Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

证券代码：002422 证券简称：科伦药业 公告编号：2025-048 四川科伦药业股份有限公司 关于子公司核心产品 TROP2 ADC 芦康沙妥珠单抗(sac -TMT) 联合 PD-L1 单抗塔戈利单抗一线治疗无驱动基因突变的局部晚期 或转移性非鳞状非小细胞肺癌 获国家药品监督管理局突破性疗法认定的公告 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。 四川科伦药业股份有限公司（以下简称"公司"）近日获悉，公司控股子公 司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"）靶向人滋养细 胞表面抗原 2(TROP2)的抗体偶联药物(ADC)芦康沙妥珠单抗(sac-TMT)(佳泰莱®) 联合抗程序性细胞死亡配体 1(PD-L1)单克隆抗体塔戈利单抗(科泰莱®)一线治疗 无驱动基因突变的局部晚期或转移性非鳞状非小细胞肺癌(NSCLC)获中国国家 药品监督管理局(NMPA)药品评审中心(CDE)授予突破性疗法认定。突破性疗法 认定是针对与现有治疗手段相比具有明显临床优势的药物，旨在加速满足临床急 需医疗需求的创新药的研发和产品上市。 这是芦康沙妥珠单抗(sac- ...

Core Viewpoint - The ongoing public dispute between Kelong Pharmaceutical's chairman Liu Gexin and Peking University professor Rao Yi has inadvertently boosted the market value management of Kelong, particularly through the promotion of its product, ergothioneine capsules, despite the product facing allegations of being a "fake drug" [1][2][11]. Group 1: Product and Market Performance - Ergothioneine is a natural sulfur-containing amino acid, currently not classified as a health product or food, with plans for gradual approval in China [2][5]. - Following the controversy, Kelong's stock price experienced a slight decline of approximately 4.98% over two days but later rebounded, with sales of ergothioneine capsules increasing significantly by 14.82 million yuan in just two days [2][10]. - Kelong's first-quarter revenue and profit both declined, yet the stock price surged by 20%, reaching a historical high during the publicity surrounding the "muscle show" [3][15]. Group 2: Regulatory and Scientific Context - The ergothioneine capsules are marketed as dietary supplements imported from Japan, with a minimum price of 1,199 yuan for a bottle of 60 capsules [5][12]. - Kelong has not yet registered or filed for the ergothioneine capsules with the National Health Commission, which is necessary for health product approval in China [8][9]. - The product's promotion has raised concerns about misleading advertising, as Kelong has been accused of implying health benefits that have not been scientifically validated [9][12]. Group 3: Company Background and Strategic Shift - Kelong Pharmaceutical, founded in 1996, has seen a significant decline in its traditional intravenous infusion business, which previously contributed over 10 billion yuan in revenue [14][15]. - The company is pivoting towards the health sector, with ergothioneine being a key focus, as it seeks to adapt to changing market conditions and regulatory environments [11][14]. - Despite the controversies, Kelong and its subsidiaries have seen stock price increases, indicating a potential market advantage from the heightened visibility [15][16].

Core Viewpoint - The Chinese pharmaceutical industry is transitioning from "generic drugs" to "innovative drugs," creating a golden development period for companies with core R&D capabilities, driven by policy support, capital influx, and market demand [1] Group 1: Reasons for Optimism in the "Innovative Drug" Sector - Policy Benefits: National strategic support for the shift from "generic" to "innovative" drugs [1] - Market Demand: Aging population and consumption upgrades ensure strong long-term growth [1] - Technological Breakthroughs: Chinese innovative drugs are gradually moving towards global markets, with companies like BeiGene achieving overseas licensing [1] Group 2: Notable A-Share Innovative Drug Companies - Hengrui Medicine (600276): Leading innovative drug company with the highest R&D investment in China, exceeding 6 billion in 2023, covering oncology, autoimmune diseases, and metabolic diseases [3] - BeiGene (688235): A benchmark for Chinese innovative drugs going global [5] - Innovent Biologics (01801.HK): One of the "PD-1 Four Little Dragons" with a rich pipeline [5] - Rongchang Biologics (688331): Leader in the ADC sector [7] - Kelun Pharmaceutical (002422): Transitioning from an infusion leader to innovative drugs [7] - East China Pharmaceutical (000963): Driven by both medical aesthetics and innovative drugs [7] - Kangfang Biologics (09926.HK): Leader in the dual antibody sector [7] Group 3: Market Trends and Dynamics - Accelerated inclusion of innovative drugs in medical insurance, leading to explosive sales growth [4] - New listing regulations for the Sci-Tech Innovation Board/B-shares allow unprofitable biotech companies to go public, improving the financing environment [4] - The aging population in China exceeds 280 million, with increasing treatment demands for diseases like cancer, diabetes, and cardiovascular issues [4] - Rising per capita medical expenditure and enhanced patient payment capabilities for high-end innovative drugs [4] Group 4: Investment Recommendations - Long-term holding of core leaders like Hengrui and BeiGene is advised [9] - Attention to emerging players in niche sectors such as ADC, dual antibodies, and GLP-1 drugs [9] - Monitoring of R&D risks, including clinical failures and price reductions in medical insurance [9]

