Core Insights - The surge in BD (business development) transactions in China's innovative pharmaceutical sector is a reflection of the industry's maturation and increasing global recognition, with 2025 marking a significant year for License-out agreements [3][4][5] Group 1: BD Transactions Overview - In December 2025, several Chinese pharmaceutical companies, including Ganli Pharmaceutical and Heng Rui Medicine, announced significant BD agreements, indicating a trend towards increased collaboration and innovation in the sector [2] - The total value of BD transactions for Chinese innovative drugs reached $135.655 billion in 2025, with upfront payments totaling $7 billion, marking a historical high in both transaction volume and value [3] - The number of BD transactions involving Chinese companies and top multinational corporations (MNCs) increased from 3 in 2015 to 35 in 2025, highlighting the growing interest from global players [3] Group 2: Market Dynamics and Future Outlook - The BD transaction boom is expected to continue into 2026, with industry experts predicting sustained high activity levels, although the focus may shift from quantity to value [5][14] - The NewCo model, which allows for "technology equity + capital cooperation," is emerging as a new pathway for Chinese pharmaceutical companies to engage in international markets, although its prevalence may decrease in 2026 [14][15] - The overall trend indicates a shift from isolated transactions to a more collaborative ecosystem, where companies leverage partnerships to enhance their global market presence [16][20] Group 3: Transaction Structures and Strategies - The structure of BD transactions is evolving, with companies increasingly engaging in co-development and co-commercialization agreements, allowing for shared risks and benefits [10][11] - The pricing of BD transactions is becoming more rational, with companies focusing on the clinical value and market potential of their products, which influences upfront payment amounts [19][18] - Legal and advisory services are becoming integral to BD transactions, reflecting the increasing complexity and importance of these deals in the pharmaceutical landscape [17]

证券代码：603087 证券简称：甘李药业 公告编号：2026-001 甘李药业股份有限公司 第五届董事会第六次会议决议公告 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。 一、董事会会议召开情况 甘李药业股份有限公司（"公司"）第五届董事会第六次会议于 2025 年 12 月 25 日以电子邮件方式发出会议通知和会议材料，2025 年 12 月 31 日在公司五 层会议室以现场结合通讯方式召开。本次会议由董事长陈伟先生主持。应出席董 事 9 名，实际出席董事 9 名，公司高级管理人员列席会议。本次会议的召开符合 《公司法》和《公司章程》的有关规定，会议决议合法有效。 二、董事会会议审议情况 经与会董事审议表决，一致通过如下议案： （一）审议通过了《关于解聘高级管理人员的议案》 同意解聘孙程先生财务负责人和副总经理职务，孙程先生本次离职后将不在 公司担任任何职务。 具体内容详见公司于同日在上海证券交易所网站披露的《关于公司解聘高级 管理人员及指定人员代行财务负责人职责的公告》（公告编号：2026-002）。 表决结果：9 票同 ...

近日，因公司业务调整，甘李药业股份有限公司（以下简称"公司"）董事 会召开第五届董事会第六次会议，审议通过了《关于解聘高级管理人员的议案》 《关于指定周丽女士代行财务负责人职责的议案》，现将相关情况公告如下： 一、高级管理人员离任情况 (一) 提前离任的基本情况 证券代码：603087 证券简称：甘李药业 公告编号：2026-002 甘李药业股份有限公司 关于公司解聘高级管理人员及指定人员代行财务负 责人职责的公告 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。 二、指定人员代行财务负责人职责情况 为确保公司的日常运作及财务管理工作的平稳有序开展，在董事会聘任新财 务负责人之前，经公司提名委员会、审计委员会审议通过，董事会同意指定公司 周丽女士代行公司财务负责人职责。公司将尽快根据相关法律法规的规定聘任财 务负责人，并及时履行相关信息披露义务。 三、审计委员会的意见 公司于 2025 年 12 月 31 日召开第五届董事会审计委员会第三次会议，审议 通过了《关于解聘高级管理人员的议案》《关于指定周丽女士代行财务负责人职 责的议 ...

