5月20日早盘，三大指数涨跌不一，截至发稿，上证科创板生物医药指数涨1.36%。 招银国际认为，受益于创新药出海交易、国内集采政策优化、创新药丙类医保目录落地、医疗设备招标 复苏、内需复苏等积极因素推动，医药行业有望在2025年继续迎来估值修复。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 相关ETF方面，科创医药指数ETF（588700）截至发稿涨1.58%，换手率3.46%，成交额超956万元。成 分股中，三生国健涨停，益方生物-U涨超7%，荣昌生物涨超6%。 科创医药指数ETF（588700）紧密跟踪上证科创板生物医药指数，上证科创板生物医药指数从科创板市 场中选取50只市值较大的生物医药、生物医学工程、生物农业、生物质能、其他生物业等领域上市公司 证券作为指数样本，反映科创板市场代表性生物医药产业上市公司证券的整体表现。该ETF配备了2只 场外联接基金（A类：021060；C类：021061）。 国元证券指出，5月份开始，将进入业绩真空期，市场关注点由业绩转变为行业和公司基本面变化，我 们继续看好创新药、出海以及集采出清板块。目前我国创新药进入成 ...

5月20日，三大指数集体高开，盘中走势各异，医药生物板块高开强势，中证疫苗与生物技术指数 (931992.CSI)上涨1.84%，该指数成分股中，三生国健"20cm"涨停，未名医药涨停，益方生物上涨超 7%，荣昌生物、神州细胞、康华生物、智飞生物等跟涨。 相关ETF方面，生物疫苗ETF（562860）上涨近2%，截至5月19日，该ETF流通份额为4.21亿份，最新流 通规模为2.56亿元。 消息面上，三生国健与辉瑞签署双特异性抗体产品许可协议。5月20日，三生国健发布公告，公告中提 到公司与关联方三生制药和沈阳三生共同签署了一份许可协议，涉及与辉瑞公司在全球范围内的独家开 发、生产和商业化许可产品707项目。 生物疫苗ETF（562860）跟踪中证疫苗与生物技术指数，中证疫苗与生物技术指数在沪深市场中选取不 超过50家业务涉及疫苗研发、疫苗生产、疫苗耗材、疫苗生产设备以及其他生物科技领域上市公司证券 作为样本，以反映沪深市场疫苗与生物技术主题上市公司证券的整体表现。 国信证券认为，2025年生物疫苗行业将面临显著分化，创新药板块步入快速放量期，国内外商业化与对 外授权齐发力，推动营收增长并加快盈利转折。然而， ...

科创板个股中，截至发稿上涨的有183只，下跌的有393只，涨幅居前的有三生国健、利扬芯片、万润新 能等，分别上涨19.99%、11.83%、7.58%，跌幅居前的有纬德信息、有方科技、正弦电气等，分别下跌 4.88%、4.13%、3.72%。 资金面上，三生国健上一交易日主力资金净流入3484.74万元，近5日净流入2488.18万元。 5月20日盘中科创板股三生国健涨停，截至09:35，股价报39.37元，成交1.23亿元，换手率0.51%，振幅 1.13%。 从机构评级来看，近一个月该股获2家机构买入评级。4月29日华西证券发布的研报给予公司买入评级。 4月23日国联民生证券发布的研报给予公司买入评级。（数据宝） 融资融券数据显示，该股最新（5月19日）两融余额为6953.36万元，其中，融资余额为6877.99万元，较 上一个交易日增加1703.87万元，增幅为32.93%；融券余额为75.37万元，较上一个交易日增加12.57万 元，增幅为20.01%。近10日两融余额合计增加1618.65万元，增幅为30.34%，其间融资余额增长 30.43%，融券余额增长22.99%。 4月23日公司发布的一季报 ...

证券代码： 688336 证券简称：三生国健 公告编号：2025-021 三生国健药业（上海）股份有限公司 关于与关联方共同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: ? 交易内容：三生国健药业（上海）股份有限公司（以下简称"本 公司"或"公司"或"三生国健"）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"）共同授予被许可 方辉瑞公司（Pfizer Inc.）（以下简称"辉瑞"）在许可区域（即 除中国大陆以外的其他国家和地区）及领域（即人类和兽医用途的所 有治疗、诊断及预防适应症）的独家开发、生产和商业化许可产品 此外，被许可方保留通过支付额外的付款获得在中国大陆商业化许可 产品的权利。对于被许可方支付给许可方的所有款项将在遵守排他性 许可协议约定的前提下，按照各许可方对许可产品的前期研发投入、 截至《许可协议》签署日各方拥有的有关许可产品的资产权属等合理 因素于各方之间合理分配，具体分配比例为：三生国健 30%，沈阳三 生 70%。 ? 本交易 ...