每经记者｜刘明涛 每经编辑｜赵云 6月9日上午，医药板块迎来大爆发，创新药领涨。ETF方面，港股创新药相关ETF集体飙涨，包括创新药ETF国泰（517110）在内10只港股创新药相关ETF 半日涨幅超4%，其中，港股创新药ETF（513120）半日成交金额更是接近50亿元，资金活跃度极高。 | | | 港股创新药行业相关ETF一览 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 涨幅% | 现价 | 换手% | 规模(亿份) | 总金额(万元) | | 517110 | 创新药ETF国泰 | 4.7 | 0.668 | 2.87 | 4.29 | 814.38 | | 520700 | 港股创新药ETF基金 | 4.65 | 1.395 | 143.03 | 2.18 | 43225.67 | | 513780 | 港股创新药50ETF | 4.63 | 1.446 | 63.82 | 4.2 | 38274.82 | | 513120 | 港股创新药ETF | 4.44 | 1.128 | 48.71 | 91.57 | 4 ...

Core Viewpoint - The controversy surrounding Kelong Pharmaceutical's product, Ergothioneine capsules, has raised questions about its legitimacy as a dietary supplement, with accusations of it being a "fake drug" by a prominent academic [1][6][8]. Financial Performance - In Q1 2025, Kelong Pharmaceutical reported a revenue of 4.39 billion yuan, a year-on-year decline of 29.42%, and a net profit of 584 million yuan, down 43.07% [2][10]. - The company's revenue for 2024 was 21.81 billion yuan, a slight increase of 1.67% year-on-year, while net profit reached 2.94 billion yuan, up 19.53% [9]. - Over the past three years, Kelong's sales expenses totaled 12.67 billion yuan, accounting for approximately 20% of its revenue during the same period [3][11]. Product and Market Position - Ergothioneine is marketed as a dietary supplement rather than a drug, with Kelong asserting its safety and efficacy based on scientific validation and international recognition [6][7]. - The product is priced at 1,499 yuan per bottle (60 capsules), claiming to have effects significantly greater than Vitamin C and Coenzyme Q10 [5]. Management and Compensation - Kelong's chairman, Liu Gexin, received a total compensation of approximately 820 million yuan over the past three years, including salary and dividends [4][12][13]. - Liu holds 379 million shares in the company, with a significant portion pledged as collateral, but the company asserts that there is no risk of forced liquidation [11].

Core Viewpoint - The company has approved a profit distribution plan for the 2024 fiscal year, which includes a cash dividend of 5.03 RMB per 10 shares for eligible shareholders, with specific tax considerations for different types of investors [1][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual general meeting on May 19, 2025, and is based on a total share capital of 1,598,053,372 shares, excluding 7,272,164 shares held in the company's repurchase account [1][2]. - The total cash dividend amount is calculated as 800,162,947.6240 RMB, resulting in a per-share cash dividend of approximately 0.5007110 RMB [3][4]. Shareholder Eligibility and Distribution Method - The eligible shareholders for the dividend are those registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 12, 2025 [5]. - The cash dividends will be distributed through the shareholders' custodial securities companies on June 13, 2025 [5]. Tax Considerations - The cash dividend distribution includes tax implications, with different rates applied to various categories of investors, including those holding shares through the Hong Kong market and domestic investors [3][4]. Ex-Dividend Price Calculation - The ex-dividend price will be adjusted based on the cash dividend per share, calculated as the closing price on the record date minus 0.5007110 RMB [5].

