第四届监事会第九次会议决议公告 本公司及监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。 一、监事会会议召开情况 一品红药业集团股份有限公司（以下简称"公司"）第四届监事会第九次会 议于 2025 年 5 月 16 日上午 11:40 以现场结合通讯表决方式召开。本次会议通知 已于 2025 年 5 月 13 日以电话或电子邮件等方式向全体监事发出。会议由监事会 主席黄良雯女士主持，会议应到监事 3 人，实到监事 3 人，公司高管列席会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法规以 及《一品红药业集团股份有限公司章程》的有关规定。 证券代码：300723 证券简称：一品红 公告编号：2025-033 一品红药业集团股份有限公司 二、监事会会议审议情况 1、审议通过《关于受让控股子公司少数股东部分股权暨关联交易的议案》 监事会认为：本次关联交易的交易目的符合法律法规的规定，与公司发展战 略相一致，交易价格按照市场公允价格进行，董事会在审议该事项时，关联董事 已回避表决，会议的召集召开程序、表决程序及方式均符合相关法律、法规、规 范性文件及《公 ...

同时，双方就设立广州瑞安博时的合资合同做出变更，拟签订《关于设立广 州瑞安博医药科技有限公司的合资合同之终止协议》（以下简称："《终止协议》"）。 本次交易完成后，公司全资子公司瑞奥生物持有广州瑞安博的股权比例将由 84.75%上升至 100.00%，广州瑞安博变为公司全资子公司。 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 7 号——交易与关联交易》《公司章程》等相关规定，与该关联交 易有利害关系的关联董事已回避表决，本次交易事项尚需提交股东大会审议。 该项议案的关联股东广东广润集团有限公司、广州市福泽投资管理中心（有 限合伙）、李捍雄先生、李捍东先生、吴美容女士，将在股东大会上回避投票表 决。现将有关事项公告如下： 证券代码：300723 证券简称：一品红 公告编号：2025-034 一品红药业集团股份有限公司 关于受让控股子公司少数股东部分股权暨关联交易的公告 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。 一品红药业集团股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召 开了第四届董事会第九次会议 ...

证券代码：300723 证券简称：一品红 公告编号：2025-032 一品红药业集团股份有限公司 第四届董事会第九次会议决议公告 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。 一、董事会会议召开情况 一品红药业集团股份有限公司（以下简称"公司"）第四届董事会第九次会 议于 2025 年 5 月 16 日上午 11:00 以现场结合通讯表决方式召开。本次会议通知 已于 2025 年 5 月 12 日以电话或电子邮件等方式向全体董事发出。会议由董事长 李捍雄先生主持，会议应到董事 5 人，实到董事 5 人。公司监事、高管列席会议。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律法规以 及《一品红药业集团股份有限公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过《关于受让控股子公司少数股东部分股权暨关联交易的议案》 为了提高公司持有创新药 AR882 的中国区市场权益及推动其高效研发和快 速上市，公司全资子公司广州瑞奥生物医药科技有限公司（以下简称"瑞奥生物"） 拟以自有资金 680 万美元（折合人民币约 4,900.96 万元）受让控 ...

分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 证 券 研 究 报 告 行业周报 关税短期冲击减弱，出海仍是主要趋势 医药行业周报 | 投资评级： | 推荐 （ 维持 ） | | --- | --- | | 报告日期： | 2025年05月19日 | 1. 出海仍是主要趋势，关税短期冲击减弱 根据医保商会统计，2025年Q1，医药出口额为266.32亿美元，同比增长4.39%，其中对美出口46.39亿美元，同比增长 9.6%，美国仍为中国出口的第一大单体市场，占比17.4%。医药虽然有部分被豁免，但仍非豁免品种受到关税的冲击，5月 12日之后，美国订单有望显著恢复。医药交易方面，根据医药魔方数据，2025年Q1，中国医药交易数量同比增加34%，交 易总金额同比增加222%。美国制药企业也是全球医药交易的主要受让方，美国市场是全球最大的创新药市场，未来增长可 能受到政策的干扰，但考虑美国商业保险模式占据主导，而且医疗体制改革需要长周期布局，创新药高度市场化定价机制 仍将维持。近年来，中国创新药的研发效率和质量得到迅速提升 ...

Core Insights - The core competitive advantage of pharmaceutical companies lies in innovation, with Yipinhong aiming to achieve "Best-in-class" and "First-in-class" products for global markets [1] R&D Investment and Innovation - Yipinhong has positioned itself among the top tier in the industry for R&D investment, focusing on children's medicine and chronic disease treatments, with 15 innovative drug projects in its pipeline [2] - The company plans to designate 2024 as a year of transformation and innovation, with R&D investment expected to account for 22.40% of its revenue, marking it as a leader in innovation transformation among domestic pharmaceutical companies [2] - In Q1 2025, Yipinhong maintained high R&D spending, reaching 74.23 million yuan, a year-on-year increase of 18.71% [2] Market Potential and Trends - The Chinese pharmaceutical market has shifted from low-value generics to innovative drugs, with the market share of innovative drugs in core hospitals increasing from 21% in 2015 to 29% in 2024 [3] - The number of innovative drugs under development in China reached 704 in 2024, making it the global leader in this area [3] Addressing Unmet Medical Needs - Yipinhong's AR882, an innovative drug for gout treatment, targets significant unmet clinical needs in the global market, with an estimated 1.42 billion people projected to suffer from high uric acid levels and gout by 2030 [4] - In China, there are approximately 200 million patients with high uric acid levels, with around 20 million suffering from gout, indicating a growing demand for effective treatments [4] Drug Efficacy and Recognition - Clinical results from AR882's Phase I and II trials show superior efficacy and safety compared to existing first-line gout medications, making it a potential first-in-class oral drug for dissolving gout stones [5] - AR882 has received fast-track designation from the FDA and is recognized as a key product by the National Medical Products Administration in China, indicating strong potential for market success [5] Global R&D Pipeline Development - Yipinhong is focusing on the GLP-1 drug class, aiming to develop convenient oral formulations and new mechanisms to address safety and tolerability issues [6] - The company is also exploring the PROTAC technology platform for drug development, particularly in immunological indications [6] Strategic Focus and Future Plans - Yipinhong's R&D pipeline is taking shape with multiple projects aimed at providing clinically valuable innovative drugs, emphasizing unmet clinical needs and global perspectives [7] - The company plans to enhance its children's medicine portfolio, addressing the lack of available pediatric drugs due to the complexities involved in their development [7] - For 2025, Yipinhong aims to expand its innovative drug development through various strategic collaborations and partnerships, enhancing its product pipeline in children's and chronic disease medications [8]

