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 年第四次临时股东大会会议资料 二〇二五年八月 1 目录 | 2025 | 年第四次临时股东大会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第四次临时股东大会会议议程 | 6 | | 2025 | 年第四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<许可协议之补充协议二>的议案》 | 8 | 2 三生国健药业（上海）股份有限公司 2025 年第四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》等相关规定，特制 定 2025 年第四次临时股东大会会议须知。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人依法享有发言权、质询权、表决权等权利。 股东及股东代理人参加股东大会应认真 ...

文｜子弹财经 过敏已成现代人普遍困扰。根据弗若斯特沙利文数据，全球过敏药市场规模自2019年的455亿美元增长至2023年的618亿美元，年复合增速为8%，预计到 2032年将进一步扩大至1222亿美元。 中国市场增长则更为迅猛。2019年规模仅为44亿美元，2023年增至72亿美元，未来十年有望以17.5%的年复合增速跃升至310亿美元。 市场增长的原因是多样的。 一方面，国人对皮肤病和过敏性疾病的重视程度显著提升，更多患者愿意寻求根治而非忍受。 特应性皮炎、慢性荨麻疹、过敏性哮喘等传统"皮肤病"或"呼吸道问题"，如今逐渐被视为由第二型炎症引起的系统性免疫疾病，患者开始寻求更精准专业 的治疗。 另一方面，中国居民的人均医疗支出迅速提升，预计到2032年将达到11858元，这显著增强了对中高价靶向治疗的支付意愿，尤其是在医保目录持续扩 容、创新药纳入比例提升的背景下，过敏治疗的"高价门槛"正被逐步拉低。 在此背景下，越来越多的自免药物、过敏药物创新药企迅速发展。 7月底，又一家自免创新药公司——麦济生物递表港交所。凭借多款过敏药候选产品，公司估值26亿元，但同时，公司也面临激烈市场竞争及核心产品曾 陷入专利纠 ...

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a significant rebound, with numerous stocks doubling in value and a strong performance from innovative drug companies, indicating a potential for continued growth and investment opportunities [1][2][3]. Group 1: Market Performance - As of July 29, 2023, the pharmaceutical sector has seen 42 stocks double in value this year, with Shuyatain leading at a 560% increase [1]. - Eight stocks, including Saifen Technology and Yipin Hong, have risen over 200%, while over 30 stocks have increased by more than 100% [1]. Group 2: Fund Performance - The surge in the pharmaceutical sector has led to significant gains in several pharmaceutical-themed funds, with many achieving over 100% returns in the past year [2]. - Fund managers believe that innovative drugs are likely to gain traction due to high demand and the upcoming product launches from various A-share and H-share companies [2]. Group 3: Industry Insights - Analysts highlight that the innovative drug sector is entering a golden development phase, supported by short-term performance from research outcomes and long-term benefits from aging populations and health demand upgrades [2]. - The innovative drug sector is seen as the most promising sub-industry within pharmaceuticals, with a clear growth trajectory and investment potential [3]. Group 4: Future Outlook - The innovative drug sector is expected to benefit from a combination of policy support and fundamental growth, leading to a revaluation of the sector [3]. - Analysts recommend continued investment in specific segments such as CRO & CDMO, GLP-1, and unique raw materials, which are anticipated to show strong performance [3].

从资金流向上来看，当日生物制品板块主力资金净流出2.98亿元，游资资金净流入1.68亿元，散户资金净 流入1.3亿元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688136 | 科兴制药 | 47.06 | -6.76% | 8.01万 | 3.86 Z | | 688336 | 三生国健 | 53.43 | -4.59% | 7.91万 | 4.32亿 | | 688180 | 君实生物 | 39.12 | -4.59% | 18.72万 | 7.53亿 | | 688331 | 荣昌生物 | 66.70 | -4.48% | 10.06万 | 6.81亿 | | 688105 | 诺唯赞 | 25.39 | -3.97% | 5.30万 | 1.36 Z | | 688137 | 近岸蛋白 | 45.79 | -3.92% | 1.83万 | 8490.57万 | | 300485 | 赛开药业 | 66"FI | -3.60% | 41.56万 | ...

Group 1 - Valiant Biotech-B's dark market saw a maximum increase of 134.28%, reflecting market recognition of its antibody drug development pipeline in oncology and autoimmune diseases [1] - The company has one core product and 13 other candidates, with 6 having successfully entered clinical stages [1] - Long-term value will depend on the commercialization capabilities of new drugs [1] Group 2 - Hengrui Medicine's subsidiary received approval for clinical trials of HRS-1893 tablets, a selective myosin inhibitor aimed at treating heart failure with preserved ejection fraction [2] - The project has accumulated R&D investment of approximately 60.67 million yuan [2] - If clinical trials proceed successfully, it could become the first drug in this unmet clinical need, enhancing the company's competitiveness [2] Group 3 - 3SBio announced the formal effectiveness of a licensing agreement with Pfizer for the global development and commercialization rights of the PD-1/VEGF bispecific antibody SSGJ-707, excluding mainland China [3] - The agreement includes a total option and exercise fee of up to 150 million USD [3] - This partnership allows 3SBio to leverage Pfizer's resources for accelerated project development and commercialization [3] Group 4 - Zhonghui Yuantong updated its prospectus, indicating that its core products have been commercialized, alongside 11 vaccines in development [4] - The company has raised a total of 999.5 million yuan through three rounds of financing from notable investors [4] - The upcoming Hong Kong listing is expected to accelerate R&D and market expansion in the vaccine sector [4] Group 5 - Eddingpharm received approval for the registration and commercialization of multi-dose diquafosol sodium eye drops in China, which contains 3% diquafosol sodium [5] - The product is intended for the treatment of dry eye syndrome [5] - This approval enhances the treatment options for dry eye disease and is expected to contribute to the company's growth in the ophthalmic market [5]

