Core Viewpoint - The Chinese innovative pharmaceutical industry is transitioning from imitation to original innovation, with significant growth in outbound transactions and a promising future for internationalization [4] Group 1: Market Performance - As of May 29, 2025, the Sci-Tech Innovation Board 100 Index (000698) rose by 1.63%, with notable increases in constituent stocks such as Borui Pharmaceutical (688166) up 9.66% and Zhixiang Jintai (688443) up 6.57% [3] - The Sci-Tech 100 Index ETF (588030) increased by 1.60%, with a latest price of 0.95 yuan and a turnover rate of 1.16%, totaling 71.56 million yuan in transactions [3] - Over the past year, the average daily transaction volume of the Sci-Tech 100 Index ETF reached 424 million yuan, ranking first among comparable funds [3] Group 2: Fund Growth and Performance - The Sci-Tech 100 Index ETF saw a significant increase in scale, growing by 94.45 million yuan over the past two weeks, ranking second among comparable funds [4] - In the past week, the ETF's shares increased by 99 million, also ranking first among comparable funds [5] - The ETF has experienced a net inflow of 71.08 million yuan over the last five trading days, indicating strong investor interest [5] Group 3: Financial Metrics - As of May 28, 2025, the Sci-Tech 100 Index ETF's net value increased by 19.94% over the past year, with a maximum monthly return of 27.67% since inception [5] - The ETF's management fee is 0.15% and the custody fee is 0.05%, making it the lowest among comparable funds [5] - The tracking error for the ETF over the past six months is 0.016%, indicating high tracking precision compared to similar funds [5] Group 4: Industry Insights - From the beginning of 2025 to the present, the total outbound transaction amount for innovative drugs has reached 45.5 billion USD, with upfront payments totaling 2.2 billion USD, suggesting a record year ahead [4] - Most domestic innovative drugs currently in the U.S. are in clinical stages, with significant potential for future growth as they progress towards commercialization [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has achieved a significant business development (BD) authorization, granting Pfizer exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting PD-1 and VEGF in regions outside mainland China [1][2] - The innovative pipeline is actively advancing, with clinical trials validating the efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody in various tumors [3] - The company anticipates substantial revenue growth due to the upcoming approvals of multiple new products, with revised revenue forecasts for 2025-2027 being 40.2 billion, 22.4 billion, and 26.3 billion respectively, reflecting a year-on-year growth of 236.4%, -44.1%, and 17.4% [4][10] Financial Summary - The projected revenue for 2025 is 40.2 billion, with a net profit of 28.5 billion, resulting in an earnings per share (EPS) of 4.63 [4][10] - The company expects a gross margin of 92.8% in 2025, with a return on equity (ROE) of 35.2% [10][11] - The financial outlook includes a significant increase in net profit for 2025, projected at 2,854 million, which is a 305.0% increase year-on-year [10][11]

Core Viewpoint - The company has granted Pfizer exclusive rights to develop, produce, and commercialize a dual-targeting antibody product aimed at PD-1 and VEGF, which is expected to enhance anti-tumor effects while reducing potential side effects [1][3]. Group 1: Licensing Agreement - Sanofi Health has granted Pfizer exclusive rights for the development and commercialization of the 707 project in regions outside mainland China [1]. - The licensing agreement involves a distribution of rights based on prior R&D investments and asset ownership, with Sanofi Health receiving 30% and Shenyang Sanofi receiving 70% [2]. Group 2: Clinical Development - The efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody have been validated in clinical trials for various tumors, including renal cell carcinoma and hepatocellular carcinoma [3]. - The product has multiple ongoing clinical trials, with a single-agent treatment for PD-L1 positive non-small cell lung cancer having received approval for Phase III, while combination therapies for non-small cell lung cancer, metastatic colorectal cancer, and advanced gynecological tumors are in Phase II [3]. Group 3: Financial Projections - Following the significant licensing agreement and the anticipated approval of new products, the company has adjusted its revenue forecasts for 2025-2027 to 40.2 billion, 22.4 billion, and 26.3 billion yuan, reflecting a year-on-year growth of 236.4%, -44.1%, and 17.4% respectively [4]. - The projected net profits for the same period are 28.5 billion, 11.2 billion, and 13.9 billion yuan, with year-on-year growth of 305.0%, -60.6%, and 23.4% respectively [4]. - Earnings per share (EPS) are expected to be 4.63, 1.82, and 2.25 yuan, with corresponding price-to-earnings (PE) ratios of 12, 30, and 24 times based on the closing price of 54 yuan per share on May 28, 2025 [4].

