证券代码：688336 证券简称：三生国健 公告编号：2025-009 三生国健药业（上海）股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 三生国健药业(上海)股份有限公司（以下简称"公司"）第五届 董事会第五次会议通知于 2025 年 3 月 14 日以电话、电子邮件、专人 送达等方式发出。会议于 2025 年 3 月 25 日以现场和通讯结合表决的 方式举行。会议应到董事 7 名，实到董事 7 名。会议由董事长 LOU JING 先生主持，本次会议的召集与召开程序、出席会议人员资格及议事和 表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"） 和《三生国健药业（上海）股份有限公司章程》（以下简称"《公司 章程》"）的有关规定。会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过了《关于公司<2024 年度董事会工作报告>的议 案》 董事会认为董事会工作报告真实地反映了董事会在本报告期的 工作情况。2024 年，公司董事会严格按照《公 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 25% year-over-year growth[15]. - The company's operating revenue for 2024 reached RMB 119,356.83 million, representing a 17.70% increase compared to RMB 101,403.43 million in 2023[20]. - Net profit attributable to shareholders surged to RMB 70,457.91 million, a remarkable growth of 139.15% from RMB 29,461.44 million in the previous year[20]. - The company achieved operating revenue of 1,193.57 million RMB in 2024, a year-on-year increase of 17.70%[34]. - The net profit attributable to the parent company was 704.58 million RMB, representing a year-on-year growth of 139.15%[34]. - The company recognized a one-time special dividend from its associate Numab amounting to RMB 41,080.10 million, significantly contributing to the profit growth in 2024[26]. - The gross margin improved to 65%, up from 60% in the previous year, due to cost optimization strategies[15]. - The company reported a revenue of 990.904 million RMB from biopharmaceuticals, with a gross margin of 80.05%, representing a year-on-year increase of 17.74% in revenue and a 9.26% increase in cost[150]. Research and Development - The company faces significant risks in innovative drug development, including long R&D cycles, high investment, and low success rates, which could adversely affect future product launches and market competitiveness[3]. - Increased R&D expenditures are anticipated due to the deepening of ongoing projects, which may lead to losses if R&D costs exceed profits from commercialized products[4]. - The company's R&D expenditure as a percentage of operating revenue increased by 14.31 percentage points to 45.29%, driven by a rise in the number of major R&D projects[21]. - The company has 22 ongoing autoimmune projects, an increase of 8 from the previous year, with 1 NDA review stage project and 5 clinical phase III projects[46]. - The company’s clinical trial projects from China now account for 28% of the global total, up from 3% a decade ago[32]. - The company has multiple projects entering Phase III clinical trials, including four key projects with a total expected investment of ¥202,569.52 million[93]. - The company’s R&D expenditure capitalization ratio is 34.06%[154]. - The company has established a comprehensive R&D platform covering drug development from basic research to new drug registration[66]. Market and Competitive Landscape - The company is expanding its market presence in Southeast Asia, with plans to enter three new countries by Q3 2024[15]. - The market penetration rate for autoimmune biological agents remains low, indicating significant growth potential in the sector[33]. - The company’s product Yisaipu is facing increasing competition with over 10 new brands entering the market, leading to price declines and ongoing procurement risks[81]. - The company is adapting to the challenges posed by centralized drug procurement reforms, which are reshaping the pharmaceutical industry landscape[78]. - The global market for targeted biological agents has replaced small molecule drugs as the primary treatment for autoimmune and inflammatory diseases[73]. - The company is focusing on developing bispecific antibodies, which can target multiple signaling pathways for more effective treatments[86]. Corporate Governance - The company has not yet achieved profitability since its listing, indicating ongoing financial challenges[3]. - There are no significant non-operating fund occupations by controlling shareholders or related parties, indicating sound corporate governance[8]. - The company has not implemented any special arrangements for corporate governance, maintaining standard practices[8]. - The company adheres to strict corporate governance practices, ensuring compliance with relevant laws and regulations while maintaining transparency and accountability to shareholders[174]. Strategic Initiatives - The company plans to distribute a cash dividend of RMB 0.90 per 10 shares, totaling approximately RMB 55.51 million, which represents 7.88% of the net profit attributable to ordinary shareholders[6]. - The company plans to increase its marketing budget by 15% to support new product launches and market expansion efforts[15]. - A strategic acquisition of a biotech firm was announced, expected to enhance the company's R&D capabilities and add 150 million RMB in annual revenue[15]. - The company is investing 200 million RMB in new technology development to improve drug delivery systems[15]. - The company aims to enhance its competitive edge by focusing on the industrialization and clinical application of antibody drugs for autoimmune diseases[88]. Human Resources and Leadership - The company has a dedicated sales team of nearly 300 professionals, with an average industry experience of over 10 years among core sales personnel[69]. - The management team has an average of over 20 years of experience in the pharmaceutical industry, with the chairman having led the development of several national class I new drugs[101]. - The company has implemented long-term incentive mechanisms, including talent retention rewards and employee stock ownership plans, to mitigate the risk of key personnel turnover[110]. - The company is committed to developing a diverse talent incentive mechanism to attract and retain innovative research talent in the competitive biopharmaceutical industry[172]. Financial Management - The net cash flow from operating activities decreased by 32.48% to RMB 28,113.60 million, down from RMB 41,635.40 million in 2023, primarily due to increased costs associated with product sales and R&D projects[22]. - The company reported a net cash outflow of 52.374 million RMB for financing activities in 2024, primarily for dividends and interest repayments[119]. - The company’s long-term equity investment decreased by 56.17% to 38.6708 million RMB due to continuous losses from the associate Numab[137]. - The company has established a remuneration scheme for directors and senior management, which is subject to approval by the board and the compensation committee[193].

