证券代码：688176 证券简称：亚虹医药 公告编号：2025-035 江苏亚虹医药科技股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 23 日10 点 00 分 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关规定执行。 （七） 涉及公开征集股东投票权 召开地点：上海市浦东新区高科西路 551 号万信酒店一楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 23 日 1 股东大会召开日 ...

Group 1 - Novartis expands collaboration with Argo Biopharma, focusing on multiple cardiovascular assets with a total deal value of up to $5.2 billion [1] - Novartis gains two options for drug candidates targeting severe hypertriglyceridemia (sHTG) and mixed dyslipidemia, allowing for development and commercialization rights outside of China [1] - After Argo completes a joint clinical trial for candidate drug BW-00112, Novartis will have priority negotiation rights for this asset [1] Group 2 - Argo Biopharma will receive an upfront payment of $160 million from Novartis, with potential milestone payments and option exercise payments totaling up to $5.2 billion [1] - Argo is also entitled to receive sales royalties based on the commercialization performance of the assets [1] - Future financing rounds may include potential equity financing support from Novartis for Argo [1]

Core Viewpoint - Swiss pharmaceutical giant Novartis (NVS.US) has expanded its collaboration with Chinese biotech company Argo Biopharma, signing a multi-asset licensing and option agreement in the cardiovascular field, with a total transaction value of up to $5.2 billion [1] Group 1: Collaboration Details - Novartis will gain two licensing options for candidates in the drug discovery phase aimed at treating severe hypertriglyceridemia (sHTG) and mixed dyslipidemia, allowing Novartis to choose to acquire development and commercialization rights for these candidates in markets outside of China [1] - After Argo Biopharma completes a joint clinical trial for candidate drug BW-00112, which targets angiopoietin-like protein 3 (ANGPTL3) for dyslipidemia treatment, Novartis will have the priority negotiation rights for this drug [1] - The agreement also includes another candidate molecule based on RNA technology that is currently in early research stages [1] Group 2: Financial Terms - Argo Biopharma will receive an upfront payment of $160 million from Novartis; additionally, if subsequent development, registration, and commercialization milestones are met, Argo Biopharma could receive up to $5.2 billion in milestone payments and option exercise payments [1] - Argo Biopharma will also have the right to receive sales royalties based on the commercialization performance of the assets involved in the collaboration [1] - In future financing rounds, Argo Biopharma may qualify for potential equity financing support from Novartis [1]

Core Viewpoint - The company reported a 62% year-on-year increase in revenue for the first half of 2025, driven by the continued growth of commercialized products such as Pazopanib and Neralitinib [2] Financial Performance - The company achieved operating revenue of 130 million yuan, reflecting a year-on-year increase of 61.80% [2] - Sales expenses rose by 45.62% to 113 million yuan, while management expenses increased by 8.95% to 44 million yuan [2] - Research and development expenses decreased by 24.36% to 116 million yuan [2] - The net loss attributable to the parent company narrowed by 11.84% to 162 million yuan [2] - As of the end of Q2 2025, the company had cash reserves of approximately 1.825 billion yuan, providing sufficient funding for future R&D and commercialization [2] Product Development and Regulatory Progress - The domestic review of APL-1702 is progressing smoothly, with expectations for approval by the end of 2025 or early 2026 [2] - The company is actively seeking overseas partners to prepare for the Phase III clinical trial application in the U.S. [3] - Early pipeline products such as DBHi, USP1i, CLDN 6/9-ADC, and FGFR2/3i are advancing steadily [4] - APL-1401 (DBH inhibitor) has completed the dose escalation study in Phase Ib for moderate to severe active UC, showing positive efficacy signals [4] - APL-2302 (USP1 inhibitor) has received approval for Phase I/IIa clinical trials in the U.S. and China, with the first subject enrolled in March 2025 [4] - APL-2501 (CLDN6/9 ADC) is expected to submit an IND by mid-2026, while APL-2401 (FGFR2/3 inhibitor) is in the IND-enabling stage, aiming for clinical approval by the end of 2025 [4] Investment Outlook - The company has a target market value of 8.954 billion yuan, corresponding to a stock price of 15.68 yuan, maintaining a "buy" rating [4]

Group 1 - The core viewpoint of the news is that Yahuang Pharmaceutical's stock has increased by 5.01%, reaching a price of 12.16 yuan per share, with a total market capitalization of 6.945 billion yuan [1] - Yahuang Pharmaceutical, established on March 16, 2010, focuses on the research, production, and sales of innovative drugs, with 96.34% of its revenue coming from anti-tumor products [1] - The trading volume for Yahuang Pharmaceutical was 62.2143 million yuan, with a turnover rate of 1.19% [1] Group 2 - Among the top ten circulating shareholders of Yahuang Pharmaceutical, Penghua Fund's Penghua Medical Technology Stock A (001230) increased its holdings by 891,300 shares in the second quarter, now holding 6.5441 million shares, which is 1.73% of the circulating shares [2] - Penghua Medical Technology Stock A has achieved a return of 91.85% this year, ranking 14th out of 4,222 in its category, and a return of 105.99% over the past year, ranking 222nd out of 3,779 [2] - The fund manager of Penghua Medical Technology Stock A is Jin Xiaofei, who has a tenure of 9 years and 72 days, with the fund's total asset size at 4.037 billion yuan [3]

