证券代码：688373 证券简称：盟科药业 公告编号：2025-065 上海盟科药业股份有限公司 股东持股的基本情况：本次减持计划实施前，上海盟科药业股份有限 公司（以下简称"公司"）股东 MicuRx(HK) Limited（以下简称"盟科香 港"）持有公司股份 70,756,084 股，占公司股份总数的 10.79%。上述股 份为公司首次公开发行并上市前取得的股份，其中 26,477,060 股已于 2025 年 8 月 5 日起上市流通，详见公司 2025 年 7 月 26 日在上海证券 交易所网站披露的《上海盟科药业股份有限公司首次公开发行部分限 售股上市流通公告》（公告编号：2025-026）。 减持计划的实施结果情况：公司于 2025 年 8 月 15 日在上海证券交易 所网站披露了《上海盟科药业股份有限公司股东减持股份计划公告》 （公告编号：2025-029），股东盟科香港计划根据市场情况拟通过集中 竞价交易和大宗交易方式减持其所持有的公司股份合计不超过 19,668,163 股，即不超过公司总股本的 3%。减持期间为减持计划公告 披露之日起 15 个交易日后的 3 个月内进行（2025 年 9 ...

来源：格隆汇APP 格隆汇12月4日丨盟科药业(688373.SH)公布，公司于近日收到盟科香港出具的《关于减持计划时间届满 暨减持股份结果告知函》。截至2025年12月4日收盘，盟科香港通过集中竞价、大宗交易方式合计减持 公司股份735,600股，其持有公司股份数量由70,756,084股减少至70,020,484股，占公司总股本的比例由 10.79%减少至10.68%。本次减持计划时间区间已届满。 ...

Core Viewpoint - The capital operation of Mengke Pharmaceutical, known as the "first stock of antibiotics," has ended with the termination of its planned private placement of 1.033 billion yuan due to strong opposition from its major shareholder Genie Pharma, leading to significant internal conflicts within the company [1][2][8]. Group 1: Termination of Private Placement - Mengke Pharmaceutical announced the termination of its private placement plan after significant disagreements with its major shareholder Genie Pharma, which opposed the execution of the plan [1][8]. - The company cited that continuing with the stock issuance could negatively impact its stable operational development [1][8]. - Following the termination, Mengke Pharmaceutical plans to explore various financing channels, including engaging new strategic investors and issuing shares to unspecified parties [1]. Group 2: Financial Performance and Background - Mengke Pharmaceutical has been facing financial difficulties, with net losses of 220 million yuan, 421 million yuan, and 441 million yuan from 2022 to 2024, and a net loss of approximately 194 million yuan in the first three quarters of this year [2][3]. - As of June 30, the company had cash and cash equivalents of only 237 million yuan, prompting a shift in the use of IPO funds to supplement working capital [3]. Group 3: Shareholder Dynamics - Genie Pharma, the largest shareholder, has been vocal in its opposition to the private placement, raising concerns about the potential loss of the company's independence and the financial implications of the deal [6][7]. - The proposed private placement would have allowed Haiqing Pharmaceutical to become the controlling shareholder, which raised alarms for Genie Pharma regarding control over the board and company operations [7][8]. - The internal conflict escalated to a point where Genie Pharma sought to replace existing board members, indicating a struggle for control within the company [7].

Investment Rating - The report indicates a neutral investment rating for the pharmaceutical industry, suggesting it is expected to perform in line with the overall market [24]. Core Insights - The pharmaceutical sector experienced a decline of 6.9% this week, underperforming compared to the Shanghai Composite Index, which fell by 3.9% [3][5]. - The overall valuation of the pharmaceutical sector stands at 28.9 times earnings, ranking it 10th among 31 primary sectors [5][12]. - Key events include the acceptance of a new drug application for 百利天恒's drug iza-bren, which showed promising results in clinical trials for nasopharyngeal cancer [9]. - 泽璟制药's ZG006 received FDA orphan drug designation for treating neuroendocrine cancer, demonstrating significant efficacy and safety in clinical trials [10]. - 盟科药业 decided to terminate its stock issuance plan due to disagreements among major shareholders, which may impact its operational stability [11]. Market Performance Summary - The pharmaceutical index ranked 26th among 31 sub-industries this week, with various segments showing declines, including raw materials (-8.6%) and chemical preparations (-6.8%) [3][5]. - The report highlights a focus on innovative drug sectors and medical devices, recommending specific companies for investment [2].

