Core Insights - The report emphasizes the flourishing approval of new drugs and highlights the importance of focusing on technological tracks and opportunities within the industry chain [1][5] - It suggests a dual growth strategy combining internal and external growth, particularly in the context of the imminent patent cliff for IO1.0 and the increasing recognition of Chinese innovative pharmaceutical companies globally [5] Industry Overview - The report notes a significant recovery in domestic healthcare policies, including the integration of commercial insurance into the medical insurance system and the inclusion of high-priced innovative drugs in the Class B medical insurance catalog [5] - The overall revenue growth rate for chemical pharmaceutical companies in 2024 is projected at 4.10%, a substantial increase from 0.24% in 2023, while the net profit growth rate is expected to be 51.66% [12][15] Investment Opportunities - Short-term focus is recommended on certain tracks with high certainty, such as IO+ADC, while long-term investments should target new technologies with significant potential, including small nucleic acids and CAR-T [5] - The report categorizes various technological tracks for investment, including combinations of PD-1 with other mechanisms and innovative solutions for unmet clinical needs [5] Company Valuations - The report provides a comparative valuation of unprofitable innovative pharmaceutical companies, highlighting their market capitalizations and projected revenues for 2024 to 2027 [6] - It also presents a comparative valuation of profitable innovative pharmaceutical companies, detailing their market capitalizations and projected net profits for the same period [8] Performance Review - The report reviews the performance of pharmaceutical companies in 2024 and Q1 2025, noting that while the overall industry faced temporary pressure, gross profit margins have steadily improved [12][15] - It highlights that many small and mid-cap innovative pharmaceutical companies have turned profitable in Q1 2025, indicating a positive trend in the sector [18]

Group 1 - The pharmaceutical industry in Jiangsu province is increasingly adopting a "go global" strategy, with banks like China Construction Bank (CCB) providing innovative financial services to support this initiative [1] - CCB Jiangsu branch is enhancing financial products and services to support the entire lifecycle of pharmaceutical companies, facilitating efficient cross-border transactions [1] - Eddy Pharmaceutical, a listed company focused on HIV drug development, is expanding into the African market while improving its domestic procurement processes through digital upgrades [2][3] Group 2 - CCB Yangzhou branch has formed a dedicated team to assist Eddy Pharmaceutical in optimizing its payment processes, leading to significant improvements in fund turnover efficiency [3] - In March 2025, Eddy Pharmaceutical successfully processed a payment of 10 million yuan through CCB's supply chain products, ensuring stable raw material supply and enhancing its reputation in the supply chain [3] - CCB Jiangsu branch has provided over 50 million yuan in credit support to Eddy Pharmaceutical, facilitating its international expansion efforts [3] Group 3 - Yuyue Group is actively expanding its international market presence, with CCB Zhenjiang branch providing substantial financial support, including a 3 billion yuan loan for acquisitions [4] - As of March 2025, CCB Zhenjiang branch has granted a total credit of 2.64 billion yuan to Yuyue Group, enabling the company to overcome barriers in overseas markets [4] - Yuyue Group's subsidiary, Juyue Medical, has secured a credit line of 60 million yuan from CCB Zhenjiang branch, further supporting its operational needs [4] Group 4 - CCB Lianyungang branch has been closely monitoring a well-known pharmaceutical group, assisting in resolving a cross-border RMB transaction that had been pending for nearly a year due to compliance issues [6][7] - The bank conducted a rapid compliance review and successfully processed the transaction within 48 hours, thereby maintaining the company's international business reputation [6][7] - This collaboration exemplifies CCB's commitment to supporting pharmaceutical companies in their international endeavors through effective cross-border RMB services [7]

Group 1 - The stock of Eddie Pharmaceutical (688488) has a comprehensive score of 55.22, indicating a strong performance [1] - The main cost analysis shows the following prices: 14.02 CNY (current), 14.26 CNY (5-day), 13.90 CNY (20-day), and 12.59 CNY (60-day) [1] - There have been no instances of the stock hitting the upper or lower limits in the past year [1] Group 2 - The short-term resistance level is at 14.50 CNY, while the short-term support level is at 14.15 CNY [2] - The stock price has broken below the short-term support level, suggesting a cautious approach for short-term investors [2] - The K-line pattern indicates a potential turning point, with a focus on whether the price is at a top or bottom [2] Group 3 - On July 9, 2025, the net outflow of main funds was 15.67 thousand CNY, accounting for 0% of the total transaction amount [2] - There was a net inflow of 85.10 thousand CNY from large orders, while there was a net outflow of 100.77 thousand CNY from larger orders [2] - Retail investors experienced a net outflow of 273.52 thousand CNY [2] Group 4 - Related industry sectors showed slight declines: Biopharmaceuticals -0.08%, Virus Prevention -0.37%, and Exclusive Drugs -0.23%, while Innovative Drugs increased by 0.24% [2]

