| | | 首药控股（北京）股份有限公司 章程 首药控股（北京）股份有限公司 章程 二〇二五年八月 第三条 公司于 2022 年 1 月 28 日经中国证券监督管理委员会（以下称"中国 证监会"）同意注册，首次向社会公众发行人民币普通股 3,718.00 万股并于 2022 年 3 月 23 日在上海证券交易所科创板上市。 第四条 公司注册名称： 中文全称：首药控股（北京）股份有限公司 英文全称：Shouyao Holdings (Beijing) Co., Ltd. 公司性质：股份有限公司 第五条 公司住所：北京市北京经济技术开发区荣华中路 10 号 1 幢 19 层 1 单元 2202-2 号，邮政编码：100176。 第一章 总则 第一条 为维护首药控股（北京）股份有限公司（以下称"公司"）、股东、职 工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下称"《公司法》"）《中华人民共和国证券法》（以下称"《证券法》"）《上 市公司章程指引》《上海证券交易所科创板股票上市规则》等法律、行政法规、 部门规章和其他有关规定，制定本章程。 第六条 公司注册资本为人民币 14,871. ...

首药控股（北京）股份有限公司 董事、高级管理人员离职管理制度 首药控股（北京）股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为完善首药控股（北京）股份有限公司（以下称"公司"）董事离职 程序，确保公司治理结构的稳定性和连续性，维护公司及股东的合法权益，公司 根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民共和国证 券法》（以下称"《证券法》"）、《上市公司章程指引》《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指引第 1 号——规 范运作》（以下称"《1 号自律监管指引》"）等法律法规、规范性文件、上海证 券交易所业务规则及《首药控股（北京）股份有限公司章程》（以下称"《公司 章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）及高级管理人员因任期届满、 辞职、被解除职务或其他原因离职的情形。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； （二）公开透明原则：及时、准确、完整地披露董事、高级管理人员离职相 关信息； ...

首药控股公告，2025年上半年营业收入200万元，同比下降47.37%。归属于上市公司股东的净利润-1.04 亿元，上年同期为-1.03亿元。研发投入占营业收入的比例5,408.49%，增加2590.03个百分点。 ...

Group 1 - The stock of Shouyao Holdings (688197) closed at 55.94 yuan on August 13, reaching the daily limit with a trading volume of 3.58 billion yuan and a turnover rate of 10.63% [2] - The stock was listed on the daily trading list due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction of 1.41 billion yuan, with a net buying amount of 38.7 million yuan [2][3] Group 2 - The main capital inflow for the stock was 45.79 million yuan throughout the day [3] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 31.85 million yuan [3] - The largest selling department was the Industrial Securities Co., Ltd., with a selling amount of 20.42 million yuan [3]

Market Overview - A-shares experienced a significant rally, with the Shanghai Composite Index achieving an 8-day winning streak and reaching a new high since December 2021, closing at 3683.46 points, up 0.48% [1] - The total trading volume in the A-share market exceeded 2 trillion yuan for the first time since February 27, with a total of 21,756 billion yuan traded [1] - The Hong Kong stock market also saw substantial gains, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index increasing over 3% [1] AI Industry - AI-related stocks surged, with notable gains including Guangku Technology and Robotech both hitting the 20% limit up, and Industrial Fulian also reaching the limit up [2][4] - Industrial Fulian reported a revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [4][5] - The demand for AI servers is expected to grow significantly, driven by increased capital expenditures from major North American cloud service providers [4][5] Innovative Pharmaceuticals - The innovative drug sector saw strong performance, with Shouyao Holdings hitting the 20% limit up, and other companies like Microchip Biotech and WuXi AppTec also posting significant gains [6][8] - The National Medical Insurance Administration has established a "new drug pricing mechanism," which is expected to provide innovative drug manufacturers with greater pricing flexibility and efficiency [8] Humanoid Robotics - The humanoid robotics sector showed renewed activity, with companies like Shenglan Co. and Jieke Co. seeing substantial increases in stock prices [9][11] - The World Robot Conference held in Beijing highlighted advancements in embodied intelligent robots, with local governments offering subsidies for robot purchases [9][11] - The industry is expected to benefit from various supportive policies and events, including the upcoming World Humanoid Robot Games and other robotics-related conferences [11]

