国产创新药具备全球竞争力，出海正盛 医药生物行业 行业研究 | 深度报告 ——医药行业周专题 核心观点 1）PD-(L)1 plus：有望成为下一代肿瘤治疗基石药物。PD-(L)1/VEGF 双抗 AK112 正面击败 K 药，是确定性最高的迭代方向；PD-1/IL-2 双抗 IBI363 显著延长免疫耐药 NSCLC 患者生存期，冷肿瘤疗效突出。PD-1 plus 领域近期发生了数个重磅交易， MNC 需求旺盛，国内可选管线众多； 2）ADC：25H1 ADC 仍是 BD 交易热门赛道，但标的靶点已更具差异化。从近期数 据看，在临床未满足需求较大的领域，国内一些差异化靶点 ADC 如 PD-L1、DLL3 和 EGFR 等已展现较大潜力； 3）GLP-1：25H1 全球 GLP-1 领域交易规模已超过 24 全年，今年以来重磅交易已 发生 8 起，BD 进入快速增长期。交易主要围绕下一代 GLP-1 及减重新范式（多靶 点、口服、联用和超长效），而在这些领域，国内存在较多优质标的。 投资建议与投资标的 国产创新药出海正处于第一/二阶段，围绕大单品迭代的 BD 仍将持续。从投资上 看： 1）PD-(L)1 P ...

Core Insights - The report highlights that the total salary of A-share listed company secretaries in 2024 reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Over 21% of company secretaries earn more than 1 million yuan annually, indicating a significant portion of high earners in this role [1] Salary Distribution - The average annual salary for company secretaries in the biopharmaceutical sector is 1.01 million yuan, with the distribution of salaries as follows: below 500,000 yuan (15%), 500,000-1,000,000 yuan (41%), 1,000,000-2,000,000 yuan (38%), 2,000,000-3,000,000 yuan (4%), and above 3,000,000 yuan (2%) [5] - The top five highest-paid company secretaries have salaries of 3.2565 million yuan, 2.5345 million yuan, 2.2809 million yuan, 1.9265 million yuan, and 1.89 million yuan, with their tenure at the companies ranging from less than one year to 15 years [7] Age and Educational Background - The age distribution of company secretaries shows that those aged 40-50 constitute 61%, while those over 50 account for 15%, and those under 30 make up 6% [1][3] - The educational background indicates that 52% hold a bachelor's degree, 44% have a master's degree, and only 2% possess a doctoral degree, with the latter represented by just one individual [3] Investor Engagement - There is a significant variance in the number of investor meetings held by companies, with 43% of companies hosting fewer than 10 meetings annually, while only 2% have more than 1,000 meetings [9] - The five companies with the highest number of investor meetings are reported to have 1,500, 777, 681, 549, and 504 meetings, respectively [9]

截至2025年7月31日收盘，荣昌生物股价报64.17元，较前一交易日下跌2.53元，跌幅3.79%。当日开盘 价为65.80元，最高触及66.96元，最低下探63.60元，成交额6.34亿元，换手率5.97%。 风险提示：股市有风险，投资需谨慎。 荣昌生物属于生物医药行业，专注于创新药物的研发与商业化，产品涵盖肿瘤、自身免疫疾病等领域。 公司拥有自主研发的抗体融合蛋白、单抗及双抗技术平台，并在国内外市场推进多项临床研究。 消息面上，2025年创新药行业整体表现活跃，国家药监局年内已批准20余款1类创新药上市，数量创近 五年同期新高。此外，国产创新药海外授权合作频繁，总交易金额超484亿美元，显示行业国际化趋势 加速。 资金方面，7月31日荣昌生物主力资金净流出7637.99万元，占流通市值的0.73%。 ...

北京市金杜律师事务所 关于荣昌生物制药（烟台）股份有限公司 2025 年第二次 H 股类别股东大会 之法律意见书 致：荣昌生物制药（烟台）股份有限公司 北京市金杜律师事务所（以下简称本所）接受荣昌生物制药（烟台）股份有限 公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别 行政区和中国台湾省）现行有效的法律、行政法规、规章、规范性文件和现行有效 的公司章程的有关规定，指派律师出席了公司于 2025 年 7 月 31 日召开的 2025 年 第二次 H 股类别股东大会（以下简称"本次 H 股类别股东大会"），并就本次 H 股类别股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年年度股东大会审议通过的《荣昌生物制药（烟台）股份有限 公司章程》（以下简称《公司章程》）； 2. 2025 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 董事長兼執行董事 王威東先生 中國煙台 2025年7月31日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、溫慶凱先生 及林健先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 北京市金杜律师事务所 关于荣昌生物制药（烟台）股份有限公司 2025 年第二次 H 股类别股东大会 之法律意见书 致：荣昌生物制药（烟台）股份有限公司 北京市金杜律师 ...

RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 2025年第二次H股類別股東大會投票表決結果 茲提述榮昌生物製藥（煙台）股份有限公司（「本公司」）日期為2025年7月15日載列 （其中包括）2025年第二次H股類別股東大會（「H股類別股東大會」）的通告的通函 （「通函」）。除非文義另有所指，否則本公告所用詞彙與通函所界定者具有相同涵 義。 董事會欣然宣佈，本公司於2025年7月31日（星期四）假座中國山東省自由貿易試 驗區煙台片區煙台開發區北京中路58號公司三期大樓6134會議室舉行H股類別股 東大會。 本公司的H股證券登記處香港中央證券登記有限公司於H股類別股東大會擔任投票 表決的監票員。兩名股東代表、北京市金杜律師事務所的兩名律師及本公司一名 監事參加監票。 承董事會命 就本公司所知 ...

Group 1 - The innovation drug ETF (560900) has seen a rise of 2.64% with a trading volume of 14.26 million yuan, indicating active market participation [1] - The CSI Innovation Drug Industry Index (931152) increased by 2.86%, with notable gains from stocks such as Jiuzhou Pharmaceutical (603456) up 9.17%, Tigermed (300347) up 8.60%, and WuXi AppTec (603259) up 6.70% [1] - As of July 28, the latest scale of the innovation drug ETF reached 61.85 million yuan, with a total of 62.97 million shares, both marking a six-month high [1] Group 2 - The National Healthcare Security Administration announced that the 11th batch of centralized procurement will optimize specific rules, moving away from solely relying on the lowest bid, which is expected to alleviate excessive competition in the pharmaceutical industry [2] - Domestic CRO and CDMO sectors are benefiting from the global recovery of innovative drugs, with leading companies like WuXi AppTec and WuXi Biologics reporting strong mid-year performance [2] - The CSI Innovation Drug Industry Index reflects the overall performance of up to 50 representative listed companies involved in innovative drug research and development [2]

Group 1 - The core viewpoint of the news is the performance and holdings of the ICBC Frontier Medical Stock A fund, which has shown significant growth in recent months and has a diversified portfolio in the healthcare sector [1][3] - As of July 28, 2025, the latest net value of ICBC Frontier Medical Stock A is 3.4240 yuan, reflecting a growth of 3.04%. The fund's one-month return is 13.45%, six-month return is 32.00%, and year-to-date return is 30.14% [1] - The fund's top ten stock holdings account for a total of 59.44%, with significant investments in companies such as Heng Rui Pharmaceutical (9.51%), Kelun Pharmaceutical (9.16%), and others [1] Group 2 - The ICBC Frontier Medical Stock A fund was established on February 3, 2016, and as of June 30, 2025, it has a total scale of 9.33 billion yuan. The fund manager is Zhao Bei [1] - Zhao Bei has extensive experience in the healthcare sector, having served as the fund manager for various healthcare-related funds since 2014 and currently holds multiple managerial positions within ICBC Credit Suisse Asset Management [2]

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]

Core Insights - The innovative drug sector has seen significant growth this year, with the innovative drug index achieving a cumulative increase of 73.62% year-to-date, and over a quarter of its constituent stocks doubling in price [2][5] - Despite strong performance, there is a notable divergence in fund flows, with some high-performing funds experiencing substantial increases in scale while others face significant reductions [3][4] Fund Performance - Over 98% of pharmaceutical-related theme funds have reported gains this year, with 72 products seeing increases exceeding 50%. Notable performers include Changcheng Pharmaceutical Industry Select Mixed Fund A, which has achieved a return of 116.12% [1][2] - Conversely, some funds have reported negative returns, such as Taikang Medical Health Stock Fund A, which has a year-to-date return of -3.41% [2][3] Fund Flow Dynamics - There has been a significant inflow of funds into certain high-performing products, with some funds experiencing scale increases of over 30 times in a single quarter. For instance, Changcheng Pharmaceutical Industry Select Mixed Fund A's scale surged from 0.36 million to 11.32 million [3][4] - However, more than 30% of funds with returns exceeding 30% have seen a decrease in scale, indicating a complex investor sentiment [3][6] Investor Behavior - Investor behavior reflects a cautious approach, with some choosing to "take profits" amid concerns over short-term volatility. This has led to a significant outflow of over 6.7 billion from related pharmaceutical theme products in the past month [5][6] - Fund managers suggest that the current market adjustment may present a good opportunity for long-term investment in the innovative drug sector, which is believed to be undergoing a significant transformation [6][7] Market Outlook - The innovative drug sector is expected to continue attracting attention, with fund managers focusing on clinical data, overseas licensing, and domestic sales growth as key areas for investment [7]