Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of December 28, 2025 [1] Core Insights - The report highlights the intensive policy support for brain-computer interface (BCI) technology development, particularly in the medical field, with several policies already implemented [2] - It emphasizes the significant market opportunity in radiation therapy equipment, particularly the ZAP-X system, which is expected to capture a substantial share of the growing market for non-invasive tumor radiation treatment [3] - The introduction of pathology fee reforms is seen as a breakthrough for the commercialization of AI applications in pathology, allowing for better integration of AI-assisted diagnostics into the pricing structure [5] - The report discusses the trend of Chinese innovative drugs entering international markets, which is expected to reduce domestic competition and provide new valuation anchors for these companies [6] - It also notes the promising developments in oral autoimmune drugs and small nucleic acid drugs, with several companies making significant progress in clinical trials [7][9] Summary by Sections 1. Policy Support for BCI Technology - In July 2025, a joint opinion was issued by multiple government departments to promote BCI industry innovation, with medical health being a core application area [2] - The National Medical Products Administration (NMPA) has prioritized the approval of implantable BCI medical devices, with expected registration certificates to be issued by Q1 2026 [2] 2. Radiation Therapy Equipment Market - The ZAP-X system is designed for precise radiation therapy for brain tumors, with a significant patient population in China, estimated at 1.5 million new cases of brain metastases annually [3] - The non-invasive tumor radiation treatment market is projected to grow from RMB 27.2 billion in 2018 to RMB 59.4 billion by 2024, with a compound annual growth rate (CAGR) of 13.9% [3] 3. AI in Pathology - The NMPA's new guidelines for pathology services include AI-assisted diagnostics as an expansion item, which will help streamline the commercialization of AI technologies in pathology [5] 4. Innovative Drug Exports - The report notes that partnerships between Chinese companies and international firms are increasing, providing funding and reducing competition in the domestic market [6] - The innovative drug index has risen by 38.11% since the beginning of 2025, outperforming the CSI 300 index [6] 5. Oral Autoimmune Drugs - Takeda's new oral TYK2 inhibitor has shown positive results in clinical trials for psoriasis, indicating a potential breakthrough in treatment options [7] - Several domestic companies are also advancing in the development of oral autoimmune drugs targeting various conditions [7] 6. Small Nucleic Acid Drugs - Yuyuan Pharmaceutical's YKYY032 injection has received clinical approval from both the FDA and NMPA, with multiple companies in China advancing in the small nucleic acid drug space [9] - The report highlights the reliability of domestic technology platforms as they progress through clinical trials [9] 7. Stock Recommendations - The report recommends specific companies based on the identified opportunities, including Meihua Medical for BCI technology, Baiyang Pharmaceutical for ZAP-X, and Yuyuan Pharmaceutical for small nucleic acid drugs [11]

证券代码：688658 证券简称：悦康药业 公告编号：2025-059 悦康药业集团股份有限公司 2025年第三次临时股东会决议公告 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。 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 164 | | --- | --- | | 普通股股东人数 | 164 | | 2、出席会议的股东所持有的表决权数量 | 238,323,538 | | 普通股股东所持有表决权数量 | 238,323,538 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 53.6184 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 53.6184 | 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 12 月 22 日 （二） 股东会召开的地点：北京市北京经济技术开发区科创七街 11 号悦康创新 药物 ...

