Investment Rating - The report maintains a rating of "Buy" for the industry, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [5][50]. Core Viewpoints - The report emphasizes that the industry is expected to see a bottoming out and gradual improvement, with a continued focus on innovation and AI as key growth drivers. The performance of the pharmaceutical sector has shown resilience, with a year-to-date return of 1.2%, outperforming the Shanghai Composite Index by 3.4% [7][12]. - The report suggests that the innovation trend in pharmaceuticals is likely to persist, with specific recommendations for companies such as Changchun High-tech, Sanofi, and Betta Pharmaceuticals, among others [7][12]. - The report highlights the potential of AI in pharmaceuticals and healthcare, indicating that this sector is just beginning to unfold, with opportunities in drug development, diagnostic assistance, and chronic disease management [8][13]. Summary by Sections Industry Overview - The pharmaceutical industry comprises 498 listed companies with a total market capitalization of 62,240.01 billion yuan and a circulating market value of 55,873.42 billion yuan [2][5]. Market Performance - The report notes that the Shanghai Composite Index rose by 2.00% while the pharmaceutical sector increased by 1.01%, ranking 26th among 31 sub-industries. Various sub-sectors, including medical devices and traditional Chinese medicine, also experienced gains [7][12]. Investment Opportunities - The report identifies several key areas for investment: 1. **Innovation Growth**: Focus on innovative drugs with strong technological attributes and ongoing policy support [7][12]. 2. **AI in Healthcare**: Emphasizing the emerging opportunities driven by AI in diagnostics and drug research [8][13]. 3. **Recovery in Distressed Sectors**: Highlighting potential recovery in CRO&CDMO and specialty raw materials due to improved industry policies and global order recovery [8][13]. Key Company Recommendations - The report recommends a focus on companies such as: - Changchun High-tech - Sanofi - Betta Pharmaceuticals - WuXi AppTec - Daan Diagnostics - Others in the AI and healthcare sectors [7][8][12][13].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4] Core Insights - The innovative drug sector is expected to continue its growth, supported by strong technological attributes and favorable policies, with commercial insurance and Class B medical insurance providing further catalysts [6][11] - The AI-driven medical and pharmaceutical industry is just beginning, with potential investment opportunities emerging in drug development, assisted diagnosis, and chronic disease care [6][11] - The report highlights a recovery in performance for certain segments, including CRO&CDMO and specialty APIs, driven by improved industry policies and global order recovery [6][11] Summary by Sections May Industry Investment Outlook - The innovative growth of drugs is supported by strong technology and ongoing policy support, with recommendations for companies like Changchun High-tech and Three Life Pharmaceuticals [11] - AI in medicine is expected to create numerous investment opportunities, particularly in diagnostics and medical services [11] - Recovery is anticipated in segments like CRO&CDMO, with companies such as WuXi AppTec and Tianyu Co. being highlighted for their potential [11] April Review and Analysis - The pharmaceutical sector saw a decline of 2.1% in April, outperforming the Shanghai Composite Index, which fell by 3.0% [12] - The report notes that innovative drugs are leading the market, with a positive outlook for the remainder of the year [12] - The report anticipates a gradual improvement in performance across various sub-sectors, with some beginning to show signs of recovery [12] Key Recommendations - The report recommends focusing on companies such as WuXi AppTec, Changchun High-tech, and Three Life Pharmaceuticals for potential growth [13] - It emphasizes the importance of monitoring the performance of companies in the AI and medical sectors, including Dian Diagnostics and Meinian Health [11][13] Financial Performance Overview - In 2024, the pharmaceutical sector is projected to see a revenue decline of 0.8% and a profit drop of 9.9%, with a further decline in Q1 2025 [16] - The report indicates that while some segments are under pressure, the innovative drug industry is thriving, with significant growth in exports and BD opportunities [16] - The overall cash flow for the pharmaceutical sector is expected to decline, with notable variations across different segments [24][25]

国浩律师（杭州）事务所 贝达药业 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 关于 贝达药业股份有限公司 2024 年年度股东大会的法律意见书 致：贝达药业股份有限公司 国浩律师（杭州）事务所（以下简称本所）接受贝达药业股份有限公司（以 下简称公司）的委托，指派律师列席公司 2024 年年度股东大会（以下简称本次 股东大会），并依据《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》）、中国证券监督管理委员会（以 下简称中国证监会）发布的《上市公司股东会规则》（以下简称《股东会规则》）、 《上市公司治理准则》（以下简称《治理准则》）和深圳证券交易所发布的《深 圳证券交易所上市公司股东会网络投票实施细则》（以下简称《网络投票实施细 则》）等法律、行政法规、规范性文件及现行有效的《贝达药业股份有限公司章 程》（以下简称《公司章程》）、《贝达药业股份有限公司股东大会议事规则》 （以下简称《股东大会议事规则》）的规定，就本次股东大会的召集、召开程序、 出席大会人员资格、会议表决程序等事宜出具本法律意见书。 为出具本法律意见书，本所律师列席了公司本次股东大会，审 ...