Core Viewpoint - The biopharmaceutical sector experienced a slight decline of 0.34% on December 30, with Wanze Co., Ltd. leading the losses. The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1]. Group 1: Market Performance - The biopharmaceutical sector's performance showed mixed results, with individual stocks experiencing varying degrees of gains and losses. Notably, Aidi Pharmaceutical saw a rise of 4.10% to close at 15.98, while Wanze Co., Ltd. fell by 6.76% to 21.94 [1][2]. - The trading volume for Aidi Pharmaceutical was 93,900 shares, with a transaction value of 150 million yuan, indicating strong investor interest [1]. Group 2: Capital Flow - The biopharmaceutical sector faced a net outflow of 330 million yuan from institutional investors, while retail investors contributed a net inflow of 349 million yuan, suggesting a shift in investor sentiment [2]. - The data indicates that while institutional investors withdrew funds, retail investors were more active in purchasing shares within the sector [2][3]. Group 3: Individual Stock Analysis - Ganne Pharmaceutical experienced a net outflow of 34.73 million yuan from institutional investors, while retail investors showed a net inflow of 129.36 million yuan, reflecting a divergence in investment strategies [3]. - Other notable stocks included Huashan Biological, which had a net inflow of 430.99 million yuan from institutional investors, indicating positive sentiment towards its performance [3].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688293 | 奧浦迈 | 49.23 | -5.91% | 1.46万 | 7313.40万 | | 300357 | 我武生物 | 28.23 | -3.42% | 8.14万 | 2.32 Z | | 002581 | ST未名 | 7.36 | -3.41% | 5.71万 | 4244.92万 | | 603087 | 甘李药业 | 66.15 | -3.13% | 1 8.20万 | 5.48亿 | | 002773 | 康弘药业 | 29.85 | -2.96% | 6.82万 | 2.05亿 | | 688670 | 金過完 | 21.25 | -2.88% | 2.79万 | 5955.49万 | | 000534 | 万泽股份 | 23.53 | -2.85% | 13.98万 | 3.31亿 | | 300841 | 康华生物 | 72.66 | -2.85% | 2.29万 | 1.68亿 | | 920047 | 诺思兰 ...

Investment Rating - The report suggests a positive investment outlook for the medical device sector, particularly in brain-computer interface devices, which are expected to see accelerated commercialization due to supportive policies [1][3]. Core Insights - Recent policies have significantly increased support for innovation in medical devices, with the National Medical Products Administration actively promoting faster market entry for brain-computer interface devices, indicating a diverse application landscape and substantial future potential [1][3]. - The pharmaceutical sector is witnessing positive developments, such as GSK's approval of mepolizumab for a new indication in COPD patients, marking it as the first monthly administered biologic in China, which is expected to reduce the annual incidence of severe exacerbations significantly [1][32]. - The report highlights the approval of Wegovy® tablets in the U.S. for weight management, emphasizing its potential impact on the market as the first oral GLP-1 receptor agonist for this purpose [37][40]. Summary by Sections Pharmaceutical Sector - Mepolizumab has been approved for COPD treatment in China, with a monthly dosing schedule, targeting a significant patient population [1][32]. - The A/H share innovation drug sector maintains high activity levels, with new drug approvals and cross-border transactions remaining robust [16][28]. Biologics - Wegovy® tablets have been approved in the U.S. for weight management, showing similar weight loss efficacy to its injectable counterpart, with a significant portion of participants achieving substantial weight loss [37][40]. CXO and Pharmaceutical Supply Chain - The CXO sector continues to show upward momentum, supported by a stable order backlog, with November financing levels slightly above the annual average [44][46]. Medical Devices - The centralized procurement process for high-value medical consumables is progressing steadily, with high selection rates in multiple rounds of bidding, indicating a favorable environment for leading domestic companies [2][52]. Retail Pharmacy - The industry is undergoing a consolidation phase, with leading companies expected to benefit from increased market share through mergers and acquisitions [2][3]. Medical Services and Consumer Healthcare - Aier Eye Hospital's acquisition of 39 institutions for 960 million yuan strengthens its market position, with the acquired entities showing signs of financial recovery [2][3].

