Core Viewpoint - The pharmaceutical sector is experiencing significant capital inflow, driven by the emergence of Nipah virus cases in India, which has heightened interest in vaccines and innovative drugs, alongside the continuous expansion of Chinese pharmaceutical companies in overseas markets [1] Group 1: Market Dynamics - On January 26, the pharmaceutical sector saw a notable increase in capital inflow, with market sentiment becoming more active due to multiple factors, including marginal improvements in industry fundamentals and supportive policies [1] - The emergence of overseas pandemic events, such as Nipah virus infections, has reignited market focus on vaccines, antiviral drugs, and public health defense systems, reinforcing long-term investment confidence in the pharmaceutical sector, particularly in innovative drugs, vaccines, and diagnostics [1] Group 2: Structural Opportunities - Recent institutional insights indicate that structural opportunities within the pharmaceutical sector are becoming clearer, with the strong momentum of innovative drugs continuing to be a core driver of the sector [1] - By January 2026, several companies, including Yilian Biotech and Rongchang Biotech, have achieved licensing agreements, validating the global competitiveness of Chinese innovative drugs, especially in cutting-edge technology areas like ADC, bispecific antibodies, and small nucleic acids [1] Group 3: Sector Developments - Progress in specific subfields is enhancing confidence in the sector, with small nucleic acid drugs showing positive clinical data in chronic hepatitis B and metabolic diseases, attracting accelerated investments from leading domestic and international companies [2] - Breakthroughs in oral immunomodulatory drugs targeting new pathways provide new treatment options for difficult diseases such as psoriasis and ulcerative colitis, warranting ongoing monitoring of related domestic companies' clinical advancements [2] - The GLP-1 class products maintain high demand in the weight loss and diabetes markets, with a gradually forming domestic pricing system and rapid overseas market expansion opening up further growth opportunities [2] Group 4: Investment Strategies - Institutions suggest investors focus on the following main lines for pharmaceutical sector investments: - Concentrate on cutting-edge areas of innovative drugs, particularly in the accelerating overseas expansion of bispecific antibodies, ADC, and small nucleic acids, such as YK Pharma and Sunlight Novo [3] - Capitalize on innovative breakthroughs in tumor therapeutic vaccines [3] - Invest in the CXO and research service industry chain that supports innovative research and development, such as Yinos and Zhaoyan New Drug [3] - Pay attention to traditional Chinese medicine and pharmacy sectors with overseas potential or high dividend defensive attributes, such as Zoli Pharmaceutical, Dong'e Ejiao, and Yifeng Pharmacy [3]

Core Viewpoint - Yuyuan Pharmaceutical (688658.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its competitiveness and international brand image while diversifying its financing channels [1][2]. Group 1: Company Overview - Yuyuan Pharmaceutical Group Co., Ltd. was established in 2001 and is headquartered in Beijing, focusing on new drug research and development, production, distribution, and international trade [2]. - The company has developed nine core R&D platforms, including nucleic acid drugs, peptide drugs, traditional Chinese medicine innovation, and high-end chemical drugs [2]. Group 2: Financial Performance - The company has faced challenges with its fundraising projects, with a total of 2.192 billion yuan raised in its IPO, which has not led to sustained growth due to project delays [2][4]. - Yuyuan Pharmaceutical's net profit has declined for three consecutive years from 2022 to 2024, with decreases of 38.53%, 44.87%, and 33.05% respectively [4]. - In the first three quarters of 2025, the company reported total revenue of 1.759 billion yuan, a year-on-year decrease of 41.20%, and a net loss of 148 million yuan compared to a profit of 210 million yuan in the same period last year [6]. Group 3: Recent Developments - The company announced plans to raise up to 300 million yuan through a private placement to support its main business and supplement working capital [3]. - Yuyuan Pharmaceutical's core product, Ginkgo biloba extract injection, faced controversy over pricing, leading to a significant revenue drop of 36% in Q4 2024 and a net loss of 86.01 million yuan [3]. - The company's major shareholder, the Wei family, is facing issues with forced selling of shares, with 26.5 million shares auctioned for a total of 486 million yuan [7].

