Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its product pipeline and market potential [5][8]. Core Insights - The core product, "Paclitaxel Micelle Injection," is expected to accelerate its market penetration due to its inclusion in the national medical insurance directory and ongoing expansion of indications [7][10]. - The company is actively developing a multi-functional antibody and small molecule targeted drug platform, with promising candidates like YXC-001 (PD-1/VEGF/IL-2 tri-antibody) and a fourth-generation EGFR-TKI [7][46]. - The projected revenue growth for 2025-2027 is significant, with expected revenues of 4.07 billion, 9.07 billion, and 13.15 billion RMB respectively, alongside substantial increases in net profit [6][8]. Summary by Sections Market Performance - The closing price of the company's stock is 60.26 RMB, with a total market capitalization of approximately 12,455.96 million RMB [3][4]. Financial Forecast and Valuation - Revenue and net profit forecasts show a recovery trajectory, with a projected revenue of 407 million RMB in 2025, a significant increase from 174 million RMB in 2024 [6][8]. - The company’s PE ratios are projected to decrease from 162.31 in 2025 to 65.07 in 2027, indicating improving valuation metrics [6][8]. Product Pipeline and Innovation - The core product, Paclitaxel Micelle Injection, has demonstrated superior efficacy and safety in clinical trials compared to traditional formulations, with ongoing trials expanding its indications to breast and pancreatic cancers [44][38]. - The company has established three advanced R&D platforms focusing on nano drug delivery systems, multi-functional antibodies, and small molecule targeted drugs, enhancing its innovation capabilities [25][26]. Market Potential - The Chinese anti-tumor drug market is projected to reach 416.2 billion RMB by 2025, with a compound annual growth rate of 16.1% from 2020 to 2025, indicating a robust growth environment for the company’s products [32][37]. - Paclitaxel, as a leading anti-tumor agent, has seen its market share increase significantly, reflecting strong clinical acceptance and demand [37][29].

Group 1 - The chemical pharmaceutical sector increased by 0.22% on September 22, with Sunflower leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Notable gainers in the chemical pharmaceutical sector included Sunflower, which rose by 19.96% to a closing price of 5.95, and Frontier Biotech, which increased by 5.84% to 15.76 [1] Group 2 - The sector experienced a net outflow of 1.368 billion yuan from institutional investors, while retail investors saw a net inflow of 908 million yuan [2] - Major stocks with significant net inflows from retail investors included Sunflower, which had a net inflow of 55.9352 million yuan [3] - Conversely, stocks like Hengrui Medicine experienced a net outflow of 62.0948 million yuan from retail investors [3]

二〇二五年九月 上海谊众药业股份有限公司 2025年第一次临时股东会会议资料 上海谊众药业股份有限公司 2025年第一次临时股东会会议资料 股票简称：上海谊众 股票代码：688091 上海谊众药业股份有限公司 2025年第一次临时股东会会议资料目录 | 2025年第一次临时股东会会议须知 1 | | --- | | 2025年第一次临时股东会会议议程 3 | | 2025年第一次临时股东会会议议案 5 | | 议案一：《关于以集中竞价交易方式回购公司股份方案的议案》 5 | 上海谊众药业股份有限公司 2025 年第一次临时股东会会议资料 上海谊众药业股份有限公司 2025年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会议的 顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、中国证监会 《上市公司股东大会规则》以及《上海谊众药业股份有限公司章程》、《上海谊众药业股份 有限公司股东大会议事规则》的相关规定，特制定公司2025年第一次临时股东会会议 须知。 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作人员 将对出席会议者的身份进行必 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical and biotechnology industry [6] Core Viewpoints - The pharmaceutical sector has outperformed the CSI 300 index, with the Shenwan Pharmaceutical Biotechnology Index rising by 2.46% from September 1 to September 14, 2025, and by 26.80% year-to-date, surpassing the CSI 300 index by 1.16 percentage points and 11.88 percentage points respectively [1][13] - The current valuation of the pharmaceutical sector stands at 31.58 times (TTM overall method, excluding negative values), with a premium of 148.92% compared to the CSI 300 index [16] - The National Medical Products Administration (NMPA) has announced measures to optimize the review and approval process for innovative drug clinical trials, aiming to complete reviews within 30 working days for eligible applications [20] - The ongoing reforms in drug review and approval systems are expected to enhance the efficiency of clinical trials and accelerate the development of innovative drugs, benefiting companies in this sector [21] Summary by Sections 1. Biweekly Market Review - The pharmaceutical sector's performance from September 1 to September 14, 2025, shows a 2.46% increase, ranking 8th among 31 Shenwan first-level industry indices [11] - Year-to-date, the pharmaceutical sector has increased by 26.80%, also ranking 8th among the indices [13] - The top ten stocks by increase include Zhendemedical (+46.67%), Haooubo (+34.22%), and Kangwei Century (+30.28%), while the top ten stocks by decrease include Shutaishen (-24.15%) and Shanghai Yizhong (-15.39%) [17][18] 2. Important Events - On September 12, 2025, the NMPA released an announcement to support innovative drug development by optimizing the clinical trial review process [20] 3. Industry Insights - The report emphasizes the acceleration of innovative drug development in China, with significant results emerging and ongoing policy optimizations expected to further support this trend [21] - The second half of 2025 is expected to see continued focus on innovative drugs, international expansion, and the clearing of procurement processes, with specific attention to insulin and orthopedic sectors [21]

