国盛证券有限责任公司 关于 华东医药股份有限公司 证券简称：华东医药 证券代码：000963 2022 年限制性股票激励计划 预留授予限制性股票第二个解除限售期 解除限售条件成就事项 之 独立财务顾问报告 独立财务顾问 （江西省南昌市新建区子实路 1589 号） 二〇二五年十月 国盛证券有限责任公司接受委托，担任华东医药股份有限公司本次限制性股 票激励计划的独立财务顾问，并制作本报告。本报告系按照《公司法》《证券法》 《管理办法》等法律、法规和规范性文件的要求，根据上市公司提供的有关资料 制作。 | | 目录 1 | | --- | --- | | 第一章 | 释义 2 | | 第二章 | 声明 3 | | 第三章 | 基本假设 4 | | 第四章 | 本激励计划的授权与批准 5 | | 第五章 | 独立财务顾问意见 11 | 第一章 释义 | 本财务顾问报告中，除非另有所指，下列词语或简称具有如下含义： | | --- | | 华东医药、公司、上市公司 | 指 | 华东医药股份有限公司 | | --- | --- | --- | | 国盛证券、本独立财务顾 | 指 | 国盛证券有限责任公司 | | 问、独立 ...

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, particularly focusing on innovative drugs and the recovery of left-side sectors as the biggest investment opportunities for the year [5][14]. Core Insights - The innovative drug sector is expected to continue its upward trend, with BD (business development) activities anticipated to catalyze market movements. The upcoming ESMO conference (October 17-21) is highlighted as a key event for clinical data disclosures from domestic innovative drug companies [2][13]. - The report emphasizes the importance of recent Nobel Prize discoveries related to peripheral immune tolerance, which are relevant to the development of new therapies in oncology and autoimmune diseases. This underscores the significance of innovation in these fields [40][50]. - The report notes that the CXO industry in China is entering a recovery phase, with improvements expected in industry orders, capacity utilization, and performance metrics due to enhanced domestic investment and financing data [2][5]. Summary by Sections Innovative Drugs - The innovative drug sector has seen a recent pullback, but the long-term upward trend remains intact. The report suggests that the market is awaiting further BD catalysts and highlights the importance of upcoming clinical data from the ESMO conference [2][13]. - The report indicates that the overall sentiment in the innovative drug sector is still positive, with a focus on potential breakthroughs in cancer and autoimmune therapies following the recent Nobel Prize discoveries [40][50]. Biologics - Novo Nordisk announced an agreement to acquire Akero for $4.7 billion, with Akero's FGF21 analog EFX showing promise as a leading therapy for metabolic dysfunction-related fatty liver disease (MASH) [3][51]. - The report suggests that EFX is the only drug in Phase 2 trials demonstrating significant fibrosis regression in F4 patients, highlighting the need for continued attention to developments in this area [51][57]. Medical Devices - The commercialization of innovative products is accelerating, with domestic replacements making significant progress. For instance, MicroPort's Tumi laparoscopic surgical robot has surpassed 100 global orders and is leading the domestic market share [4][58]. - The report notes that the Tumi robot has received market access in over 60 countries and regions, with a strong presence in high-end markets such as Europe [60][62]. Traditional Chinese Medicine - There has been a continuous increase in new drug IND and NDA applications for traditional Chinese medicine, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [3][64]. - The report highlights ongoing policy support for traditional Chinese medicine, which is expected to drive further innovation and development in this sector [64][65].

Core Viewpoint - The article emphasizes the rising importance of biomanufacturing as a strategic and innovative field, which is seen as a new growth point that can drive industrial structure optimization and economic transformation. The release of the "2025 China Synthetic Biomanufacturing Industry Development White Paper" highlights the current state, trends, and challenges of the biomanufacturing industry in China [1]. Group 1: Current State and Trends - The white paper provides an overview of the global biomanufacturing industry, including its development status and trends [5]. - It compares the biomanufacturing sectors of China and the United States, highlighting competitive dynamics [5]. - Future development trends in biomanufacturing are discussed, indicating potential growth areas [5]. Group 2: Policy Landscape - The report outlines major policies affecting biomanufacturing both domestically and internationally for the years 2024-2025 [5]. - It details foreign biomanufacturing industry policies and their implications for the sector [5]. - Domestic policies related to biomanufacturing are also analyzed, providing insights into regulatory frameworks [5]. Group 3: Industry Map and Applications - The white paper presents a comprehensive map of the Chinese biomanufacturing industry, identifying key players and their roles [5]. - It analyzes the biomanufacturing industry chain and key application areas, including pharmaceuticals, food, personal care, agriculture, chemicals, materials, and energy [5][6]. - Specific applications of biomanufacturing in various sectors are highlighted, showcasing its versatility and potential impact [5]. Group 4: Key Enterprises and Investment Landscape - The report identifies ten leading enterprises in the Chinese biomanufacturing industry, providing insights into their operations and market positions [6]. - It summarizes the strategic directions of 15 listed companies in synthetic biology, indicating their focus areas and growth strategies [6]. - The investment landscape for synthetic biology in China is examined, detailing funding trends and opportunities from 2024 to mid-2025 [6]. Group 5: Challenges and Recommendations - The white paper discusses the challenges faced by the biomanufacturing industry in China, including technological, regulatory, and market-related issues [6]. - It offers targeted policy recommendations to address these challenges, aiming to support the sustainable development of the biomanufacturing sector [6].