tiantailaw.com 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 2025 年第三次临时股东会 的 法律意见书 北京市朝阳区北辰东路 8 号汇宾大厦 6 层（100101） 电话：010-61848000 传真：010-61848009 | 北京 上海 广州 长春 南京 深圳 天津 郑州 成都 福州 珠海 武汉 | 北京市朝阳区北辰东路八号汇宾大厦 A 座六层 | | --- | --- | | 合肥 重庆 太原 苏州 宁波 杭州 济南 银川 沈阳 昆明 海口 无锡 | F6/A,North Star Huibin Plaza,No.8 Beichen East Road, Chaoyang District,Beijing 100101 China | T +8610 61848000 F +8610 61848000 tiantailaw.com 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 2025 年第三次临时股东会的法律意见书 致：悦康药业集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》等相关法律、行政法规，以及中国证券监 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is opening up long-term value for companies, with significant collaborations occurring since September 2025. The innovative drug index has decreased by 11.34% from September 1 to December 19, underperforming the CSI 300 index by 12.93 percentage points. However, the index has increased by 38.65% since the beginning of the year, outperforming the CSI 300 index by 20.76 percentage points [2] - The report emphasizes the importance of oral immunomodulatory drugs, highlighting the positive results from Takeda's TYK2 inhibitor, zasocitinib, in treating moderate to severe plaque psoriasis. This drug is expected to provide significant benefits to patients and is part of a broader trend of domestic companies developing oral immunomodulatory drugs [3] - The report notes the progress of domestic small nucleic acid drugs, with YKYY032 receiving clinical approval from both the FDA and NMPA. The report anticipates an increase in clinical approvals for small nucleic acid drugs by 2026, as more companies enter this field [5] - The report tracks the flu season, indicating a peak in flu cases and a corresponding increase in the use of new flu medications, which are expected to see significant sales growth due to improved treatment protocols and online sales [7] - The report highlights a recovery in the financing of domestic innovative drugs, with a total financing amount of $5.51 billion in the first three quarters of 2025, a 67.6% increase year-on-year. The report also notes a significant increase in orders for CXO companies, indicating a positive trend in the industry [8] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.14 percentage points in the last week, ranking 22nd among 31 sectors [20] - Over the past month, the pharmaceutical industry underperformed the CSI 300 index by 2.06 percentage points, ranking 19th [24] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has decreased by 2.50% over the past month, underperforming the CSI 300 index by 2.06 percentage points [40] - The current PE (TTM) for the pharmaceutical industry index is 37.07, above the five-year historical average of 31.16 [44] 3. Recent Research Achievements - The report includes various deep-dive studies on the pharmaceutical industry, focusing on topics such as the growth of oral drugs and the stability of blood products [48] 4. Recent Industry Policies and News - Recent policies from the National Healthcare Security Administration aim to improve the quality and efficiency of medical insurance fund settlements, which could positively impact the pharmaceutical sector [50] - Significant news includes the approval of new drugs by various companies, indicating ongoing innovation and development within the industry [51][52]