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company has shown significant growth in profits, with total revenue for 2024 reaching 1.194 billion yuan, a year-on-year increase of 17.70%, and a net profit attributable to shareholders of 732 million yuan, up 148.34% year-on-year [1][2]. - The sales revenue of the company's main products has steadily increased, with a 17.74% year-on-year growth in product sales revenue for 2024. The growth is attributed to the robust sales of Yisaipu and the rapid expansion of Yisaipu pre-filled syringe types, which effectively compensated for the decline in product average prices due to regional centralized procurement [2]. - The company is focusing on research and development, with total R&D investment of 354 million yuan in the first three quarters of 2024, a year-on-year increase of 54.07%. The R&D expense ratio remains at a reasonable level, with several key pipelines progressing steadily [3]. Financial Projections - The company is expected to achieve revenues of 1.459 billion yuan and 1.754 billion yuan in 2025 and 2026, respectively, with net profits attributable to shareholders projected at 396 million yuan and 486 million yuan for the same years. The earnings per share (EPS) are forecasted to be 0.64 yuan and 0.79 yuan [3][7].

证券代码：688336 证券简称：三生国健 公告编号：2025-008 三生国健药业（上海）股份有限公司 2025 年第一次临时股东大会决议公告 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： | 1、出席会议的股东和代理人人数 | 100 | | --- | --- | | 普通股股东人数 | 100 | | 2、出席会议的股东所持有的表决权数量 | 12,188,688 | | 普通股股东所持有表决权数量 | 12,188,688 | | 3、出席会议的股东所持有表决权数量占公司表决 | 1.9761 | 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 3 月 7 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区李冰 路 399 号公司会议室 （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： | 权数量的比例（%） | | | --- | --- | | 普通股股东所持有表决权数量占公司表决权数量 ...

国浩律师(上海)事务所 法律意见书 国浩律师(上海)事务所 关于三生国健药业(上海)股份有限公司 2025年第一次临时股东大会的 法律意见书 致:三生国健药业(上海)股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》(以下简称"《证券法》")和中国证券监督管理委员会《上市 公司股东大会规则》(以下简称"《股东大会规则》")的规定,国浩律师(上 海)事务所接受三生国健药业(上海)股份有限公司(以下简称"公司")董事 会的聘请，指派律师现场见证了公司于 2025 年 3 月 7 日 10:00 起在中国（上海 ) 自由贸易试验区李冰路 399 号公司会议室召开的公司 2025 年第一次临时股东大 会,并依据有关法律、法规、规范性文件的规定以及《三生国健药业(上海)股 份有限公司章程》（以下简称"《公司章程》"）的规定,对本次股东大会的召 集、召开程序、出席人员资格、大会表决程序等事宜进行了审查,现发表法律意 见如下: 一、股东大会的召集、召开程序 公司董事会已于 2025 年 2 月 20 日在中国证监会指定信息披露网站上向公司 股东发出了召开 2025年第一次临时股 ...

