Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Views - The report emphasizes the potential opportunities in the autoimmune dual-antibody sector amidst the ongoing trend of international expansion. It highlights the increasing interest from multinational corporations (MNCs) in Chinese innovative drugs, particularly in the context of patent cliffs faced by leading MNCs [3][8] - The report suggests that the pharmaceutical sector is poised for growth in 2025, driven by several factors including the successful transition from traditional to innovative growth drivers, the increasing capabilities of Chinese companies in international markets, and the rising demand due to an aging population [4][47] Summary by Sections Market Performance - From August 4 to August 8, the pharmaceutical index declined by 0.84%, underperforming the CSI 300 index by 2.07%. Notable gainers included Nanmo Biology (+42.48%), Haichen Pharmaceutical (+41.29%), and Sino Medical (+39.52%). Conversely, Nanxin Pharmaceutical (-18.5%) and Qizheng Tibetan Medicine (-16.11%) were among the largest decliners [5][24] BD Opportunities - The report notes a surge in BD (business development) transactions, particularly in the autoimmune sector, with a total of over 100 license-out transactions in China from January 1 to August 7, 2025, amounting to $840.5 billion. The focus of these transactions has been primarily on oncology and metabolic fields, with a notable lack of activity in the autoimmune sector [9][8] Investment Recommendations - The report recommends focusing on innovative drugs and medical devices, particularly those with low valuations and potential for marginal improvement. Key companies to watch include Heng Rui Pharmaceutical, Keren Pharmaceutical, and Innovent Biologics [4][49] - It also highlights the importance of the aging population and the increasing demand for chronic disease treatments, suggesting that companies like Kunming Pharmaceutical and Yuyue Medical could benefit from this trend [48][47] Valuation Insights - As of August 8, 2025, the overall PE valuation for the pharmaceutical sector stands at 38.77X, indicating that the sector is still at a relatively low historical valuation compared to other sectors [36][47] Future Outlook - The report anticipates a rebound in the pharmaceutical sector in 2025, driven by innovative drugs and the ongoing internationalization of Chinese pharmaceutical companies. It emphasizes the need to focus on sectors with structural growth potential, such as innovative drugs, medical devices, and the aging population market [47][48]

Core Viewpoint - Kelong Pharmaceutical (002422) has seen significant share pledges from major shareholders, indicating potential liquidity concerns amid declining financial performance [1][3]. Group 1: Share Pledge Details - Shareholder Liu Gexin pledged a total of 9.167 million shares to Huatai Securities (Shanghai) Asset Management Co., accounting for 0.57% of the total share capital [1]. - As of the announcement date, Liu Gexin has cumulatively pledged 103 million shares, representing 27.26% of his total holdings [1]. - Another major shareholder, Yaan State-owned Assets Management Co., has pledged 30.89 million shares, which is 31.85% of its total holdings [1]. Group 2: Shareholder Pledge Impact - The cumulative pledged shares of Kelong Pharmaceutical's top ten shareholders have reached a significant proportion of their holdings, indicating a trend of increasing leverage among major stakeholders [2]. - The data shows that the pledged shares are impacting the overall ownership structure and may affect investor sentiment [2]. Group 3: Financial Performance - Kelong Pharmaceutical reported a revenue of 4.39 billion yuan for Q1 2025, a year-on-year decline of 29.42% [3]. - The net profit attributable to shareholders was 584 million yuan, down 43.07% year-on-year, with a non-recurring net profit of 564 million yuan, also down 43.1% [3]. - The company's debt ratio stands at 27.48%, with investment income of 61.31 million yuan and financial expenses of 4.1268 million yuan, while the gross profit margin is at 48.67% [3].

