2 中国国际金融股份有限公司 关于苏州泽璟生物制药股份有限公司 2024 年度持续督导跟踪报告 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》 和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，中 国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为苏州泽璟生物制 药股份有限公司（以下简称"泽璟制药"、"公司"）持续督导工作的保荐机构，开展其 上市后的持续督导工作，并出具 2024 年度（以下简称"本报告期"、"持续督导期"） 持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执行 | | | | 了持续督导制度，并制定了相应的 | | | | 工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与泽璟制药签订承销 持续督导期间的权利和义务，并报 | | | 与上市公司或相关当事人签署持续督导协议，明确双 | 与保 ...

苏州泽璟生物制药股份有限公司 2024年年度股东大会会议资料 证券代码：688266 证券简称：泽璟制药 苏州泽璟生物制药股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 1 苏州泽璟生物制药股份有限公司 2024年年度股东大会会议资料 | | | 苏州泽璟生物制药股份有限公司 2024 年年度股东大会会议须知 | | 年年度股东大会会议须知 3 | 2024 | | --- | --- | --- | | | 年年度股东大会会议议程 5 | 2024 | | | 年年度股东大会会议议案 7 | 2024 | | 议案一 | 关于公司《2024 年年度报告》及摘要的议案 7 | | | 议案二 | 关于公司《2024 年度董事会工作报告》的议案 8 | | | 议案三 | 关于公司《2024 年度监事会工作报告》的议案 16 | | | 议案四 | 关于公司《2024 年度财务决算报告》的议案 20 | | | 议案五 | 关于公司《2025 年度财务预算报告》的议案 26 | | | 议案六 | 关于公司《2024 年度独立董事述职报告》的议案 29 | | | 议案七 | 关于公司 2024 ...

Core Insights - The latest net value of ICBC Frontier Medical Stock A (001717) is 2.8300 yuan, reflecting a decrease of 1.77% [1] - The fund has shown a one-month return of 5.28%, ranking 400 out of 471 in its category; a three-month return of 8.06%, ranking 71 out of 471; and a year-to-date return of 7.56%, ranking 113 out of 469 [1] Fund Holdings - The top ten holdings of ICBC Frontier Medical Stock A account for a total of 59.05%, with the largest positions being: - Heng Rui Medicine (10.11%) - Kelun Pharmaceutical (8.01%) - WuXi AppTec (7.72%) - BeiGene (6.85%) - Xinlitai (4.90%) - Zai Lab (4.77%) - Yuyue Medical (4.60%) - New Horizon Health (4.36%) - East China Pharmaceutical (4.20%) - Haizhi Pharmaceutical (3.53%) [1] Fund Overview - ICBC Frontier Medical Stock A was established on February 3, 2016, and as of March 31, 2025, it has a total scale of 9.081 billion yuan [1] - The fund manager is Zhao Bei, who has extensive experience in the healthcare sector [2]

Core Viewpoint - The article discusses the impact of the U.S. tariff policies on global trade and the subsequent response from China, highlighting the opportunities for domestic industries to replace imports in various sectors due to increased tariffs on U.S. goods [1] Group 1: Import Substitution Opportunities - The sectors with significant import substitution potential in A-shares include chips, photoresists, scientific instruments, medical devices, and aerospace equipment [1] - A total of 50 stocks have been identified as having strong potential for import substitution based on performance and institutional interest [1][6] Group 2: High Import Dependency Categories - Key categories with high import dependency in China include electronics (semiconductor components/devices, optical components), medical devices, machinery (measuring instruments, machine tools, cutting tools), aerospace equipment, and chemical products [4] - In 2022, China's imports from the U.S. in electronic machinery, agricultural products, chemicals, and energy exceeded 150 billion yuan, indicating a significant reliance on U.S. imports [5] Group 3: Market Size and Growth Potential - The global market for analog chips is valued at $79.4 billion, with China's demand accounting for 30% to 40%, translating to a market space of approximately 240 billion yuan [6] - The medical device market in China has a high dependency on imports, with 70% of high-end equipment (e.g., MRI, CT machines) sourced from companies like GE and Siemens, representing a market space worth several hundred billion yuan [6] Group 4: R&D Investment and Innovation - The average R&D investment ratio for the top 50 import substitution stocks exceeds 21%, significantly higher than the A-share average [9] - Notable companies include Longxin Technology with an R&D investment ratio of 105.34%, and BeiGene with over 14.1 billion yuan invested in R&D, focusing on innovative cancer treatments [9][10] Group 5: Stock Performance and Growth Projections - Among the top 50 stocks, companies like SMIC, Haiguang Information, and Heng Rui Medicine have market capitalizations exceeding 100 billion yuan, primarily in semiconductor equipment, AI chips, and innovative pharmaceuticals [7] - The average projected net profit growth for these companies is close to 69%, with several stocks expected to double their profits this year [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with a focus on the positive progress of key pipelines [5] - The company reported a revenue of 533 million RMB in 2024, a year-on-year increase of 37.91%, and a net profit attributable to shareholders of -138 million RMB [7] - The company has successfully commercialized existing products and is advancing two products towards market launch [7] - The company is developing multiple innovative drugs with promising clinical trial results expected to be announced in 2025 [7] Financial Summary - Revenue projections for 2025-2027 are 864 million RMB, 1.471 billion RMB, and 2.387 billion RMB respectively, with growth rates of 62.12%, 70.23%, and 62.33% [6][8] - The net profit attributable to shareholders is projected to be -11 million RMB in 2025, followed by 313 million RMB in 2026 and 734 million RMB in 2027 [6][8] - The company’s gross margin is expected to remain high, with estimates of 95.69% in 2025 and 94.46% in 2027 [9]

