登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、公司2022年限制性股票激励计划首次授予限制性股票第三个解除限售条件成就，本次符合解除限售 条件的激励对象共计77人，可解除限售的限制性股票数量为127.512万股，占目前公司总股本的0.07%。 2、本次解除限售的限制性股票上市流通日为2025年12月10日。 华东医药股份有限公司（以下简称"华东医药"、"公司"）于 2025年11月20日召开第十一届董事会第五次 会议，审议通过了《关于2022年限制性股票激励计划首次授予限制性股票第三个解除限售期解除限售条 件成就的议案》。根据《上市公司股权激励管理办法》公司《2022年限制性股票激励计划》（以下简 称"《激励计划》"）的相关规定及公司2022年第一次临时股东大会的授权，公司为符合条件的激励对象 办理了解除限售事宜。现将具体情况公告如下： 一、2022年限制性股票激励计划已履行的相关审批程序 1、2022年8月8日，公司召开第十届董事会第二次会议及第十届监事会第二次会议，审议通过了《关于 公司〈 ...

Core Viewpoint - Next week, a total of 38 stocks will be unlocked, with a combined market value of 39.63 billion yuan based on the latest closing prices [2]. Group 1: Stock Unlocking Details - Ningbo Yiyang will have 1.06 billion shares listed for circulation, primarily from the original shareholders' restricted shares, with an unlocking market value of 9.71 billion yuan [3]. - EVE Energy ranks second in unlocking market value, with 125 million shares to be unlocked, mainly from the placement of shares to targeted investors, totaling 8.62 billion yuan [3]. - In contrast, Longxun Co., Xinghao Pharmaceutical, and Yinlong Co. have relatively low unlocking pressure, with unlocking market values of less than 10 million yuan each [4]. Group 2: Unlocking Proportions - The stocks with the highest unlocking ratios include Ningbo Yiyang, Oke Technology, and Jingpin Special Equipment, all exceeding 50% [5]. Group 3: Institutional Attention - Eight stocks facing unlocking have garnered significant institutional attention, with over 30 institutions conducting research since the fourth quarter [7]. - Among these, Juhe Materials has a market value of 1.056 billion yuan facing unlocking, and has received research from 161 institutions. The company specializes in the research, production, and sales of fluorochemical products [8]. - Huadong Medicine has received research from 132 institutions and has begun exporting some of its pharmaceutical products internationally, while also expanding its medical aesthetics business globally [9]. Group 4: Stock Performance - Among the 38 stocks facing unlocking, the average stock price has decreased by 0.14% since December [8]. - Changying Tong has the highest price increase, with a cumulative rise of 9.94% in December, while Sanfu Xinke has the largest decline, with a cumulative drop of 12.37% [8].

（文章来源：证券日报） 证券日报网讯 12月5日晚间，华东医药发布公告称，公司2022年限制性股票激励计划首次授予限制性股 票第三个解除限售条件成就，本次符合解除限售条件的激励对象共计77人，可解除限售的限制性股票数 量为127.512万股，占目前公司总股本的0.07%，上市流通日为2025年12月10日。 ...

Group 1 - The company emphasizes the importance of its internationalization strategy [1] - The pharmaceutical industrial segment has already exported some formulation products to international markets [1] - The innovative drug business is focusing on strengthening independent research and development while actively exploring business development opportunities with global peers [1]

证券代码：000963 证券简称：华东医药 公告编号：2025-109 华东医药股份有限公司 关于2022年限制性股票激励计划首次授予限制性股票第三 个解除限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、公司 2022 年限制性股票激励计划首次授予限制性股票第三个 解除限售条件成就，本次符合解除限售条件的激励对象共计 77 人， 可解除限售的限制性股票数量为 127.512 万股，占目前公司总股本的 0.07%。 2、本次解除限售的限制性股票上市流通日为 2025 年 12 月 10 日。 华东医药股份有限公司（以下简称"华东医药"、"公司"）于 2025 年 11 月 20 日召开第十一届董事会第五次会议，审议通过了《关于 2022 年限制性股票激励计划首次授予限制性股票第三个解除限售期 解除限售条件成就的议案》。根据《上市公司股权激励管理办法》公 司《2022 年限制性股票激励计划》（以下简称"《激励计划》"）的相 关规定及公司 2022 年第一次临时股东大会的授权，公司为符合条件 的激励对象办理了解 ...

