香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 InventisBio Co., Limited 益方生物科技（上海）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾 人士刊發。 本文件 ...

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Group 1 - The core investment theme for the pharmaceutical industry in 2025 is the overseas expansion of innovative drugs, which is expected to yield excess returns compared to the broader pharmaceutical sector and the CSI 300 index [2][21] - The innovative drug index has shown a significant increase, outperforming the pharmaceutical biological index by 37.48 percentage points, with a year-to-date increase of 65.99% [21] - Major transactions in the ADC and dual antibody fields are anticipated to continue, while there is a need to avoid repetitive competition in areas like small nucleic acids and focus on unmet clinical needs [3][4] Group 2 - The report emphasizes the importance of overseas markets for both innovative drugs and medical devices, suggesting that companies should seek growth opportunities beyond domestic market saturation [4][5] - The Chinese pharmaceutical industry is gradually becoming a global innovation center, with significant advancements in dual antibodies and ADCs, while also making strides in emerging fields like small nucleic acids and inhalation formulations [5][6] - The report highlights that the overseas authorization revenue has become a crucial funding source for innovative drug development, with a total upfront payment of $4.551 billion in the first three quarters of 2025 [29][32] Group 3 - The medical device sector is experiencing a shift towards overseas expansion, with a focus on high-value consumables and IVD products, as Chinese companies enhance their market share [7][55] - The export growth of high-value consumables is significant, with a recorded increase of 10.75% in the first half of 2025, particularly in the North American and European markets [57][66] - The report notes that the certification and market establishment processes for high-value consumables are long-term investments, requiring compliance with stringent regulations in the EU and the US [60][61] Group 4 - The recovery of financing in the domestic innovative drug sector has been robust, with a total of 324 financing events amounting to $5.51 billion in the first three quarters of 2025, marking a 67.6% increase year-on-year [70][72] - The CXO industry is experiencing varied recovery rhythms across different segments, with some areas like CDMO seeing order growth due to overseas financing recovery [74]

Group 1 - The core investment theme for the pharmaceutical sector in 2026 is the innovation drug industry chain, with a clear trend towards international business development and accelerated commercialization of domestic products [2][3]. - The CXO sector is experiencing continuous improvement in performance and orders, supported by favorable financing conditions that benefit the industry's upward trajectory [3]. - The medical device sector is focusing on two main lines: international expansion and innovation [3]. Group 2 - The latest trends in medical insurance show a decline in total expenditure for the first ten months of 2025, amounting to 1,903.6 billion yuan, a year-on-year decrease of 1% [5][7]. - The total income of the medical insurance fund for the same period reached 2,352 billion yuan, with a year-on-year growth of 2%, indicating a slowdown in income growth [7][11]. - The number of medical insurance beneficiaries and hospitalization cases continues to grow, with 6.07 billion total beneficiaries in 2024, a year-on-year increase of 18% [11]. Group 3 - The average medical insurance cost per visit decreased in 2024, with the average cost for employees at 629 yuan (down 10%) and for residents at 351 yuan (down 12%) [15]. - The average hospitalization cost also saw a decline, with employees averaging 11,707 yuan (down 3.8%) and residents at 7,408 yuan (down 3.5%) [15]. Group 4 - The Chinese pharmaceutical industry is witnessing a significant increase in license-out transactions, with over 100 deals completed in 2025, totaling more than 110 billion USD [21][32]. - The number of license-out transactions involving upfront payments exceeding 100 million USD has also risen, indicating a growing interest from global pharmaceutical companies in Chinese innovations [21][32]. - The ADC (Antibody-Drug Conjugate) market is expanding rapidly, with a projected market size exceeding 16 billion USD in 2025, driven by several successful product launches [38]. Group 5 - The Chinese government is actively supporting the innovation drug sector through various policies aimed at enhancing accessibility and encouraging high-quality innovation [16][18]. - The proportion of medical insurance spending on innovative drugs is steadily increasing, with 149 innovative drugs included in the insurance coverage over the past seven years [90][94]. - The average price reduction for innovative drugs during negotiations with the national medical insurance has been around 60%, with some drugs seeing reductions as high as 94% [88][94].

