Core Viewpoint - The company has received the drug registration certificate for Methotrexate Injection from the National Medical Products Administration, which is expected to enhance its competitiveness in the oncology market [1] Group 1: Drug Approval and Market Potential - The company's wholly-owned subsidiary, Jiangsu Aosaikang Pharmaceutical Co., Ltd., has recently obtained the drug registration certificate for Methotrexate Injection [1] - The active pharmaceutical ingredient for Methotrexate Injection received a marketing application approval notice in May 2025 [1] - Methotrexate Injection can be used alone to treat breast cancer and gestational trophoblastic neoplasia, or in combination with other chemotherapy drugs for osteosarcoma and acute leukemia [1] Group 2: Sales Performance and Future Impact - According to the PDB database, the average annual sales of Methotrexate Injection in sample hospitals over the past five years is approximately 140 million yuan [1] - The market outlook for Methotrexate Injection is broad, indicating significant sales potential [1] - The acquisition of the drug registration certificate will enrich the company's oncology product portfolio and positively impact the company's future operations [1]

Summary of Conference Call Notes Industry Overview - The conference focuses on the innovative pharmaceutical sector, particularly the PD-(L)1 Plus treatment landscape, which is becoming a competitive area for overseas pharmaceutical companies [1][2]. Key Insights and Arguments - **Market Performance**: The pharmaceutical sector has shown strong performance recently, with significant volatility in innovative drugs. The core stocks have remained relatively stable during adjustments, driven by short-term trading dynamics [3]. - **Investment Outlook**: There is a strong bullish sentiment towards the innovative drug market, supported by solid underlying logic and clear industry trends. Key innovative drug targets, especially those with BD expectations or PD-1 Plus logic, are expected to perform well even during market corrections [3]. - **Investment Strategy**: Four main investment lines are recommended: Chinese supermarkets, generic drug opportunities, re-evaluation of small-cap pipelines, and large overseas pharmaceuticals. The strategy includes a combination of buying and random rotation for explosive growth [3]. - **Focus Areas**: Attention is drawn to the PD-1 Plus logic, particularly the potential upgrade from PD-1/VEGF to PD-1/IL-2. Upcoming opportunities related to the ADA conference in late June and advancements in medical technology (brain-computer interfaces, rehabilitation robots, AI in healthcare) are highlighted [3]. - **2025 Outlook**: Optimism prevails for the pharmaceutical sector, with expectations of a structural bull market. Focus areas include innovative drugs, new technologies, and industry restructuring [3]. Clinical Data Insights - **Sinda's PD-1/IL-2 (IBI363) Data**: - In non-small cell lung cancer (wild-type), the 1-1.5 mg/kg group showed an ORR of 25.9% and a median OS of 15.3 months, while the 3 mg/kg group had an ORR of 36.7% and a median PFS of 9.3 months, suggesting a potential median OS of 20-25+ months [3]. - In lung adenocarcinoma (wild-type), the low-dose group (0.6/1.5 mg/kg) had an ORR of 13.08% and a median PFS of 2.7 months, while the high-dose group (3 mg/kg) showed an ORR of 24% and a median PFS of 5.6 months, with a potential median OS of 25-30 months [3]. - The data indicates a high OS/PFS ratio, particularly in lung adenocarcinoma, which is rare and suggests a potential to limit metastatic tumors [3][4]. Competitive Landscape - **PD-1 Plus Market**: The PD-(L)1 market is substantial, estimated at around $40 billion, and is undergoing innovation. Major multinational corporations are actively investing in PD-1 Plus, contributing to rising upfront payments in business development [6]. - **Key Companies to Watch**: Notable companies in the PD-1 Plus space include Sinda, Hengrui, BeiGene, Kangfang Biotech, Rongchang Biotech, Aosaikang, and Zhimeng Junshi [6]. Sector-Specific Updates - **Innovative Drugs**: The index for innovative drugs rose by 0.34% last week, with a positive long-term outlook driven by clinical data and business development catalysts [6]. - **Generic Drugs**: The index increased by 1.69%, outperforming the pharmaceutical index. Key events include the approval of a compound release tablet by Shenda and the acceptance of a conditional listing application for a hemophilia drug [6]. - **Traditional Chinese Medicine & Pharmacies**: The Chinese medicine index rose by 0.39%, while pharmacies increased by 1.67%, with a focus on policy impacts and operational strategies [6]. - **Medical Devices**: The medical device index rose by 1.11%, with attention on equipment updates and market recovery [6]. - **Life Sciences**: The life sciences sector saw an average increase of 1.47%, with a focus on operational recovery and investment trends [6]. Additional Considerations - **Stock Selection**: Emphasis on companies with clean shareholding structures, low stock prices, and positive future operational trends. Monitoring monthly operational data and overall consumption data is crucial [7].