2025 年第一次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证大会的顺利进行，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股东大会规则（2022 年修订）》 以及《三生国健药业（上海）股份有限公司章程》（以下简称"《公 司章程》"）、《三生国健药业（上海）股份有限公司股东大会议事 规则》等相关规定，特制定 2025 年第一次临时股东大会会议须知。 一、为保证本次大会的严肃性和正常秩序，切实维护与会股东（或 股东代理人）的合法权益，除出席会议的股东（或股东代理人）、公 司董事、监事、高级管理人员、见证律师及董事会邀请的人员外，公 司有权依法拒绝其他无关人员进入会场。 二、出席会议的股东及股东代理人须在会议召开前半小时到会议 现场办理签到手续，并按规定出示证券账户卡、身份证明文件或营业 执照复印件（加盖公章）、授权委托书等，上述登记材料均需提供复 印件一份，个人登记材料复印件须个人签字，法定代表人证明文件复 印件须加盖公司公章，经验证后领取会议资料，方可出席会议。 证券代码： 688336 证券简称：三生国健 三生国健药业（上海）股份有限公司 ...

Financial Performance - The company achieved total operating revenue of RMB 119,356.83 million, an increase of 17.70% compared to the previous year[3] - Net profit attributable to the parent company reached RMB 73,165.99 million, reflecting a significant increase of 148.34% year-on-year[3] - The net profit after deducting non-recurring gains and losses was RMB 25,034.42 million, up by 21.16% from the previous year[3] - Basic earnings per share rose to RMB 1.19, representing a growth of 147.92% compared to the previous year[4] Assets and Equity - Total assets at the end of the reporting period amounted to RMB 598,636.91 million, a 12.84% increase from the beginning of the year[4] - Equity attributable to the parent company increased to RMB 559,055.63 million, up 14.18% from the start of the year[4] Revenue Growth Drivers - The growth in operating revenue was primarily driven by a 17.74% increase in product sales revenue, with significant contributions from Yisaipu and CDMO business[7] Special Dividend Impact - The company received a special dividend of USD 6,242.47 million from its associate Numab Therapeutics, positively impacting its operating profit and net profit[7] Financial Position and Reporting - The company maintains a strong financial position with no uncertainties affecting the accuracy of the performance report[8] - Investors are advised to refer to the audited annual report for precise financial data and to be aware of investment risks[8]

三生国健药业（上海）股份有限公司 关于与沈阳三生制药有限责任公司签署许可协议暨 关联交易的公告 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。 重要内容提示： 证券代码： 688336 证券简称：三生国健 公告编号：2025-005 本次交易构成关联交易，未构成《上市公司重大资产重组管 理办法》规定的重大资产重组。 本次交易实施不存在重大法律障碍。 1 本次关联交易已经公司第五届董事会独立董事专门会议 2025 年第一次会议、第五届董事会第四次会议审议通过，关联董事 LOU JING、苏冬梅回避表决，该事项需提交公司股东大会审议。 对公司业绩的影响：本协议的签订将对公司未来业绩产生积 极影响，有利于提升公司的盈利能力。 本次关联交易为公司正常生产经营需要。以平等互利、相互 协商为合作基础，参考市场公允价格进行协商定价，不存在损害公 司及股东利益的情形，不影响公司的独立性，公司不会因该等关联 交易对关联方产生依赖。 三生国健药业（上海）股份有限公司（以下简称"公司"或 "三生国健"）为进一步聚焦核心优势资产，优化业务结构及资 ...

东 洲评估 三生国健药业( 上海 )股份有限 公司拟向 沈阳 三 生制药有限责任公司转让其持有的部分在研候选 新药管线中国大陆地区独占使用权涉及的部分资 产价值 估值报告 东洲咨报字【2025】第 0261 号 共１册 第１册 上海东 洲资 产评估有限 公司 2025 年 02 月 18 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020001202500233 | | --- | --- | | 合同编号: | 东洲 咨委(202502124) 号 | | 报告类型: | 估值类咨询报告 | | 报告文号: | 东洲各报字【2025】第 0261 号 | | 报告名称: | 三生国健药业(上海)股份有限公司拟向沈阳三生 制药有限责任公司转让其持有的部分在研候选新药 管线中国大陆地区独占使用权涉及的部分资产价值 | | | 估值报告 | | 评估结论: | 101,900,000.00 元 | | 评估报告日: | 2025年02月18日 | | 评估机构名称: | 上海东洲资产评估有限公司 | | 签名人员: | 许楠(资产评估师) 会员编号:31180022 | | | 潘 ...