近日，悦康药业(688658.SH)发布公告称，为进一步提高公司综合竞争力，提升公司国际品牌形象，同时更好地利用国际资本市场，多元化融资渠道，公 司拟在境外发行股份(H股)并在港交所主板上市。 根据公告，本次发行上市方案尚需提交公司股东大会审议，并需获得中国证监会、香港联交所等相关监管机构的备案、批准或核准。公司表示将在股东会 决议有效期内(即自公司股东会审议通过之日起24个月或同意延长的其他期限)选择适当的时机和发行窗口完成本次发行H股并上市。 IPO募资尚未"花到位"，悦康药业又开启新的募资计划。2025年3月，公司公告拟向特定对象发行股票募资不超过3亿元，用于主营业务相关项目及补充流 动资金。 时隔短短数月后，悦康药业再抛出H股上市计划，宣称要"多元化融资渠道、提升国际品牌形象"。从IPO到定增再到发行H股，近5年3次募资动作背后，是 公司日益紧张的资金链。2025年三季报显示，公司经营活动现金流净额1.68亿元，同比大幅下降60.9%，投资活动现金流净额为-4.02 亿元，现金及现金等 价物净增加额为-2.56亿元，同比暴跌338.24%，资金缺口已然显现。 令人注目的是，去年，悦康药业核心产品银杏叶 ...

Group 1 - The A-share market saw a significant decline in innovative drug concept stocks, with notable drops including Aidi Pharmaceutical down over 11% and Yifang Bio down over 5% [1] - Other companies such as Xingqi Pharmaceutical, Zhenbaodao, and Dize Pharmaceutical experienced declines of over 4%, while Rongchang Bio, Hanshang Group, Yuekang Pharmaceutical, Xinlitai, Haishike, Shanghai Yizhong, and Kanghong Pharmaceutical fell by over 3% [1] Group 2 - Aidi Pharmaceutical (688488) reported a decline of 11.33%, with a total market value of 7.835 billion and a year-to-date increase of 14.02% [2] - Yifang Bio (688382) decreased by 5.99%, with a market capitalization of 15 billion and a year-to-date decline of 4.99% [2] - Xingqi Pharmaceutical (300573) fell by 4.82%, with a market value of 19.4 billion and a year-to-date increase of 12.01% [2] - Zhenbaodao (603567) dropped by 4.74%, with a market capitalization of 7.951 billion and a year-to-date decline of 5.38% [2] - Dize Pharmaceutical (688192) decreased by 4.19%, with a market value of 27.5 billion and a year-to-date increase of 2.78% [2] - Rongchang Bio (688331) fell by 3.98%, with a market capitalization of 56.1 billion and a year-to-date increase of 27.79% [2] - Hanshang Group (600774) decreased by 3.93%, with a market value of 3.101 billion and a year-to-date increase of 14.99% [2] - Yuekang Pharmaceutical (688658) dropped by 3.84%, with a market capitalization of 12 billion and a year-to-date increase of 18.40% [2] - Xinlitai (002294) fell by 3.32%, with a market value of 55.5 billion and a year-to-date increase of 0.48% [2] - Haishike (002653) decreased by 3.23%, with a market capitalization of 56.1 billion and a year-to-date decline of 2.44% [2] - Shanghai Yizhong (688091) dropped by 3.17%, with a market value of 11.2 billion and a year-to-date increase of 15.60% [2] - Kanghong Pharmaceutical (002773) fell by 3.15%, with a market capitalization of 29.5 billion and a year-to-date increase of 6.81% [2]

证券代码：688658 证券简称：悦康药业 公告编号：2026-001 悦康药业集团股份有限公司 关于公司2026年度日常关联交易 预计的公告 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。 重要内容提示： ● 是否需要提交股东会审议：是 ● 日常关联交易对上市公司的影响：本次关联交易为公司（及子公司）日常关联交易，以正常经营业务 为基础，以市场价格为依据，不影响公司的独立性，不存在损害公司及股东利益的情形，公司不会因该 关联交易对关联人产生依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 悦康药业集团股份有限公司（以下简称"公司"）于2026年1月21日召开第三届董事会第三次会议，审议 通过了《关于公司2026年度日常关联交易预计的议案》，本次公司（及子公司）与关联人发生的日常关 联交易预计金额合计为24,156.00万元人民币。关联董事于伟仕、于飞、于鹏飞回避表决，出席会议的非 关联董事一致同意该议案。 本次日常关联交易预计事项事前已经公司第三届董事会独立董事专门会议2026年第一次会议审议通过。 全 ...

