一、董事会会议召开情况 益方生物科技（上海）股份有限公司（以下简称"公司"）第二届董事会 2026 年第三次会议（以下简称"本次会议"）于 2026 年 3 月 27 日以通讯表决方 式召开，本次会议通知已于 2026 年 3 月 22 日通过书面方式送达全体董事。本 次会议由董事长 Yaolin Wang（王耀林）先生召集并主持，会议应出席董事 9 人， 实际出席董事 9 人。本次会议的召集、召开和表决程序符合《中华人民共和国 公司法》等法律法规和《益方生物科技（上海）股份有限公司章程》的规定， 会议决议合法、有效。 二、董事会会议审议情况 出席会议的董事审议通过以下议案： （一）审议通过《关于终止实施 2025 年限制性股票激励计划的议案》 证券代码：688382 证券简称：益方生物 公告编号：2026-014 益方生物科技（上海）股份有限公司 第二届董事会 2026 年第三次会议决议公告 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。 本议案已经公司董事会薪酬与考核委员会审议通过。 特此公告。 益方生物科技（上海）股 ...

证券代码：688382 证券简称：益方生物 公告编号：2026-013 益方生物科技（上海）股份有限公司 关于终止实施 2025 年限制性股票激励计划的公告 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。 益方生物科技（上海）股份有限公司于 2026 年 3 月 27 日召开第二届董事 会 2026 年第三次会议，审议通过《关于终止实施 2025 年限制性股票激励计划 的议案》。鉴于当前宏观环境、资本市场以及二级市场价格波动等多方面影响， 若继续实施 2025 年限制性股票激励计划（以下简称"本次激励计划"），将难以 达到预期的激励目的和激励效果。经公司董事会审慎研究，公司拟终止实施 《益方生物科技（上海）股份有限公司 2025 年限制性股票激励计划（草案）》， 与之配套的《益方生物科技（上海）股份有限公司 2025 年限制性股票激励计划 实施考核管理办法》等相关文件一并终止。后续公司将根据外部市场环境适时 推出更符合公司发展战略和经营目标的、能有效将股东、公司和员工的中长期 利益相结合的激励计划。现将有关情况公告如下： ...

中国上海石门一路 288 号 兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 君合律师事务所上海分所 关于益方生物科技（上海）股份有限公司 终止实施 2025 年限制性股票激励计划的 法律意见书 益方生物科技（上海）股份有限公司： 君合律师事务所上海分所（以下简称"本所"）接受益方生物科技（上海） 股份有限公司（以下简称"公司"或"益方生物"）的委托，担任益方生物 2025 年限制性股票激励计划（以下简称"本次激励计划"）的专项法律顾问，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》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）、《科创板上市公司自律监管指南第 4 号——股权激励信息披露》（以 下简称"《监管指南》"）以及中华人民共和国其他相关法律、法规及规范性文 件的有关规定，就公司本次终止实施 2025 年限制性股票激励计划（以下简称"本 次终止"）所涉及的相关事项，出具《 ...

Core Viewpoint - The innovative drug sector is experiencing significant growth, with multiple companies seeing substantial stock price increases, indicating a bullish trend in the market [1]. Group 1: Stock Performance - Shuyatain's stock price increased by 14.66%, reaching 26.52 [2] - Other notable performers include Dizhe Pharmaceutical with a 10.70% increase, Baili Tianheng at 10.63%, and Huana Pharmaceutical at 10.33% [2] - In the Hong Kong market, Keystone Pharmaceuticals surged over 18%, while CSPC Pharmaceutical and Xiansheng Pharmaceutical rose by over 12% and 8%, respectively [3] Group 2: Market Trends - The overall trend in the innovative drug sector shows a strong upward movement, with several companies hitting their daily price limits [1] - The performance of stocks in both mainland and Hong Kong markets reflects a growing investor confidence in the pharmaceutical industry [3]

证券代码：688382 证券简称：益方生物 公告编号：2026-012 该研究是一项多中心、随机、双盲、安慰剂对照的注册性 III 期临床研究， 旨在评估不同剂量 D-2570 治疗中重度斑块状银屑病患者的疗效及安全性。研究 的主要终点为治疗 16 周时银屑病面积与严重程度指数（PASI）相对于基线至少 改善 90%的受试者比例。该研究已于近日完成全部受试者入组。 基于 D-2570 产品积极的疗效数据和良好的安全性数据，目前公司正积极推 进 D-2570 银屑病适应症的相关临床试验进度，除注册性 III 期临床试验外，D- 2570 治疗银屑病头对头 III 期临床试验正在进行中；D-2570 在美国单药治疗银 屑病的 II 期临床试验已正式获得美国 FDA 批准。公司也正在同步开展 D-2570 在多个自身免疫性疾病领域的临床探索，其中，溃疡性结肠炎（UC）II 期临床 试验于 2025 年 5 月完成首例患者给药，目前该临床试验正在进行中；D-2570 治疗银屑病关节炎（PsA）的 II 期临床试验、治疗系统性红斑狼疮（SLE）的 II 期临床试验也正按计划进行中。 三、风险提示 益方生物科技（上海）股 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The healthcare insurance fund is operating smoothly, with a total income of CNY 3.59 trillion and total expenditure of CNY 3 trillion in 2025, reflecting a stable operation of the fund [6][12]. - The report highlights the importance of focusing on sectors with individual stock alpha or defensive attributes amid increased market volatility due to external shocks [6][12]. - The report emphasizes the potential for price increases in the pharmaceutical sector, particularly in innovative drugs and high-end medical devices, supported by healthcare insurance policies [12]. - NVIDIA's GTC 2026 outlines a comprehensive strategy for integrating AI into the healthcare industry, indicating a significant transformation in the medical value chain [12][19]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector has a total market capitalization of CNY 67,613.55 billion and a circulating market value of CNY 61,920.43 billion, with 504 listed companies [2]. Market Dynamics - The report notes that the Shanghai Composite Index fell by 2.19% and the pharmaceutical sector declined by 2.77%, ranking 8th among 31 sub-industries [6][19]. - The report identifies that the performance of individual stocks varies, with companies like Dong-E E-Jiao and China Resources Sanjiu showing positive profit growth [12]. Company Performance - Key recommended stocks include WuXi Biologics, Tigermed, and Sihuan Pharmaceutical, all rated as "Buy" [4]. - The report highlights the performance of specific companies, such as Sanofi and Jizhong Pharmaceutical, which have shown significant weekly gains [28]. Valuation Metrics - The pharmaceutical sector is currently valued at 21.9 times PE based on 2026 earnings forecasts, with a premium of 11% over the overall A-share market [21][22]. - The TTM valuation for the sector stands at 29.9 times PE, below the historical average of 34.8 times PE, indicating potential undervaluation [21][22].

