Group 1 - The company held an online investor meeting on September 12, 2025, to address investor concerns regarding its performance and strategies [1] - Investors showed strong interest in the company's R&D progress and market strategies, particularly regarding the flagship store sales of eye drops on platforms like Alibaba Health and JD Pharmacy, which the company currently has no plans for [2] - The company is advancing its I-class new drug, KH110, for Alzheimer's treatment, which is in clinical phase III, but the commercialization timeline remains uncertain due to various factors [2] Group 2 - The company emphasizes shareholder interests and market performance in its value management strategy, focusing on core business, operational quality, and competitive strength [3] - The company is committed to international cooperation and market expansion, with its product, Conbercept, already sold in Mongolia, Pakistan, and Macau, and participating in international medical aid [3] - R&D investment has increased, with a year-on-year growth of 11.27% in the first half of 2025, and the company is focusing on key technology and treatment areas to enhance its R&D capabilities [4] Group 3 - Conbercept remains a core product, maintaining its leadership in the Chinese ophthalmology anti-VEGF market despite new competition [4] - The company anticipates the launch of high-concentration Conbercept by 2028 and gene therapy products around 2030, aiming to create a product array that includes fusion proteins, high-concentration, and gene therapy [4]

Group 1: Investor Relations and Company Strategy - The company does not plan to open flagship stores on Alibaba Health and JD Pharmacy, focusing instead on open cooperation and strengthening independent R&D while exploring BD opportunities with global peers [3] - The company emphasizes the importance of long-term market value, which is determined by operational performance, profitability, and growth potential [3] - Future efforts will focus on deepening core business, enhancing operational performance, and optimizing strategic layout through innovation and market expansion [4] Group 2: R&D and Product Development - The company is currently advancing the clinical phase III of its new drug KH110 for Alzheimer's treatment, with uncertain market launch timing influenced by various factors [3] - R&D expenses increased by 11.27% year-on-year in the first half of 2025, highlighting the company's commitment to enhancing R&D efficiency and resource allocation [5] - The company has established a comprehensive R&D system focusing on key therapeutic areas such as ophthalmology, neurology, and oncology, leveraging both domestic and international resources [6] Group 3: Market Position and Competitive Strategy - The company’s core product, Conbercept, maintains a leading position in the Chinese ophthalmology market, despite increased competition from new entrants [6] - By 2028, a high-concentration version of Conbercept is expected to launch, further solidifying the company's market position [6] - The company is actively monitoring market dynamics and investor feedback to effectively communicate its strategic plans and investment value [5]

Core Viewpoint - Kanghong Pharmaceutical is actively advancing its KH110 drug, currently in Phase III clinical trials, with an emphasis on market research and commercialization preparation to maximize its market value [1] Group 1: Drug Development - KH110 is in the Phase III clinical stage, indicating significant progress in its development timeline [1] - The timeline for the drug's market launch is influenced by various factors, leading to inherent uncertainties [1] Group 2: Market Potential - The commercial prospects of the innovative drug depend on multiple factors, including efficacy, safety, and market competition [1] - The company is committed to conducting market research and preparing for commercialization to enhance the market value of KH110 [1]

Group 1 - The core viewpoint of the news is that Kanghong Pharmaceutical experienced a significant stock decline of 6.29%, with its share price at 36.51 yuan and a total market capitalization of 33.637 billion yuan as of the report date [1] - Kanghong Pharmaceutical, established on October 3, 1996, and listed on June 26, 2015, is primarily engaged in the research, production, and sales of chemical drugs, traditional Chinese medicine, and biological products [1] - The revenue composition of Kanghong Pharmaceutical is as follows: biological drugs account for 54.83%, traditional Chinese medicine 32.49%, chemical drugs 12.50%, and other categories 0.15% [1] Group 2 - From the perspective of fund holdings, one fund under Industrial Bank of China Asset Management has a significant position in Kanghong Pharmaceutical, with 172,800 shares held, representing 1.29% of the fund's net value [2] - The fund, named Industrial Flexible Allocation Mixed A (487016), has a total scale of 389 million yuan and has achieved a year-to-date return of 14.49% [2] - The fund manager, Li Yu, has been in position for 7 years and 234 days, with the best return during his tenure being 153.76% [2]

证券代码：002773 证券简称：康弘药业 公告编号：2025-051 成都康弘药业集团股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日及半年度 报告业绩说明会活动的公告 成都康弘药业集团股份有限公司董事会 2025 年 9 月 10 日 为进一步加强与投资者的互动交流，成都康弘药业集团股份有限 公司（以下简称"公司"）将参加由四川省上市公司协会、深圳市全 景网络有限公司联合举办的"四川辖区 2025 年投资者网上集体接待 日及半年度报告业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五）14:00—17:00。届时公司高管将在线就公司 2024 年 度及 2025 年半年度业绩、公司治理、发展战略、 经营状况、融资计 划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通 与交流，欢迎广大投资者踊跃参与！ 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 ...