Group 1 - Jieqiang Equipment has completed the acquisition of 51% stake in Shandong Carbon Seeking, which will now be included in the company's consolidated financial statements [1] - Tonghua Dongbao's insulin injection product has received marketing approval in Myanmar for diabetes treatment [1] - New Light Optoelectronics' actual controller plans to increase shareholding by 5 to 10 million yuan within six months [2] Group 2 - Far East Holdings received contracts worth 1.769 billion yuan in September [3] - Poly Developments reported a 1.84% decrease in signed sales amount in September, totaling 20.531 billion yuan [4] - ST Nuotai expects a net profit increase of 5.62% to 13.74% for Q3 2025 [7] Group 3 - Chongqing Port's controlling shareholder plans to merge with another entity, changing the controlling shareholder to Chongqing Logistics Group [9] - New Energy Company reported a 28.21% increase in cumulative power generation from January to September [11] - Dashiang Co. announced the resignation of its chairman due to personal reasons [12] Group 4 - Liao Port Co. announced the resignation of a non-executive director due to work changes [13] - Zhongzai Resources received a government subsidy of 5.33 million yuan, accounting for 23.72% of its audited net profit for 2024 [14] - Xiaoming Co. reported a sales revenue of 66.15 million yuan from chicken products in September [15] Group 5 - Tianyi Co. signed a framework contract worth 23.50 million yuan for e-business network terminal production [16] - Jingu Co. signed a strategic cooperation agreement with Ninebot Technology for lightweight materials [18] - Tianbang Foods reported a sales revenue of 634 million yuan from commodity pigs in September [20] Group 6 - Shaanxi Energy's subsidiary received an administrative penalty for safety violations, resulting in a fine of 940,000 yuan [22] - North Bay Port reported a 9% increase in cargo throughput in September [23] - Tangrenshen reported a sales revenue of 639 million yuan from pig sales in September [24] Group 7 - Dabeinong reported a sales revenue of 541 million yuan from pig sales in September [25] - Jiukang Bio obtained four medical device registration certificates [26] - Canan Co. invested 90 million yuan in structured deposits with a bank [27] Group 8 - Zhuhai Port reported a 5.44% decrease in cargo throughput in Q3 [28] - Jinli Yongmag expects a net profit increase of 157% to 179% for the first three quarters [29] - Huamao Logistics' controlling shareholder plans to increase shareholding by 64.5 to 129 million yuan [30] Group 9 - Dongjie Intelligent signed a 50 million yuan contract for intelligent warehousing in the steel industry [31] - Sais Technology signed a cooperation framework agreement with Volcano Engine for intelligent robotics [32] - Huadong Pharmaceutical's subsidiary received approval for clinical trials of a new drug targeting advanced solid tumors [34] Group 10 - TCL Technology completed the acquisition of 80% and 100% stakes in LG Display's subsidiaries for 11.088 billion yuan [34] - Shuangliang Energy won a 419 million yuan EPC project for cooling systems [36] - Ruina Intelligent announced plans for shareholders to reduce their stakes by up to 1.18% [38] Group 11 - Baodi Mining announced plans for shareholders to reduce their stakes by up to 5.45% [40] - Xinyi Technology's shareholders set the transfer price for shares at 328 yuan each [42] - Sunshine Power submitted an application for H-share listing on the Hong Kong Stock Exchange [44] Group 12 - Qisheng Technology's controlling shareholder plans to reduce their stake by up to 3.09% [46] - Wu Ming Kangde sold 30.3 million shares of Wu Ming He Lian through block trading [48] - Qiaoyin Co. announced plans for shareholders to reduce their stakes by up to 6% [49] Group 13 - Muyuan Foods reported a sales revenue of 9.066 billion yuan from commodity pigs in September [51] - Huawang Technology's shareholders plan to reduce their stakes by up to 1.1% [53] - Huaxin Xinchuang received a project notification from Lantu Automotive for display components [54] Group 14 - China Merchants Shekou reported a signed sales amount of 16.698 billion yuan in September [55] - Shao Neng Co. received approval for an antitrust review regarding a share acquisition [57] - Pengding Holdings reported a 6.21% increase in consolidated revenue in September [58] Group 15 - Ganfeng Lithium is advancing its solid-state battery commercialization and strategic investment in the energy storage sector [59]