证券代码： 688336 证券简称：三生国健 公告编号：2025-021 三生国健药业（上海）股份有限公司 关于与关联方共同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: 交易内容：三生国健药业（上海）股份有限公司（以下简称"本 公司"或"公司"或"三生国健"）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"）共同授予被许可 方辉瑞公司（Pfizer Inc.）（以下简称"辉瑞"）在许可区域（即 除中国大陆以外的其他国家和地区）及领域（即人类和兽医用途的所 有治疗、诊断及预防适应症）的独家开发、生产和商业化许可产品 707 项目（即同时靶向 PD-1 和 VEGF 的双特异性抗体产品）的权利。 此外，被许可方保留通过支付额外的付款获得在中国大陆商业化许可 产品的权利。对于被许可方支付给许可方的所有款项将在遵守排他性 许可协议约定的前提下，按照各许可方对许可产品的前期研发投入、 截至《许可协议》签署日各方拥有的有关许可产品的资产权属等合理 因素于各方之间 ...

Investment Rating - The investment rating for the company is "Buy" [4][7]. Core Insights - The company reported a steady revenue growth of 16.57% year-on-year, achieving a revenue of 311 million yuan in Q1 2025 [1]. - R&D expenses increased by 45.83% compared to the previous year, reflecting the growth in the number of R&D projects, while maintaining a healthy expense ratio [2]. - The net profit attributable to shareholders reached 103 million yuan, marking a 12.99% increase year-on-year [2]. Revenue and Profit Forecast - The revenue projections for 2025-2027 are adjusted to 1.3 billion yuan, 1.5 billion yuan, and 1.9 billion yuan, representing year-on-year growth rates of 10%, 17%, and 25% respectively [4]. - The net profit attributable to shareholders is forecasted to be 300 million yuan, 360 million yuan, and 490 million yuan for the years 2025, 2026, and 2027, with a significant decrease of 57.6% in 2025 followed by growth in subsequent years [4]. Innovation Pipeline Progress - The company has made significant advancements in its innovation pipeline, with several key projects in various stages of clinical trials: 1. The NDA application for the anti-IL-17A monoclonal antibody for moderate to severe plaque psoriasis has been accepted [3]. 2. The clinical phase II for ankylosing spondylitis has completed subject enrollment, and the clinical phase II for radiographic negative axial spondyloarthritis is ongoing [3]. 3. The anti-IL-5 monoclonal antibody for severe eosinophilic asthma is in clinical phase III [3]. 4. The anti-IL-4Rα monoclonal antibody has completed subject enrollment for multiple indications in clinical phase III and II [3]. 5. The anti-IL-1β monoclonal antibody for acute gouty arthritis has completed clinical phase III enrollment with positive interim results [3]. 6. The anti-BDCA2 monoclonal antibody has received IND approval for SLE and CLE indications in the US and China [3]. 7. The anti-TLIA monoclonal antibody has also received IND approval for ulcerative colitis in both the US and China [3].

Core Viewpoint - The company reported a steady revenue growth of 16.57% year-on-year for Q1 2025, driven by an increase in R&D projects and efficient internal operations [2][3]. Financial Performance - The company achieved an operating revenue of 311 million yuan in Q1 2025, with a net profit attributable to shareholders of 103 million yuan, reflecting a 12.99% increase compared to the same period last year [2][3]. - R&D expenses increased by 45.83% year-on-year, attributed to a higher number of R&D projects, while maintaining a reasonable expense ratio [2]. R&D Pipeline Progress - The company has made significant advancements in its research pipeline, including: 1. The NDA application for the anti-IL-17A monoclonal antibody ("608") for moderate to severe plaque psoriasis has been accepted [3]. 2. Clinical II phase for ankylosing spondylitis has completed all subject enrollments [3]. 3. Clinical III phase for anti-IL-5 monoclonal antibody ("610") for severe eosinophilic asthma is currently enrolling subjects [3]. 4. Multiple clinical phases for anti-IL-4Rα monoclonal antibody ("611") and anti-IL-1β monoclonal antibody ("613") have shown positive mid-term analysis results [3]. 5. The company has received IND approvals for several indications in the U.S. and China, indicating progress in its clinical trials [3]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the shareholding status of the top ten shareholders, although specific numbers are not provided [4]. Other Important Information - The company emphasizes the importance of continuous innovation in drug development to ensure a pipeline of commercially viable products [6][7].

