Core Viewpoint - The company is committed to enhancing operational efficiency and management quality through its 2025 "Quality Improvement and Efficiency Enhancement" action plan, focusing on innovation in drug development and protecting the rights of investors, especially small and medium-sized investors [1][12]. Group 1: Business Strategy and Development - The company aims to accelerate the layout of its core pipeline, focusing on major diseases such as cancer, metabolic disorders, and autoimmune diseases, with a commitment to developing innovative drugs with independent intellectual property rights [1][2]. - The company has two authorized products on the market, one in the registration clinical trial stage, two in Phase II clinical trials, and multiple preclinical projects, indicating a strong position in research and development [2]. - The company plans to advance the clinical research of its D-2570 product, which has shown promising results in Phase II trials for psoriasis, and will explore its potential in other autoimmune diseases [2][3]. Group 2: Research and Development Capabilities - The company has established a comprehensive R&D system that enhances the success rate of its products and shortens drug development cycles through precise target selection and clinical development processes [2][4]. - The company has a core R&D team with over 20 years of experience in multinational pharmaceutical companies, which strengthens its capabilities in drug design and clinical trial execution [4][5]. - The company has applied for 370 domestic and international invention patents, with 129 granted, ensuring the commercial value of its innovations and reducing potential patent infringement risks [6]. Group 3: Team and Talent Management - The R&D team constitutes over 90% of the company's workforce, with leaders possessing extensive industry experience, which is crucial for the drug development process [7]. - The company plans to implement a new round of equity incentive plans to attract and retain talent, aligning the interests of shareholders and the core team [7]. Group 4: Financial Management and Fund Utilization - The company is focused on improving the efficiency of its fundraising projects and has made adjustments to its headquarters construction project to better meet R&D needs [8]. - In 2025, the company will increase investment in new drug R&D projects, aiming to enhance the efficiency of clinical trials and expand its clinical pipeline [8]. Group 5: Corporate Governance and Compliance - The company is revising its governance structure, including the cancellation of the supervisory board and the enhancement of the board's responsibilities to improve oversight and protect investor rights [9][17]. - The company emphasizes the importance of internal controls and compliance with relevant laws and regulations to ensure effective management of significant matters [9]. Group 6: Information Disclosure and Investor Relations - The company is committed to enhancing the quality of information disclosure and actively engages with investors through various communication channels [10][11]. - The company plans to conduct at least three performance briefings annually to maintain transparency and keep investors informed about its operations and financial status [11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.24 CNY, reflecting a reasonable market value of 163.33 billion CNY [2][6]. Core Insights - The company has narrowed its losses, with a notable performance in commercialization expected. The 2024 revenue is projected at 1.69 billion CNY, a decrease of 9.0% year-on-year, while the net loss attributable to the parent company is expected to be 2.40 billion CNY, a reduction of 15.4% year-on-year [9]. - The approval of the drug Gexosrese for commercialization is anticipated to drive growth, with 2025 being the first full year of commercialization for Gexosrese, alongside the inclusion of another drug in the National Medical Insurance Directory [9]. - The clinical pipeline is progressing well, with positive data from the TYK2 inhibitor trials, indicating a strong potential for future revenue generation [9]. Financial Forecasts - Revenue projections for 2025-2027 are as follows: 141 million CNY in 2025, 323 million CNY in 2026, and 525 million CNY in 2027, with respective growth rates of -16.5%, 129.3%, and 62.6% [4]. - The net profit attributable to the parent company is forecasted to be -346 million CNY in 2025, -377 million CNY in 2026, and -290 million CNY in 2027, reflecting a trend of narrowing losses [4]. - The gross margin is expected to remain high, with projections of 100.0% in 2025, 98.9% in 2026, and 98.0% in 2027 [4]. Valuation Metrics - The report provides a detailed valuation analysis, indicating an enterprise value of 14.65 billion CNY and an equity value of 16.33 billion CNY, leading to a per-share value of 28.24 CNY [10]. - The report also includes a sensitivity analysis for the target price based on varying perpetual growth rates and WACC [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.24 CNY, reflecting a reasonable market value of 163.33 billion CNY [2][6]. Core Insights - The company has shown a narrowing of losses, with a reported revenue of 1.69 billion CNY in 2024, a decrease of 9.0% year-on-year, and a net loss of 240 million CNY, which is a reduction of 15.4% compared to the previous year [9]. - The approval of the drug Gexosrayse for commercialization is expected to enhance revenue streams, with 2025 being the first full year of commercialization for this product [9]. - The clinical pipeline is progressing well, with positive data from the TYK2 inhibitor trials, indicating strong potential for future growth [9]. Financial Forecasts - Revenue projections for 2025-2027 have been adjusted downwards, with expected net profits of -346 million CNY, -377 million CNY, and -290 million CNY respectively [2]. - The company is expected to achieve a significant revenue increase in 2026 and 2027, with growth rates of 129.3% and 62.6% respectively [4]. - The gross margin is projected to remain high, around 100% in 2025, while the net margin is expected to improve significantly by 2027 [4]. Financial Metrics - The company reported a net profit margin of -153.1% in 2023, which is expected to improve to -55.1% by 2027 [4]. - The earnings per share (EPS) is projected to be -0.60 CNY in 2025, improving to -0.50 CNY by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be -40.6 in 2025, indicating the company's current valuation relative to its earnings [4].

