Group 1 - The second meeting of the supervisory board of Shouyao Holdings was held on June 20, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved the proposal to use self-owned funds to pay part of the fundraising project expenses and to replace it with an equivalent amount of raised funds, with a unanimous vote of 3 in favor [1][2] - The supervisory board confirmed that the use of self-owned funds complies with necessary approval procedures and does not affect the normal implementation of the fundraising project [2] Group 2 - The decision made by the supervisory board was reported in the company's announcement published on the Shanghai Securities Journal and the Shanghai Stock Exchange website [2] - The meeting's resolution document has been filed as part of the company's official records [2]

中信建投证券股份有限公司 关于首药控股（北京）股份有限公司 使用自有资金支付募投项目部分款项并以募集资金等额置换的 核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为首药控股（北京）股份有限公司（以下简称"首药控股"或"公司"）首次公 开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管规则适用指引第 1 号——规范运作》和《上市公司募集资金监管规则》等有 关规定，对首药控股使用自有资金支付募投项目部分款项并以募集资金等额置换 事项进行了审慎核查，核查情况及核查意见如下： 1 单位：万元 | 项目名称 | 拟投入募集资金金额 | 截至 2024 | 年 12 资金投入金额 | 月 | 日募集 31 | | --- | --- | --- | --- | --- | --- | | 首药控股新药研发项目 | 93,023.79 | | | 54,979.69 | | | 首药控股新药研发与产业化基 地项目 | 1,976.21 | | | 1,976.21 | | | 补充流动资金 | ...

证券代码：688197 证券简称：首药控股 公告编号：2025-017 根据中国证监会《上市公司募集资金监管规则（2025 年 6 月 15 日起施行）》 《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（2025 年 5 月修订）》等相关规定，首药控股（北京）股份有限公司（以下简称"公司"） 于 2025 年 6 月 20 日召开第二届董事会第九次会议及第二届监事会第八次会议， 会议分别审议通过了《关于使用自有资金支付募投项目部分款项并以募集资金 等额置换的议案》，同意公司在募投项目实施期间，根据实际情况先行使用自有 资金支付募投项目部分款项，在履行内部相关程序后定期以募集资金等额置换， 该部分等额置换资金视同募投项目已使用资金。 上述事项在董事会审批权限范围内，无需提交公司股东大会审议。保荐人 中信建投证券股份有限公司对此发表了无异议的核查意见。现将有关情况公告 如下： 一、募集资金的基本情况 根据中国证券监督管理委员会2022年1月28日作出的《关于同意首药控股 （北京）股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕258 号），公司获准向社会公开发行人民币普通股3,71 ...

证券代码：688197 证券简称：首药控股 公告编号：2025-016 首药控股（北京）股份有限公司 关于第二届监事会第八次会议决议的公告 本公司监事会及全体监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、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 经审核，监事会认为：公司使用自有资金支付募投项目部分款项并以募集 资金等额置换的事项履行了必要的审批程序，符合法律法规、规范性文件的规 定，不影响募投项目的正常实施，也不存在变相改变募集资金用途的情形。监 事会全体成员一致同意公司使用自有资金支付募投项目部分款项并以募集资金 等额置换的事项。 具体内容详见公司同日披露于《上海证券报》及上海证券交易所网站 （www.sse.com.cn）的《首药控股（北京）股份有限公司关于使用自有资金支 付募投项目部分款项并以募集资金等额置换的公告》。 三、报备文件 公司第二届监事会第八次会议决议。 首药控股（北京）股份有限公司（以下称"公司"）第二届监事会第八次会 议于2025年6月20日在公司会议室以现场方式召开。本次会议的通知于2025年6 月16日由专人送达全体监事。会议应 ...