Investment Rating - The investment rating for the company is "Buy" [6]. Core Insights - The company has achieved a significant business development (BD) authorization, granting Pfizer exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting PD-1 and VEGF in regions outside mainland China [1][2]. - The innovative pipeline is actively progressing, with clinical trials validating the efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody in various cancers [3]. - Future revenue growth is anticipated due to the upcoming approvals of multiple new products, leading to a substantial increase in revenue and net profit forecasts for 2025-2027 [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 40.2 billion, 22.4 billion, and 26.3 billion CNY, reflecting year-on-year growth rates of 236.4%, -44.1%, and 17.4% respectively [4][10]. - The net profit forecasts for the same period are 28.5 billion, 11.2 billion, and 13.9 billion CNY, with year-on-year growth rates of 305.0%, -60.6%, and 23.4% respectively [4][10]. - Earnings per share (EPS) are projected to be 4.63, 1.82, and 2.25 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 12, 30, and 24 [4][10]. Clinical Development - The licensed product has initiated multiple clinical trials, with a monotherapy for PD-L1 positive non-small cell lung cancer having received approval for Phase III clinical trials [3]. - Combination chemotherapy for non-small cell lung cancer and other indications are currently in Phase II clinical trials [3].

Core Points - The company is holding a second extraordinary general meeting of shareholders in June 2025 to discuss several key proposals [1][8] - The meeting will ensure the rights of shareholders and maintain order, with specific rules for attendance and participation [2][4] Proposal Summaries - Proposal 1: The company plans to sign a licensing agreement with its affiliates and Pfizer Inc. for a dual-targeting antibody product, granting exclusive rights for development and commercialization outside mainland China [4][6] - Proposal 2: A supplementary agreement regarding the distribution of payments from Pfizer under the licensing agreement will be established, with a proposed distribution ratio of 30% for the company and 70% for its affiliate [6][7] - Proposal 3: The company intends to temporarily use surplus funds of 66.6282 million yuan from various projects to supplement working capital and adjust the investment amounts for specific projects, reducing one project’s funding from 400 million yuan to 320 million yuan and increasing another from 610 million yuan to 690 million yuan [7][8]

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 2025 年第二次临时股东大会会议资料 二〇二五年六月 1 目录 | 2025 | 年第二次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东大会会议议程 | 6 | | 2025 | 年第二次临时股东大会会议议案 | 8 | | 议案 | 1、《关于与关联方共同签署许可协议的议案》 | 8 | | 议案 | 2、《关于与关联方签署许可协议之补充协议的议案》 | 10 | | 议案 | 3、《关于将部分项目节余资金用于暂时补充流动资金以及调整部分募投项目拟投 | | | | 入募集资金金额的议案》 | 11 | 2 三生国健药业（上海）股份有限公司 2025 年第二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》《上市公司股东会规则》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》 ...

Group 1 - The innovative drug concept stocks are experiencing a downturn, with several companies seeing declines of over 5% [1] - Notable companies affected include Sanofi, Haisun Pharmaceutical, Huisheng Biological, Rejing Biological, Haichuang Pharmaceutical, and Ruizhi Pharmaceutical [1] - Other companies such as Saiseng Pharmaceutical and Hasan Union are also following the downward trend [1]