Group 1 - Sichuan Chengyu's wholly-owned subsidiary plans to acquire 85% equity of Hubei Jingyi Company for 2.409 billion yuan, enhancing the company's control over highway projects [1] - Huadian Technology signed contracts worth approximately 815 million yuan with Huadian Technology Group for a wind power hydrogen production project [2] - Dongfang Cable and its subsidiary won projects totaling approximately 3.125 billion yuan, accounting for 34.37% of the company's audited revenue for 2024 [3] Group 2 - Heng Rui Medicine received approval for clinical trials of SHR-2906 injection, a self-developed biopharmaceutical aimed at weight control and metabolic regulation [4] - Qingdao Port plans to invest approximately 15.7 billion yuan in two terminal projects [5] - Jingu Co. received a notification to supply low-carbon wheels for two export models to a major domestic car manufacturer, with production expected in 2026 [6] Group 3 - ST Xingguang won a procurement project worth approximately 22.955 million yuan, accounting for 11.96% of the company's revenue for 2024 [7] - Xinbo Co. plans to jointly invest in an alloy materials research institute with partners, focusing on high-performance materials for various industries [8] - Tianqi Lithium's third-phase lithium concentrate expansion project has been completed and is undergoing trial production, with a total capacity of 2.14 million tons per year [9] Group 4 - Changfei Fiber reported that new fiber optic products related to data centers represent a small proportion of total demand [10] - Dongfang Bio's subsidiaries obtained multiple medical device registration certificates, including various testing kits [11] - Xiugang Co. plans to use up to 500 million yuan of idle fundraising for cash management in safe, liquid investment products [12] Group 5 - Jifeng Co. received a project designation for passenger car seat assemblies from a European luxury brand, with a total lifecycle value of approximately 9.8 billion yuan [13] - CanSino initiated Phase I clinical trials for a combined vaccine, completing the first subject enrollment [14] - Dayu Water-saving's subsidiary pre-won a drainage project worth 140 million yuan and another project worth 1 billion yuan [15] Group 6 - Yutong Pharmaceutical's subsidiary received clinical trial approval for YKYY032 injection for treating hyperlipoproteinemia [17] - Diweier announced the departure of a core technical personnel, impacting its technical leadership [18] - Weilang Co.'s controlling shareholder received regulatory measures from the Shandong Securities Regulatory Bureau for failing to fulfill a commitment [19] Group 7 - Xiehe Electronics invested 5 million yuan in a private equity fund focusing on hard technology sectors [20] - Phoenix Optical received a government subsidy of 4.7053 million yuan, representing 35% of its projected net profit for 2024 [21] - China State Construction reported a 0.9% year-on-year increase in new contracts signed in the first 11 months of 2025, totaling 4.0408 trillion yuan [22] Group 8 - Nanguang Energy's pumped storage power station units 1 and 2 have entered trial operation, with units 3 and 4 expected to follow by year-end [23] - Jindalai plans to invest 280 million yuan to acquire a 34% stake in Yunnan Jici Medical Technology [24] - Geer Software terminated its planned acquisition of a majority stake in Weipin Zhiyuan due to failure to reach agreement on key terms [25] Group 9 - Ningbo Fubang completed the absorption merger of its wholly-owned subsidiary, inheriting all assets and liabilities [26] - Zhongyuan Neipei signed a strategic cooperation framework agreement with Ningbo Puzhi Company for humanoid robot-related business [28] - Gongyuan Co. announced a business integration and relocation of its production lines in the East China region [29] Group 10 - Chlor-alkali Chemical's subsidiary plans to invest 2.975 billion yuan in a comprehensive utilization project for waste salt [30] - Kain Technology announced the departure of a core technical personnel, impacting its research capabilities [31] - ST Renfu received approval for clinical trials of a new drug for idiopathic pulmonary fibrosis [32] Group 11 - Sanbo Brain Science's established brain science fund has completed registration with the Asset Management Association of China [33] - Tongyou Technology plans to apply for a 70 million yuan credit line from Beijing Bank, using its property as collateral [34] - Bai Ao Intelligent signed a significant equipment sales contract worth approximately 27.5021 million yuan [35] Group 12 - ST Xinyan received all restructuring investment funds totaling 2.239 billion yuan, entering the execution phase of its restructuring plan [36] - Dalu Real Estate's subsidiary decided to terminate a planned acquisition of a 60% stake in Beijing Chengzhu Real Estate [38] - Huiyu Pharmaceutical's products received marketing approval in Italy and Norway [39]

YKYY032注射液是一款偶联N-乙酰半乳糖胺(GalNAc)配体的化学合成双链siRNA药物，通过RNA干扰 机制特异性沉默LPA基因转录的mRNA，从源头阻断脂蛋白(a)[Lp(a)]生成，拟用于高脂蛋白(a)血症治 疗。临床前研究显示，该药物在体外及体内均展现显著药理活性，在多种动物模型中可有效降低 LPAmRNA及Lp(a)蛋白水平，在非人灵长类动物中更伴随LDL-C和ApoB水平下降，呈现良好且持久的 降血脂效果，且重复给药毒性研究证实其具备良好的安全性与耐受性。 智通财经APP讯，悦康药业(688658.SH)发布公告，公司子公司北京悦康科创医药科技股份有限公司、 杭州天龙药业有限公司于近日获得国家药品监督管理局(简称"NMPA")核准签发的关于YKYY032注射液 用于治疗高脂蛋白(a)血症的《药物临床试验批准通知书》。悦康科创于近日获得美国食品药品监督管 理局(简称"FDA")关于同意YKYY032注射液用于治疗高脂蛋白(a)血症进行临床试验的函告 (StudyMayProceedLetter，IND编号：178774)。 ...

