Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering-B, and others [3]. Core Insights - The pharmaceutical sector has shown a 1.90% increase this week, outperforming the CSI 300 index by 0.21 percentage points. Sub-sectors such as pharmaceutical outsourcing, vaccines, and medical consumables performed well, while innovative drugs lagged behind [6][42]. - The report emphasizes the potential of the 4-1BB target in cancer treatment, particularly the PD-L1/4-1BB bispecific antibodies, which may address the limitations of PD-1/PD-L1 monotherapy [5][16][17]. Summary by Sections Industry Viewpoints and Investment Recommendations - 4-1BB is recognized as a promising target for tumor therapy, enhancing T cell activation and survival, which is crucial for effective immune responses against cancer [16]. - Investment strategies focus on the innovative drug sector, driven by increased liquidity and risk appetite, with a recommendation to pay attention to companies with strong pipelines in bispecific antibodies and ADCs [6][38]. Pharmaceutical Industry Market Performance - The pharmaceutical sector's overall P/E ratio is reported at 30.67 times, with a premium of 40.37% compared to the overall A-share market excluding financials [42]. Company Dynamics - Notable company developments include: - LIZHU Group's successful Phase III trial for a monoclonal antibody for psoriasis [43]. - Baiyang Pharmaceutical's planned share reduction by its major shareholder [43]. - Mylab's new medical device approval, enhancing market competitiveness [44]. Industry Dynamics - The report highlights the increasing focus on innovative drug development and the potential for significant market opportunities in the context of upcoming patent expirations for key small molecule drugs [38].

Core Viewpoint - The legal opinion letter from Beijing Hairun Tianwei Law Firm confirms that Zhejiang Aoxiang Pharmaceutical Co., Ltd.'s differentiated equity distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [5]. Group 1: Reasons for Differentiated Equity Distribution - On January 24, 2025, the company’s board approved a plan to repurchase shares using its own and/or raised funds through centralized bidding, intending to use the repurchased shares for equity incentives and/or employee stock ownership plans [2][3]. - The total amount for the repurchase is set between RMB 50 million and RMB 100 million, with a maximum repurchase price of RMB 14 per share, and the repurchase period is 12 months from the board's approval date [3]. Group 2: Specifics of the Differentiated Equity Distribution Plan - The profit distribution plan involves a cash dividend of RMB 0.10 per share (including tax), totaling RMB 82,829,774.50 (including tax), based on a total share capital of 830,297,145 shares, excluding the repurchased shares [3]. - The total number of shares eligible for distribution is 828,297,745, and there will be no capital reserve conversion to share capital or bonus shares issued this year [3]. Group 3: Calculation Basis for the Differentiated Equity Distribution - The calculation for the ex-rights and ex-dividend reference price is based on the last closing price of RMB 8.74 per share, adjusted for the cash dividend [3]. - The impact on the ex-rights and ex-dividend reference price is calculated to be less than 1%, indicating a minimal effect on the stock price [4].

Core Viewpoint - The company has announced an adjustment to the maximum repurchase price of its shares following the implementation of its 2024 annual profit distribution plan, reducing the price from RMB 14 to RMB 13.90 per share [1][2][4] Summary by Sections 1. Share Repurchase Basic Information - The company plans to repurchase its shares using its own and/or raised funds through centralized bidding, with a total repurchase amount between RMB 50 million and RMB 100 million [1] - The repurchase price was initially set at a maximum of RMB 14 per share, with a repurchase period of 12 months starting from the board's approval date [1] 2. Reasons for Adjusting the Repurchase Price Cap - The adjustment follows the approval of the 2024 annual profit distribution plan, which includes a cash dividend of RMB 0.10 per share, totaling RMB 82,829,774.50 [2][3] - The record date for the dividend distribution is July 16, 2025, and the ex-dividend date is July 17, 2025 [2] 3. Details of the Price Adjustment - The new maximum repurchase price is calculated as follows: (previous maximum price - cash dividend) / (1 + change in circulating shares ratio) [2] - The cash dividend per share is approximately RMB 0.0998, and since there is no change in circulating shares, the new maximum repurchase price is approximately RMB 13.90 [3] 4. Other Matters - Other aspects of the share repurchase plan remain unchanged, and the company will proceed with the repurchase plan in accordance with relevant laws and regulations [4]

证券代码：603229 证券简称：奥翔药业 公告编号：2025-031 一、 通过分配方案的股东大会届次和日期 浙江奥翔药业股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.10元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/16 | － | 2025/7/17 | 2025/7/17 | 差异化分红送转： 是 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司 回购专用账户中的股份，不享有利润分配、公积金转增股本等 ...

证券代码：603229 证券简称：奥翔药业 公告编号：2025-032 浙江奥翔药业股份有限公司 关于 2024 年度权益分派实施后 调整回购价格上限的公告 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： 一、回购股份的基本情况 浙江奥翔药业股份有限公司（以下简称"公司"）于 2025 年 1 月 24 日召开 第四届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用自有资金和/或自筹资金以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票，本次回购的股份拟在未来用于实 施股权激励和/或员工持股计划。本次回购的资金总额不低于人民币 5,000 万元 （含），不超过人民币 10,000 万元（含），回购价格不超过人民币 14 元/股（含）， 回购期限为自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体内 容详见公司分别于 2025 年 1 月 27 日、2025 年 2 月 6 日披露的《奥翔药业关于 以集中竞价交易方式回购公司股份方案的公告》（ ...

