Group 1: Ganyuan Food - Ganyuan Food plans to conduct in-depth research in the Southeast Asian market starting in Q4 2024, with an accelerated product export strategy in 2025 [1] - The company is addressing raw material fluctuations through advance reserves, supply chain alternatives, and increasing direct procurement [1] - The growth in accounts receivable is primarily due to the staggered impact of the Spring Festival, leading to increased receivables during peak sales periods [1] - The growth of mixed nuts and bean snacks is attributed to bulk snack channels and overseas markets [1] - A significant promotional effort in Q1 2024 resulted in lower e-commerce gross margins, but gross margins are expected to rise year-on-year in Q1 2025 [1] - Sales expenses in Q1 2025 are expected to increase due to the initiation of the Southeast Asia export strategy, including market research, product design, sales personnel costs, and new celebrity endorsement fees [1] Group 2: Lepu Medical - Lepu Medical is optimistic about future profit growth from structural heart, dermatology, and neuro-regulation businesses [2] - The company has set profit margin assessments for each business segment and is controlling costs to maintain healthy cash flow [2] - The trend of centralized procurement may moderate, with significant regional differences across provinces [2] - The impact of US-China tariffs on the company is limited, and the domestic substitution process for some products may accelerate [2] - The promotion of new cardiovascular interventional products is progressing smoothly, with a sales target for coronary interventional business set for a 10% year-on-year increase [2] - The non-invasive blood glucose meter is undergoing further testing, and the candidate drug MWN101 has completed Phase II clinical trials [2] - The brain-computer interface business is in the incubation stage, and the market share of coronary stents has not met expectations, prompting increased focus on this area [2] - The AI business will increasingly integrate with hardware devices, and opportunities exist for DSA product promotion amid US-China trade tensions [2] - The company is placing greater emphasis on the neuro-regulation pipeline due to competition in the cardiac electrophysiology sector [2] - The TAVR product aims to enhance its popularity through reasonable pricing [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance for 2024 and Q1 2025, with decreases of 32.64% and 39.96% respectively, primarily due to the impact on shingles vaccine sales [3] - The company plans to enhance market awareness of the shingles vaccine through various methods while maintaining its position in the chickenpox vaccine market and expanding into international markets [3] - In terms of R&D, multiple projects have made progress, including liquid nasal spray flu vaccines and rabies monoclonal antibodies [3] - The company anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decline [3]

Group 1: Guobo Electronics - Guobo Electronics has improved its gross margin through cost control and product structure adjustments, despite revenue fluctuations due to macroeconomic factors [1] - The company reported a normal increase in inventory as part of production reserves, with stable prices for mainstream products and good capacity utilization [1] - Guobo is actively participating in key projects and is expanding into satellite and low-altitude fields, with RF chips already applied in drone products to meet the demands of next-generation mobile communication technologies [1] Group 2: Lege Co., Ltd. - In 2024, Lege Co., Ltd. faced a challenging environment with a revenue growth of 45.33% but a net profit decline of 46.99%, primarily due to reduced non-recurring income and increased R&D investment [2] - The company has expanded its overseas warehouse operations to 662,100 square meters, serving 1,175 enterprises and shipping over 11 million items, with a capacity utilization rate of 60%-70% [2] - Lege plans to maintain steady progress in 2025, focusing on smart home and overseas warehouse dual main businesses while enhancing brand building and talent optimization [2] Group 3: Baike Biotech - Baike Biotech experienced significant declines in performance in 2024 and the first quarter of 2025, with decreases of 32.64% and 39.96% respectively, mainly due to the impact on shingles vaccine sales [3] - The company aims to enhance market awareness of the shingles vaccine and solidify its position in the chickenpox vaccine market while expanding into international markets [3] - Baike anticipates an increase in R&D investment and sales expense ratios in 2025, followed by a gradual decrease [3] Group 4: Mona Lisa - Mona Lisa is facing multiple challenges in 2024 due to changes in trade environments and real estate adjustments, leading to a 16.34% decline in sales volume and revenue [4] - The company has seen a 20.72% decrease in operating costs, primarily due to lower direct material and fuel costs, and has implemented cost reduction and efficiency measures [4] - Looking ahead to 2025, the industry faces challenges from weakened demand, but urbanization and stock housing renovations present new opportunities [4]

进一步拓展成人疫苗市场，成为百克生物的重要战略布局。除了升级换代现有上市产品外，百克生物还 布局了阿尔茨海默病治疗性疫苗、破伤风单抗、HSV-2（单纯疱疹病毒2型）疫苗等产品的研发。2024 年研发投入1.56亿元，占营收比达到12.7%。 4月20日晚间，百克生物发布2024年年报及2025年第一季度报告，上述报告期内业绩均出现两位数下 滑。其中，2024年百克生物营收、归母净利润分别为12.29亿元、2.32亿元，降幅分别为32.64%、 53.67%；今年一季度营收、归母净利润分别为1.62亿元、106.43万元，降幅分别下滑39.96%、98.24%。 带状疱疹减毒活疫苗（简称"带状疱疹疫苗"）销量下滑，成为百克生物业绩下滑的关键因素。 带状疱疹疫苗销量下滑影响业绩 百克生物目前拥有水痘疫苗、鼻喷流感疫苗、带状疱疹疫苗等上市产品，其中水痘疫苗市占率多年处于 领先地位；鼻喷流感疫苗为世界卫生组织全球流感行动计划项目，是国内独家经鼻喷方式接种的流感减 毒活疫苗。带状疱疹疫苗是其自主研发的国内首个用于40岁及以上人群的带状疱疹疫苗，也是让百克生 物从儿童疫苗拓展至成人疫苗的重要产品。 2024年年报数据显示 ...