证券代码：002422 证券简称：科伦药业 公告编号：2025-047 四川科伦药业股份有限公司 2024 年度分红派息实施公告 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。 特别提示： 1.因四川科伦药业股份有限公司（以下简称"公司"）回购专用证券账户中 的股份不参与 2024 年度权益分派，公司本次实际现金分红的总金额=实际参与 分配的总股本×分配比例，即 800,162,947.6240 元=1,590,781,208 股×0.503 元/ 股。 2.本次权益分派实施后，根据股票市值不变原则，实施权益分派前后公司总 股本保持不变，现金分红总额分摊到每一股的比例将减小，因此，本次权益分派 实施后除权除息价格计算时，按股权登记日的总股本折算的每股现金红利=实际 现金分红总金额÷股权登记日的总股本=800,162,947.6240 元÷1,598,053,372 股 =0.5007110 元/股，即：本次权益分派实施后的除权除息价格=股权登记日收盘价 -0.5007110 元/股。 一、 股东大会审议通过利润分配方案情况 公司2024年度权益分派方案已于20 ...

Core Viewpoint - The controversy surrounding the efficacy and legitimacy of the drug ergothioneine, marketed by Kelun Pharmaceutical, has intensified following critical remarks from renowned biologist Rao Yi, who labeled it a "fake drug" and questioned the marketing tactics employed by the company's chairman, Liu Gexin [2][3]. Group 1: Company Actions and Market Reactions - Following Rao Yi's critical article, Kelun Pharmaceutical's stock dropped by 4.96% in a single day [3]. - The marketing campaign featuring Liu Gexin showcasing his physique to promote ergothioneine gained significant attention, leading to a temporary surge in stock prices prior to the backlash [3][5]. - Kelun Pharmaceutical's subsidiaries, including Chuaning Biological, are involved in the production and marketing of ergothioneine, which has been described as a "new dark horse in anti-aging" [5]. Group 2: Regulatory and Scientific Context - Ergothioneine has not yet received approval or registration from China's National Market Supervision Administration, which raises questions about its classification and marketing as a health product [5][6]. - The company claims that an application for ergothioneine as a new food ingredient was accepted by the National Health Commission in May 2024, but it remains under review [5]. - A health industry insider noted that while ergothioneine is considered a health food in some countries, it is classified as a regular food in China, necessitating compliance with advertising regulations [6].

Core Viewpoint - The ongoing dispute between renowned biologist Rao Yi and Kelun Pharmaceutical regarding the classification of ergothioneine as a "fake drug" has escalated, with Kelun asserting that ergothioneine is recognized internationally as a dietary supplement rather than a drug, thus negating the "fake drug" claim [1][12]. Company Response - On June 6, Kelun Pharmaceutical published a response on its official WeChat account, stating its commitment to clarify misunderstandings with rigorous scientific data and emphasizing that ergothioneine is a health management tool [1]. - Kelun cited various authoritative journals and clinical studies to support its claims about ergothioneine's benefits, including research from the Leibniz Institute and Harvard Medical School, which suggest ergothioneine can mediate healthy aging through dual mechanisms [6][9]. Market Reaction - Following the controversy, Kelun Pharmaceutical's stock price fell by 0.74% to 37.47 yuan per share, resulting in a market capitalization of 598.79 billion yuan [2]. Clinical Evidence - Kelun referenced multiple clinical trials conducted in Japan, Singapore, and Sweden, demonstrating ergothioneine's efficacy in areas such as sleep health, cognitive health, skin anti-aging, and cardiovascular health [7][9]. - The results of these trials were published in reputable journals, with three out of four being top-tier in their respective fields [9]. Regulatory Context - Ergothioneine has been recognized as a novel food supplement in several countries, including the U.S. and Japan, with the U.S. FDA granting it GRAS (Generally Recognized As Safe) status [9]. - However, it is noted that while the National Health Commission of China has accepted an application for ergothioneine as a new food ingredient, it has not yet been approved [9]. Scientific Debate - Rao Yi challenged Kelun's claims, stating that without approval from the National Medical Products Administration, the promotion of ergothioneine could be misleading or deceptive [5][12]. - Kelun responded by arguing that the approval process for drugs differs from that of dietary supplements, emphasizing that ergothioneine serves a different purpose in health management [12].