General Information - InventisBio Co., Limited is established as a joint-stock company based on the transformation of InventisBio (Shanghai) Co., Ltd, registered in Shanghai with a unified social credit code of 913101150609007219 [3][4] - The company was approved by the Shanghai Stock Exchange on January 20, 2022, and publicly issued 115 million shares of ordinary stock in April 2022, subsequently listing on the Sci-Tech Innovation Board on July 25, 2022 [3][4] Company Structure - The registered capital of the company is RMB 578.327844 million [4] - The company is a permanent joint-stock company, with the chairman serving as the legal representative [4][5] - The company’s assets are divided into equal shares, and shareholders are liable for the company’s debts only to the extent of their subscribed shares [4][5] Governance and Management - The company’s articles of association serve as a legally binding document governing the organization and behavior of the company, shareholders, directors, and senior management [5] - Senior management includes the general manager, deputy general managers, board secretary, financial officer, and other personnel as specified in the articles [5] - The company is required to establish a Communist Party organization and conduct activities in accordance with the Party's regulations [5][6] Business Objectives and Scope - The company aims to adopt advanced technology, production equipment, and scientific management methods to expand international markets and enhance economic benefits [6] - The business scope includes drug production, wholesale, retail, and import/export, along with various biotechnology and pharmaceutical technology services [6][7] Share Issuance and Capital Management - The company issues shares in the form of stocks, with each share having a par value of RMB 1 [7][9] - The total number of shares issued by the company is 578.327844 million, all of which are ordinary shares [9] - The company can increase capital through various means, including issuing shares to unspecified objects, subject to shareholder approval [10][11] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, participate in shareholder meetings, supervise company operations, and transfer their shares [15][16] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [21][22] - The company’s articles stipulate that shareholders must comply with laws and the articles, and they cannot withdraw their capital except as legally permitted [21][22]

Summary of Key Points Core Viewpoint The announcement details the changes in the governance structure of Yifang Biotechnology (Shanghai) Co., Ltd., including the cancellation of the supervisory board, changes in registered capital, and amendments to the company's articles of association and internal governance systems. Group 1: Changes in Registered Capital - The total share capital of the company increased to RMB 578,327,844 following the completion of the stock registration for the second vesting period of the restricted stock incentive plan on March 24, 2025 [1][2] - The board of directors authorized relevant personnel to handle the business registration changes without needing to submit the matter to the shareholders' meeting [2] Group 2: Cancellation of Supervisory Board - The company will no longer have a supervisory board, and its functions will be transferred to the audit committee of the board of directors [2][3] - Relevant internal rules related to the supervisory board will be abolished [2] Group 3: Amendments to Articles of Association and Governance Systems - The articles of association will be revised to align with the current laws and regulations, including the Company Law and the Guidelines for Articles of Association of Listed Companies [2][4] - Internal governance systems, including rules for shareholders' meetings, board meetings, and various committees, will be amended, with some requiring approval from the shareholders' meeting [2][3]

Core Viewpoint - The company is committed to enhancing operational efficiency and management quality through its "Quality Improvement and Efficiency Enhancement" action plan for 2025, aiming to strengthen its core competitiveness and market image while protecting the rights of investors, especially small and medium-sized investors [1] Group 1: Business Strategy and Development - The company focuses on innovative drug research and development in major disease areas such as oncology, metabolism, and autoimmune diseases, aiming to address unmet clinical needs with globally competitive products [1][3] - The company has two authorized products on the market, one in the registration clinical trial phase, two in Phase II clinical trials, and multiple preclinical projects, indicating a strong R&D pipeline [2] - The company plans to expand the clinical exploration of its D-2570 product in multiple autoimmune disease treatment areas, with a Phase II clinical trial for ulcerative colitis approved in March 2025 [2] Group 2: R&D Capabilities - The company has established a comprehensive R&D system that enhances the success rate of its products and shortens the drug development cycle through precise target screening and clinical development [2][4] - The company has a strong R&D team with over 90% of its workforce dedicated to research, and the team leaders possess extensive experience in multinational pharmaceutical companies [5][6] - The company has applied for 370 domestic and international invention patents, with 129 granted, emphasizing its commitment to innovation and intellectual property protection [5] Group 3: Governance and Investor Relations - The company is enhancing its governance structure by clarifying the responsibilities of the board and independent directors to protect the rights of minority investors [7] - The company prioritizes high-quality information disclosure and investor communication, utilizing various channels to keep investors informed about its operations and financial status [8][9] - The company plans to implement a new round of equity incentive plans to align the interests of shareholders and the core team, fostering long-term development [6] Group 4: Funding and Investment Efficiency - The company is optimizing its fundraising projects to enhance the efficiency of its R&D investments, including the integration and upgrade of its existing R&D and operational facilities [6] - The investment in key projects will support the clinical trial processes and the exploration of new indications, thereby strengthening the company's competitive edge in innovative drug development [6]

