Core Viewpoint - The recent shareholder meeting of Yunnan Watson Biotechnology Co., Ltd. marked significant advancements in governance structure optimization and shareholder return mechanisms, reflecting strong support from shareholders for the company's strategic direction and governance upgrades [1][10]. Governance Structure Optimization - The shareholder meeting approved 13 out of 14 proposals, with many receiving over 80% approval, indicating high shareholder confidence in the company's development strategy [1]. - The governance structure has been systematically upgraded, with over ten foundational system amendments, including the company's articles of association and decision-making rules, receiving high approval rates [6][7]. - The revised governance systems enhance decision-making procedures, risk control mechanisms, and information disclosure requirements, aligning with regulatory expectations [6][7]. Shareholder Return Policy - The proposal for the 2025 semi-annual profit distribution was approved with a 96.1073% approval rate, proposing a cash dividend of 0.30 yuan per 10 shares, totaling approximately 47.98 million yuan [3]. - The dividend plan reflects an increase compared to the previous year and demonstrates the company's commitment to shareholder returns amid strong operational performance and healthy cash flow [3]. Core Subsidiary Control - Despite the failure of the minority equity transfer proposal for Yuxi Watson, the company confirmed that this would not materially affect its overall operations or control over the subsidiary [4][5]. - Yuxi Watson is crucial to the company, contributing significantly to revenue and profits, with seven out of eight approved vaccine products produced by this subsidiary [5]. Strategic Direction and Innovation - The company maintains a clear strategic focus on vaccine development, innovation, and international expansion, with R&D expenditures consistently above 20% of revenue, positioning it as a leader in the domestic pharmaceutical sector [8]. - Watson Biotechnology is pursuing a dual strategy of "product export" and "technology export," achieving substantial progress in several countries along the Belt and Road Initiative [8][9]. Industry Context - The vaccine industry is experiencing rapid growth due to increased public health awareness and advancements in vaccine technology, providing new growth opportunities [9]. - As a leading player in the domestic vaccine industry, Watson Biotechnology possesses advantages in technology reserves, production capacity, and market channels, supporting its stable development during industry adjustments [9].

Core Viewpoint - Watson Bio has received administrative regulatory measures from the Yunnan Securities Regulatory Bureau due to non-compliance with regulations regarding the approval of executive compensation for 2023 and 2024 [1][2] Group 1: Regulatory Actions - Watson Bio was found to have failed to submit the compensation matters for directors and senior management for 2023 and 2024 to the shareholders' meeting and board of directors as required [1] - The company has been ordered to rectify the situation and this will be recorded in the securities and futures market integrity file [1] - On December 19, Watson Bio received a regulatory letter from the Shenzhen Stock Exchange due to the same issues [1] Group 2: Financial Performance - Watson Bio's total compensation for directors, supervisors, and senior management for 2023 and 2024 amounts to 44.22 million yuan and 24.71 million yuan, respectively [1] - The company has faced declining performance, with revenue and net profit attributable to shareholders decreasing for two consecutive years [2] - In the first three quarters of 2025, Watson Bio reported revenue of 1.719 billion yuan, a year-on-year decrease of 19.73%, and a net profit of 163 million yuan, down 36.24% year-on-year [2] Group 3: Market Performance - As of December 19, Watson Bio's stock closed at 11.3 yuan per share, with a total market capitalization of 18.07 billion yuan [3] - The stock has experienced a year-to-date decline of 6.38% [3]

Core Viewpoint The Ministry of Industry and Information Technology has organized a collection of landmark products in the field of biomanufacturing to enhance the integrated development capabilities of "technology research and development - production - market promotion" [1][10]. Group 1: Landmark Products - The first batch of 35 selected products includes hyaluronic acid from Shandong Huaxi Biotechnology Co., glucosamine from Shandong Runde Biotechnology Co., and trans-aconitic acid from the Qingdao Institute of Bioenergy and Process Research, Chinese Academy of Sciences [1][7]. - The selected products span various fields such as food additives, biopharmaceuticals, and biobased chemicals, showcasing advanced technology and significant economic benefits [9][10]. Group 2: Product Details - Ethanol clostridial protein, produced by Beijing Shoulang Biotechnology Co., is a beneficial supplement to existing feed proteins, utilizing industrial waste gases as nutrients for microbial fermentation [2]. - Altritol, produced by Huiguan Synthetic Biotechnology (Beijing) Co., is a low-calorie sweetener derived from microbial fermentation, significantly improving production efficiency [2]. - PHA (polyhydroxyalkanoate), a biodegradable polymer, is produced by Shanghai Yingjing Microbial Technology Co. and can replace plastics, reducing "white pollution" [6]. Group 3: Production Innovations - The products utilize innovative fermentation processes and engineered strains to enhance production efficiency and reduce costs, such as the use of engineered E. coli for L-alanine production [6][9]. - The Ministry plans to establish a biomanufacturing landmark product database to promote these products and support their technological innovation and market capabilities [9][10].

证券日报网讯 12月19日晚间，沃森生物发布公告称，公司2025年第一次临时股东大会审议通过《关于 2025年半年度利润分配的预案》《关于聘请公司2025年度审计机构的议案》《关于修订的议案》等多项 议案。 （文章来源：证券日报） ...