证券代码：002422 证券简称：科伦药业 公告编号：2025-055 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 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。 刘革新先生上述股份质押不存在负担重大资产重组等业绩补偿义务的情 况。 1 三、股东股份累计质押的情况 截至本公告披露日，刘革新先生及其一致行动人所直接持有的股份质押情 况如下： 四川科伦药业股份有限公司（以下简称"公司"）于近日收到公司控股股东 刘革新先生关于其持有的公司部分股份质押及解除质押的通知，相关情况具体如 下： | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 | 占其所持股 | 占公司总股 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | 押股份数量 | 份比例 | 本比例 | 起始日 | 解除日 | 质权人 | | | 动人 | （股） | | | | | | | 刘革新 | 是 | 10,500,000 | 2.77% | 0.66% | 2024/8 ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024 [1] - The average annual salary of CFOs in the chemical preparation sector of A-shares is 1.0448 million yuan [1] - The age distribution of CFOs shows that those aged 40-50 constitute 47% of the market, while those aged 60 and above account for only 4% [1] Group 2 - The top three highest-paid CFOs are Lü Hongbin from Dize Pharmaceutical with 4.2101 million yuan, Si Yanzha from Lizhu Group with 3.904 million yuan, and Lai Dequ from Kelun Pharmaceutical with 3 million yuan [2] - The largest salary decrease was observed for Xu Rongyi from Hainan Haiyao, with a year-on-year decline of 48.66% [2] - The highest salary increase was recorded for Wang Lin from Ailis, with a year-on-year increase of 104.6% [2]

责任编辑：公司观察 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，统计数据显示，剔除2024年时任CFO已离任的公司后，A股共有87家上市化学制剂公司， 其聘任总体情况如下（部分统计口径剔除无效数据）。 从CFO的年龄分布来看，40岁-50岁CFO是市场的中坚力量，占比共计达到47%；60岁以上的CFO占比 为4%；50岁-60岁的CFO群体占比为39%；40岁及以下CFO群体占比为10%。其中，目前仍任职的最年 轻的上市公司CFO年龄33岁，为北陆药业的曾妮。 从CFO的学历分布看，拥有大专、本科、硕士、博士学历的CFO占比分别为9%、52%、38%、1%。其 中，获得博士学历的CFO仅一人，为恒瑞医药的刘健俊。 从薪酬分布看，A股化学制剂公司CFO年薪平均值为104.48万元。经统计，处于50万以下、50万-100 万、100万-20 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，统计数据显示，剔除2024年时任CFO已离任的公司后，A股共有87家上市化学制剂公司， 其聘任总体情况如下（部分统计口径剔除无效数据）。 从CFO的年龄分布来看，40岁-50岁CFO是市场的中坚力量，占比共计达到47%；60岁以上的CFO占比 为4%；50岁-60岁的CFO群体占比为39%；40岁及以下CFO群体占比为10%。其中，目前仍任职的最年 轻的上市公司CFO年龄33岁，为北陆药业的曾妮。 从CFO的学历分布看，拥有大专、本科、硕士、博士学历的CFO占比分别为9%、52%、38%、1%。其 中，获得博士学历的CFO仅一人，为恒瑞医药的刘健俊。 从薪酬分布看，A股化学制剂公司CFO年薪平均值为104.48万元。经统计，处于50万以下、50万-100 万、100万-200万、200万以上各 ...

专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 从董秘的学历分布看，拥有专科、本科、硕士、博士学历的董秘占比分别为7%、37%、50%、6%。其 中，获得博士学历的董秘共6人，分别为舒泰神的于茂荣、人福医药（维权）的李前伦、灵康药业（维 权）的隋国平、海正药业的沈锡飞、益方生物-U的江岳恒、健友股份的黄锡伟。其中，海正药业的沈 锡飞为行业唯一一个拥有博士学历的专职董秘。 从薪酬分布看，A股化学制剂上市公司董秘年薪平均值为91.48万元。经统计，处于50万以下、50万-100 万、100万-200万、200万以上各区间的人数占比分别为33%、37%、27%、3%。 分行业来看，统计数据显示，剔除未任职2024年全年董秘数据后，A股共有110家上市化学制剂公司， 其聘任总体情况如下（部分统计口径剔除无效数据）。 从董秘的年龄分布来看，40岁-50岁董秘是市场的中坚力量，占比共计达到46%；50岁以上的董秘占比 为21%；小于或等于40岁的董秘群体占比为33%。其中，目前仍任职的最年轻的男上市公司董秘年龄31 岁，为莎普爱思的黄明雄；最年轻的女董秘年龄为33岁，为百利天恒的陈英格。 ...

