Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].

Core Viewpoint - The CXO (Contract Research Organization) sector is experiencing a significant performance improvement, driven by favorable policies and increased demand for innovative drug development in China [1][4]. Group 1: Industry Performance - CXO concept stocks have shown strong activity, with companies like Boteng Co. rising nearly 10% and others like Kanglong Chemical and Yiqiao Shenzhou increasing over 5% [1]. - WuXi AppTec and Boteng Co. have reported mid-year performance forecasts that confirm the trend of improving performance in CXO companies, indicating a potential reversal in industry prosperity [1][2]. - The overall order volume in the CXO industry has shown positive growth, with KaiLaiYing reporting a 20% increase in new orders for 2024 and Kanglong Chemical's laboratory services seeing over 15% growth [3]. Group 2: Company-Specific Insights - WuXi AppTec expects to achieve approximately 20.64% revenue growth year-on-year for the first half of 2025, with adjusted net profit expected to grow by 44.43% [2]. - Boteng Co. anticipates a revenue increase of 15% to 20% for the first half of 2025, marking a significant turnaround to profitability [2][3]. - The improvement in Boteng Co.'s gross margin and overall profitability is attributed to strict cost control and enhanced operational efficiency [3]. Group 3: Market Trends and Valuation - The CXO sector is poised for a "Davis Double Play," where both profitability and valuation are expected to rise simultaneously due to improved demand and a recovering investment environment [4]. - The current valuation of the CXO sector is at a mid-low level compared to historical highs, suggesting potential for upward movement as the market stabilizes [4]. - Analysts predict that the demand for innovative drug development will continue to grow, particularly in the context of new technologies like ADCs (Antibody-Drug Conjugates) [5].

Group 1 - The core viewpoint of the articles highlights the active performance of innovative drug stocks in the Hong Kong market, with the Hong Kong Innovative Drug 50 ETF (513780) rising over 87% year-to-date and experiencing significant net inflows since June [1][2] - Key individual stocks such as Kailaiying, CanSino Biologics, and others have shown substantial gains, indicating strong investor interest and confidence in the sector [1] - The National Healthcare Security Administration has initiated the 11th batch of centralized procurement, optimizing selection rules to ensure fair pricing and cost coverage for selected enterprises, which may positively impact the innovative drug market [1][2] Group 2 - Guosen Securities continues to recommend the innovative drug sector, citing improvements in both domestic and overseas markets, with recent adjustments to the medical insurance catalog providing economic support for innovative drug development [2] - The top ten constituents of the CSI Hong Kong Stock Connect Innovative Drug Index account for 69.16% of the index, including high-quality A-share companies involved in drug research and development [2] - The innovative drug sector is positioned at a new historical starting point, with domestic companies enhancing competitiveness and expanding overseas, supported by rapid revenue growth and favorable policies [2]

Group 1 - The core viewpoint highlights the strong performance of the innovative drug ETFs, with Tianhong Innovative Drug ETF (517380) leading the industry with a 1.89% increase and a total trading volume of 4.6489 million yuan on July 23, 2025 [2] - The Tianhong Innovative Drug ETF has seen a cumulative increase of 3.93% over the past week, indicating positive momentum in the sector [2] - The Biopharmaceutical ETF (159859) also showed a 1.50% increase with a trading volume of 40.8703 million yuan, reflecting strong investor interest [2] Group 2 - The Biopharmaceutical ETF (159859) has achieved a 2.84% increase over the past week, ranking first among comparable funds, with an average daily trading volume of 110 million yuan [3] - The Biopharmaceutical ETF has experienced a significant growth of 543 million yuan in scale over the past year, indicating robust demand [3] - Guotai Junan Securities continues to recommend the innovative drug sector, citing improvements in both domestic and overseas markets, with new insurance directories supporting innovative drug development [3] Group 3 - The collaboration between stable operation of medical insurance funds and optimized centralized procurement policies is positively impacting the innovative drug industry, enhancing patient accessibility and market demand [4] - Recent trends show that multiple pharmaceutical companies are successfully launching innovative drugs overseas, validating China's R&D capabilities [4] - The Tianhong Innovative Drug ETF (517380) is noted as the only ETF tracking the Hang Seng-Hushen-Hong Kong Innovative Drug Select 50 Index, providing comprehensive coverage of A-shares and Hong Kong stocks [4]

Meeting Overview - The company will hold the 2025 Second Extraordinary General Meeting and the 2025 Third A-share and H-share General Meetings on August 6, 2025 [1][2] - The on-site meeting will start at 14:00, with network voting available from 9:15 to 15:00 on the same day [1][2] Voting Procedures - Shareholders can vote either in person or through authorized representatives, with specific voting methods outlined for A-share and H-share shareholders [2][3] - A-share shareholders participating in network voting will have their votes considered for both the Second Extraordinary General Meeting and the Third A-share General Meeting [2][3] Agenda Items - The agenda for the Second Extraordinary General Meeting includes proposals for amending the company's independent non-executive director work system and related management rules, as well as changes to fundraising purposes and project investments [5][6] - The Third A-share General Meeting will also address similar proposals, with specific items requiring a two-thirds majority for approval [6][7] Attendance Registration - Shareholders must register for the meeting, providing necessary identification and documentation, with specific instructions for both individual and corporate shareholders [9][10] - Registration can also be done via mail or email for remote shareholders, with a deadline set for July 31, 2025 [9][10] Contact Information - The company has provided contact details for inquiries related to the meetings, including a phone number and email address [9]