二、本次实施的权益分派方案 证券代码：002755 证券简称：奥赛康 公告编号：2025-036 北京奥赛康药业股份有限公司 2024 年年度权益分派实施公告 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。 北京奥赛康药业股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 29 日召开的 2024 年年度股东大会审议通过。现将权益分派事 宜公告如下： 一、股东大会审议通过权益分派方案情况 1、2025 年 5 月 29 日，北京奥赛康药业股份有限公司（以下简称"公司"） 2024 年年度股东大会审议通过了《关于公司 2024 年度利润分配预案的议案》， 同意以公司总股本 928,160,351 股为基数，向全体股东按每 10 股派发现金红利人 民币 1.20 元（含税），共计派发现金红利总额 111,379,242.12 元（含税），不进行 资本公积金转增股本，不送红股。自利润分配预案公布后至实施利润分配方案的 股权登记日期间，如公司总股本由于可转债转股、股份回购、股权激励行权、再 融资新增股份上市等原因发生变动，按照"现 ...

2024 年年度股东大会决议公告 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。 证券代码：002755 证券简称：奥赛康 公告编号：2025-035 北京奥赛康药业股份有限公司 特别提示 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、股东大会届次：2024 年年度股东大会。 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合《公司法》、 《上市公司股东会规则》等有关法律法规、部门规章、规范性文件和《公司章程》 的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 29 日（星期四）14:00 （2）网络投票时间：2025 年 5 月 29 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 29 日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所互联网投 票系统投票的具体时间为 2025 年 5 月 29 日 9:15－15:00 期间的任意时间 ...

国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关于北京奥赛康药业股份有限公司 2024 年年度股东大会的 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 2025 年 5 月 国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 （一）本次股东大会的召集 公司董事会于 2025 年 4 月 25 日召开公司第七届董事会第二次会议，决定于 2025 年 5 月 29 日（星期四）14：00 召开公司 2024 年年度股东大会。2025 年 4 月 28 日，董事会在指定媒体及网站上发布了《北京奥赛康药业股份有限公司第七届 董事会第二次会议决议公告》《北京奥赛康药业股份有限公司关于召开 2024 年年 度股东大会的通知》（以下简称"会议通知"）。会议 ...

事件：2024 年公司实现营业收入17.78 亿元，同比增长23.15%；归母净利润1.60 亿元，同比扭亏为盈。 2025 年第一季度营业收入5.09 亿元，同比增长13.39%；归母净利润0.55 亿元，同比增长73.50%。 坚持源头创新，多个早研管线备受关注。公司拥有细胞因子前药技术、双特异性抗体、Fc 融合蛋白等 核心技术，已申请20 多件PCT 专利。在研产品管线中，ASKB589、ASKG712、ASKG915 等管线备受 关注。1）ASKB589 是一款靶向CLDN18.2 单抗，拟开发胃癌及胃腺癌、胰腺癌等。一项联合化疗、 PD-1 抑制剂治疗一线胃癌患者的3 期临床正处于受试者入组阶段。2025 年1月公布的2a 期临床数据显 示，受试者mPFS 为12.45 个月，cORR 为76.1%， 18 个月OS 率为65.2%。2）ASKG712 是一款靶向 VEGF/ANG-2 融合蛋白，是继罗氏Faricimab 之后全球第二家进入临床阶段的同类药物。目前nAMD正 处于2a 期临床研究，DME 完成1 期临床研究。3）ASKG915 是一款靶向PD-1/IL-15 前药融合分子，是 公司 ...

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The pharmaceutical sector has shown resilience with a weekly increase of 1.27%, outperforming the CSI 300 index by 0.16 percentage points, ranking 11th among 31 sectors [7][26]. - The report highlights the potential recovery of the industry due to favorable policies and the gradual rebound of the hospital market, which was previously impacted by anti-corruption measures and centralized procurement [4][26]. - The focus on innovative therapies is expected to drive significant growth, with an emphasis on domestic BIC/FIC innovative drugs showing steady improvement in both quantity and quality [4][26]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's weekly performance was +1.27%, with sub-sectors such as Traditional Chinese Medicine II (+1.73%), Medical Services (+1.45%), and Chemical Pharmaceuticals (+1.44%) showing notable gains [7][26]. 2. Key Company Ratings - Companies such as Aosaikang (002755.SZ) and Cloudtop New Medicine (01952.HK) received "Buy" ratings, while Renfu Pharmaceutical (600079.SH) and Dize Pharmaceutical (688192.SH) were rated as "Hold" [1][4]. 3. Notable Industry News - BeiGene initiated a head-to-head Phase III clinical trial for BGB-16673, a targeted BTK PROTAC drug, which has shown promising results in earlier trials [26][27]. - AbbVie received FDA approval for its c-Met targeted ADC drug, marking a significant milestone in the ADC product line [29][30]. 4. Investment Recommendations - The report recommends focusing on high-quality targets within the formulation sector, particularly companies with efficient management and strong product pipelines, such as Aosaikang and Dize Pharmaceutical [4][26].