YKYY032 注射液是一款偶联 N-乙酰半乳糖胺(GalNAc)配体的化学合成双链 siRNA 药物，通过 RNA 干 扰机制特异性沉默 LPA 基因转录的mRNA，从源头阻断脂蛋白 (a) [Lp (a)] 生成，拟用于高脂蛋白 (a) 血 症治疗。临床前研究显示，该药物在体外及体内均展现显著药理活性，在多种动物模型中可有效降低 LPA mRNA 及 Lp (a) 蛋白水平，在非人灵长类动物中更伴随LDL-C和ApoB水平下降，呈现良好且持久 的降血脂效果，且重复给药毒性研究证实其具备良好的安全性与耐受性。 格隆汇12月19日丨悦康药业(688658.SH)公布,公司子公司北京悦康科创医药科技股份有限公司、杭州天 龙药业有限公司于近日获得国家药品监督管理局核准签发的关于 YKYY032 注射液用于治疗高脂蛋白(a) 血症的《药物临床试验批准通知书》。悦康科创于近日获得美国食品药品监督管理局关于同意 YKYY032 注射液用于治疗高脂蛋白(a)血症进行临床试验的函告(Study May Proceed Letter，IND 编号： 178774)。 ...

悦康药业公告，子公司北京悦康科创医药科技股份有限公司、杭州天龙药业有限公司于近日获得国家药 品监督管理局核准签发的关于YKYY032注射液用于治疗高脂蛋白(a)血症的《药物临床试验批准通知 书》。悦康科创于近日获得美国食品药品监督管理局（简称"FDA"）关于同意YKYY032注射液用于治 疗高脂蛋白(a)血症进行临床试验的函告。 ...

证券代码：688658 证券简称：悦康药业 公告编号：2025-058 6、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 2025 年 11 月 17 日受理的 YKYY032 注射液临床试验申请符合药品注册的有关 （一）国家药品监督管理局临床批件主要内容 1、药品名称：YKYY032 注射液 2、受理号：CXHL2501263 3、通知书编号：2025LP03415 4、申请适应症：高脂蛋白(a)血症 4、申请人：北京悦康科创医药科技股份有限公司、杭州天龙药业有限公司 5、申报阶段：临床试验 要求，同意本品开展临床试验。 （二）美国食品药品监督管理局函告主要内容 悦康药业集团股份有限公司 关于自愿披露子公司 YKYY032 注射液获得国家药品 监督管理局和 FDA 临床试验批准的公告 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。 悦康药业集团股份有限公司（以下简称"公司"）子公司北京悦康科创医药 科技股份有限公司（以下简称"悦康科创"）、杭州天龙药业有限公司（以下简 称"杭州天龙"）于近日获得国家药品 ...

Core Viewpoint - Yuyuan Pharmaceutical announced that its subsidiaries, Beijing Yuyuan Kechuang Pharmaceutical Technology Co., Ltd. and Hangzhou Tianlong Pharmaceutical Co., Ltd., have received approval from the National Medical Products Administration for the clinical trial of YKYY032 injection for the treatment of hyperlipoproteinemia(a) [1] Group 1 - The approval from the National Medical Products Administration includes the issuance of a "Drug Clinical Trial Approval Notice" for YKYY032 injection [1] - Yuyuan Kechuang has also received a letter of consent from the U.S. Food and Drug Administration to conduct clinical trials for YKYY032 injection for the same indication [1]