Core Insights - The innovative drug sector has seen significant growth this year, with the innovative drug index achieving a cumulative increase of 73.62% year-to-date, and over a quarter of its constituent stocks doubling in price [2][5] - Despite strong performance, there is a notable divergence in fund flows, with some high-performing funds experiencing substantial increases in scale while others face significant reductions [3][4] Fund Performance - Over 98% of pharmaceutical-related theme funds have reported gains this year, with 72 products seeing increases exceeding 50%. Notable performers include Changcheng Pharmaceutical Industry Select Mixed Fund A, which has achieved a return of 116.12% [1][2] - Conversely, some funds have reported negative returns, such as Taikang Medical Health Stock Fund A, which has a year-to-date return of -3.41% [2][3] Fund Flow Dynamics - There has been a significant inflow of funds into certain high-performing products, with some funds experiencing scale increases of over 30 times in a single quarter. For instance, Changcheng Pharmaceutical Industry Select Mixed Fund A's scale surged from 0.36 million to 11.32 million [3][4] - However, more than 30% of funds with returns exceeding 30% have seen a decrease in scale, indicating a complex investor sentiment [3][6] Investor Behavior - Investor behavior reflects a cautious approach, with some choosing to "take profits" amid concerns over short-term volatility. This has led to a significant outflow of over 6.7 billion from related pharmaceutical theme products in the past month [5][6] - Fund managers suggest that the current market adjustment may present a good opportunity for long-term investment in the innovative drug sector, which is believed to be undergoing a significant transformation [6][7] Market Outlook - The innovative drug sector is expected to continue attracting attention, with fund managers focusing on clinical data, overseas licensing, and domestic sales growth as key areas for investment [7]

证券代码：688336 证券简称：三生国健 公告编号：2025-039 三生国健药业（上海）股份有限公司 关于召开2025年第四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年第四次临时股东大会 （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 8 月 11 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8月11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 网络投票起止时间：自2025 年 8 月 11 日 至2025 年 8 月 11 日 本次股东大会审议议案及投票股东类型 | | | 投票股东类型 ...

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"）于 2025 年 5 月 19 日与被许可方辉瑞公司（Pfizer Inc.）（以下简称"辉瑞"）签 署了《许可协议》。具体内容详见公司披露的《关于与关联方共同签 署许可协议暨关联交易的公告》（公告编号：2025-021）和《2025 年第二次临时股东大会决议公告》（公告编号：2025-028）。 许可方与被许可方之间关于在中国大陆商业化许可产品的权利 选择权协议（以下简称"《中国大陆选择权协议》"）生效为上述《许 可协议》的生效条件之一。2025 年 7 月 23 日，公司、三生制药、沈 阳三生与被许可方辉瑞签署《中国大陆选择权协议》，许可方同意授 予被许可方在中国大陆独家开发和商业化许可产品 707 项目的选择 权。被许可方在《中国大陆选择权协议》下应支付的期权金和行权金 合计不超过 1.5 亿美元（且不可退还或抵扣）。《中国大陆选择权协 议》是《许可协议》的组成部分，在被许可方根据《中国大陆选择权 1 证券代码： 688336 证券简称：三 ...

Core Insights - The licensing agreement for Project 707 between the company and Pfizer has officially come into effect [1] - Pfizer will exclusively develop and commercialize the project in mainland China, with total payments not exceeding $150 million in non-refundable option and exercise fees [1] - The agreement includes a "Mainland China Option Agreement," expanding the licensing area to a global scale upon activation [1] - The profit-sharing ratio between the company and Shenyang Sansheng is set at 30% to 70% [1] - This transaction is classified as a related party transaction and does not constitute a major asset restructuring [1] - The deal is expected to advance the global development and commercialization of Project 707, enhancing the company's product accessibility and recognition in international markets [1]

Core Viewpoint - The market experienced a significant upward trend on July 24, with all three major indices reaching new highs for the year, indicating strong investor sentiment and market recovery [1]. Market Performance - The Shanghai and Shenzhen markets recorded a total trading volume of 1.84 trillion yuan, a decrease of 19.9 billion yuan compared to the previous trading day, with over 4,300 stocks rising across the market [2]. Sector Highlights - The Hainan Free Trade Zone concept stocks saw a collective surge, with over 20 stocks, including Hainan Airport, hitting the daily limit [3]. - Rare earth permanent magnet stocks also experienced substantial gains, with Guangsheng Nonferrous Metals reaching the daily limit [3]. - The super hydropower sector rebounded, with multiple stocks, including China Power Construction, hitting the daily limit [3]. Lithium Market Dynamics - The lithium carbonate sector saw a significant increase, with the main futures contract reaching a limit up at 77,240 yuan per ton, marking an 8% rise [4]. - Lithium mining stocks surged, with Tibet Mining and Yongshan Lithium Industry hitting the daily limit, and Tianqi Lithium A shares also achieving a rare limit up, marking its first limit up this year [4]. - A notice from the Yichun Natural Resources Bureau required local lithium mining companies to prepare resource verification reports by September 30, which some industry insiders view as a move to combat excessive competition in the lithium sector [5]. Vaccine Sector Movement - The biopharmaceutical vaccine sector saw a midday rally, with Zhifei Biological hitting the daily limit and Watson Bio rising over 14%, alongside other stocks like Kangtai Biological and Sanofi Health also experiencing gains [5]. Securities Sector Performance - The securities sector, often referred to as the "bull market flag bearer," performed well, with stocks like Guosen Securities and Bank of China Securities leading the gains [6].