Group 1 - Company Shanghai Yizhong announced a share buyback plan approved during the board meeting held on September 12, 2025 [1] - The top ten unrestricted shareholders as of September 12, 2025, include Zhou Jinsong with approximately 40.13 million shares (19.41%) and Shanghai Kaibao Pharmaceutical Co., Ltd. with about 22.64 million shares (10.95%) [1] - The total shares held by the top ten circulating shareholders amount to approximately 108 million shares, representing 52.05% of the total [1] Group 2 - For the year 2024, the revenue composition of Shanghai Yizhong indicates that chemical pharmaceuticals account for 99.71% of total revenue, while other businesses contribute 0.29% [2] - As of the latest report, the market capitalization of Shanghai Yizhong is 12.2 billion yuan [3]

一、 董事会决议披露情况 公司于 2025 年 9 月 12 日召开了第二届董事会第十二次会议，审议通过了《关于 以集中竞价交易方式回购公司股份的议案》，详情请参阅公司于 2025 年 9 月 13 日披 露的《上海谊众药业股份有限公司第二届董事会第十二次会议决议公告》（公告编号： 2025-035）及《上海谊众药业股份有限公司关于以集中竞价方式回购股份的预案》（公 告编号：2025-036）。 证券代码：688091 证券简称：上海谊众 公告编号：2025-038 上海谊众药业股份有限公司关于回购股份事项 前十大股东和前十大无限售条件股东持股情况的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 上海谊众药业股份有限公司（以下简称"公司"）于 2025 年 9 月 12 日召开了第二 届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购公司股份的议案》， 详情请参阅公司于 2025 年 9 月 13 日披露的《上海谊众药业股份有限公司第二届董事 会第十二次会议决议公告》（公告编号：2025-0 ...

Group 1 - Shanghai Yizhong's stock price increased by 3.59% on September 15, with a trading volume of 429 million yuan [1] - The financing buy-in amount for Shanghai Yizhong on the same day was 33.88 million yuan, while the financing repayment was 30.57 million yuan, resulting in a net financing buy-in of 3.32 million yuan [1] - As of September 15, the total financing and securities lending balance for Shanghai Yizhong was 624 million yuan [1] Group 2 - The financing balance for Shanghai Yizhong is 623 million yuan, accounting for 4.97% of its circulating market value, which is above the 90th percentile level over the past year [1] - On the same day, Shanghai Yizhong repaid 1,267 shares in securities lending and sold 1,800 shares, with a selling amount of 109,100 yuan [1] - The securities lending balance is 957,400 yuan, which is below the 40th percentile level over the past year [1] Group 3 - As of June 30, the number of shareholders for Shanghai Yizhong was 6,521, an increase of 6.14% from the previous period [2] - The average circulating shares per person decreased by 5.78% to 31,698 shares [2] - For the first half of 2025, Shanghai Yizhong achieved operating revenue of 160 million yuan, a year-on-year increase of 31.48%, and a net profit attributable to shareholders of 38.00 million yuan, a year-on-year increase of 10.13% [2] Group 4 - Since its A-share listing, Shanghai Yizhong has distributed a total of 92.23 million yuan in dividends [2] - The company specializes in the research and industrialization of modified new drugs for anti-tumor treatments, with its main revenue source being the injectable paclitaxel polymer micelle, accounting for 99.84% of its total revenue [1]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