Core Insights - The company focuses on the field of small molecule innovative drugs, particularly in NSCLC, and possesses both second and third generation ALK-TKIs [1] - The company has a diverse pipeline addressing various cancer indications and urgent clinical needs, including multiple early-stage projects that have achieved significant milestones [1] - The commercial value of the second generation ALK-TKI is about to be realized, and the clinical progress of the third generation ALK-TKI is proceeding smoothly [1] Product Development - SY-707, a second generation ALK-TKI, is under review by NMPA with its NDA accepted in October 2024, and the registration inspection has been completed [2] - SY-3505, the fastest progressing third generation ALK-TKI in clinical trials, shows strong inhibitory effects on key resistant mutations of first and second generation ALK-TKIs [2] - SY-5007, a selective RET-TKI, is currently in phase III clinical trials and has demonstrated good efficacy and safety in patients with RET fusion-positive NSCLC [4] Market Landscape - The ALK-TKI market in China is dominated by second generation products, which are expected to account for 67.33% of the market by 2024, while first generation products are gradually being replaced [3] - Lorlatinib, a third generation ALK-TKI, has rapidly increased its market share since its launch in 2022, projected to reach nearly 15% by 2024 [3] - Alectinib continues to lead the market with a 54.82% share in the hospital sector, while the first generation crizotinib holds a 17.81% market share [3] Financial Projections - The company’s total equity value is estimated at 6.614 billion RMB, with projected revenues of 0.59 billion, 1.43 billion, and 2.87 billion RMB for 2025-2027 [5] - The company is expected to incur net losses of -1.84 billion, -1.71 billion, and -1.74 billion RMB for the same period [5] - Given the imminent launch of SY-707 and the promising clinical progress of SY-3505 and SY-5007, the current market valuation is below the estimated equity value, leading to an "accumulate" rating [5]

Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage [3][8]. Core Insights - The company focuses on the NSCLC small molecule innovative drug sector, possessing both second and third generation ALK-TKIs, with significant advancements in its clinical pipeline [3][17]. - The commercial value of the second generation ALK-TKI is about to be realized, while the third generation ALK-TKI is progressing well in clinical trials [4][60]. - The company has multiple early-stage research projects that have achieved significant milestones, ensuring sustainable development [3][18]. Summary by Sections Section 1: Focus on NSCLC Small Molecule Innovative Drugs - The company specializes in the independent research and development of small molecule innovative drugs, with a pipeline that includes various tumor indications and urgent clinical needs [3][17]. - It is the first domestic company to have both second and third generation ALK-TKIs [3][17]. - As of the 2024 report, the company has 22 proprietary research pipelines, all classified as new drugs [17][18]. Section 2: Commercial Value of ALK-TKIs - The second generation ALK-TKI SY-707 is nearing commercialization, with its NDA accepted by NMPA [4][55]. - The third generation ALK-TKI SY-3505 is the fastest progressing domestic option, with ongoing key clinical trials [4][58]. - The ALK-TKI market in China is dominated by second generation products, which are expected to account for 67.33% of the market by 2024 [60]. Section 3: SY-5007 and RET-TKI Development - SY-5007 is a high-selectivity RET-TKI that is currently in phase III clinical trials, showing promising efficacy and safety [6][22]. - It is the only domestic selective RET-TKI that has entered phase III trials globally, providing a significant competitive edge [6][22]. Section 4: Financial Projections - The company is projected to generate revenues of 0.59 billion, 1.43 billion, and 2.87 billion RMB from 2025 to 2027, with net losses expected to decrease slightly over the same period [7][10]. - The total equity value of the company is estimated at 6.614 billion RMB based on DCF modeling [7][8].