Group 1 - The company is proposing a stock option incentive plan for 2025 to attract and retain talent, aligning the interests of shareholders, the company, and core team members [5][6][8] - The stock option incentive plan has been approved by the company's board and supervisory committee and is now submitted for shareholder approval [6][8] - The company will conduct the shareholder meeting on July 14, 2025, with both on-site and online voting options available [5][7] Group 2 - The company plans to change its name from "Jiangsu Aidea Pharmaceutical Co., Ltd." to "Jiangsu Aidea Pharmaceutical Group Co., Ltd." to enhance group management and resource utilization [12][13] - The name change aligns with the company's strategic development needs and will not adversely affect its operations or shareholder interests [13][14] - The company will also revise its articles of association to reflect the name change and will seek necessary approvals for the changes [14][22] Group 3 - The company intends to adjust its fundraising investment projects, specifically changing the focus from "Ustectidine New Indication Research Project" to "Integrase Inhibitor Drug Research and Clinical Study Project" [16][19] - The total amount of funds to be redirected is approximately 84.37 million yuan, which will be fully allocated to the new project [15][19] - The integrase inhibitor project aims to develop a new generation of anti-HIV drugs and has shown promising results in initial clinical trials [20][21] Group 4 - The company is proposing the appointment of a new independent director candidate, Hu Wenyuan, following the resignation of the previous independent director [11][12] - The nomination has been approved by the board and is now subject to shareholder approval [11][12] - The company is also seeking to fill a vacancy in the supervisory board due to the resignation of a non-employee representative supervisor [22][23]

Core Viewpoint - The company has approved the initial list of incentive recipients for the 2025 stock option incentive plan, ensuring compliance with relevant regulations and internal governance [1][2][3] Disclosure Situation - The company publicly disclosed the names and positions of the proposed incentive recipients internally from June 27, 2025, to July 7, 2025, for a minimum of 10 days, allowing employees to provide feedback [1] Review Method - The supervisory board verified the proposed recipients' identities, employment contracts, and positions within the company and its subsidiaries [2] Supervisory Board Review Opinion - The supervisory board confirmed that all proposed recipients meet the qualifications set forth by relevant laws and regulations, including not being disqualified by the securities exchange or regulatory authorities in the past 12 months [2][3]

证券代码：688488 证券简称：艾迪药业 公告编号：2025-035 江苏艾迪药业股份有限公司 监事会关于 2025 年股票期权激励计划 公司于 2025 年 6 月 27 日至 2025 年 7 月 7 日，通过办公 OA 系统在公司内 部对本次拟激励对象的姓名和职务进行了公示，公示时间不少于 10 天，公司员 工可在公示期限内向监事会提出反馈意见。 至公示期满，公司监事会未收到任何组织或个人对本次拟激励对象的异议。 二、审核方式 公司监事会对拟激励对象的核查方式：公司监事会核查了本激励计划拟首次 授予激励对象的名单、身份证件、拟首次授予激励对象与公司（含子公司）签订 的劳动合同/劳务合同、首次授予激励对象在公司（含子公司）担任的职务及其 任职文件等。 三、监事会核查意见 监事会根据《管理办法》的规定，对本激励计划首次授予激励对象名单进行 了核查，并发表核查意见如下： 首次授予激励对象名单的审核意见及公示情况说明 本公司监事会及全体监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。 江苏艾迪药业股份有限公司（以下简称"公司"）于 2025 ...