证券代码：688382 证券简称：益方生物 公告编号：2026-011 益方生物科技（上海）股份有限公司 自愿披露关于 D-2570 在美国获准开展银屑病 II 期临 床试验的公告 二、风险提示 本次临床试验申请获得美国 FDA 批准事项对公司近期业绩不会产生重大影 响。由于新药研发具有投入大、周期长、风险高等特点，产品从立项到最终获 批上市商业化需要经历较长的过程；研发进度、试验结果及商业化情况可能受 各种因素影响，存在一定的不确定性。公司将密切关注该项目的后续进展，并 根据有关规定履行信息披露义务。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 益方生物科技（上海）股份有限公司（以下简称"公司"）向美国食品药品 监督管理局（FDA）提交的关于 D-2570 单药治疗银屑病（PsO）的 II 期临床试 验申请已于近日到达 30 天默认期，未收到 FDA 的反对意见。根据相关规定， D-2570 在美国单药治疗 PsO 的 II 期临床试验已正式获得批准，现将有关情况公 告如下： 一、本次获批临床试验情况及产品相关情况 D-2570 是公司自主研发的一款靶向酪氨酸激酶 2（TYK2）的新型口服选择 性抑制 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

Investment Rating - The report maintains a "Buy" rating for the disposable gloves industry, indicating a positive outlook for future returns [4][62]. Core Insights - The disposable gloves industry is expected to see price increases due to rising costs of key raw materials influenced by geopolitical tensions in the Middle East and fluctuations in international energy markets [2][20]. - Domestic leading companies in the disposable gloves sector are anticipated to benefit from price hikes, the release of overseas production capacity, and natural growth in end-user demand [2][21]. - The report emphasizes the importance of clinical value in the pharmaceutical sector, recommending investments in innovative drug and medical device companies [3][22]. Summary by Sections Market Review - The A-share pharmaceutical index fell by 2.99%, underperforming the CSI 300 index by 2.11 percentage points, ranking 14th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Medical Health Index decreased by 7.16%, lagging behind the Hang Seng Index by 5.04 percentage points [1][15]. Disposable Gloves Industry - The industry is poised for price increases due to rising costs of raw materials such as butadiene and acrylonitrile, which are linked to the oil and gas sector [2][20]. - Domestic companies are expected to capture a larger share of the global market through cost control, supply chain integration, and R&D advantages [2][21]. Investment Strategy - The report suggests focusing on innovative drug chains and high-value medical devices, recommending companies like Innovent Biologics, WuXi AppTec, and Mindray Medical [3][24]. - The report highlights the potential for domestic leaders in the disposable gloves market, such as YTY Group, to benefit from price increases and overseas capacity utilization [2][21]. Company Performance Forecast - Key companies in the pharmaceutical sector are projected to have positive earnings growth, with specific EPS forecasts for 2024-2026 [4]. - The report includes a detailed earnings forecast and valuation table for several companies, indicating a "Buy" rating for most [4].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The National People's Congress has designated innovative drugs as a "new emerging pillar industry," indicating a strategic shift for the biopharmaceutical sector from a nurturing phase to a core engine of economic growth [16][17]. - As of March 6, 2026, the total value of business development (BD) contracts for Chinese innovative drugs has reached $56.8 billion, with an upfront payment of $3.3 billion, representing 41% of the total for 2025 and exceeding the total for 2024 [17][21]. - Despite significant stock price corrections from 2025 highs, the fundamentals of quality companies remain solid, and the long-term growth logic for innovative drug exports is still intact [21]. Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date decline of 2.42%, underperforming the CSI 300 by 1.02% [9]. - The Hang Seng Healthcare Index has outperformed the Hang Seng Technology Index by 0.97% year-to-date [9]. R&D Progress and Company Dynamics - Recent approvals include HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enogratide, marking significant advancements in innovative drug development [17]. - The report highlights specific companies to watch, including: - PD1 PLUS: Sangamo Therapeutics, CanSino Biologics, Innovent Biologics, and Zai Lab [12]. - ADC: I-Mab Biopharma, Kelun-Biotech, and Baiyue Tianheng [12]. - Small nucleic acids: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [12]. Market Performance - The report notes that the pharmaceutical index's price-to-earnings ratio is currently at 36.18, which is 2.24 times lower than the historical average [9]. - The report identifies top-performing stocks for the week, including Yahu Pharmaceutical (+40.65%) and Duoyi Pharmaceutical (+30.81%), while highlighting significant declines in stocks like Haixiang Pharmaceutical (-15.06%) and Furu Medical (-13.07%) [9].