证券代码：002821 证券简称：凯莱英 公告编号：2025-049 凯莱英医药集团（天津）股份有限公司 关于召开2025年第二次临时股东大会、2025年第三次A股 类别股东大会及2025年第三次H股类别股东大会通知的公告 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。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）将于2025年8月 6日以现场和网络投票相结合的方式召开2025年第二次临时股东大会、2025年第 三次A股类别股东大会及2025年第三次H股类别股东大会。现将本次会议有关事项 公告如下： 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会、2025年第三次A股类别股东 大会及2025年第三次H股类别股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合《中华人民共和 国公司法》、《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的相关规定。 4、会议召开的时间： 现场会议召开时间：2025年8月6日下午14:00 网络投票时间：2025年8月6日 ...

Group 1 - The company held its 52nd meeting of the 4th Supervisory Board on July 18, 2025, via communication, with all three supervisors present, complying with relevant laws and regulations [1][2] - The Supervisory Board approved a resolution to amend the Articles of Association, proposing the dissolution of the Supervisory Board, with its powers transferred to the Audit Committee of the Board of Directors [1][2] - The resolution received unanimous support with 3 votes in favor, and it will be submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [2] Group 2 - The company will continue to adhere to existing laws and regulations regarding the Supervisory Board until the shareholders' meeting approves the proposed changes [2] - The company aims to maintain compliance in overseeing the legality and compliance of its operations, finances, and the performance of directors and senior management [2]

凯莱英医药集团（天津）股份有限公司 年报信息披露重大差错责任追究制度 （2025 年 7 月修订） 凯莱英医药集团（天津）股份有限公司 年报信息披露重大差错责任追究制度 第一条 为了提高凯莱英医药集团（天津）股份有限公司（以下简称"公 司"）的规范运作水平，增强信息披露的真实性、准确性、完整性和及时性， 提高年报信息披露的质量和透明度，根据《中华人民共和国公司法》（以下简称 "《公司法》"、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司信息披露管理办法》、《深圳证券交易所股票上市规则》（以下简 称"《上市规则》"）、《香港联合交易所有限公司证券上市规则》（以下简 称"《香港上市规则》"）等有关法律法规及《凯莱英医药集团（天津）股份 有限公司章程》（以下简称"《公司章程》"）和《凯莱英医药集团（天津）股 份有限公司信息披露管理办法》（以下简称"《信息披露管理办法》"）的规 定，结合公司实际情况，制定本制度。 第二条 本制度所指责任追究是指年报信息披露工作中有关人员或单位因 不履行或者不正确履行职责、义务或其他原因而对公司造成重大经济损失或造成 不良社会影响时的责任追究与处理。 第三条 本制度所 ...

凯莱英医药集团（天津）股份有限公司 信息披露管理办法 （2025 年 7 月修订） | | | | 第一章 | 总 则 3 | | --- | --- | | 第二章 | 信息披露的基本原则 3 | | 第三章 | 公平信息披露 5 | | 第四章 | 信息披露的内容及标准 7 | | 第五章 | 信息披露的程序及管理 14 | | 第六章 | 信息披露的义务与责任 17 | | 第七章 | 信息披露方式 20 | | 第八章 | 信息保密 20 | | 第九章 | 其他 22 | | 第十章 | 附 则 22 | 第一章 总 则 第三条 公司董事会秘书负责公司信息披露，为公司信息披露的主要负责 人。 第四条 本办法对公司、公司股东、全体董事、高级管理人员、实际控制人 等相关信息披露义务人具有约束力。 第二章 信息披露的基本原则 第五条 信息披露是公司的持续责任，公司应依法、诚信履行持续信息披露 的义务。 第六条 公司及其他信息披露义务人应当真实、准确、完整、及时地披露信 息，不得有虚假记载、误导性陈述或者重大遗漏。 第七条 公司及其他信息披露义务人应当同时向所有投资者公开披露信息。 公司信息披露要体现公开、 ...

凯莱英医药集团（天津）股份有限公司 规范与关联方资金往来的管理制度 （2025 年 7 月修订） 1 | | | 第二章 防范控股股东及其他关联方资金占用的原则 第四条 公司应与控股股东及其关联方的人员、资产、财务分开，机构、业 务独立，各自独立核算、独立承担责任和风险。 第五条 公司不得为董事、高级管理人员、控股股东及其他关联方提供资金 等财务资助。 | 第一章 | 总 则 3 | | --- | --- | | 第二章 | 防范控股股东及其他关联方资金占用的原则 3 | | 第三章 | 职责和措施 5 | | 第四章 | 责任追究及处罚 6 | | 第五章 | 附 则 7 | 第一章 总 则 第一条 为了建立防止控股股东及其他关联方占用凯莱英医药集团（天津） 股份有限公司（以下简称"公司"）资金、侵占公司利益的长效机制，杜绝控股 股东及其他关联方占用公司资金行为的发生，保护投资者的合法权益，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市公司监管指引第 8 号 ——上市公司资金往来、对外担保的监管要求》、《深圳证券交易所股票上市规则》 （以下简称"《上市规则》"）、《深圳证券交易所上市公司 ...