质押股数数量为 561,798,054 股，占其持股数 量的 90.96%；控股股东及其一致行动人累计质押股数数量为 1,204,388,597 股， 占合计持股数量比例为 75.84%。 ...

Core Insights - GSK announced an agreement to acquire Boston Pharmaceuticals' asset efimosfermin alfa for up to $2 billion, which is a potential best-in-class FGF21 long-acting analog aimed at treating metabolic dysfunction-related fatty liver disease (MASH) [1] - The acquisition aligns with GSK's focus on immunology and aims to develop precise interventions to halt and reverse disease progression based on a deep understanding of fibrosis and auto-inflammation [1] - The FGF21 target has significant potential in addressing advanced stages of fatty liver disease, supported by data from human genetics and disease phenotyping [1] Market Perspective - SLD represents a significant unmet medical need, affecting approximately 5% of the global population, with limited treatment options available for conditions like MASH and alcoholic liver disease (ALD) [2] - Interventions that reduce moderate to advanced fibrosis could save the U.S. healthcare system between $40 billion to $1 trillion over the next two decades by preventing complications such as cirrhosis and liver cancer [2] - Domestic companies are also leading in FGF21 target research, exemplified by Dongyang Sunshine Pharmaceutical's FGF21/GLP-1 dual-specific fusion protein HEC88473, which secured a $938 million milestone licensing agreement with Apollo Therapeutics [2] Clinical Research and Development - HEC88473, a dual agonist of FGF21 and GLP-1, shows superior activity compared to single therapies and is expected to provide synergistic effects in glucose reduction and weight loss [3] - Clinical studies conducted by Jilin University demonstrated that HEC88473 significantly reduced liver fat content in patients with MASLD and type 2 diabetes (T2DM) after five weeks of treatment, indicating its potential as a new treatment option [3][4] - The research supports the clinical safety and efficacy of GLP-1/FGF21 dual-target agonists in treating MASLD and T2DM, showing comprehensive improvements in metabolic syndrome [3][4]

重要内容提示: 会议召开时间：2025 年 5 月 20 日(星期二) 下午 16:00-17:00 | 证券代码：600673 | 证券简称：东阳光 | | 编号：临 2025-36 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 关于召开2024年度暨2025年第一季度业绩暨现金分红说明会的 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。 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsh ow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 13 日(星期二) 至 5 月 19 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 yzg600673 @126.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 广东东阳光科技控股股份有限公司（以下简称"公司"）已于 2025 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].