Core Viewpoint - The company, Baike Biotech, reported its financial results for 2024 and Q1 2025, highlighting its strong position in the vaccine market and ongoing product development efforts [1][3]. Financial Performance - In 2024, the company achieved a revenue of 1.229 billion yuan and a net profit of 232 million yuan, with a basic earnings per share of 0.56 yuan. A cash dividend of 1.69 yuan per 10 shares (tax included) is proposed [1]. - For Q1 2025, the company reported a revenue of 162 million yuan and a net profit of 1.0643 million yuan [1]. Product Development - The company focuses on vaccines for the 40 years and older demographic, particularly the shingles vaccine, which has expanded its target age group to include 40-50 years old. The vaccine is noted for its strong safety profile and lower side effects [2]. - The company is advancing several clinical trials, including the liquid nasal flu vaccine, rabies monoclonal antibody, and various other vaccines, with multiple projects in different stages of clinical research [2][5]. Market Strategy - In 2025, the company plans to upgrade its marketing strategy, emphasizing the shingles and flu vaccines while maintaining its leading position in the chickenpox vaccine market through various promotional activities [3]. - The company aims to enhance brand recognition and product coverage through scientific outreach, academic exchanges, and brand marketing [3]. Industry Outlook - The vaccine industry in China is rapidly developing, with increasing vaccination rates and a shift towards a mature market. However, challenges such as declining birth rates and intensified competition are present [3][4]. - The government is investing in the pharmaceutical industry, promoting high-quality and innovative developments, which is expected to lead to more domestic innovative vaccines being approved [4]. - The company is adapting to external changes by focusing on adult vaccines, multi-valent vaccines, and therapeutic vaccines, while also enhancing public awareness of disease prevention [4].

Policy Developments - The head of the National Medical Products Administration, Li Li, conducted research in Jiangsu to support the development of the pharmaceutical industry, emphasizing the need for tailored strategies and full guidance for key products [2] Drug and Device Approvals - Kangfang Biotech's Ilumya (依若奇) monoclonal antibody has been approved for the treatment of moderate to severe plaque psoriasis in adults, marking it as China's first domestically approved dual-target monoclonal antibody [3] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS-9813 capsules, a class 1 innovative drug for treating progressive pulmonary fibrosis, with a total R&D investment of approximately 98.27 million yuan [4] - Jiukang Biotech announced the receipt of multiple medical device registration certificates, enhancing its product range without significant immediate impact on operations [5] - Renfu Pharmaceutical's subsidiary received approval for HWS116 injection, a new biological product for treating advanced solid tumors, with a cumulative R&D investment of about 38 million yuan [6] Financial Reports - Baike Biotech reported a 39.96% decline in revenue to 162 million yuan and a 98.24% drop in net profit to 1.0643 million yuan, primarily due to decreased sales of shingles vaccines [7] - Haichen Pharmaceutical achieved a 36.43% increase in revenue to 143 million yuan and a 12.57% rise in net profit to 15.037 million yuan [9] - Meikang Biotech's annual report indicated a revenue of 1.742 billion yuan, a 7.61% decrease, while net profit rose by 0.56% to 258 million yuan [10] Capital Market Activities - Xiamen Junde Pharmaceutical completed nearly 100 million yuan in Series A financing, aimed at registering and producing a weight-loss oral device and accelerating R&D for innovative drug-device combinations [11] - Qise Lian Biotech announced the completion of its first round of financing, which will be used to accelerate platform development and product innovation in iPSC therapies [12] Industry Developments - Hainan University announced the release of self-developed brain-computer interface (BCI) core technologies and products, achieving full-chain technological autonomy in the BCI field, with performance on par with international top products [13] - The global brain-computer interface market is projected to grow from approximately 2.62 billion USD in 2024 to 12.4 billion USD by 2034, with a compound annual growth rate of 17.4% from 2025 to 2034 [14] Regulatory and Market Alerts - Changyao Holdings announced a one-day suspension of its stock due to negative net assets and continuous losses, with its stock name changing to "*ST Changyao" [15] - Zhongyao Holdings received a regulatory letter from the Shenzhen Stock Exchange regarding inaccuracies in its 2023 financial disclosures, leading to potential accountability for its executives [16][17] - Huaren Health announced plans by shareholders to reduce their holdings by up to 1.5% due to funding arrangements [18]