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1][2] - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the chemical preparation sector of A-shares is 914,800 yuan [2] - Salary distribution among company secretaries shows that 33% earn below 500,000 yuan, 37% earn between 500,000 and 1 million yuan, 27% earn between 1 million and 2 million yuan, and 3% earn above 2 million yuan [2] - Four company secretaries earn over 3 million yuan, with salaries of 5.2065 million yuan, 4.2101 million yuan, 3.3837 million yuan, and 3 million yuan respectively [2] Age Distribution - Company secretaries aged 40 to 50 constitute the majority at 46%, while those over 50 account for 21%, and those aged 40 or younger make up 33% [1] - The youngest male company secretary is 31 years old, and the youngest female company secretary is 33 years old [1] Educational Background - The educational background of company secretaries shows that 7% have an associate degree, 37% hold a bachelor's degree, 50% have a master's degree, and 6% possess a doctoral degree [2] - Only six company secretaries hold a doctoral degree, with one being the only full-time secretary in the industry [2] Salary Changes - The largest salary decrease was observed for ST Tian Sheng's Wang Qin, with a year-on-year decline of 81.28% [2] - The highest salary increase was for Huadong Medicine's Chen Bo, with a year-on-year increase of 308.81% [2]

Core Viewpoint - The launch of China's first pharmaceutical ETF fund aims to provide investors with exposure to leading companies in the chemical, biological, and traditional Chinese medicine sectors, capitalizing on the growth potential driven by innovation and demographic trends [1][5]. Industry Overview - The pharmaceutical industry is characterized by its essential nature, driven by a large population, aging demographics, and increasing GDP per capita, which supports long-term growth [5]. - By 2024, the proportion of the population aged 65 and above in China is expected to reach 15.6%, indicating a shift into a moderately aging society, which will further expand the pharmaceutical market [5]. Innovation and Growth - Innovative drugs are seen as a key driver for the pharmaceutical industry's growth, with the potential to unlock new value and re-evaluate medical asset worth [5]. - Domestic innovative drugs are anticipated to experience significant growth in 2024, supported by various internal and external factors, potentially leading to a "Davis Double Play" scenario [5]. - The integration of AI in drug development is expected to accelerate the research and development of new medications [5]. ETF Fund Details - The newly launched ETF fund (A class: 024985 / C class: 024986) will exclusively track the CSI Pharmaceutical Index, which includes leading companies in the chemical, biological, and traditional Chinese medicine sectors [1][19]. - The fund aims to provide a balanced investment approach, combining high-growth innovative drugs with more stable traditional Chinese medicine to mitigate volatility [1][19]. Performance Metrics - The pharmaceutical index has shown a significantly smaller decline compared to similar indices over the past five years, with positive returns over the last three years [14]. - The index's long-term annualized volatility and maximum drawdown are notably lower than those of comparable indices, indicating a more stable investment profile [14]. Key Constituents - The top ten constituents of the pharmaceutical index include major companies such as Heng Rui Medicine (14.91% weight), Pian Zai Ye (5.83%), and Yunnan Baiyao (4.81%), reflecting a diverse representation across the pharmaceutical sectors [13].

Group 1 - The core stock price of Kelun Pharmaceutical as of August 7, 2025, is 36.85 yuan, reflecting a decrease of 1.92% from the previous trading day [1] - The trading volume on the same day was 131,278 hands, with a transaction amount of 490 million yuan, and a price fluctuation of 3.97% [1] - Kelun Pharmaceutical is a publicly listed company focused on the chemical pharmaceutical sector, headquartered in Sichuan, with a total market capitalization of 58.888 billion yuan [1] Group 2 - The company announced on August 7 that it received a AAA credit rating from China Chengxin International Credit Rating Co., Ltd., with a stable outlook [1] - The effective period of the credit rating is from August 6, 2025, to August 6, 2026 [1] - On August 7, the net outflow of main funds for Kelun Pharmaceutical was 3.2488 million yuan, with a cumulative net outflow of 33.6797 million yuan over the past five trading days [1]