Core Points - The control dispute over Mengke Pharmaceutical (688373) has been resolved, with a significant capital increase plan of approximately 1.033 billion yuan approved, allowing Nanjing Haiqing Pharmaceutical to become the controlling shareholder [2][3] - The proposal to dismiss the chairman and three directors by the largest shareholder, Genie Pharma, was rejected, indicating a shift in governance [2][3][5] Group 1: Shareholder Meeting Outcomes - The capital increase plan received overwhelming support, with over 81% approval for key resolutions, including the issuance of shares and the introduction of strategic investors [3][4] - The voting results showed that approximately 323 million shares (81.73%) supported the proposal to issue shares to specific investors [4][5] - The participation rate in the shareholder meeting was high, with 438 attendees representing 60.41% of the total shares [8] Group 2: Financial Performance and Future Prospects - Mengke Pharmaceutical has been in a loss-making state, with cumulative losses exceeding 1.3 billion yuan from 2021 to 2024, despite a revenue increase of 10.26% in the first half of 2025 [9] - The introduction of Haiqing Pharmaceutical as a strategic investor is expected to enhance Mengke's commercialization capabilities and address production capacity issues [14] - Haiqing Pharmaceutical has shown steady growth, with revenues increasing from 486 million yuan in 2022 to 648 million yuan in 2024, and a net profit of 104 million yuan in 2024 [9][11]

Core Viewpoint - The company has successfully passed all resolutions related to the issuance of shares to specific investors during the 2025 second extraordinary general meeting, despite opposition from its largest shareholder, Genie Pharma [2][5]. Group 1: Share Issuance Resolutions - All resolutions regarding the issuance of shares to specific investors were approved, including the proposal on the conditions for issuing shares and the plan for the issuance [2][5]. - The approval rates for key resolutions exceeded 81%, with the proposal on the conditions for issuing shares receiving a 81.73% approval rate [5]. Group 2: Opposition from Genie Pharma - Genie Pharma, holding 10.92% of the company's shares, opposed all resolutions except for one and did not receive any voting rights delegation from other shareholders [4][5]. - Genie Pharma proposed additional resolutions to dismiss certain board members and to elect new members, including the current chairman [4]. Group 3: Fundraising Details - The company plans to raise up to 1.033 billion yuan (approximately 10.33 million) through the issuance of 164 million shares to Nanjing Haijing Pharmaceutical Co., Ltd., which will acquire a 20% stake in the company [7][8]. - The funds raised will be used for daily research and operational investments, enhancing the company's capabilities in drug development and commercialization [7][8].

Core Viewpoint - The company Mengke Pharmaceutical-U (688373.SH) successfully held its second extraordinary general meeting of shareholders in 2025, where over 81% of votes approved a series of proposals including a private placement plan, strategic cooperation, and a three-year shareholder return plan, while nearly 80% of votes opposed the removal of current board members and executives [1][2]. Group 1 - The private placement plan involves Mengke Pharmaceutical issuing approximately 164 million A-shares at a price of 6.30 yuan per share, raising a total of no more than 1.033 billion yuan, aimed at funding project research and commercialization [2]. - Following the completion of the issuance, Hai Jing Pharmaceutical will hold 20% of Mengke Pharmaceutical's shares and will nominate more than half of the board members, thus becoming the controlling shareholder [2]. - The introduction of a strategic investor in the pharmaceutical sector is expected to optimize the governance structure, enhance profitability, and address funding bottlenecks, promoting sustainable development for the company [2]. Group 2 - The strategic cooperation agreement between Mengke Pharmaceutical and Hai Jing Pharmaceutical aims to leverage Mengke's expertise in anti-multidrug-resistant bacteria drugs and Hai Jing's mature R&D and production systems to enhance both companies' core competitiveness [3]. - The collaboration will focus on product commercialization, production synergy, R&D innovation interaction, and capital cooperation, utilizing existing market resources for deep commercialization efforts [3]. - If market resource integration proceeds smoothly, the projected sales revenue for Mengke's products is expected to reach 260 million yuan, 388 million yuan, and 600 million yuan in 2026, 2027, and 2028 respectively, representing significant growth from the 130 million yuan revenue in 2024 [3].

