英科医疗科技股份有限公司（以下简称"公司"或"英科医疗"） 于 2025 年 4 月 23 日、2025 年 5 月 26 日分别召开的第四届董事会第 二次（定期）会议、第四届监事会第二次（定期）会议以及 2024 年 度股东大会，审议通过了《关于公司及子公司向银行申请授信额度及 担保事项的议案》。为满足公司及子公司的生产经营需要，公司及子 公司拟向银行等金融机构申请综合授信的额度以及金融衍生品交易 风险限额的总额（以下简称"授信额度"）不超过 360 亿元人民币， 对其担保总额不超过 360 亿元人民币，授权期限自公司 2024 年度股 东大会审议通过之日起至下一年度股东大会召开时止。具体内容详见 刊登于巨潮资讯网（www.cninfo.com.cn）的《关于公司及子公司向银 行申请授信额度及担保事项的公告》《2024 年度股东大会决议公告》 （公告编号：2025-046、2025-072）。 一、担保事项概述 公司因经营需要，向上海浦东发展银行股份有限公司淄博分行 （以下简称"浦发银行淄博分行"）申请授信额度。山东英科医疗制 品有限公司（以下简称"山东英科"）为上述授信提供人民币 10,000 万元的连带 ...

Core Insights - The pharmaceutical industry is experiencing a surge in innovative products, with clear domestic demand and significant potential for international expansion [4][14][25] - Investment opportunities are concentrated in innovative drugs and their supply chains, with a notable performance from CRO/CMO and chemical pharmaceuticals [9][15][17] - The report emphasizes the importance of innovation as the primary solution to industry challenges, driven by stable demand and supportive policies [26][32][41] Industry Overview - The pharmaceutical sector has faced revenue declines, with a 0.9% year-on-year decrease in revenue for the first three quarters of 2025, and net profit down by 2.2% [15][16] - The innovative drug sector has outperformed, with CRO/CMO and chemical pharmaceuticals showing net profit growth of 31.0% and 16.6% respectively [17][18] - The overall market is characterized by low fund holdings and historical valuation bottoms, indicating high investment value [20][25] Demand and Payment Dynamics - The demand for healthcare services is steadily increasing, with a projected 5% growth in total medical visits and hospital admissions in 2024 [26][28] - The aging population is expected to drive long-term demand, with 220 million people aged 65 and above by 2050 [28][30] - The medical insurance fund's income growth has outpaced expenditure growth, leading to a significant increase in fund reserves [32][36] Financing and Market Trends - The IPO market for healthcare has rebounded, with 28 IPOs in the first three quarters of 2025, a 100% increase from the previous year [42][43] - License-out transactions have surged, with transaction numbers increasing by 41% and total amounts reaching $92 billion, indicating a robust market for innovative drug licensing [48][50] - The number of IND applications and new clinical trials for innovative drugs has been steadily increasing, with a notable rise in NDA approvals [53][57] Technological Advancements - The report highlights the emergence of new technologies such as ADC and small nucleic acids, with domestic companies leading in these areas [60] - The focus on dual antibodies and GLP-1 drugs is expected to drive significant growth, with multiple development directions emerging [9][60] - The report notes that domestic companies are increasingly recognized for their innovative capabilities, particularly in the ADC space [60]

Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4327.65 points, down 0.28%, with a trading volume of HKD 7.682 billion and a turnover rate of 0.9% [1] - Among the index constituents, 21 stocks rose while 36 stocks fell, with Kewei Medical leading the gainers at a 4.14% increase and Xianjian Technology leading the decliners at a 9.14% decrease [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index include: - Mindray Medical (sz300760) with a weight of 14.56%, latest price at HKD 198.00, and a market cap of HKD 240.063 billion, down 0.36% [1] - Yier Eye Hospital (sz300015) with a weight of 11.62%, latest price at HKD 11.23, and a market cap of HKD 104.724 billion, down 0.62% [1] - Lejin Medical (sz300003) with a weight of 4.85%, latest price at HKD 15.64, and a market cap of HKD 28.831 billion, down 0.64% [1] - Aimeike (sz300896) with a weight of 4.80%, latest price at HKD 143.25, and a market cap of HKD 43.346 billion, up 1.47% [1] - Yuyue Medical (sz002223) with a weight of 4.66%, latest price at HKD 35.68, and a market cap of HKD 35.768 billion, up 0.17% [1] - Yingke Medical (sz300677) with a weight of 3.64%, latest price at HKD 41.76, and a market cap of HKD 27.360 billion, down 0.17% [1] - Furuijia (sz300049) with a weight of 3.59%, latest price at HKD 69.33, and a market cap of HKD 18.371 billion, down 0.82% [1] - Meinian Health (sz002044) with a weight of 3.58%, latest price at HKD 5.09, and a market cap of HKD 19.924 billion, up 0.39% [1] - Sinopharm Holdings (hk01099) with a weight of 3.35%, latest price at HKD 18.15, and a market cap of HKD 56.638 billion, down 0.40% [1] - Ping An Good Doctor (hk01833) with a weight of 2.63%, latest price at HKD 12.23, and a market cap of HKD 26.434 billion, down 3.24% [1] Capital Flow Analysis - The index constituents experienced a net outflow of HKD 382 million from institutional investors, while retail investors saw a net inflow of HKD 329 million [1] - Notable individual stock capital flows include: - Meinian Health (sz002044) with a net inflow of HKD 23.6308 million from institutional investors [2] - Aimeike (sz300896) with a net inflow of HKD 5.8353 million from institutional investors [2] - Yier Eye Hospital (sz300015) with a net outflow of HKD 20.7620 million from retail investors [2]

关于为子公司提供担保事项的进展公告 证券代码：300677 证券简称：英科医疗 公告编号：2025-159 英科医疗科技股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 26 日分别召开的第四届董事会第二次（定期） 会议、第四届监事会第二次（定期）会议以及 2024 年度股东大会， 审议通过了《关于公司及子公司向银行申请授信额度及担保事项的议 案》。为满足公司及子公司的生产经营需要，公司及子公司拟向银行 等金融机构申请综合授信的额度以及金融衍生品交易风险限额的总 额（以下简称"授信额度"）不超过 360 亿元人民币，对其担保总额 不超过 360 亿元人民币，授权期限自公司 2024 年度股东大会审议通 过之日起至下一年度股东大会召开时止。具体内容详见刊登于巨潮资 讯网（www.cninfo.com.cn）的《关于公司及子公司向银行申请授信额 度及担保事项的公告》《2024 年度股东大会决议公告》（公告编号： 2025-046、2025-072）。 一、担 ...

Core Insights - The Shenzhen-Hong Kong Stock Connect Medical Index (983036) closed at 4406.89 points, down 0.24%, with a trading volume of HKD 7.939 billion and a turnover rate of 0.88% [1] - Among the index constituents, 23 stocks rose while 34 stocks fell, with Yiyang Sunshine leading the gainers at 3.98% and Jinxin Fertility leading the decliners at 3.89% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index are as follows: - Mindray Medical (sz300760) holds a weight of 14.56%, latest price at HKD 200.05, down 1.16%, with a market cap of HKD 242.549 billion [1] - Aier Eye Hospital (sz300015) has a weight of 11.62%, latest price at HKD 11.40, up 0.89%, with a market cap of HKD 106.31 billion [1] - Lepu Medical (sz300003) has a weight of 4.85%, latest price at HKD 15.89, up 0.38%, with a market cap of HKD 29.292 billion [1] - Aimeike (sz300896) has a weight of 4.80%, latest price at HKD 142.81, down 0.11%, with a market cap of HKD 43.213 billion [1] - Yuyue Medical (sz002223) has a weight of 4.66%, latest price at HKD 35.84, down 0.83%, with a market cap of HKD 35.929 billion [1] - Yingke Medical (sz300677) has a weight of 3.64%, latest price at HKD 43.72, up 0.97%, with a market cap of HKD 28.644 billion [1] - Furuide (sz300049) has a weight of 3.59%, latest price at HKD 70.75, up 0.71%, with a market cap of HKD 18.747 billion [1] - Meinian Onehealth (sz002044) has a weight of 3.58%, latest price at HKD 5.13, down 0.58%, with a market cap of HKD 20.08 billion [1] - Sinopharm (hk01099) has a weight of 3.35%, latest price at HKD 18.51, down 0.97%, with a market cap of HKD 57.767 billion [1] - Ping An Good Doctor (hk01833) has a weight of 2.63%, latest price at HKD 13.18, up 0.21%, with a market cap of HKD 28.495 billion [1] Capital Flow Analysis - The index constituents experienced a net outflow of main funds totaling HKD 230 million, while retail investors saw a net inflow of HKD 268 million [1] - Detailed capital flow for specific stocks shows: - Furuide (sz300049) had a main fund net inflow of HKD 8.7323 million, with retail outflows of HKD 3.3726 million [2] - Aier Eye Hospital (sz300015) had a main fund net inflow of HKD 6.6536 million, with retail outflows of HKD 1.8752 million [2] - Lepu Medical (sz300003) had a main fund net inflow of HKD 3.7716 million, with retail outflows of HKD 0.7273 million [2]