Core Viewpoint - The capital operation of Mengke Pharmaceutical, known as the "first stock of antibiotics," has been terminated after nearly two months of intense negotiations and opposition from major shareholders, particularly Genie Pharma, regarding a proposed private placement of 1.033 billion yuan [1][2][8]. Group 1: Termination of Capital Operation - On November 17, Mengke Pharmaceutical announced the termination of its plan to issue shares to specific investors due to ongoing opposition from its major shareholder Genie Pharma, which created significant disagreements with other shareholders and management [1][8]. - The company stated that continuing with the stock issuance could negatively impact its stable operational development [1][8]. Group 2: Financial Performance and Background - Mengke Pharmaceutical has faced financial difficulties, reporting net losses of 220 million yuan, 421 million yuan, and 441 million yuan from 2022 to 2024, with a net loss of approximately 194 million yuan in the first three quarters of this year [2][3]. - As of June 30, the company had only 237 million yuan in cash and cash equivalents, prompting a change in the use of IPO funds to supplement working capital [3]. Group 3: Strategic Importance of the Proposed Investment - The proposed investment from Nanjing Haiqing Pharmaceutical was seen as strategically significant for Mengke Pharmaceutical, as it could enhance production and research capabilities, reduce costs, and support project commercialization with approximately 1 billion yuan in funding [3][4]. Group 4: Shareholder Disputes - The major shareholder Genie Pharma opposed the private placement, citing concerns over the uncertainty of Haiqing Pharmaceutical's involvement, potential impacts on the company's independence, and the lack of direct operational experience in the infection treatment field [6][7]. - Genie Pharma's opposition escalated to a direct power struggle over the control of the board, with proposals to remove existing directors and replace them with individuals closely associated with Genie Pharma [7][8].

Core Viewpoint - Mengke Pharmaceutical's planned private placement has been terminated after facing significant opposition from major shareholders and board members, despite initial approval from the shareholders' meeting [1][3][6]. Group 1: Termination of Private Placement - Mengke Pharmaceutical announced the termination of its plan to issue 164 million shares to Nanjing Haijing Pharmaceutical Co., Ltd., which was intended to raise 1.033 billion yuan for daily R&D and operational investments [3]. - The termination was influenced by ongoing disagreements between major shareholder Genie Pharma and the company's management, leading to concerns about the potential impact on the company's stable operations [3][4]. - The company will negotiate with Haijing Pharmaceutical regarding the termination of related agreements and will fulfill its information disclosure obligations as progress occurs [3]. Group 2: Opposition from Shareholders - The private placement faced early opposition from board members and major shareholders, with board member Zhao Yachao voting against the proposal, citing a lack of thorough investigation and the absence of synergistic benefits with Haijing Pharmaceutical [4]. - Genie Pharma, as the largest shareholder, expressed concerns about the financial implications of the deal, particularly regarding Haijing's debt levels and the potential impact on control stability [5][6]. - Despite the initial approval from the shareholders' meeting, Genie Pharma did not receive any proxy votes from other shareholders, indicating a lack of support for the private placement [5]. Group 3: Financial Performance - Mengke Pharmaceutical has not yet achieved profitability, but it reported a reduction in net losses due to the market penetration of its core product, Kantizolam [6]. - For the first three quarters of the year, the company generated approximately 104 million yuan in revenue, reflecting a year-on-year increase of 6.58%, while the net loss attributable to shareholders was about 194 million yuan, an improvement from a loss of 291 million yuan in the same period last year [6].

Core Viewpoint - Shanghai Mengke Pharmaceutical Co., Ltd. has announced the termination of its plan to issue shares to specific investors due to significant opposition from its major shareholder, Genie Pharma, which may impact the company's stable operations [1][4]. Group 1: Share Issuance and Opposition - The company initially planned to issue 163,901,373 shares to Nanjing Haiqing Pharmaceutical Co., Ltd. to raise 1.033 billion yuan for daily R&D and operational expenses, which would have resulted in a change of control [2]. - The board approved the share issuance plan, but it did not receive unanimous support, with board member Zhao Yachao voting against it [2][3]. - Zhao Yachao's opposition was based on the lack of thorough investigation into other potential investors, concerns about Haiqing Pharmaceutical's lack of experience in the infection field, and the vague use of raised funds [3]. Group 2: Financial Performance and Challenges - Mengke Pharmaceutical has only one commercialized product, Kantizolam, and has not yet achieved profitability, with revenues of 48.21 million yuan in 2022, 90.78 million yuan in 2023, and projected revenues of 130 million yuan in 2024 [5]. - The company has experienced significant losses, with net profits of -220 million yuan in 2022 and -194 million yuan in the first nine months of 2025 [5]. - The company's debt-to-asset ratio has increased rapidly, reaching 64.57% by the end of September 2025, indicating growing financial pressure [6]. Group 3: Future Considerations - The termination of the share issuance raises questions about how the company will address its production and R&D shortfalls and alleviate financial pressure moving forward [6].

