Group 1: Market Overview - The macroeconomic environment remains supportive with expectations of further easing from the Federal Reserve, which has already lowered rates by 25 basis points in September, with projections for additional cuts by the end of the year [2] - A-shares are experiencing a high level of trading activity, with average daily turnover exceeding 2.45 trillion yuan in September, up from 2.31 trillion yuan in August, indicating strong market liquidity [2] - The technology sector continues to show strength, with the Wande Technology Index accounting for 40.8% of total A-share trading volume, reflecting ongoing liquidity inflows into this sector [2] Group 2: Sector Analysis - The technology sector is characterized by a clear differentiation between high and low performers, with previous leaders like optical modules and communication equipment seeing lower gains in September, while semiconductor materials and energy storage stocks have shown significant recovery [2][3] - Cyclical and dividend-paying stocks remain weak due to poor economic data, with various sectors underperforming compared to technology [3] - The current risk premium for A-shares is low, with the risk premium for the CSI 300 index at 5.19%, close to historical lows, suggesting limited downside potential [3] Group 3: Investment Strategy - The report recommends focusing on technology stocks with a strong price-performance ratio, particularly those that have lagged behind in previous rallies, to enhance potential returns [5] - There is an emphasis on upstream materials related to energy storage and semiconductor industries, such as lithium and cobalt, which are expected to benefit from ongoing demand growth in electric vehicles and semiconductor manufacturing [5] - The October stock selection includes a diverse range of sectors, highlighting companies in innovative pharmaceuticals, electronics, automotive, and communications, indicating a strategic approach to capitalize on sectoral strengths [10][11]

详式权益变动报告书 之 财务顾问核查意见 广发证券股份有限公司 关于上海盟科药业股份有限公司 2025 年 9 月 广发证券股份有限公司关于上海盟科药业股份有限公司详式权益变动报告书之财务顾问核查意见 声明 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含义。 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司收购 管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》、《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》等法律法规及规范性文件的有关规定，广发证券股份有限公司按 照行业公认的业务标准、道德规范，本着诚实信用和勤勉尽责的原则，对信息披 露义务人出具的《详式权益变动报告书》所披露的内容出具核查意见。 本财务顾问特作如下声明： 1、本财务顾问及信息披露义务人与本次权益变动行为之间不存在任何关联 关系，亦未委托或授权其他任何机构或个人提供未在本核查意见中列载的信息和 对本核查意见做任何解释或者说明。 2、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人已 做出承诺，保证其所提供的信息和文件真实、准 ...

Core Viewpoint - The conflict between Genie Pharma, the largest shareholder of Mengke Pharmaceutical, and the founding team led by Zhengyu Yuan has intensified, particularly regarding a proposed private placement and change of control involving Haijing Pharmaceutical [1][2][3] Group 1: Shareholder Dispute - Genie Pharma holds 71.57 million shares of Mengke Pharmaceutical, accounting for 10.92% of the total share capital, and has voted against multiple proposals related to the private placement [2] - Genie Pharma has proposed to remove three directors, including founder Zhengyu Yuan, and to elect three new directors, highlighting the growing rift between the major shareholder and the founding team [2][4] - The disagreement stems from Mengke Pharmaceutical's recent announcement of a private placement to Haijing Pharmaceutical, which Genie Pharma has publicly criticized [1][3] Group 2: Private Placement Details - Mengke Pharmaceutical plans to issue 164 million shares to Haijing Pharmaceutical, raising up to 1.033 billion yuan, which would give Haijing a 20% stake and make it the controlling shareholder [1][3] - Genie Pharma has raised concerns about the financial stability of Haijing Pharmaceutical, questioning its ability to fund the private placement given its reported total assets of approximately 700 million yuan and total liabilities of about 300 million yuan [6][7] Group 3: Financial Performance and Challenges - Mengke Pharmaceutical has been facing financial difficulties, with cumulative losses of approximately 1.221 billion yuan from 2022 to mid-2025, and has not yet achieved profitability [10] - The company’s only commercial product, the antibiotic Contizolam, has limited market potential due to competition from other established products [9][10] - Mengke Pharmaceutical's cash flow has been negative for several years, with only 237 million yuan remaining as of mid-2025, raising concerns about its ability to fund ongoing research and development [10]

