证券代码： 688336 证券简称：三生国健 公告编号：2025-023 三生国健药业（上海）股份有限公司 股票交易异常波动公告 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 19 日、2025 年 5 月 20 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。 经公司自查并向控股股东及实际控制人核实，截止本公告披露 日，除公司已披露信息外，公司及公司控股股东、实际控制人不存在 筹划关于公司的应披露而未披露的重大事项的情况，公司日常经营情 况正常，未发生重大变化，所处的行业政策未发生重大调整。 公司及本公司的关联方三生制药和沈阳三生制药有限责任公 司（以下简称"沈阳三生"，以下合称"许可方"）共同授予被许可 方辉瑞公司（Pfizer Inc.）（以下简称"被许可方"）在许可区域 ...

证券代码：688336 证券简称：三生国健 公告编号：2025-022 三生国健药业（上海）股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络 投票相结合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 5 日 10 点 00 分 召开地点：中国（上海）自由贸易试验区李冰路 399 号公司会议 室 股东大会召开日期：2025年6月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 （七） 涉及公开征集股东投票权 不涉及。 二、 会议审议事项 本次股东大会审议议案及投票股东类型 | | | 投票股东类型 | | --- | --- ...

Market Overview - A-shares experienced a broad rally on May 20, with overall market activity increasing and trading volume expanding, as both A-shares and Hong Kong stocks rose over 1% [1] - The three major A-share indices saw significant gains, with the Shanghai Composite Index closing up 0.38% at 3380.48 points, the Shenzhen Component Index up 0.77% at 10249.17 points, and the ChiNext Index up 0.77% at 2048.46 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12.114 trillion yuan, an increase of 923 billion yuan compared to the previous day [1] Pet Economy Concept - The pet economy concept surged, with over 3800 stocks in the market showing gains, including Tianyuan Pet (301335) hitting a 20% limit up and reaching a new high, and Lusi Co. (832419) also hitting a limit up [2][4] - The pet market has been maintaining high growth rates, benefiting from domestic brand replacement effects and continuous improvements in product and brand strength, leading to significant year-on-year sales increases [4][6] - Analysts expect the pet sector's performance to continue reaching new highs in 2024 and the first quarter of 2025, driven by stable overseas orders and the growth of domestic pet food brands [6] Innovative Drug Concept - The innovative drug concept saw a strong performance, with significant gains in stocks such as Sangfor Biopharma (01530) which rose over 32%, and other companies like Rongchang Biopharma (688331) and Yifang Biopharma (688382) also experiencing substantial increases [8][10] - Sangfor Biopharma announced a collaboration with Pfizer for the exclusive global development rights of a dual-target antibody, SSGJ-707, which has shown promising results in clinical trials for non-small cell lung cancer [8][10] - The innovative drug sector is expected to benefit from potential changes in international drug pricing strategies, which may position China as a low-cost research and production center [13] Shipping Concept - The shipping sector experienced a significant pullback, with stocks like Guohang Ocean (833171) dropping nearly 18%, and several others hitting the daily limit down [15][16] - Despite the recent downturn, companies like Lianyungang (601008) and Ningbo Ocean (601022) have reassured investors that their operations remain normal and that there are no significant changes in industry policies [17]

Market Overview - A-shares experienced a broad rally on May 20, with the Shanghai Composite Index closing up 0.38% at 3380.48 points, the Shenzhen Component up 0.77% at 10249.17 points, and the ChiNext Index up 0.77% at 2048.46 points. The total trading volume across the three exchanges reached 121.14 billion yuan, an increase of 9.23 billion yuan from the previous day [1][2]. Pet Economy - The pet economy concept saw significant gains, with Tianyuan Pet (301335) hitting a 20% limit up and reaching a new high. Lusi Co. (832419) also hit a limit up, marking a new high. Other companies in this sector, such as Bei Yin Mei (002570) and Yi Yi Co. (001206), also experienced limit up [4][5][6]. - Analysts noted that the pet market has maintained high growth rates in recent years, benefiting from domestic brand replacement effects and improvements in product and brand strength. This has led to significant year-on-year sales growth and price increases for domestic brands [7]. Innovative Drug Sector - The innovative drug sector showed strong performance, with Yipin Hong (300723) and San Sheng Guo Jian (688336) both hitting the 20% limit up. Other companies like Rongchang Bio (688331) and Yifang Bio (688382) saw increases of approximately 16% [8][9]. - San Sheng Guo Jian announced a collaboration with Pfizer for the exclusive global development and commercialization rights of a dual-target antibody, SSGJ-707, which has shown promising results in clinical trials for non-small cell lung cancer [10][11]. Shipping Sector - The shipping sector experienced a significant pullback, with companies like Guo Hang Yuan Yang (833171) dropping nearly 18%, and others such as Fenghuang Shipping (000520) and Lianyungang (601008) hitting their daily limit down [16][17]. - Lianyungang, which had seen five consecutive limit up days, reported a 48.01% year-on-year decline in net profit for the first quarter of 2025, raising concerns among investors [18][19].

