三、备查文件 一品红药业集团股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召 开第四届董事会第十四次会议审议通过了《关于回购公司股份方案的议案》，具 体内容详见公司 2025 年 12 月 16 日刊登于《中国证券报》《证券时报》和巨潮资 讯网（www.cninfo.com.cn）的《关于回购公司股份方案的公告》（公告编号： 2025-089）。本次回购股份方案在董事会决策权限之内，无需提交股东大会审议。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等法律法规的相关规定，现将公司董事会公告回购股份决议 的前一个交易日（即 2025 年 12 月 15 日）登记在册的前十名股东和前十名无限 售条件股东的名称、持股数量和持股比例情况公告如下： 序号 股东名称 持股数量（股） 占公司总股本比例 1 广东广润集团有限公司 183,600,000 40.65% 2 吴美容 25,486,560 5.64% 3 李捍雄 24,840,000 5.50% 4 广州市福泽投资管理中心（有 限合伙） 24,300,000 5.38% 5 吴春江 21,778,7 ...

截至发稿，一品红市值为151亿元。 每经AI快讯，一品红（SZ 300723，收盘价：33.42元）12月16日晚间发布公告称，一品红药业集团股份 有限公司于2025年12月15日召开第四届董事会第十四次会议审议通过了《关于回购公司股份方案的议 案》。现将公司2025年12月15日前十大无限售条件股东披露如下：广东广润集团有限公司持约1.84亿 股，占比43.43%；吴美容持约2549万股，占比6.03%；广州市福泽投资管理中心（有限合伙）持2430万 股，占比5.75%；吴春江持约2178万股，占比5.15%；陈丹娜持约906万股，占比2.14%；李捍雄持621万 股，占比1.47%；中国建设银行股份有限公司－富国精准医疗灵活配置混合型证券投资基金持约530万 股，占比1.25%；中国银行股份有限公司－广发医疗保健股票型证券投资基金持约513万股，占比 1.21%；一品红药业股份有限公司－2024年员工持股计划持约512万股，占比1.21%；李捍东持约341万 股，占比0.81%。前十大流通股东合计持股约2.89亿股，占比68.45%。 2024年1至12月份，一品红的营业收入构成为：医药制造占比96.78 ...

一品红公告称，公司于12月15日召开董事会审议通过回购股份方案，拟用1-2亿元自有及/或自筹资金， 以集中竞价方式回购A股，回购价不超70元/股，回购数量为142.86-285.71万股，占总股本 0.32%-0.63%，回购期限为自董事会审议通过起3个月内。截至9月30日，公司财务状况良好，本次回购 不会对公司经营等产生重大影响。此外，本次回购存在股价超上限、重大事项发生及监管新规等风险。 ...

Core Viewpoint - The stock price of Yipin Hong has experienced a dramatic decline, dropping to a six-month low of 33.42 CNY per share, with a market capitalization of approximately 15 billion CNY, following a series of sell-offs triggered by a perceived negative market reaction to a recent acquisition announcement [1][12]. Company Performance - Yipin Hong's stock price fell by 20% on December 15 and continued to decline by over 10% on December 16, marking a significant downturn from a previous high where the stock had increased by over 500% from September of the previous year to July of this year [1][12][14]. - The company announced a share buyback plan of 100 million to 200 million CNY, with a maximum buyback price of 70.00 CNY per share, to be funded by its own and self-raised funds within three months [3][15]. Acquisition Announcement - Yipin Hong's recent acquisition of its U.S. partner Arthrosi by Sobi for 950 million USD upfront and up to 550 million USD in milestone payments has been interpreted negatively by the market, despite the conventional view that such acquisitions are beneficial [4][5][15]. - Concerns from investors include the acquisition price being lower than expected, leading to doubts about the commercialization prospects of the core drug AR882 [5][16]. Financial Outlook - The company is projected to incur a net loss of 472 million to 679 million CNY in 2024, a stark contrast to a profit of 185 million CNY in the previous year, indicating significant financial pressure [16]. - Yipin Hong faces additional challenges, including asset impairment and cash flow pressures, with expected non-recurring losses impacting cash flow by approximately 295 million CNY [16][18]. Industry Context - The pharmaceutical sector is undergoing a shift in valuation logic, moving away from relying solely on innovation concepts for premium valuations to a focus on pipeline progress, commercialization capabilities, and performance realization [19][20]. - The market is increasingly demanding higher profitability from pharmaceutical companies, particularly in light of ongoing policy changes aimed at cost reduction and efficiency in the industry [19][21]. Long-term Prospects - Yipin Hong's future growth will depend on the successful clinical progress of its drug pipeline, particularly AR882, and the ability of its new manufacturing base to achieve breakeven [19][20]. - The valuation of Yipin Hong may shift from a research-focused pharmaceutical company to an innovative drug core manufacturer if it can establish stable cash flows through its global supply rights [22].