Core Viewpoint - Ganli Pharmaceutical (603087) is currently conducting clinical trials for the injection of Bofan Glutide, and the commercial revenue generated will depend on the success and progress of subsequent research, registration, and market introduction of the product [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - The specific revenue from the product will be contingent on future developments in research and market strategies [1] - The company commits to timely information disclosure regarding important advancements in drug trials and commercialization [1]

Core Viewpoint - Ganli Pharmaceutical has granted exclusive rights to develop and commercialize the injection of Bofan Glutide in Latin America, including key countries like Mexico and Brazil, to PC, marking a new commercial strategy for Ganli's innovative drug in the region [1] Group 1 - Ganli Pharmaceutical confirmed that the Bofan Glutide injection is still in clinical trials, and the specific revenue from commercialization will depend on the success and progress of subsequent research, registration, and market introduction [1] - The company will fulfill its information disclosure obligations regarding future drug trial arrangements and significant commercial progress [1]

Core Viewpoint - The event highlighted the commitment of Lunan Pharmaceutical Group to social welfare and health, showcasing its strategic focus on chemical, traditional Chinese, and biopharmaceuticals while promoting regional industrial upgrades [1] Group 1: Event Overview - The Linyi Modern Pharmaceutical Industry High-Quality Development Matchmaking Conference was held on December 19, featuring over 140 enterprises and nearly 1,000 attendees from various sectors including pharmaceuticals, medical devices, and health products [1] - Lunan Pharmaceutical has been rooted in Linyi for 58 years, emphasizing its mission to benefit society and improve quality of life [1] Group 2: Company Strategy and Products - Lunan Pharmaceutical showcased its product strategy focusing on maintaining advantages in chemical pharmaceuticals, significantly developing traditional Chinese medicine, and strengthening biopharmaceuticals [1] - The company presented successful products such as Qidali Jingfang Granules, reflecting its comprehensive strength and innovative vitality in the health sector [1] Group 3: Support and Collaboration - The event featured a policy consultation area where local government departments provided one-stop services to support enterprises in policy applications and resource connections [1] - Representatives from 10 companies, including Lunan Pharmaceutical and others, delivered promotional speeches, indicating a collaborative effort to enhance the pharmaceutical industry [1]

Core Viewpoint - On December 22, a total of 18 listed companies will have their restricted shares unlocked, with a total market value of approximately 102.97 billion yuan [1] Group 1: Unlocking Details - Walton Technology (Stock Code: 000920) will unlock 50.62 million shares from a private placement of A-shares [1] - China Hengtian Group (Stock Code: 600252) will unlock 2.36 million shares from equity incentive restrictions [1] - Huadian Energy (Stock Code: 600726) will unlock 4.73 billion shares from a private placement of A-shares [1] - AVIC Heavy Machinery (Stock Code: 600765) will unlock 2.68 million shares from equity incentive restrictions [1] - Nanjing Port (Stock Code: 002040) will unlock 151,800 shares from equity incentive restrictions [1] - Weichai Power (Stock Code: 000338) will unlock 23.48 million shares from equity incentive restrictions [1] - First Capital Securities (Stock Code: 601136) will unlock 2.25 billion shares from pre-issue share restrictions [1] - Anke Technology (Stock Code: 300370) will unlock 237 million shares from other restrictions [1] - Xinya Process (Stock Code: 002388) will unlock 346,550 shares from equity incentive restrictions [1] - Zhaoyi Innovation (Stock Code: 603986) will unlock 64,600 shares from equity incentive restrictions [1] - Ganli Pharmaceutical (Stock Code: 603087) will unlock 164,530 shares from equity incentive restrictions [1] - Yaxiang Co., Ltd. (Stock Code: 301220) will unlock 33.39 million shares with an extended lock-up period [1] - Mousse Co., Ltd. (Stock Code: 001323) will unlock 300 million shares with an extended lock-up period [1] - Sany Heavy Energy (Stock Code: 688349) will unlock 942 million shares [1] - Southern Power Technology (Stock Code: 688248) will unlock 336 million shares [1] - Jingwei Hengrun (Stock Code: 688326) will unlock 118,400 shares [1] - Kangwei Century (Stock Code: 688426) will unlock 434,200 shares [1] - Yuanjie Technology (Stock Code: 688498) will unlock 23.85 million shares [1]