Core Viewpoint - Shanghai Mengke Pharmaceutical Co., Ltd. has signed a strategic cooperation agreement with Nanjing Pengbo Biotechnology Co., Ltd. to jointly develop innovative antibody-drug conjugates (ADCs) leveraging their respective platforms [2][3] Group 1: Company Overview - Mengke Pharmaceutical focuses on the design and development of small molecule new drugs, aiming to discover, develop, and commercialize innovative drugs that meet unmet clinical needs [2] - The company has successfully developed a new STOPIN (Soft Topoisomerase Inhibitor) platform to address dose-limiting toxicities caused by toxins in next-generation ADC development [2] Group 2: Research and Development Progress - Mengke Pharmaceutical presented research progress on a new ADC product based on the STOPIN toxin platform at the 2024 European Society for Medical Oncology (ESMO), showing excellent anti-tumor efficacy and lower hematological toxicity in animal trials [2] Group 3: Strategic Partnership - The partnership with Pengbo Biotechnology aims to maximize the applicability and competitiveness of the STOPIN platform technology, facilitating the development of competitive ADC drugs globally [3] - Pengbo Biotechnology provides comprehensive CDMO services to accelerate new drug development for biotech and pharmaceutical companies, covering clinical trials to commercial production [3]

Core Viewpoint - The first major shareholder, Genie Pharma, publicly opposes the planned 1 billion yuan private placement by Mengke Pharmaceutical, which could lead to significant changes in the company's ownership structure and governance [3][4][5]. Group 1: Shareholder Opposition - Genie Pharma announced its intention to vote against the acquisition of Mengke Pharmaceutical by Nanjing Haiqing Pharmaceutical at the upcoming shareholders' meeting [3]. - Genie Pharma has also proposed the removal of three directors, criticizing the management team's capabilities and the company's ongoing losses [7][10]. - The opposition from Genie Pharma has led to a significant drop in Mengke Pharmaceutical's stock price, which fell by 10.96% to 8.61 yuan per share following the announcement [5]. Group 2: Financial and Operational Concerns - Mengke Pharmaceutical has not launched any new products since its market entry three years ago and has not achieved profitability, with continuous losses reported [6][18]. - The company aims to leverage the investment from Haiqing Pharmaceutical to break its reliance on a single product and improve its financial situation [6][15]. - Financial data shows that Mengke Pharmaceutical's net losses from 2021 to 2024 totaled over 1.3 billion yuan, with a significant decline in net assets since its IPO [20][21]. Group 3: Haiqing Pharmaceutical's Role - Haiqing Pharmaceutical plans to invest 1.033 billion yuan in Mengke Pharmaceutical, acquiring a 20% stake, which would make it the controlling shareholder [4][8]. - Concerns have been raised regarding the uncertainty of Haiqing Pharmaceutical's funding for the private placement and its potential impact on Mengke Pharmaceutical's financial stability [16]. - Haiqing Pharmaceutical's financial health is questioned, with total assets of approximately 700 million yuan and total liabilities of about 300 million yuan as of mid-2025 [16]. Group 4: Management and Strategic Issues - The management team of Mengke Pharmaceutical has faced criticism for its inability to generate profits and for the company's deteriorating financial condition [17][19]. - The company has been heavily reliant on its sole product, Kangtaizuoan, which has seen increasing sales but is insufficient to cover overall operational costs [22][23]. - Mengke Pharmaceutical's high sales expenses, which reached 110 million yuan in 2024, have raised concerns about the sustainability of its business model [23][25].

Group 1 - The core viewpoint of the article highlights that Mengke Pharmaceutical (688373.SH) experienced a significant decline in stock price, closing at 8.61 yuan with a drop of 10.96% [1] - Everbright Securities analysts Wang Mingrui and Ye Si'ao published a report on September 23, maintaining a "buy" rating for the company, emphasizing the positive impact of Haiqing Pharmaceutical's billion yuan capital increase on the company's research, sales, and production across the entire chain [1]

Group 1 - The stock prices of Mengke Pharmaceutical dropped over 10% [1] - Borui Pharmaceutical and Baicheng Pharmaceutical experienced declines of over 7% [1] - Other companies such as Yuekang Pharmaceutical, Kangchen Pharmaceutical, Yuandong Biological, and Fuxiang Pharmaceutical also saw significant drops in their stock prices [1]