南财智讯12月16日电，一品红在投资者关系活动中表示，本次交易带来的现金流将用于新产品研发，公 司未来每年预计申报1-2个创新药，聚焦best-in-class或first-in-class药物，培育大单品，发力全球商业 化。公司强调以满足未被满足的临床需求为核心，依托自有商业化团队推进创新药价值实现。 ...

证券代码：300723 证券简称：一品 1 | | 华西证券、兴银理财、高毅资管、人寿保险、平安养老保险、中国 | | --- | --- | | | 人民养老保险、源乘私募、UBS 资管、保银私募、青骊投资、观合 | | | 资管、诚熠投资、国源信达资管、健顺投资、福泽源私募、阳光资 | | | 管、世诚投资、观富资管、慎知资管、玄卜投资、禧弘私募、时代 | | | 复兴投资、诚旸投资、自然拾贝投资、中欧瑞博投资、大筝资管、 | | | 红华资管、港丽投资、高腾国际资管、新余善思投资、红筹投资、 | | | 天猊投资、金百镕投资、东证融汇证券资管、歌汝私募、循远资管、 | | | 瑞锐投资、西藏隆源投资、思瑞私募、Golden Nest、杭州银行、 | | | 新华资管、兴银理财、合弘景晖股权投资、冲积资管、肇万资管、 | | | 丹羿投资、颐和久富投资、中意资管、陆家嘴国际信托、成泉资管、 | | | 永安国富资管、名禹资管、神农投资、葆金峰投资、长城财富保险 | | | 资管、东安集团、朴信投资、世纪致远私募、中隐私募、淡水泉（北 | | | 京）投资、徐星私募、宏道投资、万象华成投资等机构的 153 ...

从资金流向上来看，当日化学制药板块主力资金净流出23.52亿元，游资资金净流入4.09亿元，散户资金 净流入19.43亿元。化学制药板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月16日化学制药板块较上一交易日下跌2.66%，一品红领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。化学制药板块个股涨跌见下表： ...

Core Viewpoint - The company Yipinhong (300723.SZ) plans to sell its stake in the U.S. company Arthrosi Therapeutics, Inc., which it holds through its wholly-owned subsidiary, with the transaction involving a total potential payment of up to $15 billion [1][2]. Group 1: Transaction Details - Yipinhong holds a 13.45% stake in Arthrosi, which is being acquired by Sobi US Holding Corp. for an upfront payment of $950 million (approximately 6.713 billion RMB) and up to $550 million (approximately 3.887 billion RMB) in milestone payments [1]. - The transaction requires approval from Arthrosi's shareholders, with specific voting thresholds needed for completion [1]. - Following the transaction, Yipinhong will no longer hold any equity in Arthrosi [1]. Group 2: Product and Market Impact - The core asset in the acquisition is Arthrosi's gout treatment drug AR882, currently in Phase III clinical trials, with data expected to be released in 2026 [2]. - Yipinhong anticipates that the sale will have a positive impact on the company, as it marks a significant milestone for AR882's global commercialization [2]. - The company aims to continue its focus on innovative drug development, particularly for AR882 in the Chinese market [2]. Group 3: Market Reaction - Following the announcement of the acquisition, Yipinhong's stock price fell sharply, hitting a daily limit down of 20% on December 15, and continued to decline in subsequent trading sessions [3]. - The market's negative reaction contrasts with the company's optimistic outlook regarding the transaction's benefits [3]. Group 4: Financial Performance and Challenges - Yipinhong reported a revenue of 814 million RMB for the first three quarters of 2025, a year-on-year decrease of 34.35%, and a net loss of 136 million RMB [7]. - The company has faced challenges including a significant lawsuit with a claim of 528 million RMB related to intellectual property disputes [9]. - Yipinhong's R&D expenditures have decreased by 47.41% in the first three quarters of 2025, reflecting a contraction in investment due to declining revenues [7].