Core Viewpoint - The company emphasizes its commitment to internationalization and aims to expand its presence in global markets across various sectors, including pharmaceuticals, medical aesthetics, and industrial microbiology [1] Group 1: Pharmaceutical Sector - The pharmaceutical segment has begun exporting certain formulation products to international markets [1] - The innovative drug business is focusing on strengthening independent research and development while actively exploring business development opportunities in collaboration with global peers [1] Group 2: Medical Aesthetics Sector - The medical aesthetics division operates globally, with a marketing network covering over 80 countries and regions [1] - The company has more than 20 products already launched in domestic and international markets, along with over 10 innovative products under development [1] - The goal is to become a leading provider of comprehensive solutions in the global medical aesthetics market [1] Group 3: Industrial Microbiology Sector - The industrial microbiology segment is continuously expanding its overseas market presence [1] - The company has established partnerships with several foreign pharmaceutical companies for specialty raw materials, intermediates, and xRNA business, leading to stable sales growth and a steady increase in customer numbers [1]

Group 1 - The meeting highlighted the mixed economic environment for the upcoming year, with both strategic opportunities and risks being discussed [1][4] - Participants included prominent figures from various industries, such as the chairman of Zhejiang Geely Holding Group and the president of Alibaba Group Tmall, indicating a diverse representation of Zhejiang's advantageous industries [2][4] - The automotive sector, particularly electric vehicles, showed strong growth with Zhejiang's production reaching 509,800 units in the first half of the year, ranking fourth nationally [2][3] Group 2 - Despite the booming market, companies expressed caution regarding future growth, with predictions indicating a shift to a more competitive landscape by 2026 [3] - The local economy in Yiwu demonstrated resilience, with a market transaction volume exceeding 250 billion yuan from January to October, reflecting a 14.8% year-on-year increase [4] - Businesses reported rising production costs and shrinking profits, alongside a trend of shorter-term orders, signaling potential challenges ahead [4] Group 3 - The meeting underscored the importance of identifying new opportunities amid global economic uncertainties, with predictions of continued expansion in the global digital content consumption market [5] - Companies like NetEase reported a 7.2% year-on-year revenue growth, driven by successful digital products, indicating a shift towards cultural industries as a new growth area [5][6] - The trend of service consumption is emerging, with new retail models providing rapid delivery solutions, showcasing adaptability in changing consumer demands [7] Group 4 - Artificial intelligence was a focal point, with companies recognizing its potential to enhance product innovation, smart manufacturing, and operational management [8] - The shift towards a comprehensive competitive landscape involving hardware, software, and AI was noted, emphasizing the need for companies to leverage AI technologies for operational optimization [8] - Experts highlighted the rapid growth of emerging industries driven by innovation, suggesting that AI will play a crucial role in economic growth moving forward [8]

