Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, particularly anticipating a recovery in performance in the second half of 2025 [2][5]. Core Insights - The pharmaceutical market is currently experiencing a mild upward trend, with expectations for a new round of market activity following adjustments in trading [2]. - The report highlights significant advancements in innovative drugs, particularly from domestic companies, which are expected to achieve international recognition and commercial success [2][12]. - The report emphasizes the importance of monitoring policy developments related to medical insurance and the resurgence of respiratory infectious diseases [4][46]. Summary by Sections Pharmaceuticals - Key developments include the clinical data release from KJ Pharma regarding its universal CAR-T therapy and the approval of a new analgesic by Haishi Pharmaceutical [2][25]. - The report notes that domestic innovative pharmaceutical companies are increasingly demonstrating their capabilities on the international stage [2][12]. Biopharmaceuticals - Huadong Medicine's DR10624 has shown promising results in clinical trials, with liver fat content reductions significantly higher than the placebo group [3][38]. - The report suggests continued attention to DR10624's potential for commercialization and external licensing opportunities [3][45]. Medical Devices - The minimally invasive orthopedic surgical robot from Micron Medical has been integrated into the UK's National Health Service, indicating strong international market expansion potential [3][51]. - The report encourages focus on leading companies with strong product competitiveness and overseas channel layouts [3][51]. Medical Services - A partnership between Gushengtang and Huawei aims to enhance traditional Chinese medicine through digital infrastructure and talent development [3][12]. - The report highlights the ongoing transformation of the healthcare industry towards digitalization and smart solutions [3][12]. Traditional Chinese Medicine & Pharmacies - The Yunnan provincial government is advancing policies for provincial-level coordination of basic medical insurance, which is expected to benefit compliant leading companies [4][46]. - The report notes a rise in respiratory infectious disease rates, necessitating ongoing observation of trends [4][47]. Investment Recommendations - The report suggests focusing on innovative drugs and certain generic drugs, with attention to policy changes and upcoming data releases from major conferences [5][16]. - It highlights potential investment opportunities in chain pharmacies, medical devices, and traditional Chinese medicine as the market begins to recover [5][16].

Group 1 - The concept of ergot sulfur has gained popularity, leading to significant stock price movements among related companies, with some experiencing a daily limit increase [1][3] - Kelong Pharmaceutical has been actively promoting ergot sulfur, with its chairman showcasing the product's potential in an advertisement, which has contributed to the surge in related stocks [1][2] - Several companies have responded to investor inquiries regarding their involvement with ergot sulfur, indicating that the revenue from products containing this ingredient is currently low and has minimal impact on overall performance [3] Group 2 - Kelong Pharmaceutical has been focusing on the health industry for seven years, emphasizing the commercialization of ergot sulfur as a key growth factor [2] - Other companies, such as Haizheng Pharmaceutical and Wanbang Pharmaceutical, are also exploring the potential applications of ergot sulfur, with ongoing research and development efforts [3]

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 21.24% and a net profit growth of 52.59% compared to 2021, reaching historical highs [2] - The company completed its seventh three-year plan successfully and is now entering the eighth three-year plan with higher goals [14] Group 2: Innovation and R&D - The company has over 80 innovative drug pipelines, with nearly 50 self-developed projects, focusing on oncology, endocrinology, and immunology [3] - In 2024, the company received 4 NDA/BLA approvals and 14 clinical approvals in China and the U.S. [3] - The R&D team consists of over 330 members, with more than 60% holding advanced degrees [3] Group 3: Key Product Developments - The company launched several innovative products, including the first ADC drug for platinum-resistant ovarian cancer and the first biosimilar of ustekinumab in China [2] - The GLP-1 receptor agonist HDM1002 has over 800 participants in clinical trials, showing good safety and efficacy [5][6] - The ADC project HDM2005 for treating advanced malignancies has completed initial dosing stages without dose-limiting toxicity [9] Group 4: AI and Technology Integration - The company established an AI drug design platform, enhancing drug development efficiency through deep integration of AI and traditional methods [10] Group 5: Aesthetic Medicine Sector - The aesthetic medicine division has developed a comprehensive product matrix, covering various treatment methods and achieving significant growth since its inception [12][13] - The company aims to become a leading provider of comprehensive aesthetic solutions globally, with a focus on innovative product launches [12] Group 6: Market Strategy and Future Outlook - The company plans to balance R&D investments with revenue growth, focusing on enhancing project quality and efficiency [15][16] - The domestic aesthetic medicine market is expected to grow, supported by new product launches and increasing consumer demand [19] - The company is optimistic about its industrial microbiology segment, aiming for accelerated development in the next three years [20]

