Core Insights - The report emphasizes the continuous improvement of the global competitiveness of Chinese innovative pharmaceutical companies, focusing on innovation from both "therapeutic areas" and "technology platforms" [5][6] - The growth of commercial health insurance premiums is expected to provide new payment sources for medical expenses, as the scale of commercial health insurance is projected to reach 977.4 billion yuan by 2024 [29][30] - The report identifies potential therapeutic areas such as metabolic diseases (e.g., weight loss), chronic diseases (e.g., hypertension, hyperlipidemia), and central nervous system diseases (e.g., Alzheimer's, Parkinson's) as key focus areas for innovation [5][38] - Emerging technology platforms like small nucleic acid drugs, radioactive drugs (RDC), and CAR-T therapies are highlighted as significant areas for investment [5][38] Market Review - As of November 15, 2025, the pharmaceutical sector has outperformed the market, with the pharmaceutical index rising by 22.09% compared to a 17.62% increase in the CSI 300 index, resulting in a 4.47 percentage point outperformance [11] - The chemical preparation sector showed the best performance, increasing by 40.52%, followed by medical services (+36.98%) and chemical raw materials (+25.34%) [20] - The overall PE valuation of the pharmaceutical sector is at 30.89 times, which is relatively low compared to historical averages, indicating potential for future growth [22][23] Innovative Drugs - The report notes that the growth of health expenditures in China, which reached 9.06 trillion yuan in 2023, is outpacing GDP growth, indicating a robust market for innovative drugs [26][27] - The analysis of multinational corporations (MNCs) reveals that innovation is a core competitive advantage, with companies like Eli Lilly and Novartis showing significant growth driven by innovative products in advanced technology fields such as GLP-1 and ADC [31][32] - The report highlights the strong sales performance of GLP-1 drugs, with Eli Lilly's Mounjaro generating $6.515 billion in revenue in Q3 2025, reflecting a 109% year-on-year increase [44] CXO and Upstream - The report indicates a slight increase in pharmaceutical financing, with a recovery in business development transactions and H-share IPOs, which is expected to stimulate innovation [5] - The demand for external CXO services is growing, particularly in emerging fields such as peptides and small nucleic acids, while internal CXO orders are also showing signs of recovery [5][39] Medical Devices - The domestic medical device market is currently under pressure due to policy impacts, but improvements are anticipated as companies continue to innovate and expand internationally [5] - The report suggests that the industry fundamentals are expected to improve, with a focus on companies like Mindray Medical and Microelectrophysiology [5][39]

证券代码：600867 证券简称：通化东宝 公告编号：2025-085 通化东宝药业股份有限公司 2025年第四次临时股东会决议公告 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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月15日 (二)股东会召开的地点：公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长李佳鸿先生主持会议。会议采用现场投票和网络投票相结合的 表决方式。本次会议的召集、召开符合《公司法》和《公司章程》的有关规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人；其中毕焱女士、徐岱女士、徐力女士为公司独立董事； 2、代行董事会秘书职责的李佳鸿先生出席了本次会议；公司高级管理人员列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：关于《通化东宝研发生产系统员工持股 ...

通化东宝药业股份有限公司研发生产系统员工持股计划 通化东宝药业股份有限公司研发生产系统员工持股计划 风险提示 证券代码：600867 证券简称：通化东宝 通化东宝药业股份有限公司 研发生产系统员工持股计划 二〇二五年十二月 0 通化东宝药业股份有限公司研发生产系统员工持股计划 声 明 本公司及董事会全体成员保证本员工持股计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实性、准确性、完整性承担法律责任。 1 一、通化东宝药业股份有限公司（以下简称"通化东宝"、"公司"）研发生产 系统员工持股计划（以下简称"本员工持股计划"）的参与对象、资金来源、出资金 额和具体实施方案等属初步结果，能否完成实施，存在不确定性。 二、员工遵循依法合规、自愿参与、风险自担原则，若员工认购资金较低，本员 工持股计划存在无法成立的风险；若员工认购资金不足，本员工持股计划存在低于预 计规模的风险。 三、股票价格受公司经营业绩、宏观经济周期、国际/国内政治经济形势及投资者 心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资者对此应 有充分准备。 四、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决 ...

证券代码：600867 证券简称：通化东宝 公告编号：2025-085 通化东宝药业股份有限公司 2025年第四次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 663 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 898,248,873 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 46.0698 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，公司董事长李佳鸿先生主持会议。会议采用现 场投票和网络投票相结合的表决方式。本次会议的召集、召开符合《公司法》和 《公司章程》的有关规定。 1 (一) 股东会召开的时间：2025 年 12 月 15 日 (二) 股东会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况 ...

