Core Insights - The pharmaceutical sector is experiencing a rise, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index increasing by 1.03% as of December 4, 2025, with notable gains from companies like Zai Lab (up 4.47%) and Rongchang Bio (up 4.14%) [1] Industry Overview - The pharmaceutical industry has undergone eleven rounds of national drug centralized procurement and multiple rounds of medical insurance negotiations, leading to an inevitable decline in the generic drug sector, which impacts the overall pharmaceutical industry [1] - From January to September 2025, the pharmaceutical manufacturing industry's revenue remained relatively stable, but the outlook for generic drugs is bleak, indicating a need for innovative drugs to drive future growth [1] Investment Perspective - According to Everbright Securities, future investments in the pharmaceutical sector should focus on the clinical value of drugs, addressing clinical needs of patients, as both domestic medical insurance policies and global expansion strategies increasingly emphasize clinical value [1] - The innovative drug industry chain and innovative medical devices are viewed positively based on the clinical value framework [1] Market Data - As of November 28, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biomedicine Index include companies like United Imaging Healthcare and BeiGene, collectively accounting for 49.75% of the index [1]

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [2] Core Views - The pharmaceutical and biotechnology industry index experienced a decline of 4.40%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which fell by 2.19% [6][18] - The valuation of the pharmaceutical and biotechnology industry as of November 28, 2025, is a PE (TTM overall method, excluding negative values) of 29.46x, down from 30.89x in the previous period, indicating a downward trend and below the average [22] - The report highlights potential beneficiaries from the upcoming ASH data, particularly in blood diseases and companies with solid grassroots channels, as well as those with differentiated advantages in oncology, autoimmune, and rare disease products [10] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index fell by 4.40%, with chemical preparations and medical devices showing declines of 2.86% and 2.95% respectively, while offline pharmacies and vaccines saw larger declines of 8.22% and 6.42% [6][18] - The PE ratio for the pharmaceutical and biotechnology industry is 29.46x, with the highest valuations in the vaccine (47.56x), hospital (41.17x), and medical device (36.77x) sectors, while pharmaceutical circulation has the lowest at 14.58x [22] Important Industry News - The National Administration of Traditional Chinese Medicine and the National Healthcare Security Administration released a directory for traditional Chinese medicine diseases suitable for disease-based payment [26][27] - AstraZeneca's drug "Durvalumab" received FDA approval for a new indication in perioperative treatment of gastric cancer [32] - Otsuka Pharmaceutical's new drug for IgA nephropathy, "Sibeprenlimab," has been approved by the FDA [38] - Bayer's first-in-class lung cancer drug "Sevabertinib" has been approved by the FDA for specific patient populations [40] Investment Recommendations - Focus on innovative pharmaceutical companies that may benefit from the medical insurance or commercial insurance directories, blood cancer targets with imminent ASH data releases, and biotech and CXO leaders with solid technology platforms and international collaboration expectations [10]

Personnel Changes - Yunnan Baiyao announced the election of Zhang Wenxue as chairman and Dong Ming as vice chairman during the first meeting of the 11th board of directors on November 10, 2025 [2] - China National Pharmaceutical Group (Sinopharm) reported the resignation of Zhao Bingxiang from multiple positions, including non-executive director and chairman, with Jin Bin proposed as the new chairman [3] - Huatai Medical announced a board restructuring, nominating several candidates for its third board of directors, including current executives from Mindray Medical [4] - Hanyu Pharmaceutical reported the retirement of its executive director Pinxiang Yu and appointed two new executive directors, Shen Yaping and Tang Yangming [5] - GSK China appointed Sheng Feng as vice president, responsible for market access and commercial operations, effective December 1, 2025 [12] Executive Appointments - Medtronic appointed Larry Xu as vice president for orthopedic and neurosurgery business in China, effective November 10, 2025 [9] - Pfizer China announced the appointment of Su Tianyu as head of the broad market division, effective immediately [10][11] - Eli Lilly appointed Carole Ho as president of the neuroscience division, while Adrienne Brown was promoted to president of the immunology division [15] - Restore Medical appointed Chris Cleary, former senior vice president at Medtronic, as chairman of the board [18] Resignations - Johnson & Johnson announced the departure of Alex He, vice president and head of the PINS division, effective December 31, 2025 [8] - Several executives across various companies, including Chen Changbing from Sinopharm United and Wang Junbo from Guangyu Yuan, submitted their resignations due to work adjustments [3][5]