Core Viewpoint - Mengke Pharmaceutical (688373) has decided to terminate its plan for a private placement of shares due to significant opposition from major shareholders and board members, despite initial approval from the shareholders' meeting [1][3][4]. Group 1: Termination of Private Placement - The company planned to issue 164 million shares to Nanjing Haiqing Pharmaceutical Co., Ltd. to raise 1.033 billion yuan, intended for daily R&D and operational investments [3]. - The termination was influenced by ongoing disagreements between major shareholder Genie Pharma and the company's management, which could potentially impact the company's stable operations [3][4]. - The company will negotiate with Haiqing Pharmaceutical regarding the termination of related agreements and will fulfill its information disclosure obligations as progress occurs [3]. Group 2: Opposition and Concerns - Initial opposition to the private placement came from board member Zhao Yachao, who raised concerns about the fairness and rationale of the transaction, citing the lack of direct operational experience of Haiqing Pharmaceutical in the anti-infection field [4]. - Genie Pharma expressed concerns that Haiqing Pharmaceutical's debt financing could significantly increase its debt ratio, potentially jeopardizing control stability and the company's independence [5]. Group 3: Financial Performance - Mengke Pharmaceutical has not yet achieved profitability; however, it reported a reduction in net losses due to the market penetration of its core product, Contizolam [7]. - For the first three quarters of the year, the company achieved approximately 104 million yuan in revenue, a year-on-year increase of 6.58%, while the net loss was approximately 194 million yuan, improved from a loss of 291 million yuan in the same period last year [7]. Group 4: Future Financing Plans - Following the termination of the private placement, the company plans to explore various financing channels, including engaging new strategic investors and issuing shares to unspecified parties, to support its long-term development [6]. - The current market sentiment remains supportive of innovative pharmaceutical companies, although investors are increasingly cautious about companies without clear profitability paths [6].

对于为何终止定增，盟科药业表示，公司主要股东Genie Pharma持续反对公司按照股东大会决议推进发行方案的 执行，与公司其他股东、公司管理层之间存在较大分歧。 长江商报记者发现，Genie Pharma为盟科药业第一大股东，持股7157.28万股，占比达10.92%。 长江商报消息视觉中国图 ●长江商报记者 黄聪 筹划约两个月，盟科药业（688373.SH）定增无奈告吹。 11月17日晚间，盟科药业发布公告称，公司审议通过了《关于终止向特定对象发行股票事项的议案》。此前，公 司公告显示，拟发行1.64亿股股份募集资金10.33亿元，全部用于公司日常研发与经营投入。 业绩方面，盟科药业首款产品自2021年正式销售，此后公司收入开始大幅增长。不过，公司目前尚未摆脱亏损局 面，2018年至2024年以及2025年前三季度，公司近8年时间里归母净利润累计亏损超过18.5亿元。 在研发上，盟科药业近8年研发费用合计超过14.8亿元。其中，公司2025年前三季度研发费用率达166%。 然而，目前，盟科药业并无生产能力，全部产品委托华海药业代工。同时，公司生产工艺研发、药学研发及 CDMO业务亦主要通过委外方式实施。 ...

Core Viewpoint - Amgen Pharmaceutical has terminated its private placement plan with Haiqing Pharmaceutical, reflecting internal shareholder disputes and deeper challenges in its development path [2][3] Group 1: Termination of Private Placement - The private placement plan aimed to issue approximately 164 million A-shares to Haiqing Pharmaceutical, raising 1.033 billion yuan, which would have made Haiqing the controlling shareholder [2] - Despite over 80% approval at the temporary shareholders' meeting on October 9, the board decided to terminate the plan, citing potential impacts on the company's stable operations [2] Group 2: Internal Governance Challenges - The company lacks a controlling shareholder and actual controller, leading to difficulties in quickly coordinating interests and opinions among shareholders [2] - The opposition from the largest shareholder, Genie Pharma, not only questioned the private placement plan but also hinted at a struggle for control and future direction of the company [2] Group 3: Product Performance and Financial Challenges - The core product, Contizolam, has not achieved sales exceeding 100 million yuan since its launch in 2021, facing slow market growth due to strict management regulations and intense competition [3] - The company has accumulated losses exceeding 1.3 billion yuan over the past four years, with profitability remaining a critical issue despite some recovery in the first three quarters of this year [3] Group 4: Future Opportunities and Strategies - The company has the potential to enhance its market competitiveness by advancing its multi-product pipeline in the anti-infection field [3] - Strengthening communication and coordination among shareholders, establishing a more transparent decision-making mechanism, and seeking strategic investor partnerships are essential for improving market penetration and accelerating new product launches [3]