证券代码：002422 证券简称：科伦药业 公告编号：2025-087 四川科伦药业股份有限公司 关于预计公司与石四药集团 2026 年度日常关联交易情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关联交易概述 （一）概述 四川科伦药业股份有限公司及其控制的公司（以下简称"公司"、"本公司" 或"公司及其下属企业"）与石四药集团有限公司及其子公司（以下简称"石四 药集团"）发生的关联交易是指公司与关联方石四药集团之间因采购、销售商品 和提供/接受服务等形成的日常关联交易。 根据《深圳证券交易所股票上市规则》第 6.3.3 条的规定，石四药集团为公 司关联法人。 公司 2026 年度与石四药集团之间的交易总额预计不超过 25,773 万元。公司 于 2025 年 12 月 23 日召开的第八届董事会第十次会议以 9 票赞成、0 票反对、0 票弃权审议通过了《关于预计公司与石四药集团 2026 年度日常关联交易情况的 议案》，不涉及应回避的董事。该议案不需要提交股东会审议，提交董事会前已 经公司独立董事专门会议审议通过。 | 关联交易类别 | 关联 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-088 四川科伦药业股份有限公司 关于预计公司 2026 年度部分日常关联交易情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、日常关联交易概述 （一）概述 本议案所涉公司日常关联交易是指四川科伦药业股份有限公司及子公司（以 下简称"公司"或"本公司"）与关联方华润科伦医药（四川）有限公司及其下 属子公司（以下简称"华润科伦"）发生的商品销售、材料采购、接受及提供劳 务，与关联方伊犁恒辉淀粉有限公司（以下简称"恒辉淀粉"）发生的委托加工 原材料和材料采购，与伊犁顺鸿生态农业科技开发有限公司（以下简称"伊犁顺 鸿"）发生的商品销售形成的关联交易。 华润科伦系公司董事、总经理刘思川先生担任董事的公司，根据《深圳证券 交易所股票上市规则》第 6.3.3 条的规定，华润科伦为公司关联法人。恒辉淀粉、 伊犁顺鸿系本公司董事、总经理刘思川先生控股的四川科伦兴川生物科技有限公 司（以下简称"科伦兴川"）控制的公司，根据《深圳证券交易所股票上市规则》 第 6.3.3 条的规定，恒辉淀粉、伊犁顺鸿为公 ...

四川科伦药业股份有限公司 第八届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）第八届董 事会第十次会议通知于 2025 年 12 月 19 日以电话和电子邮件方式送达全体董事 和高级管理人员。第八届董事会第十次会议于 2025 年 12 月 23 日以通讯的方式 召开，会议应到董事 9 人，实到董事 9 人，公司高级管理人员列席了会议。会议 的召开符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、行 政法规、部门规章、规范性文件和《公司章程》的规定，作出的决议合法有效。 证券代码：002422 证券简称：科伦药业 公告编号：2025-086 三、以 9 票同意、0 票反对、0 票弃权，审议通过了《关于修订<财务管理 制度>的议案》 为适应市场经济发展的需要，规范公司会计确认、计量和报告行为，保证会 计信息质量，使公司的会计工作有章可循、有法可依，公允地处理会计事项，以 提高公司经济效益，维护股东权益，公司根据《中华人民共和国会计法》《企业 财务通则》《会计基础工作 ...

Core Insights - Recent news highlights a surge in collective procurement (集采) activities in China, particularly in Henan province, where 34 high-demand and high-value drug varieties are set for a new round of procurement [1][17] - The national procurement signal indicates that over 140 drug varieties meet the competitive criteria of having seven or more companies, with notable participation from companies like Qilu, Yuanda, and Beite [1][13] Group 1: Procurement Details - The Henan provincial healthcare bureau has released a draft for the procurement of 34 drug varieties, focusing on alternatives that are high in usage and financial value [1][17] - The procurement list has been optimized, removing 15 drug varieties from the previous notification, indicating a refined focus on quality and market needs [3][20] - The procurement method categorizes oral solid preparations and injectables into two groups (A and B) based on quality, with specific selection criteria for each group [3][20] Group 2: Market Impact - The proposed procurement includes 10 Class A and 13 Class B drugs, with injectables dominating the list, reflecting a significant market shift [4][22] - The total sales for the selected drugs in Henan's public hospitals are projected to exceed 4 billion yuan in 2024 and 2 billion yuan in the first half of 2025 [10][28] - Notable drugs in the procurement list include Cisplatin and Erythromycin, both of which are essential in cancer treatment and infection management, respectively [6][24] Group 3: Competitive Landscape - The competitive landscape is expected to intensify, with companies like Qilu and Ruijun leading in market share for key products such as the analgesic Parecoxib, which is projected to have significant sales growth [10][28] - The sales of Ubenimex, an immune enhancer, have shown remarkable growth, with a projected increase of over 7779% in 2024, indicating strong market demand [7][25] - The overall sales scale in Henan's public hospitals has consistently remained above 15.8 billion yuan from 2021 to 2024, with a growth rate of 7.02% expected in the first half of 2025 [10][29]