证券代码：300558 证券简称：贝达药业 公告编号：2025-036 本次股东大会由公司董事会召集，董事长丁列明先生主持本次股东大会。公 司董事、监事、高级管理人员、公司聘请的见证律师等相关人士出席了本次会议。 会议的召集、召开与表决程序符合《中华人民共和国公司法》（以下简称"《公 贝达药业股份有限公司 2024 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。 特别提示： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会没有涉及变更前次股东大会决议。 一、会议召开和出席情况 贝达药业股份有限公司（以下简称"公司"）2024 年度股东大会会议通知于 2025 年 4 月 18 日以公告形式发出，现场会议于 2025 年 5 月 8 日（星期四）14:30 在公司行政大楼一楼会议室召开，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 8 日的交易时间，即 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进行投票的具体时间为 2025 年 5 月 8 日 ...

中新网杭州5月1日电 题：创新药"守门人"高娅琴：十五年坚守零差错护佑生命 在盐酸埃克替尼生产过程中，高娅琴更是每个月都要审核十几批成品数据，每批成品的检验项目有十几 项，记录、图谱加起来足足有两百多页。 一次，实验人员将一批盐酸埃克替尼成品检验记录交给了高娅琴。早就练成"火眼金睛"的她敏锐地觉察 出其中有个指标的数据不对劲：记录中的原始数据计算过程没有问题，但最终结果却比以往高出好几 倍。 作者 张煜欢 "当患者因我们的药多了一份生活的希望，那所有辛苦的日夜就有了意义。"贝达药业股份有限公司质量 工程师高娅琴在接受采访时说道。 近日，高娅琴被授予全国劳动模范荣誉称号。这位"元老级"质检工程师，已在药品质检战场坚守了十五 个年头。剪去长发，她把青春"装"进实验室的瓶罐之间。 高娅琴(左)与团队成员在实验室内。受访者供图 高娅琴仍记得入职贝达药业股份有限公司的情景。在那个仿制药横行的年代，50多人的初创团队正执拗 地追逐着中国首个小分子靶向抗癌药的梦想。当时公司虽已成立7个年头，但厂房和设备并不齐全，她 所在的药品质检实验室也刚搭建好不久，迎接她的是7人组成的"实验室游击队"。 盐酸埃克替尼是贝达自主研发的中国 ...

Group 1 - The core objective of the "Implementation Plan for the Digital and Intelligent Transformation of the Pharmaceutical Industry (2025-2030)" is to achieve significant progress in digital transformation by 2027, enhancing the competitiveness of the pharmaceutical industry and quality management throughout the product lifecycle [1] - The integration of new information technologies with the pharmaceutical industry is expected to drive high-quality and innovative development, with listed companies in the Shenzhen market actively participating in this transformation [1][2] - The rapid development of artificial intelligence is reshaping the pharmaceutical industry, providing unprecedented opportunities for transformation from drug development to health management [2] Group 2 - Companies are focusing on enhancing their research and development capabilities by integrating AI with medical technology, which requires overcoming various interdisciplinary barriers [2][3] - The digital transformation of the pharmaceutical industry involves automating manufacturing processes, unlocking the value of pharmaceutical data, enhancing cybersecurity, and promoting AI across the entire industry chain [3] - Capital markets play a crucial role in supporting the pharmaceutical industry through various funding channels, enabling companies to invest in high-cost areas such as innovative drug development and high-end medical device manufacturing [4][5] Group 3 - The establishment of a transparent corporate governance structure through public listing helps pharmaceutical companies improve internal decision-making processes and risk management capabilities [5] - As of April 29, 2024, 256 companies in the Shenzhen pharmaceutical and biotechnology sector reported a total revenue of 1.13 trillion yuan and a net profit of 67.63 billion yuan, with 37 companies experiencing over 50% net profit growth [5] - Companies plan to continue leveraging capital market support to drive further upgrades in the pharmaceutical industry, focusing on innovation and expanding research boundaries [6]