● 本报记者 吴玉华 5月27日，A股市场震荡调整，大消费板块逆势活跃，市场继续出现结构性行情。三大指数均下跌，整 个A股市场超2600只股票上涨。市场成交继续缩量，成交额为1.02万亿元。资金面上，Wind数据显示， 5月26日A股融资净买入超46亿元，股票型ETF资金净流入超49亿元。 分析人士认为，近期市场风格切换较为频繁，大盘与小盘轮番占优，市场行情轮动较快，短期内，市场 或仍维持震荡格局，但在国内一系列政策支持下，市场行情亦有支撑。 缩量调整 5月27日，A股市场缩量调整，题材板块继续轮动。Wind数据显示，截至收盘，上证指数、深证成指、 创业板指、科创50指数分别下跌0.18%、0.61%、0.68%、0.95%，北证50指数上涨0.08%，上证指数报收 3340.69点，创业板指报收1991.64点。 0.88%；有色金属、电子、汽车行业跌幅居前，分别下跌2.07%、1.28%、1.05%。 领涨的纺织服饰行业中，明牌珠宝、锦泓集团、莱绅通灵涨停，潮宏基涨逾7%，盘中一度涨停。 医药生物行业中，三生国健涨逾15%，常山药业、新天地涨逾14%，舒泰神、华兰股份均涨逾10%，河 化股份、华森制药、誉 ...

Market Overview - The A-share market continued to show a sideways consolidation trend, with the Shanghai Composite Index closing at 3340.69 points, down 0.18%, and the Shenzhen Component Index at 10029.11 points, down 0.61% [1] - The total trading volume of the Shanghai and Shenzhen markets was 998.9 billion yuan, ending a streak of 23 consecutive trading days with over 1 trillion yuan in trading volume [1] Food and Beverage Sector - The food and beverage sector showed resilience, with the Shenwan Food and Beverage Index closing up 0.17%. Notably, yellow wine stocks performed exceptionally well, with Kuaijishan and Jin Feng Wine Industry hitting the daily limit, and Guyue Longshan rising over 7% [2] - The China Alcoholic Drinks Association noted that as living standards rise, consumer demand for alcoholic products is becoming more diverse and personalized, particularly for yellow wine, which is recognized for its health benefits and unique taste [2] - The consumption of yellow wine is expected to expand, moving beyond traditional settings to include daily drinking, leisure gatherings, and business banquets, thus becoming a significant part of consumers' daily lives [2] - National Bureau of Statistics data indicated that in April, national catering revenue reached 416.7 billion yuan, a year-on-year increase of 5.2%, providing strong support for stable growth in the consumer market [2] Innovative Pharmaceuticals Sector - The pharmaceutical sector is experiencing a bottom recovery, with innovative drugs showing sustained activity. Notably, Sangamo Therapeutics saw its stock price hit a 20% limit up, closing up 15.31%, with a cumulative increase of 115% over the past seven trading days [3] - On May 20, Sangamo announced a deal with Pfizer, granting exclusive rights for the global development, production, and commercialization of its self-developed PD-1/VEGF bispecific antibody SSGJ-707, excluding the Chinese market, for a record upfront payment of 1.25 billion USD [3] - Analysts believe that this record-setting upfront payment highlights the competitive advantages and market potential of domestic innovative drugs, suggesting a positive cycle of "frontier innovation—commercialization—reinvestment in R&D" for the industry [3] Consumer Sector Trends - The A-share consumer sector is showing signs of rotation, with new consumption areas such as pet consumption and IP economy gaining traction. However, some institutions express concerns about overheating in certain new consumption segments [4] - Recent statistics indicate that leading new consumption companies, such as Pop Mart and Laopu Gold, have shown strong performance, driving market sentiment towards new consumption directions [4] - The beauty and pet food indices have seen their trading volume relative to the entire A-share market reach historical highs, indicating potential overheating in short-term trading indicators [4]

Group 1 - The stock of Sanofi (688336) closed at 58.90 yuan on May 27, with a significant increase of 15.31%, a turnover rate of 3.46%, and a trading volume of 1.204 billion yuan [2] - The stock was listed on the daily trading list due to its closing price increase of 15% [2] - The top five trading departments accounted for a total transaction amount of 223 million yuan, with a net buying amount of 657,000 yuan [2] Group 2 - The main capital inflow for the stock was 29.5876 million yuan on the same day [3] - Over the past six months, the stock has appeared on the trading list five times, with an average price increase of 14.11% the day after being listed and an average increase of 33.47% in the following five days [3] - The top buying departments included two institutional special seats, with buying amounts of 26.2829 million yuan and 18.1939 million yuan respectively [3]