Meeting Overview - The shareholder meeting was held on May 15, 2025, from 14:00 to 15:00 at the new building of East China Pharmaceutical Co., Ltd. in Hangzhou, Zhejiang Province [3][4] - The meeting was conducted through a combination of on-site and online voting [4] Attendance - A total of 837 shareholders attended the meeting, representing 1,178,101,216 shares, which is 67.1636% of the total voting shares [5] - Among them, 31 shareholders voted on-site, representing 1,019,862,337 shares (58.1424%), while 806 shareholders voted online, representing 158,238,879 shares (9.0212%) [5][6] - 835 minority shareholders participated, representing 159,163,059 shares (9.0739%) [7] Proposal Voting Results - The following proposals were approved with significant majority votes: - The 2024 Annual Board Work Report received 99.9694% approval [10][11] - The 2024 Annual Supervisory Board Work Report received 99.9696% approval [13][14] - The 2024 Financial Settlement Report received 99.9674% approval [15][16] - The 2024 Annual Report and its summary received 99.9696% approval [17][18] - The 2024 Profit Distribution Plan received 99.9794% approval [19][20] - The reappointment of the accounting firm received 99.6448% approval [22][23] - The proposal for providing guarantees for subsidiaries in 2025 received 99.9741% approval [24][25] - The proposal for expected daily related transactions for 2025 (Yuan Da Group) received 99.9196% approval [26][27] - The proposal for expected daily related transactions for 2025 (other related parties) received 99.9705% approval [28][29] - The authorization for the board to formulate the 2025 interim dividend plan received 99.9812% approval [30][31] Legal Opinion - The legal opinion provided by Zhejiang Tian Ce Law Firm confirmed that the meeting's convening, procedures, and voting were in compliance with legal and regulatory requirements [32]

Core Viewpoint - The legal opinion letter from Zhejiang Tiance Law Firm confirms the legality and validity of the procedures, qualifications of attendees, and voting results for the 2024 annual general meeting of Huadong Medicine Co., Ltd. [1][6] Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on April 18, 2025, in designated media and on the Shenzhen Stock Exchange website [2][3] - The meeting utilized a combination of on-site and online voting, with the on-site meeting held at the company's new building on the third floor [2][3] - The specific times for online voting through the Shenzhen Stock Exchange platform were set for May 15, 2025, from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 [3] Group 2: Attendee Qualifications - Attendees included all registered ordinary shareholders of the Shenzhen branch, who could appoint proxies to attend and vote [4][5] - The qualifications of the shareholders and their proxies were verified against identification and authorization documents, confirming compliance with relevant laws and regulations [5] Group 3: Voting Procedures and Results - The voting was conducted in a named manner, with specific provisions for related shareholders to abstain from voting on certain proposals [6] - All proposals presented at the meeting were approved, and no additional matters not listed in the notice were voted on [6] - The voting procedures adhered to the requirements of the Company Law, Shareholder Meeting Rules, and the company's articles of association, ensuring the legality and validity of the results [6]

证券代码：000963 证券简称：华东医药 公告编号：2025-042 华东医药股份有限公司 2024年度股东大会决议公告 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、本次股东大会无否决提案情形，也不涉及变更以往股东大会 已通过决议的情形； 2、本次股东大会审议的提案8.01涉及的关联股东已回避表决。 2、召开地点：浙江省杭州市拱墅区莫干山路858号华东医药股份 有限公司新大楼3楼远大厅。 3、召开方式：现场投票与网络投票相结合的表决方式 4、召集人：公司董事会 5、主持人：公司董事长 吕梁 6、本次会议召集、召开与表决程序符合《公司法》《深圳证券交 易所股票上市规则》及《公司章程》等法律、法规及规范性文件的规 二、会议出席情况 1、股东出席的总体情况： 3、本次股东大会对中小股东单独计票。中小股东是指：除公司 董事、监事、高级管理人员以及单独或合计持有公司5%以上股份的股 东以外的其他股东。 一、会议召开情况 1、召开时间：2025年5月15日（星期四）下午14:00-15:00 其中：通过现场投票的中小股东29人，代表股份924,180 ...

法律意见书 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 浙江天册律师事务所 关于 华东医药股份有限公司 2024 年度股东大会的 法律意见书 浙江天册律师事务所 关于华东医药股份有限公司 2024 年度股东大会的 法律意见书 编号：TCYJS2025H0737 号 致：华东医药股份有限公司 本所律师根据《股东会规则》的要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责的精神，对华东医药本次股东大会所涉及的有关事项和相关文件进 行了必要的核查和验证，同时听取了公司就有关事实的陈述和说明。现出具法律意 见如下： 一、本次股东大会召集、召开的程序 （一）经本所律师核查，公司本次股东大会由董事会提议并召集，召开本次股 东大会的通知已于 2025 年 4 月 18 日在指定媒体及深圳证券交易所网站上公告。 （二）本次股东大会采取现场投票与网络投票相结合的方式。 根据本次股东大会的会议通知，本次股东大会现场会议召开的时间为 2025 年 5 月 15 日下午 14:00-15:00；召开地点为浙江省杭州市拱墅区 ...

