Core Viewpoint - Recently, Sinovac Biotech (688136.SH) disclosed the results of a shareholder inquiry transfer report and a notice regarding changes in the equity of shareholders holding more than 5% of shares, indicating significant share reductions by its major shareholder, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. [1] Summary by Relevant Sections Shareholder Equity Changes - Shenzhen Keyi Pharmaceutical reduced its holdings by a total of 18,314,717 shares, which represents 9.62% of the company's total equity [2][3] - The share reductions occurred through various methods, including a block trade and inquiry transfers, with specific dates and amounts detailed [2] Financial Impact - The average share price during the reduction period was 46.60 RMB, leading to a total cash-out amount of approximately 853,465,812.2 RMB [1] Ownership Structure Post-Reduction - After the reductions, Shenzhen Keyi Pharmaceutical holds 109,688,630 shares, accounting for 54.50% of the total equity, while its associated party, Deng Xueqin, holds 1,764,125 shares, or 0.88% [2][3] - The combined holdings of Shenzhen Keyi Pharmaceutical and Deng Xueqin amount to 111,452,755 shares, representing 55.38% of the total equity [3] Control and Governance - The transfer of shares will not result in a change of the controlling shareholder or the actual controller of the company, and it is not expected to significantly impact the company's governance structure or ongoing operations [3]

Group 1 - The core viewpoint of the news is that the weight loss drug sector experienced a significant decline in stock prices after an initial rise, indicating volatility in this market segment [1] - Specifically, Borui Pharmaceutical saw a drop of over 10% after previously rising more than 9% [1] - Other companies in the sector, such as Zhongsheng Pharmaceutical, fell over 7%, while Tianenkang, Kexing Pharmaceutical, Baihua Pharmaceutical, and Jinkaishengke also experienced declines [1]

Core Viewpoint - The recent share transfer by Kexing Pharmaceutical indicates a strategic move towards preparing for a potential IPO in Hong Kong, with significant capital operations involving both share reduction by the controlling shareholder and bond issuance by the company [1][2][3] Group 1: Share Transfer Details - Kexing Pharmaceutical's controlling shareholder, Koyi Medicine, transferred 10.0628 million unrestricted shares at a price of 30.88 yuan per share, totaling approximately 311 million yuan, which represents 5% of the total share capital [1] - The transfer price reflects a nearly 30% discount compared to the average price over the previous 20 trading days and a significant drop from the 36.7 yuan per share price in early August [1] - The effective subscription multiple was only 1.01 times, indicating weak demand from institutional investors [1] Group 2: Financial Performance and Future Plans - Koyi Medicine has raised a total of 754 million yuan through various share reduction methods over the past three months [1] - Kexing Pharmaceutical plans to issue up to 800 million yuan in technology innovation bonds, creating a dual funding flow strategy of shareholder reduction and corporate bond issuance [1][2] - The company reported a net profit of 80.3445 million yuan in the first half of the year, a year-on-year increase of 576.45%, with cash flow from operating activities turning positive [2] Group 3: Market Implications and Investor Sentiment - The high discount and rapid pace of share reduction suggest a pressing need for cash by the controlling shareholder and a cautious outlook on short-term stock price movements [2][3] - Koyi Medicine's shareholding has decreased from 66.01% to 54.5%, still above the 25% public holding requirement for Hong Kong listings, indicating that further share distribution will be necessary for a successful IPO [2] - The introduction of 35 institutional investors through the share transfers enhances the diversity and stability of the company's shareholder structure, potentially boosting confidence among international investors for the upcoming IPO [2]

Market Overview - The biopharmaceutical sector experienced a decline of 1.9% on September 19, with Kanghong Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Notable gainers included: - Aopumai (688293) with a closing price of 53.41, up 1.71% on a trading volume of 34,700 shares and a turnover of 189 million yuan [1] - Kexing Pharmaceutical (688136) closed at 41.88, up 1.70% with a trading volume of 45,300 shares and a turnover of 189 million yuan [1] - Significant decliners included: - Kanghong Pharmaceutical (002773) which fell 6.09% to a closing price of 37.00, with a trading volume of 94,100 shares and a turnover of 355 million yuan [2] - Changchun High-tech (000661) decreased by 3.91% to 125.22, with a turnover of 1.674 billion yuan [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 999.7 million yuan from institutional investors, while retail investors had a net inflow of 914 million yuan [2] - The table of capital flow indicates that: - Changchun High-tech had a net inflow of 67.986 million yuan from institutional investors [3] - Kanghua Biological (300841) experienced a net inflow of 11.825 million yuan from institutional investors [3]