吉林秉责律师事务所 关于通化东宝药业股份有限公司 二 0 二五年第四次临时股东会的法律意见书 公司董事会已于 2025 年 11 月 29 日在《中国证券报》、《上海证券报》及上 海证券交易所网站（http://www.sse.com.cn/）上刊登了《通化东宝关于召开 2025 年第四次临时股东会的通知》（以下简称"通知"）。在此通知中载明了召开 2025 年第四次临时股东会的时间、地点、内容、出席会议人员的资格和出席会 议的登记办法，并说明了有权出席会议股东的股权登记日及其委托代理人出席会 议并参加表决的权利。 本次股东会由公司董事会召集，会议召开方式为现场投票与网络投票相结合 的方式。 1 现场会议召开的时间：2025 年 12 月 15 日 10 点 00 分，会议召开的地点为 通化东宝药业股份有限公司会议室。 网络投票系统：上海证券交易所股东会网络投票系统。 致：通化东宝药业股份有限公司 根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共和国 公司法》（以下简称《公司法》）、《上市公司股东会规则》（以下简称《股东会规 则》）和《通化东宝药业股份有限公司章程》（以下简称《公司章程》）的有 ...

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

通化东宝药业股份有限公司 2025 年第四次临时股东会会议资料 通化东宝药业股份有限公司 2025 年第四次临时股东会会议资料 股票简称：通化东宝 股票代码：600867 二〇二五年十二月十五日 1 通化东宝药业股份有限公司 2025 年第四次临时股东会会议资料 目 录 | 2025 | 年第四次临时股东会会议议程 3 | | --- | --- | | 议案 | 1：关于《通化东宝研发生产系统员工持股计划（草案）》及其摘要的议案4 | | 议案 | 2：关于《通化东宝研发生产系统员工持股计划管理办法》的议案 6 | | 议案 | 3：关于提请股东会授权董事会办理公司研发生产系统员工持股计划相关事宜 | | 的议案 | 7 | | 议案 | 4：关于向控股子公司提供财务资助的议案 9 | 2 通化东宝药业股份有限公司 2025 年第四次临时股东会会议资料 2025 年第四次临时股东会 会议议程 （一）主持人宣布会议开始 （二）推选股东会监票人和计票人 （三）会议审议内容： | 序号 | 议案名称 | | --- | --- | | 非累积投票议案 | | | 1 | 关于《通化东宝研发生产系统员工持股计划（草 ...

Core Points - Company Tonghua Dongbao announced the fourth extraordinary general meeting of shareholders will be held on December 15, 2025, to review multiple proposals [1] - The company plans to implement an employee stock ownership plan (ESOP) for up to 122 participants, granting 7 million shares, which represents 0.357% of the total share capital, with a reserve of 630,000 shares [1] - The company will establish management measures for the employee stock ownership plan [1] - The board of directors will be authorized to handle matters related to the employee stock ownership plan [1] - The company intends to provide financial assistance of up to 80 million yuan to its subsidiary, Shanghai Longke Pharmaceutical, using its own funds, with a term of no more than three years and an annual interest rate of 2.5% [1]

（编辑 袁冠琳） 证券日报网讯 12月2日晚间，通化东宝发布公告称，截至2025年11月末，公司通过集中竞价交易方式已 累计回购股份数量为3，000，000股，占公司目前总股本的比例为0.15%，成交的最高价为9.33元/股， 成交的最低价为9.00元/股，累计成交的总金额为27，574，286.00元（不含交易费用）。 ...

Market Overview - The biopharmaceutical sector experienced a decline of 1.72% on December 2, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Dongbao Bio (300239) closed at 5.80, up 1.05% with a trading volume of 93,700 shares and a transaction value of 53.99 million yuan [1] - Aopumai (688293) saw a significant drop of 8.01%, closing at 50.32 with a trading volume of 33,400 shares and a transaction value of 171 million yuan [2] - Other notable declines included Kanghong Pharmaceutical (002773) down 3.78% and Watson Bio (300142) down 3.17% [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 456 million yuan from institutional investors, while retail investors saw a net inflow of 270 million yuan [2] - Notable stocks with significant capital inflows included He Yuan Bio (688765) with a net inflow of 17.69 million yuan from institutional investors [3] - Conversely, stocks like Rongchang Bio (688331) and Shenzhou Cell (688520) also saw mixed capital flows, indicating varied investor sentiment [3]