Group 1 - The company, Yifang Biotechnology (Shanghai) Co., Ltd., is set to hold its 2024 Annual General Meeting on June 20, 2025, at 9:30 AM in Shanghai [1][3] - Voting will be conducted through a combination of on-site and online methods, utilizing the Shanghai Stock Exchange's network voting system [1][4] - The registration date for shareholders to attend the meeting is June 13, 2025, and registration will be open from June 18, 2025 [5][6] Group 2 - The meeting will review several non-cumulative voting proposals, including the "Independent Director Work System" and "Related Party Transaction Management System" [3][4] - Shareholders must complete voting for all proposals before submission, and any duplicate votes will be counted as the first vote [4][6] - Shareholders attending the meeting must bring identification and proof of shareholding, and transportation and accommodation costs will be borne by the attendees [6][7]

益方生物科技（上海）股份有限公司 关联交易管理制度 二○二五年五月 1 益方生物科技（上海）股份有限公司 关联交易管理制度 第二条 公司的关联交易应遵循以下基本原则： 第二章 关联人和关联关系 （三）关联股东及董事回避的原则； 第一章 总则 （四）公开、公平、公正的原则。 （一）诚实信用的原则； 第四条 公司的关联人，指具有下列情形之一的自然人、法人或其他组织： 第一条 为了进一步规范益方生物科技（上海）股份有限公司（下称"公司"） 关联交易的决策管理等事项，维护公司股东和债权人的合法权益，依据《中华人 民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上市规 则》（下称"《上市规则》"）等法律、法规、规章、规范性文件以及《益方生 物科技（上海）股份有限公司章程》（下称"公司章程"）及其他有关规定，特 制定本益方生物科技（上海）股份有限公司关联交易管理制度（下称"本制度"）。 （二）不损害公司及非关联股东合法权益的原则； 第三条 公司关联交易的决策管理、信息披露等事项，应当遵守本制度。 （四）与上述第（一）至（三）项所述关联自然人关系密切的家庭成员，包 括配偶、年满 18 周岁的子女及其配偶、 ...

第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关 系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照有关法律、行政法规、规范性文件和《公司章程》的要求，认真履行职责，在 董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保护中 小股东合法权益。 独立董事工作制度 第一章 总则 第一条 为完善益方生物科技（上海）股份有限公司（下称"公司"）治理 结构，促进公司规范运作，维护公司和股东的利益，根据《中华人民共和国公司 法》《上市公司独立董事管理办法》（下称"《管理办法》"）以及《益方生物 科技（上海）股份有限公司章程》（下称"《公司章程》"）的有关规定，并结 合公司实际情况，制定本制度。 益方生物科技（上海）股份有限公司 独立董事工作制度 二○二五年五月 益方生物科技（上海）股份有限公司 第四条 独立董事应当独立履行职责，不受公司主要股东、实际控制人或者 其他与公司存在利害关系的单位或个人的影响。 第五条 独立董事最多在 3 家境内上市公司担任独立董事，并确保有足够的 时间和精力 ...

益方生物科技（上海）股份有限公司 董事会议事规则 二○二五年五月 益方生物科技（上海）股份有限公司 董事会议事规则 第一章 总则 第一条 为了进一步规范益方生物科技（上海）股份有限公司（下称"公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》（下称"《公司法》"）、 《中华人民共和国证券法》等法律、法规和规范性文件、《益方生物科技（上海） 股份有限公司章程》（下称"《公司章程》"）及其他有关规定，特制订本益方 生物科技（上海）股份有限公司董事会议事规则（下称"本议事规则"）。 第二条 公司依法设立董事会。董事会是公司的经营决策机构，依据《公司 法》等相关法律、法规和《公司章程》的规定，经营和管理公司的法人财产，对 股东会负责。 第三条 本规则对公司全体董事具有约束力。 第二章 董事的一般规定 第四条 公司董事为自然人。有下列情形之一的，不能担任公司的董事： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会经济秩序，被判处 刑罚，或者因犯罪被剥夺政治权利，执行期满未逾五年，被宣告缓 ...