Core Viewpoint - The approval of the clinical trial for HDM2005 marks a significant advancement in the company's drug development process, enhancing its core competitiveness in the oncology treatment sector [1] Group 1: Clinical Trial Approval - The company's wholly-owned subsidiary, Hangzhou Sino-American East Pharmaceutical Co., Ltd., received the clinical trial approval notice from the National Medical Products Administration for HDM2005 [1] - HDM2005 is an antibody-drug conjugate (ADC) targeting receptor tyrosine kinase-like orphan receptor 1 (ROR1), used in combination with rituximab, cyclophosphamide, doxorubicin (or epirubicin), and prednisone (R-CHP) for treating previously untreated diffuse large B-cell lymphoma (DLBCL) [1] Group 2: Clinical Trial Progress - The drug has received approval for clinical trials in both China and the United States, with indications for advanced malignancies [1] - Currently, the drug is in the I phase of clinical trials in China, having completed the first four dose escalations without any dose-limiting toxicities (DLT), and is now in the fifth dose escalation stage [1] Group 3: Regulatory Milestones - In February 2025, HDM2005 received orphan drug designation from the FDA for the indication of mantle cell lymphoma (MCL) [1] - The approval of this clinical trial is a crucial step in the product's development, which is expected to strengthen the company's position in the oncology market [1]

Group 1 - The company, East China Pharmaceutical Co., Ltd., will hold an investor reception day on May 15, 2025, to enhance communication with investors and provide insights into its development strategy, operational results, and financial status [1][10]. - The reception will take place after the annual general meeting, from 15:30 to 17:00, at the company's new building in Hangzhou, Zhejiang Province [1][12]. - Investors must register for the event by May 14, 2025, and present identification documents upon arrival [2][5]. Group 2 - The company will collect questions from investors in advance to ensure a focused discussion during the reception [5]. - Key personnel attending the meeting include the Chairman and General Manager, Vice Presidents, and other senior executives [4]. - The company emphasizes compliance with Shenzhen Stock Exchange regulations, requiring attendees to sign a confidentiality agreement [3]. Group 3 - The annual general meeting will also be held on May 15, 2025, from 14:00 to 15:00, with both on-site and online voting options available [12][24]. - The meeting will review various proposals, including related party transactions, with specific voting procedures outlined for shareholders [19][20]. - Shareholders must register between May 9 and May 13, 2025, to participate in the meeting [21].

Investment Rating - The report indicates a cautious outlook for the pharmaceutical sector in 2024 and early 2025, with a strong focus on the innovative drug segment as a key investment opportunity [1][5]. Core Insights - The pharmaceutical sector is expected to face continued pressure on overall performance and profit margins due to factors such as healthcare payment environment, industry regulation, and changing consumer conditions in 2024 and Q1 2025 [1][18]. - Despite the challenges, there is optimism for a recovery in the pharmaceutical sector in the second half of 2025, driven by easing pressures from policies and fundamentals, leading to a potential turnaround in performance and stock prices [1][21]. - The innovative drug segment is highlighted as a primary focus for investment, with expectations for significant growth and valuation recovery for leading companies in this space [2][5]. Summary by Sections Pharmaceutical Sector Overview - The innovative drug segment is performing well, with leading companies like BeiGene and Hengrui Medicine showing strong revenue and business development (BD) income growth [2][22]. - The overall pharmaceutical sector is under pressure, with profit margins declining, except for the innovative drug segment which is experiencing independent growth [1][18]. Biopharmaceuticals - The biopharmaceutical sector is facing challenges, but there are opportunities for growth in specific areas such as long-acting interferons and insulin products, which are expected to see a turnaround [2][4]. Retail Pharmacy - The retail pharmacy sector is showing signs of marginal improvement, with expectations for a gradual return to normal growth in 2025 [2][4]. Medical Services and Aesthetic Medicine - The medical services and aesthetic medicine sectors are experiencing a mild recovery, with expectations for sustained performance in 2025 [3][4]. Traditional Chinese Medicine - The traditional Chinese medicine sector is expected to improve gradually throughout the year, following a challenging 2024 [4][12]. Medical Devices - The medical device sector is anticipated to recover gradually, with significant growth expected from overseas market expansion [4][12]. Investment Recommendations - The report emphasizes the importance of focusing on innovative drug opportunities throughout 2025, particularly in companies with strong international capabilities and those involved in business development [5][21].