证券代码：002773 证券简称：康弘药业 公告编号：2025-050 成都康弘药业集团股份有限公司 关于2021年股票期权激励计划预留授予部分第三个行权期 自主行权的提示性公告 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、预留授予部分期权代码：037285，期权简称：康弘 JLC2。 2、公司 2021 年股票期权激励计划符合预留授予部分第三个行 权期行权条件的 2 名激励对象在预留授予部分第三个行权期可行权 的股票期权数量共计 3.54 万份，行权价格为 13.84 元/股。 3、本次行权采用自主行权模式。 4、根据业务办理的实际情况，本次 2021 年股票期权激励计划预 留授予的第三个行权期实际可行权期限为 2025 年 9 月 11 日至 2026 年 7 月 10 日，激励对象可在行权期内的可行权日择机自主行权。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 成都康弘药业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第八届董事会第十二次会议，审议通过了《关于 2021 年股票期权激励计划预 ...

Group 1 - The company announced the cancellation of 524,300 stock options from the 2021 stock option incentive plan due to certain incentive targets not being fully met by some participants [1][2] - The cancellation affects 31 incentive participants and is in accordance with the relevant regulations of the "Management Measures for Equity Incentives of Listed Companies" [2] - The cancellation will not significantly impact the company's financial status or operational results, nor will it affect the motivation and stability of the management team [2] Group 2 - The company has submitted the application for the cancellation of the stock options to the Shenzhen branch of China Securities Depository and Clearing Corporation Limited, which has been confirmed and completed [2] - The board of directors assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1]

证券代码：002773 证券简称：康弘药业 公告编号：2025-049 成都康弘药业集团股份有限公司 关于2021年股票期权激励计划部分股票期权 近日，公司已向中国证券登记结算有限责任公司深圳分公司提交 注销上述股票期权的申请，截至本公告披露日，经中国证券登记结算 有限责任公司深圳分公司审核确认，公司已完成上述 52.43 万份股票 期权的注销业务。前述注销 2021 年股票期权激励计划部分股票期权 事项符合《上市公司股权激励管理办法》及公司《2021 年股票期权 激励计划（草案）》等有关规定，不会影响 2021 年股票期权激励计划 的正常进行，不会对公司的财务状况和经营成果产生重大影响，也不 会影响公司管理团队的积极性和稳定性。公司管理团队将继续认真履 行工作职责，尽力为股东创造价值。 注销完成的公告 特此公告。 成都康弘药业集团股份有限公司董事会 会议，审议通过了《关于注销 2021 年股票期权激励计划部分股票期 权的议案》 。由于部分激励对象存在 2024 年度个人绩效考核未完全达 标、首次授予部分第三个行权期满未行权及预留授予部分第二个行权 期满未行权的情形，董事会根据公司二〇二一年第一次临时股东大会 ...

证券代码：002773 证券简称：康弘药业 公告编号：2025-049 成都康弘药业集团股份有限公司 关于2021年股票期权激励计划部分股票期权 注销完成的公告 | | | 成都康弘药业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第八届董事会第十二次会议和第八届监事会第十二次 会议，审议通过了《关于注销 2021 年股票期权激励计划部分股票期 权的议案》。由于部分激励对象存在 2024 年度个人绩效考核未完全达 标、首次授予部分第三个行权期满未行权及预留授予部分第二个行权 期满未行权的情形，董事会根据公司二〇二一年第一次临时股东大会 的授权，决定注销 31 名激励对象已获授但尚未行权的部分或全部股 票期权合计 52.43 万份。具体内容详见公司于 2025 年 8 月 28 日刊登 在巨潮资讯网（http://www.cninfo.com.cn）、《证券时报》《中国 证券报》《上海证券报》《证券日报》上的《关于注销 2021 年股票 期权激励计划部分股票期权的公告》（公告编号：2025-046）。 特此公告。 成都康弘药业集团股份有限公司董事会 2025 年 9 月 3 日 近日 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector is expected to continue its recovery, with a focus on innovative drugs as the main investment theme. The report highlights a gradual improvement in the industry, with Q2 showing a significant reduction in the decline of revenue and profits compared to Q1 [7][21][19] - The report emphasizes the potential for a turnaround in the industry, driven by policy improvements, demand recovery, and the performance of the CRO/CDMO segments [10][16] Summary by Sections Market Performance - In August 2025, the pharmaceutical and biotechnology sector rose by 2.6%, underperforming the Shanghai and Shenzhen 300 index, which increased by 10.3%. The sector ranked 24th among 31 sub-industries [7][15] - The report notes a mixed performance among sub-sectors, with medical devices and services showing gains, while the pharmaceutical commercial sector declined [15] Financial Performance - In the first half of 2025, the cumulative revenue of pharmaceutical companies decreased by 2.6%, with total profits down by 4.0%. However, Q2 showed a narrowing of declines, with revenue down by only 1.1% and total profits down by 2.9% [21][19] - The report indicates that the CRO/CDMO segments performed well, with significant revenue and profit growth, particularly in Q2 [21][19] Investment Opportunities - The report suggests focusing on innovative drugs, which are seen as having strong growth potential and clear industry trends. It recommends several companies across different categories, including biotech firms transitioning to biopharma and large pharmaceutical companies involved in innovative drug development [9][10][11] - The report also highlights the potential for recovery in the CRO/CDMO segments and suggests that companies in these areas are likely to benefit from improving demand and order recovery [10][16] Key Recommendations - The report lists key companies to watch, including WuXi AppTec, WuXi Biologics, and others, indicating a positive outlook for these firms based on their performance and market position [17][18]