证券代码：688658 证券简称：悦康药业 公告编号：2026-018 悦康药业集团股份有限公司 关于召开2025年年度股东会的通知 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 2025年年度股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2026 年 4 月 10 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 产业园一楼会议室。 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 10 日 至2026 年 4 月 10 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4月10日 本次股东会采用 ...

证券代码：688658 证券简称：悦康药业 公告编号：2026-009 悦康药业集团股份有限公司 第三届董事会第四次会议决议公告 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。 一、董事会会议召开情况 悦康药业集团股份有限公司（以下简称"公司"）第三届董事会第四次会 议于 2026 年 3 月 20 日召开。本次会议应参会董事 9 名，实际参会董事 9 名， 本次会议由董事长于伟仕先生召集并主持。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》（以下简称"《公司章程》"）等规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2025 年年度报告>及其摘要的议案》 该议案已经第三届董事会审计委员会 2026 年第二次会议和第三届董事会战 略委员会 2026 年第一次会议审议通过。 经审议，董事会认为公司 2025 年年度报告及其摘要的编制和审议程序符合 法律法规、《公司章程》和公司内部管理制度的各项规定；报告内容真实、准确、 完整，客观地反映 ...

悦康药业集团股份有限公司2025 年年度报告 公司代码：688658 公司简称：悦康药业 悦康药业集团股份有限公司 2025 年年度报告 1 / 284 悦康药业集团股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司上市时未盈利且尚未实现盈利 □是 √否 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本 报告"第三节 管理层讨论与分析"之"四、风险因素"。除此之外，公司无其他需要单独提示的 重大风险。 四、公司全体董事出席董事会会议。 五、容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 六、公司负责人于伟仕、主管会计工作负责人刘燕及会计机构负责人（会计主管人员）冯洁声明： 保证年度报告中财务报告的真实、准确、完整。 本次利润分配预案尚需提交 2025 年年度股东会审议。 母公司存在未弥补亏损 □适用 √不适用 三、重大风险提示 七、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司于 2026 ...

证券代码：688658 证券简称：悦康药业 公告编号：2026-016 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： 一、 利润分配预案内容 悦康药业集团股份有限公司 关于公司 2025 年度利润分配预案的公告 （一）利润分配预案具体内容 经容诚会计师事务所（特殊普通合伙）审计，公司 2025 年度实现归属于上 市公司股东的净利润为-262,389,860.99 元，截至 2025 年 12 月 31 日公司母公司 报表中期末未分配利润为人民币 750,310,320.16 元。 根据《上市公司监管指引第 3 号——上市公司现金分红》《悦康药业集团股 份有限公司章程》等相关规定，鉴于公司 2025 年度归属于母公司所有者的净利 润为负数，公司结合未来战略发展安排、目前经营状况以及实际资金需求，为 增强公司抵御风险的能力，促进公司持续健康发展，维护全体股东的长远利益， 经董事会决议，公司 2025 年度拟不进行利润分配。 本次方案尚需提交公司 2025 年年度股东会审议。 （二）是否可能触及其他风险警示情形 ...