Core Viewpoint - The A-share pharmaceutical and biotechnology sector demonstrated resilience in 2024 despite a complex external environment, with innovative drugs entering a phase of realization and development progress catalyzing growth, unaffected by trade wars, positioning it as a key investment theme for 2025 [1][8]. Overall Performance - A-share pharmaceutical and biotechnology companies reported stable performance, with total revenue in 2024 reaching 2.47 trillion yuan, slightly down from 2.50 trillion yuan in 2023, and a net profit attributable to shareholders of 140.26 billion yuan [2][3]. Revenue Breakdown - The overall sector had 499 companies, with a total revenue of 24,651.04 billion yuan in 2024, reflecting a year-on-year decrease of 1.50%. The first quarter of 2025 saw total revenue of 6,037.04 billion yuan, down 6.14% year-on-year [3]. - Sub-sectors such as chemical pharmaceuticals, pharmaceutical commerce, and medical devices achieved positive revenue growth in 2024, while only the medical services sector showed positive growth in Q1 2025 [4]. Individual Company Performance - Among the companies, 234 reported revenue growth in 2024, with 59 companies exceeding a 20% increase. In terms of net profit, 231 companies saw growth, with 140 exceeding 20% [5]. - Shanghai Pharmaceuticals achieved revenue of 275.25 billion yuan in 2024, up 5.75%, with a net profit of 4.55 billion yuan, a 20.82% increase. The company also reported a significant increase in R&D investment [5]. - Jiuzhoutong reported revenue of 151.81 billion yuan in 2024, a 1.11% increase, driven by stable growth in its pharmaceutical distribution business and rapid growth in emerging sectors [6]. Market Attention - The pharmaceutical and biotechnology sector has garnered significant market attention since April, with many companies receiving institutional research interest, particularly those involved in innovative drugs [7]. - Huadong Medicine's recent annual report and Q1 performance attracted considerable institutional investor interest, focusing on product development and future industry trends [7]. Investment Outlook - Analysts remain optimistic about innovative drugs, overseas expansion, and the clearing of procurement policies, suggesting that the sector is entering a growth phase with potential in insulin, orthopedics, and certain generic drug companies [8]. - The market is expected to see increased activity in mergers and acquisitions as the pharmaceutical market undergoes a phase of concentration [8].

创新药概念持续活跃 百济神州等多股创历史新高 智通财经4月30日电，百济神州、诺诚健华、锦波生物均创出历史新高，科伦药业、益方生物、泽璟制 药、华东医药、恒瑞医药等涨幅靠前。消息面上，2025年一季度，已经出现了超20笔涉及中国药企全球 授权的交易，BD交易有望在今年再创新高。 ...

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。 证券代码：000963 证券简称：华东医药 公告编号：2025-038 华东医药股份有限公司 关于举办投资者接待日活动的公告 华东医药股份有限公司（以下简称"公司"）2024年年度报告已于 2025年4月18日发布，2025年第一季度报告于2025年4月25日发布，为 增进与投资者交流，使广大投资者更深入、全面地了解公司发展战略、 经营成果、财务状况，公司将举办投资者接待日活动，现将有关事项 公告如下： 一、会议时间、地点和形式 1、接待日：2025年5月15日（星期四）。 2、接待时间：2025年5月15日下午15:30-17:00，即公司2024年度 股东大会现场投票结束后，在股东大会会场举行投资者接待日活动。 3、召开形式：现场参与。会场设在公司会议室（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）。 4、预约登记： 参与本次活动的投资者，请扫描以下二维码，进行报名，报名截 止时间为2025年5月14日（星期三）15:00。逾期报名的投资者将不便 安排，欢迎参与公司下次召开的活动 ...

证券代码：000963 证券简称：华东医药 公告编号：2025-037 华东医药股份有限公司 关于召开2024年度股东大会的提示性公告 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。 华东医药股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日在《中国证券报》《上海证券报》《证券时报》和巨潮资讯网 （www.cninfo.com.cn）刊登了《华东医药股份有限公司关于召开 2024 年度股东大会的通知》（公告编号：2025-033）。现发布提示性公告， 并将有关事项再次通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年度股东大会。 2、股东大会的召集人：公司董事会 公司于 2025 年 4 月 16 日召开的第十届董事会第三十二次会议 审议通过了《关于召开 2024 年度股东大会的议案》，决定召开 2024 年度股东大会。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法 律、行政法规、部门规章、规范性文件、深圳证券交易所业务规则及 《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2025 年 ...

