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 Points - The company has approved the second unlock period for its stock incentive plan, allowing 119,000 shares to be released from restrictions on August 4, 2025 [1][21][23] - The stock incentive plan includes two types of restricted stocks, with a total of 1.1 million shares granted, representing 0.73% of the company's total share capital [2][13] - The performance targets for the unlock conditions are based on revenue growth, requiring a minimum increase of 25% for 2023 and 60% for 2024 compared to 2022 [4][17] Summary of the Incentive Plan - The stock incentive plan consists of two categories: first-class and second-class restricted stocks, with 110,000 shares granted in total [2][13] - The first-class restricted stocks have a grant price of 32.00 yuan per share, and the unlock conditions are tied to both company and individual performance assessments [2][4] - The first unlock period allows for 50% of the shares to be released after 12 months, while the second unlock period allows for another 50% after 24 months [2][5] Performance Assessment - Company-level performance assessment requires achieving specific revenue growth targets, with the first unlock period tied to a 25% increase and the second to a 60% increase [4][17] - Individual performance assessments categorize results into five levels, determining the percentage of shares that can be unlocked based on individual performance [18][19] Legal and Compliance - The company has received necessary approvals and legal opinions confirming compliance with relevant laws and regulations regarding the stock incentive plan [23] - The legal opinion states that the conditions for the second unlock period have been met, and the actions taken are in accordance with the company's articles of association and applicable laws [23]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-095 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 2023 年限制性股票激励计划第一类限制性股票 第二个解除限售期解除限售暨上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 119,000股。 本次股票上市流通总数为119,000股。 本次股票上市流通日期为2025 年 8 月 4 日。 上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次会议和第四届董事会第九次 会议，审议通过了《关于公司 2023 年限制性股票激励计划第一类限制性股票第二 个解除限售期解除限售条件成就的议案》，根据公司 2023 年限制性股票激励计划 （以下简称"本次激励计划"）等的相关规定及公司 2023 年第二次临时股东大 ...

Market Overview - The A-share market showed a positive trend with the Shanghai Composite Index rising 0.75% to 3608.58 points, the Shenzhen Component Index increasing by 0.31% to 11134.07 points, and the ChiNext Index up by 0.72% to 2327.48 points [1][2]. Sector Performance - The financial sector, particularly brokerage stocks, experienced significant upward movement, with notable gains in stocks such as Guosheng Financial Holdings, which hit the daily limit, and others like Guosen Securities, Harbin Investment, and Bank of China Securities rising over 5% [5][7]. - The CRO (Contract Research Organization) sector also saw a rally, with stocks like Zhaoyan New Drug hitting the daily limit and others such as Medisi, Boteng Co., and Haoyuan Pharmaceutical rising over 5% [10][11]. New Listings - Two new stocks were listed on July 23, with Shanda Electric experiencing a surge of over 500% at one point. The company issued 40.72 million shares at a price of 14.66 yuan per share, resulting in a total market capitalization of approximately 1.17 billion yuan [13][14]. - Jiyuan Group also debuted on the Shanghai Stock Exchange, initially rising over 370% and currently up 280%, with a total market value of 16.6 billion yuan [15][16]. Key Stock Movements - Notable stock movements included NIO rising by 8.69%, Kuaishou increasing by 4.47%, and Tencent Holdings up by 3.61% in the Hong Kong market [4][5]. - In the insurance sector, China Pacific Insurance, Agricultural Bank of China, and Qilu Bank all saw increases of over 3% [8][9].

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-094 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于"皓元转债"预计满足赎回条件的提示性公告 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： 上海皓元医药股份有限公司（以下简称"公司"）股票自 2025 年 7 月 8 日至 2025 年 7 月 22 日期间，已有 10 个交易日的收盘价格不低于"皓元转债" 当期转股价格的 130%（即 52.77 元/股），若未来连续 19 个交易日内，仍有 5 个 交易日公司股票的收盘价格不低于当期转股价的 130%（含 130%），将触发 《上海皓元医药股份有限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》"）中规定的有条件赎回条款。届时，公司有权决定 是否按照债券面值加当期应计利息的价格赎回全部或部分未转股的"皓元转债"。 根据《上海证券交易所上市公司自律监管指引第 12 ...

Core Viewpoint - The announcement details the fulfillment of conditions for the second vesting period of the 2023 restricted stock incentive plan, allowing 98 eligible participants to vest a total of 530,950 shares [1][15][19] Summary by Sections Incentive Plan Overview - The company approved the 2023 restricted stock incentive plan, which includes two categories of restricted stocks, with a total of 1,100,000 shares granted, representing approximately 0.73% of the total share capital at the time of the plan's announcement [2][12] - The vesting price for both categories of restricted stocks is set at 32.00 yuan per share [2] Vesting Conditions - The second vesting period for the second category of restricted stocks has been achieved, allowing for the vesting of 530,950 shares [1][15] - The vesting conditions include a 12-month employment requirement and specific performance targets based on revenue growth [3][4] Performance Targets - The performance targets for the first and second vesting periods are set at a minimum revenue growth of 25% for 2023 and 60% for 2024, respectively, based on 2022 revenue figures [4][14] - The company has reported a revenue growth rate of 67.16% for the second vesting period, meeting the performance criteria [14] Shareholder and Board Approval - The plan received necessary approvals from the board and shareholders, ensuring compliance with relevant laws and regulations [17][19] - The board's compensation and assessment committee confirmed that the vesting conditions for the second category of restricted stocks have been met [15][19] Stock Vesting Details - The vesting date for the shares will be determined based on the completion of registration procedures with the relevant authorities [18] - A total of 3,192 shares will be canceled due to the disqualification of 6 participants who left the company [15][19] Legal and Financial Advisory - Legal opinions confirm that the incentive plan's implementation complies with applicable laws and does not harm the interests of the company or its shareholders [19] - The independent financial advisor has also verified that the conditions for the vesting of the second category of restricted stocks have been met [19]