Core Viewpoint - Yifang Bio's stock price has experienced significant fluctuations, with a year-to-date increase of 115.56%, but a recent decline in the last five and twenty trading days [1] Group 1: Stock Performance - As of December 26, Yifang Bio's stock price is 28.67 CNY per share, with a market capitalization of 16.581 billion CNY [1] - The stock has seen a trading volume of 49.6113 million CNY, with a turnover rate of 0.41% [1] - Year-to-date, the stock has risen by 115.56%, but has decreased by 2.81% in the last five trading days, 2.75% in the last twenty days, and 14.16% in the last sixty days [1] Group 2: Financial Performance - For the period from January to September 2025, Yifang Bio reported revenue of 30.8935 million CNY, representing a year-on-year growth of 61.27% [2] - The company recorded a net profit attributable to shareholders of -181 million CNY, which is a year-on-year increase of 40.59% [2] Group 3: Shareholder Information - As of September 30, 2025, Yifang Bio had 12,400 shareholders, an increase of 26.17% from the previous period [2] - The average number of circulating shares per shareholder is 33,810, which has decreased by 17.52% [2] - The largest shareholder is Hong Kong Central Clearing Limited, holding 16.2161 million shares, an increase of 8.162 million shares from the previous period [2]

证券代码：688382 证券简称：益方生物 公告编号：2025-050 益方生物科技（上海）股份有限公司2025年第二次临时股东会决议公告 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。 重要内容提示： ● 本次会议是否有被否决议案：无 本次会议由公司董事会召集，YAOLIN WANG（王耀林）先生主持，采用现场投票与网络投票相结合的 方式进行表决，本次会议的召集、召开和表决方式符合《公司法》及《公司章程》的有关规定。 （五）公司董事和董事会秘书的列席情况 1、公司在任董事9人，列席9人； 一、会议召开和出席情况 （一）股东会召开的时间：2025年12月25日 （二）股东会召开的地点：上海市浦东新区张衡路1000弄63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： ■ （四）表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 2、公司董事会秘书出席本次会议；其他高级管理人员列席本次会议。 二、议案审议情况 （一）非累积投票议案 1、议案名称：关于公司发行H股股票 ...

证券日报网讯 12月25日，益方生物发布公告称，公司2025年12月25日召开2025年第二次临时股东会， 审议通过《关于公司发行H股股票并在香港联合交易所有限公司上市的议案》等多项议案。 （编辑 姚尧） ...

证券代码：688382 证券简称：益方生物 公告编号：2025-050 益方生物科技（上海）股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、会议召开和出席情况 1、 公司在任董事9人，列席9人； 2、 公司董事会秘书出席本次会议；其他高级管理人员列席本次会议。 二、议案审议情况 （一）非累积投票议案 （一）股东会召开的时间：2025 年 12 月 25 日 （二）股东会召开的地点：上海市浦东新区张衡路 1000 弄 63 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 | 309 | | --- | --- | | 普通股股东人数 | 309 | | 2、出席会议的股东所持有的表决权数量 | 270,778,965 | | 普通股股东所持有表决权数量 | 270,778,965 | | 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 ...

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 junhesh@junhe.com 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 2025 年第二次临时股东会的法律意见书 致：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"）的委托，指派本所律师列席了公司于 2025 年 12 月 25 日在上海市浦东新区张衡路 1000 弄 63 号召开的 2025 年第二次临时 股东会（以下简称"本次股东会"）的现场会议。现本所根据《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》《上市公司股 东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规和规范性文 件以及《益方生物科技（上海）股份有限公司章程》（以下简称"《公司章程》"） 《益方生物科技（上海）股份有限公司股东会议事规则》的有关规定，就本次股 东会有关事宜出具法律意见书。 本法律意见书仅就本次股东会的召集和召开程序是 ...

Core Viewpoint - The A-share commercial aerospace sector experienced a significant surge, with the Satellite ETF (159206) rising over 6%, leading the market [3] Group 1: Market Performance - The Satellite ETF reached a new high in scale at 4.159 billion yuan [4] - Notable stocks included Chaojie Co. (301005) with a 20% increase, and several others like Shanghai Port (605598) and Shenglu Communication (002446) achieving 10% increases [4] - The Satellite ETF has seen continuous net inflows over the past nine days, totaling 1.418 billion yuan, with a peak single-day inflow of 353 million yuan [5] Group 2: Industry Developments - As of December 23, 2025, China conducted nearly 90 space launches, setting a historical record, with 23 of these by private commercial rocket companies [7] - The China Manned Space Engineering Office announced plans for four missions in 2026, including the first launch of the Long March 10A reusable rocket [7] - According to a report by China International Capital Corporation, the satellite industry is at a critical turning point, with expectations for significant growth in satellite tenders and launch volumes [7] Group 3: Investment Opportunities - The Satellite ETF focuses on commercial aerospace and satellite communication, positioned to benefit from China's ambitions as a "space power" [8] - The ETF is the first of its kind in the market, established on March 6, 2025, and is expected to see accelerated growth due to supportive policies and decreasing launch costs [8]