Summary of Conference Call Notes Industry Overview - The focus remains on the innovative drug sector, benefiting from business development (BD) transactions and data catalysts, with companies like Heng Rui continuing to push forward despite recent large transactions not meeting expectations [1][2] - The CRO (Contract Research Organization), CDMO (Contract Development and Manufacturing Organization), and upstream supply chain are benefiting from anticipated interest rate cuts in the U.S. and recovering order performance [1][2] - Medical devices, particularly high-consumption and equipment sectors, are showing signs of reversing performance difficulties, with Q3 expected to show improvement [1][2] Key Investment Strategies - Emphasis on the innovative drug line, with catalysts from the ESMO conference and BD transactions, alongside Q3 performance improvements [1][5] - Attention to the impact of basic drug directory policies and adjustments in traditional Chinese medicine companies, which may provide short-term catalysts [1][5] - Portfolio adjustments in October 2025 included increasing positions in companies like Changchun High-tech, Xianju Pharmaceutical, Betta Pharmaceuticals, and Tengke Pharmaceuticals, as well as companies showing performance inflection points [1][6] Core Recommendations - Recommended stocks based on three criteria: vertical extension capability in the supply chain, realization capability, and systematic early-stage R&D platform capability [9] - Specific recommendations include Changchun High-tech, Betta Pharmaceuticals, Amgen Pharmaceuticals, and Xiansheng Pharmaceuticals [9] - Notable mentions include Amgen, WuXi Biologics, and Miaomei Helian, expected to benefit from strong Taiji business, recovery in monoclonal antibody business, and high growth in ADC projects, with significant earnings growth anticipated in 2025 [1][19] Sector-Specific Insights - The innovative drug sector is viewed as the strongest and most fundamentally sound segment, with a focus on recovery from previous difficulties and policy changes [3][4] - CROs are showing early signs of recovery, with significant performance from WuXi and similar companies [3][4] - Medical devices are also recovering, with various companies performing well across different segments [4] Company-Specific Developments - **Betta Pharmaceuticals**: Notable for strong financial performance and ongoing business development, including an IPO process in Hong Kong expected to bring positive momentum [10] - **Amgen Pharmaceuticals**: Recently introduced strategic investment from Haizheng Pharmaceuticals, enhancing future growth prospects [11] - **Miaomei Helian**: Positioned as a leader in the ADC CRDMO sector, with significant growth expected from backend projects [20] - **Tianyu Co.**: Anticipated to maintain strong growth due to a diverse product pipeline and CDMO business expansion [25] - **Lianbang Pharmaceuticals**: Focused on innovative drugs, with several promising projects in clinical trials expected to drive future growth [26][27] Market Performance - The recommended portfolio showed an average increase of 5.5 percentage points in September, outperforming the broader pharmaceutical sector by 7.2 percentage points [6] - Specific stocks like Changchun High-tech and WuXi Biologics saw significant price increases of 26% and 23%, respectively [6] Conclusion - The innovative drug sector remains a key focus for investment, with several companies showing promising signs of recovery and growth potential. The overall sentiment is positive, with expectations for continued performance improvements in Q3 and beyond, driven by strategic investments and favorable market conditions [1][2][5]

Core Viewpoint - The control dispute over Mengke Pharmaceutical has been resolved, with a significant capital increase plan of approximately 1.033 billion yuan approved, allowing Haiqing Pharmaceutical to become the controlling shareholder [2][3][10]. Group 1: Shareholder Meeting Outcomes - The capital increase plan received overwhelming support, with over 81% approval for key resolutions, including the issuance of shares and the introduction of strategic investors [3][10]. - The proposal to dismiss the chairman and three directors put forth by the largest shareholder, Genie Pharma, was rejected, with nearly 80% voting against it [6][9]. Group 2: Financial Performance and Future Prospects - Mengke Pharmaceutical has been in a loss-making state, with cumulative losses exceeding 1.3 billion yuan from 2021 to 2024, although revenue showed a 10.26% increase in the first half of 2025 [10][15]. - The introduction of Haiqing Pharmaceutical is expected to enhance Mengke's commercialization capabilities and address production capacity issues, potentially leading to improved financial performance [10][15]. Group 3: Haiqing Pharmaceutical Overview - Haiqing Pharmaceutical is a research-driven modern pharmaceutical company with a strong growth trajectory, reporting revenue growth from 486 million yuan in 2022 to 648 million yuan in 2024 [11][12]. - The strategic partnership aims to leverage Haiqing's established sales network and production capabilities to support Mengke's product market penetration and production chain [15].

