Core Viewpoint - Kanghong Pharmaceutical (002773.SZ) has received the Drug Registration Certificate for Brexpiprazole Tablets from the National Medical Products Administration, indicating regulatory approval for the treatment of schizophrenia [1] Group 1 - The Drug Registration Certificate numbers are 2025S03922 and 2025S03923 [1] - Brexpiprazole's mechanism of action in treating schizophrenia is not fully understood, but it may involve partial agonist activity at serotonin 5-HT1A and dopamine D2 receptors, along with antagonist activity at serotonin 5-HT2A receptors [1]

Core Viewpoint - Kanghong Pharmaceutical (002773.SZ) has received the drug registration certificate for Brexpiprazole tablets from the National Medical Products Administration, indicating a significant regulatory approval for the treatment of schizophrenia [1] Group 1: Company Information - The drug registration certificate numbers for Brexpiprazole are 2025S03922 and 2025S03923, confirming its approval for market entry [1] - Brexpiprazole is indicated for the treatment of schizophrenia, although its exact mechanism of action remains unclear [1] Group 2: Industry Context - The mechanism of action for Brexpiprazole may involve partial agonist activity at serotonin 5-HT1A and dopamine D2 receptors, as well as antagonist activity at serotonin 5-HT2A receptors [1]

Core Viewpoint - Kanghong Pharmaceutical (002773.SZ) has received the drug registration certificate for Brexpiprazole tablets from the National Medical Products Administration, indicating a significant regulatory approval for a new treatment option for schizophrenia [1] Group 1: Product Approval - The National Medical Products Administration issued the drug registration certificate for Brexpiprazole tablets, with certificate numbers 2025S03922 and 2025S03923 [1] - Brexpiprazole is indicated for the treatment of schizophrenia, although its exact mechanism of action remains unclear [1] Group 2: Mechanism of Action - The potential mechanism of action for Brexpiprazole may involve partial agonist activity at serotonin 5-HT1A and dopamine D2 receptors, as well as antagonist activity at serotonin 5-HT2A receptors [1]

证券代码：002773 证券简称：康弘药业 公告编号：2025-074 成都康弘药业集团股份有限公司 关于公司收到药品注册证书的公告 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。 成都康弘药业集团股份有限公司（以下简称"公司"）于近日收 到国家药品监督管理局签发的布瑞哌唑片的《药品注册证书》（证书 编号：2025S03922、2025S03923），批准注册。现将相关情况公告如 下： 批准文号：国药准字 H20256388、国药准字 H20256389 审批结论：根据《中华人民共和国药品管理法》及有关规定，经 审查，本品符合药品注册的有关要求，批准注册，发给药品注册证书。 二． 产品简介 1 / 2 布瑞哌唑用于治疗精神分裂症的作用机制尚不明确，可能是通过 5-羟色胺 5-HT1A和多巴胺 D2受体的部分激动剂活性、5-羟色胺 5-HT2A 受体的拮抗剂活性联合介导。 一． 药品基本信息 药品名称：布瑞哌唑片 剂型：片剂 规格：1mg、2mg 适应症：本品用于治疗成人精神分裂症。 注册分类：化学药品 4 类 三． 对公司的影响 本次布瑞哌唑片获批上市，丰富了 ...

Core Viewpoint - Kanghong Pharmaceutical has received the drug registration certificate for Brexpiprazole tablets from the National Medical Products Administration, which is approved for the treatment of adult schizophrenia, enhancing the company's product pipeline [1] Group 1 - The drug is classified as a Class 4 chemical drug [1] - The approval of Brexpiprazole tablets adds to the company's product offerings [1] - The production and sales of pharmaceutical products may be influenced by changes in the market environment, leading to uncertainties [1]

Group 1 - The biopharmaceutical sector increased by 0.18% on December 25, with Jindike leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Key stocks in the biopharmaceutical sector showed various performance, with Jindike (688670) rising by 4.66% to a closing price of 22.45 [1] Group 2 - The biopharmaceutical sector experienced a net outflow of 307 million yuan from institutional investors, while retail investors saw a net inflow of 359 million yuan [2] - Notable declines included Te Bao Biological (688278), which fell by 3.14% to a closing price of 80.90 [2] - The trading volume and turnover for various stocks in the sector varied significantly, with Wan Ze Co. (000534) achieving a turnover of 488 million yuan [1][2] Group 3 - Jindike (688670) had a net inflow of 25.23 million yuan from institutional investors, while retail investors had a net outflow of 23.95 million yuan [3] - Other stocks like Zhi Xiang Jin Tai (688443) and Shen Zhou Cell (688520) also showed mixed net inflows and outflows from different investor categories [3] - The overall trend indicates a divergence in investor sentiment, with institutional investors pulling back while retail investors increased their positions [2][3]