行政监管措施决定书指出，经查，沃森生物2023年、2024年董事薪酬事项未按规定提交股东大会审议， 2023年、2024年高级管理人员薪酬事项未按规定提交董事会审议，违反了《上市公司治理准则》相关规 定。云南证监局对沃森生物采取责令改正的行政监管措施，并记入证券期货市场诚信档案。同时，沃森 生物应在收到该决定书之日起30日内采取有效措施予以改正并提交整改报告。 北京商报讯（记者 王寅浩 宋雨盈）12月19日，沃森生物发布公告称，公司12月18日收到中国证券监督 管理委员会云南监管局（以下简称"云南证监局"）出具的行政监管措施决定书。 ...

云南沃森生物技术股份有限公司 关于收到云南证监局行政监管措施决定书的公告 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。 证券代码：300142 证券简称：沃森生物 公告编号：2025-080 根据《上市公司现场检查规则》（证监会公告[2022] 21 号）第二十一条、 《上市公司现场检查规则》（证监会公告[2025] 5 号）第二十一条的规定，现决 定对你公司采取责令改正的行政监管措施，并记入证券期货市场诚信档案。你公 司应当充分吸取教训，加强证券法律法规学习，提高规范运作水平，依法履行信 息披露义务，杜绝再次发生此类违规行为。你公司应在收到本决定书之日起 30 日内采取有效措施予以改正并向我局提交书而整改报告。 如果对本监督管理措施不服，可以在收到本决定书之日起 60 日内向中国证 券监督管理委员会提出行政复议申请，也可以在收到本决定书之日起 6 个月内向 有管辖权的人民法院提起诉讼。复议与诉讼期间，上述监督管理措施不停止执行。 公司高度重视上述问题，将严格按照云南证监局的相关要求切实整改，并在 规定时间内报送整改报告。公司将进一步完善内部控制制度，加强内 ...

沃森生物公告，公司于2025年12月18日收到云南证监局行政监管措施决定书，指出2023年、2024年董事 薪酬事项未按规定提交股东大会审议，2023年、2024年高级管理人员薪酬事项未按规定提交董事会审 议。违反了《上市公司治理准则》相关规定。云南证监局对公司采取责令改正的行政监管措施，并记入 证券期货市场诚信档案。公司将在30日内采取有效措施予以改正并提交整改报告。 ...

证券代码：300142 证券简称：沃森生物 公告编号：2025-079 云南沃森生物技术股份有限公司 3、会议召开日期和时间： 现场会议召开日期和时间：2025 年 12 月 19 日（星期五）下午 14:00； 2、本次股东大会未涉及变更以往股东大会决议。 3、本次股东大会采用现场会议与网络投票相结合的方式召开。 一、会议召开和出席情况 1、2025 年 11 月 29 日，云南沃森生物技术股份有限公司（以下简称"公司"） 董事会以公告形式通知召开 2025 年第一次临时股东大会。关于召开 2025 年第一 次临时股东大会的提示性公告已于 2025 年 12 月 13 日以公告的形式发出。 2、会议召开方式：采用现场会议与网络投票相结合的方式。 2025 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会所审议案 2.00《关于转让子公司玉溪沃森生物技术有限公 司少数股权暨关联交易的议案》未获股东大会审议通过，提请投资者特别关注。 网络投票日期和时间：2025 年 12 月 19 日。其中，通过深圳证券 ...

上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 电话：(86-21) 5404 9930 传真：(86-21) 5404 9931 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由深圳证券交易所（以下简称"深交所"）交易系统和互 联网投票系统予以认证； 北京市竞天公诚律师事务所上海分所 关于云南沃森生物技术股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：云南沃森生物技术股份有限公司（贵公司） 北京市竞天公诚律师事务所上海分所（以下简称"本所"）接受贵公司的委 托，指派律师出席并见证贵公司 2025 年第一次临时股东大会（以下简称"本次 会议"）。 本所律师根据《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》）、《上市公司股东会规则》（以下 简称《股东会规则》）、《律师事务所从事证券法律业务管理办法》（以下简称 《证券法律业务管理办法》）、《律师事务所证券法律业务执业规则（试行）》 （以下简称《证券法律业务执业规则》）等相关法律、行政法规、规章、规范性 文件及《云南沃森生物技术股份有 ...

Core Viewpoint - Watson Bio intends to acquire approximately 13.78% equity in Yuxi Watson for about 2 billion RMB, increasing its ownership to approximately 92%, which will enhance control and decision-making efficiency, ultimately boosting revenue and profit levels [1][3][4] Group 1: Financial Impact - Yuxi Watson is a significant revenue contributor, projected to generate approximately 26.64 billion RMB in revenue and 2.54 billion RMB in net profit in 2024, and approximately 16.82 billion RMB in revenue and 2.69 billion RMB in net profit in the first three quarters of 2025 [1][5] - Yuxi Watson accounts for over 90% of Watson Bio's total revenue and is the primary source of its profits, with total assets of approximately 69.62 billion RMB and net assets of about 41.24 billion RMB as of September 30, 2025 [5] Group 2: Strategic Importance - The acquisition of Yuxi Watson's equity is seen as a strategic move to ensure a stable profit source that can support Watson Bio's R&D efforts and mitigate performance fluctuations due to innovation investments [7] - Watson Bio aims to optimize its core product production and sales, enhance management and technological innovation, and focus resources on developing breakthrough products while maintaining product quality [7][8] Group 3: Future Development Plans - The company plans to explore full-chain industrial opportunities through various innovative models, including independent R&D and external acquisitions, to strengthen its market-oriented product discovery and development capabilities [8] - Watson Bio is also advancing the construction of industrial bases in Beijing, Guangzhou, and Chengdu, aiming to establish a strategic industrial layout that radiates from Yunnan to the entire country and beyond [8]