英科医疗科技股份有限公司 关于为子公司提供担保事项的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 英科医疗科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 26 日分别召开的第四届董事会第二次（定期） 会议、第四届监事会第二次（定期）会议以及 2024 年度股东大会， 审议通过了《关于公司及子公司向银行申请授信额度及担保事项的议 案》。为满足公司及子公司的生产经营需要，公司及子公司拟向银行 等金融机构申请综合授信的额度以及金融衍生品交易风险限额的总 额（以下简称"授信额度"）不超过 360 亿元人民币，对其担保总额 不超过 360 亿元人民币，授权期限自公司 2024 年度股东大会审议通 过之日起至下一年度股东大会召开时止。具体内容详见刊登于巨潮资 讯网（www.cninfo.com.cn）的《关于公司及子公司向银行申请授信额 度及担保事项的公告》《2024 年度股东大会决议公告》（公告编号： 2025-046、2025-072）。 一、担保事项概述 安徽英科医疗用品有限公司（以下简称"安徽英科"）因经营需 要 ...

Core Insights - In recent developments, Yingke Medical has received multiple honors, reflecting recognition of its achievements in corporate value creation, green transformation, and technological innovation over the past year [1] - The company was awarded the title of "High-Quality Development Listed Company" at the "Era Financial Golden Orange Award" ceremony, showcasing its comprehensive advantages in governance structure, profitability, and risk resistance [1][2] - Yingke Medical's Syntex™ series synthetic latex gloves project was selected as a "2025 Annual Hard Technology Innovation Case," indicating its leading position in new material applications and medical protection technology innovation [2][5] - The company has integrated ESG principles deeply into its operations, demonstrating leadership in environmental protection, social responsibility, and corporate governance [5][7] Company Achievements - The Secretary of the Board, Feng Jie, received multiple personal awards, including "Annual Golden Innovation Secretary" and "Golden Dawn Excellent Secretary Award," highlighting his professional capabilities and innovative mindset [1] - Yingke Medical's commitment to R&D has led to the development of synthetic latex gloves that offer superior protection, high elasticity, low allergenicity, energy efficiency, and cost-effectiveness, catering to various usage scenarios [2] - The company emphasizes a three-pronged development approach of "technological innovation + ESG practice + standardized governance," which strengthens its core competitiveness as a leading medical protection enterprise in China [7]

Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (HKD) closed at 4433.77 points, down 0.69%, with a trading volume of 6.716 billion HKD and a turnover rate of 0.73% [1] - Among the index constituents, 18 stocks rose while 39 stocks fell, with Global Medical leading the gainers at 3.66% and Health Road leading the decliners at 6.35% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Stock Connect Medical Index include: - Mindray Medical (14.56% weight, latest price 200.62, market cap 243.24 billion) [1] - Yier Eye Hospital (11.62% weight, latest price 11.50, market cap 107.24 billion) [1] - Lejin Medical (4.85% weight, latest price 15.74, market cap 29.01 billion) [1] - Aimeike (4.80% weight, latest price 145.06, market cap 43.89 billion) [1] - Yuyue Medical (4.66% weight, latest price 35.82, market cap 35.91 billion) [1] - Yingke Medical (3.64% weight, latest price 42.40, market cap 27.78 billion) [1] - Furuide (3.59% weight, latest price 67.36, market cap 17.85 billion) [1] - Meinian Health (3.58% weight, latest price 5.21, market cap 20.39 billion) [1] - Sinopharm (3.35% weight, latest price 18.63, market cap 58.14 billion) [1] - Ping An Good Doctor (2.63% weight, latest price 13.39, market cap 28.93 billion) [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 83.77 million HKD, while retail investors saw a net inflow of 61.08 million HKD [1] - Specific stock capital flows include: - Mindray Medical: main fund net inflow of 37.11 million, retail net outflow of 4.23 million [2] - Yuyue Medical: main fund net inflow of 3.70 million, retail net inflow of 4.71 million [2] - Over the past 10 days, one stock was newly added to the index [2]