证券代码：688136 证券简称：科兴制药 公告编号：2025-077 深圳科益医药控股有限公司（以下简称"科益医药"或"转让方"）及其一致行 动人邓学勤保证向科兴生物制药股份有限公司（以下简称"公司"或"科兴制药"）提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示: 55.38%，累计权益变动比例触及 5%的整数倍。 一、 转让方情况 (一)转让方基本情况 截至 2025 年 9 月 12 日转让方所持公司股份的数量、比例情况如下： 科兴生物制药股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 5%整数倍的提示性公告 (二)转让方一致行动关系及具体情况说明 本次询价转让的转让方科益医药系公司实际控制人、董事长邓学勤控制的企业， 科益医药与邓学勤属于一致行动关系。 序号 股东姓名 持股数量 （股） 持股比 例 拟转让数 量（股） 实际转让数量 （股） 实际转让 数量占总 股本比例 转让后持 股比例 1 科益医药 119,751,430 59.50% 10,062,800 10,062,80 ...

科兴生物制药股份有限公司 简式权益变动报告书 上市公司名称：科兴生物制药股份有限公司 股票上市地点：上海证券交易所 股票简称：科兴制药 股票代码：688136 信息披露义务人一：深圳科益医药控股有限公司 通讯地址：深圳市南山区粤海街道科兴科学园 D1 栋 42 层 信息披露义务人二：邓学勤 通讯地址：深圳市南山区粤海街道科兴科学园 D1 栋 42 层 股份变动性质：股份减少 签署日期：2025 年 9 月 19 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"） 《上市公司收购管理办法》（以下简称"《收购办法》"）《证券期货法律适用意见 第 19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》《公开 发行证券公司信息披露内容与格式准则第 15 号—权益变动报告书》（以下简称 "准则 15 号"）及相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》《证券期货法律适用意见第 19 号——<上 市公司收购管理办法>第十 ...

中国国际金融股份有限公司 关于科兴生物制药股份有限公司 股东向特定机构投资者询价转让股份的核查报告 中国国际金融股份有限公司（以下简称"中金公司""组织券商"）受科兴生物 制药股份有限公司（以下简称"科兴制药""公司""上市公司"）股东深圳科益医 药控股有限公司（以下简称"深圳科益""出让方"）委托，组织实施本次科兴制药 股东向特定机构投资者询价转让（以下简称"本次询价转让"）。 经核查，中金公司就本次询价转让的出让方、受让方是否符合《上海证券交易所 科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下简称"《询价转让 和配售指引》"）要求，本次询价转让的询价、转让过程与结果是否公平、公正，是 否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概述 （一）本次询价转让出让方 截至2025年9月12日，出让方所持公司股份的数量、比例情况如下： | 出让方名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | | 深圳科益 | 119,751,430 | 59.50% | （二）本次询价转让数量 本次拟询价转让股数上限为 10,062,800 股，受让方获 ...