Group 1 - The A-share market indices experienced a collective upward trend, with the STAR Market Biopharmaceutical Index showing significant strength [1] - The STAR Market Biopharmaceutical Index ETF (588700) rose by 2.25%, with a trading volume exceeding 18 million yuan and a turnover rate of 7.97%, indicating active trading [1] - Key constituent stocks such as Yuyuan Pharmaceutical, Shouyao Holdings-U, and Nuotai Bio saw increases of over 7% [1] Group 2 - Harvard University's Belfer Center report indicates that China has a strong opportunity to surpass the U.S. in biotechnology, particularly in drug development [2] - The report highlights that while the U.S. leads in five key technology areas, the gap in biotechnology is narrowing, with China emerging as a source of original innovation [2] - CITIC Securities notes that the American Society of Clinical Oncology (ASCO) annual meeting is the largest and most authoritative clinical oncology conference, with increasing representation of domestic innovative drug data [2] Group 3 - Century Securities reports that there are ongoing developments in the innovative drug sector, particularly with the collaboration between Bristol-Myers Squibb and BioNTech for a $9 billion joint development of a PD-L1/VEGF dual antibody [3] - The ASCO meeting showcased significant progress in dual antibodies and ADC fields, with new mechanisms and targets emerging, indicating a differentiated layout in early clinical stages [3] - The competitiveness of domestic innovative drug pipelines on a global scale is expected to continue to rise, with a long-term positive outlook on the international expansion of innovative drugs [3]

Group 1: Market Performance - The three major indices collectively rose on June 4, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683.SH) increasing by 0.54% [1] - Notable performers within the index included Shouyao Holdings, which rose nearly 9%, and Zhixiang Jintai, which increased over 5% [1] - The Sci-Tech Innovation Medicine Index ETF (588700) experienced a fluctuation, ultimately rising by 0.59% during the trading session, with a transaction volume exceeding 21 million yuan [1] Group 2: Business Development Transactions - In May, at least six domestic innovative pharmaceutical companies announced business development (BD) transactions, primarily involving cross-border cooperation with foreign pharmaceutical companies [2] - The total value of BD transactions in innovative pharmaceuticals is projected to rise from $9.2 billion in 2020 to $52.3 billion by 2024, with upfront payments increasing from $600 million to $4.1 billion [2] - As of early 2025, the total value of innovative pharmaceuticals' overseas transactions has reached $45.5 billion, with upfront payments amounting to $2.2 billion, indicating a potential record year [2] Group 3: Industry Outlook - The pharmaceutical industry is expected to experience a structural turning point by 2025, driven by continuous policy optimization and the prominence of innovative and biological drugs [2][3] - The market size of the pharmaceutical industry is anticipated to exceed 8 trillion yuan, supported by an aging population and upgraded health consumption [3] - The valuation of the industry is currently at historical lows, suggesting potential for valuation recovery and performance growth in the future [3]

Core Points - The legal opinion letter confirms that the procedures for the shareholders' meeting of Shouyao Holdings (Beijing) Co., Ltd. comply with Chinese laws and regulations as well as the company's articles of association [2][8] - The meeting was convened on May 20, 2025, with a total of 9 resolutions discussed and approved [3][5] - The attendance included 3 shareholder representatives at the physical meeting, representing 82,953,101 shares, which is 55.7783% of the total voting shares [3][4] - An additional 38 shareholder representatives participated via online voting, representing 14,921,441 shares, or 10.0332% of the total voting shares [4] - The resolutions passed included the annual report, financial budget, profit distribution plan, and compensation plans for directors and supervisors for 2025 [6][7] Meeting Procedures - The second board meeting approved the convening of the shareholders' meeting on April 24, 2025, and the notice was published on April 28, 2025 [2][3] - The meeting followed a structured voting process, allowing both physical and online participation [4][5] - The voting results were verified and announced immediately after the meeting [5][7] Voting Results - All resolutions were passed with the required majority, including the special resolution regarding the economic development cooperation agreement with the Beijing Economic and Technological Development Zone Management Committee [6][7] - The profit distribution plan received overwhelming support from minority shareholders, with 99.6728% approval [6] - The legal opinion confirms that the voting procedures and results are valid and comply with relevant regulations [7][8]

证券代码：688197 证券简称：首药控股 公告编号：2025-015 首药控股（北京）股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 20 日 （二） 股东大会召开的地点：北京市海淀区闵庄路 3 号玉泉慧谷科技园 15 号楼 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： | 1、出席会议的股东和代理人人数 | 41 | | --- | --- | | 普通股股东人数 | 41 | | 2、出席会议的股东所持有的表决权数量 | 97,874,542 | | 普通股股东所持有表决权数量 | 97,874,542 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 65.8115 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 65.8115 | （四） 表 ...