北京海润天睿律师事务所 关于浙江奥翔药业股份有限公司差异化权益分派 事项的法律意见书 中国·北京 地址: 北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 电话:(010) 65219696 传真:(010) 88381869 海润天睿律师事务所 HAI RUN LAW FIRM 二〇二五年六月 北京海润天睿律师事务所 关于浙江奥翔药业股份有限公司差异化权益分派 事项的法律意见书 致:浙江奥翔药业股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》(以下简称"《证券法》")、《上市公司股份回购规则》(以下简称"《回购 规则》")、《上海证券交易所上市公司自律监管指引第 7 号 -- 回购股份》(以下 简称"《监管指引第 7 号》")、《上海证券交易所股票上市规则》(以下简称"《上 市规则》")等相关法律、法规及规范性文件的规定,以及《浙江奥翔药业股份有 限公司章程》规定,本所律师就浙江奥翔药业股份有限公司(以下简称"公司") 2024 年度利润分配涉及的差异化权益分派特殊除权除息(以下简称"本次差异 化权益分派"）相关事项出具本法律意见书。 按 ...

二、回购股份的进展情况 证券代码：603229 证券简称：奥翔药业 公告编号：2025-030 浙江奥翔药业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2025/1/27 | | --- | --- | | 回购方案实施期限 | 2025/1/24~2026/1/23 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于股权激励和/或员工持股计划 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,999,400股 | | 累计已回购股数占总股本比例 | 0.24% | | 累计已回购金额 | 15,535,845.00元 | | 实际回购价格区间 | 7.52元/股~8.57元/股 | 一、回购股份的基本情况 浙江奥翔药业股份有限公司（以下简称"公司"）于 2025 年 1 月 24 日召开 第四届董事会第六次会议 ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Bioscience, Hualing Pharmaceutical-B, and others [2]. Core Insights - The report emphasizes the broad market for lipid-lowering treatments, particularly focusing on the competitive landscape of PCSK9-targeted drugs, with approximately 500 million adults in China suffering from dyslipidemia, including 120 million with high cholesterol [3][15]. - The pharmaceutical sector saw a 1.60% increase this week, underperforming the CSI 300 index by 0.35 percentage points, with sub-sectors like medical infrastructure and life sciences performing better than generics and innovative drugs [4][31]. Summary by Sections 1. Industry Perspective and Investment Recommendations - The lipid-lowering market is vast, with intense competition in PCSK9-targeted drugs [15]. - Investment strategies should focus on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market [4][31]. 2. Pharmaceutical Sector Performance - The pharmaceutical sector's performance was mixed, with medical infrastructure and life sciences leading, while generics and innovative drugs lagged [4][37]. - The overall P/E ratio for the pharmaceutical industry is 27.69, with a premium of 35.26% compared to the broader A-share market [37]. 3. Company Dynamics - Notable company announcements include Baiyoutai's licensing agreement for BAT2406 in Latin America and Yifan Pharmaceutical's approval for clinical trials of a growth hormone injection [38][40]. - Companies like WuXi AppTec and Lijun Group have made significant moves, including share buybacks and new product approvals [39][41]. 4. Industry Trends - The report highlights the upcoming patent expirations for major small molecule drugs, which could lead to increased demand for raw materials [5][32]. - The report also notes the expected recovery in overseas demand, which may improve the performance of CXO companies [34]. 5. Research and Development Focus - The report discusses the clinical progress of various PCSK9-targeted therapies, including monoclonal antibodies and gene editing approaches, indicating a strong pipeline in this area [3][23][25]. - The competitive landscape for PCSK9 drugs in China is characterized by pricing and adherence challenges, with several products already on the market [27].

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, and others [3]. Core Insights - The pharmaceutical sector has outperformed the market, with a focus on the potential of innovative drugs and the CD73 target in cancer immunotherapy [4][5]. - The report highlights the promising clinical progress of CD73 inhibitors, with several products in various stages of clinical trials [21][25]. Summary by Sections Industry Investment Rating - The report provides a list of recommended companies with "Buy" and "Hold" ratings, indicating strong investment potential in the pharmaceutical sector [3]. Industry Performance - The pharmaceutical sector rose by 1.13%, outperforming the CSI 300 index by 0.25 percentage points, with innovative drugs and vaccines leading the performance [5][32]. Company Dynamics - Companies such as Lepu Medical and Sunshine Nuohua have made significant announcements regarding new product approvals and clinical trial progress, indicating a robust pipeline and growth potential [33][34]. Industry Trends - The report discusses the increasing focus on innovative drugs and the impact of regulatory changes on the pharmaceutical landscape, suggesting a shift towards high-efficiency business models in the industry [31][40].

证券代码：603229 证券简称：奥翔药业 公告编号：2025-029 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： | 回购方案首次披露日 | 2025/1/27 | | --- | --- | | 回购方案实施期限 | 2025/1/24~2026/1/23 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于股权激励和/或员工持股计划 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,999,400股 | | 累计已回购股数占总股本比例 | 0.24% | | 累计已回购金额 | 15,535,845.00元 | | 实际回购价格区间 | 7.52元/股~8.57元/股 | 一、回购股份的基本情况 浙江奥翔药业股份有限公司（以下简称"公司"）于 2025 年 1 月 24 日召开 第四届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用自有资金和/或自筹资 ...