江苏艾迪药业股份有限公司 董事会薪酬与考核委员会 关于 2025 年股票期权激励计划 首次授予激励对象名单的审核意见及公示情况说明 证券代码：688488 证券简称：艾迪药业 公告编号：2025-036 2、激励对象不存在《管理办法》规定的不得成为激励对象的情形： 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。 江苏艾迪药业股份有限公司（以下简称"公司"）于 2025 年 6 月 27 日召开 第三届董事会第四次会议、第三届监事会第四次会议，审议通过了《关于公司＜ 2025 年股票期权激励计划（草案）＞及其摘要的议案》等相关议案。 根据《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》《科创板上市公司自律监管指南第 4 号——股权激 励信息披露》的相关规定，对公司《2025 年股票期权激励计划（草案）》（以下 简称"《激励计划（草案）》"、"本激励计划"）中拟首次授予激励对象的姓名和职 务在公司内部进行了公示。公司董事会薪酬与考核委员会结合公示情况对本激励 计划拟首次授予激励对象 ...

江苏艾迪药业股份有限公司 2025 年第二次临时股东会会议资料 二○二五年七月 江苏艾迪药业股份有限公司 2025 年第二次临时股东会会议资料 江苏艾迪药业股份有限公司 2025 年第二次临时股东会会议资料目录 | 2025年第二次临时股东会会议须知 | 3 | | --- | --- | | 2025年第二次临时股东会会议议程 | 5 | | 2025年第二次临时股东会会议议案 | 6 | | 议案1 关于公司《2025年股票期权激励计划（草案）》及其摘要的议案 | 6 | | 议案2 关于公司《2025年股票期权激励计划实施考核管理办法》的议案 | 7 | | 议案3 关于提请股东会授权董事会办理公司2025年股票期权激励计划相关事宜的 | | | 议案 8 | | | 议案4 关于聘任独立董事的议案 | 10 | | 议案5 关于变更公司名称及修改《公司章程》的议案 | 11 | | 议案6 关于变更部分募集资金投资项目及金额调整的议案 | 14 | | 议案7 关于补选第三届监事会非职工代表监事的议案 | 18 | 2 四、为保证会场秩序，进入会场后，请关闭手机或调至振动状态。谢绝个人 录音、拍照及录 ...

Core Viewpoint - The National Medical Products Administration (NMPA) has released the "Guidelines for Clinical Resistance Research and Data Submission for Anti-HIV Drugs," establishing a standardized benchmark for HIV drug development in China [2][3]. Group 1: Regulatory Changes - The new guidelines aim to address the urgent issue of HIV drug resistance, which poses significant challenges to treatment efficacy and public health [4]. - The guidelines introduce stricter requirements for drug development, raising the bar for the industry and encouraging companies to develop safer and more effective new drugs [4][5]. Group 2: Company Involvement - Aidi Pharmaceutical, a leading company in the anti-HIV field, actively participated in the formulation of these guidelines, sharing its extensive experience in resistance research [5][6]. - The company has been recognized for its commitment to tackling HIV challenges and has contributed valuable insights during the guideline consultation process [5][6]. Group 3: Research and Development - Aidi Pharmaceutical's existing drugs, such as Ainovelin and Ainomir, have shown excellent clinical performance with low cross-resistance to previous non-nucleoside drugs, providing effective treatment options for patients [7]. - The company is also developing a new integrase inhibitor, ACC017, which has shown promising results in early clinical trials, indicating good safety and efficacy profiles [8]. Group 4: Future Directions - Aidi Pharmaceutical plans to continue increasing its R&D investments and enhancing its innovation capabilities in response to the new guidelines, aiming to develop more high-quality anti-HIV drugs [9]. - The company emphasizes the importance of resistance research in drug development and aims to contribute significantly to China's HIV prevention and treatment efforts [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has launched a stock option incentive plan aimed at boosting the sales of its HIV drugs, with specific performance targets set for different groups of employees. The plan is designed to be comprehensive and operationally feasible [4] - The sales of HIV drugs have shown significant growth, with Q1 2025 sales reaching 62 million yuan, a year-on-year increase of 75.64%, marking a historical high for the company [5] - The company is expected to achieve a turnaround in profitability, with projected net profits for 2025-2027 revised to -0.02 billion, 0.44 billion, and 0.88 billion yuan respectively [4] Financial Summary and Valuation Indicators - Revenue is projected to grow from 411.4 million yuan in 2023 to 1,237 million yuan in 2027, with a year-on-year growth rate of 76.4% in 2025 [7] - The gross margin is expected to improve significantly, reaching 72.9% in 2025 and 81.2% by 2027 [7] - The company's price-to-sales (P/S) ratio is projected to decrease from 15.1 in 2023 to 5.0 in 2027, indicating an improving valuation as revenues grow [7]