公司报告 | 首次覆盖报告 奥赛康（002755） 证券研究报告 创新转型成果初现，前药平台市场潜力可观 摘要： 奥赛康主要聚焦于消化、肿瘤、耐药感染、慢性病 4 个治疗领域，截至 2024 年 9 月已有 32 个产品通过一致性评价，13 个产品中标国采。后续细胞因 子疗法、CLDN18.2 及 EGFR 等创新品种有望带动公司未来业绩加速发展。 SmartKine：创新细胞因子前药平台，市场潜力可观 细胞因子抑制剂毒性大，工程化改造有蛋白质工程、位点突变、前药等技 术路线。其中前药改造是一种创新策略，通过可逆掩蔽的方式，使其在外 周组织保持低活性，在肿瘤组织释放高活性，是下一代免疫疗法的前沿。 SmartKine 是公司自主研发的细胞因子前药技术平台，旨在通过工程改造解 决细胞因子类药物成药性问题，从而实现选择性激活免疫系统，定点杀灭 肿瘤细胞。它主要具有四大优势：避免 "细胞因子陷阱"，选择性免疫细 胞激活，真正的双功能分子，降低全身毒性。奥赛康遮蔽肽平台 IL-15 前药 ASKG315 和 ASKG915 在临床Ⅰ期。奥赛康依托遮蔽肽平台，有望在实体瘤 治疗领域形成差异化竞争力。 ASKB589：临 ...

Group 1 - The report highlights the core viewpoint that the company, Qii 712 (603712), is a key supplier in military wireless communication, with a focus on independent research and innovation in military communication technology [2] - The company reported a revenue of 216 million yuan in Q1 2025, a decrease of 55.88% year-on-year, and a net profit of -54.02 million yuan, down 440.23% year-on-year [2] - The report anticipates that the company will benefit from the increasing defense spending and the expanding market for military private network wireless communication [2] Group 2 - The report on the pet economy indicates a strong growth momentum, with the fifth TOPS Pet Expo showcasing over 1,200 exhibitors and a 43% increase in visitor numbers compared to the previous year [3] - Exports of pet food from China reached 82,400 tons in the first quarter of 2025, reflecting a year-on-year growth of 19.68% [3] - The report suggests that the pet economy is transitioning from "scale expansion" to "value creation," with leading companies focusing on innovation and brand development [3] Group 3 - The report on Aosaikang (002755) indicates a total revenue of 509 million yuan in Q1 2025, a year-on-year increase of 13.39%, and a net profit of 54.73 million yuan, up 73.50% year-on-year [4] - Aosaikang's SmartKine platform is highlighted as a promising innovation in the field of immunotherapy, aiming to selectively activate the immune system to target tumor cells [4] - The report projects significant revenue growth for Aosaikang, with expected revenues of 1.90 billion, 2.89 billion, and 5.30 billion yuan for 2025, 2026, and 2027 respectively [30] Group 4 - The report on Zhongji Xuchuang (300308) shows a revenue of 6.67 billion yuan in Q1 2025, a year-on-year increase of 37.82%, and a net profit of 1.58 billion yuan, up 56.83% year-on-year [33] - The company is focusing on the development of 800G and 1.6T optical modules, with expectations for increased demand in the second half of 2025 [33] - The report emphasizes the strategic partnership with CarLink to develop vehicle-mounted optical communication modules, aiming to enhance smart vehicle capabilities [33]

公司报告 | 首次覆盖报告 奥赛康（002755） 证券研究报告 创新转型成果初现，前药平台市场潜力可观 摘要： 奥赛康主要聚焦于消化、肿瘤、耐药感染、慢性病 4 个治疗领域，截至 2024 年 9 月已有 32 个产品通过一致性评价，13 个产品中标国采。后续细胞因 子疗法、CLDN18.2 及 EGFR 等创新品种有望带动公司未来业绩加速发展。 SmartKine：创新细胞因子前药平台，市场潜力可观 细胞因子抑制剂毒性大，工程化改造有蛋白质工程、位点突变、前药等技 术路线。其中前药改造是一种创新策略，通过可逆掩蔽的方式，使其在外 周组织保持低活性，在肿瘤组织释放高活性，是下一代免疫疗法的前沿。 SmartKine 是公司自主研发的细胞因子前药技术平台，旨在通过工程改造解 决细胞因子类药物成药性问题，从而实现选择性激活免疫系统，定点杀灭 肿瘤细胞。它主要具有四大优势：避免 "细胞因子陷阱"，选择性免疫细 胞激活，真正的双功能分子，降低全身毒性。奥赛康遮蔽肽平台 IL-15 前药 ASKG315 和 ASKG915 在临床Ⅰ期。奥赛康依托遮蔽肽平台，有望在实体瘤 治疗领域形成差异化竞争力。 ASKB589：临 ...