Financial Performance - The company's operating revenue for Q1 2025 reached CNY 311.12 million, representing a year-on-year increase of 16.57%[4] - Net profit attributable to shareholders was CNY 102.96 million, up 12.99% compared to the same period last year[4] - Total operating revenue for Q1 2025 reached 31,111.90 million, up from 26,689.50 million in Q1 2024, representing a growth of approximately 16.5%[19] - Net profit for Q1 2025 was 10,011.65 million, a rise from 8,876.12 million in Q1 2024, reflecting an increase of approximately 12.8%[19] - The company's equity attributable to shareholders increased to 567,131.74 million from 556,764.21 million, an increase of approximately 1.7%[19] - Basic earnings per share for Q1 2025 were 0.17, up from 0.15 in Q1 2024, reflecting a growth of about 13.3%[22] - The company reported a profit margin of approximately 32.1% for Q1 2025, compared to 33.3% in Q1 2024, indicating a slight decrease in profitability[19] - Other comprehensive income for Q1 2025 was -260.03 million, compared to 93.00 million in Q1 2024, showing a significant decline[22] Research and Development - R&D expenses totaled CNY 100.18 million, reflecting a 21.81% increase year-on-year, with R&D expenses accounting for 32.20% of operating revenue[5] - The company anticipates continued significant R&D expenses due to the deepening of R&D projects and the forward-looking layout in the antibody drug development field, which may lead to potential losses if R&D costs exceed profits from commercialized products[14] - The company’s R&D investment is expected to increase, with a focus on ensuring a pipeline of commercially viable products, although there is no guarantee of finding such products[13] - Research and development expenses increased to 7,752.60 million in Q1 2025 from 5,316.23 million in Q1 2024, marking a growth of about 45.8%[19] Cash Flow and Assets - The company reported a net cash flow from operating activities of CNY 98.01 million, a slight decrease of 2.00% from the previous year[4] - The company reported a cash balance of RMB 50,796.65 million as of March 31, 2025, an increase from RMB 45,949.20 million on December 31, 2024, reflecting a growth of approximately 4.0%[16] - The total assets at the end of the reporting period were CNY 604.19 million, an increase of 1.29% from the end of the previous year[5] - The total assets as of the reporting date were 604,185.53 million, compared to 596,502.73 million from the previous period, indicating a slight increase of approximately 1.1%[19] - The company reported cash inflow from sales of goods and services at CNY 28,897.57 million in Q1 2025, down from CNY 31,470.28 million in Q1 2024, a decline of 8.2%[23] - The total cash and cash equivalents at the end of Q1 2025 stood at CNY 38,495.12 million, down from CNY 50,858.05 million at the end of Q1 2024[25] Shareholder Information - The total number of common shareholders at the end of the reporting period was 10,791[10] - The largest shareholder, Fuhua Pharmaceutical Co., Ltd., holds 35.92% of the shares, totaling 221,518,988 shares[10] - The company has a total of 221,518,988 shares held by its largest shareholder, Fujian Pharmaceutical Co., Ltd., representing a significant portion of its equity structure[12] Risks and Challenges - The company faces risks related to the uncertainty of innovative drug development, including long R&D cycles, high investment, and low success rates, which could adversely affect its operational performance and profitability[13] - The company is exposed to revenue growth uncertainty due to the expanding coverage of drug procurement policies, which may impact sales revenue growth of its key products[14] - The company has identified potential risks related to legal disputes and litigation, which could negatively impact its business, operations, and financial standing[14] Clinical Development - The company is advancing multiple clinical projects, including the NDA application for anti-IL-17A monoclonal antibody for moderate to severe plaque psoriasis, which has been accepted[7] - The clinical trials for anti-IL-5 monoclonal antibody for severe eosinophilic asthma are currently in Phase III, with patient enrollment ongoing[7] - The company has completed patient enrollment for several Phase III clinical trials for anti-IL-4Rα monoclonal antibody for moderate to severe atopic dermatitis[8] Liabilities and Other Financials - Total liabilities decreased to 40,414.21 million from 42,814.99 million, a reduction of about 5.6%[18] - The company's accounts receivable increased to RMB 17,090.45 million as of March 31, 2025, compared to RMB 14,293.31 million at the end of 2024, indicating a growth of about 19.7%[16] - The company's other receivables decreased to RMB 11.63 million as of March 31, 2025, down from RMB 3.45 million at the end of 2024[16]

证券代码：688336 证券简称：三生国健 公告编号：2025-020 三生国健药业（上海）股份有限公司 2024 年年度股东大会决议公告 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： 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 4 月 15 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： | 1、出席会议的股东和代理人人数 | 107 | | --- | --- | | 普通股股东人数 | 107 | | 2、出席会议的股东所持有的表决权数量 | 541,837,377 | | 普通股股东所持有表决权数量 | 541,837,377 | | 3、出席会议的股东所持有表决权数量占公司表决权 | 87.8485 | | --- | --- | | 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 法律资见书 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 2024 年年度股东大会的 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 公司股东会规则》（以下简称"《股东会规则》"）的规定，围浩律师（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 4 月 15 门 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 2024年年度股东大会,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"《公司竟程》"）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 3 月 26 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 2024年年度股东大会的会议通知。经核查 ...