证券代码：688658 证券简称：悦康药业 公告编号：2026-001 重要内容提示： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 悦康药业集团股份有限公司（以下简称"公司"）于 2026 年 1 月 21 日召开 第三届董事会第三次会议，审议通过了《关于公司 2026 年度日常关联交易预计 的议案》，本次公司（及子公司）与关联人发生的日常关联交易预计金额合计为 24,156.00 万元人民币。关联董事于伟仕、于飞、于鹏飞回避表决，出席会议的 非关联董事一致同意该议案。 本次日常关联交易预计事项事前已经公司第三届董事会独立董事专门会议 2026 年第一次会议审议通过。全体独立董事认为：公司本次 2026 年度日常关 联交易预计属于公司日常经营业务实际需要，交易双方按照公平、公正、公开 原则开展，平等协商、参照市场价格确定交易价格，不存在损害公司股东尤其 是中小股东的利益，不会对公司独立性产生影响，公司业务不会因此对关联方 形成依赖或被其控制。因此，同意本次日常关联交易预计事项，并同意将该议 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：本次关联交易为公司（及子公司） 日常关联交易， ...

证券代码：688658 证券简称：悦康药业 公告编号：2026-002 悦康药业集团股份有限公司 关于召开2026年第一次临时股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 至2026 年 2 月 6 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 股东会召开日期：2026年2月6日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 2026年第一次临时股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2026 年 2 月 6 日 14 点 00 分 召开地点：北京市北京经济技术开发区科创七街 11 号悦康创新药物国际化 ...

一、独立董事专门会议召开情况 悦康药业集团股份有限公司（以下简称"公司"）第三届董事会独立董事专 门会议2026年第一次会议于2026年1月21日召开，本次会议应参会独立董事3名， 实际参会独立董事3名，本次会议由独立董事于谦龙先生召集并主持。本次会议 的召集和召开程序符合有关法律、行政法规、部门规章、规范性文件和《悦康 药业集团股份有限公司章程》的规定，会议决议合法、有效。 二、独立董事专门会议审议情况 （一）审议通过《关于公司2026年度日常关联交易预计的议案》 悦康药业集团股份有限公司 第三届董事会独立董事专门会议 2026 年第一次会议决议 （以下无正文） 特此决议！ 悦康药业集团股份有限公司 独立董事：于谦龙、谭勇、蒋斌 2026 年 1 月 21 日 公司本次2026年度日常关联交易预计属于公司日常经营业务实际需要，交 易双方按照公平、公正、公开原则开展，平等协商、参照市场价格确定交易价 格，不存在损害公司股东尤其是中小股东的利益，不会对公司独立性产生影响， 公司业务不会因此对关联方形成依赖或被其控制。因此，同意本次日常关联交 易预计事项，并同意将该议案提交公司董事会审议。 表决结果：赞成票3票， ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of January 19, 2026 [1] Core Insights - 2025 marked a significant year for Chinese innovative drugs going global, with a total transaction amount of $135.655 billion, including $7 billion in upfront payments and 157 deals, setting historical highs. The trend continues into 2026, with notable licensing agreements from companies like Yilian Biotech and Rongchang Biotech, indicating strong global competitiveness for Chinese innovative drugs [2] - Major companies are increasingly investing in the small nucleic acid field, with significant acquisitions and clinical approvals. For instance, China National Pharmaceutical Group acquired Hangzhou Hejiya Biopharmaceutical for 1.2 billion RMB, while international firms like Novartis and GSK are also advancing in this area [3] - The GLP-1 market is expected to grow despite new pricing systems, with ongoing collaborations and new product launches anticipated in 2026. The market for GLP-1 drugs is projected to remain robust due to the large patient population for weight loss and diabetes [4] - The oral autoimmune drug market is gaining attention, with promising results from Takeda's new TYK2 inhibitor for psoriasis. Other domestic companies are also advancing in this space, exploring new targets for oral small molecules [5] - The brain-computer interface sector is poised for industrialization, with companies like Neuralink set to produce devices in 2026. Domestic advancements and regulatory support are enhancing the potential for this technology in medical applications [6] - The ZAP-X radiation therapy device is expected to capture a significant market share in China, with rapid growth projected in non-invasive tumor radiation treatment, driven by increasing clinical recognition and adoption [8] Summary by Sections Industry Trends - The pharmaceutical sector is witnessing a resurgence in interest towards innovative drugs, with a notable increase in the innovative drug index by 8.97% since early January 2026, outperforming the CSI 300 index by 6.77 percentage points [2] Company Recommendations - Recommended companies include: - **Yuekang Pharmaceutical** and **Sunshine Nuohua** in the small nucleic acid space - **Yahong Pharmaceutical** and **Yifang Biotechnology** in the autoimmune sector - **Zhongsheng Pharmaceutical** in the GLP-1 market - **Baiyang Pharmaceutical** for ZAP-X radiation therapy - **Meihao Medical** for brain-computer interface technology [10] Market Opportunities - The non-invasive tumor radiation treatment market is projected to grow from 27.2 billion RMB in 2018 to 59.4 billion RMB by 2024, with a compound annual growth rate of 13.9% [8]