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [2] Core Views - The pharmaceutical and biotechnology industry index experienced a decline of 4.40%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which fell by 2.19% [6][18] - The valuation of the pharmaceutical and biotechnology industry as of November 28, 2025, is a PE (TTM overall method, excluding negative values) of 29.46x, down from 30.89x in the previous period, indicating a downward trend and below the average [22] - The report highlights potential beneficiaries from the upcoming ASH data, particularly in blood diseases and companies with solid grassroots channels, as well as those with differentiated advantages in oncology, autoimmune, and rare disease products [10] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index fell by 4.40%, with chemical preparations and medical devices showing declines of 2.86% and 2.95% respectively, while offline pharmacies and vaccines saw larger declines of 8.22% and 6.42% [6][18] - The PE ratio for the pharmaceutical and biotechnology industry is 29.46x, with the highest valuations in the vaccine (47.56x), hospital (41.17x), and medical device (36.77x) sectors, while pharmaceutical circulation has the lowest at 14.58x [22] Important Industry News - The National Administration of Traditional Chinese Medicine and the National Healthcare Security Administration released a directory for traditional Chinese medicine diseases suitable for disease-based payment [26][27] - AstraZeneca's drug "Durvalumab" received FDA approval for a new indication in perioperative treatment of gastric cancer [32] - Otsuka Pharmaceutical's new drug for IgA nephropathy, "Sibeprenlimab," has been approved by the FDA [38] - Bayer's first-in-class lung cancer drug "Sevabertinib" has been approved by the FDA for specific patient populations [40] Investment Recommendations - Focus on innovative pharmaceutical companies that may benefit from the medical insurance or commercial insurance directories, blood cancer targets with imminent ASH data releases, and biotech and CXO leaders with solid technology platforms and international collaboration expectations [10]

Investment Rating - The report maintains an "Outperform" rating for A-Shares including Jiangsu Heng Rui Medicine, Sichuan Kelun Pharmaceutical, Huadong Medicine, Jiangsu Nhwa Pharmaceutical, Xiamen Amoytop Biotech, Zhejiang Jingxin Pharmaceutical, Innovent Biologics, WuXi AppTec, Hangzhou Tigermed Consulting, Lepu Medical, and APT Medical [2][4][29] - The report also maintains an "Outperform" rating for H-Shares including Hansoh Pharmaceutical Group, 3SBio, PATEO, Akeso, and related targets such as Innovent Biologics and WuXi AppTec (H-Shares) [2][7][29] Core Insights - The report continues to recommend the innovative drug and device industry chain [1][2] - In November 2025, the pharmaceutical sector underperformed the broader market, with the SW Pharma Bio index falling by 3.6% compared to a 1.7% drop in the SHCOMP [2][10] - The premium of the pharmaceutical sector to all A-Shares is currently at a normal level of 72.6% as of the end of November 2025 [17][22] Summary by Sections A-Shares Performance - The report highlights the A-Shares that are recommended for investment, maintaining an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine and Sichuan Kelun Pharmaceutical, among others [4][5] - The report notes that the pharmaceutical sector's performance was ranked 23rd among Shenwan's first-level industries in November 2025 [10][12] H-Shares Performance - The report indicates that the H-Shares pharmaceutical sector performed in line with the market, with the Hang Seng Healthcare index down by 0.1% and the biotech sector up by 0.4% in November 2025 [2][23] - Top gainers in the H-Shares market included Laekna, Inc. (+40%) and Clover Biopharmaceuticals, Ltd. (+22%) [23] U.S. Market Performance - The U.S. pharmaceutical sector outperformed the broader market in November 2025, with the S&P Healthcare Select Sector rising by 9.1% compared to a 0.1% increase in the S&P 500 [23]

Core Viewpoint - The report highlights the trends and statistics in the Chinese chemical pharmaceutical industry, indicating a slight decline in production while maintaining overall growth in the first nine months of 2025 [1]. Industry Summary - In September 2025, the production of chemical pharmaceutical raw materials in China was 295,000 tons, representing a year-on-year decrease of 3.6% [1]. - Cumulatively, from January to September 2025, the total production of chemical pharmaceutical raw materials reached 2.721 million tons, showing a cumulative growth of 1.2% [1]. - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]. Company Summary - Listed companies in the chemical pharmaceutical sector include Heng Rui Medicine (600276), East China Pharmaceutical (000963), Lizhu Group (000513), Baiyunshan (600332), North China Pharmaceutical (600812), Haizheng Pharmaceutical (600267), Fosun Pharmaceutical (600196), Kelun Pharmaceutical (002422), Enhua Pharmaceutical (002262), and Xianju Pharmaceutical (002332) [1].