专项核查意见 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, 中国北京市朝阳区北辰东路八号 北辰汇宾大厦 A 座六层 邮编：100101 F6/A，North Star HuiBin Plaza, No.8 BeiChen East Road, ChaoYang District, BeiJing 100101 China 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份 的 Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份的专项核查意见 致：悦康药业集团股份有限公司 北京天驰君泰律 ...

法律、法规及规范性文件的规定，符合《上市公司收购管理办法》规定的可免于 发出要约的情形。 四、其他说明 （一）本次增持符合《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》等相关法律法规的规定。 （二）于鹏飞先生将严格遵守中国证券监督管理委员会、上海证券交易所的 相关规定，在本次增持股份后至少 6 个月内不减持其所持有的公司股份。 证券代码：688658 证券简称：悦康药业 公告编号：2025-028 悦康药业集团股份有限公司 关于实际控制人、董事增持公司股份 结果的公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 重要内容提示： ● 悦康药业集团股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日接 到公司实际控制人、董事于鹏飞先生关于完成增持公司股份的通知，于 鹏飞先生在 2025 年 6 月 13 日通过上海证券交易所交易系统竞价交易方 式增持公司股份 47,442 股，增持比例占公司总股本的 0.01%，截至增持 完成日，于鹏飞先生直接持有公司股份 47,442 股， ...

证券代码：688658 证券简称：悦康药业 公告编号：2025-028 悦康药业集团股份有限公司 关于实际控制人、董事增持公司股份 结果的公告 | 增持主体名称 | 于鹏飞 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | √是 | 否 | | | 控股股东或实控人的一致行动人 | √是 | 否 | | | 直接持股 5%以上股东 | 是 | √否 | | | 董事、监事和高级管理人员 其他：__/___ | √是 | 否 | | 增持前持股数量 | 0 股 | | | | 增持前持股比例 （占总股本） | 0.00% | | | 一、增持主体的基本情况 注：上述增持前持股数量、增持前持股比例为于鹏飞先生直接持有公司股份的数据。 ● 悦康药业集团股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日接 到公司实际控制人、董事于鹏飞先生关于完成增持公司股份的通知，于 鹏飞先生在 2025 年 6 月 13 日通过上海证券交易所交易系统竞价交易方 式增持公司股份 47,442 股，增持比例占公司总股本的 0.01%，截至增持 完成日， ...

中国北京市朝阳区北辰东路八号 北辰汇宾大厦 A 座六层 邮编：100101 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, F6/A，North Star HuiBin Plaza, No.8 BeiChen East Road, ChaoYang District, BeiJing 100101 China 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份 的 专项核查意见 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份的专项核查意见 致：悦康药业集团股份有限公司 北京天驰君泰律 ...

Group 1: Institutional Trading Activity - On the institutional trading leaderboard, 34 stocks were listed, with 14 experiencing net buying and 20 facing net selling [1] - The top three stocks with the highest net buying by institutions were: Yuekang Pharmaceutical (¥227 million), Yuyin Co., Ltd. (¥129 million), and Dongshan Precision (¥125 million) [1][2] Group 2: Market Developments in Stablecoins - Hong Kong's "Stablecoin Regulation" has been passed, establishing a licensing system for stablecoin issuers, effective from August 1 [4] - The regulation is expected to accelerate the compliance development of stablecoins and fill the regulatory gap for fiat-backed stablecoins [4] - The market for Real World Assets (RWA) is projected to reach $16 trillion by 2030, indicating significant investment opportunities in RWA asset operations, banking IT, and cross-border payments [4] Group 3: IP Economy Insights - Light Media, a major producer of "Nezha 2," is expected to surpass $100 million in overseas box office revenue, with derivative sales reaching hundreds of billions [6] - The IP derivative market in China is projected to reach ¥174.2 billion by 2024, with a compound annual growth rate of 15.1% from 2020 to 2024 [6] - Companies with strong product design, supply chain management, and IP operation capabilities are likely to attract high-quality IP licensing opportunities as consumer spending on IP derivatives increases [6]

沪深两市全天主力资金净流出2.93亿元，其中，科创板主力资金净流出1.07亿元，主力资金净流入的有 259只股，主力资金净流出的有329只股。 | 688509 | 正元地信 | 188.37 | 4.36 | 1.48 | 2.71 | | --- | --- | --- | --- | --- | --- | | 688105 | 诺唯赞 | 186.75 | 4.21 | -1.28 | 0.50 | | 688475 | 萤石网络 | 185.56 | 2.08 | 0.45 | 0.70 | | 688180 | 君实生物 | 185.18 | 0.29 | -0.91 | 2.29 | | 688588 | 凌志软件 | 179.63 | 1.97 | 3.16 | 1.67 | | 688590 | 新致软件 | 179.53 | 1.33 | 1.91 | 2.54 | | 688485 | 九州一轨 | 177.49 | 11.88 | 0.38 | 1.62 | | 688026 | 洁特生物 | 177.49 | 3.98 | 0.77 | 2.00 | | 688665 | 四方光电 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has a rich pipeline in small nucleic acids and mRNA, marking the beginning of an innovative transformation [4] - The company has established an international R&D team of over 500 people and built eleven major technology platforms focusing on nucleic acid drugs, cell and gene therapy drugs, peptide drugs, high-end traditional Chinese medicine, and AI drug development [4] - The company is optimistic about the long-term development potential brought by its innovative pipeline layout despite short-term performance pressure during the transformation period [4] Financial Summary and Valuation Indicators - The company's projected net profit for 2025-2027 is expected to be 0.51 billion, 2.06 billion, and 5.61 billion respectively, with corresponding EPS of 0.11, 0.46, and 1.25 [4][7] - The current stock price corresponds to a PE ratio of 151.4 for 2025, 37.7 for 2026, and 13.8 for 2027 [4][7] - Revenue for 2025 is projected at 3.545 billion, with a year-over-year decline of 6.3%, followed by a recovery in 2026 and 2027 with growth rates of 35.1% and 24.7% respectively [7][9]

