中信证券股份有限公司、 华泰联合证券有限责任公司、高盛（中国） 证券有限责任公司 关于 四川百利天恒药业股份有限公司 2025年度向特定对象发行A股股票 发行过程和认购对象合规性的报告 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 上海证券交易所： 四川百利天恒药业股份有限公司（以下简称"百利天恒""发行人"或"公 司"）向特定对象发行股票（以下简称"本次发行"）已获得中国证券监督管理委 员会（以下简称"中国证监会"）《关于同意四川百利天恒药业股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕1641 号）同意注册。 中信证券股份有限公司（以下简称"中信证券""保荐人（主承销商）"）作 为百利天恒本次发行的保荐人（主承销商），华泰联合证券有限责任公司、高盛 （中国）证券有限责任公司（以下简称"华泰联合""高盛中国"，中信证券、华 泰联合、高盛中国以下合称"联席主承销商"）作为本次发行的联席主承销商，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》"）《证券发行与承销管理办法》（以下简称"《发行与承销 管理 ...

Core Insights - The Medical Health Index (980016) closed at 7114.13 points on September 17, with a slight increase of 0.22% and a trading volume of 34.146 billion yuan, indicating a turnover rate of 1.06% [1] Group 1: Index Performance - Among the constituent stocks of the Medical Health Index, 18 stocks rose while 30 stocks fell on the same day [1] - Bai Li Tian Heng led the gains with a rise of 4.08%, while Junshi Biosciences recorded the largest decline at 2.52% [1] Group 2: Top Constituents - The top ten constituents of the Medical Health Index are as follows: - WuXi AppTec (603259) with a weight of 13.58%, latest price at 109.29 yuan, and a market cap of 322.57 billion yuan, increased by 2.09% [1] - Hengrui Medicine (600276) with a weight of 10.87%, latest price at 70.13 yuan, and a market cap of 465.47 billion yuan, increased by 1.42% [1] - Mindray Medical (300760) with a weight of 8.17%, latest price at 66.66 yuan, and a market cap of 290.25 billion yuan, decreased by 0.09% [1] - United Imaging Healthcare (688271) with a weight of 4.14%, latest price at 151.60 yuan, and a market cap of 124.94 billion yuan, decreased by 0.90% [1] - Other notable constituents include Pianzai Shou (600436), Aier Eye Hospital (300015), and Fosun Pharma (600196) [1] Group 3: Capital Flow - The Medical Health Index constituents experienced a net outflow of 601 million yuan from major funds, while retail investors saw a net inflow of 615 million yuan [1] - Detailed capital flow for major stocks indicates that WuXi AppTec had a net inflow of 4.28 million yuan from major funds, while Hengrui Medicine saw a net outflow of 3.43 million yuan [2]

Group 1 - The chemical pharmaceutical sector experienced a decline of 0.2% on September 17, with Warner Pharmaceuticals leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - Notable gainers in the chemical pharmaceutical sector included ST Tian Sheng, which rose by 4.97% to a closing price of 5.28, and Bai Li Tian Heng, which increased by 4.08% to 372.00 [1] Group 2 - Warner Pharmaceuticals saw a significant decline of 9.22%, closing at 57.92, contributing to the overall downturn in the sector [2] - Other notable decliners included Anglikang, down 4.53% to 41.28, and Guangsheng Tang, down 4.40% to 111.91 [2] - The sector experienced a net outflow of 1.541 billion yuan from major funds, while retail investors saw a net inflow of 1.516 billion yuan [2][3] Group 3 - Major fund inflows were observed in companies like Heng Rui Pharmaceutical, which had a net inflow of 3.43 million yuan, while retail investors showed a net outflow of 58.13 million yuan [3] - The top net inflows from retail investors were seen in Hai Zheng Pharmaceutical, with 34.03 million yuan, and Hua Yuan Biological, with 30.05 million yuan [3] - The overall trend indicates a shift in investment dynamics within the chemical pharmaceutical sector, with retail investors showing resilience despite major fund outflows [3]