Core Viewpoint - The pharmaceutical industry is expected to experience a marginal improvement in 2025, with further operational performance enhancements anticipated in 2026, particularly in structurally high-growth segments and individual stocks [1] Group 1: Industry Trends - The focus on "innovation" will be the main theme for 2025, with attention on "going overseas" and "aging" assets that are relatively undervalued in the second half of the year [1] - The Chinese pharmaceutical industry has largely completed the transition from old to new growth drivers, with innovation replacing generics and enhanced overseas capabilities [3] - The demand side is being driven by an accelerating aging population, leading to increased needs for chronic disease treatments such as cardiovascular, endocrine, and orthopedic care [4] Group 2: Investment Opportunities - The report suggests focusing on Shanghai Yizhong (688091.SH) due to its complementary mechanisms involving PD1, VEGF, and IL-2, which are integrated into a single molecule for enhanced therapeutic efficacy [2] - The Chinese innovative pharmaceutical sector has gained significant scale, with companies like Heng Rui Medicine (600276.SH, 01276) and Hansoh Pharmaceutical (03692) successfully transitioning to innovation [3] - The medical device and home care equipment sectors are expected to stabilize and recover in performance starting from Q3 2025, with a focus on the aging population and outpatient consumption [4] Group 3: Market Dynamics - The healthcare payment system is experiencing steady growth, with the National Healthcare Security Administration actively promoting the development of commercial insurance to create a multi-tiered payment system [4] - New technologies, particularly AI, are anticipated to accelerate industry transformation, providing new growth logic for the pharmaceutical sector [4]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes the potential of PD1/VEGF/IL-2 mechanisms and suggests continued attention on Shanghai Yizhong [3][4] - The Chinese pharmaceutical industry has completed the transition from old to new growth drivers, with innovative drugs significantly opening new growth curves for Chinese pharmaceutical companies [51][52] - The report highlights the importance of innovation in the pharmaceutical sector, with a focus on the growth of innovative drugs and the increasing ability of Chinese companies to expand internationally [51][52] Summary by Sections Market Performance - From September 8 to September 12, the pharmaceutical index rose by 1.03%, outperforming the CSI 300 index by 0.47% [5] - The number of stocks that rose this week was 263, while 220 stocks fell, with the top gainers being Zhend Medical (+41%) and Haooubo (+28%) [5][35] Investment Opportunities - Suggested stocks to watch include: 1) Innovative drugs: Xinlitai, Rejing Bio, Shanghai Yizhong, Kanghong Pharmaceutical, and others [5] 2) Companies with improving performance and low valuation: WuXi AppTec, Tigermed, and others [5] 3) Medical consumables and drug companies benefiting from marginal improvements in centralized procurement [5] Mechanism Insights - The report discusses the complementary mechanisms of PD1, VEGF, and IL-2, highlighting Shanghai Yizhong's YXC-001, which integrates these three targets into a single molecule, potentially offering significant advantages in efficacy and pharmacokinetics [3][30][34] Industry Trends - The report notes that the aging population and chronic disease demand are increasing, with a focus on cardiovascular, endocrine, and orthopedic diseases [51] - The payment side is also improving, with steady growth in medical insurance revenue and the promotion of commercial insurance [51] Future Outlook - The report anticipates a rebound in the pharmaceutical industry in 2025, driven by innovative drugs, with structural growth expected in specific sectors and stocks [51][52] - It suggests that the second half of 2025 will see a recovery in medical consumption and manufacturing performance, with a focus on low-valuation assets [52]