Core Viewpoint - The stock price of Kexing Pharmaceutical has shown significant volatility, with a year-to-date increase of 92.87%, but recent declines in the short term indicate potential market fluctuations [2]. Group 1: Stock Performance - As of September 19, Kexing Pharmaceutical's stock price rose by 2.02% to 42.01 CNY per share, with a trading volume of 1.42 billion CNY and a turnover rate of 1.69%, resulting in a total market capitalization of 8.455 billion CNY [1]. - The stock has experienced a decline of 1.18% over the last five trading days and a 5.60% drop over the past 20 days, while it has increased by 9.40% over the last 60 days [2]. Group 2: Company Overview - Kexing Pharmaceutical, established on August 22, 1997, is located in Jinan, Shandong Province, and specializes in the research, production, and sales of recombinant protein drugs and micro-ecological preparations, with 97.38% of its revenue coming from pharmaceutical products [3]. - The company has appeared on the stock market's "Dragon and Tiger List" six times this year, with the most recent appearance on July 3 [3]. Group 3: Financial Performance - For the first half of 2025, Kexing Pharmaceutical reported a revenue of 700 million CNY, a year-on-year decrease of 7.82%, while the net profit attributable to shareholders reached 80.3445 million CNY, reflecting a substantial year-on-year increase of 576.45% [3]. - The company has distributed a total of 51.5446 million CNY in dividends since its A-share listing, with 15.7785 million CNY distributed over the past three years [4]. Group 4: Shareholder Structure - As of June 30, 2025, Kexing Pharmaceutical had 9,412 shareholders, an increase of 16.86% from the previous period, with an average of 21,211 circulating shares per shareholder, a decrease of 14.43% [3]. - Notable institutional shareholders include E Fund Medical Healthcare Industry Mixed A, which holds 3.669 million shares, and has increased its holdings by 1.6955 million shares [4].

Core Viewpoint - The stock price of Kexing Pharmaceutical has shown significant volatility, with a year-to-date increase of 94.21% and recent fluctuations in trading performance [2] Group 1: Stock Performance - As of September 18, Kexing Pharmaceutical's stock rose by 2.03%, reaching 42.30 CNY per share, with a total market capitalization of 8.513 billion CNY [1] - The stock has experienced a 3.50% increase over the last five trading days, a 2.98% decrease over the last 20 days, and a 9.47% increase over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Kexing Pharmaceutical reported a revenue of 700 million CNY, a year-on-year decrease of 7.82%, while the net profit attributable to shareholders was 80.3445 million CNY, reflecting a substantial year-on-year increase of 576.45% [2] - Cumulatively, the company has distributed 51.5446 million CNY in dividends since its A-share listing, with 15.7785 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 16.86% to 9,412, while the average circulating shares per person decreased by 14.43% to 21,211 shares [2] - The top shareholders include various mutual funds, with notable increases in holdings from E Fund Medical Healthcare Industry Mixed A and other funds [3]

Core Viewpoint - The recent share transfer by Kexing Pharmaceutical's controlling shareholder, Koyi Medicine, indicates a strategic move towards an IPO in Hong Kong, with significant capital raising activities and a notable reduction in shareholding percentage [2][9][12]. Group 1: Share Transfer Details - Koyi Medicine transferred 10.0628 million shares at a price of 30.88 CNY per share, totaling approximately 311 million CNY, which represents 5% of Kexing Pharmaceutical's total share capital [2]. - The transfer price reflects a nearly 30% discount compared to the 20-day average price of 43.556 CNY per share, indicating a significant reduction from previous transfer prices [3][5]. - The effective subscription multiple for the participating institutions was 1.01 times, barely covering the transfer amount [2][5]. Group 2: Financial Dynamics - Koyi Medicine has raised a total of 754 million CNY through various methods, including concentrated bidding and block trading, indicating a strong liquidity need [3][12]. - Kexing Pharmaceutical is preparing to issue up to 800 million CNY in sci-tech bonds to support its core business activities, including new drug development and overseas commercialization [12]. Group 3: Market Context and Comparisons - The average discount for share transfers in the A-share pharmaceutical sector this year is approximately 21.35%, making Kexing Pharmaceutical's transfers significantly higher at around 30% [5][6]. - Koyi Medicine's shareholding has decreased from 59.5% to 54.5% following the recent transfers, reflecting a strategic move to enhance liquidity and meet IPO requirements [10][12]. Group 4: IPO Strategy - The series of share transfers and the planned bond issuance are seen as necessary steps to prepare for a potential IPO in Hong Kong, aligning with market expectations for a more dispersed shareholding structure [10][12]. - The recent changes in Hong Kong's IPO regulations emphasize the importance of institutional investor participation, which Kexing Pharmaceutical is actively pursuing through these share transfers [11][12].