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [2][24]. Core Viewpoints - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, declining by 0.23% from September 26, 2025, to October 9, 2025, lagging behind the index by approximately 2.76 percentage points [9][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors showing gains of 1.99% and 0.55%, respectively, while the raw materials and chemical preparations sectors fell by 2.23% and 1.73% [10][24]. - Approximately 54% of stocks in the industry achieved positive returns, with the top performer, Zhendemedical, increasing by 21.43%, while the largest decline was seen in Guangshentang, which fell by 21.86% [11][14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.04 times as of October 9, 2025, indicating a decrease in industry valuation [15][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.23% from September 26, 2025, to October 9, 2025 [9]. - Most sub-sectors recorded negative returns, with medical research outsourcing and in vitro diagnostics performing better than others [10]. - About 54% of stocks in the industry recorded positive returns, with significant variations in individual stock performance [11]. 2. Industry News - The 11th batch of national procurement will begin accepting applications on October 21, 2025, with 55 major varieties included [22]. - The National Medical Products Administration issued guidelines for the quality management of medical device online sales [20][21]. 3. Company Announcements - Zhejiang Haizheng Pharmaceutical announced that its product achieved Self-GRAS certification in the U.S., allowing it to enter the U.S. market [23]. 4. Weekly Industry Perspective - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and pharmaceutical commerce [24][26].

Core Insights - On October 9, 2023, brokerage firms set target prices for listed companies, with notable increases for companies in the personal care, medical device, and semiconductor industries [1][2]. Group 1: Target Price Increases - The companies with the highest target price increases include: - Steady Medical (稳健医疗) with a target price increase of 44.29%, rated "Buy" by CITIC Securities, with a target price of 56.00 yuan [2]. - Sanor Bio (三诺生物) with a target price increase of 35.27%, rated "Recommended" by Huachuang Securities, with a target price of 27.00 yuan [2]. - Tongfu Microelectronics (通富微电) with a target price increase of 24.46%, rated "Buy" by Qunyi Securities (Hong Kong), with a target price of 55.00 yuan [2]. Group 2: Brokerage Recommendations - A total of 27 listed companies received brokerage recommendations on October 9, with BYD (比亚迪) receiving recommendations from two firms, while Qianhong Pharmaceutical (千红制药) and Mulinsen (木林森) each received one recommendation [2]. Group 3: Rating Adjustments - Northeast Securities upgraded Jiangfeng Electronics (江丰电子) from "Hold" to "Buy" on October 9 [3]. - Five companies received initial coverage ratings on the same day, including: - Dongfang Guoxin (东方国信) rated "Buy" by Xinda Securities [3]. - Sanyou Medical (三友医疗) rated "Recommended" by Ping An Securities [3]. - Yidian Tianxia (易点天下) rated "Buy" by Zhongyou Securities [3]. - Jiangfeng Electronics (江丰电子) rated "Buy" by Northeast Securities [3]. - Cambrian (寒武纪) rated "Buy" by Huaxin Securities [3].