中信证券股份有限公司 关于贝达药业股份有限公司 2024 年度募集资金存放与使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为贝达 药业股份有限公司（以下简称"贝达药业"或"公司"）2020 年度向特定对象发 行股票持续督导阶段的保荐机构，根据《深圳证券交易所创业板股票上市规则》、 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》等相 关规定履行持续督导职责，对贝达药业 2024 年度募集资金存放与使用情况进行 了核查，现将核查情况及核查意见发表如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会以证监许可[2020]2213 号《关于同意贝达药业股 份有限公司向特定对象发行股票注册的批复》同意注册，贝达药业股份有限公司 向特定对象发行股票 10,138,621 股，每股发行价格为 98.83 元，募集资金总额为 人民币 1,001,999,913.43 元，扣除保荐及承销费用人民币 5,000,000.00 元(含税)后 的余额人民币 996,999,913.43 元已全部划转至本公司银行账户。公司本次募集资 金总 ...

关于贝达药业股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为贝达药 业股份有限公司（以下简称"贝达药业"或"公司"）的保荐机构，根据《深圳证 券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管指引第2号—— 创业板上市公司规范运作》、《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求》等相关规定履行持续督导职责，对贝达药业使用暂时闲置募集资 金进行现金管理事项进行了核查，现将核查情况及核查意见发表如下： 一、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"）《关于同意贝达药业 股份有限公司向特定对象发行股票注册的批复》（证监许可[2020]2213号）同意， 公司向14名特定对象发行人民币普通股（A股）10,138,621股，发行价格为98.83元/ 股，实际募集资金总额为人民币1,001,999,913.43元（大写：人民币壹拾亿零壹佰玖 拾玖万玖仟玖佰壹拾叁元肆角叁分），扣除本次发行费用（不含税）人民币 6,594,538.73元后，实际募集资金净额为人民币995,405,374.70元。 ...

Group 1 - The core viewpoint of the articles highlights the advancements in the field of medical innovation, particularly focusing on the development of stem cell therapies for diabetes by RuiPu ChenChuang Technology Co., Ltd. [1] - The launch of the innovation ecosystem alliance at the Wanwu Shengzhang Conference signifies a commitment to empowering more projects within the ecosystem, as stated by the chairman of Betta Pharmaceuticals, Ding Lieming [1] - Betta Pharmaceuticals has established itself as a representative of domestic innovative drugs, having developed China's first small molecule targeted anti-cancer drug, demonstrating the potential of China's biopharmaceutical industry [2] Group 2 - The biopharmaceutical industry in China is undergoing profound changes, with over 200 early-stage innovative drug projects being acquired by multinational companies in the past two years, amounting to nearly $100 billion [2] - Betta's innovation ecosystem has set up four funds and incubated nearly 30 projects, aiming to gather more resources for high-quality early-stage projects [2] - The company emphasizes the importance of collaboration across various sectors to address challenges in the overall pharmaceutical innovation ecosystem [2]

Group 1 - The company achieved a record high quarterly revenue of 918 million yuan in Q1 2025, representing a year-over-year increase of 24.71%, with a net profit attributable to shareholders of 100 million yuan, up 1.99% year-over-year, and a non-GAAP net profit of 164 million yuan, up 83.59% year-over-year [3] - The non-GAAP net profit margin reached 17.86%, an increase of 5.64 percentage points year-over-year, indicating strong operational performance [3] - The company is expected to enter a multi-product commercialization phase in 2025, with core products like Ensartinib and others anticipated to drive significant revenue and profit growth from 2025 to 2027 [3] Group 2 - Ensartinib has been approved in the U.S. and is under EMA review, with expectations for increased performance due to internationalization [4] - The company is advancing its EYP-1901 clinical trials, with promising data expected in 2024 and 2025, indicating potential for further international success [4] - The company signed a regional distribution agreement with He Yuan Bio for a plant-derived recombinant human serum albumin injection, which has been accepted for priority review by NMPA, showcasing its commitment to ecosystem partnerships [5] Group 3 - The company has adjusted its earnings forecasts upward due to lower-than-expected R&D expense ratios and the commercialization of new products, projecting EPS of 1.71, 2.42, and 3.07 yuan for 2025-2027 [6] - The projected PE ratio for 2025 is 29 times based on the closing price on April 24, 2025, maintaining a "buy" rating [6]