Investment Rating - The report maintains a focus on the innovative drug and medical device industry chain, indicating a high level of interest in this sector [1][6]. Core Insights - The innovative drug sector is experiencing high prosperity, with a recommendation to pay attention to pharmaceutical companies that are likely to see a revaluation of their value, such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][25]. - The report highlights the Biopharma/Biotech sector, which is expected to see performance improvements as innovative pipelines are realized, with companies like Innovent Biologics, BeiGene, and others being of particular interest [6][25]. - Attention is also drawn to CXO and upstream companies benefiting from innovation, including WuXi AppTec and WuXi Biologics [6][25]. - The report emphasizes the potential recovery of leading medical device companies such as United Imaging Healthcare and Lepu Medical [6][25]. Summary by Sections A-Shares Performance - In the third week of December 2025, the A-share pharmaceutical sector performed similarly to the overall market, with the Shanghai Composite Index rising by 0.03% and the SW Pharma and Biotech index falling by 0.1%, ranking 19th among Shenwan primary industries [8][10]. - Sub-sectors that performed relatively well included pharmaceutical commerce (+4.9%), medical equipment (+1.2%), and medical services (+0.5%) [10][25]. - Notable individual stock performances included Anhui Huaren Health Pharmaceutical Co., Ltd. (+55.9%), Luyan Pharma (+36.8%), and ShuYu Civilian (+35.7%) [13][25]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector underperformed the market, with the Hang Seng Healthcare index down by 1.8% and the Hang Seng Index down by 1.1% [19][25]. - In contrast, the U.S. pharmaceutical sector outperformed the market, with the S&P Healthcare Select Sector rising by 0.6% compared to the S&P 500's 0.1% increase [19][25].

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 sector [1]. Industry Summary - As of October 2025, the production of chemical pharmaceutical raw materials in China reached 313,000 tons, showing a year-on-year decrease of 1.6% [1]. - From January to October 2025, the cumulative production of chemical pharmaceutical raw materials was 3,049,000 tons, reflecting a cumulative growth of 1.3% [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 sector include Heng Rui Medicine, East China Pharmaceutical, Lizhu Group, Baiyunshan, North China Pharmaceutical, Haizheng Pharmaceutical, Fosun Pharmaceutical, Kelun Pharmaceutical, Enhua Pharmaceutical, and Xianju Pharmaceutical [1].

Core Viewpoint - Kolun Pharmaceutical experienced a 2.16% increase in stock price on December 19, with a trading volume of 313 million yuan, indicating a notable market interest in the company [1]. Financing Summary - On December 19, Kolun Pharmaceutical had a financing buy amount of 11.95 million yuan and a financing repayment of 19.66 million yuan, resulting in a net financing buy of -7.71 million yuan [1]. - As of December 19, the total financing and securities lending balance for Kolun Pharmaceutical was 944 million yuan, with the financing balance at 937 million yuan, accounting for 1.85% of the circulating market value, which is above the 70th percentile of the past year [1]. - The securities lending aspect showed a repayment of 900 shares with no shares sold, and a securities lending balance of 6.48 million yuan, exceeding the 80th percentile of the past year [1]. Business Performance Summary - As of September 30, Kolun Pharmaceutical reported a total of 37,100 shareholders, an increase of 8.35% from the previous period, while the average circulating shares per person decreased by 7.70% to 35,200 shares [2]. - For the period from January to September 2025, Kolun Pharmaceutical achieved an operating revenue of 13.28 billion yuan, a year-on-year decrease of 20.92%, and a net profit attributable to shareholders of 1.20 billion yuan, down 51.41% year-on-year [2]. - Since its A-share listing, Kolun Pharmaceutical has distributed a total of 6.90 billion yuan in dividends, with 3.59 billion yuan distributed over the past three years [2]. Institutional Holdings Summary - As of September 30, 2025, the top ten circulating shareholders of Kolun Pharmaceutical included notable institutions such as China Europe Medical Health Mixed Fund, which held 40.06 million shares, a decrease of 2.54 million shares from the previous period [3]. - Other significant shareholders included Hong Kong Central Clearing Limited with 34.73 million shares (down 5.26 million shares), and Industrial Bank's Frontier Medical Stock A with 20 million shares (down 700,880 shares) [3]. - The top ten shareholders saw a general trend of reduced holdings, with the exception of Guangfa Multi-Factor Mixed Fund, which maintained its holding at 24.23 million shares [3].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

