Group 1 - The State Council of China is implementing a package policy to promote domestic demand through fiscal and financial collaboration, focusing on enhancing consumer capacity and supporting private investment [1] - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products starting April 1, 2026, which is expected to help stabilize foreign market prices and reduce trade friction risks [1] - The State Administration for Market Regulation is conducting an investigation into the competitive status of the food delivery service industry, with major platforms like Meituan and JD Express expressing their willingness to cooperate [1] Group 2 - Baogang Co. announced an adjustment in the related transaction price for rare earth concentrate to 26,834 yuan per ton (excluding tax), reflecting a 2.4% increase from the previous quarter [3] - The company Tongfu Microelectronics plans to raise no more than 4.4 billion yuan through a private placement [3] - Zhongchao Technology expects a net profit increase of 149.61% to 196.88% year-on-year for 2025 [3]

Core Viewpoint - The company held its 34th meeting of the fifth board of directors on January 8, 2026, where several key resolutions were passed, including amendments to the Articles of Association, the use of idle raised funds for cash management, and a licensing agreement with AirNexis for the HSK39004 project [1][4][47]. Group 1: Board Resolutions - The board approved the amendment to the Articles of Association with a unanimous vote of 5 in favor [1]. - The board agreed to use up to RMB 230 million of idle raised funds for cash management, ensuring it does not affect ongoing projects or normal operations [4][31]. - A resolution was passed to hold the first extraordinary general meeting of 2026, with all proposals requiring shareholder approval [9][12]. Group 2: Licensing Agreement with AirNexis - The company signed an exclusive licensing agreement with AirNexis for the global development, production, and commercialization of HSK39004, excluding certain regions [7][48]. - AirNexis will pay an upfront fee of USD 108 million, which includes USD 40 million in cash and approximately USD 68 million in equity, along with potential milestone payments of up to USD 955 million [7][59]. - The agreement allows the company to receive a royalty of up to 12% on net sales and a share of any income from sublicensing agreements [61][66]. Group 3: Financial and Operational Context - The company raised a total of RMB 800 million through a private placement, with a net amount of RMB 790.87 million after expenses [32]. - The company plans to utilize idle funds for low-risk, short-term investments to enhance fund efficiency while ensuring project funding remains unaffected [34][35]. - The licensing agreement is expected to positively impact the company's future performance and profitability, aligning with its strategic goals of internationalization and innovation [66].

Core Insights - The article highlights the significant growth in China's innovative drug licensing transactions, projecting a total value exceeding $130 billion by 2025 [1] - In early 2026, a new wave of licensing deals is beginning, indicating ongoing momentum in the sector [1] Company Summary - On January 9, 2026, the company Haisco (002653.SZ) announced a licensing agreement with the U.S. firm AirNexis, granting exclusive rights for the global development, production, and commercialization of its innovative drug HSK39004, excluding Greater China [1] - The licensing transaction is structured through a Newco model, where a new company is formed to manage the licensed pipeline, allowing the pharmaceutical company to retain equity and receive cash [1]

Core Viewpoint - The Chinese innovative drug licensing transactions are expected to exceed $130 billion by 2025, with a new wave of transactions beginning in 2026, highlighted by the exclusive licensing agreement between Haisco and AirNexis for the innovative drug HSK39004 [1][2]. Group 1: Licensing Agreement Details - Haisco has signed an exclusive licensing agreement with AirNexis for the global development, production, and commercialization rights of HSK39004, excluding Greater China [1]. - AirNexis will pay Haisco an upfront payment of $108 million, which includes $40 million in cash and approximately $68 million worth of 19.9% equity in AirNexis, along with potential milestone payments of up to $955 million and royalties [2]. Group 2: Investment and Market Context - The transaction involves several well-known global dollar funds, with AirNexis being supported by Frazier Life Sciences Management, which has a history of successful FDA approvals and IPOs [3]. - Other notable investors include OrbiMed, Goldman Sachs' Life Sciences Alternatives, and Longitude Capital, indicating strong interest from established biopharma investment funds [3]. - The Newco model used in this transaction allows for the exchange of time for space, providing new funding and capital to enhance product recognition and future market opportunities [3]. Group 3: Market Trends and Future Outlook - In 2025, the Chinese innovative drug sector saw over 150 licensing transactions, but only a few utilized the Newco model, indicating a trend towards direct acquisitions by multinational pharmaceutical companies [4]. - The potential for increased participation from dollar investment funds in Chinese innovative drug licensing transactions in the new year remains to be seen [5].