艾力斯（688578.SH）11月28日在投资者互动平台表示，公司全资子公司江苏艾力斯生物医药有限公司 新增年产1.5亿片甲磺酸伏美替尼片固体制剂生产线已于2025年7月取得江苏省药品监督管理局GMP符合 性证明文件，已满足药品监督管理部门的许可生产条件并获批投产，包括原有年产5000万片甲磺酸伏美 替尼片固体制剂生产线，公司已具备2亿片甲磺酸伏美替尼片固体制剂生产能力，进一步保障了产品供 应能力，为持续增长的市场需求提供有力支持。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘您好，想咨询一下，伏美替尼的两条生产 线产能各多少？11月两条生产线产能复合利用率达到多少？谢谢！ ...

Core Insights - Shanghai Ailis Pharmaceutical Technology Co., Ltd. announced a strategic adjustment of its core technical personnel on November 28, 2025 [1] - The company has added Mr. Gao Changshou and Mr. You Fei as core technical personnel, while Mr. Luo Huibing and Mr. Xie Jingtian have left their positions due to personal reasons [2][5] - The departures of the two core technical personnel will not affect the company's intellectual property integrity or core competitiveness [7] Personnel Changes - Mr. Luo Huibing, who has over 20 years of new drug research experience, played a significant role in the development of key products, including the compound design and optimization of the core product, Fumetinin [4][6] - Mr. Xie Jingtian contributed to the formulation and production process development of key projects, including Fumetinin, during his tenure at the company [6] - Both departing personnel held shares in the company, with Mr. Luo holding 0.6454% and Mr. Xie holding 0.0561% [5][7] New Core Technical Personnel - The newly appointed core technical personnel, Mr. Gao Changshou and Mr. You Fei, have strong industry backgrounds and extensive research experience, both holding U.S. citizenship and doctoral degrees [8][9] - Mr. Gao Changshou is the current Chief Technology Officer and has a background in protein and antibody drug development, having previously worked at AstraZeneca and Innovent Biologics [9][10] - Mr. You Fei serves as the R&D Executive Director and has experience in innovative drug development from his time at AstraZeneca and Innovent Biologics [10] R&D Team Overview - Following the personnel adjustments, the company's core technical team now includes Gao Changshou, You Fei, Li Qing, Liang Chunqing, Jiang Yong, Zhang Qiang, and Zhou Huayong, covering key areas in small and large molecule drug development [10] - As of June 2025, the company's R&D team consists of 270 members, including 112 with master's degrees and 26 with doctoral degrees [11]

上海艾力斯医药科技股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第二章 薪酬管理机构 第四条 公司股东会负责审议董事的薪酬方案，公司董事会负责审议高级管理人员的 薪酬方案。 1 第一条 为进一步规范上海艾力斯医药科技股份有限公司（以下简称"公司"）董事、 高级管理人员的薪酬管理，建立科学有效的激励与约束机制，保证公司董事 有效地履行其职责和义务，有效调动公司高级管理人员的工作积极性，提高 公司的经营管理效率，进一步促进公司稳定持续发展，根据《中华人民共和 国公司法》、《上海证券交易所科创板股票上市规则》及《上海艾力斯医药 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合 公司实际情况，制定本制度。 第二条 本制度适用于以下人员： （一） 董事会成员：包括非独立董事和独立董事。 （二） 高级管理人员：包括公司董事会聘任的总经理、执行副总经理、副总 经理、董事会秘书、财务负责人及《公司章程》认定的其他人员。 第三条 公司薪酬制度遵循以下原则： （一） 总体薪酬水平与公司经营规模、经营业绩相匹配原则； （二） 责、权、利相结合的原则，总体薪酬水平与承担的管理责任、权限相 对应； （三 ...