一、本次限制性股票激励计划已履行的决策程序及相关信息披露 证券代码：688276 证券简称：百克生物 公告编号：2025-016 长春百克生物科技股份公司 关于 2022 年限制性股票激励计划首次授予部分第二个归属期及 预留授予部分第一个归属期归属条件未成就 并作废部分已授予但尚未归属的限制性股票的公告 本公司董事会及全体董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、准确性和完整性依法承担法律责任。 长春百克生物科技股份公司（以下简称"公司"）于 2025 年 4 月 17 日召开 第六届董事会第五次会议、第六届监事会第二次会议，审议通过《关于 2022 年 限制性股票激励计划首次授予部分第二个归属期及预留授予部分第一个归属期 归属条件未成就并作废部分已授予但尚未归属的限制性股票的议案》，现将相关 事项说明如下： （一）2022 年 9 月 22 日，公司召开第五届董事会第九次会议，会议审议通 过了《关于<长春百克生物科技股份公司 2022 年限制性股票激励计划（草案）> 及其摘要的议案》《关于<长春百克生物科技股份公司 2022 年限制性股票激励计 划实施考核管理办法> ...

国泰海通证券股份有限公司 独立财务顾问意见 国泰海通证券股份有限公司 关于 预留授予部分第一个归属期归属条件未成就 并作废部分已授予但尚未归属的限制性股票 长春百克生物科技股份公司 2022 年限制性股票激励计划首次授予部分第二个归属期及 国泰海通证券股份有限公司 独立财务顾问意见 之 独立财务顾问意见 2025 年 4 月 一、声明 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由百克生物提供，本计划所 涉及的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依据的 所有文件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假或误导 性陈述，并对其合法性、真实性、准确性、完整性、及时性负责。本独立财务顾 问不承担由此引起的任何风险责任。 （二）本独立财务顾问仅就本次限制性股票激励计划对百克生物股东是否公 平、合理，对股东的权益和上市公司持续经营的影响发表意见，不构成任何投资 建议，对投资者依据本报告所做出的任何投资决策而可能产生的风险，本独立财 务顾问均不承担责任。 （三）本独立财务顾问未委托和授权任何其它机构和个人提供未在本独立财 务顾问报告中列载的信息和对本 ...

中信证券股份有限公司 关于长春百克生物科技股份公司 部分募投项目延期的核查意见 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第2号——上 市公司募集资金管理和使用的监管要求（2022年修订）》《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》《上海证券交易所科创板股票 上市规则》《科创板上市公司持续监管办法（试行）》等有关规定，作为长春 百克生物科技股份公司（以下简称"百克生物"或"公司"）首次公开发行股票并 上市的保荐机构，中信证券股份有限公司（以下简称"中信证券"）对百克生物 首次公开发行股票部分募投项目延期的情况进行了核查，具体如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意长春百克生物科技股份公司首次公 开发行股票注册的批复》（证监许可[2021]1594号）的同意，公司采用向社会 公开发行方式发行人民币普通股（A股）41,284,070股，发行价格为每股36.35元， 募集资金总额1,500,675,944.50元，扣除承销费、保荐费、审计费、律师费、信 息披露等发行费用104,881,526.35元后，实际募集资金净额为1,395,794,418.15元。 ...

三年 山 号 北京植德律师事务所 植德(证)字[2022]052-7号 关于长春百克生物科技股份公司 2022年限制性股票激励计划首次授予部分第二个归 属期及预留授予部分第一个归属期归属条件未成就 并作废部分已授予但尚未归属的限制性股票的 法律意见书 北京植德律师事务所 Merits&Tree Law Offices 北京市东城区东直门南大街1号来福士中心办公楼5层邮编:100007 5th Floor, Raffles City Beijing Office Tower,No.1 Dongzhimen SouthStreet, Dong cheng District,Beijing 100007 P.R.C 电话(Tel):010-56500900 传真(Fax):010-56500999 www.meritsandtree.com 北京植德律师事务所 关于长春百克生物科技股份公司 2022年限制性股票激励计划首次授予部分第二个归 属期及预留授予部分第一个归属期归属条件未成就 并作废部分已授予但尚未归属的限制性股票的 法律意见书 1 计划首次授予部分第二个归属期及预留授予部分第一个归属期归属条件未成就 并作 ...

长春百克生物科技股份公司 审计报告 大华审字[2025]0011006938 号 大 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） DaHuaCertified PublicAccountants（SpecialGeneral Partnership） 长春百克生物科技股份公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | 目录 | 页次 | | --- | --- | | 一、 审计报告 | 1-6 | | 二、 已审财务报表 | | | 合并资产负债表 | 1-2 | | 合并利润表 | 3 | | 合并现金流量表 | 4 | | 合并股东权益变动表 | 5-6 | | 母公司资产负债表 | 7-8 | | 母公司利润表 | 9 | | 母公司现金流量表 | 10 | | 母公司股东权益变动表 | 11-12 | | 财务报表附注 | 1-68 | 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层[100039] 电话：86(10)58350011 传真：86(10)58350006 www.dahua ...