证券日报网讯 1月9日，海思科发布公告称，公司第五届董事会第三十四次会议审议通过《关于使用闲 置募集资金进行现金管理的议案》等多项议案。 （文章来源：证券日报） ...

证券日报网讯1月9日，海思科（002653）发布公告称，公司将于2026年1月28日召开2026年第一次临时 股东会。 ...

公告显示，HSK39004是一种PDE3/4的双重抑制剂，通过双重机制协同作用，扩张支气管、减少炎症因 子释放，从而改善气流受限和气道炎症，用于慢性阻塞性肺病(COPD)辅助维持治疗。该药物目前拥有 吸入混悬液、吸入粉雾剂两种剂型，当前均在中国进行Ⅱ期临床试验。截至2025年12月31日累计研发投 入约7000万元。 智通财经APP讯，海思科(002653.SZ)公告，公司与美国AirNexis签订独占许可协议，授予AirNexis在除 中国大陆、中国香港特别行政区、中国澳门特别行政区及中国台湾地区以外的全球范围内开发、生产和 商业化HSK39004的独家权利。AirNexis将向海思科支付1.08亿美元首付款(含4,000万美元现金及等值约 6,800万美元的AirNexis公司19.9%股权)及最高9.55亿美元的额外里程碑付款、特许权使用费。AirNexis 如果就HSK39004达成再许可交易，海思科还有权获得再许可收入分成。 ...

北京商报讯（记者 丁宁）1月9日晚间，海思科（002653）发布公告称，公司与美国AirNexis Therapeutics, Inc.（曾用名DragonwellBiosciences, Inc.，以下简称"AirNexis"）签订独占许可协议，授予 AirNexis在除中国大陆、香港特别行政区、澳门特别行政区及台湾地区以外的全球范围内开发、生产和 商业化HSK39004的独家权利。AirNexis将向海思科支付1.08亿美元首付款（含4000万美元现金及等值约 6800万美元的AirNexis公司19.9%股权）及最高9.55亿美元的额外里程碑付款、特许权使用费。AirNexis 如果就HSK39004达成再许可交易，海思科还有权获得再许可收入分成。 海思科表示，本次协议的签署，将进一步推动HSK39004在全球范围内的开发与商业化进程。此举与公 司坚持国际化、创新驱动的整体发展战略高度契合，是公司深化全球布局、加速创新成果转化的重要一 步。该协议的签订预计将对公司未来业绩产生积极影响，有利于提升公司的盈利能力。 ...

中信证券股份有限公司 关于海思科医药集团股份有限公司 使用闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为海思 科医药集团股份有限公司（以下简称"海思科"或"公司"）持续督导工作的保 荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等有关规定，就海思科使用首次公开发行股票闲 置募集资金进行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准海思科医药集团股份有限公司非公开 发行股票的批复》（证监许可〔2022〕869 号）核准，公司非公开发行人民币普通 股（A 股）股票 40,000,000 股，发行价格为 20.00 元/股，募集资金总额为人民币 800,000,000.00 元，扣除各项发行费用人民币 9,133,782.42 元（不含税），实际募 集资金净额为人民币 790,866,217.58 元。上述募集资金到位情况已经信永中和会 计师事务所（特殊普通合伙）审验，并于 2023 年 ...

海思科医药集团股份有限公司 章程 2026 年 1 月 2 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 海思科医药集团股份有限公司 章程 目 录 1 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第三节 独立董事 第四节 专门委员会 第六章 总经理及其他高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 海思科医药集团股份有限公司 章程 海思科医药集团股份有限公司 章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》(以下简称"《公司法》")、 ...