Group 1 - Shengke Communication's shareholding by the National Integrated Circuit Industry Investment Fund has decreased from 19.6% to 15% after a total reduction of 18.8569 million shares [1] - Guoxin Technology plans to reduce its shares by up to 4.5% through various trading methods between September 30, 2025, and December 29, 2025 [1][2] - Jingzhida has delivered its first high-speed testing machine to a key domestic customer, aimed at semiconductor memory testing [4][5] Group 2 - Nanxin Pharmaceutical's shareholder plans to reduce shares by up to 3%, totaling 823.2 million shares, due to funding needs [6] - *ST Taihe's shareholder intends to reduce shares by up to 3% for operational management needs [7] - Xincheng Technology's shareholders and directors plan to reduce shares by up to 2.03% due to personal funding needs [8] Group 3 - Huati Technology is planning to acquire shares of Huayi Microelectronics, leading to a stock suspension due to uncertainties [9] - Ruima Precision's subsidiary has received a project notification with a total lifecycle sales estimate of approximately 5.56 billion yuan [10] - Guoguang Electric's shareholders plan to reduce shares by up to 3.85% through various trading methods [10] Group 4 - Cangge Mining's shareholder plans to reduce shares by up to 0.6% due to funding needs [11] - Jujiao Co., Ltd. intends to reduce shares by up to 3% due to personal funding arrangements [12] - Maqu'er plans to reduce shares by up to 2% due to funding needs [13] Group 5 - Caesar Travel's subsidiary intends to acquire 100% equity of Qingdao Hansa for 16 million yuan [14] - Xinde New Materials' shareholders plan to reduce shares by up to 3% through various trading methods [15] - Huadong Heavy Machinery's shareholders plan to reduce shares by up to 1.5% [16] Group 6 - Zhejiang Zhongcheng's shareholder plans to reduce shares by up to 3% due to personal funding needs [17] - Huaxi Securities' shareholder plans to reduce shares by up to 1% due to liquidity needs [18] - Ameng Pharmaceutical's major shareholder opposes the introduction of a strategic investor due to concerns over financial strength and compliance [19] Group 7 - *ST Rindong plans to invest 100 million yuan in Jiangyuan Technology, with a post-investment shareholding of 4.14% [20][21] - International Industry plans to issue shares to its controlling shareholder to raise no more than 662 million yuan for working capital [22][23]

Market Overview - On September 25, A-shares opened slightly lower, with the three major indices collectively in the red [1] - The Shanghai Composite Index decreased by 0.06%, the Shenzhen Component Index fell by 0.30%, and the ChiNext Index dropped by 0.45% [2] Sector Performance - The non-ferrous metals, media, electric equipment, and pharmaceutical sectors showed notable gains, with the nuclear fusion and copper industries being particularly active [2][4] - The nuclear fusion sector rose by 2.67%, while the copper industry increased by 2.63% [4] Copper Industry Insights - The copper industry index led the gains, with companies like Jingyi Co., Northern Copper, and Luoyang Molybdenum hitting the daily limit [8] - A recent landslide at Freeport McMoRan's Grasberg mine in Indonesia has raised global copper prices and sparked supply chain concerns, as this mine accounts for approximately 3% of global copper supply [9][10] Nuclear Fusion Sector Developments - The nuclear fusion concept stocks collectively surged, with companies like Hezhong Intelligent and Farsen hitting the daily limit, and others like Shanghai Electric and Baoli Electric also seeing significant increases [10][11] - China Fusion Energy Co., known as the "national team" for controllable nuclear fusion, is focusing on overall design, technology verification, and digital R&D [14] Company Specifics - On September 25, the stock of Upwind New Materials surged to a limit of 20%, reaching a price of 132.1 CNY per share, with a total market value of 53.3 billion CNY [15][16] - The company recently completed a share transfer, changing its controlling shareholder to Zhiyuan Hengyue, with plans for a tender offer to acquire an additional 37% of shares at a price of 7.78 CNY per share [18]

Core Viewpoint - The capital increase plan by Amgen Pharmaceuticals (688373.SH) aims to raise 1.033 billion yuan by issuing 164 million shares at 6.3 yuan each, which will not only meet funding needs but also change the equity structure, making Nanjing Haiqing Pharmaceuticals the controlling shareholder with a 20% stake [1][2]. Group 1: Capital Increase and Shareholder Dynamics - The capital increase will address the company's funding requirements and alter the shareholder structure, with Haiqing Pharmaceuticals becoming the new controlling entity [1]. - The opposition from board member Zhao Yachao and Genie Pharma, the largest external shareholder, indicates significant internal conflicts regarding the capital increase [2][3]. - The actual control of Genie Pharma lies with Yang Zhi, who is also linked to Baio Weida, suggesting a complex web of interests that may influence the decision-making process [2][3]. Group 2: Strategic Implications of the Capital Injection - The capital injection is expected to cover operational cash flow needs for over two years, directly supporting the development and commercialization of key drug candidates like MRX-4, MRX-5, and MRX-8 [4][7]. - Amgen's core competitiveness is rooted in its well-structured pipeline, focusing on innovative antibiotics for drug-resistant infections, with a strong emphasis on research and international clinical trials [5][6]. - The partnership with Haiqing Pharmaceuticals is anticipated to enhance Amgen's operational capabilities, transitioning the company from a research-driven model to a more integrated research-production-sales approach [5][6][9]. Group 3: Future Growth and Market Position - The collaboration is expected to yield significant commercial benefits, with projected sales revenues of 260 million, 388 million, and 600 million yuan from 2026 to 2028, indicating a doubling of sales over three years [6][7]. - The integration of Haiqing's resources is likely to optimize production processes and reduce costs, enhancing overall efficiency [6][7]. - The capital increase and strategic partnership mark a pivotal moment for Amgen, potentially leading to a shift in valuation from pipeline-based to performance-based metrics [7][8][10].