独立董事工作制度 第一章 总则 上海艾力斯医药科技股份有限公司 1 第一条 为完善上海艾力斯医药科技股份有限公司(以下简称"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》(以下简称"《公司法》")、《上市公司独立董事管理办法》 (以下简称"《独立董事管理办法》")以及《上海艾力斯医药科技股份 有限公司章程》(以下简称"公司章程")的有关规定, 并结合公司实 际情况, 制定本制度。 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、实际控制人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的关系的董事。 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、中国证券监督管理委员会(以下 简称"中国证监会")规定、上海证券交易所业务规则和公司章程的 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, 保护中小股东的合法权益。 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 ...

上海艾力斯医药科技股份有限公司 董事会议事规则 第一条 宗旨 为了进一步规范上海艾力斯医药科技股份有限公司(以下简称"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》(以下简称"《公 司法》")和《上海艾力斯医药科技股份有限公司章程》(以下简称 "《公司 章程》")等有关规定, 制订本规则。 第二条 董事会的组成 公司董事会由8-11名董事组成, 其中, 独立董事应占三分之一以上, 并应 包括1名职工代表董事。董事会设董事长一人, 设副董事长一人。董事长和副 董事长由董事会以全体董事的过半数选举产生。 董事会下设董事会办公室, 处理董事会日常事务。董事会秘书是董事会办公 室负责人, 保管董事会和董事会办公室印章。 第三条 专门委员会 董事会应当设立审计委员会, 并可以根据需要设立战略与 ESG、提名、薪酬与 考核等相关专门委员会,并制定相应的实施细则规定各专门委员会的主要职责、 决策程序、议事规则等。各专门委员会实施细则由董事会负责修订与解释。专 门委员会成员全部由董事组成, 其中审计委员会、提名委员会、薪酬与考核委 ...

上海艾力斯医药科技股份有限公司 对外担保管理制度 第一章 总则 公司控股子公司应在其董事会或股东会做出决议后及时通知公司履行有关信 息披露义务。 第二章 对外担保对象的审查 第八条 公司可以为具有独立法人资格并具有以下条件之一的单位提供担保: 1 第一条 按照建立现代企业制度的要求, 为进一步完善上海艾力斯医药科技股份有限 公司(以下简称"公司")法人治理结构, 规范公司对外担保行为, 依照《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》等法律、法规和规范性文件以及《上海艾力斯医药科技股份有 限公司章程》(以下简称"公司章程")的有关规定, 并结合公司具体情况制定 本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保, 包括公司对控股子公司的 担保。 第三条 公司对外担保实行统一管理, 非经公司董事会或股东会批准, 任何人无权以 公司名义签署对外担保的合同、协议或其他类似的法律文件。 第四条 公司董事和高级管理人员应审慎对待和严格控制担保产生的债务风险, 并对 违规或失当的对外担保产生的损失依法承担连带责任。 第五条 公司控股子公司的对外担保, 视同公司行为 ...

上海艾力斯医药科技股份有限公司 章程 二〇二五年十一月 | | | | 第一章 | 总则 | | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | 股份 | | 3 | | 第一节 | | 股份发行 | 3 | | 第二节 | | 股份增减和回购 | 6 | | 第三节 | | 股份转让 | 7 | | 第四章 | | 股东和股东会 | 8 | | 第一节 | | 股东的一般规定 | 8 | | 第二节 | | 控股股东和实际控制人 11 | | | 第三节 | | 股东会的一般规定 | 13 | | 第四节 | | 股东会的召集 | 18 | | 第五节 | | 股东会的提案与通知 | 19 | | 第六节 | | 股东会的召开 | 21 | | 第七节 | | 股东会的表决和决议 | 24 | | 第五章 | | 董事和董事会 | 29 | | 第一节 | | 董事的一般规定 | 29 | | 第二节 | | 董事会 | 33 | | 第三节 | | 独立董事 | 39 | | 第四节 | | 董事会专门委员会 | 42 | | 第 ...