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]

证券代码：688658 证券简称：悦康药业 公告编号：2025-027 悦康药业集团股份有限公司 公司控股股东京悦永顺持有的公司 26,500,000 股无限售流通股股票于 2025 年 5 月 27 日 10 时至 2025 年 5 月 28 日 10 时止（延时除外）在京东网司法拍卖 网络平台（网址：http://sifa.jd.com/29 户名：北京市第二中级人民法院）上进行 司法拍卖。具体内容详见公司于 2025 年 4 月 28 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于控股股东所持公司部分股份被司法拍卖的提示 性公告》（公告编号：2025-021）。 二、本次司法拍卖的进展情况 本次司法拍卖的京悦永顺持有公司的 26,500,000 股无限售流通股股票已于 2025 年 5 月 28 日 10 时结束拍卖。公司经查询京东网司法拍卖网络平台，显示 本次司法拍卖标的因在规定时间内无人出价已流拍。 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 ...

Core Viewpoint - The company announced that its controlling shareholder, Jingyue Yongshun, will auction 26.5 million unrestricted circulating shares, representing 5.88% of the total share capital and 14.70% of the shares held by the shareholder, on the JD.com judicial auction platform from May 27 to May 28, 2025. The auction failed due to no bids being placed, and this event will not have a significant adverse impact on the company's management or lead to changes in the controlling shareholder or actual controller [1]. Summary by Relevant Sections - Shareholder Information - Jingyue Yongshun holds 26.5 million shares, which is 5.88% of the total share capital [1] - This amount represents 14.70% of the shares held by the controlling shareholder [1] - Auction Details - The shares were scheduled for auction on JD.com from May 27 to May 28, 2025 [1] - The auction was unsuccessful as there were no bids placed [1] - Impact on Company - The failed auction will not significantly affect the company's management [1] - There will be no changes in the controlling shareholder or actual controller as a result of this event [1]

Core Viewpoint - The company, Yuekang Pharmaceutical, reported a decline in revenue for 2024, with total revenue of 3.781 billion yuan, a year-on-year decrease of 9.90% [1] Group 1: Operating Performance - The revenue breakdown shows that cardiovascular and anti-infection products generated 2.105 billion yuan and 789 million yuan, respectively, with declines of 20.73% and 22.67% [1][4] - The gross profit margin for the company was 58.76%, with significant differences among product categories; anti-infection products had a gross margin of 6.91%, while cardiovascular products had a margin of 91.08% [1][4] - The company provided a detailed table of sales revenue, volume, unit price, and year-on-year changes for different product types [2][3] Group 2: Revenue Analysis - The decline in cardiovascular product revenue was primarily due to a drop in sales of Ginkgo biloba extract injection, which saw an 8.47% decrease in volume and a reduction in average selling price [5] - The anti-infection product revenue decline was attributed to a shrinking market demand and increased competition, leading to lower sales volumes [5] - Conversely, the digestive system product revenue increased by 123.04% due to improved sales of omeprazole enteric-coated capsules, driven by enhanced marketing strategies [5] Group 3: Gross Margin Analysis - The gross margin differences among product types were influenced by drug classification and centralized procurement impacts [6][7] - Cardiovascular products maintained high margins due to effective market development and production cost management, while anti-infection products faced lower margins due to competitive pricing pressures [7] - The company’s gross margins were compared with industry peers, showing that its margins were generally in line with industry averages [8] Group 4: Sales and Marketing Expenses - The company reported a decrease in marketing and promotion expenses from 1.715 billion yuan in 2023 to 1.242 billion yuan in 2024, a reduction of 27.59% [10][11] - The decrease was attributed to the expansion of centralized procurement, which stabilized sales volumes in public medical institutions, leading to reduced promotional activities [11] - The company’s pricing strategy for major products considered various factors, including R&D costs, market demand, and competition [12] Group 5: Related Party Transactions - The company increased its purchases from Anhui Hengshun Information Technology Co., Ltd. to 221.678 million yuan in 2024, a significant increase from the previous year [18][20] - Anhui Hengshun primarily engages in the production and sale of various pharmaceutical intermediates, and the increase in purchases was due to expanded sales channels and cost advantages [19][20] - The procurement prices from Anhui Hengshun were found to be fair and competitive compared to other suppliers [21]