Group 1 - The core viewpoint of the news is the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, which has shown positive growth in recent months and has a diversified portfolio in the healthcare sector [1][3]. - As of April 30, 2025, the latest net value of the fund is 2.5180 yuan, reflecting a growth of 1.82%. The fund's return over the past month is 2.07%, ranking 41 out of 469 in its category. Over the past three months, the return is 11.71%, ranking 45 out of 467, and since the beginning of the year, the return is 10.49%, ranking 44 out of 465 [1]. - The fund's total assets amount to 2.724 billion yuan as of March 31, 2025, and it was established on November 18, 2014. The fund managers are Zhao Bei and Ding Yang [1]. Group 2 - The top ten holdings of the fund account for a total of 39.79%, with significant investments in companies such as Heng Rui Pharmaceutical (8.90%), WuXi AppTec (5.12%), and Aier Eye Hospital (4.94%) [1]. - Zhao Bei, the fund manager, has extensive experience in the healthcare sector, having been with ICBC Credit Suisse Asset Management since 2010 and managing the healthcare fund since its inception in 2014. Ding Yang, the co-manager, has a strong academic background and joined the firm in 2017 [2].

创新药概念持续活跃 百济神州等多股创历史新高 智通财经4月30日电，百济神州、诺诚健华、锦波生物均创出历史新高，科伦药业、益方生物、泽璟制 药、华东医药、恒瑞医药等涨幅靠前。消息面上，2025年一季度，已经出现了超20笔涉及中国药企全球 授权的交易，BD交易有望在今年再创新高。 ...

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover rates, and foster a sense of ownership among employees [1] - The company has made strategic adjustments in the past six months, including organizational design, talent development, and cultural initiatives [1] - E-commerce strategies have been refined, including inventory management, pricing adjustments, organizational restructuring, and product iterations [1] - The Yuze B5 series is planned to be a key product line on JD.com [1] - The company aims for double-digit revenue growth this year and to turn profits around [1] - The long-term profit recovery is expected to follow a timeline of 1-2 years for revenue growth, 2-3 years for profit improvement, and 3-5 years to meet profit margin targets [1] - The main brand Yuze is positioned as a skin barrier repair expert, while Liushen is expanding its usage scenarios and target demographics [1] Group 2: Zai Lab - Zai Lab introduced its pipeline drugs ZG006, ZG005, and ZGGS18, highlighting their latest developments and future plans for the next 3-5 years [2] - ZG006 is the world's first DLL3-expressing tumor tri-specific antibody, which has received clinical trial approvals from NMPA and FDA, showing promising early efficacy [2] - ZG005 is one of the first drugs in clinical research targeting the same pathway, with multiple clinical studies underway [2] - ZGGS18 has completed the dose escalation in Phase I trials in China and is currently in Phase I/II clinical trials [2] - The company plans to continuously explore the commercialization potential of its existing and upcoming products to achieve sustained revenue growth [2] - Zai Lab also discussed the sales progress and future expectations for recombinant human thrombin and the approval status of recombinant human thyroid-stimulating hormone [2] Group 3: Company Overview - Shenzhen Zhongou Ruibo Investment Management Co., Ltd. was established in 2007 and is one of the earliest private equity fund management companies in China [3] - The company focuses on secondary market securities investment and has launched over 50 private equity products in collaboration with top domestic financial institutions [3] - It obtained private fund manager qualifications in 2014 and launched its first overseas fund in 2016 [3] - The name "Rabbit Fund" reflects the company's investment culture of risk management, emphasizing the importance of risk prevention and management [3] - The investment philosophy is centered on growing alongside great companies and adapting strategies to respect market trends [3] - The company has received numerous accolades for its performance, including the "Morningstar Award" and "Golden Bull Award" [3]