Core Viewpoint - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a favorable development platform for China's technology innovation enterprises, supported by policies and a more inclusive financing environment [1][3]. Group 1: Support for Sci-Tech Enterprises - Sci-Tech enterprises face challenges such as long R&D cycles, high funding requirements, and significant failure risks, necessitating support from policies, funding, and technology [3]. - The STAR Market has evolved to provide precise support for listed Sci-Tech enterprises, showcasing positive development trends [3]. - Companies like Boryung Pharmaceutical have transitioned from complex generic drug production to innovative drug R&D, benefiting from the financial support provided by the STAR Market [4]. Group 2: Capital Empowerment and Innovation - Boryung Pharmaceutical has invested a total of 1.2 billion yuan in R&D over six years, with key innovative drugs entering critical clinical phases [4]. - Haoyuan Pharmaceutical has rapidly developed its drug R&D center and production base after listing on the STAR Market, enhancing its service capabilities for the innovative drug industry [4]. Group 3: AI Technology and Innovation - The rapid development of AI technology, particularly in vertical applications, is empowering innovation across various industries [5]. - AI models are adept at solving complex nonlinear problems, helping to overcome innovation bottlenecks in fields like biomedicine and materials science [5]. - The China Securities Index Company has been enhancing the STAR Market index system to guide social capital towards key supported areas, promoting high-quality development of Sci-Tech companies [5][6]. Group 4: Future Developments and Market Dynamics - The STAR Market is set to undergo institutional upgrades with the introduction of the "1+6" policy, improving financing channels for Sci-Tech enterprises [8]. - The deepening reforms aim to enhance inclusivity for hard-tech companies, particularly in biomedicine and high-end equipment sectors [8]. - The integration of AI technology is expected to reduce investment risks and enhance innovation capabilities in the biopharmaceutical sector, leading to higher returns on investment [9]. Group 5: Global Recognition and Competitive Advantage - China's overall innovation capability is gaining global recognition, with a significant increase in domestic biopharmaceutical intellectual property cases being exported [9]. - As China's Sci-Tech strength continues to grow, the capital market's risk appetite for innovative drug companies is expected to shift positively, further enhancing competitiveness in the global market [9].

Group 1 - The establishment of the Sci-Tech Innovation Board (STAR Market) has provided a favorable development platform for Chinese technology innovation enterprises, supported by innovative market mechanisms and inclusive financing environments [1] - The introduction of policies such as "STAR Market Eight Articles" and "1+6" aims to alleviate the challenges faced by high-quality technology enterprises, injecting momentum into China's economic transformation and the development of new productive forces [1] - The STAR Market has become a "testing ground" for capital market reforms, effectively supporting strategic emerging industries and empowering technological innovation [3][4] Group 2 - Small and medium-sized technology enterprises face significant challenges, including long R&D cycles, high capital investment, and substantial failure risks, necessitating support from policies, funding, and technology [3] - Companies like Borui Pharmaceutical have successfully transitioned from complex generic drug production to innovative drug development, with cumulative R&D investment reaching 1.2 billion yuan (approximately 0.17 billion USD) over six years [4] - The rapid development of AI technology is enhancing innovation capabilities across various industries, with AI models helping to solve complex problems and break through innovation bottlenecks [4][6] Group 3 - The STAR Market's recent reforms, including the establishment of a growth tier and the reintroduction of listing standards for unprofitable companies, are expected to improve inclusivity for hard-tech enterprises and broaden financing channels [6] - The integration of AI technology into the drug development process is significantly shortening R&D cycles and increasing success rates, leading to higher returns on investment in innovative drugs [6][7] - The overall innovation capability of Chinese enterprises is gaining global recognition, with an increase in domestic biopharmaceutical intellectual property being exported [7]

| 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-092 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 2023 年限制性股票激励计划第一类限制性股票 第二个解除限售期解除限售条件成就的公告 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： （一）本次股权激励计划方案及履行的程序 1、本次激励计划主要内容 （1）股权激励方式：第一类限制性股票及第二类限制性股票。 2023 年限制性股票激励计划第一类限制性股票第二个解除限售期解除 限售条件已成就，符合解除限售条件成就的激励对象共 6 名，可解除限售的限 制性股票数量为 119,000 股。 本次拟解除限售的限制性股票在相关部门办理完解除限售手续后、于上 市流通前，公司将另行发布相关提示性公告，敬请投资者注意。 上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次会议和第四届 ...

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： 上海皓元医药股份有限公司（以下简称"公司"或"皓元医药"）于 2025 年 7 月 18 日召开的第四届董事会薪酬与考核委员会第四次会议和第四届董事会 第九次会议，审议通过了《关于公司 2023 年限制性股票激励计划第二类限制性 股票第二个归属期符合归属条件的议案》，公司 2023 年限制性股票激励计划（以 下简称"本次激励计划"）第二类限制性股票第二个归属期归属条件已经成就， 共计 98 名符合条件的激励对象合计可归属第二类限制性股票 53.0950 万股。现 将有关事项说明如下： | 证券代码：688131 | 证券简称：皓元医药 | 公告编号：2025-093 | | --- | --- | --- | | 转债代码：118051 | 转债简称：皓元转债 | | 上海皓元医药股份有限公司 关于 2023 年限制性股票激励计划第二类限制性股票 第二个归属期符合归属条件的公告 一、本次激励计划批准及实施情况 （一）本次激励方案及履行的程序 1、本次激励计划主 ...