Group 1 - The core viewpoint of the article highlights the impressive transformation of Kelun Pharmaceutical, showcasing its full-chain innovation capabilities in the ADC drug sector and synthetic biology, establishing a model for innovation-driven development in Chinese pharmaceutical companies [1][4][5]. Group 2 - In the ADC drug field, Kelun has become a representative enterprise in China, with its product, Lukanasatuzumab (Jiatailai®), being the first domestically developed ADC drug to receive full approval and global intellectual property rights [4]. - The company has initiated 15 global Phase III studies for Lukanasatuzumab in collaboration with Merck, targeting prevalent cancers such as lung and breast cancer, demonstrating its global innovation potential [4]. - Kelun has multiple ADC drug pipelines, with SKB518, SKB500, and SKB571 in Phase II clinical trials, and the NDA for another ADC drug, Botuzumab (HER2 ADC Shuitailai®), approved in October, showing significant efficacy advantages over traditional drugs [4]. Group 3 - In synthetic biology, Kelun has established a commercial system around "synthetic biology" through a strong fermentation technology platform and increasing R&D investment, successfully applying cutting-edge technology to high-value product development [5]. - The company is leveraging AI technology to enhance synthetic biology research and optimize production processes, leading to cost reduction and efficiency improvements [5]. - Kelun has successfully brought several products, including Red Methyl Alcohol, 5-Hydroxytryptophan, and others, into production and sales, becoming one of the first domestic companies to deliver products in the synthetic biology sector [5].

Core Insights - The company is showcasing its innovative transformation in the pharmaceutical industry, particularly in the ADC drug sector and synthetic biology, establishing itself as a model for innovation-driven development in Chinese pharmaceutical enterprises [1]. ADC Drug Sector - The company has emerged as a representative player in the ADC drug field, achieving significant breakthroughs in technology research and industrialization [4]. - The company's subsidiary, Kelun Biotech, developed the first domestically approved ADC drug with global intellectual property rights, Lukanasatuzumab (Jiatailai®), which received its first indication approval in November 2024 and has since gained additional approvals in March and October of this year [4]. - In collaboration with Merck, the company has initiated 15 global Phase III studies for Lukanasatuzumab, targeting prevalent cancers such as lung and breast cancer, highlighting its global innovation potential [4]. - The company has multiple ADC drug pipelines, with SKB518, SKB500, and a bispecific ADC drug SKB571 entering Phase II clinical trials, while another ADC drug, Botuzumab (HER2 ADC Shuitailai®), received NDA approval in October for HER2-positive breast cancer [4]. - Phase III studies comparing Botuzumab to the traditional standard drug T-DM1 have shown significant efficacy advantages [4]. Synthetic Biology Sector - The company is leveraging breakthroughs in synthetic biology as a crucial pillar for accelerating its innovative transformation [5]. - Utilizing a robust biological fermentation technology platform and increasing R&D investments, the company has established a commercial system around synthetic biology, successfully applying research outcomes to high-value product development [5]. - The company is embracing AI technology to enhance synthetic biology research, optimizing production processes and achieving cost reductions, thereby strengthening market competitiveness [5]. - The company has successfully brought several products, including Red Methyl Alcohol, 5-Hydroxytryptophan, Ergothioneine, Ectoine, Squalane, Inositol, Plant Sphingosine, and PHA, into production and sales, becoming one of the first domestic companies to deliver products in synthetic biology [5]. - The company's continuous innovation in biopharmaceuticals is accelerating its high-quality development across various emerging sectors, earning recognition as an innovative enterprise in the 2025 annual case study by First Financial Capital Market [5].