Group 1 - The concept of ergothioneine has gained significant attention in the A-share market, with stocks related to this concept experiencing strong price increases [2][3] - Key stocks in the ergothioneine sector include Tuoxin Pharmaceutical and Chuaning Biological, both of which reached their daily limit up, while other companies like Bawei Co., Xianle Health, and Huaxi Biological also saw gains [2][3] - The chairman of Kelun Pharmaceutical, Liu Gexin, has endorsed the company's anti-aging product "ergothioneine capsules," claiming to have used the product for three years, which has contributed to the product's popularity [2][3] Group 2 - Kelun Pharmaceutical reported a revenue of 4.39 billion yuan in Q1, a year-on-year decline of 29.42%, with a net profit of 584 million yuan, down 43.07% [2][4] - The decline in revenue and profit is attributed to high base effects from the previous year and the impact of centralized procurement on the infusion business [2][4] - The company aims to establish a new subsidiary, Kelun Yongnian, to focus on the sales of ergothioneine products, indicating a strategic shift towards the health industry [3][4] Group 3 - There are 14 stocks in the A-share market related to ergothioneine, with Huadong Medicine, Kelun Pharmaceutical, and Chuaning Biological having the largest market capitalizations [4] - The average stock price increase for ergothioneine-related stocks this year is 19.16%, with Ruoyuchen leading with a 104.62% increase [4] - Half of the ergothioneine concept stocks reported positive net profits in Q1, with companies like Changshan Pharmaceutical turning losses into profits [4] Group 4 - There was a significant net inflow of capital into ergothioneine concept stocks today, with Chuaning Biological, Jindawei, and Kelun Pharmaceutical seeing the highest net inflows of 563 million yuan, 153 million yuan, and 129 million yuan respectively [5]

他指出，FGF21R/GCGR/GLP-1R三靶点激动剂DR10624注射液目前正在中国开展治疗合并肝纤维化高 风险的代谢相关脂肪性肝病以及代谢合并酒精相关脂肪变性肝病II期临床研究，并于2025年4月完成首 例受试者入组。与此同时，此前在中国已启动的另一项DR10624治疗重度高甘油三酯血症的II期临床研 究已完成全部患者入组，预计2025年第三季度获得揭盲后的顶线结果。DR10624用于2 型糖尿病和体重 适应症的中国临床试验申请也先后获批。此外，DR10624在新西兰治疗肥胖合并高甘油三脂血症的 Ib/IIa期临床研究结果在荷兰阿姆斯特丹举办的2025年欧洲肝病研究学会年会（EASL Congress 2025）上 首次发布，展示了DR10624在肥胖合并高甘油三酯血症受试者中取得的关键研究数据（详见公司于2025 年5月13日披露于巨潮资讯网的相关公告）。 2025年浙江辖区上市公司投资者网上集体接待日暨2024年度业绩说明会活动于5月13日在全景网举行。 陈波介绍，GLP-1R/GIPR双靶点长效多肽类激动剂HDM1005（poterepatide）注射液，正在开展体重管 理适应症II期临床试验，已 ...

5月13日，华东医药举办2024年度业绩说明会。会上管理层表示，目前，公司医美业务整体战略没有发生变化。同 时，公司通过调整优化管理团队，加强绩效考核，加快全球市场覆盖及注册进度等措施积极推动Sinclair业绩企稳回 升。 此外，糖尿病适应症II期临床试验已于2025年4月完成首例受试者入组。报告期内，HDM1005注射液新适应症IND申请 先后获得NMPA批准，分别用于阻塞性睡眠呼吸暂停（OSA）合并肥胖或超重成人患者的治疗、射血分数保留心力衰 竭（HFpEF）合并肥胖或超重成人患者的治疗。 FGF21R/GCGR/GLP-1R三靶点激动剂DR10624注射液目前正在中国开展治疗合并肝纤维化高风险的代谢相关脂肪性肝 病以及代谢合并酒精相关脂肪变性肝病II期临床研究，并于2025年4月完成首例受试者入组。 与此同时，此前在中国已启动的另一项DR10624治疗重度高甘油三酯血症的II期临床研究已完成全部患者入组，预计 2025年第三季度获得揭盲后的顶线结果。DR10624用于2 型糖尿病和体重适应症的中国临床试验申请也先后获批。 此外，DR10624在新西兰治疗肥胖合并高甘油三脂血症的Ib/IIa期临床研究结 ...