Group 1 - The core viewpoint highlights a strong performance in the Chinese innovative pharmaceutical sector, with the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index rising by 2.72% as of June 12, 2025, driven by significant gains in constituent stocks such as Rongchang Bio (+17.55%) and BeiGene (+8.00%) [1] - A total of 53 new drugs were approved in China from the beginning of 2025 to the end of May, including 30 domestic innovative drugs and 23 imported ones, covering various therapeutic areas such as oncology and rare diseases [1] - The Chinese innovative drug market is projected to reach nearly 550 billion RMB in 2024, with an expected explosive growth driven by business development (BD) revenues from 2025 to 2027, and is anticipated to exceed 2 trillion RMB by 2030 [1] Group 2 - The Sci-Tech Innovation Board Biopharmaceutical Index consists of 50 large-cap companies from various sectors, including biopharmaceuticals and biomedical engineering, reflecting the overall performance of representative companies in the industry [2] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 51.6% of the total index weight, with companies like United Imaging Healthcare and BeiGene among the leading constituents [2]

Core Viewpoint - The performance of the Sci-Tech Innovation Pharmaceutical Index ETF has shown significant growth in both trading volume and scale, indicating strong investor interest and confidence in the sector [3][5][6]. Liquidity - The Sci-Tech Innovation Pharmaceutical Index ETF had an intraday turnover of 9.12%, with a transaction volume of 20.17 million yuan. Over the past week, the average daily transaction volume reached 50.98 million yuan, ranking first among comparable funds [3]. Scale - In the past year, the Sci-Tech Innovation Pharmaceutical Index ETF's scale increased by 143 million yuan, achieving notable growth and ranking first among comparable funds [3]. Shares - The ETF's shares grew by 120 million in the past year, also ranking first among comparable funds [3]. Top Holdings - As of May 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 51.6% of the total weight. The leading stocks include: - United Imaging Healthcare (8.97%) - BeiGene (7.05%) - Huaitai Medical (5.85%) - Aierx (4.91%) - Baillie Tianheng (4.77%) - Zai Lab (4.75%) - BGI Genomics (4.17%) - Junshi Biosciences (4.15%) - Aibo Medical (3.33%) - Teva Biopharma (3.25%) [5]. Market Response - Following the American Society of Clinical Oncology (ASCO) annual meeting, there has been a positive market response, highlighting the competitiveness and innovation of Chinese pharmaceutical companies in new drug development [5][6]. Innovation Pipeline - The proportion of domestic companies' innovative drug data presented at ASCO has been increasing, with 73 studies selected for oral presentations in 2025, indicating a strong focus on innovation within the industry [6]. Investment Opportunities - Investors without stock accounts can access opportunities in the Sci-Tech Innovation Board biopharmaceutical sector through the Sci-Tech Biopharmaceutical ETF linked fund (021061) [6].

Group 1 - The A-share market indices experienced a collective upward trend, with the STAR Market Biopharmaceutical Index showing significant strength [1] - The STAR Market Biopharmaceutical Index ETF (588700) rose by 2.25%, with a trading volume exceeding 18 million yuan and a turnover rate of 7.97%, indicating active trading [1] - Key constituent stocks such as Yuyuan Pharmaceutical, Shouyao Holdings-U, and Nuotai Bio saw increases of over 7% [1] Group 2 - Harvard University's Belfer Center report indicates that China has a strong opportunity to surpass the U.S. in biotechnology, particularly in drug development [2] - The report highlights that while the U.S. leads in five key technology areas, the gap in biotechnology is narrowing, with China emerging as a source of original innovation [2] - CITIC Securities notes that the American Society of Clinical Oncology (ASCO) annual meeting is the largest and most authoritative clinical oncology conference, with increasing representation of domestic innovative drug data [2] Group 3 - Century Securities reports that there are ongoing developments in the innovative drug sector, particularly with the collaboration between Bristol-Myers Squibb and BioNTech for a $9 billion joint development of a PD-L1/VEGF dual antibody [3] - The ASCO meeting showcased significant progress in dual antibodies and ADC fields, with new mechanisms and targets emerging, indicating a differentiated layout in early clinical stages [3] - The competitiveness of domestic innovative drug pipelines on a global scale is expected to continue to rise, with a long-term positive outlook on the international expansion of innovative drugs [3]