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4554.17 points, up 0.2%, with a trading volume of 7.409 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 38 stocks rose while 17 fell, with Yidu Technology leading the gainers at 3.5% and Mylab leading the decliners at 4.98% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (sz300760) with a weight of 14.56% and a latest price of 201.62, down 1.17% [1] - Aier Eye Hospital (sz300015) with a weight of 11.62% and a latest price of 11.57, up 0.61% [1] - Lepu Medical (sz300003) with a weight of 4.85% and a latest price of 16.00, up 0.38% [1] - Aimeike (sz300896) with a weight of 4.80% and a latest price of 146.00, up 0.43% [1] - Yuyue Medical (sz002223) with a weight of 4.66% and a latest price of 36.25, up 1.54% [1] - Yingke Medical (sz300677) with a weight of 3.64% and a latest price of 43.48, up 0.95% [1] - Furuide (sz300049) with a weight of 3.59% and a latest price of 69.38, up 2.53% [1] - Meinian Health (sz002044) with a weight of 3.58% and a latest price of 5.27, down 1.50% [1] - Sinopharm (hk01099) with a weight of 3.35% and a latest price of 18.58, up 2.00% [1] - Ping An Good Doctor (hk01833) with a weight of 2.63% and a latest price of 13.53, up 1.22% [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 172 million yuan, while retail funds saw a net inflow of approximately 84.92 million yuan [3] - Notable capital flows include: - Sanbo Brain Science (301293) with a main fund net inflow of 26.77 million yuan [3] - Ruimait (301367) with a main fund net inflow of 16.21 million yuan [3] - Chutian Technology (300358) with a main fund net inflow of 11.20 million yuan [3] - The index constituents underwent an adjustment with one new stock added in the last ten days [3]

Investment Strategy Overview - The core investment strategy for the pharmaceutical sector in 2026 emphasizes innovation and the recovery of profitability within the industry, as the sector has shown signs of stabilization after a period of volatility [4][30]. Innovative Drug Industry Chain - The domestic innovative drug sector is gaining global recognition, with a significant increase in the attention from multinational corporations (MNCs) towards domestic assets. The demand for new products is strong, driven by the approaching patent cliffs for MNCs and favorable policies for domestic drugs entering international markets [5][44]. - The market for PD-(L)1/VEGF bispecific antibodies is experiencing heightened interest, with complementary mechanisms to antibody-drug conjugates (ADCs) expected to drive synergy and growth [5][51]. - The demand for new therapeutic modalities such as peptides, ADCs, small nucleic acids, and cell and gene therapies (CGT) is projected to maintain high growth rates, supported by a recovering outsourcing demand during the overseas interest rate decline [6][43]. Non-Pharmaceutical Sector - The medical device sector is showing signs of recovery, with some companies reporting improved performance in Q3 2025. The bidding for medical equipment is expected to continue recovering, leading to better performance in 2026 [6][7]. - The traditional Chinese medicine sector is anticipated to benefit from ongoing adjustments to the essential drug list, with opportunities for price increases and improved profit margins for leading companies [6][7]. Retail Pharmacy Sector - The retail pharmacy industry is undergoing accelerated consolidation, with leading pharmacies optimizing their store structures to alleviate profit pressures. This is expected to result in a noticeable improvement in profit margins in 2026 [7]. Market Performance and Valuation - The pharmaceutical sector has shown a rebound since early 2025, with a notable increase in the market index, outperforming the broader market indices. As of November 21, 2025, the CITIC Pharmaceutical Index had risen by 14.68% [15][30]. - The valuation of the pharmaceutical sector is at a historical median since 2010, with a price-to-earnings (PE) ratio of 48.38X, indicating a high premium compared to the broader market [17][30]. - The scale of pharmaceutical funds reached a record high of 226 billion yuan by Q3 2025, although the market capitalization of pharmaceutical stocks remains below historical peaks, suggesting potential for growth [20][24]. Financial Performance - The pharmaceutical sector's revenue for the first three quarters of 2025 was 185.46 billion yuan, reflecting a year-on-year decline of 1.34%. However, Q3 2025 showed a revenue increase of 1.18% compared to the previous quarter, indicating signs of recovery [30][31]. - The net profit attributable to shareholders for the pharmaceutical sector in the first three quarters of 2025 was 14.06 billion yuan, down 1.69% year-on-year, but with a positive growth of 3.61% in Q3 2025 compared to the previous quarter [30][31].