Core Viewpoint - Shanghai Yizhong (688091.SH) has recently obtained a loan commitment letter from the Shanghai Fengxian Branch of Bank of Communications, allowing for a stock repurchase loan of up to RMB 31.5 million [1] Group 1 - The loan commitment amount is capped at RMB 31.5 million, which is intended for the repurchase of the company's own shares [1]

证券代码：688091 证券简称：上海谊众 公告编号：2025-040 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 9 月 29 日 （二） 股东会召开的地点：上海市奉贤区仁齐路 79 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 上海谊众药业股份有限公司 2025年第一次临时股东会决议公告 本公司董事会及全体董事保证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： （三） 关于议案表决的有关情况说明 1、本次股东会议案 1 对中小投资者进行了单独计票。 三、 律师见证情况 1、 本次股东会见证的律师事务所：上海锦天城律师事务所 | 1、出席会议的股东和代理人人数 | 66 | | --- | --- | | 普通股股东人数 | 66 | | 2、出席会议的股东所持有的表决权数量 | 77,823,495 | | 普通股股东所持有表决权数量 | 77,823,495 | | 3、出席会议的股东所持有表决权数量占公司表决权 ...

地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海谊众药业股份有限公司 2025 年第一次临时股东会的 法律意见书 上海市锦天城律师事务所 关于上海谊众药业股份有限公司 2025 年第一次临时股东会的 法律意见书 致：上海谊众药业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海谊众药业股份有限公 司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东会（以下简称"本 次股东会"）的有关事宜，根据《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》等法律、法规、规章和其他规范性文件以及《上海谊众 药业股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出具本法律 意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进 ...

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》及《关于提请召开 2025 年第一次临时股 东会的议案》，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）、《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）及《上海谊 众药业股份有限公司关于召开 2025 年第一次临时股东会的通知》（公告编号： 2025-037）。 证券代码：688091 证券简称：上海谊众 公告编号：2025-039 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 ...

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 ...