Core Viewpoint - The Shanghai Municipal Medical Procurement Management Office announced the suspension of procurement qualifications for certain drugs due to non-compliance with price adjustment requirements, affecting multiple companies including Shutaishen and Baili Pharmaceutical [1][2]. Group 1: Impact on Shutaishen - Shutaishen's product, Compound Polyethylene Glycol (3350) Quality Vitamin C Powder, is set to be launched on October 9, 2024, as the first domestic generic, aimed at bowel cleansing before medical procedures [1]. - Shutaishen has experienced a continuous decline in revenue for three years and has reported losses for five consecutive years, totaling over 1 billion yuan [2]. - In the first half of 2025, Shutaishen reported revenue of 126 million yuan, a year-on-year decline of 31.14%, with a net profit of -24.64 million yuan [2]. Group 2: Impact on Baili Pharmaceutical - Baili Pharmaceutical's product, Oral Solution of Enalapril Maleate, is also included in the suspended procurement list [2]. - Baili Pharmaceutical reported revenue of 113 million yuan in the first half of 2025, accounting for 66% of its parent company Baili Tianheng's revenue, with a net profit of -23.48 million yuan [2]. - Baili Tianheng's revenue has been declining due to falling sales in its chemical and traditional Chinese medicine product segments, which are crucial for supporting innovative drug research and development [2]. Group 3: Other Affected Products - Other drugs affected by the procurement suspension include Vancomycin Capsules, Betamethasone Ointment, Calcium Acetate Oral Solution, and several others from various pharmaceutical companies [3].

大成上证科创板综合指数增强A（023893）成立日期2025年4月29日，最新规模8339万。成立以来收益 34.21%。 大成上证科创板综合指数增强A（023893）基金经理为夏高、刘旺。 截至发稿，夏高累计任职时间10年289天，现任基金资产总规模22.6亿元，任职期间最佳基金回报 217.4%， 任职期间最差基金回报-71.74%。 刘旺累计任职时间1年260天，现任基金资产总规模6.37亿元，任职期间最佳基金回报34.27%， 任职期 间最差基金回报30.17%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月17日，百利天恒涨5.2%，截至发稿，报375.99元/股，成交4.06亿元，换手率1.08%，总市值1507.72 亿元。百利天恒股价已经连续4天上涨，区间累计涨幅4.2%。 资料显示，四川百利天恒药业股份有限公司位于四川省成都市温江区成都海峡两岸科技产业园百利路 161号一幢一号,香港湾仔皇后大道东183号合和中心46楼，成立日期2006年8月17 ...

Core Viewpoint - The stock of Baile Tianheng has shown significant growth this year, with a 90.27% increase, despite a substantial decline in revenue and net profit reported for the first half of 2025 [1][2]. Group 1: Stock Performance - As of September 17, Baile Tianheng's stock price increased by 2.06%, reaching 364.80 CNY per share, with a trading volume of 200 million CNY and a turnover rate of 0.54% [1]. - The company has experienced a 90.27% increase in stock price year-to-date, with recent trading performance showing a 6.35% increase over the last five days, 16.99% over the last 20 days, and 22.05% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Baile Tianheng reported an operating revenue of 171 million CNY, a significant decrease of 96.92% year-on-year, and a net profit attributable to shareholders of -1.118 billion CNY, down 123.96% year-on-year [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 4.25% to 4,780, with an average of 21,525 circulating shares per shareholder, reflecting a 7.19% increase [2]. - The top ten circulating shareholders include notable funds such as Huaxia SSE Sci-Tech Innovation Board 50 ETF and others, with varying changes in their holdings [3].

Core Points - The Medical Health R Index (480016) closed at 8278.77 points, down 0.33%, with a trading volume of 31.765 billion yuan and a turnover rate of 1.08% [1] - Among the index constituents, 18 stocks rose while 31 fell, with Yirui Technology leading the gainers at a 4.4% increase and Zexin Pharmaceutical leading the decliners at a 5.37% decrease [1] Index Constituents Summary - The top ten constituents of the Medical Health R Index include: - WuXi AppTec (sh603259) with a weight of 13.58% and a market cap of 315.96 billion yuan [1] - Hengrui Medicine (sh600276) with a weight of 10.87% and a market cap of 458.96 billion yuan [1] - Mindray Medical (sz300760) with a weight of 8.17% and a market cap of 290.50 billion yuan [1] - United Imaging Healthcare (sh688271) with a weight of 4.14% and a market cap of 126.08 billion yuan [1] - Other notable constituents include Pianzai Shou (sh600436), Yierfu Technology (sz300015), Kelun Pharmaceutical (sz002422), New Hope Liuhe (sz002001), Fosun Pharma (sh600196), and East China Pharmaceutical (sz000963) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 1.638 billion yuan, while retail investors saw a net inflow of 1.098 billion yuan [1] - Notable capital flows include: - Kailai Ying (002821) with a main fund net inflow of 101 million yuan [2] - Mindray Medical (300760) with a main fund net inflow of approximately 90.77 million yuan [2] - Yuyue Medical (002223) with a main fund net inflow of 24.60 million yuan [2]