Group 1: ZaiJing Pharmaceutical - ZaiJing Pharmaceutical introduced its pipeline drugs ZG006, ZG005, and ZGGS18, with ZG006 being the world's first DLL3 expressing tumor tri-specific antibody approved for clinical trials by NMPA and FDA, showing promising early efficacy [1] - The company plans to explore the commercialization potential of its existing and upcoming products over the next 3-5 years to achieve continuous revenue growth [1] - Sales progress of recombinant human thrombin and the approval status of recombinant human thyroid-stimulating hormone were also discussed [1] Group 2: TianenKang - TianenKang's CKB ointment for vitiligo has completed enrollment of 200 subjects in Phase II clinical trials, with results expected in July 2025 [2] - The company has received acceptance for the domestic production registration of its Hewei Zhengchang Wan and aims for approval within the year [2] - Multiple product approvals are planned within the next year, including CKB and injectable paclitaxel polymer micelles [2] Group 3: Ailis - Ailis discussed the progress of key products, including the completion of multiple reviews for Goleirese tablets, which are entering comprehensive review stages [3] - The company plans to submit an NDA for the registration clinical study of a second-line treatment for 20 exon insertion mutations this year [3] - Ailis aims to expand its sales team and optimize resource allocation to ensure stable operations, with a cash dividend of 292.5 million yuan planned for 2024 [3] Group 4: Jingrui Electric Materials - Jingrui Electric Materials reported a 27.61% year-on-year revenue increase in photolithography glue, reaching 198 million yuan, driven by downstream recovery and domestic substitution [4] - The company’s high-purity sulfuric acid sales revenue nearly doubled, with a threefold increase in sales volume [4] - Plans to acquire 76.0951% of Hubei Jingrui's shares have been approved by the board [4] Group 5: Xinjie Electric - Xinjie Electric's gross margin increased by 2% in 2024, with plans to maintain stability through cost optimization [5] - The company is expanding its PLC products across various industries and is actively developing humanoid robot components [5] - Xinjie Electric plans to increase its dividend payout significantly and aims to boost sales in Southeast Asia, India, and the Middle East [5] Group 6: Institutional Overview - Shenzhen Zhengyuan Investment, established in 2015, focuses on serving the development of China's real economy through professional investment research capabilities [6] - The firm aims to connect social capital with quality industries, facilitating asset allocation to companies aligned with development trends [6]

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover, and foster a sense of ownership among employees [1] - Recent strategic adjustments include clarifying strategy, aligning organizational design, building talent teams, and cultural development [1] - E-commerce initiatives involve inventory optimization, pricing adjustments, organizational restructuring, and product iteration [1] - The Yuze B5 series is planned as a key product line for JD.com [1] - The company aims for double-digit revenue growth this year and to turn profits around [1] - The long-term profit recovery is expected to follow a 1-2 year revenue growth, 2-3 year profit improvement, and 3-5 year profit margin targets [1] Group 2: Zai Lab - Zai Lab introduced its pipeline drugs ZG006, ZG005, and ZGGS18, highlighting their latest progress and future plans for R&D, commercialization, and internationalization over the next 3-5 years [2] - ZG006 is the world's first DLL3-expressing tumor tri-specific antibody, which has received clinical trial approval from NMPA and FDA, showing promising early efficacy [2] - ZG005 is among the first drugs in clinical research targeting the same pathway, with multiple clinical studies ongoing [2] - ZGGS18 has completed the I phase dose escalation in China and is currently in I/II phase clinical trials [2] - The company plans to continuously explore the commercialization potential of its existing and upcoming products to achieve sustained revenue growth [2] Group 3: Aladdin - Aladdin has achieved several domestic product replacements through independent R&D and innovation, enhancing its competitive edge [3] - The company collaborates with Yuan Ye and Fei Peng to share resources, expand business scale, and improve overall competitiveness [3] - Cost control measures include promoting convertible bond conversions, optimizing inventory turnover, and expanding overseas markets and biological reagent business [3] - Revenue growth in the life sciences sector is primarily driven by the merger with Yuan Ye Bio, increasing sales of major life science products [3] - Both external and internal growth strategies are driving the company's development, with active research into potential acquisition projects [3] Group 4: Company Overview - Shanghai Licheng Asset is one of the earliest established private equity management companies in China, focusing on growth stock investment with a safety margin approach [4] - The company has a complete and unique investment management knowledge system, with a team of 50 employees, nearly 30 of whom are professional research analysts [4] - The management scale has exceeded 10 billion yuan, specializing in secondary stock long strategies and PIPE strategies in the pharmaceutical, advanced manufacturing, and consumer sectors [4] - Licheng has consistently ranked high in long-term performance and has received multiple private equity awards [4]