Core Viewpoint - The control dispute over Mengke Pharmaceutical has been resolved with the approval of a capital increase plan, allowing Hai Jing Pharmaceutical to become the controlling shareholder, ending the company's three-year period without a controlling entity [1][2]. Group 1: Capital Increase Plan - On October 9, Mengke Pharmaceutical held its second extraordinary general meeting of shareholders in 2025, where the approximately 1.033 billion yuan capital increase plan was approved with a high voting rate [2][6]. - Key proposals, including the issuance plan and the introduction of strategic investors, received over 81% approval, with the proposal for issuing shares to specific targets achieving a 81.73% approval rate [2][4]. Group 2: Shareholder Dynamics - The proposal to dismiss the chairman and three directors put forth by the largest shareholder, Genie Pharma, was rejected, with nearly 80% voting against it [4][6]. - The meeting saw a high participation rate, with 438 shareholders and proxies representing 60.41% of the total shares [6]. Group 3: Company Financials and Future Prospects - Mengke Pharmaceutical has been in a state of loss, with cumulative losses exceeding 1.3 billion yuan from 2021 to 2024, although revenue increased by 10.26% in the first half of 2025 [7]. - The introduction of Hai Jing Pharmaceutical is expected to provide financial support and enhance the company's development capabilities, particularly in commercializing its core product, Kangti Zuoan tablets [12]. Group 4: Hai Jing Pharmaceutical Overview - Hai Jing Pharmaceutical is a research-driven modern pharmaceutical company, with steady revenue growth from 486 million yuan in 2022 to 648 million yuan in 2024, and a net profit of 104 million yuan in 2024 [8][9]. - The strategic partnership aims to leverage Hai Jing's established sales network and production capabilities to enhance Mengke's market penetration and production efficiency [12].

https://www.huiyelaw.com 匯業津師事務所 HUI YE LAW FIRM 法律意见书 上海市汇业律师事务所 地址:上海市长宁区延安西路 726号华敏翰尊国际广场 5 楼、12 楼、13 楼、14 楼 邮编: 200050 电话: 86-21-5237 0950 传真: 86-21-5237 0960 https://www.huiyelaw.com 上海市汇业律师事务所 关于 上海盟科药业股份有限公司 股东 Genie Pharma 公开征集投票权相关事项 2 关于上海盟科药业股份有限公司 股东 Genie Pharma 公开征集投票权相关事项 之法律意见书 致: Genie Pharma 上海市汇业律师事务所(以下简称本所),接受 Genie Pharma(以下简称征集人) 的委托,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》)及《公开征集上市公司股东权利管理暂行规定》(以 下简称《暂行规定》)等有关法律、法规和规范性文件的规定以及《上海盟科药业股 份有限公司章程》(以下简称《公司章程》)、《上海盟科药业股份有限公司股东大 会议事 ...

关于上海盟科药业股份有限公司 2025 年第二次临时股东大会的法律意见书 FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: 86-21-2208-1166 邮政编码：200041 传 真 Fax: 86-21-5298-5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai 200041, PRC 上海市方达律师事务所 致：上海盟科药业股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席上海盟科药 业股份有限公司（以下简称"公司"）2025 年第二次临时股东大会（以下简称"本 次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员 的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中 ...

重要内容提示： 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 10 月 9 日 证券代码：688373 证券简称：盟科药业 公告编号：2025-053 上海盟科药业股份有限公司 2025年第二次临时股东大会决议公告 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。 （二） 股东大会召开的地点：中国（上海）自由贸易试验区爱迪生路 53 号 （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 | 438 | | --- | --- | | 普通股股东人数 | 438 | | 2、出席会议的股东所持有的表决权数量 | 396,069,156 | | 普通股股东所持有表决权数量 | 396,069,156 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 60.4127 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 60.4127 | （四） 表决方式是否符合《公司法》及 ...

Core Viewpoint - Shandong Weigao Blood Purification Products Co., Ltd. announced the results of its 2025 restricted stock incentive plan, granting 6.36 million shares at a price of 19.77 yuan per share, aimed at enhancing employee motivation and long-term performance [1] Group 1: Incentive Plan Details - The company determined to grant 6.36 million restricted shares to 120 incentive recipients [1] - The grant price is set at 19.77 yuan per share, with the stock sourced from a directed issuance of A-share common stock [1] - The maximum validity period of the incentive plan is 48 months, with a lock-up period starting from the registration date and a minimum gap of 12 months before the first release of restrictions [1] Group 2: Financial Implications - The registration was completed on September 29, raising 125.7 million yuan for liquidity support [1] - The equity structure will see an increase of 6.36 million restricted shares [1] - The cost of the incentive plan will be accounted for in expenses, which will impact net profit in various years [1]