Core Insights - Novo Nordisk's GLP-1 drug semaglutide has become a phenomenon in the global pharmaceutical market, significantly boosting the company's market value beyond Denmark's GDP [1] - The Chinese market presents a vast potential due to the estimated hundreds of millions of overweight and obese individuals, attracting numerous companies to enter the market [1] - A pivotal moment is expected in 2026 when semaglutide's core compound patent in China is set to expire, opening legal and market opportunities for domestic pharmaceutical companies [1] Competitive Landscape - At least eight domestic companies have applied for market approval for semaglutide biosimilars, with over twelve others in critical II/III clinical trial stages, indicating a crowded competitive field [1] - Competition will not solely revolve around price wars but will involve diverse entrants with varying business strategies [1] Traditional Pharmaceutical Companies - Traditional large pharmaceutical companies like Huadong Medicine and Qilu Pharmaceutical are well-capitalized and possess mature R&D, production, and commercialization teams [2] - Huadong Medicine's strategy includes a dual approach of "independent R&D + external introduction," having already received approval for a biosimilar of Novo Nordisk's previous product liraglutide for weight management [2] - This strategy aims to educate the market, build relationships with doctors, and establish a skilled sales team, ensuring a stable cash flow for future competition [2] Emerging Biotech Companies - Emerging biotech firms like Innovent Biologics and Yino Pharma are opting for differentiated competition due to their limited scale and commercialization capabilities [2] - Innovent's collaboration with Eli Lilly on a dual-target agonist drug aims to provide additional therapeutic effects beyond weight loss and glucose control, potentially creating a less competitive niche market [2] - Yino Pharma is focusing on overseas markets in Southeast Asia and Latin America to avoid direct competition in China, following the approval of its core product [2] Diverse Market Entrants - Companies from various backgrounds are entering the market, reflecting its attractiveness [3] - Raw material producers like Jiuyuan Gene and Nuotai Bio are leveraging their cost advantages in active pharmaceutical ingredients (APIs) to integrate downstream into formulation businesses [3] - Traditional pharmaceutical companies under pressure, such as Ganli Pharmaceutical, are pursuing GLP-1 as a critical transformation direction, with ambitious R&D pipelines targeting competitive products [3] Capital Influx and Market Dynamics - The influx of capital is intensifying market competition, with companies like Zhifei Biological acquiring related products to quickly enter the market [3] - Even companies unrelated to the pharmaceutical industry, such as Sichuan Shuangma, are making unexpected cross-industry moves by acquiring peptide raw material companies [4] - The post-2026 Chinese GLP-1 market is anticipated to experience a "survival of the fittest" scenario, with significant price reductions expected, but the ultimate market structure will depend on how companies navigate their chosen strategies [4]

Core Viewpoint - East China Pharmaceutical (000963.SZ) announced that its wholly-owned subsidiary, Hangzhou Sino-American East Pharmaceutical Co., Ltd. (referred to as "Sino-American East"), has received the Clinical Trial Approval Notice from the National Medical Products Administration (NMPA) for the clinical trial application of HDM2017 [1] Group 1 - HDM2017 is designed to specifically target CDH17 positive tumor surface antigens through antibody-mediated internalization, allowing the ADC to enter tumor cells and release toxic payloads to exert anti-tumor effects [1] - Preclinical studies indicate that HDM2017 demonstrates good drug-like properties, safety, and efficacy [1] - HDM2017 has shown strong anti-tumor effects in efficacy models for colorectal cancer, pancreatic cancer, and gastric cancer, and has good tolerance in animal trials [1]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.72%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which declined by 2.62% [4][16] - The industry valuation as of September 30, 2025, is a PE (TTM overall method, excluding negative values) of 31.23x, down from 31.79x in the previous period, indicating a downward trend and below the average [21] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (55.74x), medical devices (41.29x), and hospitals (39.51x), with the median at 33.19x, while pharmaceutical circulation has the lowest valuation at 14.34x [21] Industry Review - The report highlights that during the reporting period, 51 listed companies in the pharmaceutical and biotechnology sector had a net reduction in shareholders amounting to 2.435 billion yuan, with 14 companies increasing their holdings by 681 million yuan and 37 companies reducing their holdings by 3.116 billion yuan [4] - The report emphasizes the importance of upcoming clinical data and the strong fundamentals of companies ahead of the ESMO 2025 conference, which is expected to showcase significant clinical research results from various domestic pharmaceutical companies [7][8] Important Industry News - AstraZeneca plans to list on the New York Stock Exchange [6] - The report mentions the approval of a new oral SERD drug by Eli Lilly, marking it as the second such drug approved globally [8][45] - The approval of the first domestic quadrivalent HPV vaccine in China is expected to expand the coverage population and potentially be priced lower than imported versions [8][50][52]

Group 1 - The core point of the article is that Huadong Medicine's subsidiary has received approval for a clinical trial of an injectable drug, HDM2017, from the National Medical Products Administration (NMPA) [1] - As of the first half of 2025, Huadong Medicine's revenue composition is as follows: 68.23% from commercial brokerage and agency, 33.94% from pharmaceutical manufacturing, 4.57% from medical aesthetics, and 0.77% from other businesses, with inter-segment eliminations accounting for -7.5% [1] - The current market capitalization of Huadong Medicine is 73.2 billion yuan [1]