Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The report emphasizes the importance of seizing opportunities following market corrections, particularly in anticipation of improvements in 2026. It notes that the pharmaceutical sector's fundamentals remain strong despite recent market fluctuations, and it is currently at a valuation bottom. The report suggests focusing on innovative drugs and companies with potential for operational improvements in 2025 [7][11]. Summary by Sections Industry Overview - The pharmaceutical sector consists of 498 listed companies with a total market capitalization of approximately 70,594.11 billion [2]. - The sector has experienced a decline of 6.88% recently, with various sub-sectors such as pharmaceutical commerce and biopharmaceuticals also facing downturns [11]. Market Dynamics - The report highlights a significant market correction, with the Shanghai Composite Index down by 3.77% and the pharmaceutical sector underperforming [11]. - It notes that the overall performance of the pharmaceutical sector has been positive since the beginning of the year, with a return of 13.69%, slightly outperforming the broader market [18]. Investment Opportunities - The report identifies key companies to watch, including: - CDMO leaders: WuXi AppTec, WuXi Biologics, and WuXi AppTec [11]. - Front-end CROs: Tigermed, ProPhase, and Zhaoyan New Drug [11]. - Medical devices: United Imaging Healthcare and HaiTai New Light [11]. - Biopharmaceuticals: I-Mab Biopharma and Hualan Biological Engineering [11]. - It also suggests focusing on companies with innovative drug pipelines and those that are transitioning from biotech to biopharma [11]. Company Performance - The report provides a list of recommended stocks, including: - WuXi AppTec (66.45), rated "Buy" - Three Life Pharmaceuticals (29.34), rated "Buy" - Tigermed (49.59), rated "Buy" - Xiansheng Pharmaceutical (12.85), rated "Buy" - Betta Pharmaceuticals (48.60), rated "Buy" [5][31]. Regulatory and Market Trends - The report discusses recent regulatory developments, including a call from the vaccine industry association to avoid low-cost bidding practices to stabilize profit margins for leading vaccine companies [11][12]. - It also notes significant acquisitions and advancements in drug development, such as Johnson & Johnson's acquisition of Halda Therapeutics for $30.5 billion [11].

Company Overview - Tianyu Co., Ltd. (SZ 300702) announced that its controlling shareholder, Ms. Lin Jie, holds approximately 122 million shares, accounting for 35.07% of the total share capital [1] - As of now, Ms. Lin has pledged 20 million shares, which represents 16.39% of her total holdings [1] Financial Performance - For the first half of 2025, Tianyu's revenue composition is as follows: - Generic drug raw materials and intermediates account for 72.18% - CDMO raw materials and intermediates account for 16.02% - Formulations account for 11.43% - Others account for 0.37% [1] - The current market capitalization of Tianyu Co., Ltd. is 8.2 billion yuan [1]

| 股东 | 是否为第一 | 本次解除质 | 占其所持股份 | 占公司总 | | 质押实际到 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及一 | 押股数 | 比例（%） | 股本比例 | 质押起始日 | 期日 | 质权人 | | | 致行动人 | （万股） | | （%） | | | | | | | | | | 2024-11-20 | | 广发证券资 | | 林洁 | 是 | 363.6 | 2.98 | 1.04 | | 2025-11-20 | 产管理（广 | | | | | | | | | 东）有限公司 | 证券代码：300702 证券简称：天宇股份 公告编号：2025-083 浙江天宇药业股份有限公司 关于控股股东部分股份解除质押和质押的公告 信息披露义务人林洁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。 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙江天宇药业股份有限公司（以下简称"公司"）控股 ...

Core Viewpoint - Tianyu Co., Ltd. announced the convening of its fifth board meeting on November 18, 2025, to review various proposals, including the confirmation of the audit committee members and the convener [1] Company Overview - For the first half of 2025, Tianyu Co., Ltd.'s revenue composition is as follows: 72.18% from generic drug raw materials and intermediates, 16.02% from CDMO raw materials and intermediates, 11.43% from formulations, and 0.37% from other sources [1] - As of the report date, the market capitalization of Tianyu Co., Ltd. is 9.2 billion yuan [1]

2025 年第一次职工代表大会决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为全面贯彻落实最新法律法规要求，确保浙江天宇药业股份有限公司（以下 简称"公司"）治理与监管规定保持同步，进一步规范公司运作机制，提升公司 治理水平，根据《中华人民共和国公司法》（以下简称"<公司法>"）《关于新 <公司法>配套制度规则实施相关过渡期安排》《上市公司章程指引》《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》等相关法律法规、规范性文件的规定，结合公司治 理结构的调整情况，公司于 2025 年 11 月 18 日在公司一楼会议室召开了职工代 表大会，会议由公司工会主席朱国荣先生主持。 经职工代表大会认真审议，经大会会议表决，一致同意选举汪秀林先生为公 司第五届董事会职工代表董事（简历详见附件），任期自本次职工代表大会选举 通过之日起至第五届董事会任期届满之日止。 本次选举完成后，公司董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数总计未超过公司董事总数 ...

证券代码：300702 证券简称：天宇股份 公告编号：2025-080 浙江天宇药业股份有限公司 2025 年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 特别提示： 1.本次股东大会无新增、变更、否决提案的情况。 2.本次股东大会不涉及变更以往股东大会决议的情形。 一、会议召开和出席情况 1、会议届次：2025 年第三次临时股东大会 2、会议召集人：公司董事会 3、会议召开的日期、时间： （1）现场会议召开时间：2025 年 11 月 18 日（星期二）下午 15:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的时间为 2025 年 11 月 18 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票系统进行投 票的具体时间为 2025 年 11 月 18 日 9:15-15:00。 4、会议的召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 5、会议地点：台州市黄岩江口化工开发区鑫源路 8 号公司总部大楼一楼会 议室。 6、本次会议由公 ...

浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 浙江天宇药业股份有限公司 2025 年第三次临时股东大会的 法律意见书 致：浙江天宇药业股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江天宇药业股份有限公司 （以下简称"天宇股份"或"公司"）的委托，指派本所律师参加贵公司 2025 年 第三次临时股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规 则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要 求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意见书仅供天宇股份 2025 年第三次临时股东大会之目的使用。本所律 师同意将本法律意见书随天宇股份本次股东大会其他信息披露资料一并公告，并 依法对本所在其中发表的法律意见承担 ...

二、董事会会议审议情况 证券代码：300702 证券简称：天宇股份 公告编号：2025-082 浙江天宇药业股份有限公司 第五届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 浙江天宇药业股份有限公司（以下简称"公司"）第五届董事会第十七次会 议于 2025 年 11 月 18 日 16：00 在公司一楼会议室以现场结合通讯表决的方式召 开，本次会议通知于 2025 年 11 月 13 日以书面、电话、电子邮件方式送达。会 议应出席董事 8 人，实际出席人数 8 人，董事汪秀林现场参会，董事长屠勇军， 董事林洁、朱国荣、邓传亮及独立董事石锦娟、张国昀、丁寒锋均以通讯表决方 式参加会议。会议由公司董事长屠勇军先生主持，公司高级管理人员列席了本次 会议。本次董事会会议的召开符合《公司法》和《公司章程》的有关规定。 表决结果：同意：8 票；反对：0 票；弃权：0 票，获得通过。 三、备查文件 1、经与会董事签字的第五届董事会第十七次会议决议。 特此公告。 与会董事就各项议案进行了 ...

Group 1 - Tianyu Co., Ltd. experienced a stock price increase of 5.07%, reaching 27.36 CNY per share, with a trading volume of 1.01 billion CNY and a turnover rate of 1.79%, resulting in a total market capitalization of 9.521 billion CNY [1] - The company, established on February 14, 2003, and listed on September 19, 2017, is located in Taizhou, Zhejiang Province, and specializes in the production and sales of pharmaceutical intermediates, active pharmaceutical ingredients (APIs), formulations, and other fine chemicals, along with import and export of goods and technology [1] - The revenue composition of Tianyu Co., Ltd. includes 72.18% from generic APIs and intermediates, 16.02% from CDMO APIs and intermediates, 11.43% from formulations, and 0.36% from other supplementary products [1] Group 2 - Xiangcai Fund has a significant holding in Tianyu Co., Ltd., with its Xiangcai Medical Health Mixed A Fund (019958) increasing its stake by 20,480 shares in the third quarter, bringing the total to 273,800 shares, which accounts for 9.85% of the fund's net value, making it the second-largest holding [2] - The Xiangcai Medical Health Mixed A Fund, established on December 26, 2023, has a latest scale of 17.2816 million CNY, with a year-to-date return of 50.18%, ranking 1080 out of 8140 in its category, and a one-year return of 37.18%, ranking 1452 out of 8056 [2] - The fund manager, Zhang Quan, has been in the position for 1 year and 325 days, overseeing a total asset scale of 71.7344 million CNY, with the best fund return during his tenure being 72.41% and the worst being 71.65% [3]

Investment Rating - The report maintains a "Buy" rating for several key companies in the pharmaceutical and biotechnology sector, including WuXi AppTec, Sangamo Therapeutics, and Tigermed [2][8]. Core Insights - The report highlights a positive outlook for the pharmaceutical sector, anticipating a recovery in demand and profitability for innovative drug companies, particularly in the CRO/CDMO and life sciences upstream segments [7][14]. - The recent national medical insurance negotiations have concluded, with a focus on supporting innovative drug chains, and the new drug list is set to be implemented on January 1, 2026 [14][56]. - The report emphasizes the importance of monitoring developments in innovative therapies for breast cancer, particularly the advancements in KAT6 inhibitors and PI3K/mTOR inhibitors [15][20]. Summary by Sections Company Performance - Key companies recommended for investment include WuXi AppTec, WuXi Biologics, and Tigermed, all showing strong growth potential [2][8]. - The report notes that the pharmaceutical sector's overall market capitalization is approximately 731.50 billion, with a circulating market value of around 661.54 billion [5]. Market Trends - The report indicates that the pharmaceutical sector has experienced a decline of 2.40% recently, while the broader market (CSI 300) increased by 0.82%, suggesting a challenging environment for the sector [7][14]. - The report anticipates a gradual recovery in revenue and profit growth for the pharmaceutical sector, with a focus on innovative drugs and medical devices [14][56]. Regulatory Developments - The recent national medical insurance negotiations involved 120 companies, with 127 drugs participating in the basic medical insurance drug list negotiations [14][56]. - The introduction of a dual directory review model is expected to further support the innovative drug chain [14][56]. Innovation Focus - The report highlights the ongoing clinical trials for Celcuity's Gedatolisib and the advancements in KAT6 inhibitors by domestic companies, indicating a strong focus on innovative cancer therapies [15][20]. - The report suggests that companies like Kangchen Pharmaceutical are making significant strides in the KAT6 inhibitor space, positioning themselves competitively in the international market [53].