Group 1 - The core point of the news is that Yuyuan Pharmaceutical experienced a decline of 5.21% in its stock price, reaching 27.10 yuan per share, with a total market capitalization of 12.195 billion yuan [1] - Yuyuan Pharmaceutical, established on August 14, 2001, and listed on December 24, 2020, focuses on the research and production of high-end chemical drugs, with significant revenue contributions from cardiovascular, digestive, diabetes, and anti-infection medications [1] - The main products contributing to the company's revenue include Ginkgo biloba extract injection, Tianma extract injection, Lansoprazole injection, Omeprazole enteric-coated capsules, Metformin sustained-release tablets, Cefuroxime sodium injection, and Ceftriaxone sodium injection, indicating strong future growth potential [1] Group 2 - According to data, Guangfa Fund holds a significant position in Yuyuan Pharmaceutical, with its Guangfa Balanced Return Mixed A Fund holding 609,700 shares, unchanged from the previous period, representing 2.19% of the fund's net value [2] - The Guangfa Balanced Return Mixed A Fund, established on June 23, 2021, has a current scale of 612 million yuan, with a year-to-date return of 3.48% and a one-year return of 17.78% [2]

Core Viewpoint - Yuyuan Pharmaceutical plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image, but faces significant challenges including declining financial performance and cash flow issues [1][5]. Financial Performance - Yuyuan Pharmaceutical's revenue and net profit have been declining annually from 2022 to 2024, with revenues of 45.21 billion, 41.83 billion, and 37.67 billion respectively, representing year-on-year declines of 8.53%, 7.61%, and 9.9% [2][8]. - The net profit for the same period was 3.35 billion, 1.85 billion, and 1.24 billion, with declines of 38.56%, 44.87%, and 33.05% respectively [2][8]. Core Product Challenges - The decline in performance is primarily due to issues with the core product, Ginkgo Biloba Extract Injection, which has faced compliance crises and industry downturns [2][9]. - The price of the core product was significantly reduced from 24.1 yuan to 11.2 yuan per unit, a drop of over 53%, impacting revenue and gross profit [2][9]. Market Trends - The market for traditional Chinese medicine injections has shrunk from nearly 900 billion in 2016 to approximately 443 billion in 2024, indicating a significant and ongoing decline [3][9]. Strategic Shift - In response to traditional business challenges, Yuyuan Pharmaceutical is shifting its focus to innovative drug development, particularly in nucleic acid drugs like siRNA and mRNA [3][10]. - The company's lead drug candidate, YKYY015, is still in Phase I clinical trials in China and has not yet started in the U.S., indicating a long path to commercialization [4][10]. Cash Flow and Debt - The company reported a 60.9% year-on-year decrease in net cash flow from operating activities for the first three quarters of 2025, with ongoing cash outflows from investment activities [4][10]. - As of the end of Q3 2025, the company's cash balance was approximately 1 billion, down from 1.33 billion at the end of 2024, while interest-bearing debt reached 662 million, with short-term repayment pressures increasing significantly [4][10]. Financing and Dividend Issues - Yuyuan Pharmaceutical is planning to raise up to 300 million through a private placement and is also pursuing H-share listing amid tight cash flow [5][11]. - Despite financial pressures, the company distributed dividends of 3.06 billion, 4.95 billion, and 889 million in 2022, 2023, and 2024, respectively, raising questions about the rationale behind such payouts during a critical transition period [6][11]. Project Delays - Several investment projects have been delayed, including the completion of the R&D center and various production lines, with new completion dates pushed to late 2025 and 2026 [11][12]. - The planned investment of 80 million in a smart coding system was terminated, with funds redirected to new drug development projects, highlighting uncertainties in project execution [12].

Core Insights - The 44th J.P. Morgan Healthcare Conference (JPM) is a significant event in the global healthcare sector, attracting over 8,000 participants, with a strong representation from biotechnology and pharmaceutical companies [1][3] - Chinese pharmaceutical companies are increasingly participating in JPM, focusing on collaboration and showcasing their innovative pipelines, particularly in the context of a booming merger and acquisition landscape in the industry [1][4] Group 1: Conference Overview - The conference is recognized as a "barometer" for development and investment in the pharmaceutical sector, featuring industry leaders and innovators discussing trends and opportunities [3] - Key areas of focus at this year's conference include biotechnology and pharmaceuticals, which account for 35% and 33% of participating companies, respectively [3] Group 2: Chinese Pharmaceutical Companies - At least 30 Chinese pharmaceutical companies are participating, with several being regular attendees, indicating a growing presence in the global market [4][5] - Notable Chinese companies presenting include BeiGene, Zai Lab, and Legend Biotech, with significant advancements in their clinical pipelines being highlighted [4] Group 3: Investment Trends - Investors are increasingly interested in the integration of AI in pharmaceuticals and how multinational companies are addressing patent cliffs and BD strategies [4][5] - The perception of Chinese pharmaceutical companies is shifting from mere asset providers to co-creators of global pharmaceutical innovation, reflecting their growing capabilities [9] Group 4: Company Innovations - Companies like China Biologic Products are undergoing significant innovation transformations, aiming for over 50% of their revenue from innovative products by 2025 [7] - Yuyuan Pharmaceutical, previously seen as a generic drug company, is transitioning to focus on nucleic acid and peptide innovative drugs, indicating a strategic shift in their business model [8]