Core Viewpoint - The innovative drug concept stocks have shown strong performance recently, driven by favorable policy developments and market dynamics [1][4][5]. Group 1: Market Performance - Innovative drug stocks surged, with Shouyao Holdings hitting a 20% limit up and Haishike also reaching the limit, alongside significant gains from companies like WuXi AppTec and MediSino [1][5]. - Since the start of the current market rally on April 8, the innovative drug sector has seen an overall increase of nearly 60%, with individual stocks like Shutai Shen rising nearly 7 times and Guangsheng Tang over 4 times [5][6]. Group 2: Policy Developments - The National Medical Insurance Administration (NMI) announced that 534 drugs passed the preliminary review for the 2025 National Medical Insurance Drug List, a significant increase from 2024 [4][6]. - A new commercial insurance innovative drug list was established, with 121 drugs approved, indicating a shift towards integrating commercial health insurance with basic medical insurance [6][7]. - The NMI's recent meetings emphasized support for genuine innovation in the pharmaceutical sector, aiming to enhance the quality of drugs and medical devices while rejecting subpar innovations [7][8]. Group 3: Industry Outlook - Analysts are optimistic about the investment opportunities within the pharmaceutical industry, driven by supportive policies and the potential for market recovery in the second half of 2025 [8][9]. - The total market size for innovative drugs in China is estimated to be between 200 billion and 300 billion, with significant growth potential as the country becomes a global R&D hub for innovative drugs [9]. - The policy environment remains favorable for innovative drugs, with major pharmaceutical companies gradually clearing risks associated with drug procurement, paving the way for competitive innovative drug pipelines [9].

Group 1 - The core viewpoint of the articles highlights a significant rise in the innovative drug sector, driven by the establishment of a new pricing mechanism for newly launched drugs by the National Medical Insurance Administration [1][2] - The new pricing mechanism is expected to provide higher pricing flexibility, more efficient listing processes, and longer price stability periods for high-quality innovative drugs [1] - Companies in the innovative drug sector, such as Shouyao Holdings and Microchip Biotech, have seen substantial stock price increases, indicating positive market sentiment towards the sector [1] Group 2 - Since 2025, the government has repeatedly proposed policies to optimize drug procurement and support innovative drugs, indicating a favorable policy environment for the development of innovative drugs [2] - The investment strategy for the second half of 2025 suggests a high certainty of performance and valuation recovery in the healthcare industry, driven by external factors such as policy optimization and the rise of commercial health insurance [2] - The trend towards self-sufficiency and the reform of out-of-hospital marketing models are seen as more certain investment directions in the context of true innovation and internationalization in the pharmaceutical sector [2]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.56% to 3686.34 points, reaching a new high since December 2021 [1] - The Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.81% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,283 billion yuan, an increase of 1,181 billion yuan compared to the previous day, with over 2,600 stocks rising [1] Sector Performance - The securities sector saw a comprehensive increase, with Changcheng Securities and Guosheng Financial Holdings hitting the daily limit [1] - The liquid cooling server sector continued to strengthen, with Feilong Co., Zhunchong Technology, and Dayuan Pump Industry also hitting the daily limit [1] - The pharmaceutical sector collectively rose, with Shouyao Holdings hitting the daily limit and Meidi West rising over 11%, marking the first appearance of drugs under the "dual directory" of medical insurance [1] - The military industry stocks experienced a broad increase, with Changcheng Military Industry achieving seven consecutive limits in ten days and Fenghuo Electronics hitting the daily limit [1] Declining Sectors - The breeding industry sector declined, with Xiaoming Co. falling over 5% and Minhe Holdings dropping over 3% [1] - The port and shipping stocks generally fell, with Lianyungang dropping over 4%, and both China National Offshore and Ningbo Maritime falling over 3% [1]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]