Core Viewpoint - The company, Yuyuan Pharmaceutical Group Co., Ltd., is facing significant financial challenges, including declining revenues and profits, prompting multiple fundraising efforts and a new H-share listing plan to diversify financing channels and enhance its international brand image [2][3][4][6]. Group 1: Company Overview - Yuyuan Pharmaceutical Group was established in 2001 and is headquartered in Beijing, focusing on new drug research and development, production, distribution, and international trade [2]. - The company has developed nine core R&D platforms, covering areas such as nucleic acid drugs, peptide drugs, traditional Chinese medicine, and high-end pharmaceuticals [2]. Group 2: Financial Performance - The company has experienced a continuous decline in performance over the past three years, with net profit attributable to the parent company decreasing by 38.53% in 2022, 44.87% in 2023, and 33.05% in 2024 [4]. - In the first three quarters of 2025, the company reported total revenue of 1.759 billion yuan, a year-on-year decrease of 41.20%, and a net loss of 148 million yuan, compared to a profit of 210 million yuan in the same period the previous year [6]. Group 3: Fundraising Efforts - The company announced plans to raise up to 300 million yuan through a private placement to support its main business projects and supplement working capital [3]. - Following its IPO, the company has initiated three fundraising actions in five years, indicating a tightening cash flow situation [3]. Group 4: Regulatory and Market Challenges - The company is under scrutiny due to allegations related to its core product, Ginkgo biloba extract injection, which faced accusations of "dual pricing" [3]. - In response to regulatory concerns, the company has committed to lowering the nationwide listed price of the product, which is expected to impact its financial performance [3]. Group 5: Shareholder Issues - The controlling shareholder, the Wei family, is facing difficulties with forced share sales, with 26.5 million shares auctioned for a total of 486 million yuan [7].

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]

Core Viewpoint - The announcement details the expected daily related transactions for 2026 by Youcare Pharmaceutical Group Co., Ltd, which are based on normal business operations and market prices, ensuring no impact on the company's independence or shareholder interests [2][3][30]. Group 1: Daily Related Transactions Overview - The total expected amount for daily related transactions in 2026 is estimated at 241.56 million RMB [3]. - The board of directors, excluding related directors, unanimously approved the proposal for these transactions [3][4]. - Independent directors confirmed that the transactions are necessary for the company's operations and do not harm the interests of shareholders, especially minority shareholders [3][30]. Group 2: Related Parties and Their Financials - Related parties include Anhui Hengshun Information Technology Co., Ltd, with total assets of 1.19 billion RMB and a net loss of 22.79 million RMB for 2025 [11][12]. - Beijing Yuantong Kangbai Pharmaceutical Co., Ltd reported total assets of 491.69 million RMB and a net loss of 16.34 million RMB for 2025 [13][14]. - Other related parties include Beijing Kaicheng Yichuang Technology Co., Ltd, with total assets of 64.70 million RMB and a net loss of 6.13 million RMB for 2025 [16][17]. Group 3: Transaction Details and Pricing Principles - The main content of the expected transactions includes sales of products, procurement of goods and services, and leasing of properties between the company and related parties [27]. - Pricing for these transactions will follow government pricing, market prices, and negotiated agreement prices to ensure fairness [28]. - The company will sign specific contracts with related parties after board and shareholder approval [29]. Group 4: Necessity and Impact of Related Transactions - The related transactions are deemed necessary for maintaining supply chain stability and improving internal management efficiency [30]. - The pricing of these transactions is considered fair and reasonable, with no significant differences from external non-related third-party prices [31]. - The volume of related transactions is low compared to the company's main business income, ensuring no dependency on related parties [32].

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]