5月20日，A股主要指数震荡上行，沪指收涨0.38%报3380点，深证成指涨0.77%，创业板指涨0.77%，北证50指数涨1.22%创历史新高。 全天成交1.21万亿元，较前一交易日增量923亿元，全市场超3800股上涨。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | Friend | 3380.48 | +12.90 | 40.38% | | 000001 | Now | | | | | 创业板指 | | 2048.46 | +15.70 | +0.77% | | 399006 | | | | | | 深证成指 | | 10249.17 | +78.08 +0.77% | | | 100002 | AF | | | | 盘面上，新消费方向走强，宠物经济板块持续爆发，盲盒经济、谷子经济板块走高，培育钻石板块拉升，家用轻工板块走强，美容护理、人造肉 及珠宝首饰等板块涨幅居前。另外，航运港口板块下挫，PEEK材料板块走低，航天航空、碳纤维、可控核聚变及钛白粉等板块跌幅居前。 | 行业热力图 v 领涨板块 | | | | | ...

Market Performance - The three major A-share indices all rose, with the Shanghai Composite Index up 0.38%, the Shenzhen Component Index up 0.77%, and the ChiNext Index also up 0.77 [1][2] Consumer Sector - The consumer sector showed strong performance today, particularly in areas such as the pet economy, cultivated diamonds, beauty care, and millet economy, which had the highest gains [1][2] - Analysts noted that consumer demand is diversifying, with emotional, health, and beauty consumption needs continuing to evolve, leading to ongoing opportunities in single product categories like pet products and snacks [2] Beauty Care Sector - According to Zhonghang Securities, the beauty care sector is expected to see structural opportunities due to favorable policies, restored consumer confidence, and technological innovations [2] - The upcoming "618" shopping festival and optimized brand promotion strategies are seen as short-term catalysts for the beauty care sector [2] Pet Economy Sector - CITIC Securities forecasts that the pet economy sector will continue to grow through 2025, highlighting its resilience and the potential for increased market concentration as the industry matures [2] - The domestic market is currently characterized by "large industry, small leaders," suggesting that leading companies can enhance market share through product innovation, branding, and channel development [2] Pharmaceutical Sector - Pharmaceutical stocks surged today, with Sanofi's stock hitting the daily limit, marking two consecutive trading days of gains [3] - Sanofi announced a collaboration with Pfizer, granting exclusive rights for the development, production, and commercialization of a product, with an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [3] Market Highlights - CATL's listing on the Hong Kong stock market saw significant gains, while its A-share rose by 1.15% [3] - Some high-profile stocks experienced volatility, with companies like Lijun Co., Youfu Co., and Ningbo Ocean facing significant declines [3]

Group 1 - The core viewpoint indicates that the domestic innovation opportunities outweigh challenges, with a potential shift towards "source innovation" and integration into the global industrial chain restructuring [3] - The ChiNext Composite Index ETF (Hua Xia) closely tracks the performance of the ChiNext Composite Index, reflecting the overall performance of eligible companies listed on the ChiNext board, including dividend income [4] - Recent performance shows that the ChiNext Composite Index ETF has seen a 1.19% increase over the past month, with a trading volume of 1.07 billion yuan and a turnover rate of 3.9% [3] Group 2 - The Chinese innovative drug sector is characterized by low R&D costs and high efficiency, positioning it as a preferred choice for business development transactions, with China expected to become a low-cost R&D and production center [4] - The CXO industry chain in China is likely to strengthen its market position as multinational pharmaceutical companies seek to reduce R&D and production costs under stricter pricing systems [4] - There are investment opportunities in segments such as innovative drugs, medical devices, traditional Chinese medicine, medical services, and chain pharmacies [4]

Core Viewpoint - The article highlights the significant rise in new consumption sectors, particularly in the beauty care, pet economy, and "grain economy" sectors, driven by the "self-economy" trend in the current consumer landscape [2][4][10]. New Consumption Sectors - The beauty care sector experienced the most substantial gains, with stocks like Kela Co. and Fuirjia seeing increases of 20.03% and 12.17% respectively [5][6]. - The pet economy also showed strong performance, with Tianyuan Pet reaching a limit-up increase [8]. - The "grain economy" sector saw stocks like Mankalon and Chuangyuan Co. rise significantly [8]. Market Performance - As of the morning close, the Shanghai Composite Index rose by 0.38%, the Shenzhen Component Index by 0.79%, and the ChiNext Index by 1.04% [2]. - High-profile stocks experienced a downturn, with companies like Lijun Co. and Ningbo Yuanyang facing significant declines [2]. Future Market Predictions - Institutions predict that by 2025, the "beauty economy" market in China will exceed 3.5 trillion yuan, with light medical beauty, green cosmetics, and smart beauty devices identified as key growth areas [8]. - The rise of personalized and intelligent beauty solutions is expected to further enhance the market [8]. Pharmaceutical Sector - The pharmaceutical sector saw a strong performance, particularly in innovative drugs and recombinant proteins, with companies like Sanofi and Rongchang Bio achieving notable stock increases [11][12]. - Sanofi's collaboration with Pfizer for the exclusive development and commercialization of a product has led to a significant market response, with a non-refundable upfront payment of $1.25 billion and potential total payments reaching $4.8 billion [13][16]. Investment Trends - The article notes a shift in investment logic from "total expansion" to "demand differentiation," with new consumption companies benefiting from high communication characteristics and the younger generation's demand for personalized products [10]. - Three key directions for the broader consumer sector include essential consumption showing defensive value, rapid rise of new consumption formats, and the release of incremental space in lower-tier markets [10].