容诚会计师事务所（特殊普通合伙） 《关于悦康药业集团股份有限公司 2024 年年度报告问询函》回 复的报告 容诚专字[2025]200Z0694 号 上海证券交易所： 贵所于 2025 年 5 月 6 日向悦康药业集团股份有限公司（以下简称"公司" 或"悦康药业"）发出《关于悦康药业集团股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证科创公函【2025】0091 号, 以下简称"问询函"）， 根据贵所出具的问询函的要求，容诚会计师事务所（特殊普通合伙）（以下简 称"本所"）作为悦康药业年审会计师，对问询函中需要会计师发表意见的事 项回复如下： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五 入所致。如无特别说明，本回复中使用的简称或名词释义与《悦康药业集团股 份有限公司 2024 年年度报告》一致。。 问题一：关于经营业绩 年报显示，公司 2024 年实现营业收入 37.81 亿元，同比下滑 9.90%，其中 心脑血管类、抗感染类分别实现收入 21.05 亿元和 7.89 亿元，同比下滑 20.73%、 22.67%；原料药、消化系统类分别实现收入 3.30 亿元、2.60 ...

证券代码：688658 证券简称：悦康药业 公告编号：2025-026 悦康药业集团股份有限公司 关于上海证券交易所 2024 年年度报告问询函的 回复公告 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"悦康药业"或"公司"）于 2025 年 5 月 6 日收到上海证券交易所出具的《关于悦康药业集团股份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0091 号以下简称 "问询函"）。公司会同容诚会计师事务所（特殊普通合伙）（以下简称"会计 师"），对问询函所列问题进行了认真核查并作出如下回复： 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五 入所致。如无特别说明，本回复中使用的简称或名词释义与《悦康药业集团股 份有限公司 2024 年年度报告》一致。 问题一：关于经营业绩 单位：万元 主要产品名称 单位 2024 年度 2023 年度 销售收入 销量 销售收入 销量 心脑血管类 210,472.59 — 265,517.35 — 主要产 ...

Core Viewpoint - The article highlights the progress of Yuekang Pharmaceutical Group in developing innovative traditional Chinese medicine (TCM) products, emphasizing their commitment to high-quality drug development and the potential market opportunities for their new drugs [2][3][5]. Group 1: Product Development and Clinical Value - Yuekang Pharmaceutical is currently in the New Drug Application (NDA) review stage for three major products targeting cardiovascular, neurological, and respiratory diseases, showcasing the advantages of TCM's multi-target collaborative treatment [3][5]. - Clinical experts have expressed optimism about the three innovative drugs, with specific praise for the multi-target mechanism of Hydroxy Safflower Yellow A, which may improve long-term neurological function in acute ischemic stroke patients [3]. - The compound TCM Tongluo Jianbrain Tablets is noted for its effectiveness in treating vascular dementia, reflecting the TCM principle of addressing both symptoms and root causes [3][5]. Group 2: Market Position and Innovation - The pharmaceutical industry is transitioning from rapid growth to high-quality development, with innovation becoming the core driving force for companies to stand out [4][5]. - Yuekang Pharmaceutical is expected to solidify its industry-leading position through precise market understanding and continuous technological innovation [5]. Group 3: Internationalization and Digital Transformation - The Chinese biopharmaceutical industry is shifting towards high-quality development, with innovation and internationalization as key drivers [6]. - Yuekang Pharmaceutical has established a 500-member international R&D team and developed multiple core technology platforms, achieving significant patent breakthroughs [6][7]. - The company has partnered with Huawei for digital transformation, enhancing efficiency across various operational areas, including R&D and supply chain management [7][8]. Group 4: Commitment to Quality - The company emphasizes a strict quality control philosophy, ensuring high standards in every aspect of drug production, from raw materials to final products [2][3]. - Yuekang Pharmaceutical's commitment to quality is reflected in its extensive quality inspection center and rigorous production standards [2].