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、本次股东大会无变更、否决议案的情况； 2、本次股东大会未涉及变更以往股东大会决议的情形； 证券代码：300723 证券简称：一品红 公告编号：2025-031 一品红药业集团股份有限公司 3、本次股东大会采取现场投票与网络投票表决相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 16 日（星期五）下午 14：30 开始。 （2）网络投票时间：2025 年 5 月 16 日。 ①通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 16 日交 易日上午 9：15—9：25，9：30-11：30，下午 13：00-15：00。 ②通过深圳证券交易所互联网系统投票的时间为 2025 年 5 月 16 日上午 9:15 至下午 15:00。 2、现场会议召开地点：广州市黄埔区广州国际生物岛寰宇一路 27 号云润大厦 22 层会议室。 3、会议的召开方式：本次股东大会采取现场投 ...

广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Guangdong 510623, P. R. China 电话/Tel : +86 20 2826 1688 传真/Fax : +86 20 2826 1666 www.zhonglun.com 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见书 所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、 准确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席本 次股东大会人员和召集人的资格、会议表决程序及表决结果是否符合《公司法》 《上市公司股东会规则》等法律、法规、规范性文件及《公司章程》的相关规定发 表意见，不对会议 ...

Core Insights - The company Yipinhong has accelerated the development of its innovative gout drug AR882, which has entered global multi-center Phase III clinical trials, potentially filling a gap in the oral medication market for gout stone treatment [1][2][3] R&D Progress - AR882 has shown significant clinical progress, with the first patient enrolled in domestic Phase III trials on March 4 and completion of patient enrollment in the global REDUCE2 trial by March 6 [2][3] - The drug is designed to target URAT1, aiming to lower blood uric acid levels, dissolve gout stones, and treat chronic kidney disease, showcasing its potential to address unmet medical needs [2][3] Innovation Strategy - Yipinhong has established a robust R&D team of over 400 scientists and is committed to high investment in innovation, with a total of 71 ongoing projects [1][4][5] - The company is advancing 15 innovative drug projects, with AR882 and another drug, APH01727, currently in clinical trials, while others are in preclinical stages [5][6] Manufacturing Capabilities - The company has developed advanced manufacturing capabilities, including a digital production base compliant with EU and FDA standards, enhancing operational efficiency and safety [7][8] - The establishment of the Lianrui Intelligent Manufacturing Base in Nansha, which operates with minimal human intervention, reflects the company's commitment to modernizing its production processes [7] Market Positioning - Yipinhong focuses on the pediatric and chronic disease medication sectors, aiming to leverage its innovative capabilities to capture market opportunities in a competitive landscape [2][4] - The company is optimistic about the market potential for AR882, given the limited number of existing products for hyperuricemia and gout [3][4]

Group 1 - The overall market view indicates that the impact of overseas tariffs is weakening, and the A-share market is expected to experience fluctuations upward, with a focus on growth rebounds [3][11][15] - The banking sector's quarterly reports fell short of expectations, raising concerns about the sustainability of dividends, leading to a rapid disbanding of bank stock groups [3][15] - The report highlights the active performance of technology growth themes, particularly in sectors like AI, robotics, and autonomous driving, while emphasizing the importance of self-controllable industries such as semiconductors and military technology [3][15] Group 2 - The report lists the top ten stocks for May, including companies from various sectors such as electronics, AI, media, and automotive, with no specific ranking [4][10] - The electronic sector includes Zhishang Technology and Xingchen Technology, both showing significant revenue growth driven by market demand and technological advancements [17][20] - The computer & AI & internet sector features Mai Xinlin, which has seen rapid revenue growth due to its comprehensive computing services and strategic partnerships in the AI field [24][27] Group 3 - The media and new consumption sector includes Yaoji Technology, which is focusing on revitalizing its core businesses and leveraging AI to enhance its gaming and marketing services [34][36] - The small and mid-cap sector features Weike Technology, which reported robust revenue growth and is expanding its overseas production capacity [38][39] - The automotive sector highlights Rongtai Co., which is solidifying its position as a leader in steering systems and expanding into the humanoid robotics market [42][45] Group 4 - The electric power equipment sector includes Landai Technology, which has turned profitable with significant growth in its new energy transmission business [47][50] - The pharmaceutical sector features Yipin Hong, which is facing challenges with declining revenues and profits, indicating a need for strategic adjustments [51]

证券研究报告 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 30 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 04 | 月 29 | | | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 39.18 | | 年 内 最 最 | 高 | | | | | 一 | 低 | / | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | 17,697.32 | | | | | | 流通市值（百万元） | | | | | 16,363.52 | | | | | | 总股本（百万股） | | | | | 451.69 | | | | | | 资产负债率（%） | | | ...