华泰联合证券有限责任公司 关于三生国健药业（上海）股份有限公司 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专项核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 三生国健药业（上海）股份有限公司（以下简称"三生国健"、"公司"或"发行人"） 首次公开发行股票并在科创板上市的保荐机构，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股票上市规则（2025年 4月修订）》 及《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（2025 年 5 月修订）》等法律法规的规定，对三生国健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进行了审慎核查，核查情况及 核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会于 2020 年 6 月 23 日出具的《关于同意三生国 健药业（上海）股份有限公司首次公开发行股票注册的批复》（证监许可 [2020]1217 号），公司获准向社会公开发行人民币普通 ...

证券代码：688336 证券简称：三生国健 公告编号：2025-025 三生国健药业（上海）股份有限公司 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： ●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"）拟将"抗体药物生产新建项目"、"抗肿瘤抗体药物的新 药研发项目"、"研发中心建设项目"及"补充营运资金项目"节余 资金 6,662.82 万元暂时补充流动资金。 ●拟缩减"创新抗体药物产业化及数字化工厂建设项目"募集 资金承诺投资总额，由 40,000.00 万元调减为 32,000.00 万元，调减 金额为 8,000.00 万元；拟增加"自身免疫及眼科疾病抗体药物的新 药研发项目"募集资金承诺投资总额，由 61,000.00 万元调增为 69,000.00 万元，调增金额为 8,000.00 万元。 ●公司于 2025 年 5 月 26 日召开第五届董事会第八次会议和第五 届监事会第五次会议，审 ...

| 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688336 | 三生国健 | 2025/5/28 | 二、 增加临时提案的情况说明 2. 股东大会召开日期：2025 年 6 月 5 日 3. 股东大会股权登记日： 证券代码：688336 证券简称：三生国健 公告编号：2025-027 三生国健药业（上海）股份有限公司 关于2025年第二次临时股东大会增加临时提案的公 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2025年第二次临时股东大会 1. 提案人：富健药业有限公司 2. 提案程序说明 公司已于2025 年 5 月 21 日公告了股东大会召开通知，单独或者 合计持有35.92%股份的股东富健药业有限公司，在2025 年 5 月 26 日 提出临时提案并书面提交股东大会召集人。股东大会召集人按照《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》有关 规定，现予以公 ...

证券代码：688336 证券简称：三生国健 公告编号：2025-026 三生国健药业（上海）股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 三生国健药业（上海）股份有限公司（以下简称"公司"）第五 届监事会第五次会议通知于 2025 年 5 月 20 日以电话、电子邮件、专 人送达等方式发出。会议于 2025 年 5 月 26 日以现场结合通讯方式召 开。会议由监事会主席曹虹女士主持，会议应到监事 3 名，实到监事 3 名。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》和《三生国健药业（上海）股份 有限公司章程》的有关规定。 二、监事会会议审议情况 经与会监事认真审议，并以投票表决的方式审议通过了如下决 议： 2025 年 5 月 27 日 2 （一）审议通过《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》 1 具 体 内 容 详 见 公 司 同 日 刊 载 于 上 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company has strong revenue growth and is on the verge of breakthroughs in its clinical pipeline [4][5] - The recent licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707 is a significant milestone, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, along with double-digit royalties on net sales [4][5] - The company is expected to achieve substantial revenue growth from its main business, with key products in late-stage clinical development [5] Financial Summary - Projected revenue for 2023A is 1,014 million, with a growth rate of 23% year-over-year; expected revenue for 2025E is 1,370 million, with a growth rate of 15% [3] - Projected net profit for 2023A is 295 million, with a staggering growth rate of 498% year-over-year; expected net profit for 2025E is 300 million, reflecting a decline of 57% [3] - Earnings per share (EPS) is projected to be 0.48 for 2023A and 0.49 for 2025E [3] Clinical Pipeline and Market Potential - The company has four mid-to-late stage clinical assets, each expected to generate over 1 billion in revenue, with the IL17 monoclonal antibody anticipated to be commercialized in 2025 [5] - The IL1β monoclonal antibody is expected to submit its NDA in 2025, targeting a large patient population with limited treatment options [5] Valuation Metrics - The company is projected to have a P/E ratio of 116.5 for 2025E and a P/B ratio of 6.1 for the same year [3] - The net asset return rate (ROE) is expected to be 5% for 2025E, with a net profit margin of 21.5% [7]

Core Insights - The company has signed a licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707, granting Pfizer global rights (excluding mainland China) for development, production, and commercialization, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [1] - The PD1×VEGF dual antibody market is validated, with significant clinical results from competitors enhancing expectations for IO dual antibodies as alternatives to PD1 [2] - The company is expected to achieve substantial revenue growth from its main business, with several late-stage clinical assets projected to generate significant sales [2] Company Developments - The upfront payment of $1.25 billion is the largest for a Chinese innovative drug license out, setting a new record [1] - The company retains a 30% stake in the SSGJ707 project, indicating a strong interest in its future success [1] - The company is positioned as a leader in the domestic autoimmune field, with robust R&D capabilities and a pipeline of clinical assets nearing commercialization [3] Financial Projections - Revenue forecasts for 2025-2027 are projected at 1.37 billion, 1.57 billion, and 1.94 billion yuan, respectively, with net profits expected to be 300 million, 333 million, and 416 million yuan [3] - The company is anticipated to commercialize its IL17 monoclonal antibody by 2025 and submit an NDA for its IL1β monoclonal antibody in the same year, targeting a market with limited competition [2][3]