Core Viewpoint - A Chinese innovative drug, iza-bren, has received breakthrough therapy designations from both the FDA and the Chinese drug regulatory authority, showcasing significant potential in lung cancer treatment, particularly highlighted by a 100% objective response rate (ORR) at the WCLC 2025 conference [2][3][4]. Group 1: Clinical Data and Breakthroughs - The Phase II clinical trial of iza-bren combined with Osimertinib for treating EGFR-mutant non-small cell lung cancer (NSCLC) reported a 100% ORR, the highest recorded for first-line treatments in this category [3][5]. - The trial included 40 patients at a specific dosage of 2.5 mg/kg, which is now the recommended dose for subsequent Phase III studies [3][7]. - The treatment demonstrated a significant tumor reduction, with a median tumor shrinkage of nearly 57% from baseline, indicating a strong potential for long-term control of the disease [5][6]. Group 2: Future Research and Development - The ongoing Phase III study aims to compare the efficacy and safety of the combination therapy against Osimertinib alone, with primary endpoints focusing on progression-free survival (PFS) and secondary endpoints on overall survival (OS) [7][8]. - The study has received regulatory approval and is actively enrolling patients, with the first patient enrolled in February 2023 [7][9]. Group 3: Market Position and Global Collaboration - The collaboration with BMS (Bristol-Myers Squibb) is structured as a long-term joint development, retaining Chinese rights and supply chain control, which enhances the global clinical trial execution [9][10]. - Iza-bren is positioned as a leading antibody-drug conjugate (ADC) with unique dual-targeting capabilities, potentially setting a new direction in cancer combination therapies [10][11]. Group 4: Regulatory Recognition and Market Potential - Iza-bren has received multiple breakthrough therapy designations, which expedite its development and review process, allowing for faster patient access upon approval [13][14]. - The drug is expected to redefine treatment standards for EGFR-TKI resistant patients, with a median PFS of 12.5 months reported, significantly higher than existing therapies [11][12]. Group 5: Industry Impact - The advancements of iza-bren signify that Chinese innovative drug companies are now competing at the global forefront, with the potential to reshape treatment paradigms across various cancer types [14].

Group 1 - Sichuan Baili Tianheng Pharmaceutical Co., Ltd. announced that its self-developed drug, iza-bren (EGFR×HER3 dual antibody ADC), has been recognized at the 2025 World Lung Cancer Conference (WCLC) with two research results selected for the official press program [2] - The phase II study results of iza-bren combined with Osimertinib for patients with locally advanced or metastatic EGFR mutation non-small cell lung cancer (NSCLC) were presented by Professor Zhou Fei from the Eastern Hospital of Tongji University, involving 154 patients [2] - Among the 40 patients receiving the 2.5 mg/kg D1D8Q3W dose of iza-bren combined with Osimertinib, the objective response rate (ORR) reached 100%, with a progression-free survival (PFS) rate of 92.1% and overall survival (OS) rate of 94.8% at 12 months [3] Group 2 - A separate study led by Professor Fang Wenfeng from Sun Yat-sen University Cancer Center on the monotherapy of iza-bren for patients with locally advanced or metastatic EGFR mutation NSCLC showed a median PFS of 12.5 months and a tumor shrinkage rate of 94% among 50 patients previously treated with EGFR-TKI [3] - The ongoing phase III studies for both combination and monotherapy of iza-bren are being conducted globally and in China, with the first patient already dosed in the registration phase [3]

Core Insights - The Shanghai Stock Exchange emphasizes its mission to support technological innovation and enhance its role as a capital market hub, particularly through the STAR Market [1] - The STAR Market has established five sets of listing standards, with the second to fifth sets not requiring profitability, thus providing diverse listing pathways for unprofitable companies [1][2] - As of now, 54 unprofitable companies have collectively raised over 200 billion yuan through IPOs, demonstrating effective transformation of R&D capabilities into operational performance [1][3] Listing Standards - The STAR Market's second to fourth listing standards focus on revenue scale combined with R&D intensity, cash flow, or market capitalization, catering to hard-tech companies with specific characteristics [1][2] - The fifth standard does not set performance requirements but emphasizes market capitalization and developmental achievements, suitable for innovative companies with clear market prospects [1][2] Company Performance - Among the 54 unprofitable companies, 40% have achieved profitability, with a total revenue of 1,745 billion yuan in 2024, marking a 24% year-on-year increase [3] - Notable companies like BeiGene and Cambricon have shown significant R&D investments, with BeiGene's R&D expenditure reaching 7.278 billion yuan, accounting for 42% of its revenue [2][3] - The semiconductor sector, led by companies like SMIC, has seen substantial advancements, enhancing the industry's self-sufficiency and innovation capabilities [3][4] Market Developments - The STAR Market's fifth standard companies are entering a new phase of commercial development, with 46 drugs/vaccines approved for market entry, showcasing rapid commercialization [4] - The introduction of the "1+6" policy framework aims to further support unprofitable companies in high-tech sectors, balancing innovation support with market risk management [4][5] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating ongoing market dynamism [5]