Core Viewpoint - The recent licensing agreement between Sangfor Biopharma and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707 has sparked significant trading activity in the biopharmaceutical sector, highlighting the growing interest in innovative cancer therapies [2][3]. Group 1: Licensing Agreement Details - Sangfor Biopharma and its affiliates granted Pfizer exclusive global rights (excluding mainland China) for the development, production, and commercialization of SSGJ-707, with Pfizer making an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [2]. - The agreement sets a new record for upfront payments for domestic innovative drug licensing, surpassing the previous record of $800 million held by Baitai Tianheng for its bispecific ADC drug [2]. - The asset ownership distribution in the agreement is 30% for Sangfor Biopharma and 70% for Shenyang Sangfor [2]. Group 2: Clinical Development Status - SSGJ-707 has received breakthrough therapy designation from the National Medical Products Administration for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) with PD-L1 expression [3]. - The drug is currently in Phase III clinical trials for monotherapy in NSCLC and Phase II trials for combination therapy with chemotherapy, as well as for metastatic colorectal cancer and advanced gynecological tumors [3]. - The PD-1/VEGF bispecific antibody is seen as a potential game-changer in the competitive PD-1/L1 treatment landscape, with clinical data suggesting it may outperform existing therapies [3]. Group 3: Market Impact and Future Prospects - The transaction is expected to accelerate the global development and commercialization of SSGJ-707, enhancing its market accessibility and recognition [4]. - The acquisition of other PD-1/VEGF bispecific antibodies by multinational companies, such as BioNTech's acquisition of Pumice Biotech for up to $950 million, indicates a growing trend in the market [4]. - The licensing of LM-299 by Lixin Pharma to Merck for an upfront payment of $588 million and potential milestone payments of $2.7 billion further illustrates the increasing interest and investment in PD-1/VEGF bispecific antibodies [4].

Market Overview - The three major A-share indices rose collectively in the morning session, with the Shanghai Composite Index up 0.38%, the Shenzhen Component Index up 0.79%, and the ChiNext Index up 1.04% [1] - The total market turnover reached 752.2 billion yuan, an increase of 23.9 billion yuan compared to the previous day, with 3,600 stocks rising [1] Sector Performance - The leading sectors included beauty care, pet economy, innovative drugs, and IP economy, while the port shipping and chemical fiber sectors lagged [2] - Notable stocks in the pet economy sector included Reliable Co. (301009), Tianyuan Pet (301335), Chuangyuan Co. (300703), Zunming Co. (003030), and Yuanfei Pet (001222), all hitting the daily limit [2] - In the IP economy, stocks such as Mankalon (300945), Aofei Entertainment (002292), and Shifeng Culture (002862) also reached the daily limit [2] - The innovative drug sector saw rebounds with stocks like Yipin Hong (300723), SanSheng Guojian, Huahai Pharmaceutical (600521), and Yatai Group (600881) hitting the daily limit [2] - The merger and acquisition sector remained active, with stocks like Zongyi Co. (600770), Tianqi Mould (002510), Datang Telecom (600198), and Baobian Electric (600550) also reaching the daily limit [2] Notable Stocks and Trends - The strongest sectors included e-commerce, with 19 stocks hitting the daily limit and 7 stocks on consecutive limit-up days, led by stocks like Liren Lizhuang and Tianyuan Pet [6] - The cross-border e-commerce sector also performed well, with 15 stocks hitting the daily limit [7] - The equity transfer (merger and acquisition) sector had 11 stocks hitting the daily limit, with notable stocks including Tianqi Mould and Tianyuan Pet [8] Industry Insights - The pet economy is projected to exceed 404.2 billion yuan by 2027, with a compound annual growth rate of 12.6% from 2015 to 2027, according to the "2025 China Pet Industry White Paper" [9] - In the innovative drug sector, SanSheng Guojian announced a licensing agreement with Pfizer for the exclusive development, production, and commercialization of product 707 globally [10] - The IP economy continues to gain traction, with stocks like Mankalon, Aofei Entertainment, and Shifeng Culture showing strong performance [11] - The Hong Kong stock market saw the IP cultural star stock Pop Mart rise over 2%, with a market capitalization exceeding 280 billion HKD, setting a new historical high [12]