证券代码：002773 证券简称：康弘药业 公告编号：2025-073 成都康弘药业集团股份有限公司 关于注销部分募集资金专用账户的公告 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。 一、募集资金基本情况 1、首次公开发行股票募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）"证监 许可[2015]1198号文"核准，成都康弘药业集团股份有限公司（以下 简称 "公司"）公开发行人民币普通股股票4,560.00万股，每股发 行价为13.62元，扣除证券公司承销费、保荐费等费用后实际募集资 金净额为人民币57,624.77万元。上述募集资金已于2015年6月23日全 部到位，经信永中和会计师事务所（特殊普通合伙）审验，并出具了 XYZH/2015CDA50084号《验资报告》。 2、公开发行可转换公司债券募集资金基本情况 经中国证监会（证监许可[2019]2572号）核准，公司公开发行了 1,630.00万张可转换公司债券，每张面值100元，发行总额163,000.00 万元，扣除证券公司承销费、保荐费等费用后实际募集资金净额为人 民币160, ...

康弘药业公告称，公司首次公开发行股票实际募资净额5.76亿元，公开发行可转债实际募资净额16.09亿 元，均实行专户存储管理。鉴于"康弘药业固体口服制剂异地改扩建项目"已建设完毕，公司于2025年12 月23日将该项目募集资金专户（账号：118535908070）余额113.31万元转入基本户并永久补充流动资 金，办理完成销户手续，项目剩余尾款/质保金将用自有资金支付，相关监管协议相应终止。 ...

Group 1 - The core viewpoint emphasizes that listed companies in China are not only the main force behind data growth but also serve as a stabilizing factor in the industry ecosystem, focusing on long-term value and comprehensive governance [2] - In 2025, the capital market aims for steady progress and quality improvement amidst multiple risks, enhancing market resilience and risk resistance, leading to reasonable quantitative growth and effective qualitative enhancement [2] - The market's expectations for listed companies have shifted from short-term performance to long-termism and comprehensive value, including governance structure, stable returns, strategic layout in frontier fields, and deep ESG practices [2] Group 2 - The 2025 T-EDGE Global Dialogue, organized by Titanium Media Group, NextFin.AI, and Barron’s China, highlights the importance of recognizing companies that redefine industry boundaries and emphasizes the core logic of "value investment" [3] - The EDGE AWARDS annual list includes categories such as Most Socially Responsible Company, Best Board Secretary, Most Investment Value Company, and Best Investor Relations Management Company, recognizing outstanding performance in governance, investment value, social responsibility, and investor relations [3][4] Group 3 - Aier Eye Hospital is recognized as a leader in ESG practices, integrating ESG into its core business and governance structure, while actively engaging in public welfare projects to enhance national eye health [5] - Betaini Group focuses on creating a skin health ecosystem and incorporates green development into its strategy, promoting biodiversity and sustainable practices [6] - Kweichow Moutai leads the liquor industry with a brand value of 468.718 billion, actively engaging in ecological protection and social responsibility initiatives [7] - JD Group has created significant employment opportunities and is committed to improving living conditions for its delivery personnel, with plans to invest 22 billion in housing projects [8] - Quantitative Group, listed on the Hong Kong Stock Exchange, leverages AI technology to reshape online consumption and has achieved a compound annual growth rate of 44.59% in revenue from 2022 to 2024 [9] - Seres focuses on new energy vehicles and has established a robust ESG governance framework, with significant growth in revenue and sales projected for 2024 [10] - Shui Jing Fang integrates social responsibility into its corporate strategy, setting clear environmental goals and contributing to community development [11] - China Baoan actively engages in social responsibility through its subsidiaries, contributing to community welfare and healthcare improvements [13] Group 4 - The Best Board Secretary category highlights the importance of effective communication between listed companies and the public, emphasizing the role of board secretaries in enhancing corporate governance [14] - Ren Shunying from Anfu Technology is recognized for her expertise in capital operations and corporate governance, significantly contributing to the company's compliance and investor relations [15] - Xia Ping from Jiahe Intelligent is noted for her effective investor relations management and participation in strategic planning [16] - Li Liangyu from Robotech is acknowledged for his role in maintaining corporate governance and enhancing market recognition [17] - Zhang Wenyu from Tianqi Lithium is recognized for his contributions to market value management and investor relations [18] Group 5 - The Most Investment Value Company category identifies companies with clear business models and significant breakthroughs in technology or policy, indicating strong growth potential [19][20] - Orbbec, a leader in 3D vision technology, has achieved over 70% market share in key sectors and continues to lead industry advancements [20] - BYD maintains its position as a global leader in new energy, with significant growth in overseas markets and a strong investment outlook [21] - Cambrian has entered a critical profitability phase, with substantial revenue growth and a strong market position in AI chips [22] - Hanlan Environment focuses on environmental services and has achieved consistent profit growth, attracting long-term investors [23] - Geely Auto has demonstrated strong financial performance and strategic integration, positioning itself for sustained growth [24] - Kanghong Pharmaceutical emphasizes innovation in drug development and has shown robust revenue growth, indicating long-term investment value [25] - Lens Technology maintains a strong market position with solid cash flow and growth potential in the automotive and consumer electronics sectors [26]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]