Group 1 - The company reported a total operating revenue of 130 million yuan for the first half of 2025, representing a year-on-year increase of 61.8%. However, the total profit reached -171 million yuan, with a net profit attributable to shareholders of -162 million yuan [1] - The company is actively promoting the launch of APL-1702 in China, with the application for listing accepted by the National Medical Products Administration in May 2024. The company has prioritized the review and approval process for this product [1] - APL-1702's international multi-center Phase III clinical trial results were selected for presentation at the 2025 International Photodynamic Association conference. The company has also received feedback from the FDA regarding the design of a Phase III clinical trial for APL-1702 in the U.S. [1] Group 2 - The company has achieved continuous sales growth through both self-operated and commissioned sales models, successfully reaching target cities and hospitals. The company has maintained its sales revenue targets and rapidly increased market penetration despite intense competition [1] - The company is focusing on deepening its product pipeline around urogenital system diseases through independent research and strategic partnerships. Revenue projections for 2025-2027 are estimated at 361 million yuan, 650 million yuan, and 940 million yuan respectively [2]

Core Viewpoint - Recently, Yahuang Pharmaceutical (688176) reported its 2025 mid-year financial results, showing revenue growth and a reduction in losses compared to the previous year [1]. Financial Performance - The total operating revenue for the company reached 130 million yuan, an increase of 61.8% year-on-year [1]. - The net profit attributable to shareholders was -162 million yuan, improving by 11.84% year-on-year [1]. - In Q2, the operating revenue was 69.14 million yuan, up 23.08% year-on-year, while the net profit attributable to shareholders was -78.68 million yuan, an increase of 22.2% year-on-year [1]. - Gross margin stood at 73.17%, down 6.86% year-on-year, while the net margin was -130.54%, an increase of 42.99% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 163 million yuan, accounting for 124.94% of revenue, a decrease of 2.96% year-on-year [1]. - The company's cash flow per share was -0.34 yuan, an increase of 20.0% year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been poor, with a median ROIC of -17.43% since its listing, and the worst year being 2019 with a ROIC of -452.96% [3]. - The company has reported losses in 7 out of 10 years since its listing, indicating a generally unfavorable investment outlook [3]. Debt and Cash Flow - The company has a healthy cash asset position, but its operating cash flow has been negative over the past three years, averaging -130.32% of current liabilities [4]. - The accounts receivable increased significantly by 132.4% year-on-year, raising concerns about cash flow management [1][4]. Product Development - The company is advancing its product APL-1702, which is aimed at treating high-grade squamous intraepithelial lesions (HSIL) in patients aged 18 and above, with the application for market approval currently under review [5]. - The potential market for HSIL treatment in China is estimated at around 2.1 million patients, with expectations for continued growth over the next decade [5]. - The company is preparing for commercialization, including market accessibility studies and policy communications to enhance patient benefits [5].

Meeting Overview - The second meeting of the Supervisory Board of Jiangsu Yahon Pharmaceutical Technology Co., Ltd. was held on August 28, 2025, with full attendance of all three supervisors [1][2] - The meeting was convened in accordance with the relevant laws and regulations, ensuring the legality and validity of the resolutions made [1] Resolutions Passed - The Supervisory Board approved the company's 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's actual situation without any false records or omissions [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support [2] - A significant resolution was passed to cancel the Supervisory Board, transferring its powers to the Audit Committee of the Board of Directors, and to amend the company's articles of association accordingly [2][3] - The resolution regarding the change in registered capital and the necessary business registration changes was also approved, pending submission to the shareholders' meeting for further deliberation [3]

Financial Performance - The company's total revenue is 130 million, ranking 130 among disclosed peers [1] - The net profit attributable to shareholders is -162 million, ranking 141 among disclosed peers [1] - The net cash flow from operating activities is -194 million, ranking 139 among disclosed peers [1] Financial Ratios - The latest debt-to-asset ratio is 16.55%, an increase of 3.95 percentage points from the previous quarter and 5.91 percentage points from the same period last year [3] - The latest gross profit margin is 73.17%, a decrease of 5.70 percentage points from the previous quarter and 5.39 percentage points from the same period last year [3] - The latest return on equity (ROE) is -8.92%, ranking 135 among disclosed peers, a decrease of 0.49 percentage points from the same period last year [3] Earnings and Turnover - The diluted earnings per share is -0.29, ranking 135 among disclosed peers [4] - The latest total asset turnover ratio is 0.06, ranking 136 among disclosed peers [4] - The latest inventory turnover ratio is 4.49 times, a decrease of 5.37 times from the same period last year, representing a year-on-year decline of 54.46% [4] Shareholder Information - The number of shareholders is 25,500, with the top nine shareholders holding 211 million shares, accounting for 37.08% of the total share capital [4] - The largest shareholder is PAN KE, holding 22.83% of the shares [4]

公司代码：688176 公司简称：亚虹医药 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细阐述在经营过程中可能面临的各种风险因素，具体请查阅本报告"第三节 管理层 讨论与分析"之"四、风险因素"，公司提请投资者特别关注如下风险： 1、尚未盈利的风险 公司报告期内尚未盈利且存在累计未弥补亏损，主要原因是公司自设立以来即从事药物研发活动，该类 项目研发周期长、资金投入大。公司持续投入大量研发费用导致公司累计未弥补亏损不断增加。此外， 公司由于股权激励产生的股份支付费用也导致公司累计未弥补亏损大幅增加。公司未来几年将存在持续 大规模的研发投入，研发费用预计将持续处于较高水平；同时公司未来产品上市后的商业化进展亦存在 一定的不确定性，上市后未盈利状态预计持续存在且累计未弥补亏损可能短期内继续扩大。 2、公司在研产品临床试验进展和结果不及预期的风险 新药研发过程漫长、成本高昂，临床试验进展受到多重因素的共同影响，且结果具有高度不确定性。公 司临 ...