Group 1 - The stock of Sanofi Guojian (688336) experienced a significant drop of over 10% during trading on the 23rd, following a continuous rise of 100% over the previous four trading days [1] - The company issued a risk warning on May 22, indicating the potential for irrational speculation and a market correction due to the substantial increase in stock price [1] - The trading volume exceeded 530 million yuan, reflecting heightened market activity [1] Group 2 - The company, along with its affiliates, granted Pfizer Inc. exclusive rights for the development, production, and commercialization of a dual-targeting antibody product (Project 707) outside of mainland China [2] - The revenue sharing from this licensing agreement is set at 30% for Sanofi Guojian and 70% for Shenyang Sanofi, based on prior R&D investments and asset ownership [2] - The agreement requires approval from the company's shareholders and antitrust regulatory bodies in the U.S. and other jurisdictions, introducing uncertainty regarding its effectiveness [2] Group 3 - The development, registration, and sale of the licensed product in the designated regions are subject to regulatory approvals, which are inherently uncertain due to the lengthy nature of new drug development [3] - Milestone payments tied to clinical and regulatory events are contingent upon the successful completion of specified conditions, adding another layer of uncertainty [3] - Sales milestone payments and royalties are dependent on market factors such as demand, competition, and sales channels, which may affect the actual revenue received by the licensing parties [3]

Core Viewpoint - The stock of Sangfor Technologies has experienced significant trading volatility, with a cumulative increase of over 100% in four consecutive trading days, raising concerns about irrational speculation and potential corrections [1][2][5]. Group 1: Stock Trading Volatility - The company's stock experienced abnormal trading fluctuations on May 21 and May 22, 2025, with a cumulative closing price deviation exceeding 30% [1][5]. - The stock's cumulative increase of over 100% from May 19 to May 22, 2025, qualifies as severe abnormal trading volatility according to Shanghai Stock Exchange regulations [1][5]. - As of May 22, 2025, the closing price was 56.69 CNY per share, with the company's rolling P/E ratio at 48.81, significantly higher than the industry average of 29.18 [2][7]. Group 2: Licensing Agreement - The company, along with its affiliates, granted Pfizer Inc. exclusive rights for the development, production, and commercialization of a dual-targeting antibody product outside mainland China [3]. - The revenue from the licensing agreement will be distributed based on prior R&D investments, with Sangfor receiving 30% and its affiliate 70% [3]. - The licensing agreement is subject to approval from the company's shareholders and relevant regulatory bodies, introducing uncertainty regarding its effectiveness [4][8]. Group 3: Company Operations and Risk Factors - The company confirmed that there are no undisclosed significant matters affecting its operations, and its business remains normal without major changes [2][6]. - The company emphasizes the uncertainty associated with new drug development, including clinical trials and regulatory approvals, which may impact the commercialization of the licensed product [4][9]. - The company urges investors to make rational decisions and be aware of the risks associated with stock price volatility and the licensing agreement [2][8].

Group 1 - Company Sanofi has entered into a collaboration with Pfizer for the 707 project, which involves a dual-targeting bispecific antibody product aimed at PD-1 and VEGF [1] - The collaboration allows Pfizer exclusive rights for development, production, and commercialization in regions outside mainland China [1] - The payment of sales milestone fees and royalties is contingent upon achieving specified sales targets, introducing uncertainty regarding actual revenue [1] Group 2 - Company Daqian Ecology announced that shareholders plan to reduce their holdings by up to 3.3% of the company's total shares [2] - Shareholder Anhui Xinhua Publishing Group intends to sell up to 407.16 million shares, while Vice General Manager Wang Zheng'an plans to sell up to 41.08 million shares [2] Group 3 - Company Sany Heavy Industry has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [3] - The application materials are in draft form and may be updated or revised as necessary [3] Group 4 - Company Xinhua Insurance plans to invest 10 billion yuan in the second phase of the Honghu Fund, which has a total size of 20 billion yuan [4] - The establishment of the fund is subject to regulatory procedures, introducing some uncertainty regarding its implementation [4] Group 5 - Company Zhongnan Media's subsidiary has signed a government procurement contract worth 1.009 billion yuan [6]

证券代码： 688336 证券简称：三生国健 公告编号：2025-024 三生国健药业（上海）股份有限公司 股票交易异常波动暨严重异常波动公告 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： 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"）股票交易连续两个交易日内（2025 年 5 月 21 日、2025 年 5 月 22 日）日收盘价格涨幅偏离值累计超过 30%，根据《上海证券交 易所交易规则》《上海证券交易所科创板股票异常交易实时监控细则》 的有关规定，属于股票交易异常波动情形。 公司股票交易连续四个交易日内（2025 年 5 月 19 日至 2025 年 5 月 22 日）日收盘价格涨幅偏离值累计超过 100%，根据《上海证 券交易所交易规则》《上海证券交易所科创板股票异常交易实时监控 细则》的有关规定，属于股票交易严重异常波动情形。 截至 2025 年 5 月 22 日，公司收盘价为 56.69 元/股，根据中 证指数有限公司发布的公司所处的生物药品行业最近一个月平均滚 动市盈率 ...