二〇二四年度股东大会 会 议 材 料 （000963.SZ） 二〇二五年五月十五日 1 大会须知 为充分尊重广大股东的合法权益，确保本次股东大会的顺利进行， 根据《公司法》、《公司章程》以及《股东大会议事规则》等有关规定， 现就本次会议的注意事项及会务安排通报如下： 一、公司股东大会不安排现场参观。 二、公司 2024 年度股东大会所有提案，股东及股东代表以记名 方式分别表决。 三、每一表决票分别注明所代表的股权数，每股为一票表决权， 投票结果按股权数判定票数。 四、提案 8.00《关于 2025 年度日常关联交易预计的议案》，关联 股东需回避表决，且回避该提案表决的同时不可接受其他股东的委托 进行投票。 五、本次表决由监票员、计票员执行各项有关事宜，并宣布表决 结果。 六、表决时，参加股东大会现场会议的股东应当在表决票中提案 对应的"同意""反对""弃权"栏目进行勾选。表决票签字有效。 七、不使用本次会议统一发放的表决票，或夹写规定以外的文字 或表决意向填写模糊无法辨认者视为无效票。 八、本次大会特邀请浙江天册律师事务所律师对大会的全部议程 进行见证。 2 华东医药股份有限公司 2024 年度股东大会会议议 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Pharmaceutical and Biotechnology Index reported 7459.13 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 3.80% over the past month, increased by 3.37% over the past three months, and has risen by 0.20% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten holdings in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.67%), WuXi AppTec (16.06%), Pian Zai Huang (6.84%), Yunnan Baiyao (5.71%), Kelun Pharmaceutical (4.69%), New Horizon (3.81%), East China Pharmaceutical (3.6%), Shanghai Raist (3.44%), Fosun Pharma (3.37%), and Changchun High-tech (3.18%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 63.43% from the Shanghai Stock Exchange and 36.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.67%), pharmaceutical and biotechnology services (21.27%), traditional Chinese medicine (19.68%), and biological drugs (16.38%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted along with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Temporary adjustments occur when the CSI 300 Index samples are modified, and changes in industry classification due to special events will also lead to corresponding adjustments in the CSI 300 industry index [2]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [4]. Core Viewpoints - The domestic weight loss drug market is entering commercialization, emphasizing the importance of sales capabilities for companies [1][19]. - The competition in the global weight loss drug market is intensifying, particularly between Novo Nordisk and Eli Lilly, where marketing strategies play a crucial role in sales performance [19][23]. - Companies with advanced R&D progress and strong sales execution will hold competitive advantages in the commercialization phase of weight loss drugs [1][19]. Summary by Sections Market Review - The pharmaceutical and biotechnology index rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points but underperforming the ChiNext index by 1.08 percentage points, ranking 15th among 31 sub-industries [1][15]. - The Hong Kong Hang Seng Healthcare Index increased by 8.44%, outperforming the Hang Seng Index by 6.12 percentage points [1][15]. Company Updates - Recent clinical application updates include Baiyi Shenzhou's injection BGB-B2033 and Nuo Cheng Jian Hua's injection ICP-B794, both newly undertaken [27]. - Ongoing clinical trials include Bo Rui Pharmaceutical's BGM0504 and Hua Dong Pharmaceutical's HDM1002, currently in Phase III [27]. Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [2]. - Key recommended companies include Heng Rui Pharmaceutical, Mai Rui Medical, and United Imaging Healthcare [2]. Company Profit Forecasts and Valuation - Heng Rui Pharmaceutical is rated "Accumulate" with a projected EPS of 0.99 yuan for 2024 and a PE ratio of 51 [3]. - Mai Rui Medical is rated "Buy" with a projected EPS of 11.47 yuan for 2024 and a PE ratio of 19 [3]. - United Imaging Healthcare is also rated "Buy" with a projected EPS of 2.88 yuan for 2024 and a PE ratio of 44 [3].