本次被司法拍卖的标的为悦康药业集团股份有限公司（以下简称"公司"） 控股股东阜阳京悦永顺信息咨询有限公司（以下简称"京悦永顺"）持有的公司 1,720,000 股无限售流通股股票，占公司总股本的 0.38%，占其所持公司股份数量 的 1.12%。 本次司法拍卖标的因在规定时间内无人出价已流拍。 本次司法拍卖事项不会对公司经营管理产生重大不利影响，亦不会导致 公司控股股东和实际控制人发生变化。 证券代码：688658 证券简称：悦康药业 公告编号：2026-008 悦康药业集团股份有限公司 关于控股股东所持公司部分股份被司法拍卖 流拍的公告 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： 三、其他说明及风险提示 1、本次拍卖的京悦永顺持有的公司股份后续是否再次被拍卖具有不确定性。 若拍卖最终举行，后续仍可能涉及竞拍、缴款、法院执行法定程序、股权变更过 户等环节，均存在一定的不确定性。公司将根据拍卖进展情况，依法履行相应的 信息披露义务。 2、本次司法拍卖事项不会对公司经营管理产生重大不利影响，亦不会导致 公司 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of price leadership in the pharmaceutical sector, particularly in the context of rising raw material costs due to geopolitical tensions and supply chain disruptions [2] - The report highlights the approval of China's first invasive brain-machine interface, marking a significant milestone in medical technology and potential market opportunities [5] - The report notes a strong trend in China's innovative drug exports, with a significant increase in licensing deals and collaborations, indicating robust growth in the sector [6] Summary by Sections Supply Chain and Pricing Dynamics - The report discusses the impact of macroeconomic changes on supply chains, particularly the price increases in upstream chemical products affecting pharmaceutical raw materials [2] - It mentions that 90% of monitored products saw price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] - Specific raw materials like Vitamin E and methionine have seen price increases of 40.54% and 84.66% respectively since the start of the year [2] Market Trends and Innovations - The report details the rising prices of disposable gloves due to increased costs of upstream materials, with notable price hikes in butadiene and acrylonitrile [3] - It highlights the competitive landscape for disposable gloves, noting that leading companies are leveraging their cost advantages to implement price increases [3] - The report also discusses the potential for domestic medical products to benefit from export controls on dual-use items, enhancing China's competitive edge [4] Regulatory Developments and Market Opportunities - The approval of the brain-machine interface by the National Medical Products Administration is a significant development, with a large potential patient base in China [5] - The report outlines the introduction of new pricing guidelines for invasive brain-machine interfaces, which could facilitate market entry and reimbursement [5] Investment Recommendations - The report recommends focusing on raw material producers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Yingke Medical and Blue Sail Medical in the disposable glove sector [8] - It suggests monitoring companies benefiting from resource management policies, such as Aidi Te, and those involved in the invasive brain-machine interface market, like Meihua Medical [8] - The report also emphasizes the growth potential in the small nucleic acid drug sector, recommending companies like Yuyuan Pharmaceutical and Sunshine Nuohe [8] Company Performance and Forecasts - The report provides earnings forecasts for key companies, indicating a positive outlook for several firms in the pharmaceutical sector, with specific EPS and PE ratios highlighted for investment consideration [9]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The National People's Congress has designated innovative drugs as a "new emerging pillar industry," indicating a strategic shift for the biopharmaceutical sector from a nurturing phase to a core engine of economic growth [16][17]. - As of March 6, 2026, the total value of business development (BD) contracts for Chinese innovative drugs has reached $56.8 billion, with an upfront payment of $3.3 billion, representing 41% of the total for 2025 and exceeding the total for 2024 [17][21]. - Despite significant stock price corrections from 2025 highs, the fundamentals of quality companies remain solid, and the long-term growth logic for innovative drug exports is still intact [21]. Summary by Sections Industry Trends - The A-share pharmaceutical index has seen a year-to-date decline of 2.42%, underperforming the CSI 300 by 1.02% [9]. - The Hang Seng Healthcare Index has outperformed the Hang Seng Technology Index by 0.97% year-to-date [9]. R&D Progress and Company Dynamics - Recent approvals include HSK31679 for non-alcoholic fatty liver disease and the GLP-1 receptor agonist Enogratide, marking significant advancements in innovative drug development [17]. - The report highlights specific companies to watch, including: - PD1 PLUS: Sangamo Therapeutics, CanSino Biologics, Innovent Biologics, and Zai Lab [12]. - ADC: I-Mab Biopharma, Kelun-Biotech, and Baiyue Tianheng [12]. - Small nucleic acids: Frontier Biotechnologies, Fuyuan Pharmaceutical, and Yuyuan Pharmaceutical [12]. Market Performance - The report notes that the pharmaceutical index's price-to-earnings ratio is currently at 36.18, which is 2.24 times lower than the historical average [9]. - The report identifies top-performing stocks for the week, including Yahu Pharmaceutical (+40.65%) and Duoyi Pharmaceutical (+30.81%), while highlighting significant declines in stocks like Haixiang Pharmaceutical (-15.06%) and Furu Medical (-13.07%) [9].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1] Core Insights - The upcoming adjustment of the National Essential Medicines List (NEML) is expected to benefit traditional Chinese medicine (TCM) stocks, with a focus on companies like Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Panlong Pharmaceutical [2][17][22] - The report ranks sub-sectors in the following order of preference: innovative drugs > research services > CXO > TCM > medical devices > pharmacies [2][11] - Historical data indicates that products included in the NEML tend to experience significant sales growth, as seen with Zhaoli Pharmaceutical's Wuling Capsule, which saw sales growth rates increase from -12.82% in 2017 to 32.52% in 2021 after being included in the NEML [19][22] Summary by Sections Investment Highlights - The report suggests focusing on TCM stocks due to the imminent NEML adjustments, recommending Zhaoli Pharmaceutical, Fangsheng Pharmaceutical, and Panlong Pharmaceutical [2][17] - The report emphasizes the importance of the NEML adjustments, which have not occurred in eight years, and the potential for TCM products to gain market share [22] R&D Progress and Company Dynamics - Recent approvals and submissions include Sanofi's Dupilumab for new indications and GSK's hepatitis B therapy application in Japan [5] - The report highlights various companies across different therapeutic areas, including innovative drugs, ADCs, and small nucleic acids, suggesting a diversified investment approach [13][22] Market Performance - The A-share pharmaceutical index has shown a year-to-date increase of 3.0%, with notable performances from specific stocks such as Aidi Te (+36.9%) and Wanze Shares (+27.5%) [10] - The report notes that the medical sector has seen varied performance, with biopharmaceuticals and medical devices showing positive trends, while chemical pharmaceuticals and medical services have faced declines [10]

Core Viewpoint - Fangzhou Inc. has entered a strategic collaboration with Youcare Pharmaceutical Group to enhance chronic disease services through AI-driven solutions, aiming to support China's digital transformation in healthcare [1][2][8] Group 1: Partnership Objectives - The collaboration focuses on two main areas: co-development of digital systems for chronic disease management and expansion of health management services in key therapeutic areas [6][4] - The partnership aims to integrate Youcare's pharmaceutical expertise with Fangzhou's AI capabilities to create a digitally enabled chronic disease management system [6][4] Group 2: Industry Context - China's chronic disease management is shifting from a drug-centered model to a patient-centered approach, necessitating digital transformation in healthcare services [3][8] - The partnership aligns with China's "Healthy China 2030" initiative, emphasizing the importance of integrating AI technology with chronic disease services and pharmaceutical innovation [8][7] Group 3: Company Profiles - Fangzhou Inc. is a leading online chronic disease management platform in China, serving 52.8 million registered users and 229,000 physicians as of June 30, 2025, specializing in AI-enabled precision medicine [9] - Youcare Pharmaceutical Group is a large-scale conglomerate in the pharmaceutical industry, focusing on drug R&D, manufacturing, and distribution, and is recognized as one of the top 100 enterprises in China [10]