Core Viewpoint - The stock price of Yipinhong experienced a dramatic drop of 20% following the announcement of a merger involving its associated company, Arthrosi, which raised concerns about the valuation logic in the pharmaceutical sector and the survival of innovative drug companies [1][4]. Group 1: Stock Price Movement - On December 15, Yipinhong's stock opened significantly lower, hitting the 20% limit down within half an hour, closing at 37.32 yuan per share, with a market capitalization dropping below 17 billion yuan [1]. - Following the merger announcement, the stock continued to show a decline, with a drop of over 10% observed in early trading on December 16 [3]. Group 2: Merger Announcement and Market Reaction - The merger announcement revealed that Arthrosi would be acquired by Sobi for an upfront payment of $950 million and potential milestone payments of up to $550 million, which raised doubts about the expected valuation of the deal [4]. - Investors expressed concerns regarding the acquisition price being lower than anticipated, leading to skepticism about the commercialization prospects of the core drug AR882 [4][5]. Group 3: Financial Performance and Projections - Yipinhong projected a net loss of 472 million to 679 million yuan for 2024, a significant decline from a profit of 185 million yuan in the previous year, indicating short-term performance challenges [4]. - The company is also facing cash flow pressures due to required payments for medical insurance refunds and asset impairment provisions totaling approximately 110.26 million yuan [4]. Group 4: Innovation and R&D Focus - Yipinhong is focusing on innovative drugs in the "children's medicine + chronic disease medicine" sectors, with R&D expenses expected to exceed 22% of revenue in 2024 [6]. - The core pipeline drug AR882 has entered Phase III clinical trials and has received FDA fast track designation, indicating its potential as a significant product in the gout treatment market [6]. Group 5: Industry Valuation Changes - The stock price movement reflects a shift in the valuation logic of the pharmaceutical sector, where investors are now prioritizing the certainty of pipeline progress, commercialization ability, and performance realization over mere innovation concepts [9]. - The market is demanding higher profitability from pharmaceutical companies, with a notable decline in the average price-to-sales ratio for biotech firms, indicating a lower tolerance for unclear profitability paths [10]. Group 6: Long-term Outlook and Valuation - Despite short-term pressures, long-term policies favor innovative drug companies, with initiatives aimed at expediting clinical trial reviews and including innovative drugs in medical insurance coverage [7]. - The valuation of Yipinhong may shift from a research-focused model to a core manufacturer of innovative drugs if it can establish stable cash flows through its global supply rights [11].

Summary of the Conference Call for Yipinhong Company and Industry Overview - The conference call discusses Yipinhong's recent transaction with Sobi, a Swedish rare disease pharmaceutical giant, involving the sale of its stake in Anshuo (AR882) [2][3]. Key Points and Arguments Transaction Details - Yipinhong sold its stake in Anshuo for a total of $1.5 billion, which includes an upfront payment of $950 million and a milestone payment of $550 million [2][3]. - Yipinhong retains 100% rights to AR882 in Greater China and global supply rights, which is seen as more advantageous than a simple profit-sharing model [3][10]. Market Potential and Pricing - Sobi estimates the peak sales for AR882 to be around $3 billion, with an overseas pricing model set at approximately $70,000 per year and domestic pricing expected between ¥20,000 to ¥30,000 [2][3][5]. - The domestic market for AR882 is projected to cover 500,000 to 1 million patients, with a significant market potential given the number of gout stone patients in China (20 million) and hyperuricemia patients (180 million) [2][8][15]. Clinical Development and Approval Timeline - The Phase III clinical trials for AR882 in China have completed patient enrollment, with expectations to finish all trials by mid-2026 [2][8]. - The approval timeline for AR882 in China is estimated to take 12 to 15 months post-NDA submission [15][16]. Financial Implications - Yipinhong expects higher profitability through direct supply of raw materials rather than a profit-sharing model, enhancing financial performance [6][12]. - The transaction is anticipated to improve cash flow and support ongoing investment in new product development, with plans to submit around two innovative drug applications annually [13][18]. Regulatory and Market Strategy - The transaction requires antitrust filings and is expected to close in the first quarter of the following year [16]. - Yipinhong emphasizes its commitment to developing "best in class" and "first in class" products for global commercialization [13][18]. Additional Important Information - The inability to participate in Anshuo's last funding round was due to ODI policy restrictions, not unfair treatment of minority shareholders [7]. - The company has no current plans for further collaboration with Anshuo's scientific team but does not rule out future opportunities [14]. This summary encapsulates the critical aspects of Yipinhong's conference call, highlighting the strategic transaction with Sobi, the market potential of AR882, and the company's future plans in drug development and commercialization.