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].

Key Points - The company announced the interest payment schedule for its convertible bonds, "Aorite Convertible Bonds," with the interest payment date set for July 28, 2025 [1][6] - The interest accrual period for the bonds is from July 26, 2024, to July 25, 2025, with a coupon rate of 0.3% [3][5] - The bondholders will receive a total interest amount of RMB 0.3 per bond (before tax) for each bond with a face value of RMB 100 [3][5] - The tax on interest income for individual investors is set at 20%, resulting in a net payment of RMB 0.24 per bond after tax [5] - The bond's registration date for interest payment is July 25, 2025, and the ex-dividend date is July 28, 2025 [4][6] - The company has appointed China Securities Depository and Clearing Corporation Limited Shanghai Branch to handle the interest payment process [4][5]

证券代码：605116 证券简称：奥锐特 公告编号：2025-051 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于"奥锐转债"2025 年付息公告 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： 奥锐特药业股份有限公司（以下简称"公司"）于2024年7月26日向不特定 对象发行的可转换公司债券（以下简称"本期债券"）将于2025年7月28日开始 支付自2024年7月26日至2025年7月25日期间的利息。根据本公司《向不特定对象 发行可转换公司债券募集说明书》（以下简称"募集说明书"）及《向不特定对 象发行可转换公司债券上市公告书》（以下简称"《上市公告书》"）有关条款 的规定，现将有关事项公告如下： 一、本期债券的基本情况 1、债券名称：奥锐特药业股份有限公司可转换公司债券 4、债券类型：本期债券的种类为可转换为公司A股股票的可转换公司债券， 该可转换公司债券及未来转换的A股股票在上海证券交易所上市。 5、发行总额：81,212.00万元人民币 可转债付息债权登记日：2025 年 ...

Market Overview - The Shanghai Composite Index closed at 3546.50 points, above the annual line, with a gain of 1.05% [1] - The total trading volume of A-shares reached 10310.63 billion yuan [1] Stocks Breaking Annual Line - A total of 55 A-shares have broken above the annual line today, with notable stocks including XWANDA, Fuxing Co., and Guolian Minsheng, showing divergence rates of 5.64%, 3.70%, and 3.15% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Wangfujing, Tonghe Pharmaceutical, and Sanxia Water Conservancy [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - XWANDA (9.13% increase, 5.12% turnover rate, latest price 21.16 yuan, divergence rate 5.64%) [1] - Fuxing Co. (4.31% increase, 5.52% turnover rate, latest price 2.42 yuan, divergence rate 3.70%) [1] - Guolian Minsheng (6.66% increase, 3.68% turnover rate, latest price 11.21 yuan, divergence rate 3.15%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuoer Si (3.05% increase, 3.72% turnover rate, latest price 18.56 yuan, divergence rate 2.82%) [1] - ST Huaming (4.83% increase, 10.28% turnover rate, latest price 10.21 yuan, divergence rate 2.73%) [1] - Green Beauty (3.01% increase, 2.26% turnover rate, latest price 6.50 yuan, divergence rate 2.32%) [1]

Core Viewpoint - The company, Aorite Pharmaceutical Co., Ltd., is utilizing part of its idle raised funds for cash management to enhance fund efficiency and generate returns while ensuring that it does not affect the construction of fundraising projects and the use of raised funds [1][3][8] Summary by Sections Cash Management Overview - Cash management trustee: Industrial Bank Co., Ltd. Taizhou Linhai Branch [1] - Investment type: Structured deposits [1] - Cash management amount: 40 million yuan [1] - Cash management duration: 30 days [1] - The company has approved the use of idle raised funds up to 300 million yuan for cash management, valid for 12 months from the board meeting date [1][6] Cash Management Redemption Situation - The product duration was 55 days, with an investment of 40 million yuan starting from May 6, 2025, and maturing on June 30, 2025 [2] - The company redeemed the principal of 40 million yuan and received a return of 123,561.64 yuan, which met expectations [2] Purpose of Cash Management - The purpose is to improve the efficiency of raised funds, reduce financial costs, and increase returns for the company and its shareholders [3][8] Source of Funds - The company issued convertible bonds totaling 812.12 million yuan, with a net amount of 800.47 million yuan after deducting issuance costs [3] Investment Product Details - The structured deposit was purchased from Industrial Bank, with a principal amount of 40 million yuan [5] - Expected annualized return rates are 1.00% or 1.90% [5] Impact on the Company - The cash management will not affect the company's fundraising project construction and main business operations, allowing for better fund utilization and investment returns [7][8]

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 | 2025/1/22 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 1 月 | 月 | 21 | 日~2026 | 年 | 20 日 | 1 | | 预计回购金额 | 6,000万元~12,000万元 | | | | | | | | 回购用途 | □减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | √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 | 136.42万股 | | | | | | | | 累计已回购股数占总股本比例 | 0.34% | | | | | | | | 累计已回购金额 | 27,157,677.00元 | | | | | | | | 实际回 ...

证券代码：605116 证券简称：奥锐特 公告编号：2025-049 债券代码：111021 债券简称：奥锐转债 （一）可转债发行情况 奥锐特药业股份有限公司 关于可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2025 年 6 月 30 日，累计已有面值 8,000 元"奥锐 转债"转为公司 A 股普通股，累计转股股数为 313 股，占"奥锐转债"转股前 公司已发行普通股股份总额的 0.0001%。 未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的"奥锐转债" 面值为人民币 812,112,000 元，占"奥锐转债"发行总量的比例为 99.9990%。 本季度转股情况："奥锐转债"自 2025 年 2 月 5 日起可转换为公司股票， 2025 年 4 月 1 日至 2025 年 6 月 30 日共有面值 2,000 元"奥锐转债"转为公司 A 股普通股，转股后的股份数为 79 股。 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意奥 ...

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： 现金管理受托方：兴业银行股份有限公司台州临海支行（以下简称"兴 业银行"） 证券代码：605116 证券简称：奥锐特 公告编号：2025-050 债券代码：111021 债券简称：奥锐转债 奥锐特药业股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 并继续进行现金管理的公告 投资种类：结构性存款 现金管理金额：4,000 万元 现金管理期限：30 天 已履行的审议程序：奥锐特药业股份有限公司（以下简称"公司"或"奥 锐特"）于 2024 年 8 月 27 日召开第三届董事会第八次会议及第三届监事会第八 次会议分别审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同 意公司及子公司使用闲置募集资金不超过人民币 3 亿元进行现金管理，上述额度 可以滚动使用，自第三届董事会第八次会议审议通过之日起 12 个月内有效，并 授权公司管理层在上述额度内行使决策权，具体事项由公司财务部负责组织实施。 具体内容详见公司于 2024 年 8 月 29 日披露于上海 ...

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].

Group 1 - The core viewpoint of the announcement is that the credit rating for the company's convertible bonds and the company itself remains unchanged at AA- with a stable outlook [1][2] - The previous credit rating for the convertible bonds was AA- and the company’s main credit rating was also AA- with a stable outlook [1] - The credit rating was conducted by China Chengxin International Credit Rating Co., Ltd. based on a comprehensive analysis of the company's operational status and industry conditions [2] Group 2 - The tracking credit rating report was issued on June 27, 2025, confirming that both the convertible bonds and the company maintain their AA- ratings [2] - The announcement emphasizes that there are no false records, misleading statements, or significant omissions in the content [1]